Gladstone Land Increases its Monthly Cash Distributions for April, May and June 2017 and Announces Earnings Release and Conference Call Dates for the First Quarter Ended March 31, 2017
MCLEAN, Va., April 11, 2017 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced today that its board of directors declared the following cash distributions for April, May and June 2017 and also announced its plan to report earnings for the first quarter ending March 31, 2017.
Monthly Cash Distributions:
Common Stock: $0.0435 per share of common stock for each of April, May and June 2017, representing a 1.2% increase over the prior quarter, payable per the table below:
| Summary of Common Stock Cash Distributions | ||||
| Ex-Dividend Date | Record Date | Payment Date | Amount | |
| April 19 | April 21 | April 28 | $ | 0.0435 |
| May 17 | May 19 | May 31 | 0.0435 | |
| June 19 | June 21 | June 30 | 0.0435 | |
| Total for the Quarter: | $ | 0.1305 | ||
The Company has paid 50 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions six times over the prior 27 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 April, May and June 2017, payable per the table below:
| Summary of Series A Preferred Stock Cash Distributions | ||||
| Ex-Dividend Date | Record Date | Payment Date | Amount | |
| April 19 | April 21 | April 28 | $ | 0.1328125 |
| May 17 | May 19 | May 31 | 0.1328125 | |
| June 19 | June 21 | June 30 | 0.1328125 | |
| Total for the Quarter: | $ | 0.3984375 | ||
The Company has never skipped, reduced or deferred a monthly Series A Preferred Stock distribution.
Earnings Announcement:
The Company also announced today that it plans to report earnings for the first quarter ended March 31, 2017, after the stock market closes on Tuesday, May 9, 2017. The Company will hold a conference call Wednesday, May 10, 2017, at 8:30 a.m. EDT 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 June 10, 2017. To hear the replay, please dial (855) 859-2056 and use playback conference number 56276478.
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 July 10, 2017.
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 59 farms, comprised of 54,340 acres in 7 different states across the U.S., valued at approximately $455 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
Released April 11, 2017