McLean, Va.-based Gladstone Land Corp. has agreed to purchase five farms totaling 1,226 acres of irrigated cropland in California and Florida worth an estimated $45 million.

In addition, the firm has signed non-binding letters of intent to buy three additional properties totally about 2,300 acres for $39 million, according to a news release.

If all of these deals are consummated, the company would increase its total holdings by 50%, according to the release.

Gladstone Land, which seeks to be a real estate investment trust, purchases farmland that it then leases to corporate and independent growers. Monthly dividends are paid to stockholders.

The company currently owns 6,833 acres spread among 28 farms in five different states totally about $144 million in value.

Most of the farms are located in areas where tenants can grow high-value crops, such as permanent tree crops, berries and vegetables.