Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thursday, July 17, 5:08 PM
Slide #114. Gladstone Land Corporation — Preferred Stock Offering
| Company: |
Gladstone Land Corporation (NASDAQ:LAND) |
| Date announced: |
11/9/2022 |
| Shares Offered: |
8,000,000 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
Gladstone Land Corporation (Nasdaq:LAND) (the "Company") today announced that it has filed a new prospectus supplement with the U.S. Securities and Exchange Commission ("SEC") for a continuous public offering of up to 8,000,000 shares (the "Offering") of its newly-designated 5.00% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock") at an offering price of $25.00 per share. The Company expects to receive up to $200.0 million in gross proceeds and approximately $175.0 million in net proceeds, after payment of dealer manager fees and selling commissions and estimated expenses of the offering payable by the Company, assuming all shares of the Series E Preferred Stock are sold in the Offering. Gladstone Securities, LLC, an affiliate of the Company ("Gladstone Securities"), will serve as the Company's exclusive dealer manager in connection with the Offering. The Series E Preferred Stock is being offered by Gladstone Securities on a "reasonable best efforts" basis pursuant to a Dealer Manager Agreement, dated as of November 9, 2022, entered into between the Company and Gladstone Securities. |
Gladstone Land Corporation is a real estate investment trust that acquires and owns farmland and farm-related properties located in various agricultural markets in the U.S.. Co. owns around 168 farms, comprised of 112,000 acres in 15 different states and 46,400 acre-feet of water assets in California. Its farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables. It 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.
Preferreds: LANDO, LANDP, LANDM
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