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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Acquisition Activity Subsequent to June 30, 2022, we acquired four 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)
Reagan Road(3) |  | Cochise, AZ |  | 7/13/2022 |  | 40 |  | 0 |  | Corn |  | 12.5 years |  | None |  | $ | 120 |  |  | $ | 14 |  |  | $ | 39 |
North Columbia River Road and Prunedale Road(4) |  | Franklin & Grant, WA, and Umatilla, OR |  | 7/21/2022 |  | 1,317 |  | 4 |  | Wine Grapes |  | 8.6 years |  | None |  | 37,250 |  |  | 94 |  |  | 2,569 |
|  |  |  |  |  | 1,357 |  | 4 |  |  |  |  |  |  |  | $ | 37,370 |  |  | $ | 108 |  |  | $ | 2,608 |
(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)Represents the acquisition of a parcel of farmable land adjacent to an existing farm. (4)Upon acquisition, we executed four new leases with the existing tenants on these farms. The lease terms above represent the weighted-average lease term and aggregate annualized straight-line rent of these four leases. Financing Activity Debt Activity Subsequent to June 30, 2022, we repaid approximately $16.9 million of maturing loans. On a weighted-average basis, these borrowings bore interest at a stated rate of 4.47% and an effective interest rate (after interest patronage) of 2.89%. Equity Activity The following table provides information on equity sales that have occurred subsequent to June 30, 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) |  | 1,579,580 |  | $ | 24.80 |  |  | $ | 39,178 |  |  | $ | 35,935 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). (2)Excludes approximately 6,365 shares issued pursuant to the DRIP. Distributions On July 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: |  | July 22, 2022 |  | July 29, 2022 |  | $ | 0.125 |
|  | August 23, 2022 |  | August 31, 2022 |  | 0.125 |
|  | September 22, 2022 |  | September 30, 2022 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 27, 2022 |  | August 5, 2022 |  | $ | 0.125 |
|  | August 25, 2022 |  | September 6, 2022 |  | 0.125 |
|  | September 27, 2022 |  | October 5, 2022 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | July 22, 2022 |  | July 29, 2022 |  | $ | 0.104167 |
|  | August 23, 2022 |  | August 31, 2022 |  | 0.104167 |
|  | September 22, 2022 |  | September 30, 2022 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | July 22, 2022 |  | July 29, 2022 |  | $ | 0.0456 |
|  | August 23, 2022 |  | August 31, 2022 |  | 0.0456 |
|  | September 22, 2022 |  | September 30, 2022 |  | 0.0456 |
Total Common Stock Distributions: |  | $ | 0.1368 |
(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 https://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 https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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