American Farmland 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 10, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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		19,609,309

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS:
Investments in real estate—net	$ 228,719,443	$ 171,342,731
Cash and cash equivalents	1,810,045	14,518,788
Rent receivable	2,276,672	1,766,254
Deferred financing costs, net	459,885	558,992
Other assets	514,019	2,099,336
Total assets	233,780,064	190,286,101
LIABILITIES:
Borrowings under credit facilities	75,000,000	27,200,000
Accrued expenses and other liabilities	4,418,386	2,377,305
Legacy performance fee payable to Agricultural Sub-Adviser		1,106,307
Unearned rent	2,398,201	834,858
Total liabilities	81,816,587	31,518,470
Commitments and contingencies
EQUITY:
Common stock, $0.01 par value—300,000,000 shares authorized; 16,921,897 shares issued and outstanding at September 30, 2016 and 16,890,847 shares issued and outstanding at December 31, 2015	169,219	168,908
Additional paid-in-capital	150,091,942	149,846,969
Accumulated deficit	(23,575,304)	(17,644,793)
Company stockholders’ equity	126,685,857	132,371,084
Non-controlling interests in operating partnership	25,277,620	26,396,547
Total equity	151,963,477	158,767,631
Total liabilities and equity	$ 233,780,064	$ 190,286,101

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
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	16,921,897	16,890,847
Common stock, shares outstanding	16,921,897	16,890,847

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING REVENUES:
Fixed rent	$ 2,227,244	$ 1,273,446	$ 6,603,778	$ 3,809,739
Participating rent	1,978,045	545,716	2,670,162	2,875,280
Recovery of real estate taxes	235,255	119,545	642,605	350,304
Other income	56,411	20,935	83,911	62,735
Total operating revenues	4,496,955	1,959,642	10,000,456	7,098,058
OPERATING EXPENSES:
Depreciation	1,114,400	517,223	3,178,372	1,410,517
Management and performance fees—related party		715,060		2,739,856
Property operating expenses	653,598	312,741	1,825,464	1,117,155
Due diligence costs on non-consummated transactions			136,862
Professional fees	2,321,976	139,041	3,166,545	373,352
Sub-advisory fees	686,797		2,132,930
General and administrative expenses	913,286	40,710	3,607,526	187,425
Total operating expenses	5,690,057	1,724,775	14,047,699	5,828,305
OPERATING (LOSS) INCOME	(1,193,102)	234,867	(4,047,243)	1,269,753
Interest income	(347)	(302)	(2,026)	(1,200)
Interest expense and financing costs	422,456	189,613	1,240,039	403,103
Total other expense	422,109	189,311	1,238,013	401,903
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	(1,615,211)	45,556	(5,285,256)	867,850
Gain on sale of assets	2,170,720		2,163,462
INCOME (LOSS) BEFORE INCOME TAXES	555,509	45,556	(3,121,794)	867,850
Income tax provision	0	0	141,747	79,832
NET INCOME (LOSS)	555,509	45,556	(3,263,541)	788,018
Less net income (loss) attributable to non-controlling interests	89,952	54,203	(505,886)	316,941
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 465,557	$ (8,647)	$ (2,757,655)	$ 471,077
EARNINGS (LOSS) PER WEIGHTED AVERAGE COMMON SHARE:
Basic and diluted	$ 0.03	$ 0	$ (0.16)	$ 0.04
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted	16,921,897	10,890,847	16,914,984	10,890,847

Consolidated Statements Changes

Consolidated Statements Changes in Equity (Unaudited) - USD ($)	Total	Pre Offering	Common Stock	Common StockPre Offering	Additional Paid in Capital	Additional Paid in CapitalPre Offering	Accumulated Deficit	Non-Controlling Interests
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 (loss)	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
Beginning Balance at Dec. 31, 2015	$ 158,767,631		168,908		149,846,969		(17,644,793)	26,396,547
Beginning Balance (in shares) at Dec. 31, 2015	16,890,847
Share based compensation	$ 219,146		311		218,835
Share based compensation (in shares)	31,050
Offering cost reversal	$ 26,138				26,138
Net income (loss)	(3,263,541)						(2,757,655)	(505,886)
Dividends and distributions	(3,785,897)						(3,172,856)	(613,041)
Ending Balance at Sep. 30, 2016	$ 151,963,477		$ 169,219		$ 150,091,942		$ (23,575,304)	$ 25,277,620
Ending Balance (in shares) at Sep. 30, 2016	16,921,897

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (3,263,541)	$ 788,018
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	3,178,372	1,410,517
Gain on sale of assets	(2,163,462)
Amortization of deferred financing costs	101,784	51,409
Share based compensation	219,146
Changes in operating assets and liabilities:
Decrease in other assets	85,317	51,467
(Increase) decrease in rent receivable	(510,418)	1,139,287
Increase (decrease) in unearned rent	1,563,343	(628,682)
Increase (decrease) in accrued expenses and other liabilities	1,744,143	(283,166)
Decrease in Legacy performance fee payable to Agricultural Sub-Adviser	(1,106,307)
Increase in performance fee payable to AFA		232,397
Increase in management fee payable to AFA		126,651
Net cash (used in) provided by operating activities	(151,623)	2,887,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of real estate investments	(63,525,430)	(25,080,819)
Capital expenditures on real estate investments	(3,689,838)	(7,286,443)
Proceeds from sale of assets	10,777,806
Net cash used in investing activities	(56,437,462)	(32,367,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit facility	53,750,000	31,800,000
Repayment of borrowings under credit facility	(5,950,000)
Offering costs paid	(50,000)	(4,398,803)
Financing costs paid	(2,677)	(366,980)
Dividends paid to shareholders	(3,253,940)	(1,392,311)
Distributions paid to non-controlling interests	(613,041)	(300,937)
Net cash provided by financing activities	43,880,342	25,340,969
Net decrease in cash and cash equivalents	(12,708,743)	(4,138,395)
Cash and cash equivalents at beginning of period	14,518,788	7,466,642
Cash and cash equivalents at end of period	1,810,045	3,328,247
NONCASH INVESTING ACTIVITIES:
Deposits for real estate investments paid in 2015, which closed in 2016	1,500,000
Capital expenditures payable in subsequent period	607,104
NONCASH FINANCING ACTIVITIES:
Dividends declared in one period and paid in subsequent period	139,870	166,425
Subscriptions received in prior year		5,250,000
Deferred offering costs		3,809,333
SUPPLEMENTAL DISCLOSURE
Cash interest paid	1,113,426	$ 347,910
Cash paid for income taxes	$ 86,016

