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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity Acquisition Activity Subsequent to September 30, 2021, 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) / Use |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs(1) |  | Annualized Straight-line Rent(2)
Lerdo Highway (Phase III)(3)(4) |  | Kern, CA |  | 10/8/2021 |  | 1,284 |  | 1 |  | Conventional & organic almonds, conventional & organic pistachios, and banked water |  | 10.1 years |  | 3 (10 years) |  | $ | 42,959 |  |  | $ | 77 |  |  | $ | 1,981 |
Raymond Road(4) |  | Madera, CA |  | 10/21/2021 |  | 219 |  | 1 |  | Almonds |  | 10.0 years |  | 1 (5 years) |  | 3,300 |  |  | 50 |  |  | 183 |
|  |  |  |  |  | 1,503 |  | 2 |  |  |  |  |  |  |  | $ | 46,259 |  |  | $ | 127 |  |  | $ | 2,164 |
(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)As part of the acquisition of this property, we acquired a contract to purchase 19,670 acre-feet of water stored with SWSD, located in Kern County, California, at a fixed price. We executed this contract on October 11, 2021, at an additional cost of approximately $1.2 million, which is included in the total purchase price for this property in the table above. Rent is not currently being earned on the value attributable to the water. (4)Lease provides for an annual 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. Financing Activity Borrowing Activity Future Borrowings Subsequent to the quarter ended September 30, 2021, we entered into certain agreements to provide for future financings. The terms of these agreements are summarized in the following table (dollars in thousands):
Issuer |  | Expected Funding Period |  | Amount |  | Stated Interest Rate(1) |  | Interest Rate Terms
Rabo AgriFinance, LLC |  | Q4 2021 |  | $ | 22,620 |  |  | 3.42% |  | Fixed throughout term(2)
Farmer Mac |  | Q4 2021 |  | 1,290 |  |  | 3.32% |  | Fixed throughout term
American AgCredit |  | TBD(3) |  | 2,990 |  |  | 3.00% |  | Variable, as determined by lender
(1)Where applicable, stated rate is before interest patronage, as described in Note 4 “Borrowings—Farm Credit Notes Payable—Interest Patronage.” (2)Pursuant to an interest rate swap agreement entered into with Rabo AgriFinance, LLC, the loan will bear interest at a fixed rate of 3.42% through November 2030. (3)A portion of this loan is tied to an ongoing development project and will not be fully available to us until the project is complete. The completion of the development project and the receipt of these loan proceeds are both expected to occur by May 2023. In connection with securing the above borrowings, Gladstone Securities, an affiliate of ours, earned total financing fees of approximately $43,000. Equity Activity The following table provides information on equity sales that have occurred subsequent to September 30, 2021 (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(2) |  | 395,405 |  | $ | 24.95 |  |  | $ | 9,866 |  |  | $ | 8,995 |
Common Stock – ATM Program |  | 2,166,024 |  | 23.07 |  |  | 49,970 |  |  | 49,470 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). (2)Excludes approximately 1,894 shares issued pursuant to the DRIP. Distributions On October 12, 2021, 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 B Preferred Stock: |  | October 22, 2021 |  | October 29, 2021 |  | $ | 0.125 |
|  | November 19, 2021 |  | November 30, 2021 |  | 0.125 |
|  | December 23, 2021 |  | December 31, 2021 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | October 28, 2021 |  | November 5, 2021 |  | $ | 0.125 |
|  | November 29, 2021 |  | December 6, 2021 |  | 0.125 |
|  | December 29, 2021 |  | January 5, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | October 22, 2021 |  | October 29, 2021 |  | $ | 0.104167 |
|  | November 19, 2021 |  | November 30, 2021 |  | 0.104167 |
|  | December 23, 2021 |  | December 31, 2021 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | October 22, 2021 |  | October 29, 2021 |  | $ | 0.0452 |
|  | November 19, 2021 |  | November 30, 2021 |  | 0.0452 |
|  | December 23, 2021 |  | December 31, 2021 |  | 0.0452 |
Total Common Stock Distributions: |  | $ | 0.1356 |
(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.

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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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