Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
California Floods
In January 2023, periods of heavy rainfall in California resulted in floods that impacted several areas of the state, including regions where certain of our farms are located. As a result of this flooding, one of our farms in the Central Valley suffered damage to certain structures located on the farm. We are still in the process of assessing the damage, but at this time, we do not expect the cost of repairs to exceed $1.0 million. In addition, we expect the damage to be fully covered by either insurance or the tenant’s obligations pursuant to the lease. None of our other farms in California were materially impacted by the floods.
Financing Activity
Debt Activity—Loan Maturities
Subsequent to December 31, 2022, we repaid an $8.1 million maturing bond that bore interest at an annual rate of 3.53%.
Equity Activity
The following table provides information on equity sales that have occurred subsequent to December 31, 2022 (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 E Preferred Stock 34,600 $ 24.96  $ 864  $ 779 
Common Stock – ATM Program 663,585 19.72  13,084  12,953 
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).
Distributions
On January 10, 2023 our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock (distributions to holders of our Series E Preferred Stock were authorized and declared on January 18, 2023):
Issuance Record Date Payment Date Distribution per Share
Series B Preferred Stock: January 20, 2023 January 31, 2023 $ 0.125 
February 17, 2023 February 28, 2023 0.125 
March 17, 2023 March 31, 2023 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: January 26, 2023 February 6, 2023 $ 0.125 
February 23, 2023 March 6, 2023 0.125 
March 29, 2023 April 6, 2023 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series E Preferred Stock: January 26, 2023 February 6, 2023 $ 0.104167 
February 23, 2023 March 6, 2023 0.104167 
March 29, 2023 April 6, 2023 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Series D Term Preferred Stock: January 20, 2023 January 31, 2023 $ 0.104167 
February 17, 2023 February 28, 2023 0.104167 
March 17, 2023 March 31, 2023 0.104167 
Total Series D Term Preferred Stock Distributions: $ 0.312501 
Common Stock(1):
January 20, 2023 January 31, 2023 $ 0.0459 
February 17, 2023 February 28, 2023 0.0459 
March 17, 2023 March 31, 2023 0.0459 
Total Common Stock Distributions: $ 0.1377 
(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.