Organization

Organization	9 Months Ended
	Sep. 30, 2016
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 the purpose 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 83.8% of the limited partnership interests in the Operating Partnership as of September 30, 2016 and December 31, 2015. 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. American Farmland TRS LLC (“AFC TRS LLC”), a Delaware limited liability company, was formed originally to hold part of the interest in AFA held by one of the owners of AFA and was acquired by the Operating Partnership as part of the Internalization Transaction. We have elected for AFC TRS LLC to be taxed as a taxable REIT subsidiary (“TRS”). Its income currently consists of its share of the income earned by AFA. Since we indirectly own 100% of the voting securities of AFC TRS LLC, the financial position and results of operations of AFC TRS LLC are consolidated within our financial statements. AFCO CA TRS LLC (“California TRS”), a Delaware limited liability company, was formed to acquire the non-real estate related assets from one of our 2015 acquisitions upon the expiration of the lease with the tenant or earlier under certain circumstances. We have elected for California TRS to be taxed as a TRS. It is currently anticipated that its income will predominately consist of fees earned from the renting of the non-real estate related assets at the end of the lease with the current tenant. Since we indirectly own 100% of the voting securities of California TRS, the financial position and results of operations of California TRS are consolidated within our financial statements. All subsequent references in this report to the “Company,” “we,” “us” and “our” refer, collectively, to American Farmland Company, the Operating Partnership, AFA and the Operating Partnership’s subsidiaries, unless the context otherwise requires or where otherwise indicated. On October 19, 2015, the Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-11, as amended (File No. 333-205260) in connection with the Company’s initial public offering, pursuant to which it registered and sold 6,000,000 shares of the Company’s common stock, including 419,900 shares pursuant to a directed shares program, at a public offering price of $8.00 per share, which closed on October 23, 2015 (the “Offering”). The Offering resulted in gross proceeds of approximately $48 million and net proceeds, after deducting underwriting discounts and offering expenses borne by the Company, of approximately $39.2 million. On September 12, 2016, the Company and the Operating Partnership entered into a definitive agreement and plan of merger with Farmland Partners Inc. (“FPI”), Farmland Partners Operating Partnership, LP (“ Farmland Partners OP”), and certain of their respective subsidiaries, pursuant to which the Company will merge with and into one of FPI’s wholly owned subsidiaries with such wholly owned subsidiary of FPI surviving the merger, which we refer to as the “company merger.” At the effective time of the company merger, each share of the Company’s common stock, issued and outstanding immediately prior to the effective time of the company merger (other than any shares of the Company’s common stock owned by any wholly owned subsidiary of the Company or by FPI or Farmland Partners OP or any wholly owned subsidiary of FPI or Farmland Partners OP), will be automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of FPI common stock, which we refer to as the “company merger consideration.” In addition, in connection with the company merger, each outstanding Company restricted stock unit that has become fully earned and vested in accordance with its terms will, at the effective time of the company merger, be converted into the right to receive the company merger consideration. Pursuant to the merger agreement and prior to the company merger, a Farmland Partners OP subsidiary will merge with and into the Operating Partnership, with the Operating Partnership surviving as a wholly owned subsidiary of FPI, which we refer to as the “partnership merger.” At the effective time of the partnership merger, each common unit of limited partnership interest in the Operating Partnership issued and outstanding immediately prior to the effective time of the partnership merger, will be automatically converted into the right to receive, subject to certain adjustments, 0.7417 Class A common units of limited partnership interest in Farmland Partners OP. The closing of the partnership merger and the company merger, which we refer to collectively as the “mergers,” is conditioned, among other things, upon the requisite approval of the company merger by the holders of the Company’s common stock and the holders of FPI’s common stock and the requisite approval of the issuance of shares of FPI common stock in connection with the company merger by holders of shares of FPI’s common stock. In addition to those stockholder approvals, the closing of the mergers is subject to other customary closing conditions. Accordingly, there is no assurance that the mergers will occur on the terms described herein, or at all. See “Item 1A Risk Factors” included in this Quarterly Report on Form 10-Q. The Company has expensed $2,042,386 and $2,241,738 for the three months and nine months ended September 30, 2016, respectively, in professional fees and other costs associated with its strategic alternatives review process and the negotiation of the mergers. Subject to the satisfaction of all of the conditions to closing, including the receipt of the separate stockholder approvals, the transactions contemplated by the merger agreement, including the mergers, are expected to close in the first quarter of 2017. For information regarding the mergers and related matters, please refer to the Company’s other filings with the SEC that have been made in connection with the proposed mergers, including the Registration Statement on Form S-4 filed by FPI with the SEC on October 3, 2016 and the Current Report on Form 8-K filed with the SEC on September 12, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
