Gladstone Land Announces Preferred Stock Repurchase Authorization, Plans to Buy Up to $55mln of Preferred Stock

Gladstone Land Corporation's board of directors has authorized a share repurchase program for up to $20,000,000 of its 6.00% Series B Cumulative Redeemable Preferred Stock and up to $35,000,000 of its 6.00% Series C Cumulative Redeemable Preferred Stock. The repurchases will be implemented through open market transactions or privately negotiated transactions and may be suspended or discontinued at any time. The authorization expires on July 10, 2026.

Gladstone Land Corporation (Nasdaq: LAND) has authorized a share repurchase program for up to $20,000,000 of its 6.00% Series B Cumulative Redeemable Preferred Stock and up to $35,000,000 of its 6.00% Series C Cumulative Redeemable Preferred Stock. The repurchases will be implemented through open market transactions or privately negotiated transactions, in accordance with applicable securities laws. The authorization expires on July 10, 2026, and the program may be suspended or discontinued at any time [1].

The repurchase program is part of Gladstone Land's capital allocation strategy, with the aim of using capital to repurchase preferred shares at appropriate prices. According to David Gladstone, President of the Company, current market conditions provide an attractive buying opportunity for the preferred stock, making this a favorable strategic use of capital [1].

Gladstone Land, a publicly traded real estate investment trust, acquires and owns farmland and farm-related properties in major agricultural markets in the U.S. The company currently owns 150 farms, comprising approximately 103,000 acres in 15 different states and over 55,000 acre-feet of water assets in California. The company's farms are predominantly used for growing fresh produce, such as berries and vegetables, and permanent crops like almonds, blueberries, figs, olives, pistachios, and wine grapes [2].

Gladstone Land has a strong track record of distributing cash to shareholders. The company has paid 149 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on the common stock is $0.0467 per month, or $0.5604 per year [2].

The company will report its Q2 2025 earnings on August 7, 2025, followed by a conference call on August 8, 2025, to discuss the results [2].

References:
[1] https://www.gladstonefarms.com/investors/news-events/press-releases/detail/354/gladstone-land-announces-preferred-stock-repurchase
[2] https://www.stocktitan.net/news/LAND/gladstone-land-announces-monthly-cash-distributions-for-july-august-0yhmtnrhaxjp.html