MCLEAN, Va., Feb. 5, 2013 /PRNewswire/ -- Gladstone Land Corporation (NASDAQ: LAND) (the "Company") announced today that its board of directors declared  a cash distribution of $0.04 per common share for each of February and March 2013 payable per the table below. This is the first monthly distribution declared by the board of directors after the Company completed its initial public offering of 3,333,334 shares of its common stock on January 28, 2013.  The board of directors of the Company will meet at its next regularly scheduled meeting in April to declare the distributions for April, May and June.

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Summary of common stock cash distributions for the quarter ending March 31, 2013

The Company offers a dividend reinvestment plan (the "DRIP") to its common stockholders. For more information regarding the DRIP, please contact the Company at +1-703-287-5893.

Gladstone Land Corporation is a publicly-traded externally managed real estate company that owns farmland located in major agricultural markets throughout the United States that it leases to corporate and independent farmers.  The Company currently owns twelve farms appraised at approximately $75.5 million. 

As explained in detail in the final prospectus for its initial public offering of common stock, dated January 28, 2013, the Company intends to elect to be taxed as a real estate investment trust, or REIT, under federal tax laws beginning with its taxable year ending December 31, 2013 or 2014.  Prior to the end of the taxable year for which the Company first elects to be a REIT, the Company will be required to distribute any remaining undistributed non-REIT earnings and profits accumulated in prior taxable years, estimated to be approximately $5.0 million as of September 30, 2012.  The board of directors plans to discuss the alternative methods by which the Company may distribute such undistributed earnings and profits at its next regularly scheduled quarterly meeting in April 2013.   

Additional information about the Company can be found at www.gladstoneland.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.

Forward-Looking Statements
All statements in this press release regarding the future intentions of the Company 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. These forward-looking statements inherently involve risks although they are based on the Company's current plans that are believed to be reasonable as of the date of this press release. 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 actual events 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 Registration Statement on Form S-11, as filed with the SEC on January 24, 2013. 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.

SOURCE Gladstone Land Corporation