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Gladstone does not expect cost of California flooding repairs to exceed $1M
The Fly

Gladstone does not expect cost of California flooding repairs to exceed $1M

Gladstone Land provided the following business update in light of the recent and ongoing flooding occurring in California. California continues to experience one of its wettest winters in recorded history, which has resulted in flood conditions throughout much of the state. As a result of the flooding, one of the Company’s farms suffered damage to certain of its structures. The Company is still in the process of assessing the damage, but at this time, it does not believe the cost of the repairs will exceed $1.0 million. In addition, the damage is expected to be fully covered by either insurance or the tenant’s obligations pursuant to the lease. None of the Company’s other farms in California have been materially impacted by the floods.

Published first on TheFly

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