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SUBSEQUENT EVENTS (Tables)
 3 Months Ended
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, 2022December 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 payable1,142 2,856 3.00%5/1/2044
Fixed-rate bonds payable81,360 86,052 
2.13%–4.57%; 3.46%
12/22/2022–12/30/2030; June 2025
Total notes and bonds payable663,794 671,573 
Debt issuance costs – notes and bonds payable(3,796)(3,691)N/AN/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):
IssuanceAggregate
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 Note75,000 
(3)
1/5/203036,900 
2.75%, fixed through 1/4/2030
(4)
38,100 
2022 MetLife Term Note100,000 
(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 IssuanceAmountMaturity DatePrincipal AmortizationStated
Interest Rate		Interest Rate Terms
1/11/2022$1,980 12/30/203020.0 years3.31%Fixed throughout term
2/25/20221,710 12/30/203025.0 years3.68%Fixed throughout term
During the three months ended March 31, 2022, we entered into the following loan agreement with Farm Credit (dollars in thousands):
IssuerDate of
Issuance		AmountMaturity
Date		Principal
Amortization
Stated Interest Rate(1)
Interest Rate Terms
Northwest Farm Credit Services, FLCA1/31/2022$1,4422/1/203220.1 years4.65%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):
IssuerIssuance
Date		AmountMaturity
Date		Principal
Amortization
Stated
Interest Rate(1)
Interest Rate Terms
Farm Credit Of Central Florida, ACA4/5/2022$4,800 2/1/204623.8 years4.36%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 IssuanceNumber 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:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:April 22, 2022April 29, 2022$0.125 
May 20, 2022May 31, 20220.125 
June 22, 2022June 30, 20220.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:April 28, 2022May 6, 2022$0.125 
May 27, 2022June 6, 20220.125 
June 29, 2022July 6, 20220.125 
Total Series C Preferred Stock Distributions:$0.375 
Series D Term Preferred Stock:April 22, 2022April 29, 2022$0.104167 
May 20, 2022May 31, 20220.104167 
June 22, 2022June 30, 20220.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Common Stock(1):
April 22, 2022April 29, 2022$0.0454 
May 20, 2022May 31, 20220.0454 
June 22, 2022June 30, 20220.0454 
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.