Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
Financing Activity
On April 11, 2018, we closed on a loan from Farm Credit West for approximately $1.5 million. The mortgage note is scheduled to mature on May 1, 2038, and will bear interest (before interest patronage) at a fixed rate of 4.99% per annum through April 30, 2023, thereafter converting to a variable rate determined by Farm Credit West unless another fixed rate is established.
Equity Activity
On April 4, 2018, the underwriters exercised the over-allotment option in connection with the March 2018 Offering, and, as a result, we issued an additional 165,000 shares. The over-allotment settled on April 9, 2018, and resulted in gross proceeds of approximately $2.0 million and net proceeds (after deducting underwriting discounts and direct offering expenses borne by us) of approximately $1.9 million. We used the proceeds received from this offering to repay existing indebtedness and for other general corporate purposes.
Distributions
On April 10, 2018, our Board of Directors declared the following monthly cash distributions to common stockholders and holders of our Term Preferred Stock:
Record Date
 
Payment Date
 
Distribution per
Common Share
 
Dividend per share of
Term Preferred Stock
April 20, 2018
 
April 30, 2018
 
$
0.0443

 
$
0.1328125

May 22, 2018
 
May 31, 2018
 
0.0443

 
0.1328125

June 20, 2018
 
June 29, 2018
 
0.0443

 
0.1328125

Total:
 
 
 
$
0.1329

 
$
0.3984375


The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling limited partners of the Operating Partnership as of the above record dates.