Gladstone Land Corporation (LAND) will raise its monthly dividend by another 0.2 percent to $0.0449 per share in Q4 of 2020. The board of directors declared increased cash distributions for the months October, November and December of this year with the first dividend to be paid on October 30, 2020 to shareholders of record on October 23. This is the 4th dividend hike announced in 2020 by the farmland REIT.
The new annual dividend of approximately 54 cents yields 3.8% at a stock price of $14.15 for LAND. The company initiated a monthly dividend in 2013. Last year the monthly dividend was increased by a total of 0.5 percent.
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.