Gladstone Land Completes Offering of its Series B Preferred Stock
March 23 2020 - 10:30AM
Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land”
or the “Company”) announced that it has completed its 6,000,000
share continuous registered public offering of its 6.00% Series B
Cumulative Redeemable Preferred Stock (the "Series B Preferred
Stock"). The Company’s first sale of shares of its Series B
Preferred Stock occurred on June 25, 2018.
“We were very impressed by the reception of our Series B
Preferred Stock offering in the independent broker-dealer and
registered investment advisor channels. We passed the $100 million
mark during the fourth quarter of 2019, and now we’ve completed the
offering. Since our first sale in June of 2018, the proceeds
raised from this preferred offering contributed to the acquisition
of about $347 million of additional farms, allowing the Company to
grow its total farmland ownership to about 88,000 acres valued at
about $885 million. All of the farms we own are fully leased
and are current in their rental payments, and we expect this to
continue for the foreseeable future,” said David Gladstone,
President of Gladstone Land.
The offering of Series B Preferred Stock terminated on March 9,
2020, the date on which last remaining shares were sold to
investors. The Company used the net proceeds from the Series B
Preferred Stock offering to purchase more farmland and for other
general corporate purposes. There is currently no public market for
shares of Series B Preferred Stock. The Company intends to apply to
list the Series B Preferred Stock on Nasdaq or another national
securities exchange within one calendar year of the Termination
Date; however, there can be no assurance that a listing will be
achieved in such timeframe, or at all.
Gladstone Securities, LLC, a FINRA-member broker-dealer, is
acting as dealer manager and Evolv Capital Partners is
acting as national accounts manager on this offering. Evolv is a
branch office of International Assets Advisory, LLC Member
FINRA/SIPC.
About Gladstone Land
Corporation:Gladstone Land is a
publicly traded real estate investment trust that owns farmland and
farm-related properties located in major agricultural markets
across the U.S. and leases its properties to unrelated third-party
farmers and others. The Company reports the fair value of its farms
on a quarterly basis. The Company owns 113 farms, comprised of
approximately 88,000 acres in 10 different states, valued at
approximately $885 million. The farms are predominantly
located in regions where its tenants are able to grow fresh produce
annual row crops, such as berries and vegetables, which are
generally planted and harvested annually. The Company also owns
farms growing permanent crops, such as almonds, apples, cherries,
figs, olives, pistachios, and other orchards, as well as groves of
blueberries and vineyards, which are generally planted every 10 to
20-plus years and harvested annually. The Company may also acquire
property related to farming, such as cooling facilities, processing
buildings, packaging facilities, distribution centers and real
estate that is helping the farming communities. The Company pays
monthly distributions to its stockholders and has paid 85
consecutive monthly cash distributions on its common stock since
January 2013. The Company has increased its common stock
distributions 17 times over the prior 20 quarters, and the current
per-share distribution on its common stock
is $0.04465 per month, or $0.53580 per year.
Additional information, including detailed information about each
of the Company’s farms, can be found
at www.GladstoneFarms.com.
Owners or brokers who have farmland for sale or farm operations
in the U.S. should contact:
- Eastern U.S. – Bill Frisbie at (703) 287-5839 or
bill.f@gladstoneland.com
- Midwest U.S. – Bill Hughes at (618) 606-2887 or
bill.h@gladstoneland.com
- Western U.S. – Bill Reiman at (805) 263-4778 or
bill.r@gladstoneland.com, or Tony Marci at (831) 225-0883 or
tony.m@gladstoneland.com
Lenders who are interested in providing the Company with
long-term financing on farmland should contact Jay Beckhorn at
(703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.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.GladstoneCompanies.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, 2019, as filed with
the SEC on February 19, 2020 (the “Form 10-K”),
and our other filings with the SEC including the
prospectus and the prospectus supplement. 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 a definition of net asset value and a reconciliation to the
most directly comparable GAAP measure, please see the Company’s
Form 10-K.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
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