Known globally for his role in technology as the co-founder of Microsoft Corp., Bill Gates has transitioned from developing software that changes the world to amassing a substantial amount of farmland across the United States.
But Gates isn’t alone. Many private investors and public companies continue to buy farmland in the U.S. This article examines two of the biggest players in the space: Bill Gates (through Cascade Investment) and Gladstone Land Corp. LAND.
How Much Farmland Does Bill Gates Own?
Just as with his tech career, Gates has taken a go-big-or-go-home approach to investing in farmland. It’s believed that he’s spent more than $1 billion on acquiring farmland, and there’s no reason to believe he’ll slow down in the years to come.
Through Cascade Investment, Gates owns approximately 242,000 acres across 19 states including Alabama, Arkansas, Arizona, California, Florida, Georgia, Illinois, Iowa, Louisiana, Michigan, Mississippi, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Texas, Washington and Wisconsin.
That’s enough to make him the largest private owner of farmland in the United States.
Bill Gates Vs. Gladstone: Who Owns More Farmland?
Gladstone Land Corp. is a real estate investment trust (REIT) that specializes in purchasing and leasing high-quality farmland in the United States. The company focuses on generating income through leasing its properties to independent and corporate farmers.
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It owns farmland in Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Michigan, Nebraska, New Jersey, North Carolina, Oregon, South Carolina, Texas and Washington with a total fair market value of approximately $1.6 billion.
Gladstone’s portfolio includes ownership of 169 farms, encompassing approximately 116,000 total acres. Additionally, its occupancy rate stands at 99.9%, calculated on gross acreage. Its portfolio spans farms leased to 92 unrelated third-party tenants who grow more than 60 different crop varieties.
So, the answer is clear. While Gladstone is one of the largest owners of farmland in the United States, it only owns roughly half the amount of Gates.
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Image and article originally from www.benzinga.com. Read the original article here.