MCLEAN, Va., Jan. 10, 2017 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (the "Company") announced today that its board of directors declared the following cash distributions for the first quarter ending March 31, 2017.
Common Stock: $0.043 per share of common stock for each of January, February and March, 2017, representing a 1.2% increase over the prior quarter, payable per the table below:
|Summary of Common Stock Cash Distributions:|
|January 18||January 20||January 31||$||0.043|
|February 14||February 16||February 28||0.043|
|March 20||March 22||March 31||0.043|
|Total for the Quarter:||$||0.129|
"The Company increased its distributions to common stockholders by 6.3% during the year ended December 31, 2016," said David Gladstone, President and CEO of the Company. "The Company has paid 47 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions five times over the prior 24 months. Our goal is to increase earnings and distributions each quarter so that shareholders are seeing a nice increase each year. There is no guarantee that the Company can achieve this goal, but that is what we seek to do. As the largest stockholder, I like distributions and hope to build a track record of raising the distributions to stockholders."
The Company offers a dividend reinvestment plan (the "DRIP") to its common stockholders; for more information regarding the DRIP, please visit www.GladstoneLand.com.
Series A Preferred Stock (NASDAQ:LANDP): $0.1328125 per share of Series A Preferred Stock for each of January, February and March, 2017, payable per the table below:
|Summary of Series A Preferred Stock Cash Distributions:|
|January 18||January 20||January 31||$||0.1328125|
|February 14||February 16||February 28||0.1328125|
|March 20||March 22||March 31||0.1328125|
|Total for the Quarter:||$||0.3984375|
The Company has never skipped, reduced or deferred a monthly Series A Preferred Stock distribution.
About Gladstone Land:
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland located in major agricultural markets in the U.S., which it leases to farmers. The Company currently owns 58 farms, comprised of 50,592 acres in 7 different states across the U.S., valued at approximately $398 million. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.
For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.Gladstone.com.
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC on February 23, 2016. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Land Corporation, +1-703-287-5893