New Issue: Gladstone Land sells $52.5 million 5% cumulative preferreds due 2026

By Cady Vishniac

Detroit, Jan. 13 – Gladstone Land Corp. completed the sale of $52.5 million of its $25-par series D cumulative term preferred stock with a mandatory redemption on Jan. 31, 2026 and a dividend of 5%, according to an FWP filing with the Securities and Exchange Commission.

Another 315,000 shares, or $7,875,000, may be issued if the option to purchase additional shares to cover over-allotments is fully exercised.

Bookrunners on the deal were Janney Montgomery Scott LLC, B. Riley Securities, Inc., D.A. Davidson & Co., Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co., Inc.

The company has applied to list the preferreds on the Nasdaq under the symbol “LANDM.”

Gladstone Land is a McLean, Va.-based real estate investment trust.

Issuer:	Gladstone Land Corp.
Description:	Series D cumulative term preferred stock
Amount:	$52.5 million, or 2.1 million shares
Greenshoe:	$7,875,000, or 315,000 shares
Maturity:	Jan. 31, 2026
Bookrunners:	Janney Montgomery Scott LLC, B. Riley Securities, Inc., D.A. Davidson & Co., Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co., Inc.
Co-managers:	Aegis Capital Corp., Kingswood Capital Markets (division of Benchmark Investments, Inc.) and Maxim Group LLC
Dividend:	5%
Price:	Par of $25.00
Yield:	5%
Call feature:	Jan. 31, 2023; mandatory redemption on or before Jan. 31, 2026; thereafter, a 3% dividend increase per year to 8% until shares are called
Change of control put:	At par plus dividend
Trade date:	Jan. 13
Settlement date:	Jan. 19
Listing:	Nasdaq: LANDM
Distribution:	SEC registered

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