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Subsequent Events | 12 Months Ended
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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.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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