Subsequent Events |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events |
NOTE 10. SUBSEQUENT EVENTS We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through February 23, 2016, the day the financial statements were issued. Purchase and Sale Agreements Subsequent to December 31, 2015, we entered into agreements to purchase two farms totaling 6,664 acres of farmland in Colorado and California for an aggregate purchase price of approximately $41.4 million. We expect to close on one farm totaling 6,211 acres for approximately $25.9 million (a portion of which is expected to be paid in limited partnership units (“OP Units”) of our Operating Partnership) during the three months ending March 31, 2016, and the other farm totaling 453 acres for approximately $15.5 million during the three months ending June 30, 2016, subject to customary conditions and termination rights for these types of transactions, including a due diligence inspection period. However, there can be no assurance that these prospective acquisitions will be consummated by that time, on the terms currently anticipated, or at all. Leasing Activity On February 8, 2016, we renewed the lease with the tenant occupying one of our McIntosh Road farms, which lease was set to expire on June 30, 2016. The lease was renewed for an additional three years, through June 30, 2019, with annualized, straight-line rental income of $63,000, representing a 17.9% increase over that of the previous lease. Financing Activity Subsequent to December 31, 2015, certain of our properties pledged as collateral under the New MetLife Credit Facility were re-appraised, which resulted in an overall increase in the valuation of our collateral pool under the facility, providing us with approximately $12.5 million of additional borrowing availability. Based on current borrowings outstanding under the New MetLife Credit Facility, our total current borrowing availability is approximately $21.4 million.
Distributions On January 12, 2016, our Board of Directors declared the following monthly cash distributions to common stockholders:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||