Gladstone Land Increases its Monthly Cash Distributions and Announces Third Quarter Earnings Release and Conference Call Dates
MCLEAN, Va., Oct. 11, 2016 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced a 3.0% increase in its monthly cash distribution on its common stock, beginning with the months of October, November and December 2016, its second such increase during 2016. The Company also declared monthly cash distributions on its 6.375% Series A Cumulative Term Preferred Stock (the “Series A Preferred Stock”) for each of October, November and December 2016 and announced its plan to report earnings for the third quarter ended September 30, 2016.
“Our goal is to increase cash distributions to keep up with, or stay ahead of, inflation,” said David Gladstone, President and CEO of the Company. “Given that inflation generally decreases the buying power of the dollar, we believe in increasing our distributions to maintain or increase the purchasing power derived from our cash distributions. While there can be no guarantee that we will be able to achieve this goal every year, this is our plan. We further believe that the farms we own will increase in value at a rate that outpaces that of inflation, and we believe our stockholders will be able to see this through a gradual increase in our net asset value, which we publish each quarter.”
Cash Distributions:
Common Stock: $0.0425 per share of common stock for each of October, November and December 2016, payable per the table below:
|
Summary of Common Stock Cash Distributions: | |||||
| Ex-Dividend Date | Record Date | Payment Date | Amount | ||
| October 19 | October 21 | October 31 | $ | 0.0425 | |
| November 15 | November 17 | November 30 | 0.0425 | ||
| December 16 | December 20 | December 30 | 0.0425 | ||
| Total for the Quarter: | $ | 0.1275 | |||
The Company has paid 44 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. 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 2016, payable per the table below:
|
Summary of Series A Preferred Stock Cash Distributions: | |||||
| Ex-Dividend Date | Record Date | Payment Date | Amount | ||
| October 19 | October 21 | October 31 | $ | 0.1328125 | |
| November 15 | November 17 | November 30 | 0.1328125 | ||
| December 16 | December 20 | December 30 | 0.1328125 | ||
| Total for the Quarter: | $ | 0.3984375 | |||
Earnings Announcement:
The Company also announced today that it plans to report earnings for the third quarter ended September 30, 2016, after the stock market closes on Monday, November 14, 2016. The Company will hold a conference call Tuesday, November 15, 2016, 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 15, 2016. To hear the replay, please dial (855) 859-2056 and use playback conference number 46698640.
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 15, 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 56 farms, comprised of 33,800 acres in 7 different states across the U.S., valued at approximately $377 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.
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC on February 23, 2016. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Land Corporation, +1-703-287-5893
Released October 11, 2016