American Farmland 10-Q 25 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 25, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	AFCO
Entity Registrant Name	AMERICAN FARMLAND COMPANY
Entity Central Index Key	1,474,777
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		16,890,847

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS:
Investment in real estate—net	$ 171,061,603	$ 140,104,858
Cash and cash equivalents	3,328,247	7,466,642
Rent receivable	409,888	1,549,175
Deferred financing costs, net	462,038	146,467
Deferred offering costs	5,172,721	1,363,388
Other assets	414,815	466,282
Total assets	180,849,312	151,096,812
LIABILITIES:
Borrowings under credit facility	52,200,000	20,400,000
Accrued expenses and other liabilities	1,953,521	2,856,580
Capital received in advance		5,250,000
Performance fee payable to AFA	1,463,795	1,231,398
Management fee payable to AFA	457,794	331,143
Unearned rent	959,294	1,587,976
Total liabilities	$ 57,034,404	$ 31,657,097
Commitments and contingencies
EQUITY:
Common stock, $0.01 par value—300,000,000 shares authorized; 10,890,847 shares issued and outstanding at September 30, 2015 and 10,436,902 shares issued and outstanding at December 31, 2014	$ 108,908	$ 104,369
Preferred stock, $0.01 par value—29 shares issued and outstanding at both September 30, 2015 and December 31, 2014
Additional paid-in-capital	$ 110,690,875	$ 105,445,855
Accumulated deficit	(7,562,751)	(6,672,472)
Company stockholders’ equity	103,237,032	98,877,752
Non-controlling interests in operating partnership	20,577,876	20,561,963
Total equity	123,814,908	119,439,715
Total liabilities and equity	$ 180,849,312	$ 151,096,812

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	10,890,847	10,436,902
Common stock, shares outstanding	10,890,847	10,436,902
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	29	29
Preferred stock, shares outstanding	29	29

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING REVENUES
Fixed rent	$ 1,273,446	$ 729,040	$ 3,809,739	$ 2,330,893
Participating rent	545,716	431,884	2,875,280	2,359,923
Recovery of real estate taxes	119,545	74,448	350,304	228,531
Other income	20,935	3,750	62,735	64,225
Total operating revenues	1,959,642	1,239,122	7,098,058	4,983,572
OPERATING EXPENSES
Depreciation	517,223	395,014	1,410,517	1,130,049
Management and performance fees—related party	715,060	413,518	2,739,856	1,572,905
Property operating expenses	312,741	231,235	1,117,155	929,174
Acquisition-related expenses				44,712
Professional fees	139,041	87,537	373,352	283,682
General and administrative expenses	40,710	32,380	187,425	149,377
Total operating expenses	1,724,775	1,159,684	5,828,305	4,109,899
OPERATING INCOME	234,867	79,438	1,269,753	873,673
Other (income) expenses:
Interest income	(302)	(317)	(1,200)	(1,796)
Interest expense and financing costs	189,613	25,682	403,103	68,290
Total other expense	189,311	25,365	401,903	66,494
INCOME BEFORE (LOSS) GAIN ON SALE OF LAND	45,556	54,073	867,850	807,179
(Loss) gain on sale of land		(6,916)		47,701
INCOME BEFORE INCOME TAXES	45,556	47,157	867,850	854,880
Income tax provision			(79,832)
NET INCOME	45,556	47,157	788,018	854,880
Less net income attributable to non-controlling interests	54,203	36,867	316,941	252,784
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (8,647)	$ 10,290	$ 471,077	$ 602,096
EARNINGS (LOSS) PER COMMON SHARE
Basic and diluted	$ 0	$ 0	$ 0.04	$ 0.06
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
Basic and diluted	10,890,847	10,419,996	10,890,847	10,398,726

Consolidated Statements Changes

Consolidated Statements Changes in Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid in Capital	Treasury Stock	Accumulated Deficit	Non-Controlling Interests
Beginning Balance at Dec. 31, 2013	$ 116,836,259	$ 104,445	$ 105,407,077	$ (4,362,265)	$ (4,779,920)	$ 20,466,922
Beginning Balance (in shares) at Dec. 31, 2013		10,444,584
Retirement of treasury stock		$ (4,052)	(4,358,213)	$ 4,362,265
Retirement of treasury stock (in shares)		(405,200)
Issuance of stock— securities sales	4,160,000	$ 3,668	4,096,332			60,000
Issuance of stock— securities sales (in shares)		366,768
Issuance of stock— reinvestment of dividends	155,681	$ 138	155,543
Issuance of stock— reinvestment of dividends (in shares)		13,844
Offering costs	(50,375)		(41,535)			(8,840)
Net income	854,880				602,096	252,784
Dividends and distributions	(1,601,092)				(1,300,769)	(300,323)
Ending Balance at Sep. 30, 2014	120,355,353	$ 104,199	105,259,204		(5,478,593)	20,470,543
Ending Balance (in shares) at Sep. 30, 2014		10,419,996
Beginning Balance at Dec. 31, 2014	119,439,715	$ 104,369	105,445,855		(6,672,472)	20,561,963
Beginning Balance (in shares) at Dec. 31, 2014		10,436,902
Issuance of stock— securities sales	5,250,000	$ 4,539	5,245,461
Issuance of stock— securities sales (in shares)		453,945
Offering costs	(532)		(441)			(91)
Net income	788,018				471,077	316,941
Dividends and distributions	(1,662,293)				(1,361,356)	(300,937)
Ending Balance at Sep. 30, 2015	$ 123,814,908	$ 108,908	$ 110,690,875		$ (7,562,751)	$ 20,577,876
Ending Balance (in shares) at Sep. 30, 2015		10,890,847

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 788,018	$ 854,880
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,410,517	1,130,049
Gain on sale of land		(47,701)
Amortization of deferred financing costs	51,409	24,363
Changes in operating assets and liabilities:
Decrease (increase) in other assets	51,467	(335,112)
Decrease (increase) in rent receivable	1,139,287	(33,201)
(Decrease) increase in unearned rent	(628,682)	447,452
(Decrease) increase in accrued expenses and other liabilities	(283,166)	213,735
Increase (decrease) in performance fee payable to AFA	232,397	(242,160)
Increase in management fee payable to AFA	126,651	19,584
Net cash provided by operating activities	2,887,898	2,031,889
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of real estate investments	(25,080,819)	(1,721,929)
Capital expenditures on real estate investments	(7,286,443)	(5,517,223)
Proceeds from sale of land		257,675
Deposits for acquisition of real estate investments		(190,000)
Net cash used in investing activities	(32,367,262)	(7,171,477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock—securities sales		4,160,000
Proceeds from borrowings under credit facility	31,800,000
Offering costs paid	(4,398,803)	(50,375)
Financing costs paid	(366,980)	(923)
Dividends paid to shareholders	(1,392,311)	(1,147,665)
Distributions paid to non-controlling interests	(300,937)	(300,323)
Net cash provided by financing activities	25,340,969	2,660,714
Net decrease in cash and cash equivalents	(4,138,395)	(2,478,874)
Cash and cash equivalents at beginning of period	7,466,642	4,213,056
Cash and cash equivalents at end of period	3,328,247	1,734,182
NON-CASH INVESTING INFORMATION
Deposits for real estate investments paid in 2013, closed in 2014		50,000
NON-CASH FINANCING INFORMATION
Reinvestment of dividends		155,681
Dividends declared in one period and paid in a subsequent period	166,425	194,880
Subscriptions received in prior year	5,250,000
Accrued deferred offering costs	3,809,333
SUPPLEMENTAL DISCLOSURE
Cash interest paid	$ 347,910	$ 32,584

