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Subsequent Events | 6 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity Leasing Activity The following table summarizes the leasing activity that occurred on our existing properties subsequent to June 30, 2020, 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)
FL | 2 | 78 |  | $ | 114 |  | 0 | 2 / 0 / 0 |  | $ | 125 |  | 2.0 | 0 | 2 / 0 / 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.”
Equity Activity Equity Issuances The following table provides information on equity sales that have occurred subsequent to June 30, 2020 (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 C Preferred Stock |  | 147,682 |  | $ | 24.92 |  |  | $ | 3,680 |  |  | $ | 3,360 |
Common Stock – ATM Program |  | 343,925 |  | 16.23 |  |  | 5,583 |  |  | 5,527 |
(1) | Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
Equity Redemptions Subsequent to June 30, 2020, 1,297 shares of the Series B Preferred Stock were tendered for redemption at a cash redemption price of $22.50 per share. As a result, we paid a total redemption cost of approximately $29,000 to redeem and retire these shares. In addition, subsequent to June 30, 2020, 144,151 OP Units held by non-controlling OP Unitholders were tendered for redemption, and we issued 144,151 shares of common stock in exchange for such OP Units. Distributions On July 14, 2020, our Board of Directors authorized and we 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 24, 2020 |  | July 31, 2020 |  | $ | 0.1328125 |
|  | August 24, 2020 |  | August 31, 2020 |  | 0.1328125 |
|  | September 23, 2020 |  | September 30, 2020 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | July 29, 2020 |  | August 5, 2020 |  | $ | 0.125 |
|  | August 26, 2020 |  | September 4, 2020 |  | 0.125 |
|  | September 30, 2020 |  | October 7, 2020 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 29, 2020 |  | August 5, 2020 |  | $ | 0.125 |
|  | August 26, 2020 |  | September 4, 2020 |  | 0.125 |
|  | September 30, 2020 |  | October 7, 2020 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | July 24, 2020 |  | July 31, 2020 |  | $ | 0.0448 |
|  | August 24, 2020 |  | August 31, 2020 |  | 0.0448 |
|  | September 23, 2020 |  | September 30, 2020 |  | 0.0448 |
Total Common Stock Distributions: |  | $ | 0.1344 |
The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates. COVID-19 In July 2020, we granted extensions of up to 123 days to two tenants who owed semi-annual rental payments totaling approximately $343,000. These payments were originally scheduled to be paid on July 1, 2020, and the rent deferrals we granted to these tenants extend the new due dates to be on or before November 1, 2020, with all other terms of the existing lease agreements remaining unchanged. Additional time was granted to these tenants due to delays in payments owed to them from their respective processors, which were primarily caused by the strict government-mandated lockdowns in the state of Michigan in response to COVID-19. In addition, we are currently awaiting payment from one other tenant who owed an annual rental payment of approximately $53,000 in July 2020. The delay in this payment is primarily due to a delay in our farmer’s receipt of certain insurance payouts, which are expected to be settled during August 2020, at which time we expect to collect the rent owed to us. Based on the payment histories and current operational statuses of each of the respective tenants, we currently anticipate being able to collect these amounts in full within the aforementioned timeframes. We have not received any other requests from tenants seeking relief as a result of COVID-19, and all other tenants are current in their rental payments to us; however, no assurances can be made that we will not receive additional rent deferral or modification requests in the future.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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