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 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 interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. 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. Cash and Cash Equivalents — The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. There were no such cash equivalents at September 30, 2016 and December 31, 2015. 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 seven to eighteen years for land improvements, twenty‑five to thirty years for buildings, five to thirty years for trees and vines, and five to 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. The Internalization Transaction included, among other things, the acquisition of AFA. The Internalization Transaction was treated as a business combination under ASC 805, and the excess of the consideration over the fair value of the net liabilities assumed from AFA together with transaction costs associated with the Internalization Transaction were expensed in the fourth quarter of 2015. 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 or liabilities 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. The value of in-place leases is 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 associated intangibles will be immediately charged to the related income or expense. There were no above-market or below-market in-place lease intangibles as of September 30, 2016 and December 31, 2015. 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, 2016 or December 31, 2015 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. Earnings Per Share — Basic earnings per share is calculated by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants (if applicable) or shares that would be issued in the event that Common Units are redeemed for shares of common stock. No adjustment is made for shares that are anti-dilutive during a period. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later). 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 capital accounts of affiliates of the members of AFA (the “Founders”), the interests acquired by the owners of AFA pursuant to the Internalization Transaction and until October 23, 2015, 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. Rent Receivable — Rent receivable is presented at face value, net of the allowance for doubtful accounts, if any. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $0 as of September 30, 2016 and December 31, 2015. Deferred Financing Costs — Deferred financing costs consist of costs incurred to obtain financing, including legal fees, up-front commitment fees, administrative fees and in some cases, mortgage recording taxes. Costs associated with our borrowings are deferred and amortized over the terms of the respective credit facilities using the straight-line method, which approximates the effective interest method. Accumulated amortization of deferred financing costs was $218,577 and $116,793 as of September 30, 2016 and December 31, 2015, respectively. Total amortization expense related to deferred financing costs amounting to $101,784 and $51,409 for the nine months ended September 30, 2016 and 2015, respectively, is included in interest expense and financing costs on the accompanying consolidated statements of operations. See Note 6, “Borrowings under Credit Facilities,” for further discussion on these related financings. Other Assets — Other assets primarily comprise prepaid expenses, deposits on potential farm acquisitions ($0 as of September 30, 2016 and $1.5 million as of December 31, 2015), deposits on trees to be acquired for development purposes and other miscellaneous receivables. 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. In certain instances the Company receives base rental income from leases that commenced with the crop year which can be prior to the effective date of the lease. The rental income relating to the period prior to the effective date of the lease is recorded as unearned rent and amortized into rental income over the lease term. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to 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, or crop insurance 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. 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. Unearned Rent — A number of the Company’s tenant leases, particularly in the commodity row crop segment, require that tenants pay the full annual rent in advance of planting, or in two semi-annual installments. For such leases, the advance rent for future periods is recorded to unearned rent as a liability, and is then recorded to income over the periods represented by the payment received. In addition, as more fully described in “Operating Revenues” above, cash received relating to the period prior to the effective date of a lease is recorded as unearned rent and is released to rental income over the life of the lease. In the first quarter of 2016, the Company received cash rents in advance of the lease commencement dates for the new leases executed for the Sun Dial properties, and these advance rents were recorded to unearned rent. The aggregate unearned rent balance on the consolidated balance sheet was $2,398,201 and $834,858 as of September 30, 2016 and December 31, 2015, respectively. 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 of 1986, as amended (the “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 consolidated statement of operations includes $0, for the three months ended September 30, 2016 and 2015, and $141,747 and $79,832, respectively, for the nine months ended September 30, 2016 and 2015, as a provision for income taxation resulting from prohibited transactions. The prohibited transactions arise from revenue received from the sale of crops grown on farms undergoing development before the trees become fully mature and the farms become leasable. The income tax provision reported represents the 100% tax attributed to the prohibited transactions of the Company. Additionally, the Company consolidates within its financial statements the results of two TRSs, AFC TRS LLC and California TRS. The income taxes arising from these two TRSs have been de minimis to date. 