Gladstone Land Increases its Monthly Cash Distributions for January, February and March, 2017
January 10 2017 - 4:18PM
Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced
today that its board of directors declared the following cash
distributions for the first quarter ending March 31, 2017.
Common Stock: $0.043 per
share of common stock for each of January, February and March,
2017, representing a 1.2% increase over the prior quarter, payable
per the table below:
|
Summary of Common Stock Cash
Distributions: |
|
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
January 18 |
January 20 |
January 31 |
$ |
0.043 |
February 14 |
February 16 |
February 28 |
|
0.043 |
March
20 |
March
22 |
March
31 |
|
0.043 |
Total for the Quarter: |
$ |
0.129 |
|
|
|
“The Company increased its distributions to common stockholders
by 6.3% during the year ended December 31, 2016,” said David
Gladstone, President and CEO of the Company. “The Company has
paid 47 consecutive monthly cash distributions on its common stock
since its initial public offering in January 2013 and has increased
its common stock distributions five times over the prior 24 months.
Our goal is to increase earnings and distributions each
quarter so that shareholders are seeing a nice increase each year.
There is no guarantee that the Company can achieve this goal,
but that is what we seek to do. As the largest stockholder, I
like distributions and hope to build a track record of raising the
distributions to stockholders.”
The Company offers a dividend reinvestment plan (the “DRIP”) to
its common stockholders; for more information regarding the DRIP,
please visit www.GladstoneLand.com.
Series A Preferred Stock
(NASDAQ:LANDP): $0.1328125 per share of Series A Preferred
Stock for each of January, February and March, 2017, payable per
the table below:
|
Summary of Series A Preferred Stock Cash
Distributions: |
|
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
January 18 |
January 20 |
January 31 |
$ |
0.1328125 |
February 14 |
February 16 |
February 28 |
|
0.1328125 |
March
20 |
March
22 |
March
31 |
|
0.1328125 |
Total for the Quarter: |
$ |
0.3984375 |
|
The Company has never skipped, reduced or deferred a monthly
Series A Preferred Stock distribution.
About Gladstone Land:Gladstone Land is a
publicly-traded real estate investment trust that invests in
farmland located in major agricultural markets in the U.S., which
it leases to farmers. The Company currently owns 58 farms,
comprised of 50,592 acres in 7 different states across the U.S.,
valued at approximately $398 million. Additional information
can be found at www.GladstoneLand.com and
www.GladstoneFarms.com.
For stockholder information on Gladstone Land, call (703)
287-5893. For Investor Relations inquiries related to any of
the monthly dividend-paying Gladstone funds, please visit
www.Gladstone.com.
All statements contained in this press release, other than
historical facts, may constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates" and variations of the
foregoing words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption
"Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2015, as filed with the SEC on
February 23, 2016. The Company cautions readers not to place
undue reliance on any such forward-looking statements, which speak
only as of the date made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
For further information: Gladstone Land Corporation, +1-703-287-5893
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