Business
Gladstone Land Corporation Exceeds $75 Million Raised for Series C Preferred Stock Offering
MCLEAN, VA / ACCESSWIRE / November 18, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (the "Company") today announced that it has sold over $75,000,000 in
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / November 18, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (the \"Company\") today announced that it has sold over $75,000,000 in its continuous registered public offering of $500,000,000 of its 6.00% Series C Cumulative Redeemable Preferred Stock (the \"Series C Preferred Stock\") since filing a prospectus supplement on April 3, 2020. The Company's first sale of Series C Preferred Stock occurred on April 8, 2020.\"We launched our Series C Preferred Stock offering in 2020 very soon after closing on $150 million in sales in our Series B Preferred Stock offering. Despite launching near the start of the COVID-19 pandemic, we were very pleased with the pace of sales of our Series C Preferred Stock throughout 2020. Moreover, after hiring our own wholesaling team within Gladstone Securities, our affiliated broker dealer, we have been thrilled with the acceleration of our Series C Preferred Stock sales throughout 2021. We hope to continue increasing our monthly sales in 2022 and beyond, as we have a total offering size of $500 million and a large target market of available farmland in the United States. Since launching the Series B Preferred Stock offering in May of 2018, we've used the Series B and Series C proceeds to grow our farmland portfolio from 79 farms with approximately 65,000 acres worth about $550 million in mid-2018 to 160 farms with over 108,000 acres worth approximately $1.4 billion. Having access to the independent broker dealer and RIA markets has been important to augment our other sources of capital so that we have been able to grow significantly,\" said David Gladstone, President of Gladstone Land.The Company expects that the offering of its Series C Preferred Stock will terminate on the date that is the earlier of either June 1, 2025 (unless earlier terminated or extended by the Company's Board of Directors) or the date on which all 20,000,000 shares offered in the Series C Preferred Stock offering are sold (the \"Termination Date\"). The Company intends to use the net proceeds from the Series C Preferred Stock offering to purchase more farmland and for other general corporate purposes. There is currently no public market for shares of Series C Preferred Stock. The Company intends to apply to list the Series C Preferred Stock on Nasdaq or another national securities exchange within one c...