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, 2016 and December 31, 2015, 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, 2016, the tax years ended December 31, 2012 through December 31, 2015 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 May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014‑09”). ASU 2014‑09 provides additional guidance for management to reassess revenue recognition as it relates to: (1) transfer of control, (2) variable consideration, (3) allocation of transaction price based on relative standalone selling price, (4) licenses, (5) time value of money and (6) contract costs. Further disclosures will be required to provide a better understanding of revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts. ASU 2014‑09 is effective for us on January 1, 2018, with early adoption permitted as of January 1, 2017. We are currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements. 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 In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2015, the FASB issued ASU No. 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued an update (“ASU 2016-09”), Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compensation In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
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. The Company does not have any assets or liabilities carried at fair value on a recurring basis. See Note 6 for a discussion of the estimated fair value of the Company’s borrowings under its credit facilities.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Investments in Real Estate	4. INVESTMENTS IN REAL ESTATE Investments in real estate as of September 30, 2016 and December 31, 2015 are comprised of the following: September 30, 2016 December 31, 2015 Land $ 144,854,485 $ 110,263,183 Land improvements 7,984,183 4,619,110 Buildings 1,449,484 1,191,000 Trees and vines 61,938,086 36,746,042 Development costs 14,721,574 19,892,332 Fixtures and equipment 6,113,869 3,898,916 237,061,681 176,610,583 Less accumulated depreciation (8,342,238 ) (5,267,852 ) Investments in real estate, net $ 228,719,443 $ 171,342,731 Depreciation expense for the three months ended September 30, 2016 and 2015 was $1,114,400 and $517,223, respectively. Depreciation expense for the nine months ended September 30, 2016 and 2015 was $3,178,372 and $1,410,517, respectively. Real Estate Activity Real Estate Activity for the Nine Months Ended September 30, 2016 On January 27, 2016, the Company closed on the acquisition of a portfolio of mature permanent crop properties aggregating to approximately 2,186 gross acres and approximately 1,718 net plantable acres for a combined purchase price of $63,513,000, from Sun Dial, LLC and affiliates (the “Sun Dial” properties or acquisition). The Company incurred $1,512,430 in acquisition costs associated with this purchase. The purchase of these properties has been accounted for as an asset acquisition, and accordingly, the acquisition costs were capitalized as part of the purchase price of the assets acquired. The seven properties are located across multiple counties in California, each with its own on-site water well(s) and/or surface water, and are being operated as four distinct farms (Cougar Ranch, Cheetah Ranch, Puma Ranch and Lynx Ranch) based on crop type and location. Crops planted include almonds, lemons, mandarins and several other fresh citrus varieties as well as a small planting of prunes. Green Leaf LLC, an affiliate of Sun Dial, LLC, and its affiliates (“Green Leaf”), which is also our tenant on Golden Eagle Ranch, executed operating lease agreements contemporaneously with the Sun Dial acquisition to operate all four farms. We determined the allocation of the purchase price of the Sun Dial assets acquired during the first quarter of 2016 to be as follows: Farm Land Land improvements Buildings Trees and vines Fixtures and equipment Development costs Total purchase price Cougar Ranch $ 9,841,520 $ 245,743 $ — $ 7,383,550 $ 163,829 $ — $ 17,634,642 Cheetah Ranch 9,992,492 1,013,862 258,484 6,973,733 675,908 — 18,914,479 Puma Ranch 10,365,397 706,295 — 6,166,743 470,863 468,337 18,177,635 Lynx Ranch 6,652,750 245,558 — 3,236,661 163,705 — 10,298,674 $ 36,852,159 $ 2,211,458 $ 258,484 $ 23,760,687 $ 1,474,305 $ 468,337 $ 65,025,430 On July 27, 2016, the Company completed the sale of its Hawk Creek Ranch development property for a gross sales price of $11,250,000. The net proceeds (net of transaction costs) of $ Real Estate Activity for the Nine Months Ended September 30, 2015 The Company did not close on any acquisitions in the first two quarters of 2015. On August 18, 2015, the Company closed on a second tranche of a property for Golden Eagle Ranch located in Merced County, California (135 gross acres—130 tillable) for the purchase price of $5,135,000. The Company incurred $72,139 in acquisition costs associated with this purchase. 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 (623 gross acres—511 tillable) for the purchase price of $19,637,000. The Company incurred $231,029 in acquisition costs associated with this purchase. The property is planted with pistachios. The purchase of this property was treated as an asset acquisition. We determined the allocation of the purchase price of the assets acquired during the period ended September 30, 2015 to be as follows: Farm Land Land improvements Trees and vines Development costs Fixtures and equipment Total purchase price Golden Eagle Ranch (second tranche) $ 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

