Gladstone Land Corporation (LAND) will raise its monthly dividend by 0.2 percent to $0.0451 per share in Q3 of 2021. This follows a 0.1 percent hike in Q1 and Q2. Last year LAND announced a 0.2 percent hike to $0.0449 per share in Q4 of 2020. The farmland REIT announced four dividend hikes in 2020 for a total increase of 0.7 percent.
The new annual dividend of approximately 54 cents yields 2.3% at a stock price of $22.95 for LAND. The company initiated a monthly dividend in 2013. Last year the monthly dividend was increased for the 6th consecutive year. The company now pays an estimated $13 million in dividends to its shareholders annually.
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.