<SEC-DOCUMENT>0001171843-17-000313.txt : 20170119
<SEC-HEADER>0001171843-17-000313.hdr.sgml : 20170119
<ACCEPTANCE-DATETIME>20170119161400
ACCESSION NUMBER:		0001171843-17-000313
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170112
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170119
DATE AS OF CHANGE:		20170119

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:		17536092

	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_011917.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 12, 2017-->January 12, 2017 &#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;">[  ]</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;">[  ]</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;">[  ]</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;">[  ]</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 2.01. Completion of Acquisition or Disposition of Assets.</strong></font></p><p><font style="font-size: 10pt;"><p>On January 12, 2017, Gladstone Land Corporation, through a wholly-owned subsidiary of its operating partnership (collectively, the &#8220;Company&#8221;), acquired approximately 3,750 acres of real property located in Florida (the &#8220;Property&#8221;) from Pero Greenridge Farms, LLC, and PFF Land Holdings, LLC, (collectively, the &#8220;Sellers&#8221;) for total consideration of $54.0 million.&#160; The Sellers, who also lease certain other real property owned by the Company, are not related parties to the Company or its affiliates and do not have a material relationship with the Company or its affiliates, other than in respect to this acquisition.&#160; In addition, at closing, the Company entered into an agreement with an affiliate of the Sellers to lease the Property (the &#8220;Lease&#8221;).&#160; The Lease is a 7-year lease that provides for annual rent escalations and includes three, 5-year extension options.</p><p>The Company funded the majority of the acquisition of the Property by issuing four separate bonds (the &#8220;Bonds&#8221;) under its $125 million facility (the &#8220;Farmer Mac Facility&#8221;) with Federal Agricultural Mortgage Corporation (&#8220;Farmer Mac&#8221;).&#160; In connection with the issuance of the Bonds, Company received total proceeds of $32.4 million.&#160; The Bonds, which are interest-only, have terms ranging from 3 to 7 years and will bear interest at a weighted-average fixed interest rate of 3.42% per annum throughout their terms.&#160; Bonds issued under the Farmer Mac Facility are secured by mortgage loans on agricultural real estate owned by the Company and have an effective loan-to-value ratio of 60% of the underlying agricultural real estate. &#160;The Company funded the remainder of the purchase price with cash it had on hand and by drawing on one of its existing $25.0 million lines of credit with Metropolitan Life Insurance Company (the &#8220;Line of Credit&#8221;). &#160;The Line of Credit is scheduled to mature on April 5, 2024, and advances bear interest at a variable rate equal to the three-month LIBOR plus a spread of 2.25%, with a minimum annualized rate of 2.50%, plus an unused fee of 0.20% on undrawn amounts.&#160; The Line of Credit is collateralized by certain other real property owned by the Company.</p><p>The Company previously announced its entry into the agreement to acquire the Property under Item 1.01 on Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 23, 2016.</p></font></p><p><font style="font-size: 10pt;"><strong>Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</strong></font></p><p><font style="font-size: 10pt;"><p>The information regarding the Bonds and Line of Credit set forth in Item 2.01 is incorporated herein 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>On January 12, 2017, the Company issued a press release announcing the acquisition of the Property. &#160;A copy of the press release is attached hereto as Exhibit 99.1. &#160;The information contained in Item&#160;7.01 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for any purposes, including for the purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. &#160;Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.</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>&#160; &#160; &#160;(a) <em>Financial Statements of Businesses Acquired.</em></p><p>The Company will file the required financial statements, if any, under the cover of Form 8-K/A as soon as practicable but no later than 71 calendar days after the latest date on which this Current Report on Form 8-K is required to be filed.</p><p>&#160; &#160; &#160;(b) <em>Pro Forma Financial Information.</em></p><p>The Company will file the required pro-forma financial information, if any, under the cover of Form 8-K/A as soon as practicable but no later than 71 calendar days after the latest date on which this Current Report on Form 8-K is required to be filed.</p><p>&#160; &#160; &#160;(d) <em>Exhibits.</em></p><table class="mce-item-table" style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit No.</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" 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><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 12, 2017 </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Gladstone Land Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: January 19, 2017</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Lewis Parrish&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Lewis Parrish</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade"><p style="text-align: center;"><font style="font-size: 10pt;"><strong>INDEX TO EXHIBITS</strong></font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit No.</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" 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><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 12, 2017 </font></td></tr></table></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<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 Farm in Florida for $54 Million</strong></p><p style="text-align: center;"><p> <p align="left">MCLEAN, Va., Jan.  12, 2017  (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (&#8220;Gladstone Land&#8221; or the &#8220;Company&#8221;) announced today that it has acquired approximately 3,750 acres of organic farmland in southern Florida for $54 million. &#160;Upon acquisition, the Company entered into a lease agreement with a leading grower and marketer of fresh vegetables for a 7-year lease that provides for annual rent escalations and three, 5-year extension options.<br></p>  <p>&#8220;We are privileged to acquire more organic farmland in Florida with a highly-regarded vegetable grower as our tenant-partner,&#8221; said Bill Frisbie, the Company's Managing Director for the Eastern United States. &#160;&#8220;This property is farmed for organic vegetables in a region with significant development pressure from home builders. &#160;We now own 59 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio.&#160; We have built our farmland portfolio on the thesis that the continued growing demand for fresh fruits and vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time.&#8221;</p>  <p>&#8220;Our first acquisition of 2017 represents the largest acquisition in our Company&#8217;s history and begins what we believe will be our strongest year,&#8221; said David Gladstone, President and CEO of Gladstone Land.&#160; &#8220;This new farm is a great property with a strong tenant, and we expect this acquisition will provide us with a significant amount additional earnings, which we hope to be able to pass on to our stockholders in the form of increased distributions.&#160; We have now increased the distributions on our common stock five times over the past 24 months for a total increase of 43.3%, and our goal is to continue this trend. &#160;And these distributions we pay out to our stockholders are fully covered by our funds from operations.&#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 59 farms, comprised of 54,340 acres in 7 different states across the U.S., valued at approximately $452 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 47 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 $0.043 per month, or $0.516 per year.&#160; Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.&#160;</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>For further information: &#160;Gladstone Land, 703-287-5893</p></p><p></body></html>
</TEXT>
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</SEC-DOCUMENT>
