Gladstone Land prices; preferred stocks weaken; GasLog gains on debut

By Cristal Cody and Abigail W. Adams

Tupelo, Miss., Jan. 10 – The preferred stock primary market saw some action on Wednesday with Gladstone Land Corp. launching a continuous offering for $150 million of $25-par 6% series B cumulative redeemable preferred stock after the market close.

Gladstone Securities LLC, an affiliate, is the dealer manager of the offering.

In addition to the 6 million preferred shares to be sold to the public, a further $12.5 million, or 500,000 shares, will be offered to series B preferred stock holders that choose to participate in Gladstone’s dividend reinvestment plan.

The McLean, Va.-based real estate investment trust focused on farmland intends to use proceeds to pay down debt, fund future acquisitions and for general corporate purposes.

In the secondary market, preferred stocks were weak on Wednesday with both the Wells Fargo Hybrid and Preferred Securities index and the U.S. iShares Preferred Stock ETF ending the day on a down note.

While the market was down, GasLog Partners LP’s recently priced $100 million of 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units gained on their market debut.

The units were freed to trade early Wednesday for over-the-counter business under the temporary symbol “GSLPF.” The units were up 0.68% to $25.20 at market close Wednesday.

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