Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events (Tables)

v3.20.2
Subsequent Events (Tables)
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Summary of Leasing Activity
The following table summarizes certain leasing activity that occurred on our existing properties during the six months ended June 30, 2020 (dollars in thousands):
 
 
 
 
PRIOR LEASES
 
NEW LEASES(1)(2)
Farm
Locations
Number
of
Leases
Total
Farm
Acres
 
Total
Annualized
Straight-line
Rent(3)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN / N)(4)
 
Total
Annualized
Straight-line
Rent(3)
Wtd. Avg.
Term
(Years)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN / N)(4)
AZ, CA, & NE
10
6,525
 
$
4,661

3
6 / 2 / 2
 
$
4,758

6.2
4
6 / 3 / 0
(1) 
In connection with certain of these leases, we committed to provide capital for certain improvements on these farms. See Note 7, “Commitments and Contingencies—Operating Obligations,” for additional information on these commitments.
(2) 
Two of the prior leases encompassing four of our farms were renewed under a single lease encompassing the same four farms.
(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.
(4) 
“NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements. For a description of each of these types of lease arrangements, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
The following table summarizes the leasing activity that occurred on our existing properties subsequent to June 30, 2020, through the date of this filing (dollars in thousands):
 
 
 
 
PRIOR LEASES
 
NEW LEASES
Farm
Locations
Number
of
Leases
Total
Farm
Acres
 
Total
Annualized
Straight-line
Rent(1)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN / N)(2)
 
Total
Annualized
Straight-line
Rent(1)
Wtd. Avg.
Term
(Years)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN / N)(2)
FL
2
78
 
$
114

0
2 / 0 / 0
 
$
125

2.0
0
2 / 0 / 0
(1) 
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.
(2) 
“NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements. For a description of each of these types of lease arrangements, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
Schedule of Equity Activity
The following table provides information on equity sales that have occurred subsequent to June 30, 2020 (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
 
147,682
 
$
24.92

 
$
3,680

 
$
3,360

Common Stock – ATM Program
 
343,925
 
16.23

 
5,583

 
5,527

(1) 
Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
Monthly Distributions Declared by Company's Board of Directors
On July 14, 2020, 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 A Term Preferred Stock:
 
July 24, 2020
 
July 31, 2020
 
$
0.1328125

 
 
August 24, 2020
 
August 31, 2020
 
0.1328125

 
 
September 23, 2020
 
September 30, 2020
 
0.1328125

Total Series A Term Preferred Stock Distributions:
 
$
0.3984375

 
 
 
 
 
 
 
Series B Preferred Stock:
 
July 29, 2020
 
August 5, 2020
 
$
0.125

 
 
August 26, 2020
 
September 4, 2020
 
0.125

 
 
September 30, 2020
 
October 7, 2020
 
0.125

Total Series B Preferred Stock Distributions:
 
$
0.375

 
 
 
 
 
 
 
Series C Preferred Stock:
 
July 29, 2020
 
August 5, 2020
 
$
0.125

 
 
August 26, 2020
 
September 4, 2020
 
0.125

 
 
September 30, 2020
 
October 7, 2020
 
0.125

Total Series C Preferred Stock Distributions:
 
$
0.375

 
 
 
 
 
 
 
Common Stock:
 
July 24, 2020
 
July 31, 2020
 
$
0.0448

 
 
August 24, 2020
 
August 31, 2020
 
0.0448

 
 
September 23, 2020
 
September 30, 2020
 
0.0448

Total Common Stock Distributions:
 
$
0.1344