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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 9:12 AM

Slide #108. 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 an agricultural real estate investment trust that is engaged primarily in the business of owning and leasing farmland. As of Dec 31 2016, Co. owned 59 farms comprised of 54,340 acres across seven states in the U.S. (Arizona, California, Colorado, Florida, Michigan, Nebraska and Oregon). Co. owns several farms that grow permanent crops, as well as some farms that grow commodity crops. Co. may provide senior secured, first-lien mortgages to farmers for the purchase of farmland and farm-related properties. Co. conducts substantially all of its investment activities through, and all of its properties are held, directly or indirectly, by, Gladstone Land Limited Partnership.

Preferred: LANDP


Open the LAND Page at Ru Back Packer »

Name: Gladstone Land Corp
Website: gladstoneland.com
Sector: REITs
Number of ETFs Holding LAND: 8 (see which ones)
Total Market Value Held by ETFs: $812,039
Total Market Capitalization: $183,000,000
% of Market Cap. Held by ETFs: 0.44%

Open the LAND Page at Ru Back Packer (in a new window) »

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