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION American Farmland Company (together with its subsidiaries, the “Company”), a Maryland corporation, was established on October 9, 2009, and commenced its operations on October 15, 2009, for purposes of investing in farmland principally located in the United States. The Company conducts all of its activities through American Farmland Company L.P. (the “Operating Partnership”), a Delaware limited partnership. The Company owned 81.1% and 80.8% of the common limited partnership interests in the Operating Partnership at September 30, 2015 and December 31, 2014, respectively. The Company is the sole general partner of the Operating Partnership. Prior to its internalization on October 23, 2015 (the “Internalization Transaction”), American Farmland Advisors LLC (“AFA”) was the external advisor of the Operating Partnership as well as its co-general partner (see Note 13). Since inception, affiliates of the members of AFA (the “Founders”) contributed $21,145,000 in capital to the Operating Partnership through September 30, 2015 and December 31, 2014, respectively, in addition to the capital provided to the Company from the proceeds of issuance of common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying interim consolidated financial statements are unaudited and include the accounts of the Company, the Operating Partnership and its wholly owned limited liability companies. All intercompany transactions and balances have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the condensed consolidated financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of December 31, 2014 and 2013 and for the years then ended. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the operating results for the full year. Certain prior period balances have been reclassified in order to conform to current period presentation. Cash and Cash Equivalents — The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents include an investment in a commercial paper fund and a money market fund. The Company maintains cash balances in major banks which, at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation (FDIC). The Company had funds on deposit in excess of amounts insured by the FDIC; however, the Company believes the credit risk related to these deposits is minimal. Investments in Real Estate — Investments in real estate consist of farmland and improvements made to the farmland, consisting of buildings, wells, irrigation and drain systems, and trees and vines acquired in connection with the land purchase. Investments in real estate are recorded at cost. Improvements, replacements and costs of development for new trees and vines or the repurposing of raw land are capitalized when they extend the useful life or improve the use of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives range from ten to fifteen years for land improvements, twenty-five years for buildings, one to thirty years for trees and vines, and five and eight years for fixtures and equipment. In some cases we acquire farmland without a lease in place, with newly-originated leases where the seller or related party is not the tenant, or in sale-leaseback transactions with newly-originated leases. These transactions are accounted for as asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment.” In the case of an asset acquisition, the transaction costs incurred are capitalized as part of the purchase price of the asset. Other acquisitions involve the acquisition of farmland that is already being operated as rental property and has a lease in place that is assumed at the time of acquisition, which are considered to be business combinations under ASC 805 “Business Combinations.” ASC 805 requires that all transaction costs related to the acquisition be expensed as incurred, rather than capitalized. Whether an acquisition is treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the purchase price must be allocated to the tangible assets acquired and liabilities assumed (if any) consisting of land, buildings, improvements, trees and vines, long-term debt (if any), and identifiable intangible assets and liabilities, typically the value of any in-place leases, as well as above-market and below-market leases, based in each case on their fair values. Management’s estimates of fair value are made using methods similar to those used by independent appraisers, such as a sales comparison approach, a cost approach, and an income capitalization approach (utilizing a discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical, expected lease-up periods, taking into consideration current market conditions and costs to execute similar leases and the commodity prices for the crops grown and productivity on such properties, where the lease will include a participation in the gross revenues earned by the tenant. Management also considers information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rental income at market rates during the hypothetical, expected lease-up periods, which primarily range from 3 to 12 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including legal and other related expenses, to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. Management allocates purchase price to the fair value of the tangible assets and liabilities of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements and trees and vines based on management’s determination of the fair values of these assets. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in- place leases, measured over a period equal to the remaining, non-cancelable term of the lease. The total amount of other intangible assets acquired will be further allocated to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease. When determining the non- cancelable term of the lease, fixed-rate renewal options, if any, are evaluated to see if they should be included. Prior to 2013, all acquired leases were determined to be at market. In connection with one of our 2013 acquisitions, we allocated $125,000 of the purchase price to a below-market lease, which terminated December 15, 2014. The fair value of capitalized below-market lease intangibles, included in the accompanying consolidated balance sheets as part of other liabilities, is amortized into rental income over the remaining, non-cancelable term of the lease. $27,778 and $83,333 was amortized during the three months ended September 30, 2014 and nine months ended September 30, 2014, respectively. In-place leases will be amortized over the remaining term of the lease. Should a tenant terminate its lease, the unamortized portion of any above-market and below-market lease values, in-place lease values and any associates intangibles will be immediately charged to the related income or expense. We account for the impairment of real estate, including intangible assets, in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine whether circumstances indicate impairment of the carrying value of the investment exists or if depreciation periods should be modified. If circumstances support the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine whether the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as agricultural and business conditions in the regions in which our farms are located, and the development period (if applicable), and whether there are indications that the fair value of the real estate has decreased. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire property portfolio each quarter for any impairment indicators and perform an impairment analysis. We concluded that none of our properties were impaired as of September 30, 2015 or December 31, 2014 and we will continue to monitor our portfolio for any indicators of impairment. There have been no impairments recognized on real estate assets since our inception. Stock — There were 300,000,000 shares of common stock, par value $0.01 per share, authorized with 10,890,847 issued and outstanding as of September 30, 2015 and 10,436,902 shares issued and outstanding as of December 31, 2014. There were 35 shares of 8% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share, authorized as of September 30, 2015 and December 31, 2014 with 29 issued and outstanding as of both of those dates. Non-Controlling Interests — Non-controlling interest is the portion of capital in the Operating Partnership not attributable to the Company. Our non-controlling interests relate to the Founders’ capital accounts and the de minimis capital account of AFA in the Operating Partnership. Non-controlling interests are reported in equity on the consolidated balance sheets but separate from the Company’s stockholders’ equity. On the consolidated statements of operations, the Operating Partnership is reported at the consolidated amount, including both the amount attributable to the Company and non-controlling interests. Other Assets — Other assets primarily comprise prepaid expenses, deposits on potential farm acquisitions, deposits on trees to be acquired for development purposes and other miscellaneous receivables. We account for deferred offering costs in accordance with SEC Staff Accounting Bulletin (“SAB”), Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to public offerings of equity securities on our consolidated balance sheet and pro-ratably apply these amounts to the proceeds of equity as stock is issued. The deferred offering costs on our consolidated balance sheet as of September 30, 2015 and December 31, 2014 will be applied to the proceeds of equity in connection with our initial public offering (“IPO Transaction”) which closed in the fourth quarter of 2015. Fair value of financial instruments - The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC 825 “Financial Instruments” approximates the carrying amounts presented in the consolidated balance sheets. Operating Revenues — All leases on farms are classified as operating leases and the related base or fixed rental income from the farms is recognized on a straight-line basis commencing from the effective date of the lease or the acquisition date of the property in the case of in-place leases on properties acquired. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rent receivable. Participating rent is recorded when all contingencies have been resolved such that the tenant is entitled to gross revenues from a packing house, wine producer, shipper, huller processor or other marketing, processing or distributing entity which enables the Company to estimate and/or measure its share of such gross revenues. As a result, depending on the circumstances described above for a particular lease, in certain instances, participating rent will be recognized by the Company in the year the crop was harvested, and in other instances, participating rent will be recognized partially in the year of the harvest and the balance in the year following the harvest, or entirely in the year following the harvest. Recovery of expenses represents revenues from tenant leases that provide for the recovery of all or a portion of the real estate taxes of the respective property. The revenue is accrued in the same periods as the expense is incurred. Income Taxes — The Operating Partnership qualifies as a partnership for U.S. federal income tax purposes. No provision has been made in the accompanying financial statements for federal, state or local income taxes for the Operating Partnership, as each partner is individually responsible for reporting their share of the Partnership’s income or loss on their own tax returns. The Company operates in a manner intended to enable it to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under these sections, a real estate investment trust, which distributes at least 90% of its real estate investment trust taxable income (determined without regard to the deduction for dividends paid and excluding capital gains) to its stockholders each year and that meets certain other conditions, will not be subject to federal income taxes on that portion of its taxable income that is distributed to its stockholders. To the extent that the Company satisfies its annual distribution requirement but distributes less than 100% of taxable income, it will be subject to an excise tax on undistributed taxable income. The Company is subject to federal income taxation in the event it generates taxable income from prohibited transactions. The condensed consolidated statement of operations for the nine months ended September 30, 2015 includes $79,832 as a provision for income taxation resulting from prohibited transactions. The prohibited transactions arise from revenue received from trees on farms undergoing development before the trees get to their fully mature and leasable stage. The Company accounts for certain tax positions in accordance with ASC 740 “Income Taxes.” ASC No. 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC No. 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has greater than 50% likelihood of being realized upon ultimate settlement. ASC No. 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes and accounting in interim periods and requires increased disclosures. As of September 30, 2015 and December 31, 2014, the Company does not have a liability for uncertain tax positions. Potential interest and penalties associated with such uncertain tax positions would be recorded as a component of the income tax provision. As of September 30, 2015, the tax years ended December 31, 2011 through December 31, 2014 remain open for an audit by the Internal Revenue Service. Management does not believe the Company has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. New Accounting Pronouncements - In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) (“ASU 2014‑08”). ASU 2014‑08 changes the criteria for a disposal to qualify as a discontinued operation and requires additional disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014‑08 is effective for us on January 1, 2015. This pronouncement has had no impact on our financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014‑15, Presentation of Financial Statements Going Concern (Subtopic 205‑40) In February 2015, the FASB issued ASU No. 2015‑02, Consolidation (Topic 810): Amendments to the Consolidation Analysis

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. FAIR VALUE MEASUREMENTS ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a hierarchy for inputs used in valuation techniques to measure fair value and prioritizes those inputs that are observable (inputs based on independent market data) and those inputs that are unobservable (inputs developed internally). Cash equivalents measured at fair value are classified in one of the following fair value hierarchy levels based on the lowest level of input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. Management uses judgment in determining fair value of assets and liabilities; and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - quoted prices in markets that are not active for identical or similar assets or liabilities, quoted prices in active markets for similar assets or liabilities, and inputs other than quoted prices that are observable or can be corroborated by observable market data; Level 3 - inputs that are unobservable and significant to the fair value measurement, including inputs that are not derived from market data or cannot be corroborated by market data.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Investments in Real Estate	4. INVESTMENTS IN REAL ESTATE Investments in real estate as of September 30, 2015 and December 31, 2014 are comprised of the following: September 30, 2015 December 31, 2014 Land $ 110,268,834 $ 98,568,755 Land improvements 3,552,861 2,518,785 Buildings 1,191,000 1,191,000 Trees and vines 34,892,618 23,967,899 Development costs 23,395,263 15,435,912 Fixtures and equipment 2,707,197 1,958,160 176,007,773 143,640,511 Less accumulated depreciation (4,946,170 ) (3,535,653 ) Investments in real estate, net $ 171,061,603 $ 140,104,858 Depreciation expense for the three months ended September 30, 2015 and 2014 was $517,223 and $395,014, respectively and $1,410,517 and $1,130,049 for the nine months ended September 30, 2015 and 2014, respectively. In 2013, 79 of the gross 518 acres of our Macomb Farm property, a commodity row crop property in Illinois, were expropriated by the Illinois Department of Transportation for purposes of building a new state road. The State of Illinois paid the Operating Partnership a total of $1,723,800, of which $1,106,300 was attributable to the acreage expropriated and $617,500 was attributable to the diminished value of the remaining acreage. The Operating Partnership disputed the overall consideration paid by the State of Illinois. A settlement for additional compensation was reached in February 2014 with the State of Illinois, whereby the Operating Partnership received $257,675 in additional compensation, $61,700 of which related to the acreage expropriated and $183,650 of which related to the diminution in value of the remaining acreage. The Company realized gains of $47,701 during the nine months ended September 30, 2014 and a loss of $6,916 for the three months ended September 30, 2014, related to the Macomb Farm expropriation. The Company has the following properties as of September 30, 2015 and December 31, 2014: September 30, December 31, Farm Crops Acquisition Date(s) Acreage Gross/Tillable 2015 Net Book Value 2014 Net Book Value Permanent Crops Kimberly Vineyard Wine grapes Aug.10, 2010/ Dec. 9, 2014 260G / 245T $ 12,630,748 $ 12,753,834 Golden Eagle Ranch Almonds Mar. 9, 2012/ Aug. 14, 2012/ Aug. 18, 2015 1,247G/1,186T 19,562,641 14,878,941 Quail Run Vineyard Wine grapes Nov. 16,2012 240G / 223T 9,613,465 9,348,222 Blue Heron Farms Walnuts Nov. 1, 2013 430G/380T 13,727,828 13,745,511 Falcon Farms Pecans Nov. 14, 2014 1,840G/1,165T 8,226,554 8,122,301 Kingfisher Ranch Pistachios Aug. 21, 2015 623G / 511T 19,834,536 — 83,595,772 58,848,809 Commodity Row Pleasant Plains Farm Corn, soybeans Jul. 9, 2010 1,196G/1,159T $ 8,750,000 $ 8,750,000 Macomb Farm Corn, soybeans Dec. 16, 2010 434G/422T 2,556,612 2,547,230 Tillar Farm Cotton, soybeans, rice May 4, 2011 1,444G/1,248T 4,092,470 4,093,873 Kane County Farms Corn, soybeans Jun. 28, 2011 1,652G/1,617T 17,163,900 17,164,800 32,562,982 32,555,903 Specialty Vegetable Row Sweetwater Farm Vegetables Dec. 30, 2010 1,624G/1,450T $ 5,087,188 $ 5,133,487 Sandpiper Ranch Vegetables and berries Dec. 22, 2011/ Apr. 26, 2012 184G/158T 7,700,996 7,725,487 12,788,184 12,858,974 Development Roadrunner Ranch Seedless citrus Apr. 7, 2011/ Sep. 13, 2011 244G/227T $ 7,146,930 $ 6,653,561 Condor Ranch Lemons and avocados Nov. 30, 2011/ Dec. 16, 2011 786G/261T 9,380,747 8,858,347 Grassy Island Groves Citrus Dec. 27, 2012 623G/451T 4,655,582 3,737,256 Blue Cypress Vegetables Feb. 22, 2013 2,694G/2,036T 11,347,640 10,063,007 Hawk Creek Ranch Pistachios Oct. 14, 2013/ Feb. 25, 2014 524G/425T 7,656,692 5,482,429 Pintail Vineyards Wine grapes Nov.5, 2013 91G/87T 1,927,074 1,046,572 42,114,665 35,841,172 Total $ 171,061,603 $ 140,104,858 On August 18, 2015, the Company closed on a second tranche of a property for Golden Eagle Ranch located in Merced County, California (aggregating 135 gross acres – 130 tillable) for the purchase consideration of $5,210,599. The property is planted with almonds. The purchase of this property was treated as an asset acquisition. On August 21, 2015, the Company closed on the purchase of a property for Kingfisher Ranch located in Fresno County, California (aggregating 623 gross acres – 511 tillable) for the purchase consideration of $19,870,220. The property is planted with pistachios. The purchase of this property was treated as an asset acquisition. We determined the fair value of the assets acquired during the nine months ended September 30, 2015 to be as follows: Farm Land Land improvements Trees and Vines Capital expenditures Fixtures and equipment Total purchase price Golden Eagle Ranch II $ 3,700,722 $ 76,031 $ 1,433,846 $ — $ — $ 5,210,599 Kingfisher Ranch 8,017,552 606,973 9,490,873 1,299,592 455,230 19,870,220 $ 11,718,274 $ 683,004 $ 10,924,719 $ 1,299,592 $ 455,230 $ 25,080,819 The allocation of the purchase price is preliminary and subject to change. There were no asset acquisitions during the nine months ended September 30, 2014. On February 25, 2014, the Company closed on a second tranche of a property for Hawk Creek Ranch located in Yolo County, California (aggregating 180 gross acres – 164 tillable) for the purchase consideration of $1,771,929. The property was farmed for row crops, but it is in the process of being cleared and leveled for development for pistachios together with the first tranche of the Hawk Creek property. The purchase of this property was treated as a business combination. For the Hawk Creek Ranch business acquisition we did not present pro forma information for the nine months ended September 30, 2014 and 2015, since the total impact to the revenues and income would not be material to the financial statements. We determined the fair value of the assets acquired during the nine months ended September 30, 2014 to be as follows: Farm Land Land improvements Fixtures and equipment Total purchase price Hawk Creek Ranch II $ 1,711,929 $ 40,000 $ 20,000 $ 1,771,929

