Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events

3 Months Ended

Mar. 31, 2018

Financing Activity

On April 11, 2018, we closed on a loan from Farm Credit West for approximately $1.5 million. The mortgage note is scheduled to mature on May 1, 2038, and will bear interest (before interest patronage) at a fixed rate of 4.99% per annum through April 30, 2023, thereafter converting to a variable rate determined by Farm Credit West unless another fixed rate is established.

Equity Activity

On April 4, 2018, the underwriters exercised the over-allotment option in connection with the March 2018 Offering, and, as a result, we issued an additional 165,000 shares. The over-allotment settled on April 9, 2018, and resulted in gross proceeds of approximately $2.0 million and net proceeds (after deducting underwriting discounts and direct offering expenses borne by us) of approximately $1.9 million. We used the proceeds received from this offering to repay existing indebtedness and for other general corporate purposes.

Distributions

On April 10, 2018, our Board of Directors declared the following monthly cash distributions to common stockholders and holders of our Term Preferred Stock:



Record Date	Payment Date	Distribution per Common Share		Dividend per share of Term Preferred Stock
April 20, 2018	April 30, 2018	$	0.0443	$	0.1328125
May 22, 2018	May 31, 2018	0.0443		0.1328125
June 20, 2018	June 29, 2018	0.0443		0.1328125
Total:		$	0.1329	$	0.3984375

The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling limited partners of the Operating Partnership as of the above record dates.