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 Accrued dividends payable $ 139,870 $ 220,954 Accrued accounting fees 536,510 450,000 Accrued sub-advisory fees 686,797 497,777 Accrued real estate taxes 438,209 235,272 Accrued legal fees 743,754 105,795 Accrued interest payable 8,509 26,719 Accrued offering costs — 76,138 Accrued other 1,864,737 764,650 Total $ 4,418,386 $ 2,377,305

Borrowings Under Credit Facilit

Borrowings Under Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Borrowings Under Credit Facility	6. BORROWINGS UNDER CREDIT FACILITY On December 5, 2013, the Company entered into a $25.0 million revolving credit facility, arranged by Rutledge Investment Company (“Rutledge”), to provide funds for potential acquisitions, development of existing properties and other corporate purposes. The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (“LIBOR”) (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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 the facility is $500,000 and may be repaid at any time prior to the Maturity Date. The credit facility is secured by a first mortgage over, and assignment of leases from, Pleasant Plains Farm, Macomb Farm, Kane County Farms, Sweetwater Farm and Tillar Farm properties. The Company pays a 0.25% per annum non usage fee. There was $25.0 million outstanding under this credit facility at September 30, 2016 and no amount outstanding under this credit facility at December 31, 2015. On January 14, 2015, the Company entered into a second $25.0 million revolving credit facility, arranged by Rutledge, to provide funds for potential acquisitions, development of existing properties and other corporate purposes. The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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 the facility is $500,000 and may be repaid at any time prior to the Second Maturity Date. The credit facility is secured by a first mortgage over and assignment of leases from Quail Run Vineyard, the first tranche of Golden Eagle Ranch and Blue Heron Farms properties. The Company pays a 0.25% per annum non‑usage fee. The amount outstanding under this credit facility at September 30, 2016 and at December 31, 2015 was $25.0 million. On August 18, 2015, the Company entered into a third $25.0 million revolving credit facility, arranged by Rutledge, to provide funds for potential acquisitions, development of existing properties and other corporate purposes. The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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 the facility is $500,000 and may be repaid at any time prior to the Third Maturity Date. The credit facility is secured by a first mortgage over and assignment of leases from the second tranche of Kimberly Vineyard, Roadrunner Ranch, Condor Ranch, Blue Cypress Farm, Grassy Island Groves and Falcon Farms properties. The Company pays a 0.25% per annum non‑usage fee. There was $25.0 million outstanding under this credit facility at September 30, 2016 and $2.2 million outstanding under this credit facility at December 31, 2015. On December 22, 2015, the Company entered into a fourth revolving credit facility in the amount of $15.0 million, arranged by Rutledge, to provide funds for potential acquisitions, development of existing properties and other corporate purposes. The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company is required to pay any interest due quarterly in arrears beginning April 1, 2016 and any unpaid interest and drawn principal is due and payable in full on January 1, 2021 (“Fourth Maturity Date”). The minimum advance under the terms of the facility is $500,000 and may be repaid at any time prior to the Fourth Maturity Date. The credit facility is secured by a first mortgage over and assignment of leases from Kingfisher Ranch, Sandpiper Ranch and Hawk Creek Ranch properties. Hawk Creek Ranch was sold in the third quarter of 2016 and accordingly, no longer secures the fourth revolving credit facility. The Company pays a 0.25% per annum non‑usage fee. There were no amounts outstanding under this credit facility at September 30, 2016 or December 31, 2015. The fair value of the borrowings under the credit facilities fall within Level 3 of the fair value hierarchy. We believe the fair value of the borrowings under the credit facilities as of September 30, 2016 and December 31, 2015 were approximately comparable to our carrying values at each respective date because (i) the revolving nature of the borrowings allows prepayment at the Company’s option at any time, (ii) the borrowings bear interest at a variable rate, and (iii) the spread on all the borrowings did not change throughout the quarter. Pursuant to an amendment to the credit facilities entered into in December 2015, the Company is required to maintain loan to value ratios of (i) 50% or less measured by the aggregate amount payable to the lender by the Company pursuant to all four existing credit facilities compared to the aggregate appraised value of the properties pledged as security under the four credit facilities and (ii) 60% or less measured by the amount payable to the lender by the Company pursuant to each individual credit facility compared to the appraised value of all of the properties pledged as security under each respective credit facility. In addition, aggregate indebtedness of the Company must be less than 40% of the aggregate value of the Company’s investment in real estate. The values used to determine compliance with the covenants are based on independent third-party appraisals performed at least annually. We believe we are in compliance with the covenants of each of these credit facilities.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
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 and nine months ended September 30, 2015 amounted to $457,794 and $1,276,061, respectively. Prior to the Internalization Transaction, AFA utilized the management fees it received from the Operating Partnership to pay the Agricultural Sub-Adviser their fees. After the Internalization Transaction, AFA became an indirectly and directly wholly-owned subsidiary of the Operating Partnership and continues to pay the Agricultural Sub-Adviser a sub-advisory fee (see below for detail). Prior to the Internalization Transaction, AFA was 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 and 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 $522,436, respectively, for the three and nine months ended September 30, 2015. Prior to the Internalization Transaction, AFA was 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 and 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 was 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 $941,359, respectively, for the three and nine months ended September 30, 2015. These performance fees are reflected in management and performance fees-related party on the consolidated statements of operations. The payment of performance fees to AFA ceased following the Internalization Transaction. Concurrent with the closing of the Offering on October 23, 2015 (the “Closing Date”), the Company internalized its management functions previously provided by AFA. The Internalization Transaction was accomplished by having the previous owners of AFA (including AFC TRS LLC) which held a 0.2% interest in AFA, contribute 100% of their interests in AFA to the Operating Partnership. On the Closing Date, any performance fees 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 previous owners of AFA received 986,438 Common Units in the Operating Partnership in aggregate in connection with the Offering valued at $8.00 per Common Unit or $7,891,504. The excess of the fair value of the consideration for the Internalization Transaction amounting to $7,891,504 over the net liabilities assumed of $1,043,241, amounted to $8,934,745. The excess amount together with $860,000 in transaction costs, which represent the fair value of the cost to terminate the various management contracts with AFA, associated with the Internalization Transaction totaling $9,794,745, were expensed in the fourth