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Subsequent Events | 6 Months Ended
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Jun. 30, 2018
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Property Disposition On July 10, 2018, we completed the sale of a 1,895-acre farm in Morrow County, Oregon, to the existing tenant for $20.5 million. We expect to recognize a net gain on the sale (exclusive of closing costs) of approximately $6.7 million, which, for tax purposes, was used to acquire Owl Hammock (as defined below) as part of a like-kind exchange under Section 1031 of the Code. Acquisition Activity On July 12, 2018, we acquired five farms in Collier and Hendry Counties, Florida, totaling 5,630 acres (“Owl Hammock”) for approximately $37.4 million. At closing, we entered into a sale-leaseback agreement with the seller for a seven-year, triple net lease that includes two, five-year extension options. The lease provides for minimum annualized, straight-line rents of approximately $2.1 million. Financing Activity In connection with the acquisition of Owl Hammock, we entered into two new loan agreements with Farm Credit FL for total proceeds of approximately $22.4 million. Both loans are scheduled to mature on August 1, 2043, and will bear interest (before interest patronage) at a fixed rate of 5.38% per annum through July 31, 2025, thereafter converting to a variable rate unless another fixed rate is established. Gladstone Securities earned a financing fee of approximately $28,000 in connection with securing this financing. On July 30, 2018, we issued a new 7-year, interest-only bond under our Farmer Mac Facility for approximately $10.4 million. The new bond will bear interest at a fixed rate of 4.45% throughout its term and replaced a $9.4 million bond that matured on July 30, 2018 (and bore interest at a fixed rate of 2.60% over a 3-year term), resulting in net cash proceeds to us of approximately $1.0 million. Gladstone Securities earned a financing fee of approximately $13,000 in connection with securing this financing. Equity Activity Redemption of OP Units On July 16, 2018, 46,544 OP Units were tendered for redemption, and on July 26, 2018, we issued 46,544 shares of common stock in exchange for 46,544 OP Units. Sales of Series B Preferred Stock Subsequent to June 30, 2018, through the date of this filing, we have sold 89,419 shares of the Series B Preferred Stock for gross proceeds of approximately $2.2 million and net proceeds of approximately $2.0 million. Total sales commissions and dealer-manager fees earned by Gladstone Securities as a result of these sales were approximately $224,000. ATM Program Subsequent to June 30, 2018, through the date of this filing, we have sold 200 shares of our common stock at an average sales price of $12.75 per share under the ATM Program for gross and net proceeds of approximately $3,000. Distributions On July 10, 2018, 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: |  | July 20, 2018 |  | July 31, 2018 |  | $ | 0.1328125 |
|  | August 21, 2018 |  | August 31, 2018 |  | 0.1328125 |
|  | September 19, 2018 |  | September 28, 2018 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | July 24, 2018 |  | August 3, 2018 |  | $ | 0.125 |
|  | August 21, 2018 |  | August 31, 2018 |  | 0.125 |
|  | September 25, 2018 |  | October 5, 2018 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | July 20, 2018 |  | July 31, 2018 |  | $ | 0.04435 |
|  | August 21, 2018 |  | August 31, 2018 |  | 0.04435 |
|  | September 19, 2018 |  | September 28, 2018 |  | 0.04435 |
Total Common Stock Distributions: |  | $ | 0.13305 |
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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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