Gladstone Land Corporation (LAND) will raise its monthly dividend by another 0.1 percent to $0.0446 per share in 2019. The board of directors declared increased cash distributions for each of October, November and December 2019.

The new annual dividend of 54 cents yields 4.6% at a stock price of $11.84 for LAND. The company initiated a monthly dividend in 2013.

The company has paid 80 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions 16 times over the prior 57 months.

Gladstone Land Corporation is a real estate investment trust that specializes in purchasing farms and farm-related properties and leasing them to farmers. Gladstone Land owns farmland in Arizona,  California, Colorado, Florida, Michigan, Nebraska, North Carolina, Oregon and Washington. The company acquires farmland that it rents to corporate and independent farmers on a triple-net lease basis, an arrangement under which the farmer maintains the property while paying rent to Gladstone Land.