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Subsequent Events | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity—Water Acquisition On July 15, 2024, we purchased 1,985 acre-feet of water from Byron-Bethany Irrigation District (“BBID”), a multi-county water district located in Contra Costa County, California, for the 2024 water year for a total purchase price (including commissions and other closing costs) of approximately $801,000. This water was purchased pursuant to a water transfer agreement we entered into with BBID in October 2023, whereby we may elect to purchase up to 15,000 acre-feet of water per water year during years in which BBID has a surplus supply of water through February 28, 2031. Financing Activity Debt Activity—Loan Repayments Subsequent to June 30, 2024, we repaid approximately $6.0 million of loans. On a weighted-average basis, these borrowings bore interest at a fixed, stated rate of 4.31% and an effective interest rate (after interest patronage, where applicable) of 3.06%. Equity Activity Equity Issuances The following table provides information on equity sales that occurred subsequent to June 30, 2024 (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 E Preferred Stock(1) |  | 3,195 |  | $ | 24.88 |  |  | $ | 79 |  |  | $ | 72 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). Repurchase Program The following table summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2024, (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased | 42,196 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 902 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 21.37 |  |  |  |  |  |  |
Gain on repurchase | $ | 37 |  |  |  |  |  |  |
Series C Preferred Stock:
Number of shares repurchased | 60,920 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,285 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 21.09 |  |  |  |  |  |  |
Gain on repurchase | $ | 97 |  |  |  |  |  |  |
(1)Inclusive of broker commissions. Distributions On July 9, 2024, our Board of Directors 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, 2024 |  | July 31, 2024 |  | $ | 0.125 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.125 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.125 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.125 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.104167 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.104167 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | July 25, 2024 |  | August 5, 2024 |  | $ | 0.104167 |
|  | August 26, 2024 |  | September 5, 2024 |  | 0.104167 |
|  | September 25, 2024 |  | October 4, 2024 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.0467 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.0467 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.0467 |
Total Common Stock Distributions |  | $ | 0.1401 |
(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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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