Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

Note 11—Subsequent Events

COVID-19

So far, the direct impact of the COVID-19 pandemic on the Company’s business and operations has been limited. As broader sectors of the U.S. agricultural economy are affected through supply chain and commodity price disruptions, the Company is closely monitoring the potential impact of the COVID-19 pandemic on all aspects of its business, including the impact on its tenants, rental revenue and business partners. The Company unable to quantify what the ultimate impact of the virus on our business will be.

Dividends

On May 6, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.375 per share of 6.00% Series B Participating Preferred Stock payable on June 30, 2020to stockholders of record as of June 15, 2020.

On May 6, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock and Common units payable on July 15, 2020 to stockholders and unitholders of record as of July 1, 2020.

Real Estate

On April 16, 2020, the Company acquired one farm in the Corn Belt for consideration of $0.9 million.

On April 20, 2020, the Company sold one farm in the High Plains for consideration of $7.0 million.

On April 30, 2020, the Company sold two farms in the Corn Belt for aggregate consideration of $0.8 million.

Debt

Subsequent to the quarter end, the Company secured an extension of the maturity of the Farmer Mac bonds due in June and July 2020, to October 31, 2020.

Effective April 1, 2020, the Company extended the maturity of the interest rate swap with Rabobank from March 2023 to March 2026 to take advantage of more favorable interest rates and will contemporaneously assess the ongoing effectiveness of the hedging relationship.