Gladstone Land reduces Series C Preferred Stock offering from $500M to $255M, to end by Dec 2022

GLADSTONE LAND Corp

Primary offering reduced from 20M shares ($500M) to 10.2M shares ($255M); DRIP limited to 200K shares.
Offering will terminate on earlier of Dec 31, 2022, or when all 10.2M primary shares sold.
Company has sold ~$213M of Series C Preferred Stock since April 2020.
CEO cites rising cost of capital, cap rate compression, and slowdown in acquisitions as reasons for prudent reduction.
Net proceeds to be used for debt repayment, future acquisitions, and general corporate purposes.

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