Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.6.0.2
Subsequent Events
 12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS
Investing Activity
On January 12, 2017, we acquired one farm in Martin County, Florida ("Citrus Boulevard"), for $54.0 million. The property is comprised of 3,748 acres of farmland and will be farmed for miscellaneous organic vegetables. At closing, we executed a new, 7-year, partial-net lease that includes annual escalations and five, 5-year extension options. The lease provides for minimum annualized, straight-line rents of approximately $2.9 million. We will account for this acquisition as an asset acquisition in accordance with ASC 360.
Financing Activity
In connection with the acquisition of Citrus Boulevard, on January 12, 2017, we issued four separate bonds (the "Bonds") under our Farmer Mac Facility, for which we received total proceeds of $32.4 million. The Bonds, which are interest-only, have terms ranging from 3 to 7 years and will bear interest at fixed rates ranging 2.80% to 3.63% throughout their respective terms, with a weighted-average interest rate of 3.33%. In addition, we drew $18.5 million on one of our MetLife Lines of Credit.
Distributions
On January 10, 2017, our Board of Directors declared the following monthly cash distributions to common stockholders:
Record Date
 
Payment Date
 
Distribution per
Common Share
 
Dividends per Series A Term Preferred Share
January 20, 2017
 
January 31, 2017
 
$
0.04300

 
$
0.1328125

February 16, 2017
 
February 28, 2017
 
0.04300

 
0.1328125

March 22, 2017
 
March 31, 2017
 
0.04300

 
0.1328125

Total:
 

 
$
0.12900

 
$
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.