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Subsequent Events (Tables) | 6 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
Summary of Leasing Activity | The following table summarizes certain leasing activity that occurred on our existing properties during the six months ended June 30, 2020 (dollars in thousands):
|  |  |  | PRIOR LEASES |  | NEW LEASES(1)(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 / N)(4) |  | Total Annualized Straight-line Rent(3) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN / N)(4)
AZ, CA, & NE | 10 | 6,525 |  | $ | 4,661 |  | 3 | 6 / 2 / 2 |  | $ | 4,758 |  | 6.2 | 4 | 6 / 3 / 0
(1) | In connection with certain of these leases, we committed to provide capital for certain improvements on these farms. See Note 7, “Commitments and Contingencies—Operating Obligations,” for additional information on these commitments.
(2) | Two of the prior leases encompassing four of our farms were renewed under a single lease encompassing the same four 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.
(4) “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 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.” 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.”
Schedule of Equity Activity | 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).
Monthly Distributions Declared by Company's Board of Directors | 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 |

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