XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Portfolio Activity Acquisition Activity On January 22, 2019, we acquired a 695-acre farm in Lincoln County, Nebraska (“Somerset Road”), growing popcorn and edible beans for approximately $2.4 million. At closing we entered into a sale-leaseback agreement with the seller for a 5-year, triple-net lease that includes one, 5-year extension option and provides for minimum annualized, straight-line rents of approximately $126,000. We will account for this acquisition as an asset acquisition in accordance with ASC 360. Leasing Activity The following table summarizes the leasing activity that occurred on our existing properties subsequent to December 31, 2018 (dollars in thousands, except footnotes):
|  |  |  | PRIOR LEASES(1) |  | NEW LEASES(2)
Farm Locations | Number of Leases | Total Farm Acres |  | Total Annualized Straight-line Rent(3) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN) |  | Total Annualized Straight-line Rent(3) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)
AZ, CA, FL, MI, & NE | 8 | 3,707 |  | $ | 1,025 |  | 1 | 6 / 2 |  | $ | 856 |  | 1.4 | 3 | 5 / 3
(1) | Includes a farm that was previously vacant.
(2) | In connection with certain of these leases, we committed to provide aggregate capital of up to $420,000 for certain improvements on these farms.
(3) | 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.
Financing Activity In connection with the acquisition of Somerset Road, on February 7, 2019, we entered into a new loan agreement with Premier Farm Credit, FLCA, for approximately $1.4 million. The loan is scheduled to mature on November 1, 2043, and will bear interest (before interest patronage) at a fixed rate of 5.45% per annum through November 1, 2023, thereafter converting to a variable rate unless another fixed rate is established. Gladstone Securities earned a financing fee of approximately $2,000 in connection with securing this financing. Equity Activity Series B Preferred Stock Subsequent to December 31, 2018, through the date of this filing, we have sold 454,075 shares of the Series B Preferred Stock for gross proceeds of approximately $11.2 million and net proceeds of approximately $10.2 million. Total Selling Commissions and Dealer-Manager Fees earned by Gladstone Securities as a result of these sales were approximately $1.0 million (of which approximately $954,000 was remitted by Gladstone Securities to unrelated third-parties involved in the offering, such as participating broker-dealers and wholesalers). In addition, subsequent to December 31, 2018, 600 shares of the Series B Preferred Stock were tendered for redemption at a cash redemption price of $22.50 per share. As such, we paid a total redemption price of approximately $14,000 to redeem and retire these shares. Redemption of OP Units Subsequent to December 31, 2018, through the date of this filing, an aggregate of 168,079 OP Units were tendered for redemption, and we issued 168,079 shares of common stock in exchange for 168,079 of the OP Units. Distributions On January 8, 2019, 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 18, 2019 |  | January 31, 2019 |  | $ | 0.1328125 |
|  | February 20, 2019 |  | February 28, 2019 |  | 0.1328125 |
|  | March 20, 2019 |  | March 29, 2019 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | January 23, 2019 |  | February 1, 2019 |  | $ | 0.125 |
|  | February 26, 2019 |  | March 7, 2019 |  | 0.125 |
|  | March 26, 2019 |  | April 4, 2019 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | January 18, 2019 |  | January 31, 2019 |  | $ | 0.04445 |
|  | February 20, 2019 |  | February 28, 2019 |  | 0.04445 |
|  | March 20, 2019 |  | March 29, 2019 |  | 0.04445 |
Total Common Stock Distributions: |  | $ | 0.13335 |
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.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration