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Gladstone Land expands MetLife credit facility to $275M

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Gladstone Land expands MetLife credit facility to $275M

Gladstone Land Corp. expanded an existing credit facility to $275 million from $200 million, and bought and leased back an organic almond orchard in California.

The expanded facility should enable the company to buy additional farms and further diversify its farmland holdings, Gladstone Land President and CEO David Gladstone said in a release.

Gladstone Land paid about $5.9 million for the almond orchard, and upon acquisition, it signed a 20-year, triple-net lease with a tenant that has strong and established ties with the company.

Metropolitan Life Insurance Co. is the lender for the credit facility.