Transaction Overview
Gladstone Land Corporation (NASDAQ:LAND) today announced that it has priced its public offering of 2,100,000 shares of its newly designated 5.00% Series D Cumulative Term Preferred Stock at a price to the public of $25.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 315,000 additional shares of Series D Preferred Stock solely to cover over-allotments, which was fully executed.
The Company intends to use the net proceeds from this offering to fund the optional redemption of all of the outstanding shares of its 6.375% Series A Cumulative Term Preferred Stock, to fund property acquisitions and to pay related property acquisition expenses, and for other general corporate purposes.
About Gladstone Land
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 137 farms, comprised of approximately 101,000 acres in 13 different states, valued at approximately $1.2 billion. Gladstone Land's 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, lemons, olives, pistachios, and other orchards, as well as blueberry groves 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, and distribution centers.
Contact us for more information
