Gladstone Land Announces Increase in Monthly Cash Distributions for October, November, and December 2018 and Earnings Release and Conference Call Dates for the Third Quarter Ended September 30, 2018
MCLEAN, Va., Oct. 09, 2018 (GLOBE NEWSWIRE) -- 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 2018 and also announced its plan to report earnings for the third quarter ended September 30, 2018.
Monthly Cash Distributions:
Common Stock: $0.04440 per share of common stock for each of October, November, and December 2018, payable per the table below:
| Summary of Common Stock Cash Distributions |
||||||
| Record Date | Payment Date | Amount | ||||
| October 19 | October 31 | $0.04440 | ||||
| November 20 | November 30 | 0.04440 | ||||
| December 20 | December 31 | 0.04440 | ||||
| Total for the Quarter: | $0.13320 | |||||
The Company has paid 68 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions 12 times over the prior 45 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 2018, payable per the table below:
| Summary of Series A Preferred Stock Cash Distributions | ||||||
| Record Date | Payment Date | Amount | ||||
| October 19 | October 31 | $0.1328125 | ||||
| November 20 | November 30 | 0.1328125 | ||||
| December 20 | December 31 | 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.
Series B Preferred Stock (Unlisted): $0.125 per share of Series B Preferred Stock for each of October, November, and December 2018, payable per the table below:
| Summary of Series B Preferred Stock Cash Distributions | ||||||
| Record Date | Payment Date | Amount | ||||
| October 23 | October 31 | $0.125 | ||||
| November 20 | November 30 | 0.125 | ||||
| December 26 | January 3 | 0.125 | ||||
|
Total for the Quarter: |
$0.375 | |||||
The Company has not skipped, reduced, or deferred a monthly Series B 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, 2018, after the stock market closes on Tuesday, November 6, 2018. The Company will hold a conference call on Wednesday, November 7, 2018, at 8:30 a.m. ET 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 November 14, 2018. To hear the replay, please dial (855) 859-2056 and use playback conference number 6895654.
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 7, 2019.
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 82 farms, comprised of 67,826 acres in 9 different states across the U.S., valued at approximately $569 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.
Source: Gladstone Land Corporation
For further information: Gladstone Land Corporation, +1-703-287-5893
Released October 9, 2018