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2015
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract]
Accrued Expenses and Other Liabilities	5. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Accrued dividends payable $ 166,425 $ 197,380 Accrued accounting fees 435,446 442,000 Accrued real estate taxes 365,625 142,436 Accrued legal fees 211,963 824,734 Accrued interest payable 15,485 11,702 Accrued other 758,577 1,238,328 Total $ 1,953,521 $ 2,856,580

Borrowings Under Credit Facilit

Borrowings Under Credit Facility	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings Under Credit Facility	6. BORROWINGS UNDER CREDIT FACILITY The Operating Partnership entered into a $25.0 million revolving credit facility on December 5, 2013 to provide funds for potential acquisitions, development of existing properties and other corporate purposes. This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% and 0.2552% at September 30, 2015 and December 31, 2014, respectively). The Operating Partnership is required to pay any interest due quarterly in arrears beginning January 1, 2014 and any unpaid interest and drawn principal is due and payable in full on January 1, 2019 (“Maturity Date”). The minimum advance under the terms of this credit facility is $500,000 and may be repaid at any time prior to the Maturity Date. This credit facility is secured by a first mortgage over, and assignment of leases from, the Pleasant Plains Farm, Macomb Farm, Kane County Farms, Sweetwater Farm and Tillar Farm properties. The Operating Partnership pays a 0.25% per annum non usage fee. Pursuant to the terms of this credit facility, the properties securing this credit facility must have an aggregate appraised value such that the amount of this credit facility is 50% or less of the aggregate appraised value of such properties. The amount outstanding under this credit facility was $25,000,000 as of September 30, 2015 and $20,250,000 as of December 31, 2014. The fair value of the borrowings under this credit facility as of September 30, 2015 was approximately $25.0 million, comparable to our carrying value of $25.0 million. On January 14, 2015, the Company entered into an additional $25.0 million revolving credit facility to provide funds for potential acquisitions, development of existing properties and other corporate purposes. This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% at September 30, 2015). The Operating Partnership is required to pay any interest due quarterly in arrears beginning April 1, 2015 and any unpaid interest and drawn principal is due and payable in full on January 1, 2020 (“Second Maturity Date”). The minimum advance under the terms of this credit facility is $500,000 and may be repaid at any time prior to the Second Maturity Date. This credit facility is secured by a first mortgage over and assignment of leases from the Sandpiper Ranch, Quail Run Vineyard, Golden Eagle Ranch and Blue Heron Farms properties. The Operating Partnership pays a 0.25% per annum non-usage fee. Pursuant to the terms of this credit facility, the properties securing this credit facility must have an aggregate appraised value such that the amount of the credit facility is 50% or less of the aggregate appraised value of such properties. The amount outstanding under this credit facility is $25,000,000 as of September 30, 2015. The fair value of the borrowings under this credit facility as of September 30, 2015 was approximately $25.0 million, comparable to our carrying value of $25.0 million. On August 18, 2015, the Company entered into a third $25.0 million revolving credit facility to provide funds for potential acquisitions, development of existing properties and other corporate purposes. This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% at September 30, 2015). The Operating Partnership is required to pay any interest due quarterly in arrears beginning October 1, 2015 and any unpaid interest and drawn principal is due and payable in full on August 1, 2020 (“Third Maturity Date”). The minimum advance under the terms of this credit facility is $500,000 and may be repaid at any time prior to the Third Maturity Date. This credit facility is secured by a first mortgage over and assignment of leases from the Kimberly Vineyard, Roadrunner Ranch, Condor Ranch, Blue Cypress and Grassy Island Groves properties. The Operating Partnership pays a 0.25% per annum non-usage fee. Pursuant to the terms of this credit facility, the properties securing this credit facility must have an aggregate appraised value such that the amount of this credit facility is 50% or less of the aggregate appraised value of such properties. The amount outstanding under this credit facility is $2,200,000 as of September 30, 2015. The fair value of the borrowings under this credit facility as of September 30, 2015 was approximately $2.2 million, comparable to our carrying value of $2.2 million. The fair value of the borrowings under the credit facilities fall within Level 3 of the fair value hierarchy. We believe we are in compliance with covenants of each of these credit facilities. The Operating Partnership incurred costs of $549,968 (inclusive of one-time 0.25% commitment fees) in arranging the three credit facilities and are being amortized as interest expense on a straight-line basis over the period of the agreements. The amortized deferred financing costs included in interest expense amounted to $21,037 and $9,131 for the three months ended September 30, 2015 and 2014, respectively, and $51,409 and $24,363 for the nine months ended September 30, 2015 and 2014, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	7. RELATED PARTY TRANSACTIONS Prior to the Internalization Transaction, the limited partnership agreement of the Operating Partnership provided that the Operating Partnership pay AFA a management fee in arrears calculated at the annual rate of (i) 1% of the Company’s share of the Gross Asset Value, as defined, of the Operating Partnership as of the end of the immediately preceding calendar quarter and (ii) 0.5% of the Founders’ share of the Gross Asset Value of the Operating Partnership as of the end of the immediately preceding calendar quarter. The management fee for the three months ended September 30, 2015 and 2014 amounted to $457,794 and $329,714, respectively and $1,276,061 and $965,714 for the nine months ended September 30, 2015 and 2014, respectively. Prior to the Internalization Transaction, AFA utilized the management fees received from the Operating Partnership to pay the Agricultural Sub-Adviser their fees. After the Internalization Transaction, AFA which will be a wholly owned subsidiary of the Operating Partnership, will pay the Agricultural Sub-Adviser a sub-advisory fee equal to the annual rate of 1.0% of the appraised value of the Operating Partnership’s properties at the end of each calendar quarter. As the Internalization Transaction occurred subsequent to September 30, 2015, AFA is entitled to a performance fee equal to 15% of the Funds From Operations (as defined) allocated to the capital account of the Company in the Operating Partnership each fiscal year. AFA is also entitled to 10% of the Funds From Operations allocated to each Founder’s capital account in the Operating Partnership each fiscal year. The performance fee on Funds From Operations amounted to $113,677 and $73,610 for the three months ended September 30, 2015 and 2014, respectively and $522,436 and $360,554 for the nine months ended September 30, 2015 and 2014, respectively. As the Internalization Transaction occurred subsequent to September 30, 2015, AFA is entitled to an additional performance fee equal to two-thirds of 15% of the net capital appreciation allocated to the capital account of the Company in the Operating Partnership each fiscal year. AFA is entitled to one-third of 15% of the net realized capital appreciation allocated to the capital account of the Company in the Operating Partnership each fiscal year. AFA is also entitled to two-thirds of 10% and one‑third of 10% of net capital appreciation and net realized capital appreciation, respectively, allocated to each Founder’s capital account in the Operating Partnership each fiscal year. The performance fee on net capital appreciation (realized and unrealized) amounted to $143,588 and $10,194 for the three months ended September 30, 2015 and 2014, respectively and $941,359 and $246,637 for the nine months ended September 30, 2015 and 2014, respectively. These performance fees are reflected in management and performance fees related party on the condensed consolidated statements of operations. Pursuant to the Internalization Transaction (see Note 13), none of the partners in the Operating Partnership are assessed performance fee on Funds from Operations and capital appreciation after October 23, 2015. The Operating Partnership paid an affiliate of the Managing Member of AFA $7,500 for both of the three months ended September 30, 2015 and 2014 and $22,500 for both of the nine months ended September 30, 2015 and 2014, as a fee for providing administrative and accounting services to the Company and the Operating Partnership. Pursuant to the Internalization Transaction (see Note 13), the Company has entered into a Transitional Services Agreement with an affiliate of the Founders, whereby the affiliate provides administrative and accounting services and other support to the Company and the Operating Partnership.

Earnings (Loss) Per Share of Co

Earnings (Loss) Per Share of Common Stock	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share of Common Stock	8. EARNINGS (LOSS) PER SHARE OF COMMON STOCK The following tables set forth the computation of basic and diluted earnings per share: For the Three months ended September 30, For the Nine months ended September 30, 2015 2014 2015 2014 Net income (loss) attributable to the Company $ (8,647 ) $ 10,290 $ 471,077 $ 602,096 Denominator for basic & diluted weighted average shares 10,890,847 10,419,996 10,890,847 10,398,726 Basic & diluted earnings per common share $ 0.00 $ 0.00 $ 0.04 $ 0.06 The Company has no potentially dilutive securities outstanding.

Dividends on Common Stock

Dividends on Common Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends on Common Stock	9. DIVIDENDS ON COMMON STOCK The Company’s Board of Directors declared and paid the following dividends to common stockholders for the years ended December 31, 2012, 2013 and 2014 and the nine months ended September 30, 2015: Fiscal Year Declaration Date Record Date Payment Date Dividend per Common Share 2012 December 18, 2012 December 18, 2012 December 26, 2012 $ 0.1000 2013 May 28, 2013 June 18, 2013 June 27, 2013 $ 0.1000 December 3, 2013 December 3, 2013 December 23, 2013 0.1250 $ 0.2250 2014 May 20, 2014 May 20, 2014 June 25, 2014 $ 0.1250 December 9, 2014 December 9, 2014 December 30, 2014 0.1250 $ 0.2500 2015 May 19, 2015 June 22, 2015 June 30, 2015 $ 0.1250 October 4, 2015 October 1, 2015 October 8, 2015 0.0625 $ 0.1875 In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. From time to time, a portion of our dividends may be characterized as capital gains or return of capital.

