<SEC-DOCUMENT>0001171843-17-000036.txt : 20170103
<SEC-HEADER>0001171843-17-000036.hdr.sgml : 20170103
<ACCEPTANCE-DATETIME>20170103160820
ACCESSION NUMBER:		0001171843-17-000036
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161228
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170103
DATE AS OF CHANGE:		20170103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE LAND Corp
		CENTRAL INDEX KEY:			0001495240
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				541892552
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35795
		FILM NUMBER:		17501891

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gladstone Land Corp
		DATE OF NAME CHANGE:	20100624
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_010317.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--January 3, 2017-->December 28, 2016 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Gladstone Land Corporation</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Maryland</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-35795</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>54-1892552</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>1521 Westbranch Drive, Suite 100, McLean, Virginia 22102</strong><!--UNITED STATES --></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(703) 287-5800</strong><br>(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong></strong><br>(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 3.02. Unregistered Sales of Equity Securities.</strong></font></p><p><font style="font-size: 10pt;"><p>The information in Item 8.01 below is incorporated into this Item 3.02 by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;"><p>A copy of the press release issued by the Company announcing the closing of the acquisition discussed in Item 8.01 below is attached hereto as Exhibit 99.1 and is incorporated herein by reference. &#160;Pursuant to the rules and regulations of the SEC, the information in this Item 7.01 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be &#8220;filed&#8221; under the Securities Exchange Act of 1934, as amended.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 8.01. Other Events.</strong></font></p><p><font style="font-size: 10pt;"><p>On December 28, 2016, Gladstone Land Corporation (the &#8220;Company&#8221;), through a wholly-owned subsidiary of Gladstone Land Limited Partnership (the &#8220;Operating Partnership&#8221;), completed its acquisition of certain real property located in Baca County, Colorado, from an unrelated third party for total consideration consisting of (i) approximately $9.1 million in cash and (ii) 233,952 units of limited partnership interests in the Operating Partnership (&#8220;OP Units&#8221;).</p><p>Following a one-year holding period, and in accordance with the terms and conditions set forth in the partnership agreement of the Operating Partnership, the holder of the OP Units will be entitled to cause the Company to redeem the OP Units for cash or, at the Company&#8217;s discretion, exchange the OP Units for shares of the Company&#8217;s common stock, par value $0.001 per share, on a one-for-one basis.&#160; The cash redemption amount per OP Unit would be based on the market price of a share of the Company&#8217;s common stock at the time of redemption.</p><p>The Company has elected to report early the potential private placement of its common stock (in relation to the aforementioned issuance) that may occur if the holder elects to redeem their OP Units and the Company elects to assume the redemption obligation of the Operating Partnership and exchange OP Units for shares of common stock, as described above.</p><p>The issuance of OP Units (and possible future exchange thereof for shares of the Company&#8217;s common stock) will be consummated without registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), in reliance upon the exemption from registration in Section 4(a)(2) of the Securities Act for transactions not involving any public offering.&#160; No sales commission or other consideration will be paid in connection with such sale.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>(d) <em>Exhibits</em>.</p><table class="mce-item-table" style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-align: center;"><font style="font-size: 10pt;"><strong>Exhibit <br><u>No.</u></strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline; text-align: left;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td style="text-align: center;"><font style="font-size: 10pt;">99.1</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Press Release, dated January 3, 2017 </font></td></tr></table><div id="mceResizeHandlen" class="mce-resizehandle" style="cursor: n-resize; 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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Gladstone Land Acquires Farmland in Colorado</strong></p><p style="text-align: center;"><p> <p align="left">MCLEAN, Va., Jan.  03, 2017  (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (&#8220;Gladstone Land&#8221; or the "Company") announced today that on December 28, 2016, it acquired 16,595 acres of farmland across one large, contiguous farm in Baca County, Colorado, for total consideration of approximately $9.1 million in cash and 233,952 common units of limited partnership interest in its operating partnership (&#8220;OP Units&#8221;).&#160; The OP Units issued were valued at $12.93 per unit, resulting in the total consideration of $12.1 million.<br></p>  <p>In addition, Gladstone Land entered into a triple-net lease agreement with the existing operator on the property for an initial term that runs through 2020 and includes one, 5-year extension option.&#160; The initial term of the lease provides for annual rent escalations and an overall, straight-line capitalization rate of 5.9%.</p>  <p>&#8220;Gladstone Land is fortunate to team up with one of the top-tiered operators in the area.&#160; Our tenant has farmed in Southeast Colorado for decades with an operation that specializes in providing a high-fiber hay blend for the cattle raising industry,&#8221; said Bill Hughes, Gladstone Land&#8217;s Midwest Managing Director.&#160; &#8220;This farm acquisition is a great example of how the Company can add profitable assets to the portfolio.&#160; Adding this purchase to our earlier acquisition in Baca County strengthens our commitment to a new region and a new crop specialty. &#160;A single tract of land this size affords our operator great economies of scale by being much more efficient with his use of manpower and equipment.&#8221;</p>  <p>&#8220;This is a very strong acquisition to finish the year,&#8221; said David Gladstone, President and CEO of the Company.&#160; &#8220;Similar to our most recent purchase in Colorado, the soil on this farm is ideally suited to grow high-quality crops to serve the cattle industry. &#160;This acquisition was another opportunity to partner with a very strong tenant, diversify our portfolio, and add additional farm owners as investors by issuing OP Units, which are like common stock.&#160; The Company has another large farm that is scheduled to close in January if all of the due diligence comes out positively.&#160; We believe that 2017 will be the best year in our Company&#8217;s history, and we plan on increasing our dividend if earnings continue to increase.&#8221;</p>  <p><strong>About Gladstone Land Corporation</strong><strong>:</strong><br>Gladstone Land is a publicly-traded real estate investment trust that invests in farmland located in major agricultural markets in the U.S., which it leases to farmers, and pays monthly distributions to its stockholders.&#160; The Company intends to report the current fair value of its farmland on a quarterly basis; as of September 30, 2016, the estimated net asset value of the Company was $13.68 per share.&#160; Gladstone Land currently owns 58 farms, comprised of 50,592 acres in 7 different states across the U.S., valued at approximately $398 million.&#160; Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are planted and harvested annually or more frequently; as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years.&#160; The Company also may acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers.&#160; Gladstone Land has paid 48 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013, and the current per-share distribution on its common stock is $0.0425 per month, or $0.51 per year.&#160; Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.</p>  <p>Owners or brokers who have farmland for sale in the U.S. should contact:</p>  <p>Eastern U.S. &#8211; Bill Frisbie at (703) 287-5839 or bill.f@gladstoneland.com<br>Western U.S. &#8211; Bill Reiman at (805) 263-4778 or bill.r@gladstoneland.com <br>Midwest U.S. &#8211; Bill Hughes at (618) 606-2887 or bill.h@gladstoneland.com</p>  <p>For stockholder information on Gladstone Land, call (703) 287-5893.&#160; For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.Gladstone.com.</p>  <p><em>All statements contained in this press release, other than historical facts, may constitute "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.</em><em>&#160; W</em><em>ords such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. </em><em>&#160;</em><em>Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. </em><em>&#160;</em><em>Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC on February 23, 2016</em><em>.</em> <em>&#160;</em><em>The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. </em><em>&#160;</em><em>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.</em></p></p><p>For further information: &#160;Gladstone Land, 703-287-5893</p></body></html>
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