quarter of 2015 in the consolidated statement of operations and were allocated based on the percentage ownership of the Operating Partnership prior to the Offering. In addition, the Agricultural Sub-Adviser to AFA, Prudential Mortgage Capital Company, LLC, which includes Prudential Agricultural Investments, a unit of Prudential Mortgage Capital Company, LLC Pursuant to the Amended Sub-Advisory Agreement, the Agricultural Sub-Adviser was entitled to performance fees as of the Closing Date as if all fees under the original Sub-Advisory Agreement were earned and payable (the “Legacy Performance Fee”). The Legacy Performance Fee is payable in equal annual amounts over four years beginning in the third quarter of 2016. Interest is payable at the simple rate of 5% on unpaid balances beginning on the Closing Date. The balance of the Legacy Performance Fee payable to the Agricultural Sub-Adviser in the amount of $1,106,307 was repaid in full on August 3, 2016 out of the proceeds from the sale of the Hawk Creek property. The Legacy Performance Fee was $1,106,307 as of December 31, 2015. The Operating Partnership paid Optima Fund Management LLC (“Optima”), an affiliate of the Managing Member of AFA prior to the Closing Date, $7,500 and $22,500, respectively, for the three and nine months ended September 30, 2015 as a fee for providing administrative and accounting services to the Company and the Operating Partnership. In connection with the Internalization Transaction, AFA and Optima entered into a Transitional Services Agreement dated as of the Closing Date. AFA paid Optima $43,809 and $132,663, respectively, for the three and nine months ended September 30, 2016 pursuant to the Transitional Services Agreement in respect of occupancy, data processing and accounting and other administrative services.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders Equity	8. STOCKHOLDERS’ EQUITY There were 300,000,000 shares of common stock, par value $0.01 per share, authorized with 16,921,897 issued and outstanding as of September 30, 2016 and 16,890,847 issued and outstanding as of December 31, 2015. There were 35 8% Series A Cumulative Non‑Voting Preferred Stock, par value $0.01 per share, authorized with zero issued and outstanding as of September 30, 2016 or December 31, 2015. 2015 Initial Public Offering On October 19, 2015, the Company priced the Offering of 6,000,000 shares of its common stock at a public offering price of $8.00 per share, which closed on October 23, 2015, resulting in gross proceeds of $48.0 million and net proceeds, after deducting underwriting discounts and offering expenses borne by the Company, of approximately $39.2 million. Non-Controlling Interests in Operating Partnership The Company consolidates its Operating Partnership, a majority owned partnership. The Company owned 83.8% of the common limited partnership interests (“Common Units”) in the Operating Partnership at September 30, 2016 and December 31, 2015. On or after 12 months after becoming a holder of Common Units, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the partnership agreement of the Operating Partnership, to require the Operating Partnership to redeem all or a portion of such units in exchange for cash, or at our option, for shares of our common stock on a one-for-one basis. The Operating Partnership is required to make distributions on each Common Unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the Common Units held by the Company being utilized to make distributions to the Company’s common stockholders. There were 3,269,556 Common Units outstanding as of September 30, 2016 and December 31, 2015. Dividends The Company’s Board of Directors declared and paid the following dividends to common stockholders for the nine months ended September 30, 2016 and for the years ended December 31, 2013, 2014 and 2015: Fiscal Year Declaration Date Record Date Payment Date Dividend per Common Share 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 December 10, 2015 December 22, 2015 December 29, 2015 0.0625 $ 0.2500 2016 March 2, 2016 March 21, 2016 March 31, 2016 $ 0.0625 June 7, 2016 June 27, 2016 June 30, 2016 0.0625 August 23, 2016 September 22, 2016 September 30, 2016 0.0625 $ 0.1875 Subsequent to each year end the Company determines what amounts of the dividends paid during that year represent ordinary income to stockholders for income tax purposes versus capital gains or return of capital. The Company paid distributions of $0.25 per share in calendar year 2015, of which 53% was ordinary income and 47% was a return of capital for U.S. federal income tax purposes. The Company paid distributions of $0.25 per share in calendar year 2014, of which 74% was ordinary income and 26% was a return of capital for U.S. federal income tax purposes. The Company paid distributions of $0.225 per share in calendar year 2013, of which 42% was ordinary income and 58% was return of capital for U.S. federal income tax purposes. Equity Incentive Plan The Company may issue equity-based awards to officers, employees, non-employee directors and other key persons under the Company’s 2014 Equity Incentive Plan (the ‘‘Plan’’), which became effective on the Closing Date. We initially reserved 806,400 shares of common stock equal to 4.0% of our total outstanding shares of common stock and Common Units immediately following the consummation of the Offering. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity based awards, including LTIP units, which are convertible on a one-for-one basis into Common Units. The terms of each grant will be determined by the Compensation Committee of our Board of Directors. No awards were made pursuant to the Plan during the year ended December 31, 2015. As of September 30, 2016, as a result of the below mentioned awards granted during the first quarter of 2016, there were 595,470 shares available for future grant under the Plan. On March 2, 2016, the Compensation Committee of the Board of Directors approved the award of 47,444 shares to officers, employees and a non-employee director under the Company’s Plan for services related to the Offering. The number of shares granted was determined by dividing 25% of each executives’ annual salary by the Offering price of $8.00 per share, so that the value of the grant would reflect the change in the Company’s stock price since the Offering. The shares had a fair market value of $5.95 per share as of the date of the grant. These shares were immediately vested, but were subject to lock-up agreements entered into in connection with the Offering until April 18, 2016. The Company recognized $282,292 of stock-based compensation expense associated with this award during the first quarter of 2016. Following the withholding of shares for tax withholdings, 31,050 additional shares were issued and outstanding in connection with this award. On March 23, 2016, the Compensation Committee of the Board of Directors approved the award of 163,486 restricted stock units (“RSUs”) to officers, employees and a non-employee director under the Plan. The RSUs are subject to vesting over a four-year period based entirely upon the attainment of pre-determined levels of total shareholder returns, as will be measured as of each year end compared to the Company’s common share price on December 31, 2015, and with one-quarter of the RSUs subject to vesting each year. The RSUs are not entitled to receive dividends while unvested. Upon a change in control, the grants may accelerate up to one year’s worth of vesting if the change in control price per share meets the pre-determined performance metrics and additional amounts may vest if the change in control price per share exceeds the net asset value per share. The aggregate RSU award fair value as of the March 23, 2016 grant date was estimated to be $102,588 using Monte Carlo simulation techniques and will be amortized over the respective vesting periods for each of the awards. The Company recognized $16,389 and $34,399, respectively, of stock-based compensation expense associated with this award during the three and nine months ended September 30, 2016.

