XML 57 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
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:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:January 24, 2025January 31, 2025$0.125 
February 19, 2025February 28, 20250.125 
March 19, 2025March 31, 20250.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:January 24, 2025January 31, 2025$0.125 
February 19, 2025February 28, 20250.125 
March 19, 2025March 31, 20250.125 
Total Series C Preferred Stock Distributions:$0.375 
Series D Term Preferred Stock:January 24, 2025January 31, 2025$0.104167 
February 19, 2025February 28, 20250.104167 
March 19, 2025March 31, 20250.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Series E Preferred Stock:January 27, 2025February 5, 2025$0.104167 
February 25, 2025March 5, 20250.104167 
March 26, 2025April 4, 20250.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Common Stock(1):
January 24, 2025January 31, 2025$0.0467 
February 19, 2025February 28, 20250.0467 
March 19, 2025March 31, 20250.0467 
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.