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MCLEAN, Va., Oct. 10, 2017 -- Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the “Company”) announced today that its board of directors declared the following cash distributions for each of October, November and December 2017 and also announced its plan to report earnings for the third quarter ended September 30, 2017.
Monthly Cash Distributions:
Common Stock: $0.0441 per share of common stock for each of October, November and December 2017, representing a 0.2% increase over the prior quarter, payable per the table below:
| Summary of Common Stock Cash Distributions | |||
| Record Date | Payment Date | Amount | |
| October 20 | October 31 | $ | 0.0441 |
| November 20 | November 30 | 0.0441 | |
| December 19 | December 29 | 0.0441 | |
| Total for the Quarter: | $ | 0.1323 | |
The Company has paid 56 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions eight times over the prior 33 months. The Company offers a dividend reinvestment plan (the “DRIP”) to its common stockholders; for more information regarding the DRIP, please visit www.GladstoneLand.com.
Series A Preferred Stock (NASDAQ:LANDP): $0.1328125 per share of Series A Preferred Stock for each of October, November and December 2017, payable per the table below:
| Summary of Series A Preferred Stock Cash Distributions | |||
| | |||
| Record Date | Payment Date | Amount | |
| October 20 | October 31 | $ | 0.1328125 |
| November 20 | November 30 | 0.1328125 | |
| December 19 | December 29 | 0.1328125 | |
| Total for the Quarter: | $ | 0.3984375 | |
The Company has not skipped, reduced or deferred a monthly Series A Preferred Stock distribution to date.
Earnings Announcement:
The Company also announced today that it plans to report earnings for the third quarter ended September 30, 2017, after the stock market closes on Tuesday, November 7, 2017. The Company will hold a conference call on Wednesday, November 8, 2017, at 8:30 a.m. EST to discuss its earnings results. Please call (855) 363-1762 to join the conference call. An operator will monitor the call and set a queue for questions.
A conference call replay will be available after the call and will be accessible through December 8, 2017. To hear the replay, please dial (855) 859-2056 and use playback conference number 54451715.
The live audio broadcast of the Company’s conference call will also be available online at www.GladstoneLand.com. The event will be archived and available for replay on the Company’s website through January 8, 2018.
About Gladstone Land:
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland located in major agricultural markets in the U.S., which it leases to farmers. The Company currently owns 73 farms, comprised of 63,074 acres in 9 different states across the U.S., valued at approximately $532 million. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.
For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.Gladstone.com.
For further information: Gladstone Land Corporation, +1-703-287-5893
