Gladstone Land to redeem 6.375% series A term preferreds

By Taylor Fox

New York, Jan. 12 – Gladstone Land Corp. plans to redeem its 6.375% series A cumulative term preferred stock on Feb. 12 using proceeds from its offering of series D preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The preferred stock will be redeemed at a price equal to $25.0486979 per share, representing the liquidation preference of $25 plus an amount equal to accrued dividends to but excluding Feb. 12 in the amount of $0.0486979 per share.

The optional redemption is contingent upon the closing of the offering of the company’s series D cumulative term preferred stock on or prior to Feb. 11, with net proceeds to the company sufficient to effect the redemption.

Gladstone Land is a McLean, Va.-based real estate investment trust.

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