Business: Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option prior to the later of (1) the one year anniversary of the Termination Date and (2) <s>1/10/2022</s> 06/01/22, and with no stated maturity. <p> Cumulative distributions of 6.00% per annum ($1.50 per annum or $0.125 per month) will be payable monthly in arrears, on or about the last business day of each month or such later date as our Board of Directors may designate to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders.<p> Annual Redemption Option, commencing on 12/31/2018 and terminating on the earlier to occur of (1) 12/31/2022 and (2) the date on which shares of the Series B Preferred Stock are listed on a national securities exchange, holders of the Preferred Stock may, at their option, redeem any or all of their shares of Preferred Stock for a cash payment of $23.50 per share on the last business day of each calendar year (Stockholder Redemption Date). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.