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Gladstone Land to offer 5% series cumulative preferred stock
Chicago, Nov. 9 – Gladstone Land Corp. is offering a maximum of 8 million shares of 5% series E cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
The shares will be sold on a reasonable “best efforts” basis by Gladstone Securities, LLC at $25.00 per share.
The offering will terminate on Dec. 31, 2025, or the date that all of the shares are sold.
The shares can generally not be redeemed before the one-year anniversary of the termination date or Jan. 1, 2026, whichever is earliest. After that the shares can be redeemed at par plus unpaid dividends at any time.
The company does plan to list the shares on Nasdaq, but not until one calendar year after the termination date.
Bass, Berry & Sims PLC is advising the issuer and dealer manager. Venable LLP is also advising the issuer.
Gladstone Land is a McLean, Va.-based real estate investment trust.
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