Gladstone Land Corporation (Nasdaq: LAND), a publicly traded real estate investment trust and sponsor of non-traded preferred stock offerings, announced that it has applied to list its 6.00% Series C Preferred Stock on the Nasdaq Global Market under the ticker “LANDP.”
Pending Nasdaq approval, Gladstone says the company expects the listing of its Series C Preferred to be effective around June 8, 2023, following the filing of Gladstone Land’s Form 8-A12B and Nasdaq’s listing certification with the U.S. Securities and Exchange Commission.
The company originally issued the Series C Preferred at $25.00 per share through a $255 million continuous registered non-listed offering, beginning in April 2020, which was completed in December 2022. Pursuant to the prospectus supplement for the offering, Gladstone Land intended to list the Series C Preferred on a national securities exchange within one year from the end of the offering. The one-year anniversary of the termination date, or date on which the $255 million offering was sold-out, would have been Dec. 31, 2023. The 6.0% dividend rate (calculated on the $25 per share par value) remains unchanged upon the listing. The Series C Preferred redemption plan is terminated effective today in connection with the anticipated listing, as outlined in the prospectus supplement dated August 24, 2022.
“We are very pleased that we are able list our Series C Preferred Stock on Nasdaq in well under one year from the end of the offering,” said David Gladstone, chairman and chief executive officer of Gladstone Land. “By issuing this preferred stock through the independent broker-dealer and registered investment advisor channels following our successful offering and listing of the Gladstone Land Series B Preferred Stock, we believe we demonstrated that we continue to have access to capital through diverse sources and we believe it further underscores investors’ belief in our business model.”
Previously, in November 2022, the company also filed a new prospectus supplement for a continuous public offering of up to eight million shares of its newly designated 5.00% Series E Cumulative Redeemable Preferred Stock at an offering price of $25.00 per share.
Gladstone Land pays monthly distributions to its stockholders and has reportedly paid 116 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013.