Agricultural REIT Gladstone Land (NASDAQ:LAND) has acquired a farm in Texas which is primarily used for growing potato chip potatoes.
LAND has paid $8.5 million for 3,667 acres. The farm has 2,200 acres under irrigation with 12 wells on site.
The farm is currently leased to CSS Farms who is a national agribusiness specializing in potatoes. Terms of the lease have not been released although we may see that in the coming days.
Gladstone Land has a 6.375% term preferred stock (NASDAQ:LANDP) in which we own a full position in at this time. It is a monthly payer and has a mandatory redemption in 9/2021–shares became optionally redeemable in September, 2018. The share price has slid some in the last month and closed today at $25.26 which is down 2-3% in the last month or so and we are considering a small additional purchase of shares.