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v3.22.1

SUBSEQUENT EVENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Summary of Borrowings | Our borrowings as of March 31, 2022, and December 31, 2021, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of March 31, 2022
| March 31, 2022 |  | December 31, 2021 |  | Stated Interest Rates(1) (Range; Wtd. Avg) |  | Maturity Dates (Range; Wtd. Avg)
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 581,292 |  |  | $ | 582,665 |  |  | 2.44%–5.70%; 3.73% |  | 7/1/2022–7/1/2051; November 2032
Variable-rate notes payable | 1,142 |  |  | 2,856 |  |  | 3.00% |  | 5/1/2044
Fixed-rate bonds payable | 81,360 |  |  | 86,052 |  |  | 2.13%–4.57%; 3.46% |  | 12/22/2022–12/30/2030; June 2025
Total notes and bonds payable | 663,794 |  |  | 671,573 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,796) |  |  | (3,691) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 659,998 |  |  | $ | 667,882 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 2.50% |  | 4/5/2024
Total borrowings, net | $ | 660,098 |  |  | $ | 667,982 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). The following table summarizes the pertinent terms of the 2022 MetLife Facility as of March 31, 2022 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment(1) |
MetLife Lines of Credit |  | $ | 75,000 |  |  | 4/5/2024 |  | $ | 100 |  |  | 3-month LIBOR + 2.00% | (2) | $ | 74,900 |  |
2020 MetLife Term Note |  | 75,000 |  | (3) | 1/5/2030 |  | 36,900 |  |  | 2.75%, fixed through 1/4/2030 | (4) | 38,100 |  |
2022 MetLife Term Note |  | 100,000 |  | (5) | 1/5/2032 |  | — |  |  | (6) |  | 100,000 |  |
Totals |  | $ | 250,000 |  |  |  |  | $ | 37,000 |  |  |  |  | $ | 213,000 |  |
(1)Based on the properties that were pledged as collateral under the 2022 MetLife Facility, as of March 31, 2022, the maximum additional amount we could draw under the facility was approximately $110.3 million. (2)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). (3)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 remaining funds under the 2020 MetLife Term Note. (4)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). (5)If the aggregate commitment under the 2022 MetLife Term Note is not fully utilized by December 31, 2024, MetLife has no obligation to disburse the remaining funds under the 2022 MetLife Term Note. (6)Interest rates on future disbursements under the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2024, the 2022 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 2022 MetLife Term Note). During the three months ended March 31, 2022, we issued two new bonds under the Farmer Mac Facility, the pertinent terms of which are summarized in the following table (dollars in thousands):
Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
1/11/2022 |  | $ | 1,980 |  |  | 12/30/2030 |  | 20.0 years |  | 3.31% |  | Fixed throughout term
2/25/2022 |  | 1,710 |  |  | 12/30/2030 |  | 25.0 years |  | 3.68% |  | Fixed throughout term
During the three months ended March 31, 2022, we entered into the following loan agreement with Farm Credit (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Northwest Farm Credit Services, FLCA |  | 1/31/2022 |  | $1,442 |  | 2/1/2032 |  | 20.1 years |  | 4.65% |  | Fixed throughout term
(1)Stated rate is before interest patronage, as described below. Subsequent to March 31, 2022, we secured the following loan proceeds (dollars in thousands):
Issuer |  | Issuance Date |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Farm Credit Of Central Florida, ACA |  | 4/5/2022 |  | $ | 4,800 |  |  | 2/1/2046 |  | 23.8 years |  | 4.36% |  | Fixed through 2/28/2027; variable thereafter
(1)Where applicable, stated rate is before interest patronage, as described in Note 4 “Borrowings—Farm Credit Notes Payable—Interest Patronage.”
Schedule of Equity Activity | The following table provides information on equity sales that have occurred subsequent to March 31, 2022 (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) |  | 665,138 |  | $ | 24.71 |  |  | $ | 16,438 |  |  | $ | 15,132 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). (2)Excludes approximately 4,578 shares issued pursuant to the DRIP.
Monthly Distributions Declared by Company's Board of Directors | On April 12, 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: |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.125 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.125 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | April 28, 2022 |  | May 6, 2022 |  | $ | 0.125 |
|  | May 27, 2022 |  | June 6, 2022 |  | 0.125 |
|  | June 29, 2022 |  | July 6, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.104167 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.104167 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.0454 |
|  | May 20, 2022 |  | May 31, 2022 |  | 0.0454 |
|  | June 22, 2022 |  | June 30, 2022 |  | 0.0454 |
Total Common Stock Distributions: |  | $ | 0.1362 |
(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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