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Subsequent Events (Tables) | 12 Months Ended
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Dec. 31, 2021
Subsequent Events [Abstract] |
Summary of Borrowings | Our borrowings as of December 31, 2021 and 2020 are summarized below (dollars in thousands):
| Carrying Value as of |  | As of December 31, 2021
| December 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 | $ | 583,807 |  |  | $ | 492,182 |  |  | 2.44%–5.70%; 3.73% |  | 2/14/2022–7/1/2051; October 2032
Variable-rate notes payable(2) | 1,714 |  |  | 45,525 |  |  | 3.00%–3.00%; 3.00% |  | 10/1/2040–10/1/2040; October 2040
Fixed-rate bonds payable | 86,052 |  |  | 89,883 |  |  | 2.13%–4.57%; 3.45% |  | 1/12/2022–12/30/2030; November 2024
Total notes and bonds payable | 671,573 |  |  | 627,590 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,691) |  |  | (3,629) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 667,882 |  |  | $ | 623,961 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 2.50% |  | 4/5/2024
Total borrowings, net | $ | 667,982 |  |  | $ | 624,061 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). (2)Notes were fixed subsequent to the respective fiscal year ends. The following table summarizes the pertinent terms of the 2020 MetLife Facility as of December 31, 2021 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment |
2020 MetLife Term Note |  | $ | 75,000 |  | (1) | 1/5/2030 |  | $ | 36,900 |  |  | 2.75%, fixed through 1/4/2030 | (2) | $ | 38,100 |  | (3)
MetLife Lines of Credit |  | 75,000 |  |  | 4/5/2024 |  | 100 |  |  | 3-month LIBOR + 2.00% | (4) | 74,900 |  | (3)
Total principal outstanding |  |  |  | $ | 37,000 |  |  |  |  |  |
(1)If the aggregate commitment under the 2020 MetLife Term Note is not fully utilized by December 31, 2022, MetLife has no obligation to disburse the additional funds under the 2020 MetLife Term Note. (2)Interest rates on future disbursements under the 2020 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2022, the 2020 MetLife Term Note is also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the 2020 MetLife Term Note). (3)Based on the properties that were pledged as collateral under the 2020 MetLife Facility, as of December 31, 2021, the maximum additional amount we could draw under the facility was approximately $58.4 million. (4)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). During the year ended December 31, 2021, we issued two new bonds under the 2020 Farmer Mac Facility, the pertinent terms of which are summarized in the following table (dollars in thousands):
Date of Issuance |  | Amount |  | Maturity Dates |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
2/4/2021 |  | $ | 2,460 |  |  | 10/31/2028 |  | 25.0 years |  | 3.13% |  | Fixed throughout term
11/10/2021 |  | 1,290 |  |  | 12/30/2030 |  | 25.0 years |  | 3.32% |  | Fixed throughout term
During the year ended December 31, 2021, we entered into the following loan agreements with Farm Credit (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Farm Credit West, FLCA(2) |  | 1/28/2021 |  | $ | 2,073 |  |  | 11/1/2045 |  | 24.5 years |  | 3.23% |  | Fixed through 12/31/2027 (variable thereafter)
Mid Atlantic Farm Credit, ACA |  | 3/3/2021 |  | 960 |  |  | 6/1/2045 |  | 24.4 years |  | 3.80% |  | Fixed through 1/31/2031 (variable thereafter)
GreenStone Farm Credit Services, FLCA |  | 8/17/2021 |  | 7,980 |  |  | 8/1/2046 |  | 25.5 years |  | 4.00% |  | Fixed through 7/31/2031 (variable thereafter)
Golden State Farm Credit, FLCA |  | 9/28/2021 |  | 15,960 |  |  | 7/1/2051 |  | 30.0 years |  | 3.75% |  | Fixed through 9/30/2031 (variable thereafter)
Golden State Farm Credit, FLCA |  | 9/28/2021 |  | 6,840 |  |  | 7/1/2046 |  | 25.0 years |  | 3.75% |  | Fixed through 9/30/2031 (variable thereafter)
Farm Credit Florida, ACA |  | 12/13/2021 |  | 3,174 |  |  | 1/1/2047 |  | 25.0 years |  | 4.13% |  | Fixed through 12/31/2031 (variable thereafter)
(1)Stated rate is before interest patronage, as described below. (2)Loan proceeds used to repay a previously-issued loan with an outstanding balance of approximately $1.4 million and a stated interest rate of 4.99%. Subsequent to the year ended December 31, 2021, we entered into certain agreements to provide for current and future financings. The terms of these agreements are summarized in the following table (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Dates |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Farmer Mac |  | 1/11/2022 |  | $ | 1,980 |  |  | 12/30/2030 |  | 20.0 years |  | 3.31% |  | Fixed throughout term
Northwest Farm Credit Services, FLCA |  | 2/01/2022 |  | 1,442 |  |  | 2/01/2032 |  | 20.1 years |  | 4.65% |  | Fixed throughout term
(1)Where applicable, stated rate is before interest patronage, as described in Note 4 “Borrowings—Farm Credit Notes Payable—Interest Patronage.”
Summary of Equity Activity | The following table provides information on equity sales that have occurred subsequent to December 31, 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) |  | 663,508 |  | $ | 24.75 |  |  | $ | 16,422 |  |  | $ | 15,095 |
(1)Net of Selling Commissions and Dealer-Manager Fees. (2)Excludes approximately 3,230 shares issued pursuant to the DRIP.
Monthly Distributions Declared by Company's Board of Directors | On January 11, 2022, 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: |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.125 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.125 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | January 26, 2022 |  | February 4, 2022 |  | $ | 0.125 |
|  | February 24, 2022 |  | March 4, 2022 |  | 0.125 |
|  | March 25, 2022 |  | April 4, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.104167 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.104167 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | January 21, 2022 |  | January 31, 2022 |  | $ | 0.0453 |
|  | February 18, 2022 |  | February 28, 2022 |  | 0.0453 |
|  | March 23, 2022 |  | March 31, 2022 |  | 0.0453 |
Total Common Stock Distributions: |  | $ | 0.1359 |
(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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