Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSPortfolio Activity
Acquisition Activity
Subsequent to March 31, 2021, we acquired one new farm, which is 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)
South Avenue Corning Tehama, CA 4/5/2021 2,285 1 Olives for Olive Oil 14.7 years
1 (5 years)
 $ 37,800  $ 83  $ 2,541 
2,285 1 $ 37,800  $ 83  $ 2,541 
(1)Acquisition 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.
Financing Activity
Borrowing Activity
Interest Rate Swap Agreements
Certain loans we secured during the three months ended March 31, 2021, were initially issued at variable rates. Subsequent to March 31, 2021, these loans were effectively fixed through our entry into interest rate swap agreements, as summarized in the following table (dollars in thousands):
Lender Effective Date Loan
Amount		 Original Variable Interest Rate Terms New Fixed Interest Rate Terms
Rabo AgriFinance, LLC 4/1/2021 $ 3,780 
1-month LIBOR + 2.00%
3.265%; fixed throughout term
Rabo AgriFinance, LLC(1)
4/1/2021 630 
1-month LIBOR + 2.00%
2.435%; fixed throughout term
Equity Activity
Equity Issuances
The following table provides information on equity sales that have occurred subsequent to March 31, 2021 (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(2)
178,041 $ 24.76  $ 4,408  $ 4,050 
Common Stock – ATM Program 1,825,452 20.28  37,020  36,650 
(1)Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
(2)Excludes approximately 778 shares issued pursuant to the DRIP.
Articles Supplementary Reclassifying Remaining Series A Term Preferred Stock
On May 7, 2021, we filed Articles Supplementary (the “Reclassification Articles Supplementary”) with the SDAT, pursuant to which our board of directors reclassified and designated the remaining 850,000 shares of authorized but unissued Series A Term Preferred Stock as additional shares of common stock. After giving effect to the filing of the Reclassification Articles Supplementary, our authorized capital stock consists of 63,944,073 shares of common stock, 6,456,065 shares of Series B Preferred Stock, 25,999,862 shares of Series C Preferred Stock, and 3,600,000 shares of Series D Term Preferred Stock. The Reclassification Articles Supplementary did not increase our authorized shares of capital stock.
Distributions
On April 13, 2021, 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 B Preferred Stock: April 23, 2021 April 30, 2021 $ 0.125 
May 19, 2021 May 28, 2021 0.125 
June 18, 2021 June 30, 2021 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: April 28, 2021 May 5, 2021 $ 0.125 
May 26, 2021 June 4, 2021 0.125 
June 28, 2021 July 6, 2021 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series D Term Preferred Stock: April 23, 2021 April 30, 2021 $ 0.104167 
May 19, 2021 May 28, 2021 0.104167 
June 18, 2021 June 30, 2021 0.104167 
Total Series D Term Preferred Stock Distributions: $ 0.312501 
Common Stock(1):
April 23, 2021 April 30, 2021 $ 0.045 
May 19, 2021 May 28, 2021 0.045 
June 18, 2021 June 30, 2021 0.045 
Total Common Stock Distributions: $ 0.135 
(1)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.