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LAND > SEC Filings for LAND > Form 8-K on 20-Nov-2013All Recent SEC Filings

Show all filings for GLADSTONE LAND CORP



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On November 18, 2013, Gladstone Land Corporation (the "Company") entered into an agreement of purchase and sale (the "Agreement") with John Terry, Candy Terry, and Timothy Terry (collectively, the "Sellers"). The Agreement provides for the purchase (by the Company or its nominee) of 1,970-acres of land (the "Property") located in Cochise County, Arizona, for a purchase price that is expected to be approximately $7.6 million, exclusive of closing costs. The Property is irrigated farmland that is currently farmed primarily for corn.

The purchase of the Property is subject to customary conditions and termination rights for transactions of this type, including a due diligence inspection period for the Company. There can be no assurance that the acquisition will be consummated by a certain time, or at all.

Certain statements and assumptions in this filing contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the Company's control. The Company undertakes no obligations to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances, except as required by law.

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