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Buy (3.33 out of 4)
100th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, April 19, 8:44 PM
Slide #314. Gladstone Land Corporation — Preferred Stock Offering
| Company: |
Gladstone Land Corporation (NASDAQ:LAND) |
| Date announced: |
8/10/2016 |
| Shares Offered: |
1,000,000 |
| Date of Pricing: |
8/10/2016 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today announced that it plans to sell shares of a newly-designated Series A Cumulative Term Preferred Stock (the "Series A Preferred Stock") in an underwritten public offering. The public offering price and other terms are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional shares of Series A Preferred Stock on the same terms and conditions to cover over-allotments, if any. Janney Montgomery Scott is serving as the sole book-running manager for the offering, and J.J.B. Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann, and Wunderlich are serving as co-lead managers for the offering. Oppenheimer & Co., Maxim Group LLC and National Securities Corporation are serving as co-managers for the offering. -updated 8/10 - Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today announced that it has entered into an agreement to sell 1,000,000 shares of its newly-designated 6.375% Series A Cumulative Term Preferred Stock (the "Series A Term Preferred Stock") at an offering price of $25.00 per share, raising $25 million in gross proceeds and approximately $24.1 million in net proceeds after payment of underwriting discounts and commissions and estimated expenses of the offering payable by the Company. The Company has also granted the underwriters a 30-day option to purchase up to 150,000 additional shares of Series A Term Preferred Stock on the same terms and conditions to cover over allotments, if any. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on or about August 17, 2016. Janney Montgomery Scott is serving as the sole book-running manager for the offering, and J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich and Oppenheimer & Co. are serving as co-lead managers for the offering. Ladenburg Thalmann, Maxim Group LLC and National Securities Corporation are serving as co-managers for the offering. |
Gladstone Land is a holding company. Through its subsidiaries, Co. is an externally-managed, agricultural real estate investment trust that is engaged in the business of owning and leasing farmland. Co.'s farmland is concentrated in locations where farmers are able to grow either fresh produce annual row crops, which are typically planted and harvested annually, or certain permanent crops. To a much lesser extent, Co. also owns farms that grow certain commodity crops. In addition, Co. owns several farm-related facilities that are necessary to the farming operations on the underlying farmland, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. Preferreds: LANDO, LANDP, LANDM
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| Name: |
Gladstone Land Corp |
| Website: |
www.GladstoneFarms.com |
| Sector: |
REITs |
| Number of ETFs Holding LAND: |
31 (see which ones) |
| Total Market Value Held by ETFs: |
$84,915,431.82 |
| Total Market Capitalization: |
$445,000,000 |
| % of Market Cap. Held by ETFs: |
19.08% |
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