Gladstone Land Registers Profit from Sale of Florida Farms

Gladstone Land Corporation (NASDAQ:LAND) has successfully sold two farms in Florida for $21.5 million, marking a 36% increase over the original purchase price from a decade ago. This transaction yielded a 13% internal rate of return for the company. These farms were initially purchased as a turn-key investment in 2015.

Brett Smith, Director of the Southeastern U.S. at Gladstone Land, highlighted Florida's ongoing significance to the company, with ownership of over 10,000 acres devoted to fruit, vegetables, and sod production. Despite typically favoring long-term property retention, Gladstone Land remains receptive to strategic sales. President and CEO David Gladstone emphasized exploring sales amid high interest rates, aligning with shareholder interests.