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Subsequent Events (Tables)
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Schedule of Asset Acquisitions, by Acquisition
During the three months ended March 31, 2021, we acquired three 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) / Use		Lease
Term		Renewal
Options		Total
Purchase
Price
Acquisition
Costs(1)
Annualized
Straight-line
Rent(2)
Palmer Mill RoadDorchester, MD3/3/20212282Sod10.0 years
2 (5 years)
$1,600 $48 $89 
Eight Mile Road - Port FacilitySan Joaquin, CA3/11/202151Cooling Facility & Storage9.8 years
3 (5 years)
3,977 30 189 
2333$5,577 $78 $278 
(1)Includes approximately $4,000 of external legal fees associated with negotiating and originating the leases associated with these acquisitions, which costs were expensed in the period incurred.
(2)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.
During the three months ended March 31, 2020, we acquired two 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)
County Road 18Phillips, CO1/15/20201,3252Sugar beets, edible beans, potatoes, & corn6.0 yearsNone$7,500 $39 $417 
1,3252$7,500 $39 $417 
(1)Includes approximately $4,000 of aggregate external legal fees associated with negotiating and originating the leases associated with these acquisitions, which costs were expensed in the period incurred.
(2)Unaudited; 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.
Subsequent to March 31, 2021, we acquired one new farm, which is 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)
South Avenue CorningTehama, CA4/5/20212,2851Olives for Olive Oil14.7 years
1 (5 years)
$37,800 $83 $2,541 
2,2851$37,800 $83 $2,541 
(1)Acquisition 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.
Summary of Borrowings
Our borrowings as of March 31, 2021, and December 31, 2020, are summarized below (dollars in thousands):
 Carrying Value as of As of March 31, 2021
March 31, 2021 December 31, 2020
Stated Interest
Rates(1)
(Range; Wtd. Avg)
 Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable$536,015 $492,182 
2.45%–5.70%; 3.72%
2/14/2022–11/1/2045; December 2031
Variable-rate notes payable(2)
4,410 45,525 
2.11%–2.11%; 2.11%
12/1/2022–12/1/2030; October 2029
Fixed-rate bonds payable92,094 89,883 
2.13%–4.57%; 3.49%
8/17/2021–10/31/2028; July 2024
Total notes and bonds payable632,519 627,590 
Debt issuance costs – notes and bonds payable(3,607)(3,629)N/AN/A
Notes and bonds payable, net$628,912 $623,961 
Variable-rate revolving lines of credit$100 $100 2.50%4/5/2024
Total borrowings, net$629,012 $624,061 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
(2)Notes were fixed subsequent to March 31, 2021; see Note 11, “Subsequent Events.”
Subsequent to March 31, 2021, these loans were effectively fixed through our entry into interest rate swap agreements, as summarized in the following table (dollars in thousands):
LenderEffective DateLoan
Amount		Original Variable Interest Rate TermsNew Fixed Interest Rate Terms
Rabo AgriFinance, LLC4/1/2021$3,780 
1-month LIBOR + 2.00%
3.265%; fixed throughout term
Rabo AgriFinance, LLC(1)
4/1/2021630 
1-month LIBOR + 2.00%
2.435%; fixed throughout term
Schedule of Equity Activity
The following table provides information on equity sales that have occurred subsequent to March 31, 2021 (dollars in thousands, except per-share amounts):
Type of IssuanceNumber of
Shares Sold		Weighted Average Offering Price
Per Share		Gross Proceeds
Net Proceeds(1)
Series C Preferred Stock(2)
178,041$24.76 $4,408 $4,050 
Common Stock – ATM Program1,825,45220.28 37,020 36,650 
(1)Net of Series C Selling Commissions and Series C Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
(2)Excludes approximately 778 shares issued pursuant to the DRIP.
Monthly Distributions Declared by Company's Board of Directors On April 13, 2021, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:April 23, 2021April 30, 2021$0.125 
May 19, 2021May 28, 20210.125 
June 18, 2021June 30, 20210.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:April 28, 2021May 5, 2021$0.125 
May 26, 2021June 4, 20210.125 
June 28, 2021July 6, 20210.125 
Total Series C Preferred Stock Distributions:$0.375 
Series D Term Preferred Stock:April 23, 2021April 30, 2021$0.104167 
May 19, 2021May 28, 20210.104167 
June 18, 2021June 30, 20210.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Common Stock(1):
April 23, 2021April 30, 2021$0.045 
May 19, 2021May 28, 20210.045 
June 18, 2021June 30, 20210.045 
Total Common Stock Distributions:$0.135 
(1)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.