Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Portfolio Activity—Property Sale
On January 11, 2024, we completed the sale of a 3,748-acre farm in Martin County, Florida, for approximately $65.7 million. Including closing costs, we recognized a net gain on the sale of approximately $10.4 million.
2024 California Floods
In February 2024, certain parts of California, particularly the southern part of the state, experienced a “one-in-one-thousand year” rainfall event, as atmospheric river storms caused widespread flooding and mudslides in multiple areas. Certain of our farms in the state suffered minor damage as a result of the storms, but no farms were materially impacted.
Financing Activity
Debt Activity—Loan Maturities
Subsequent to December 31, 2023, we repaid $16.2 million in maturing bonds that bore interest at a weighted-average annual rate of 3.15%.
Equity Activity
The following table provides information on equity sales that have occurred subsequent to December 31, 2023 (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 10,340 $ 25.00  $ 259  $ 233 
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).
Distributions
On January 9, 2024, 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 B Preferred Stock: January 23, 2024 January 31, 2024 $ 0.125 
February 21, 2024 February 29, 2024 0.125 
March 21, 2024 March 29, 2024 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: January 23, 2024 January 31, 2024 $ 0.125 
February 21, 2024 February 29, 2024 0.125 
March 21, 2024 March 29, 2024 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series D Term Preferred Stock: January 23, 2024 January 31, 2024 $ 0.104167 
February 21, 2024 February 29, 2024 0.104167 
March 21, 2024 March 29, 2024 0.104167 
Total Series D Term Preferred Stock Distributions: $ 0.312501 
Series E Preferred Stock: January 25, 2024 February 5, 2024 $ 0.104167 
February 27, 2024 March 5, 2024 0.104167 
March 26, 2024 April 5, 2024 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock(1):
January 23, 2024 January 31, 2024 $ 0.0465 
February 21, 2024 February 29, 2024 0.0465 
March 21, 2024 March 29, 2024 0.0465 
Total Common Stock Distributions: $ 0.1395 
(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.