Gladstone Land Corporation Passes 50% Mark for Series B Preferred Stock Offering

About this update from Gladstone Land Corporation

[{"type":"text","content":"MCLEAN, Va., Sept. 13, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ: LAND) (the \"Company\") today announced that it has sold over 55% (3,309,633 shares) of its continuous registered public offering of 6,000,000 shares of its 6.00% Series B Cumulative Redeemable Preferred Stock (the \"Series B Preferred Stock\") since filing a prospectus supplement on May 31, 2018. The Company’s first sale of Series B Preferred Stock occurred on June 25, 2018.\n “We are very excited that the independent broker-dealer and registered investment advisor channels have responded so well to our Series B Preferred Stock offering. Since we rolled out this preferred offering in May of 2018, we’ve issued over $80 million in Series B Preferred Stock and have used the proceeds to grow our farmland portfolio to approximately 82,000 acres worth about $821 million. The farms are 100% leased and tenants are paying their rent on time. We are about half-way to completing our Series B Preferred Stock offering in only a little over a year and we could be sold out in the near term,” said David Gladstone, President of Gladstone Land. The Company expects that the offering of its Series B Preferred Stock will terminate on the date that is the earlier of either June 1, 2023 (unless earlier terminated or extended by the Company's Board of Directors) or the date on which all 6,000,000 shares offered in the Series B Preferred Stock offering are sold (the \"Termination Date\"). The Company intends to use the net proceeds from the Series B Preferred Stock offering to purchase more farmlands 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. The offering is being conducted as a public offering under the Company's effective shelf registration statement filed on Form S-3 with the U.S. Securiti...

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