Subsequent Events |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events |
SUBSEQUENT EVENTS
Investing and Financing Activity
On July 1, 2016, we acquired one farm in St. Lucie County, Florida (“Orange Avenue”), for approximately $5.1 million. The property is comprised of 401 acres of farmland and will be farmed for miscellaneous vegetables. At closing, we executed a new seven-year, partial-net lease with a new tenant that includes two, seven-year extension options. The lease provides for minimum annualized, straight-line rents of approximately $291,000. We will account for this acquisition as an asset acquisition in accordance with ASC 360.
In connection with the acquisition of Orange Avenue, on July 1, 2016, we closed on a loan from Farm Credit CFL for approximately $3.1 million. The mortgage note is scheduled to mature on June 1, 2023, and will bear interest (before interest patronage) at a fixed rate of 3.78% per annum throughout its term.
CalTrans Settlement
On July 5, 2016, we received payment of approximately $164,000 (including $4,000 of accrued interest) from CalTrans in connection with the settlement of an eminent domain lawsuit for 4.5 acres of nonfarmable land on Espinosa Road. As cash settlement did not occur until after June 30, 2016, the portion of this payment allocated to our cost basis of the 4.5 nonfarmable acres, which was approximately $156,000, is included in Investments in real estate, net on our Condensed Consolidated Balance Sheet as of June 30, 2016.
ATM Program
Subsequent to June 30, 2016, through the date of this filing, we have sold 31,934 shares of our common stock at an average sales price of $11.29 per share under the ATM Program for gross proceeds of approximately $360,000 and net proceeds of approximately $355,000.
Distributions
On July 12, 2016, our Board of Directors declared the following monthly cash distributions to common stockholders:
The same amounts 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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||