Gladstone Land Announces Preferred Stock Repurchase Authorization
Rhea-AI Summary
Gladstone Land Corporation (Nasdaq:LAND) has announced a significant preferred stock repurchase program. The board has authorized repurchases of up to $20 million of its 6.00% Series B Cumulative Redeemable Preferred Stock (LANDO) and up to $35 million of its 6.00% Series C Cumulative Redeemable Preferred Stock (LANDP).
The repurchases will be conducted through open market transactions or private negotiations, with implementation dependent on market conditions and other factors. The program will expire on July 10, 2026, and can be suspended or discontinued at any time. Management views current market conditions as presenting an attractive buying opportunity for their preferred stock.
Positive
- Total repurchase authorization of $55 million demonstrates strong financial capacity
- Strategic capital allocation aimed at creating shareholder value
- Flexible implementation through both open market and private transactions
- Management sees current market conditions as favorable for buybacks
Negative
- Program does not obligate the company to actually repurchase any shares
- Repurchase program could reduce available capital for other investments
News Market Reaction
On the day this news was published, LAND gained 0.85%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MCLEAN, VA / ACCESS Newswire / July 11, 2025 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that its board of directors has authorized a share repurchase program for up to
"After a thorough analysis and in consultation with our board of directors, we are announcing another share repurchase authorization as part of a capital allocation strategy that we believe is in the best interest of our shareholders and our business. We believe that the current market conditions provide an attractive buying opportunity for our preferred stock and that using capital to repurchase our preferred shares at appropriate prices represents a favorable strategic use of capital," said David Gladstone, President of the Company.
About Gladstone Land Corporation:
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. The Company currently owns 150 farms, comprised of approximately 103,000 acres in 15 different states and over 55,000 acre-feet of water assets in California. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, blueberries, figs, olives, pistachios, and wine grapes, which are generally planted every 20-plus years and harvested annually. Over
Owners or brokers who have farmland for sale in the U.S. should contact:
Western U.S. - Bill Reiman at (805) 263-4778 or Bill.R@GladstoneLand.com;
Mid-Atlantic and Midwest U.S. - Joey Van Wingerden at (703) 287-5914 or Joe.V@GladstoneLand.com; or
Southeastern U.S.- Brett Smith at (703) 287-5837 or Brett.S@GladstoneLand.com.
Lenders who are interested in providing Gladstone Land with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.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.GladstoneCompanies.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
Certain statements in this press release are "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. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on the Company's current plans that are believed to be reasonable as of the date of this press release. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, the Company's ability to procure financing for investments, downturns in the current economic environment, the performance of its tenants, the impact of competition on its efforts to renew existing leases or re-lease real property, and significant changes in interest rates. Additional factors that could cause actual results to differ materially from those stated or implied by its forward-looking statements are disclosed under the caption "Risk Factors" within the Company's Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 19, 2025, and certain other documents filed with the SEC from time to time. 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, (703) 287-5893
SOURCE: Gladstone Land Corporation
View the original press release on ACCESS Newswire
FAQ
How much preferred stock is Gladstone Land (LAND) authorized to repurchase?
When does Gladstone Land's (LAND) preferred stock repurchase program expire?
How will Gladstone Land (LAND) implement the preferred stock repurchases?
Why is Gladstone Land (LAND) repurchasing its preferred stock?
What are the terms of Gladstone Land's (LAND) preferred stock being repurchased?