Leases

Leases	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Leases	10 . LEASES The Company’s properties are leased to tenants under operating leases, which expire on various dates through 2020. Future minimum rents to be received from tenants under non-cancelable leases in effect at September 30, 2015, are as follows: 2015 - Remainder $ 1,383,000 2016 4,072,000 2017 3,021,000 2018 2,590,000 2019 1,976,000 Thereafter 622,000 $ 13,664,000 In addition to the minimum lease payments described above, the Kimberly Vineyard, Golden Eagle Ranch, Condor Ranch, Quail Run Vineyard, Falcon Farms, Kingfisher Ranch and Blue Heron Farms leases require the tenant to pay participating rent (in some cases above a threshold), based on a percentage of gross revenues, as defined, derived from the leased property. Participating rent was $545,716 and $431,884 for the three months ended September 30, 2015 and 2014, respectively and $2,875,280 and $2,359,923 for the nine months ended September 30, 2015 and 2014, respectively. In most cases, the participating rent is the majority of the rental revenue received from the tenants on these properties.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES We are not currently a party to any legal proceedings. Under the leases in place for the farms in our portfolio, a tenant typically is obligated to indemnify us, as the property owner, from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the farms due to certain matters relating to the operation of the property by the tenant. We may be party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. There can be no assurance that these matters that arise in the future, individually or in aggregate, will not have a material adverse effect on our financial condition or results of operations in any future period.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	1 2 . SEGMENT INFORMATION The Company has identified four reporting segments: commodity row crops, specialty/vegetable row crops, mature permanent crops and properties under development. Each of these segments has different return on capital expectations, may have different forms of revenue (fixed and/or participating) or require an extended number of years before they produce revenue from trees and/or vines as a result of a development or redevelopment program. Below is a summary of the investment in real estate, net by segment as of September 30, 2015 and December 31, 2014, respectively. Total Commodity Row Specialty/Vegetable Row Permanent Development September 30, 2015 $ 171,061,603 $ 32,562,982 $ 12,788,184 $ 83,595,772 $ 42,114,665 December 31, 2014 $ 140,104,858 $ 32,555,903 $ 12,858,974 $ 58,848,809 $ 35,841,172 Below is a summary of operating income by segment for the three months ended September 30, 2015 and 2014, respectively and the nine months ended September 30, 2015 and 2014, respectively. Three months ended September 30, 2015 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 1,273,446 $ 398,707 $ 192,725 $ 658,414 $ 23,600 $ — Participating rent 545,716 — — 545,716 — — Recovery of real estate taxes 119,545 — 23,803 92,476 3,266 — Other income 20,935 — 3,750 — 17,185 — Total operating revenues 1,959,642 398,707 220,278 1,296,606 44,051 — OPERATING EXPENSES: Depreciation 517,223 927 23,597 414,632 78,067 — Management and performance fees-related party 715,060 — — — — 715,060 Property operating expenses 312,741 63,360 41,285 188,968 19,128 — Professional fees 139,041 — 639 7,746 787 129,869 General and administrative 40,710 — — — — 40,710 Total operating expenses 1,724,775 64,287 65,521 611,346 97,982 885,639 Operating income 234,867 $ 334,420 $ 154,757 $ 685,260 $ (53,931 ) $ (885,639 ) Total other expense 189,311 Net income 45,556 Less net income attributable to non-controlling interests 54,203 Net loss attributable to the Company $ (8,647 ) Three months ended September 30, 2014 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 729,040 $ 398,435 $ 192,725 $ 114,280 $ 23,600 $ — Participating rent 431,884 — — 431,884 — — Recovery of expenses 74,448 — 25,087 46,276 3,085 — Other income 3,750 — 3,750 — — — Total operating revenues 1,239,122 398,435 221,562 592,440 26,685 — OPERATING EXPENSES: Depreciation 395,014 768 24,792 314,139 55,315 — Management and performance fees-related party 413,518 — — — — 413,518 Property operating expenses 231,235 59,357 42,210 101,836 27,832 — Acquisition-related expenses — — — — — — Professional fees 87,537 — — 525 208 86,804 General and administrative 32,380 — — — — 32,380 Total operating expenses 1,159,684 60,125 67,002 416,500 83,355 532,702 Operating income (loss) 79,438 $ 338,310 $ 154,560 $ 175,940 $ (56,670 ) $ (532,702 ) Total other expense 25,365 Net income before gain on sale of land 54,073 Loss on sale of land (6,916 ) Net income 47,157 Less net income attributable to non-controlling interests 36,867 Net income attributable to the Company $ 10,290 Nine months ended September 30, 2015 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 3,809,739 $ 1,196,086 $ 578,175 $ 1,767,419 $ 268,059 $ — Participating rent 2,875,280 — — 2,877,202 (1,922 ) — Recovery of real estate taxes 350,304 — 70,021 270,679 9,604 — Other income 62,735 300 25,250 20,000 17,185 — Total operating revenues 7,098,058 1,196,386 673,446 4,935,300 292,926 — OPERATING EXPENSES: Depreciation 1,410,517 2,462 70,790 1,145,202 192,063 — Management and performance fees-related party 2,739,856 — — — — 2,739,856 Property operating expenses 1,117,155 211,252 123,100 607,892 174,911 — Professional fees 373,352 — 1,701 9,677 2,959 359,015 General and administrative 187,425 — — — — 187,425 Total operating expenses 5,828,305 213,714 195,591 1,762,771 369,933 3,286,296 Operating income (loss) 1,269,753 $ 982,672 $ 477,855 $ 3,172,529 $ (77,007 ) $ (3,286,296 ) Total other expense 401,903 Income before income taxes 867,850 Income tax provision (79,832 ) Net income 788,018 Less net income attributable to non-controlling interests 316,941 Net income attributable to the Company $ 471,077 Nine months ended September 30, 2014 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 2,330,893 $ 1,195,304 $ 578,175 $ 342,841 $ 214,573 $ — Participating rent 2,359,923 — — 2,359,793 130 — Recovery of expenses 228,531 — 73,371 145,906 9,254 — Other income 64,225 13,371 11,254 — 39,600 — Total operating revenues 4,983,572 1,208,675 662,800 2,848,540 263,557 — OPERATING EXPENSES: Depreciation 1,130,049 2,303 66,617 896,415 164,714 — Management and performance fees-related party 1,572,905 — — — — 1,572,905 Property operating expenses 929,174 195,544 124,492 330,196 278,942 — Acquisition-related expenses 44,712 — — 220 44,492 — Professional fees 283,682 — 2,166 6,477 3,424 271,615 General and administrative 149,377 — — — — 149,377 Total operating expenses 4,109,899 197,847 193,275 1,233,308 491,572 1,993,897 Operating income (loss) 873,673 $ 1,010,828 $ 469,525 $ 1,615,232 $ (228,015 ) $ (1,993,897 ) Total other expense 66,494 Net income before gain on sale of land 807,179 Gain on sale of land 47,701 Net income 854,880 Less net income attributable to non-controlling interests 252,784 Net income attributable to the Company $ 602,096

