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Gladstone Land buys Fresno-area almond orchard

Oct. 17, 2016 8:28 AM ETGladstone Land Corporation (LAND) StockBy: Stephen Alpher, SA News Editor4 Comments
  • The 197-acre Fresno County sale-leaseback deal was made for $6.5M, and NASDAQ:LAND has entered into a 10-year triple-net lease with the seller, one of the globe's largest organic almond growers.
  • The company figures the annual cap rate will average between 8% and 10% over the life of the lease.
  • Western Managing Director Bill Reiman notes the orchard is just heading into its peak production years, and expects to earn significant returns from the participating rent component of the lease starting with next year's crop.
  • CEO David Gladstone: "Please eat more almonds!"

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