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Subsequent Events (Tables) | 12 Months Ended
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Dec. 31, 2019
Subsequent Events [Abstract] |
Schedule of Asset Acquisitions, by Acquisition | Subsequent to December 31, 2019, through the date of this filing, we have acquired two farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acreage |  | No. of Farms |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs(1) |  | Annualized Straight-line Rent(2)
County Road 18 |  | Phillips, CO |  | 1/15/2020 |  | 1,325 |  | 2 |  | Sugar beets, edible beans, potatoes, & corn |  | 6.0 years |  | None |  | $ | 7,500 |  |  | $ | 27 |  |  | $ | 417 |
|  |  |  |  |  | 1,325 |  | 2 |  |  |  |  |  |  |  | $ | 7,500 |  |  | $ | 27 |  |  | $ | 417 |
(1) | Acquisition will be accounted for as an asset acquisition in accordance with ASC 360. The figures above represent only costs paid or accrued for as of the date of this filing.
(2) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the respective leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
Operating Leases of Lessor, Leasing Activity | The following table summarizes certain leasing activity that occurred on our existing properties during the year ended December 31, 2019 (dollars in thousands, except footnotes):
|  |  |  | PRIOR LEASES |  | NEW LEASES(1)
Farm Locations | Number of Leases | Total Farm Acres |  | Total Annualized Straight-line Rent(2) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)(3) |  | Total Annualized Straight-line Rent(2) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)(3)
AZ, CA, FL, MI, NE, TX | 24 | 16,955 |  | $ | 9,543 |  | 3 | 14 / 10 |  | $ | 10,795 |  | 6.4 | 3 | 11 / 13
The following table summarizes the leasing activity that occurred on our existing properties subsequent to December 31, 2019, through the date of this filing (dollars in thousands):
|  |  |  | PRIOR LEASES |  | 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 / N)(2) |  | Total Annualized Straight-line Rent(1) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN / N)(2)
AZ, CA, NC, & NE | 7 | 6,452 |  | $ | 3,687 |  | 4 | 5 / 0 / 2 |  | $ | 3,556 |  | 6.7 | 5 | 5 / 2 / 0
(1) | 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.
(2) | “NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements For a description of each of these types of lease arrangements, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
Schedule of Equity Activity | The following table provides information on equity sales that have occurred subsequent to December 31, 2019 (dollars in thousands, except per-share amounts):
Type of Issuance |  | Number of Shares Sold |  | Weighted Average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(1)
Series B Preferred Stock |  | 911,383 |  | $ | 24.53 |  |  | $ | 22,353 |  |  | $ | 20,506 |
Common Stock – ATM Program |  | 409,800 |  | 13.28 |  |  | 5,441 |  |  | 5,386 |
(1) | Net of Selling Commissions and Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable)
Monthly Distributions Declared by Company's Board of Directors | On January 14, 2020, 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 24, 2020 |  | January 31, 2020 |  | $ | 0.1328125 |
|  | February 19, 2020 |  | February 28, 2020 |  | 0.1328125 |
|  | March 20, 2020 |  | March 31, 2020 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | January 22, 2020 |  | January 31, 2020 |  | $ | 0.125 |
|  | February 26, 2020 |  | March 4, 2020 |  | 0.125 |
|  | March 25, 2020 |  | April 1, 2020 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | January 24, 2020 |  | January 31, 2020 |  | $ | 0.04465 |
|  | February 19, 2020 |  | February 28, 2020 |  | 0.04465 |
|  | March 20, 2020 |  | March 31, 2020 |  | 0.04465 |
Total Common Stock Distributions: |  | $ | 0.13395 |

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