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	1 3 . SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date these consolidated financial statements were available to be issued. No material subsequent events have occurred since September 30, 2015 that required recognition or disclosure in financial statements, except as disclosed below. The Company declared a dividend of $0.0625 per share aggregating to $680,678 to shareholders of record as of October 1, 2015 which was paid on October 8, 2015. The Founders were paid an aggregate distribution of $135,940 on October 9, 2015, effective October 1, 2015. The Company sold 6,000,000 shares of common stock at $8.00 a share pursuant to an Underwriting Agreement dated October 19, 2015 and the shares commenced trading on the NYSE MKT LLC platform under the ticker symbol “AFCO” on October 20, 2015. The proceeds net of underwriting discounts and other offering costs amounted to $39.2 million. Upon the closing of the IPO Transaction on October 23, 2015 (the “Closing Date”), the Company internalized its management function previously provided by AFA by acquiring 100% of the ownership interest in AFA. The previous owners of AFA received 986,438 Common Units in the Operating Partnership in connection with the IPO Transaction. On the Closing Date any performance allocations related to Funds from Operations and capital appreciation that were previously assessable against the capital accounts of the partners in the Operating Partnership, ceased. The Company expects to recognize an expense approximating the aggregate value of the common units issued to AFA in connection with the Internalization Transaction representing the excess amount paid over the fair value of the net assets acquired in the Internalization Transaction of approximately $8.9 million before expenses. In addition, the Agricultural Sub-Adviser to AFA, Prudential Agricultural Investments, entered into an Amended and Restated Sub-Advisory Agreement effective on the Closing Date whereby the Agricultural Sub-Adviser is to receive a sub-advisory fee equal to the annual rate of 1.0% of the appraised value of the Operating Partnership’s properties at the end of each calendar quarter. Prior to the Closing Date, this fee while paid by AFA to the Sub-Adviser, was effectively borne by the owners of AFA and not the Operating Partnership. Additionally, because the initial public offering raised less than $84.75 million, there will be additional make-whole payments calculated, (i) for the acquisition fee based on 2% of the difference between $84.75 million and the gross proceeds raised, (ii) for the management fee based on 1% of the difference between $84.75 million and the gross proceeds raised and (iii) such payments are based on capital raised between October 31, 2014 and six months after the date of this offering. Any acquisition fee make-whole payments will be paid as acquisitions occur and any management fee make-whole payments will be paid quarterly in arrears until such time that the difference in capital has been raised by the Company (whether by additional equity issuance or through debt sources). The 29 preferred shares outstanding as of September 30, 2015 were redeemed at the premium amount of $1,100 per share on the Closing Date. The Company repaid $25 million of the amount outstanding under the first credit facility on the Closing Date.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents include an investment in a commercial paper fund and a money market fund. The Company maintains cash balances in major banks which, at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation (FDIC). The Company had funds on deposit in excess of amounts insured by the FDIC; however, the Company believes the credit risk related to these deposits is minimal.
Investments in Real Estate	Investments in Real Estate — Investments in real estate consist of farmland and improvements made to the farmland, consisting of buildings, wells, irrigation and drain systems, and trees and vines acquired in connection with the land purchase. Investments in real estate are recorded at cost. Improvements, replacements and costs of development for new trees and vines or the repurposing of raw land are capitalized when they extend the useful life or improve the use of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives range from ten to fifteen years for land improvements, twenty-five years for buildings, one to thirty years for trees and vines, and five and eight years for fixtures and equipment. In some cases we acquire farmland without a lease in place, with newly-originated leases where the seller or related party is not the tenant, or in sale-leaseback transactions with newly-originated leases. These transactions are accounted for as asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment.” In the case of an asset acquisition, the transaction costs incurred are capitalized as part of the purchase price of the asset. Other acquisitions involve the acquisition of farmland that is already being operated as rental property and has a lease in place that is assumed at the time of acquisition, which are considered to be business combinations under ASC 805 “Business Combinations.” ASC 805 requires that all transaction costs related to the acquisition be expensed as incurred, rather than capitalized. Whether an acquisition is treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the purchase price must be allocated to the tangible assets acquired and liabilities assumed (if any) consisting of land, buildings, improvements, trees and vines, long-term debt (if any), and identifiable intangible assets and liabilities, typically the value of any in-place leases, as well as above-market and below-market leases, based in each case on their fair values. Management’s estimates of fair value are made using methods similar to those used by independent appraisers, such as a sales comparison approach, a cost approach, and an income capitalization approach (utilizing a discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical, expected lease-up periods, taking into consideration current market conditions and costs to execute similar leases and the commodity prices for the crops grown and productivity on such properties, where the lease will include a participation in the gross revenues earned by the tenant. Management also considers information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rental income at market rates during the hypothetical, expected lease-up periods, which primarily range from 3 to 12 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including legal and other related expenses, to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. Management allocates purchase price to the fair value of the tangible assets and liabilities of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements and trees and vines based on management’s determination of the fair values of these assets. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in- place leases, measured over a period equal to the remaining, non-cancelable term of the lease. The total amount of other intangible assets acquired will be further allocated to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease. When determining the non- cancelable term of the lease, fixed-rate renewal options, if any, are evaluated to see if they should be included. Prior to 2013, all acquired leases were determined to be at market. In connection with one of our 2013 acquisitions, we allocated $125,000 of the purchase price to a below-market lease, which terminated December 15, 2014. The fair value of capitalized below-market lease intangibles, included in the accompanying consolidated balance sheets as part of other liabilities, is amortized into rental income over the remaining, non-cancelable term of the lease. $27,778 and $83,333 was amortized during the three months ended September 30, 2014 and nine months ended September 30, 2014, respectively. In-place leases will be amortized over the remaining term of the lease. Should a tenant terminate its lease, the unamortized portion of any above-market and below-market lease values, in-place lease values and any associates intangibles will be immediately charged to the related income or expense. We account for the impairment of real estate, including intangible assets, in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine whether circumstances indicate impairment of the carrying value of the investment exists or if depreciation periods should be modified. If circumstances support the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine whether the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as agricultural and business conditions in the regions in which our farms are located, and the development period (if applicable), and whether there are indications that the fair value of the real estate has decreased. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire property portfolio each quarter for any impairment indicators and perform an impairment analysis. We concluded that none of our properties were impaired as of September 30, 2015 or December 31, 2014 and we will continue to monitor our portfolio for any indicators of impairment. There have been no impairments recognized on real estate assets since our inception.
Stock	Stock — There were 300,000,000 shares of common stock, par value $0.01 per share, authorized with 10,890,847 issued and outstanding as of September 30, 2015 and 10,436,902 shares issued and outstanding as of December 31, 2014. There were 35 shares of 8% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share, authorized as of September 30, 2015 and December 31, 2014 with 29 issued and outstanding as of both of those dates.
Non-controlling Interests	Non-Controlling Interests — Non-controlling interest is the portion of capital in the Operating Partnership not attributable to the Company. Our non-controlling interests relate to the Founders’ capital accounts and the de minimis capital account of AFA in the Operating Partnership. Non-controlling interests are reported in equity on the consolidated balance sheets but separate from the Company’s stockholders’ equity. On the consolidated statements of operations, the Operating Partnership is reported at the consolidated amount, including both the amount attributable to the Company and non-controlling interests.
Other Assets	Other Assets — Other assets primarily comprise prepaid expenses, deposits on potential farm acquisitions, deposits on trees to be acquired for development purposes and other miscellaneous receivables. We account for deferred offering costs in accordance with SEC Staff Accounting Bulletin (“SAB”), Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to public offerings of equity securities on our consolidated balance sheet and pro-ratably apply these amounts to the proceeds of equity as stock is issued. The deferred offering costs on our consolidated balance sheet as of September 30, 2015 and December 31, 2014 will be applied to the proceeds of equity in connection with our initial public offering (“IPO Transaction”) which closed in the fourth quarter of 2015.
Fair value of financial instruments	Fair value of financial instruments - The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC 825 “Financial Instruments” approximates the carrying amounts presented in the consolidated balance sheets.
Operating Revenues	Operating Revenues — All leases on farms are classified as operating leases and the related base or fixed rental income from the farms is recognized on a straight-line basis commencing from the effective date of the lease or the acquisition date of the property in the case of in-place leases on properties acquired. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rent receivable. Participating rent is recorded when all contingencies have been resolved such that the tenant is entitled to gross revenues from a packing house, wine producer, shipper, huller processor or other marketing, processing or distributing entity which enables the Company to estimate and/or measure its share of such gross revenues. As a result, depending on the circumstances described above for a particular lease, in certain instances, participating rent will be recognized by the Company in the year the crop was harvested, and in other instances, participating rent will be recognized partially in the year of the harvest and the balance in the year following the harvest, or entirely in the year following the harvest. Recovery of expenses represents revenues from tenant leases that provide for the recovery of all or a portion of the real estate taxes of the respective property. The revenue is accrued in the same periods as the expense is incurred.
Income Taxes	Income Taxes — The Operating Partnership qualifies as a partnership for U.S. federal income tax purposes. No provision has been made in the accompanying financial statements for federal, state or local income taxes for the Operating Partnership, as each partner is individually responsible for reporting their share of the Partnership’s income or loss on their own tax returns. The Company operates in a manner intended to enable it to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under these sections, a real estate investment trust, which distributes at least 90% of its real estate investment trust taxable income (determined without regard to the deduction for dividends paid and excluding capital gains) to its stockholders each year and that meets certain other conditions, will not be subject to federal income taxes on that portion of its taxable income that is distributed to its stockholders. To the extent that the Company satisfies its annual distribution requirement but distributes less than 100% of taxable income, it will be subject to an excise tax on undistributed taxable income. The Company is subject to federal income taxation in the event it generates taxable income from prohibited transactions. The condensed consolidated statement of operations for the nine months ended September 30, 2015 includes $79,832 as a provision for income taxation resulting from prohibited transactions. The prohibited transactions arise from revenue received from trees on farms undergoing development before the trees get to their fully mature and leasable stage. The Company accounts for certain tax positions in accordance with ASC 740 “Income Taxes.” ASC No. 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC No. 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has greater than 50% likelihood of being realized upon ultimate settlement. ASC No. 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes and accounting in interim periods and requires increased disclosures. As of September 30, 2015 and December 31, 2014, the Company does not have a liability for uncertain tax positions. Potential interest and penalties associated with such uncertain tax positions would be recorded as a component of the income tax provision. As of September 30, 2015, the tax years ended December 31, 2011 through December 31, 2014 remain open for an audit by the Internal Revenue Service. Management does not believe the Company has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months.
New Accounting Pronouncements	New Accounting Pronouncements - In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014‑08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) (“ASU 2014‑08”). ASU 2014‑08 changes the criteria for a disposal to qualify as a discontinued operation and requires additional disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014‑08 is effective for us on January 1, 2015. This pronouncement has had no impact on our financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014‑15, Presentation of Financial Statements Going Concern (Subtopic 205‑40) In February 2015, the FASB issued ASU No. 2015‑02, Consolidation (Topic 810): Amendments to the Consolidation Analysis

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Summary of Investments in Real Estate	Investments in real estate as of September 30, 2015 and December 31, 2014 are comprised of the following: September 30, 2015 December 31, 2014 Land $ 110,268,834 $ 98,568,755 Land improvements 3,552,861 2,518,785 Buildings 1,191,000 1,191,000 Trees and vines 34,892,618 23,967,899 Development costs 23,395,263 15,435,912 Fixtures and equipment 2,707,197 1,958,160 176,007,773 143,640,511 Less accumulated depreciation (4,946,170 ) (3,535,653 ) Investments in real estate, net $ 171,061,603 $ 140,104,858
Summary of Properties	The Company has the following properties as of September 30, 2015 and December 31, 2014: September 30, December 31, Farm Crops Acquisition Date(s) Acreage Gross/Tillable 2015 Net Book Value 2014 Net Book Value Permanent Crops Kimberly Vineyard Wine grapes Aug.10, 2010/ Dec. 9, 2014 260G / 245T $ 12,630,748 $ 12,753,834 Golden Eagle Ranch Almonds Mar. 9, 2012/ Aug. 14, 2012/ Aug. 18, 2015 1,247G/1,186T 19,562,641 14,878,941 Quail Run Vineyard Wine grapes Nov. 16,2012 240G / 223T 9,613,465 9,348,222 Blue Heron Farms Walnuts Nov. 1, 2013 430G/380T 13,727,828 13,745,511 Falcon Farms Pecans Nov. 14, 2014 1,840G/1,165T 8,226,554 8,122,301 Kingfisher Ranch Pistachios Aug. 21, 2015 623G / 511T 19,834,536 — 83,595,772 58,848,809 Commodity Row Pleasant Plains Farm Corn, soybeans Jul. 9, 2010 1,196G/1,159T $ 8,750,000 $ 8,750,000 Macomb Farm Corn, soybeans Dec. 16, 2010 434G/422T 2,556,612 2,547,230 Tillar Farm Cotton, soybeans, rice May 4, 2011 1,444G/1,248T 4,092,470 4,093,873 Kane County Farms Corn, soybeans Jun. 28, 2011 1,652G/1,617T 17,163,900 17,164,800 32,562,982 32,555,903 Specialty Vegetable Row Sweetwater Farm Vegetables Dec. 30, 2010 1,624G/1,450T $ 5,087,188 $ 5,133,487 Sandpiper Ranch Vegetables and berries Dec. 22, 2011/ Apr. 26, 2012 184G/158T 7,700,996 7,725,487 12,788,184 12,858,974 Development Roadrunner Ranch Seedless citrus Apr. 7, 2011/ Sep. 13, 2011 244G/227T $ 7,146,930 $ 6,653,561 Condor Ranch Lemons and avocados Nov. 30, 2011/ Dec. 16, 2011 786G/261T 9,380,747 8,858,347 Grassy Island Groves Citrus Dec. 27, 2012 623G/451T 4,655,582 3,737,256 Blue Cypress Vegetables Feb. 22, 2013 2,694G/2,036T 11,347,640 10,063,007 Hawk Creek Ranch Pistachios Oct. 14, 2013/ Feb. 25, 2014 524G/425T 7,656,692 5,482,429 Pintail Vineyards Wine grapes Nov.5, 2013 91G/87T 1,927,074 1,046,572 42,114,665 35,841,172 Total $ 171,061,603 $ 140,104,858
Schedule of Fair Value of the Assets Acquired	We determined the fair value of the assets acquired during the nine months ended September 30, 2015 to be as follows: Farm Land Land improvements Trees and Vines Capital expenditures Fixtures and equipment Total purchase price Golden Eagle Ranch II $ 3,700,722 $ 76,031 $ 1,433,846 $ — $ — $ 5,210,599 Kingfisher Ranch 8,017,552 606,973 9,490,873 1,299,592 455,230 19,870,220 $ 11,718,274 $ 683,004 $ 10,924,719 $ 1,299,592 $ 455,230 $ 25,080,819 We determined the fair value of the assets acquired during the nine months ended September 30, 2014 to be as follows: Farm Land Land improvements Fixtures and equipment Total purchase price Hawk Creek Ranch II $ 1,711,929 $ 40,000 $ 20,000 $ 1,771,929

Accrued Expenses and Other Li22

Accrued Expenses and Other Liabilities(Tables)	9 Months Ended
	Sep. 30, 2015
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Accrued dividends payable $ 166,425 $ 197,380 Accrued accounting fees 435,446 442,000 Accrued real estate taxes 365,625 142,436 Accrued legal fees 211,963 824,734 Accrued interest payable 15,485 11,702 Accrued other 758,577 1,238,328 Total $ 1,953,521 $ 2,856,580

Earnings (Loss) Per Share of 23

Earnings (Loss) Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables set forth the computation of basic and diluted earnings per share: For the Three months ended September 30, For the Nine months ended September 30, 2015 2014 2015 2014 Net income (loss) attributable to the Company $ (8,647 ) $ 10,290 $ 471,077 $ 602,096 Denominator for basic & diluted weighted average shares 10,890,847 10,419,996 10,890,847 10,398,726 Basic & diluted earnings per common share $ 0.00 $ 0.00 $ 0.04 $ 0.06

