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Subsequent Events | 3 Months Ended
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Mar. 31, 2019
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Acquisition Activity On April 9, 2019, we acquired a 928-acre farm in Madera County, California, that grows pistachios for approximately $28.6 million. At closing, we entered into a 10.6-year, triple-net lease agreement with an unrelated third-party tenant that also includes two, 5-year extension options. The lease, which consists of a fixed cash rent component plus a variable rent component based on the gross crop revenues earned on the farm, provides for minimum annualized, straight-line rents of approximately $1.7 million. We will account for this acquisition as an asset acquisition in accordance with ASC 360. On April 19, 2019, we entered into two separate purchase agreements with an unrelated third-party for the purchase of multiple parcels of irrigated farmland located in Fresno County, California. The aggregate purchase price is expected to be approximately $70.0 million and is expected to close in two phases, with the first phase expected to be completed during the three months ending September 30, 2019, and the second phase to be completed during the three months ending December 31, 2019. However, the acquisition of this property is subject to customary terms and conditions and termination rights for transactions of this type, including a due diligence inspection period for us, and there can be no assurance that this prospective acquisition will be consummated by a certain time, or at all. Leasing Activity The following table summarizes the leasing activity that occurred on our existing properties subsequent to March 31, 2019 (dollars in thousands):
|  |  |  | PRIOR LEASE |  | 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) |  | Total Annualized Straight-line Rent(1) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)
FL | 1 | 56 |  | $ | 15 |  | 0 | 0 / 1 |  | $ | 63 |  | 3.0 | 0 | 0 / 1
(1) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP, and excludes contingent rental payments, such as participation rents.
Equity Activity Sales of Series B Preferred Stock Subsequent to March 31, 2019, through the date of this filing, we have sold 345,031 shares of the Series B Preferred Stock for gross proceeds of approximately $8.5 million and net proceeds of approximately $7.8 million. Total Selling Commissions and Dealer-Manager Fees earned by Gladstone Securities as a result of these sales were approximately $767,000 (of which approximately $725,000 was remitted by Gladstone Securities to unrelated third-parties involved in the offering, such as participating broker-dealers and wholesalers). Distributions On April 9, 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: |  | April 22, 2019 |  | April 30, 2019 |  | $ | 0.1328125 |
|  | May 22, 2019 |  | May 31, 2019 |  | 0.1328125 |
|  | June 19, 2019 |  | June 28, 2019 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | April 24, 2019 |  | May 3, 2019 |  | $ | 0.125 |
|  | May 22, 2019 |  | May 31, 2019 |  | 0.125 |
|  | June 26, 2019 |  | July 5, 2019 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | April 22, 2019 |  | April 30, 2019 |  | $ | 0.04450 |
|  | May 22, 2019 |  | May 31, 2019 |  | 0.04450 |
|  | June 19, 2019 |  | June 28, 2019 |  | 0.04450 |
Total Common Stock Distributions: |  | $ | 0.13350 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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