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SUBSEQUENT EVENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
Schedule of Asset Acquisitions | During the six months ended June 30, 2022, we completed the following acquisitions, 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 |  | Annualized Straight-line Rent(1)
Farm Road(2) |  | Charlotte, FL |  | 5/20/2022 |  | 15 |  | 0 |  | Adjacent parcel |  | N/A |  | N/A |  | $ | 54 |  |  | $ | 15 |  |  | $ | — |
County Road 35 |  | Glenn, CA |  | 6/16/2022 |  | 1,374 |  | 1 |  | Olives for Olive Oil |  | 14.5 years |  | 1 (5 years) |  | 24,500 |  |  | 54 |  |  | 1,714 |
|  |  |  |  |  | 1,389 |  | 1 |  |  |  |  |  |  |  | $ | 24,554 |  |  | $ | 69 |  |  | $ | 1,714 |
(1)Based on the minimum cash rental payments guaranteed under the respective leases, as required under GAAP, and excludes contingent rental payments, such as participation rents. (2)Represents the acquisition of a parcel of land adjacent to an existing farm, providing additional road access to such farm. No new lease was executed related to this acquisition. During the six months ended June 30, 2021, we completed the following acquisitions, 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)
Palmer Mill Road |  | Dorchester, MD |  | 3/3/2021 |  | 228 |  | 2 |  | Sod |  | 10.0 years |  | 2 (5 years) |  | $ | 1,600 |  |  | $ | 56 |  |  | $ | 89 |
Eight Mile Road – Port Facility |  | San Joaquin, CA |  | 3/11/2021 |  | 5 |  | — |  | Cooling facility and storage |  | 9.8 years |  | 3 (5 years) |  | 3,977 |  |  | 50 |  |  | 189 |
South Avenue |  | Tehama, CA |  | 4/5/2021 |  | 2,285 |  | 1 |  | Olives for olive oil |  | 14.7 years |  | 1 (5 years) |  | 37,800 |  |  | 149 |  |  | 2,555 |
Richards Avenue |  | Atlantic, NJ |  | 6/3/2021 |  | 116 |  | 3 |  | Blueberries |  | 14.9 years |  | 2 (5 years) |  | 2,150 |  |  | 63 |  |  | 129 |
Lerdo Highway (Phase I)(3)(4) |  | Kern, CA |  | 6/4/2021 |  | 639 |  | 1 |  | Conventional & organic almonds and banked water |  | 10.4 years |  | 3 (10 years) |  | 26,492 |  |  | 111 |  |  | 974 |
Almena Drive |  | Van Buren & Eaton, MI |  | 6/9/2021 |  | 930 |  | 8 |  | Blueberries |  | 14.7 years |  | 2 (5 years) |  | 13,300 |  |  | 51 |  |  | 785 |
|  |  |  |  |  | 4,203 |  | 15 |  |  |  |  |  |  |  | $ | 85,319 |  |  | $ | 480 |  |  | $ | 4,721 |
(1)Includes approximately $31,000 of external legal fees associated with negotiating and originating the leases associated with these acquisitions, which were expensed in the period incurred. (2)Based on the minimum cash rental payments guaranteed under the respective leases, as required under GAAP, and excludes contingent rental payments, such as participation rents. (3)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. (4)As part of the acquisition of this property, we acquired a contract to purchase 20,330 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, at a fixed price. We executed this contract on June 25, 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. See “—Investments in Water Assets” below for additional information on this water. 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.
Summary of Borrowings | Our borrowings as of June 30, 2022, and December 31, 2021, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of June 30, 2022
| June 30, 2022 |  | December 31, 2021 |  | Stated Interest Rates(1) (Range; Wtd. Avg) |  | Maturity Dates (Range; Wtd. Avg)
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 583,114 |  |  | $ | 582,665 |  |  | 2.44%–5.70%; 3.74% |  | 7/1/2022–7/1/2051; December 2032
Variable-rate notes payable | 1,124 |  |  | 2,856 |  |  | 3.25% |  | 5/1/2044
Fixed-rate bonds payable | 81,342 |  |  | 86,052 |  |  | 2.13%–4.57%; 3.46% |  | 12/22/2022–12/30/2030; June 2025
Total notes and bonds payable | 665,580 |  |  | 671,573 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,734) |  |  | (3,691) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 661,846 |  |  | $ | 667,882 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 2.97% |  | 4/5/2024
Total borrowings, net | $ | 661,946 |  |  | $ | 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 June 30, 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 June 30, 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 six months ended June 30, 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 six months ended June 30, 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
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)Stated rate is before interest patronage, as described below.
Schedule of 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.
Monthly Distributions Declared by Company's Board of Directors | 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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