Dividends on Common Stock (Tabl

Dividends on Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Dividends Declared and Paid to Common Stockholders	The Company’s Board of Directors declared and paid the following dividends to common stockholders for the years ended December 31, 2012, 2013 and 2014 and the nine months ended September 30, 2015: Fiscal Year Declaration Date Record Date Payment Date Dividend per Common Share 2012 December 18, 2012 December 18, 2012 December 26, 2012 $ 0.1000 2013 May 28, 2013 June 18, 2013 June 27, 2013 $ 0.1000 December 3, 2013 December 3, 2013 December 23, 2013 0.1250 $ 0.2250 2014 May 20, 2014 May 20, 2014 June 25, 2014 $ 0.1250 December 9, 2014 December 9, 2014 December 30, 2014 0.1250 $ 0.2500 2015 May 19, 2015 June 22, 2015 June 30, 2015 $ 0.1250 October 4, 2015 October 1, 2015 October 8, 2015 0.0625 $ 0.1875

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Schedule of Future Minimum Rents on Non Cancelable Leases	Future minimum rents to be received from tenants under non-cancelable leases in effect at September 30, 2015, are as follows: 2015 - Remainder $ 1,383,000 2016 4,072,000 2017 3,021,000 2018 2,590,000 2019 1,976,000 Thereafter 622,000 $ 13,664,000

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary of Real Estate Investment by Segment	Below is a summary of the investment in real estate, net by segment as of September 30, 2015 and December 31, 2014, respectively. Total Commodity Row Specialty/Vegetable Row Permanent Development September 30, 2015 $ 171,061,603 $ 32,562,982 $ 12,788,184 $ 83,595,772 $ 42,114,665 December 31, 2014 $ 140,104,858 $ 32,555,903 $ 12,858,974 $ 58,848,809 $ 35,841,172
Summary of Operating Income by Segment	Below is a summary of operating income by segment for the three months ended September 30, 2015 and 2014, respectively and the nine months ended September 30, 2015 and 2014, respectively. Three months ended September 30, 2015 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 1,273,446 $ 398,707 $ 192,725 $ 658,414 $ 23,600 $ — Participating rent 545,716 — — 545,716 — — Recovery of real estate taxes 119,545 — 23,803 92,476 3,266 — Other income 20,935 — 3,750 — 17,185 — Total operating revenues 1,959,642 398,707 220,278 1,296,606 44,051 — OPERATING EXPENSES: Depreciation 517,223 927 23,597 414,632 78,067 — Management and performance fees-related party 715,060 — — — — 715,060 Property operating expenses 312,741 63,360 41,285 188,968 19,128 — Professional fees 139,041 — 639 7,746 787 129,869 General and administrative 40,710 — — — — 40,710 Total operating expenses 1,724,775 64,287 65,521 611,346 97,982 885,639 Operating income 234,867 $ 334,420 $ 154,757 $ 685,260 $ (53,931 ) $ (885,639 ) Total other expense 189,311 Net income 45,556 Less net income attributable to non-controlling interests 54,203 Net loss attributable to the Company $ (8,647 ) Three months ended September 30, 2014 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 729,040 $ 398,435 $ 192,725 $ 114,280 $ 23,600 $ — Participating rent 431,884 — — 431,884 — — Recovery of expenses 74,448 — 25,087 46,276 3,085 — Other income 3,750 — 3,750 — — — Total operating revenues 1,239,122 398,435 221,562 592,440 26,685 — OPERATING EXPENSES: Depreciation 395,014 768 24,792 314,139 55,315 — Management and performance fees-related party 413,518 — — — — 413,518 Property operating expenses 231,235 59,357 42,210 101,836 27,832 — Acquisition-related expenses — — — — — — Professional fees 87,537 — — 525 208 86,804 General and administrative 32,380 — — — — 32,380 Total operating expenses 1,159,684 60,125 67,002 416,500 83,355 532,702 Operating income (loss) 79,438 $ 338,310 $ 154,560 $ 175,940 $ (56,670 ) $ (532,702 ) Total other expense 25,365 Net income before gain on sale of land 54,073 Loss on sale of land (6,916 ) Net income 47,157 Less net income attributable to non-controlling interests 36,867 Net income attributable to the Company $ 10,290 Nine months ended September 30, 2015 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 3,809,739 $ 1,196,086 $ 578,175 $ 1,767,419 $ 268,059 $ — Participating rent 2,875,280 — — 2,877,202 (1,922 ) — Recovery of real estate taxes 350,304 — 70,021 270,679 9,604 — Other income 62,735 300 25,250 20,000 17,185 — Total operating revenues 7,098,058 1,196,386 673,446 4,935,300 292,926 — OPERATING EXPENSES: Depreciation 1,410,517 2,462 70,790 1,145,202 192,063 — Management and performance fees-related party 2,739,856 — — — — 2,739,856 Property operating expenses 1,117,155 211,252 123,100 607,892 174,911 — Professional fees 373,352 — 1,701 9,677 2,959 359,015 General and administrative 187,425 — — — — 187,425 Total operating expenses 5,828,305 213,714 195,591 1,762,771 369,933 3,286,296 Operating income (loss) 1,269,753 $ 982,672 $ 477,855 $ 3,172,529 $ (77,007 ) $ (3,286,296 ) Total other expense 401,903 Income before income taxes 867,850 Income tax provision (79,832 ) Net income 788,018 Less net income attributable to non-controlling interests 316,941 Net income attributable to the Company $ 471,077 Nine months ended September 30, 2014 Total Commodity Row Specialty/Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 2,330,893 $ 1,195,304 $ 578,175 $ 342,841 $ 214,573 $ — Participating rent 2,359,923 — — 2,359,793 130 — Recovery of expenses 228,531 — 73,371 145,906 9,254 — Other income 64,225 13,371 11,254 — 39,600 — Total operating revenues 4,983,572 1,208,675 662,800 2,848,540 263,557 — OPERATING EXPENSES: Depreciation 1,130,049 2,303 66,617 896,415 164,714 — Management and performance fees-related party 1,572,905 — — — — 1,572,905 Property operating expenses 929,174 195,544 124,492 330,196 278,942 — Acquisition-related expenses 44,712 — — 220 44,492 — Professional fees 283,682 — 2,166 6,477 3,424 271,615 General and administrative 149,377 — — — — 149,377 Total operating expenses 4,109,899 197,847 193,275 1,233,308 491,572 1,993,897 Operating income (loss) 873,673 $ 1,010,828 $ 469,525 $ 1,615,232 $ (228,015 ) $ (1,993,897 ) Total other expense 66,494 Net income before gain on sale of land 807,179 Gain on sale of land 47,701 Net income 854,880 Less net income attributable to non-controlling interests 252,784 Net income attributable to the Company $ 602,096

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Oct. 9, 2009
Limited partnership ownership percentage	81.10%	80.80%
General partner capital contribution	$ 21,145,000	$ 21,145,000

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Termination date of below-market lease		Dec. 15, 2014
Purchase price allocated to a below-market lease		$ 125,000
Below-market lease is amortized into rental income	$ 27,778		$ 83,333
Impairment of properties		0		$ 0
Impairment of real estate		$ 0		$ 0
Common stock, shares authorized		300,000,000		300,000,000
Common stock, par value		$ 0.01		$ 0.01
Common stock, shares issued		10,890,847		10,436,902
Common stock, shares outstanding		10,890,847		10,436,902
Preferred stock, par value		$ 0.01		$ 0.01
Preferred stock, shares issued		29		29
Preferred stock, shares outstanding		29		29
Provision for income taxation		$ 79,832
Liability for uncertain tax positions		$ 0		$ 0
8% Series A Cumulative Non-Voting Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock, shares authorized		35		35
Preferred stock, par value		$ 0.01		$ 0.01
Preferred stock, shares issued		29		29
Preferred stock, shares outstanding		29		29
Minimum
Significant Accounting Policies [Line Items]
Expected lease up periods		3 months
Percentage of taxable income for distribution		90.00%
Income tax benefit percentage		50.00%
Maximum
Significant Accounting Policies [Line Items]
Expected lease up periods		12 months
Percentage of taxable income for distribution		100.00%
Land Improvements | Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		10 years
Land Improvements | Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		15 years
Buildings
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		25 years
Trees and Vines | Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		1 year
Trees and Vines | Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		30 years
Fixtures and Equipment | Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		5 years
Fixtures and Equipment | Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate		8 years

Investments in Real Estate - Su

Investments in Real Estate - Summary of Investments in real estate (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 110,268,834	$ 98,568,755
Land improvements	3,552,861	2,518,785
Buildings	1,191,000	1,191,000
Trees and vines	34,892,618	23,967,899
Development costs	23,395,263	15,435,912
Fixtures and equipment	2,707,197	1,958,160
Real estate investment property, at cost	176,007,773	143,640,511
Less accumulated depreciation	(4,946,170)	(3,535,653)
Investments in real estate, net	$ 171,061,603	$ 140,104,858

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)a	Aug. 21, 2015USD ($)a	Aug. 18, 2015USD ($)a	Feb. 25, 2014USD ($)a
Real Estate Properties [Line Items]
Depreciation expense		$ 517,223	$ 395,014	$ 1,410,517	$ 1,130,049
Purchase consideration		25,080,819	0	25,080,819	0
Hawk Creek Ranch II
Real Estate Properties [Line Items]
Purchase consideration			1,771,929		1,771,929
California | Pistachios | Hawk Creek Ranch II
Real Estate Properties [Line Items]
Acres of property | a									180
Tillable area of property | a									164
Purchase consideration									$ 1,771,929
Macomb Farm | Illinois
Real Estate Properties [Line Items]
Acres of property | a						518
Payments received for acreage	$ 257,675					$ 1,723,800
(Loss) gain related to expropriation			$ (6,916)		$ 47,701
Macomb Farm | Illinois | Expropriated Property
Real Estate Properties [Line Items]
Acres of property | a						79
Payments received for acreage	61,700					$ 1,106,300
Macomb Farm | Illinois | Property Remaining From Expropriation With Diminished Value
Real Estate Properties [Line Items]
Payments received for acreage	$ 183,650					$ 617,500
Golden Eagle Ranch II | California | Almonds
Real Estate Properties [Line Items]
Acres of property | a								135
Tillable area of property | a								130
Purchase consideration								$ 5,210,599
Kingfisher Ranch
Real Estate Properties [Line Items]
Purchase consideration		$ 19,870,220		$ 19,870,220
Kingfisher Ranch | California | Pistachios
Real Estate Properties [Line Items]
Acres of property | a							623
Tillable area of property | a							511
Purchase consideration							$ 19,870,220