Earnings (Loss) Per Share of Co

Earnings (Loss) Per Share of Common Stock	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share of Common Stock	9. EARNINGS (LOSS) PER SHARE OF COMMON STOCK The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) attributable to the Company $ 465,557 $ (8,647 ) $ (2,757,655 ) $ 471,077 Denominator for basic & diluted weighted average shares 16,921,897 10,890,847 16,914,984 10,890,847 Basic & diluted (loss) earnings per common share $ 0.03 $ (0.00 ) $ (0.16 ) $ 0.04 The Company has no potentially dilutive securities outstanding.

Leases

Leases	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Leases	10. LEASES The Company’s mature properties, and the mature acres of Condor Ranch which is a development property, 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, 2016, are as follows: 2016 - Remainder $ 2,311,380 2017 7,472,154 2018 6,996,586 2019 4,931,891 2020 1,623,267 $ 23,335,278 In addition to the minimum lease payments described above, Cougar Ranch, Cheetah Ranch, Puma Ranch, Lynx Ranch, Kimberly Vineyard, Golden Eagle Ranch, Condor Ranch, Quail Run Vineyard, Falcon Farms, Kingfisher Ranch and Blue Heron Farms have leases that require the tenants to pay participating rent above a threshold, based on a percentage of gross revenues, as defined in the leases, derived from the leased property. Participating rent was $1,978,045 and $545,716 for the three months ended September 30, 2016 and 2015, respectively, and $2,670,162 and $2,875,280 for the nine months ended September 30, 2016 and 2015, respectively. Depending upon each farm’s crop yield and commodity prices, the participating rent can be the majority of the rental revenue received from the tenants on these properties.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES 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 us as owner of the farms due to certain matters relating to the operation of the property by the tenant. We may be a 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, results of operations or cash flows in any future period.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	12. SEGMENT INFORMATION The Company has identified four reporting segments: commodity row crops, specialty/vegetable row crops, 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 total assets by segment as of September 30, 2016 and December 31, 2015. Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate September 30, 2016 $ 233,780,064 $ 32,813,277 $ 24,076,169 $ 149,387,118 $ 25,904,870 $ 1,598,630 December 31, 2015 $ 190,286,101 $ 32,604,314 $ 12,855,152 $ 85,642,987 $ 43,849,168 $ 15,334,480 Below is a summary of income before income taxes by segment for the three months ended September 30, 2016 and 2015, respectively, and the nine months ended September 30, 2016 and 2015, respectively. For the Three Months Ended September 30, 2016 Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 2,227,244 $ 368,856 $ 274,936 $ 1,540,747 $ 42,705 $ — Participating rent 1,978,045 — — 1,947,521 30,524 — Recovery of real estate taxes 235,255 — 24,321 204,744 6,190 — Other income 56,411 — 46,150 10,261 — — Total operating revenues 4,496,955 368,856 345,407 3,703,273 79,419 — OPERATING EXPENSES: Depreciation 1,114,400 927 78,310 927,354 107,662 147 Property operating expenses 653,598 60,950 74,642 469,650 48,356 — Due diligence costs on non-consummated transactions — — — — — — Professional fees 2,321,976 — 810 6,957 943 2,313,266 Sub-advisory fees 686,797 — — — — 686,797 General and administrative expenses 913,286 — — — — 913,286 Total operating expenses 5,690,057 61,877 153,762 1,403,961 156,961 3,913,496 Operating (loss) income (1,193,102 ) 306,979 191,645 2,299,312 (77,542 ) (3,913,496 ) Total other expense 422,109 — — — — 422,109 (Loss) income before gain on sale of assets (1,615,211 ) 306,979 191,645 2,299,312 (77,542 ) (4,335,605 ) Gain on sale of assets 2,170,720 — — — 2,170,720 — Income (loss) before income taxes 555,509 $ 306,979 $ 191,645 $ 2,299,312 $ 2,093,178 $ (4,335,605 ) Income tax provision — Net income 555,509 Less net income attributable to non-controlling interests 89,952 Net income attributable to the Company $ 465,557 For the 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 expenses 40,710 — — — — 40,710 Total operating expenses 1,724,775 64,287 65,521 611,346 97,982 885,639 Operating income (loss) 234,867 334,420 154,757 685,260 (53,931 ) (885,639 ) Total other expense 189,311 — — — — 189,311 Net income (loss) before income taxes 45,556 $ 334,420 $ 154,757 $ 685,260 $ (53,931 ) $ (1,074,950 ) Income tax provision — Net income 45,556 Less net income attributable to non-controlling interests 54,203 Net loss attributable to the Company $ (8,647 ) For the Nine Months Ended September 30, 2016 Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 6,603,778 $ 1,106,567 $ 776,833 $ 4,381,679 $ 338,699 $ — Participating rent 2,670,162 — — 2,639,638 30,524 — Recovery of real estate taxes 642,605 — 71,547 552,850 18,208 — Other income 83,911 — 53,650 30,261 — Total operating revenues 10,000,456 1,106,567 902,030 7,604,428 387,431 — OPERATING EXPENSES: Depreciation 3,178,372 2,780 219,619 2,610,733 344,795 445 Property operating expenses 1,825,464 175,415 181,387 1,137,705 330,957 — Due diligence costs on non-consummated transactions 136,862 — — — — 136,862 Professional fees 3,166,545 7,758 23,093 1,706 3,133,988 Sub-advisory fees 2,132,930 — — — — 2,132,930 General and administrative expenses 3,607,526 — — — — 3,607,526 Total operating expenses 14,047,699 178,195 408,764 3,771,531 677,458 9,011,751 Operating (loss) income (4,047,243 ) 928,372 493,266 3,832,897 (290,027 ) (9,011,751 ) Total other expense 1,238,013 — — — — 1,238,013 (Loss) income before gain on sale of assets (5,285,256 ) 928,372 493,266 3,832,897 (290,027 ) (10,249,764 ) Gain on sale of assets 2,163,462 — — — 2,163,462 — (Loss) income before income taxes (3,121,794 ) $ 928,372 $ 493,266 $ 3,832,897 $ 1,873,435 $ (10,249,764 ) Income tax provision 141,747 Net loss (3,263,541 ) Less net loss attributable to non-controlling interests (505,886 ) Net loss attributable to the Company $ (2,757,655 ) For the 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 expenses 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 — — — — 401,903 Net income (loss) before income taxes 867,850 $ 982,672 $ 477,855 $ 3,172,529 $ (77,007 ) $ (3,688,199 ) 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

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS No material subsequent events have occurred since September 30, 2016 that required recognition or disclosure in the financial statements, except as disclosed below: Subsequent to September 30, 2016, limited partners in the Operating Partnership holding 2,687,412 Common Units requested redemption of their Units. The Company elected to satisfy the redemption request by issuing 2,687,412 shares of common stock in the Company. On October 26, 2016, a purported class action lawsuit was filed in the Circuit Court for Baltimore County, Maryland against the Company, seeking to represent a proposed class of all Company stockholders captioned Parshall v. American Farmland Company et. al The Company and FPI cannot assure you as to the outcome of this pending litigation, or any similar future lawsuits, including costs associated with defending these claims, any other liabilities that may be incurred in connection with the litigation or settlement of these claims or any effect on the operations of the Company or FPI or the timing in which the mergers are completed .

