LANDP - Gladstone Land Series C Preferreds: Share Repurchase Program Provides A Floor To Valuation

2024-06-05 01:27:11 ET

Summary

• Gladstone Land Corporation is a REIT specializing in acquiring and owning farmland in the US.
• The Series C preferred shares have outperformed Gladstone's common shares, as Gladstone's valuable farmland provides outstanding protection despite operating challenges.
• A recently announced share buyback program should provide a floor to LANDP's valuation.

It has been a while since I last wrote about the Gladstone Land Corporation 6% Series C Cumulative Preferred Shares ( LANDP ). Last September, while analyzing the common equity of Gladstone Land Corporation ( LAND ), I noted that its preferred shares, LANDP, presented an attractive investment opportunity as they were backed by over 110,000 acres of valuable farmland across the United States and protected by over $580 million in equity capital in LAND's capital structure. The shares also paid an attractive 7.8% yield...

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