10:05 AM EST, 01/29/2025 (MT Newswires) -- Gladstone Land ( LAND ) said Wednesday it has completed the sale of five farms in Florida for $52.5 million, realizing a 112% return on its invested equity.

The company plans to use part of the proceeds from the sale to pay down about $19 million of debt on the property, which was set for an interest rate repricing later this year, President and Chief Executive David Gladstone said.

Shares of Gladstone Land ( LAND ) were up 0.9% in recent Wednesday trading.

Price: 10.91, Change: +0.10, Percent Change: +0.91