Annual report pursuant to Section 13 and 15(d)

Subsequent Events (Tables)

v3.19.3.a.u2
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Schedule of Asset Acquisitions, by Acquisition
Subsequent to December 31, 2019, through the date of this filing, we have acquired two farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property
Name
 
Property
Location
 
Acquisition
Date
 
Total
Acreage
 
No. of
Farms
 
Primary
Crop(s)
 
Lease
Term
 
Renewal
Options
 
Total
Purchase
Price
 
Acquisition
Costs
(1)
 
Annualized
Straight-line
Rent
(2)
County Road 18
 
Phillips, CO
 
1/15/2020
 
1,325
 
2
 
Sugar beets, edible beans, potatoes, & corn
 
6.0 years
 
None
 
$
7,500

 
$
27

 
$
417

 
 
 
 
 
 
1,325
 
2
 
 
 
 
 
 
 
$
7,500

 
$
27

 
$
417

(1) 
Acquisition will be accounted for as an asset acquisition in accordance with ASC 360. The figures above represent only costs paid or accrued for as of the date of this filing.
(2) 
Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the respective leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
Operating Leases of Lessor, Leasing Activity
The following table summarizes certain leasing activity that occurred on our existing properties during the year ended December 31, 2019 (dollars in thousands, except footnotes):
 
 
 
 
PRIOR LEASES
 
NEW LEASES(1)
Farm
Locations
Number
of
Leases
Total
Farm
Acres
 
Total
Annualized
Straight-line
Rent(2)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN)(3)
 
Total
Annualized
Straight-line
Rent
(2)
Wtd. Avg.
Term
(Years)
# of Leases
with
Participation
Rents
Lease
Structures
(# of NNN
/ NN)(3)
AZ, CA, FL, MI, NE, TX
24
16,955
 
$
9,543

3
14 / 10
 
$
10,795

6.4
3
11 / 13
The following table summarizes the leasing activity that occurred on our existing properties subsequent to December 31, 2019, 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)
AZ, CA, NC, & NE
7
6,452
 
$
3,687

4
5 / 0 / 2
 
$
3,556

6.7
5
5 / 2 / 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 December 31, 2019 (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 B Preferred Stock
 
911,383
 
$
24.53

 
$
22,353

 
$
20,506

Common Stock – ATM Program
 
409,800
 
13.28

 
5,441

 
5,386

(1) 
Net of Selling Commissions and Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable)
Monthly Distributions Declared by Company's Board of Directors
On January 14, 2020, our Board of Directors 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:
 
January 24, 2020
 
January 31, 2020
 
$
0.1328125

 
 
February 19, 2020
 
February 28, 2020
 
0.1328125

 
 
March 20, 2020
 
March 31, 2020
 
0.1328125

Total Series A Term Preferred Stock Distributions:
 
$
0.3984375

 
 
 
 
 
 
 
Series B Preferred Stock:
 
January 22, 2020
 
January 31, 2020
 
$
0.125

 
 
February 26, 2020
 
March 4, 2020
 
0.125

 
 
March 25, 2020
 
April 1, 2020
 
0.125

Total Series B Preferred Stock Distributions:
 
$
0.375

 
 
 
 
 
 
 
Common Stock:
 
January 24, 2020
 
January 31, 2020
 
$
0.04465

 
 
February 19, 2020
 
February 28, 2020
 
0.04465

 
 
March 20, 2020
 
March 31, 2020
 
0.04465

Total Common Stock Distributions:
 
$
0.13395