Gladstone Land Corporation Announces Common Stock Offering
March 07 2017 - 4:16PM
Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) today
announced that it plans to sell approximately 1,400,000 shares of
its common stock in an underwritten public offering. The Company
also plans to grant the underwriters a 30-day option to purchase
approximately 210,000 additional shares of common stock solely to
cover over-allotments, if any. Janney Montgomery Scott LLC,
Ladenburg Thalmann & Co. Inc., Oppenheimer & Co.
Inc., Wunderlich Securities, Inc., Maxim Group LLC and Nomura
Securities International, Inc. are serving as joint book-running
managers for the offering.
The Company intends to use the net proceeds from this offering
to repay existing indebtedness, fund future property acquisitions
and for other general corporate purposes.
Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of the Company before
investing. The preliminary prospectus supplement, dated March 7,
2017, and the accompanying prospectus dated April 2, 2014,
which have been filed with the Securities and Exchange Commission,
contain this and other information about the Company and should be
read carefully by prospective investors before investing.
The offering is being conducted as a public offering under the
Company’s effective shelf registration statement filed on Form S-3
with the Securities and Exchange Commission (File
No. 333-194539). To obtain a copy of the preliminary
prospectus supplement, dated March 7, 2017, and the final
prospectus supplement (when available) for this offering, please
contact Janney Montgomery Scott LLC at 60 State Street, Boston, MA
02109, Attention: Equity Capital Markets Group, or email
prospectus@janney.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Gladstone Land Corporation:
Gladstone Land Corporation is a publicly-traded agricultural
real estate investment trust that owns farmland and farm-related
properties located in major agricultural markets in the United
States. The Company is not a grower but is only a landlord, leasing
its farms to corporate and independent farmers. The Company
currently owns 59 farms, comprised of 54,340 total acres in 7
different states across the U.S., valued at approximately $455
million. The current distribution is $0.043 per month per common
share. Additional information can be found at
www.GladstoneLand.com and www.GladstoneFarms.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 these 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, 2016, as filed with the SEC on
February 21, 2017 and our other filings with the Securities
and Exchange Commission including the preliminary prospectus
supplement and the final prospectus supplement (when available).
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.
For further information: Gladstone Land, 703-287-5893
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