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  • Ted January 2013
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Farmland REIT IPOs 1/29

scott
edited January 2013 in Off-Topic
I'm not lining up for it, but I'm curious. Monthly divs according to the website.

http://seekingalpha.com/article/1138651-ipo-preview-gladstone-land?source=google_news

The only other pure play on farmland is Latin American co Adecoagro (AGRO). Sprott Resources Corp (SCPZF) also leases a large amount of land to farm in Canada and is invested in a private Latin American farmland co, but that's only a portion of Sprott Resources.

I do vaguely remember some discussion of a farmland REIT that was supposed to IPO a few years ago, I guess this was it.

Also from the prospectus for Gladstone land:

"• One tenant, Dole Food Company, or Dole, is responsible for approximately 72% of our current annualized GAAP straight-line
rental revenue; if Dole fails to make rental payments or elects to terminate its leases with us, it would have a material adverse
effect on our financial performance and our ability to make distributions to our stockholders"


Gladstone Land Corporation
We are an externally-managed real estate company formed to invest in farmland located in major
agricultural markets throughout the United States. Our farmland is predominantly concentrated in locations
where tenants are able to grow annual row crops such as berries, lettuce and melons, among others, which are
planted and harvested annually or more frequently. We may also acquire property related to farming, such as
storage facilities utilized for cooling crops, processing plants, packaging buildings and distribution centers. We
currently own twelve farms, leased to six separate corporate and independent farmer tenants, in California and
Florida. Additionally we own two cooler buildings and a facility utilized for storage and packing. Our objective
is to maximize the long-term value of these assets.


The table below sets forth information regarding our current portfolio of properties:
Property Name Location Acquired
Lease
Expirations
Crop
Type Cost Basis
Appraised
Value
Farmable
Acres
Total
Acres
2012
Annualized
GAAP
Straightline
Rent
(1)(2)
San Andreas Watsonville, CA 1997 12/31/2014
Fruits &
Vegetables $ 4,929,307(3)
$ 9,730,000 237 306 $ 431,655
West Gonzales Oxnard, CA 1998 12/31/2013
Fruits &
Vegetables 15,185,928(4)
45,500,000 501 653 2,181,507
West Beach Farms Watsonville, CA 2011 10/31/2013
Fruits &
Vegetables 8,472,073 8,490,000 195 198 423,602
Dalton Lane Watsonville, CA 2011 11/1/2015
Fruits &
Vegetables 2,808,000 2,840,000 70 72 144,076
Keysville Road Farms Plant City, FL 2011 7/1/2016
Fruits &
Vegetables 1,227,816 1,412,000 50 59 68,335
Colding Loop Wimauma, FL 2012 6/14/2013
Fruits &
Vegetables 3,400,836 3,550,000 181 219 141,274(2)
Trapnell Road Farms Plant City, FL 2012 6/30/2017
Fruits &
Vegetables 4,000,000 3,937,000 110 124 241,145
Total: $40,023,960 $75,459,000 1,344 1,631 $3,631,594

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