MCLEAN, Va., June 20, 2016 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND), announced today that it, through one of its wholly-owned subsidiaries, has expanded its secured note purchase facility with Federal Agricultural Mortgage Corporation (“Farmer Mac”), (NYSE:AGM) and (AGM.A) from $75.0 million to $125.0 million and extended its term by two years, to December 11, 2018. Bonds issued under this facility are secured by mortgage loans on agricultural real estate owned by the Company and have an effective loan-to-value ratio of up to 60% of the underlying agricultural real estate.

“We are pleased to build on our relationship with Farmer Mac, as they offer some of the best financing terms available,” said David Gladstone, President and CEO of the Company. “This expansion and extension will provide us with additional flexibility as we continue our due diligence on the list of farms we’re looking to buy, and we believe the attractive rates will allow us to strengthen our margins and enable us to pass on some of the savings to our stockholders in the form of distributions.”

About Gladstone Land Corporation:

Gladstone Land is a real estate investment trust that pays monthly distributions to its stockholders. The Company invests in farmland located in major agricultural markets in the U.S. that it leases to independent and corporate farming operations. As of March 31, 2016, the net asset value of the Company was $13.87 per share, and the Company intends to report the current value of its farmland on a quarterly basis. The Company currently owns 47 farms, comprised of 23,456 acres in 7 different states across the U.S., valued at approximately $334 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are planted and harvested annually or more frequently, as well as permanent crops, such as almonds, blueberries and pistachios, which are planted every 10 to 20-plus years. The Company also may acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. The Company has paid 40 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution is $0.04125 per month, or $0.495 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.