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 were up 0.9% in recent Wednesday trading.

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