The Online Investor

Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Thu., Feb. 27, 3:25 PM

Slide #6. Gladstone Land Corporation Secondary Offering

Company: Gladstone Land Corporation (NASDAQ:LAND)
Date announced: 2/20/2020
Shares Offered: 400,000
Date of Pricing: 2/21/2020
Price Per Share: $25.00
Secondary 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 400,000 shares (the "Offering") of its newly-designated 6.00% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") at an offering price of $25.00 per share (the "Primary Offering"), and up to 120,000 shares of Series C Preferred Stock pursuant to a dividend reinvestment plan at a price of $22.75 per share to those stockholders who participate in such dividend reinvestment plan (the "DRIP Offering"). The Company expects up to $10.00 million in gross proceeds from the Primary Offering and up to $2.73 million from the DRIP Offering and an aggregate of approximately $11.83 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 C Preferred Stock are sold in the Primary Offering and the DRIP 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 C Preferred Stock is being offered by Gladstone Securities on a "reasonable best efforts" basis pursuant to a Dealer Manager Agreement dated as of February 20, 2020, entered into between the Company and Gladstone Securities (the "Dealer Manager Agreement"). The Dealer Manager Agreement provides for the sale of up to 20,000,000 shares of Series C Preferred Stock in the Primary Offering and up to 6,000,000 in the DRIP Offering and the Company intends to file a new registration statement on Form S-3 and a related prospectus supplement in March of 2020 in order to register and offer for sale the entire amount of Series C Preferred Stock pursuant to the terms of the Dealer Manager Agreement.

Gladstone Land is an externally-managed, agricultural real estate investment trust focused on owning and leasing farmland. Co. also owns several farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. Co. also owns farms that grow permanent crops (such as almonds, blueberries, pistachios, and wine grapes), as well as a few farms that grow commodity crops (such as corn and beans). Co. also 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.

LAND SEC Filing Email Alerts Service

Preferred: LANDP


Open the LAND Page at The Online Investor »

Company Name: 
Gladstone Land Corp
Website: 
www.GladstoneFarms.com
Sector: 
REITs
Number of ETFs Holding LAND: 
15
Total Market Value Held by ETFs: 
$30.88M
Total Market Capitalization: 
$295.00M
% of Market Cap. Held by ETFs: 
10.47%
 

Open the LAND Page at The Online Investor (in a new window) »

Quotes delayed 20 minutes



Strong Buy (3.67 out of 4)
72nd percentile
(ranked higher than approx. 72% of all stocks covered)
Based on Zacks ABR data;
powered by Xignite

Secondary Stock Offerings Page | www.TheOnlineInvestor.com

Copyright © 1998 - 2020, All Rights Reserved
Nothing in The Online Investor is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy. Video widget and stock market videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact The Online Investor; Meet Our Editorial Staff.