| Operating Leases of Lessor, Leasing Activity |
The following table summarizes the leasing activity that occurred on our existing properties during the year ended December 31, 2018 (dollars in thousands, except footnotes):
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PRIOR LEASES(1)
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NEW LEASES(2)
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Farm
Locations |
Number
of
Leases
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Total
Farm
Acres
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Total
Annualized
Straight-line
Rent(3)
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# of Leases
with
Participation
Rents
|
Lease
Structures
(# of NNN
/ NN)
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Total
Annualized
Straight-line
Rent(3)
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Wtd. Avg.
Term
(Years)
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# of Leases
with
Participation
Rents |
Lease
Structures
(# of NNN
/ NN) |
AZ, CA,
FL, & MI |
9 |
3,659 |
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$ |
1,742 |
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1 |
4 / 5 |
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$ |
2,001 |
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5.3 |
4 |
7 / 2 |
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(1) |
Includes the farm previously leased to Land Advisers, during which time no rental income was recognized. |
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(2) |
In connection with certain of these leases, we committed to provide aggregate capital of up to $600,000 for certain irrigation and other improvements on these farms, all of which was expended or accrued for as of December 31, 2018.
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(3) |
Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents. |
The following table summarizes the leasing activity that occurred on our existing properties subsequent to December 31, 2018 (dollars in thousands, except footnotes):
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PRIOR LEASES(1)
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NEW LEASES(2)
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Farm
Locations |
Number
of
Leases
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Total
Farm
Acres
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Total
Annualized
Straight-line
Rent(3)
|
# of Leases
with
Participation
Rents
|
Lease
Structures
(# of NNN
/ NN)
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|
Total
Annualized
Straight-line
Rent(3)
|
Wtd. Avg.
Term
(Years)
|
# of Leases
with
Participation
Rents |
Lease
Structures
(# of NNN
/ NN) |
AZ, CA, FL,
MI, & NE |
8 |
3,707 |
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$ |
1,025 |
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1 |
6 / 2 |
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$ |
856 |
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1.4 |
3 |
5 / 3 |
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(1) |
Includes a farm that was previously vacant. |
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(2) |
In connection with certain of these leases, we committed to provide aggregate capital of up to $420,000 for certain improvements on these farms.
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(3) |
Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents. |
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| Monthly Distributions Declared by Company's Board of Directors |
On January 8, 2019, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
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Issuance |
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Record Date |
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Payment Date |
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Distribution per Share |
Series A Term Preferred Stock: |
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January 18, 2019 |
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January 31, 2019 |
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$ |
0.1328125 |
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February 20, 2019 |
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February 28, 2019 |
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0.1328125 |
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March 20, 2019 |
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March 29, 2019 |
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0.1328125 |
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Total Series A Term Preferred Stock Distributions: |
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$ |
0.3984375 |
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Series B Preferred Stock: |
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January 23, 2019 |
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February 1, 2019 |
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$ |
0.125 |
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February 26, 2019 |
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March 7, 2019 |
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0.125 |
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March 26, 2019 |
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April 4, 2019 |
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0.125 |
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Total Series B Preferred Stock Distributions: |
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$ |
0.375 |
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Common Stock: |
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January 18, 2019 |
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January 31, 2019 |
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$ |
0.04445 |
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February 20, 2019 |
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February 28, 2019 |
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0.04445 |
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March 20, 2019 |
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March 29, 2019 |
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0.04445 |
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Total Common Stock Distributions: |
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$ |
0.13335 |
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