LAND - Gladstone Land reduces series C preferred stock offering to $255M

• Gladstone Land ( NASDAQ: LAND ) said Wednesday it amended its $500M continuous offering of its 6% series C cumulative preferred stock.
• The primary offering was reduced from 20M shares (~$500M) to 10.2M shares (~$255M).
• The amendment also limits the number of shares to be sold under the dividend reinvestment plan to no more than 200K.
• The offering of the preferred stock will now terminate on by Dec. 31 or the date when all 10.2M series C preferred shares in the primary offering are sold.
• LAND so far sold ~$213M of its series C preferred stock since Apr. 3, 2020.
• "... rising cost of capital, cap rate compression in certain markets, and uncertainty surrounding the economy led to a slowdown in our acquisition activity this year. Thus, we believe it is prudent to slow down fundraising efforts with regard to the series C preferred stock and reduce our overall cost of capital," said LAND CEO David Gladstone.
• LAND intends to apply to list the series C preferred stock on Nasdaq or another exchange within 1 year of the termination date of the offering.

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