Gladstone Land Corporation Announces Common Stock Monthly Cash Distributions for October, November and December 2013 and Third Quarter Earnings Release and Conference Call Dates - WDRB 41 Louisville News
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SOURCE Gladstone Land Corporation
MCLEAN, Va., Oct. 8, 2013 /PRNewswire/ -- Gladstone Land Corporation (NASDAQ: LAND) (the "Company") announced today that its board of directors declared the following monthly cash distributions and also announced its plan to report earnings for the third quarter ended September 30, 2013:
Common Stock: $0.12 per share of common stock for each of October, November and December 2013, payable per the table below. The Company has paid eight consecutive monthly cash distributions on its common stock.
Summary of Common Stock Cash Distributions:
Total for the Quarter:
A portion of both the dividends declared above and those paid out during the three and nine months ended September 30, 2013, relates to the $9.6 million of accumulated earnings and profits from prior years to be paid out by the end of 2013. The Company intends to declare an additional dividend in December 2013 to distribute its remaining accumulated earnings and profits from prior years. A breakout of the accumulated earnings and profits from prior years and the earnings for 2013 will be provided on a 1099 form to be provided in January 2014.
The Company offers a dividend reinvestment plan (the "DRIP") to its common stockholders. For more information regarding the DRIP, please visit www.gladstoneland.com.
The Company also announced today that it plans to report earnings for the third quarter ended September 30, 2013, after the stock market closes on Tuesday, October 29, 2013. The Company will hold a conference call on Wednesday, October 30, 2013, at 8:30 a.m. EDT to discuss its earnings results. Please call (800) 860-2442 to enter the conference call. An operator will monitor the call and set a queue for questions.
A conference call replay will be available beginning one hour after the call and will be accessible through November 29, 2013. To hear the replay, please dial (877) 344-7529 and use conference number 10029524.
The live audio broadcast of the conference call will be available online at www.gladstoneland.com. The event will be archived and available for replay on the Company's website through December 30, 2013.
Gladstone Land Corporation is a publicly-traded real estate investment company that owns farmland and farm-related properties located in major agricultural markets in the United States that it leases to corporate and independent farmers. The Company currently owns 14 farms appraised at approximately $79.9 million. Information on the business activities of all of the Gladstone funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
Certain statements in this press release, including the Company's intention to make future distributions and the characterization thereof 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 obtain a favorable private letter ruling from the Internal Revenue Service; the duration of, or further 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" of its Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on March 27, 2013. 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.