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Gladstone Land Corp., 6.375% Series A Cumulative Term Preferred Stock
Ticker Symbol: LANDP* CUSIP: 376549200 Exchange: NGM
* NOTE: This security is no longer trading as of 2/11/2021
Security has been Called for: Thursday, February 11, 2021
January 12, 2021-- Gladstone Land Corporation (NASDAQ:LAND) (the "Company"), today announced the conditional optional redemption of all of the outstanding shares of its 6.375% Series A Cumulative Term Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock"). The optional redemption is contingent upon the closing of an offering of the Company's Series D Cumulative Term Preferred Stock on or prior to February 11, 2021, with net proceeds to the Company sufficient to effect the redemption of the Series A Preferred Stock. The Company may waive the contingencies with respect to the redemption, may authorize a partial redemption and may cancel the redemption at its sole discretion. There can be no assurance that the Company will complete the redemption.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Land Corp., 6.375% Series A Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 9/30/2018 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.375% per annum ($1.59375 per annum or $0.1328125 per month) will be paid the last day of each month 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 at least one business day prior to the record date). If the issuer fail to redeem or call for redemption the Preferred Stock pursuant to the mandatory redemption required on 9/30/2021, the dividend rate on the Preferred Stock will increase by 3.0% per share per annum to 9.375%, until such shares are redeemed or called for redemption. If a Change of Control Triggering Event occurs, unless the issuer has exercised their option to redeem the Preferred Stock, holders of the shares may require the issuer to redeem the Preferred Stock (see prospectus for further details). 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. 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.
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Go to Parent Company's Record (LAND)
IPO - 8/10/2016 - 1.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GLLTP Changed: 8/19/2016
Market Value $25.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1521 Westbranch Drive, Suite 100, McLean, VA 22102 |
| Main Phone Number |
703-287-5800 |
| Fax Number |
Not Available |
| Investor Relations
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703-287-5893
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| CEO - David J. Gladstone |
CFO - Lewis Parrish |
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