Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.2
Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Portfolio Activity
Acquisition Activity
Subsequent to September 30, 2020, we acquired four new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property
Name
Property
Location
Acquisition
Date
Total
Acres
No. of
Farms
Primary
Crop(s)
Lease
Term
Renewal
Options
Total
Purchase
Price
Acquisition
Costs
(1)
Annualized
Straight-line
Rent
(2)
West Lost Hills Road(3)(4)(5)
Fresno, CA 10/1/2020 801 1 Pistachios 1.1 years 4 (3 years) $ 31,828  $ 52  $ 1,560 
Tractor Road Bamberg & Orangeburg, SC 10/23/2020 597 3 Sod 9.5 years None 3,765  48  244 
1,398 4 $ 35,593  $ 100  $ 1,804 
(1)Acquisitions will be accounted for as asset acquisitions in accordance with ASC 360. The figures above represent only costs paid or accrued for as of the date of this filing.
(2)Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3)Lease provides for a participation rent component based on the gross crop revenues earned on the farm. The rent figure above represents only the minimum cash guaranteed under the lease.
(4)Lease provides for an initial term of 3.1 years but also includes an annual tenant termination option, effective as of the end of the then-current lease year (as defined within the lease). The lease term stated above represents the term through the first available termination option, and the annualized straight-line rent amount represents the rent guaranteed through the noncancellable term of the lease.
(5)In connection with the acquisition of this property, we also acquired a 12.5% ownership interest in a related LLC, the sole purpose of which is to own and maintain a pipeline conveying water to this and other neighboring properties.
Financing Activity
Borrowing Activity
Subsequent to September 30, 2020, through the date of this filing, we have entered into the following loan agreements (dollars in thousands):
Lender Date of
Issuance
Principal
Amount
Maturity
Date
Principal
Amortization
Stated
Interest
Rate
Interest Rate Terms
PGIM Real Estate Finance, LLC 10/1/2020 $ 19,042  7/1/2028 25.0 years 2.47% Fixed throughout term
PGIM Real Estate Finance, LLC 10/1/2020 19,096  7/1/2028 25.0 years 2.45% Fixed throughout term
AgAmerica Lending, LLC 10/23/2020 2,259  1/1/2028 30.0 years 3.50% Fixed throughout term
Equity Activity
Equity Issuances
The following table provides information on equity sales that have occurred subsequent to September 30, 2020 (dollars in thousands, except per-share amounts):
Type of Issuance Number of
Shares Sold
Weighted Average Offering Price
Per Share
Gross Proceeds
Net Proceeds(1)
Series C Preferred Stock 203,861 $ 24.92  $ 5,081  $ 4,638 
Common Stock – Follow-on Offering(2)
1,897,500 14.40  27,324  26,094 
(1)Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
(2)Includes the underwriters’ exercise of the full over-allotment option in connection with the offering.
Equity Listing
Subsequent to September 30, 2020, we listed the Series B Preferred Stock on Nasdaq under the ticker symbol “LANDO.” Trading of the Series B Preferred Stock on Nasdaq commenced on October 19, 2020.
Distributions
On October 13, 2020, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance Record Date Payment Date Distribution per Share
Series A Term Preferred Stock: October 23, 2020 October 30, 2020 $ 0.1328125 
November 20, 2020 November 30, 2020 0.1328125 
December 23, 2020 December 31, 2020 0.1328125 
Total Series A Term Preferred Stock Distributions: $ 0.3984375 
Series B Preferred Stock: October 27, 2020 November 5, 2020 $ 0.125 
November 25, 2020 December 4, 2020 0.125 
December 24, 2020 January 5, 2021 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: October 27, 2020 November 5, 2020 $ 0.125 
November 25, 2020 December 4, 2020 0.125 
December 24, 2020 January 5, 2021 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Common Stock: October 23, 2020 October 30, 2020 $ 0.0449 
November 20, 2020 November 30, 2020 0.0449 
December 23, 2020 December 31, 2020 0.0449 
Total Common Stock Distributions: $ 0.1347 
The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.
COVID-19
In July 2020, we granted extensions of up to 123 days to two tenants who owed semi-annual rental payments totaling approximately $343,000. These payments were originally scheduled to be paid on July 1, 2020, and the rent deferrals we granted to these tenants extend the new due dates to be on or before November 1, 2020, with all other terms of the existing lease agreements remaining unchanged. These rental payments were collected in full subsequent to September 30, 2020. We have not received any other requests from tenants seeking relief as a result of COVID-19; however, no assurances can be made that we will not receive additional rent deferral or modification requests in the future.