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Subsequent Events | 9 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity Acquisition Activity Subsequent to September 30, 2020, we acquired four new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acres |  | No. of Farms |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs(1) |  | Annualized Straight-line Rent(2)
West Lost Hills Road(3)(4)(5) |  | Fresno, CA |  | 10/1/2020 |  | 801 |  | 1 |  | Pistachios |  | 1.1 years |  | 4 (3 years) |  | $ | 31,828 |  |  | $ | 52 |  |  | $ | 1,560 |
Tractor Road |  | Bamberg & Orangeburg, SC |  | 10/23/2020 |  | 597 |  | 3 |  | Sod |  | 9.5 years |  | None |  | 3,765 |  |  | 48 |  |  | 244 |
|  |  |  |  |  | 1,398 |  | 4 |  |  |  |  |  |  |  | $ | 35,593 |  |  | $ | 100 |  |  | $ | 1,804 |
(1)Acquisitions will be accounted for as asset acquisitions 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 applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents. (3)Lease provides for a participation rent component based on the gross crop revenues earned on the farm. The rent figure above represents only the minimum cash guaranteed under the lease. (4)Lease provides for an initial term of 3.1 years but also includes an annual tenant termination option, effective as of the end of the then-current lease year (as defined within the lease). The lease term stated above represents the term through the first available termination option, and the annualized straight-line rent amount represents the rent guaranteed through the noncancellable term of the lease. (5)In connection with the acquisition of this property, we also acquired a 12.5% ownership interest in a related LLC, the sole purpose of which is to own and maintain a pipeline conveying water to this and other neighboring properties. Financing Activity Borrowing Activity Subsequent to September 30, 2020, through the date of this filing, we have entered into the following loan agreements (dollars in thousands):
Lender |  | Date of Issuance |  | Principal Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
PGIM Real Estate Finance, LLC |  | 10/1/2020 |  | $ | 19,042 |  |  | 7/1/2028 |  | 25.0 years |  | 2.47% |  | Fixed throughout term
PGIM Real Estate Finance, LLC |  | 10/1/2020 |  | 19,096 |  |  | 7/1/2028 |  | 25.0 years |  | 2.45% |  | Fixed throughout term
AgAmerica Lending, LLC |  | 10/23/2020 |  | 2,259 |  |  | 1/1/2028 |  | 30.0 years |  | 3.50% |  | Fixed throughout term
Equity Activity Equity Issuances The following table provides information on equity sales that have occurred subsequent to September 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 |  | 203,861 |  | $ | 24.92 |  |  | $ | 5,081 |  |  | $ | 4,638 |
Common Stock – Follow-on Offering(2) |  | 1,897,500 |  | 14.40 |  |  | 27,324 |  |  | 26,094 |
(1)Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable). (2)Includes the underwriters’ exercise of the full over-allotment option in connection with the offering. Equity Listing Subsequent to September 30, 2020, we listed the Series B Preferred Stock on Nasdaq under the ticker symbol “LANDO.” Trading of the Series B Preferred Stock on Nasdaq commenced on October 19, 2020. Distributions On October 13, 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: |  | October 23, 2020 |  | October 30, 2020 |  | $ | 0.1328125 |
|  | November 20, 2020 |  | November 30, 2020 |  | 0.1328125 |
|  | December 23, 2020 |  | December 31, 2020 |  | 0.1328125 |
Total Series A Term Preferred Stock Distributions: |  | $ | 0.3984375 |
Series B Preferred Stock: |  | October 27, 2020 |  | November 5, 2020 |  | $ | 0.125 |
|  | November 25, 2020 |  | December 4, 2020 |  | 0.125 |
|  | December 24, 2020 |  | January 5, 2021 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | October 27, 2020 |  | November 5, 2020 |  | $ | 0.125 |
|  | November 25, 2020 |  | December 4, 2020 |  | 0.125 |
|  | December 24, 2020 |  | January 5, 2021 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Common Stock: |  | October 23, 2020 |  | October 30, 2020 |  | $ | 0.0449 |
|  | November 20, 2020 |  | November 30, 2020 |  | 0.0449 |
|  | December 23, 2020 |  | December 31, 2020 |  | 0.0449 |
Total Common Stock Distributions: |  | $ | 0.1347 |
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. These rental payments were collected in full subsequent to September 30, 2020. We have not received any other requests from tenants seeking relief as a result of COVID-19; 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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