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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity—Property Sales In January 2025, we completed the sale of five farms in Florida totaling 5,630 gross acres for an aggregate sales price of approximately $52.5 million. Including closing costs, we recognized a net gain on the sale of approximately $14.2 million. In February 2025, we completed the sale of two farms in Nebraska totaling 2,559 gross acres for an aggregate sales price of $12.0 million. Including closing costs, we recognized an aggregate net gain on these sales of approximately $1.6 million. Financing Activity Debt Activity—Loan Repayments Subsequent to December 31, 2024, we repaid approximately $19.4 million of loans. On a weighted-average basis, these borrowings bore interest at a fixed, stated rate of 5.38% and an effective interest rate (after interest patronage, where applicable) of 4.62%. Distributions On January 14, 2025, 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: |  | January 24, 2025 |  | January 31, 2025 |  | $ | 0.125 |
|  | February 19, 2025 |  | February 28, 2025 |  | 0.125 |
|  | March 19, 2025 |  | March 31, 2025 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | January 24, 2025 |  | January 31, 2025 |  | $ | 0.125 |
|  | February 19, 2025 |  | February 28, 2025 |  | 0.125 |
|  | March 19, 2025 |  | March 31, 2025 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | January 24, 2025 |  | January 31, 2025 |  | $ | 0.104167 |
|  | February 19, 2025 |  | February 28, 2025 |  | 0.104167 |
|  | March 19, 2025 |  | March 31, 2025 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | January 27, 2025 |  | February 5, 2025 |  | $ | 0.104167 |
|  | February 25, 2025 |  | March 5, 2025 |  | 0.104167 |
|  | March 26, 2025 |  | April 4, 2025 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | January 24, 2025 |  | January 31, 2025 |  | $ | 0.0467 |
|  | February 19, 2025 |  | February 28, 2025 |  | 0.0467 |
|  | March 19, 2025 |  | March 31, 2025 |  | 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, if any, 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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