Investments in Real Estate - 31

Investments in Real Estate - Summary of Properties (Details)	9 Months Ended
	Sep. 30, 2015USD ($)a	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investment in real estate—net | $	$ 171,061,603	$ 140,104,858
Permanent Crops
Real Estate Properties [Line Items]
Investment in real estate—net | $	$ 83,595,772	58,848,809
Permanent Crops | Kimberly Vineyard | Wine grapes
Real Estate Properties [Line Items]
Acres of property	260
Acreage Tillable	245
Investment in real estate—net | $	$ 12,630,748	12,753,834
Permanent Crops | Kimberly Vineyard | Wine grapes | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Aug. 10, 2010
Permanent Crops | Kimberly Vineyard | Wine grapes | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Dec. 9, 2014
Permanent Crops | Golden Eagle Ranch | Almonds
Real Estate Properties [Line Items]
Acres of property	1,247
Acreage Tillable	1,186
Investment in real estate—net | $	$ 19,562,641	14,878,941
Permanent Crops | Golden Eagle Ranch | Almonds | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Mar. 9, 2012
Permanent Crops | Golden Eagle Ranch | Almonds | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Aug. 14, 2012
Permanent Crops | Golden Eagle Ranch | Almonds | Acquisition Date 3
Real Estate Properties [Line Items]
Property acquisition date	Aug. 18, 2015
Permanent Crops | Quail Run Vineyard | Wine grapes
Real Estate Properties [Line Items]
Property acquisition date	Nov. 16, 2012
Acres of property	240
Acreage Tillable	223
Investment in real estate—net | $	$ 9,613,465	9,348,222
Permanent Crops | Blue Heron Farms | Walnuts
Real Estate Properties [Line Items]
Property acquisition date	Nov. 1, 2013
Acres of property	430
Acreage Tillable	380
Investment in real estate—net | $	$ 13,727,828	13,745,511
Permanent Crops | Falcon Farms | Pecans
Real Estate Properties [Line Items]
Property acquisition date	Nov. 14, 2014
Acres of property	1,840
Acreage Tillable	1,165
Investment in real estate—net | $	$ 8,226,554	8,122,301
Permanent Crops | Kingfisher Ranch | Pistachios
Real Estate Properties [Line Items]
Property acquisition date	Aug. 21, 2015
Acres of property	623
Acreage Tillable	511
Investment in real estate—net | $	$ 19,834,536
Commodity Row
Real Estate Properties [Line Items]
Investment in real estate—net | $	$ 32,562,982	32,555,903
Commodity Row | Pleasant Plains Farm | Corn, soybeans
Real Estate Properties [Line Items]
Property acquisition date	Jul. 9, 2010
Acres of property	1,196
Acreage Tillable	1,159
Investment in real estate—net | $	$ 8,750,000	8,750,000
Commodity Row | Macomb Farm | Corn, soybeans
Real Estate Properties [Line Items]
Property acquisition date	Dec. 16, 2010
Acres of property	434
Acreage Tillable	422
Investment in real estate—net | $	$ 2,556,612	2,547,230
Commodity Row | Tillar Farm | Cotton, soybeans, rice
Real Estate Properties [Line Items]
Property acquisition date	May 4, 2011
Acres of property	1,444
Acreage Tillable	1,248
Investment in real estate—net | $	$ 4,092,470	4,093,873
Commodity Row | Kane County Farms | Corn, soybeans
Real Estate Properties [Line Items]
Property acquisition date	Jun. 28, 2011
Acres of property	1,652
Acreage Tillable	1,617
Investment in real estate—net | $	$ 17,163,900	17,164,800
Specialty Vegetable Row
Real Estate Properties [Line Items]
Investment in real estate—net | $	$ 12,788,184	12,858,974
Specialty Vegetable Row | Sweetwater Farm | Vegetables
Real Estate Properties [Line Items]
Property acquisition date	Dec. 30, 2010
Acres of property	1,624
Acreage Tillable	1,450
Investment in real estate—net | $	$ 5,087,188	5,133,487
Specialty Vegetable Row | Sandpiper Ranch | Vegetables and berries
Real Estate Properties [Line Items]
Acres of property	184
Acreage Tillable	158
Investment in real estate—net | $	$ 7,700,996	7,725,487
Specialty Vegetable Row | Sandpiper Ranch | Vegetables and berries | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Dec. 22, 2011
Specialty Vegetable Row | Sandpiper Ranch | Vegetables and berries | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Apr. 26, 2012
Development
Real Estate Properties [Line Items]
Investment in real estate—net | $	$ 42,114,665	35,841,172
Development | Roadrunner Ranch | Seedless citrus
Real Estate Properties [Line Items]
Acres of property	244
Acreage Tillable	227
Investment in real estate—net | $	$ 7,146,930	6,653,561
Development | Roadrunner Ranch | Seedless citrus | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Apr. 7, 2011
Development | Roadrunner Ranch | Seedless citrus | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Sep. 13, 2011
Development | Condor Ranch | Lemons and avocados
Real Estate Properties [Line Items]
Acres of property	786
Acreage Tillable	261
Investment in real estate—net | $	$ 9,380,747	8,858,347
Development | Condor Ranch | Lemons and avocados | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Nov. 30, 2011
Development | Condor Ranch | Lemons and avocados | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Dec. 16, 2011
Development | Grassy Island Groves | Citrus
Real Estate Properties [Line Items]
Property acquisition date	Dec. 27, 2012
Acres of property	623
Acreage Tillable	451
Investment in real estate—net | $	$ 4,655,582	3,737,256
Development | Blue Cypress | Vegetables
Real Estate Properties [Line Items]
Property acquisition date	Feb. 22, 2013
Acres of property	2,694
Acreage Tillable	2,036
Investment in real estate—net | $	$ 11,347,640	10,063,007
Development | Hawk Creek Ranch | Pistachios
Real Estate Properties [Line Items]
Acres of property	524
Acreage Tillable	425
Investment in real estate—net | $	$ 7,656,692	5,482,429
Development | Hawk Creek Ranch | Pistachios | Acquisition Date 1
Real Estate Properties [Line Items]
Property acquisition date	Oct. 14, 2013
Development | Hawk Creek Ranch | Pistachios | Acquisition Date 2
Real Estate Properties [Line Items]
Property acquisition date	Feb. 25, 2014
Development | Pintail Vineyards | Wine grapes
Real Estate Properties [Line Items]
Property acquisition date	Nov. 5, 2013
Acres of property	91
Acreage Tillable	87
Investment in real estate—net | $	$ 1,927,074	$ 1,046,572

Investments in Real Estate - Fa

Investments in Real Estate - Fair Value of Assets Acquired (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Total purchase price	$ 25,080,819	$ 0
Hawk Creek Ranch II
Business Acquisition [Line Items]
Total purchase price		1,771,929
Land
Business Acquisition [Line Items]
Total purchase price	11,718,274
Land | Hawk Creek Ranch II
Business Acquisition [Line Items]
Total purchase price		1,711,929
Land Improvements
Business Acquisition [Line Items]
Total purchase price	683,004
Land Improvements | Hawk Creek Ranch II
Business Acquisition [Line Items]
Total purchase price		40,000
Trees and Vines
Business Acquisition [Line Items]
Total purchase price	10,924,719
Capital Expenditures
Business Acquisition [Line Items]
Total purchase price	1,299,592
Fixtures and Equipment
Business Acquisition [Line Items]
Total purchase price	455,230
Fixtures and Equipment | Hawk Creek Ranch II
Business Acquisition [Line Items]
Total purchase price		$ 20,000
Golden Eagle Ranch
Business Acquisition [Line Items]
Total purchase price	5,210,599
Golden Eagle Ranch | Land
Business Acquisition [Line Items]
Total purchase price	3,700,722
Golden Eagle Ranch | Land Improvements
Business Acquisition [Line Items]
Total purchase price	76,031
Golden Eagle Ranch | Trees and Vines
Business Acquisition [Line Items]
Total purchase price	1,433,846
Kingfisher Ranch
Business Acquisition [Line Items]
Total purchase price	19,870,220
Kingfisher Ranch | Land
Business Acquisition [Line Items]
Total purchase price	8,017,552
Kingfisher Ranch | Land Improvements
Business Acquisition [Line Items]
Total purchase price	606,973
Kingfisher Ranch | Trees and Vines
Business Acquisition [Line Items]
Total purchase price	9,490,873
Kingfisher Ranch | Capital Expenditures
Business Acquisition [Line Items]
Total purchase price	1,299,592
Kingfisher Ranch | Fixtures and Equipment
Business Acquisition [Line Items]
Total purchase price	$ 455,230

Accrued Expenses and Other Li33

Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract]
Accrued dividends payable	$ 166,425	$ 197,380
Accrued accounting fees	435,446	442,000
Accrued real estate taxes	365,625	142,436
Accrued legal fees	211,963	824,734
Accrued interest payable	15,485	11,702
Accrued other	758,577	1,238,328
Total	$ 1,953,521	$ 2,856,580

Borrowings Under Credit Facil34

Borrowings Under Credit Facility - Additional Information (Details) - USD ($)	Aug. 18, 2015	Jan. 14, 2015	Dec. 05, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility amount outstanding				$ 52,200,000		$ 52,200,000		$ 20,400,000
Amortization of deferred financing costs						51,409	$ 24,363
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, incurred cost						$ 549,968
Revolving credit facility, one time commitment fees percentage						0.25%
Amortization of deferred financing costs				21,037	$ 9,131	$ 51,409	24,363
Revolving Credit Facility | January 1, 2019 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, initiation date						Dec. 5, 2013
Revolving credit facility, maximum borrowing capacity			$ 25,000,000
Revolving credit facility, interest rate basis points			1.30%
Revolving credit facility, interest rate description						This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% and 0.2552% at September 30, 2015 and December 31, 2014, respectively). The Operating Partnership is required to pay any interest due quarterly in arrears beginning January 1, 2014 and any unpaid interest and drawn principal is due and payable in full on January 1, 2019 (“Maturity Date”).
Revolving credit facility, minimum advance			$ 500,000
Revolving credit facility, non usage fee percentage			0.25%
Percentage of property secured for credit facility borrowing for aggregate appraisal value			50.00%
Revolving credit facility, maturity date			Jan. 1, 2019
Revolving credit facility amount outstanding				25,000,000		$ 25,000,000		$ 20,250,000
Revolving credit facility, fair value of borrowings				25,000,000		$ 25,000,000
Revolving Credit Facility | January 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, initiation date						Jan. 14, 2015
Revolving credit facility, maximum borrowing capacity		$ 25,000,000
Revolving credit facility, interest rate basis points		1.30%
Revolving credit facility, interest rate description						This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% at September 30, 2015). The Operating Partnership is required to pay any interest due quarterly in arrears beginning April 1, 2015 and any unpaid interest and drawn principal is due and payable in full on January 1, 2020 (“Second Maturity Date”).
Revolving credit facility, minimum advance		$ 500,000
Revolving credit facility, non usage fee percentage		0.25%
Percentage of property secured for credit facility borrowing for aggregate appraisal value		50.00%
Revolving credit facility, maturity date		Jan. 1, 2020
Revolving credit facility amount outstanding				25,000,000		$ 25,000,000
Revolving credit facility, fair value of borrowings				$ 25,000,000		$ 25,000,000
Revolving Credit Facility | August 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, initiation date						Aug. 18, 2015
Revolving credit facility, maximum borrowing capacity	$ 25,000,000
Revolving credit facility, interest rate basis points	1.30%
Revolving credit facility, interest rate description						This credit facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (0.3255% at September 30, 2015). The Operating Partnership is required to pay any interest due quarterly in arrears beginning October 1, 2015 and any unpaid interest and drawn principal is due and payable in full on August 1, 2020 (“Third Maturity Date”).
Revolving credit facility, minimum advance	$ 500,000
Revolving credit facility, non usage fee percentage	0.25%
Percentage of property secured for credit facility borrowing for aggregate appraisal value	50.00%
Revolving credit facility, maturity date	Aug. 1, 2020
Revolving credit facility amount outstanding					2,200,000		2,200,000
Revolving credit facility, fair value of borrowings					$ 2,200,000		$ 2,200,000
Revolving Credit Facility | LIBOR | January 1, 2019 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate						0.3255%		0.2552%
Revolving Credit Facility | LIBOR | January 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate						0.3255%
Revolving Credit Facility | LIBOR | August 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate						0.3255%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Professional fees	$ 139,041	$ 87,537	$ 373,352	$ 283,682
American Farmland Advisors LLC
Related Party Transaction [Line Items]
Management fee description in operating partnership			Prior to the Internalization Transaction, the limited partnership agreement of the Operating Partnership provided that the Operating Partnership pay AFA a management fee in arrears calculated at the annual rate of (i) 1% of the Company’s share of the Gross Asset Value, as defined, of the Operating Partnership as of the end of the immediately preceding calendar quarter and (ii) 0.5% of the Founders’ share of the Gross Asset Value of the Operating Partnership as of the end of the immediately preceding calendar quarter.
Management fee	457,794	329,714	$ 1,276,061	965,714
Sub advisory fee to be paid by general partner as percentage of appraised value of properties			1.00%
Performance fee on funds from operations	113,677	73,610	$ 522,436	360,554
Performance fee on net capital appreciation realized and unrealized	143,588	10,194	941,359	246,637
Professional fees	$ 7,500	$ 7,500	$ 22,500	$ 22,500
American Farmland Advisors LLC | Company Capital Account
Related Party Transaction [Line Items]
Performance fee on funds from operations, percent fee			15.00%
Additional performance fee, net capital appreciation			Two-thirds of 15%
Additional performance fee, net realized capital appreciation			One-third of 15%
American Farmland Advisors LLC | Founder's Capital Account
Related Party Transaction [Line Items]
Performance fee on funds from operations, percent fee			10.00%
Additional performance fee, net capital appreciation			Two-thirds of 10%
Additional performance fee, net realized capital appreciation			One-third of 10%

