XML 34 R18.htm IDEA: XBRL DOCUMENT v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
California Floods
In January 2023, periods of heavy rainfall in California resulted in floods that impacted several areas of the state, including regions where certain of our farms are located. As a result of this flooding, one of our farms in the Central Valley suffered damage to certain structures located on the farm. We are still in the process of assessing the damage, but at this time, we do not expect the cost of repairs to exceed $1.0 million. In addition, we expect the damage to be fully covered by either insurance or the tenant’s obligations pursuant to the lease. None of our other farms in California were materially impacted by the floods.
Financing Activity
Debt Activity—Loan Maturities
Subsequent to December 31, 2022, we repaid an $8.1 million maturing bond that bore interest at an annual rate of 3.53%.
Equity Activity
The following table provides information on equity sales that have occurred subsequent to December 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 E Preferred Stock34,600$24.96 $864 $779 
Common Stock – ATM Program663,58519.72 13,084 12,953 
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).
Distributions
On January 10, 2023 our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock (distributions to holders of our Series E Preferred Stock were authorized and declared on January 18, 2023):
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:January 20, 2023January 31, 2023$0.125 
February 17, 2023February 28, 20230.125 
March 17, 2023March 31, 20230.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:January 26, 2023February 6, 2023$0.125 
February 23, 2023March 6, 20230.125 
March 29, 2023April 6, 20230.125 
Total Series C Preferred Stock Distributions:$0.375 
Series E Preferred Stock:January 26, 2023February 6, 2023$0.104167 
February 23, 2023March 6, 20230.104167 
March 29, 2023April 6, 20230.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Series D Term Preferred Stock:January 20, 2023January 31, 2023$0.104167 
February 17, 2023February 28, 20230.104167 
March 17, 2023March 31, 20230.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Common Stock(1):
January 20, 2023January 31, 2023$0.0459 
February 17, 2023February 28, 20230.0459 
March 17, 2023March 31, 20230.0459 
Total Common Stock Distributions:$0.1377 
(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.