Gladstone Land Corporation Announces New Public Offering of 6.00% Series B Cumulative Redeemable Preferred Stock
01 6월 2018 - 5:15AM
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 6,000,000 shares (the
“Offering”) of its newly-designated 6.00% Series B Cumulative
Redeemable Preferred Stock (the “Series B Preferred Stock”) at an
offering price of $25.00 per share, for up to $150.0 million in
gross proceeds and up to approximately $131.3 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 B Preferred Stock are
sold in the Offering. This Offering replaces the Company’s Series B
Preferred Stock announced on January 10, 2018. Gladstone
Securities, LLC, an affiliate of the Company, will serve as the
Company’s exclusive dealer manager in connection with the Offering
and Evolv Capital Partners LLC will serve as the national accounts
manager. The Series B Preferred Stock is being offered by Gladstone
Securities on a “reasonable best efforts” basis.
The Company expects that the offering of Series
B Preferred Stock will terminate on the date that is the earlier of
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 Offering are sold (the “Termination Date”).
The Company intends to use the net proceeds from this Offering to
repay existing indebtedness, to fund future acquisitions 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.
The offering is being conducted as a public
offering under the Company’s effective shelf registration
statement, filed with the SEC (File No. 333-217042), which became
effective on April 12, 2017. To obtain a copy of the prospectus
supplement and the related base prospectus for this offering,
please contact: Gladstone Securities, LLC, 1521 Westbranch Drive,
Suite 100 McLean, Virginia, Attn: John Kent, or by contacting Evolv
Capital at 844-EVO-ALTS or info@evoalts.com.
This communication shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Gladstone Land
Corporation:Gladstone Land is a publicly-traded real
estate investment trust that invests in farmland and farm-related
properties located in major agricultural markets in the U.S., which
it leases to farmers. The Company reports the current fair
value of its farmland on a quarterly basis; as of March 31,
2018, the estimated net asset value of the Company was $13.57 per
share. Gladstone Land currently owns 75 farms, comprised of
63,351 acres in 9 different states across the U.S., valued at
approximately $537 million. Its acreage is predominantly
concentrated in locations where its tenants are able to grow fresh
produce annual row crops (e.g., berries and vegetables), which are
generally planted and harvested annually, as well as permanent
crops (e.g., almonds, blueberries, and pistachios), which are
planted every 10 to 20-plus years. The Company may also
acquire property related to farming, such as cooling facilities,
processing buildings, packaging facilities, and distribution
centers. Gladstone Land pays monthly distributions to its
stockholders, and the current per-share distribution is $0.0443 per
month, or $0.5316 per year. The Company has paid 63
consecutive monthly cash distributions on its common stock since
its initial public offering in January 2013. Additional
information can be found at www.GladstoneLand.com and
www.GladstoneFarms.com.
All statements contained in this press release,
other than historical facts, may constitute “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Words such as
“anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”
“estimates” and variations of these words and similar expressions
are intended to identify forward-looking statements. Readers should
not rely upon forward-looking statements because the matters they
describe are subject to known and unknown risks and uncertainties
that could cause the Company’s business, financial condition,
liquidity, results of operations, funds from operations or
prospects to differ materially from those expressed in or implied
by such statements. Such risks and uncertainties are disclosed
under the caption “Risk Factors” of the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31,
2017, as filed with the SEC on February 20, 2018 and our other
filings with the Securities and Exchange Commission including the
preliminary prospectus supplement and the final prospectus
supplement (when available). The Company cautions readers not to
place undue reliance on any such forward-looking statements which
speak only as of the date made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise except as required by law.
For further information: Gladstone
Land, 703-287-5893
Gladstone Land (NASDAQ:LAND)
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