Earnings (Loss) Per Share of 36

Earnings (Loss) Per Share of Common Stock - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) attributable to the Company	$ (8,647)	$ 10,290	$ 471,077	$ 602,096
Denominator for basic & diluted weighted average shares	10,890,847	10,419,996	10,890,847	10,398,726
Basic & diluted earnings per common share	$ 0	$ 0	$ 0.04	$ 0.06

Earnings (Loss) Per Share of 37

Earnings (Loss) Per Share of Common Stock - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015shares
Earnings Per Share [Abstract]
Dilutive securities outstanding	0

Dividends on Common Stock - Sch

Dividends on Common Stock - Schedule of Dividends Declared and Paid to Common Stockholders (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends Payable [Line Items]
Declaration Date				Dec. 18, 2012
Record Date	Oct. 1, 2015			Dec. 18, 2012
Payment Date	Oct. 8, 2015			Dec. 26, 2012
Dividend per Common Share	$ 0.1875	$ 0.2500	$ 0.2250	$ 0.1000
Dividend Payment One
Dividends Payable [Line Items]
Declaration Date	May 19, 2015	May 20, 2014	May 28, 2013
Record Date	Jun. 22, 2015	May 20, 2014	Jun. 18, 2013
Payment Date	Jun. 30, 2015	Jun. 25, 2014	Jun. 27, 2013
Dividend per Common Share	$ 0.1250	$ 0.1250	$ 0.1000
Dividend Payment Two
Dividends Payable [Line Items]
Declaration Date	Oct. 4, 2015	Dec. 9, 2014	Dec. 3, 2013
Record Date	Oct. 1, 2015	Dec. 9, 2014	Dec. 3, 2013
Payment Date	Oct. 8, 2015	Dec. 30, 2014	Dec. 23, 2013
Dividend per Common Share	$ 0.0625	$ 0.1250	$ 0.1250

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rents on Non Cancelable Leases (Details)	Sep. 30, 2015USD ($)
Leases Operating [Abstract]
2015 - Remainder	$ 1,383,000
2,016	4,072,000
2,017	3,021,000
2,018	2,590,000
2,019	1,976,000
Thereafter	622,000
Total	$ 13,664,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Leases Operating [Abstract]
Participating rent	$ 545,716	$ 431,884	$ 2,875,280	$ 2,359,923

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting [Abstract]
Number of reporting segments	4

Segment Information - Summary o

Segment Information - Summary of Real Estate Investment by Segment (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Investment in real estate—net	$ 171,061,603	$ 140,104,858
Commodity Row
Segment Reporting Information [Line Items]
Investment in real estate—net	32,562,982	32,555,903
Specialty Vegetable Row
Segment Reporting Information [Line Items]
Investment in real estate—net	12,788,184	12,858,974
Permanent
Segment Reporting Information [Line Items]
Investment in real estate—net	83,595,772	58,848,809
Development
Segment Reporting Information [Line Items]
Investment in real estate—net	$ 42,114,665	$ 35,841,172

Segment Information - Summary43

Segment Information - Summary of Operating Income by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING REVENUES
Fixed rent	$ 1,273,446	$ 729,040	$ 3,809,739	$ 2,330,893
Participating rent	545,716	431,884	2,875,280	2,359,923
Recovery of real estate taxes	119,545	74,448	350,304	228,531
Other income	20,935	3,750	62,735	64,225
Total operating revenues	1,959,642	1,239,122	7,098,058	4,983,572
OPERATING EXPENSES
Depreciation	517,223	395,014	1,410,517	1,130,049
Management and performance fees—related party	715,060	413,518	2,739,856	1,572,905
Property operating expenses	312,741	231,235	1,117,155	929,174
Acquisition-related expenses				44,712
Professional fees	139,041	87,537	373,352	283,682
General and administrative expenses	40,710	32,380	187,425	149,377
Total operating expenses	1,724,775	1,159,684	5,828,305	4,109,899
OPERATING INCOME	234,867	79,438	1,269,753	873,673
Total other expense	189,311	25,365	401,903	66,494
INCOME BEFORE (LOSS) GAIN ON SALE OF LAND	45,556	54,073	867,850	807,179
(Loss) gain on sale of land		(6,916)		47,701
INCOME BEFORE INCOME TAXES	45,556	47,157	867,850	854,880
Income tax provision			(79,832)
NET INCOME	45,556	47,157	788,018	854,880
Less net income attributable to non-controlling interests	54,203	36,867	316,941	252,784
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(8,647)	10,290	471,077	602,096
Operating Segments | Commodity Row
OPERATING REVENUES
Fixed rent	398,707	398,435	1,196,086	1,195,304
Other income			300	13,371
Total operating revenues	398,707	398,435	1,196,386	1,208,675
OPERATING EXPENSES
Depreciation	927	768	2,462	2,303
Property operating expenses	63,360	59,357	211,252	195,544
Total operating expenses	64,287	60,125	213,714	197,847
OPERATING INCOME	334,420	338,310	982,672	1,010,828
Operating Segments | Specialty Vegetable Row
OPERATING REVENUES
Fixed rent	192,725	192,725	578,175	578,175
Recovery of real estate taxes	23,803	25,087	70,021	73,371
Other income	3,750	3,750	25,250	11,254
Total operating revenues	220,278	221,562	673,446	662,800
OPERATING EXPENSES
Depreciation	23,597	24,792	70,790	66,617
Property operating expenses	41,285	42,210	123,100	124,492
Professional fees	639		1,701	2,166
Total operating expenses	65,521	67,002	195,591	193,275
OPERATING INCOME	154,757	154,560	477,855	469,525
Operating Segments | Permanent
OPERATING REVENUES
Fixed rent	658,414	114,280	1,767,419	342,841
Participating rent	545,716	431,884	2,877,202	2,359,793
Recovery of real estate taxes	92,476	46,276	270,679	145,906
Other income			20,000
Total operating revenues	1,296,606	592,440	4,935,300	2,848,540
OPERATING EXPENSES
Depreciation	414,632	314,139	1,145,202	896,415
Property operating expenses	188,968	101,836	607,892	330,196
Acquisition-related expenses				220
Professional fees	7,746	525	9,677	6,477
Total operating expenses	611,346	416,500	1,762,771	1,233,308
OPERATING INCOME	685,260	175,940	3,172,529	1,615,232
Operating Segments | Development
OPERATING REVENUES
Fixed rent	23,600	23,600	268,059	214,573
Participating rent			(1,922)	130
Recovery of real estate taxes	3,266	3,085	9,604	9,254
Other income	17,185		17,185	39,600
Total operating revenues	44,051	26,685	292,926	263,557
OPERATING EXPENSES
Depreciation	78,067	55,315	192,063	164,714
Property operating expenses	19,128	27,832	174,911	278,942
Acquisition-related expenses				44,492
Professional fees	787	208	2,959	3,424
Total operating expenses	97,982	83,355	369,933	491,572
OPERATING INCOME	(53,931)	(56,670)	(77,007)	(228,015)
Corporate
OPERATING EXPENSES
Management and performance fees—related party	715,060	413,518	2,739,856	1,572,905
Professional fees	129,869	86,804	359,015	271,615
General and administrative expenses	40,710	32,380	187,425	149,377
Total operating expenses	885,639	532,702	3,286,296	1,993,897
OPERATING INCOME	$ (885,639)	$ (532,702)	$ (3,286,296)	$ (1,993,897)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Oct. 23, 2015	Oct. 19, 2015	Oct. 09, 2015	Sep. 30, 2015	Dec. 31, 2012	Oct. 01, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Record date				Oct. 1, 2015	Dec. 18, 2012
Payment date				Oct. 8, 2015	Dec. 26, 2012
Preferred stock, shares outstanding				29			29
Subsequent Events
Subsequent Event [Line Items]
Dividend declared per share						$ 0.0625
Dividend payable amount						$ 680,678
Aggregate amount paid			$ 135,940
Percentage of annual sub-advisory fee	1.00%
Initial public offering fee description	Additionally, because the initial public offering raised less than $84.75 million, there will be additional make-whole payments calculated, (i) for the acquisition fee based on 2% of the difference between $84.75 million and the gross proceeds raised, (ii) for the management fee based on 1% of the difference between $84.75 million and the gross proceeds raised and (iii) such payments are based on capital raised between October 31, 2014 and six months after the date of this offering. Any acquisition fee make-whole payments will be paid as acquisitions occur and any management fee make-whole payments will be paid quarterly in arrears until such time that the difference in capital has been raised by the Company (whether by additional equity issuance or through debt sources).
Acquisition fee percentage	2.00%
Management fee percentage	1.00%
Redemption price per share	$ 1,100
Repayment of amount outstanding	$ 25,000,000
Subsequent Events | Maximum
Subsequent Event [Line Items]
Proceeds from issuance initial public offering	$ 84,750,000
Subsequent Events | Underwriting Agreement
Subsequent Event [Line Items]
Issuance of stock— securities sales (in shares)		6,000,000
Share price		$ 8
Proceeds net of underwriting discounts and other offering costs		$ 39,200,000
Subsequent Events | Contribution Agreement | American Farmland Advisors LLC
Subsequent Event [Line Items]
Common units received	986,438
Consideration amount	$ 8,900,000