Gladstone LandCorp. on April 12 announced a 3.1% increase in its monthly cash distribution,beginning with the payouts for April, May and June.

The new per-share cash distribution rate is 4.125 cents per month,equating to 49.5 cents per year.

David Gladstone, the company's president and CEO, noted thatin 2015, Gladstone Land upped the distribution by 33%.