Gladstone Land Corp. priced its public offering of 1,450,000 shares at $12.55 apiece.

The agricultural real estate investment trust also granted underwriters a 30-day overallotment option to purchase up to 217,500 additional shares. Gladstone is expected to generate about $17.3 million of net proceeds from the offering, which is slated to close on or about Dec. 14.

The company said it plans to use the net proceeds to repay existing debt, which will be used to fund future property acquisitions, and for other general corporate functions.

Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Nomura Securities International Inc. are acting as joint book-running managers for the offering, and Maxim Group LLC, National Securities Corp. and Wedbush Securities Inc. are co-managers.