Gladstone Land Increases its Monthly Cash Distribution and Announces First Quarter Earnings Release and Conference Call Dates
MCLEAN, Va., April 12, 2016 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced a 3.1% increase in its monthly cash distribution, beginning with the months of April, May and June 2016. The new per-share cash distribution rate is $0.04125 per month, or $0.495 per year. The Company also announced its plan to report earnings for the first quarter ended March 31, 2016.
“We are pleased to be able to increase the distributions to our stockholders,” said David Gladstone, President and CEO of the Company. “Many successful companies increase their dividends on a regular basis, and we hope to be able to follow that same objective. Last year, we increased the distribution by 33%, and this marks our first increase in 2016.”
Cash Distributions:
Common Stock: $0.04125 per share of common stock for each of April, May and June 2016, payable per the table below.
| Summary of Common Stock Cash Distributions: | |||||||
| Ex-Dividend Date |
Record Date | Payment Date | Amount | ||||
| April 20 | April 22 | May 2 | $ | 0.04125 | |||
| May 17 | May 19 | May 31 | 0.04125 | ||||
| June 15 | June 17 | June 30 | 0.04125 | ||||
| Total for the Quarter: | $ | 0.12375 | |||||
The Company has paid 38 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.
Earnings Announcement:
The Company also announced today that it plans to report earnings for the first quarter ended March 31, 2016, after the stock market closes on Monday, May 2, 2016. The Company will hold a conference call Tuesday, May 3, 2016, 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 3, 2016. To hear the replay, please dial (855) 859-2056 and use playback conference number 29276202.
The live audio broadcast of the Company’s conference call will be available online at www.gladstoneland.com. The event will be archived and available for replay on the Company’s website through July 3, 2016.
About Gladstone Land:
Gladstone Land Corporation is a publicly-traded agricultural real estate investment trust that owns farmland and farm-related properties located in major agricultural markets in the United States that it leases to corporate and independent farmers. The Company currently owns 47 farms, comprised of 23,456 acres in 7 different states across the U.S., valued at approximately $327 million. Information on the business activities of all of the Gladstone funds can be found at www.gladstonecompanies.com.
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 12, 2016