Business
Gladstone Land Completes Offering of its Series B Preferred Stock
MCLEAN, Va., March 23, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has completed
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, Va., March 23, 2020 (GLOBE NEWSWIRE) -- 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.\n “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 far...