Gladstone Land Corporation, an externally managed REIT planning to acquire agricultural real estate, announced terms for its IPO on Friday. The McLean, VA-based company plans to raise $50 million by offering 3.3 million shares at $15. At the midpoint of the proposed range, Gladstone Land Corporation would command a fully diluted market value of $91 million. Gladstone Land Corporation, which was founded in 1997 and booked $3 million in sales for the 12 months ended 6/30/2012, plans to list on the NASDAQ under the symbol LAND. Janney Montgomery Scott and JMP Securities are the joint bookrunners on the deal.
