Farmland real estate investment trust Gladstone Land Corp. plans to sell an undisclosed amount of its common shares in an underwritten public offering.

The offering will include a 30-day option for the underwriters to acquire additional shares to cover any overallotments.

Net proceeds from the offering will be used to pay down existing debt, which in turn will fund future property purchases.

Janney Montgomery Scott LLC is the sole book-running manager for the offering.