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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. There were no such cash equivalents at September 30, 2016 and December 31, 2015. 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 seven to eighteen years for land improvements, twenty‑five to thirty years for buildings, five to thirty years for trees and vines, and five to 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. The Internalization Transaction included, among other things, the acquisition of AFA. The Internalization Transaction was treated as a business combination under ASC 805, and the excess of the consideration over the fair value of the net liabilities assumed from AFA together with transaction costs associated with the Internalization Transaction were expensed in the fourth quarter of 2015. 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 or liabilities 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. The value of in-place leases is 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 associated intangibles will be immediately charged to the related income or expense. There were no above-market or below-market in-place lease intangibles as of September 30, 2016 and December 31, 2015. 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, 2016 or December 31, 2015 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.
Earnings Per Share	Earnings Per Share — Basic earnings per share is calculated by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants (if applicable) or shares that would be issued in the event that Common Units are redeemed for shares of common stock. No adjustment is made for shares that are anti-dilutive during a period. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later).
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 capital accounts of affiliates of the members of AFA (the “Founders”), the interests acquired by the owners of AFA pursuant to the Internalization Transaction and until October 23, 2015, 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.
Rent Receivable	Rent Receivable — Rent receivable is presented at face value, net of the allowance for doubtful accounts, if any. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $0 as of September 30, 2016 and December 31, 2015.
Deferred Financing Costs	Deferred Financing Costs — Deferred financing costs consist of costs incurred to obtain financing, including legal fees, up-front commitment fees, administrative fees and in some cases, mortgage recording taxes. Costs associated with our borrowings are deferred and amortized over the terms of the respective credit facilities using the straight-line method, which approximates the effective interest method. Accumulated amortization of deferred financing costs was $218,577 and $116,793 as of September 30, 2016 and December 31, 2015, respectively. Total amortization expense related to deferred financing costs amounting to $101,784 and $51,409 for the nine months ended September 30, 2016 and 2015, respectively, is included in interest expense and financing costs on the accompanying consolidated statements of operations. See Note 6, “Borrowings under Credit Facilities,” for further discussion on these related financings.
Other Assets	Other Assets — Other assets primarily comprise prepaid expenses, deposits on potential farm acquisitions ($0 as of September 30, 2016 and $1.5 million as of December 31, 2015), deposits on trees to be acquired for development purposes and other miscellaneous receivables.
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. In certain instances the Company receives base rental income from leases that commenced with the crop year which can be prior to the effective date of the lease. The rental income relating to the period prior to the effective date of the lease is recorded as unearned rent and amortized into rental income over the lease term. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to 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, or crop insurance 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. 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.
Unearned Rent	Unearned Rent — A number of the Company’s tenant leases, particularly in the commodity row crop segment, require that tenants pay the full annual rent in advance of planting, or in two semi-annual installments. For such leases, the advance rent for future periods is recorded to unearned rent as a liability, and is then recorded to income over the periods represented by the payment received. In addition, as more fully described in “Operating Revenues” above, cash received relating to the period prior to the effective date of a lease is recorded as unearned rent and is released to rental income over the life of the lease. In the first quarter of 2016, the Company received cash rents in advance of the lease commencement dates for the new leases executed for the Sun Dial properties, and these advance rents were recorded to unearned rent. The aggregate unearned rent balance on the consolidated balance sheet was $2,398,201 and $834,858 as of September 30, 2016 and December 31, 2015, respectively.
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 of 1986, as amended (the “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 consolidated statement of operations includes $0, for the three months ended September 30, 2016 and 2015, and $141,747 and $79,832, respectively, for the nine months ended September 30, 2016 and 2015, as a provision for income taxation resulting from prohibited transactions. The prohibited transactions arise from revenue received from the sale of crops grown on farms undergoing development before the trees become fully mature and the farms become leasable. The income tax provision reported represents the 100% tax attributed to the prohibited transactions of the Company. Additionally, the Company consolidates within its financial statements the results of two TRSs, AFC TRS LLC and California TRS. The income taxes arising from these two TRSs have been de minimis to date. 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, 2016 and December 31, 2015, 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, 2016, the tax years ended December 31, 2012 through December 31, 2015 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 May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014‑09”). ASU 2014‑09 provides additional guidance for management to reassess revenue recognition as it relates to: (1) transfer of control, (2) variable consideration, (3) allocation of transaction price based on relative standalone selling price, (4) licenses, (5) time value of money and (6) contract costs. Further disclosures will be required to provide a better understanding of revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts. ASU 2014‑09 is effective for us on January 1, 2018, with early adoption permitted as of January 1, 2017. We are currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements. 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 In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2015, the FASB issued ASU No. 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued an update (“ASU 2016-09”), Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compensation In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Summary of Investments in Real Estate	Investments in real estate as of September 30, 2016 and December 31, 2015 are comprised of the following: September 30, 2016 December 31, 2015 Land $ 144,854,485 $ 110,263,183 Land improvements 7,984,183 4,619,110 Buildings 1,449,484 1,191,000 Trees and vines 61,938,086 36,746,042 Development costs 14,721,574 19,892,332 Fixtures and equipment 6,113,869 3,898,916 237,061,681 176,610,583 Less accumulated depreciation (8,342,238 ) (5,267,852 ) Investments in real estate, net $ 228,719,443 $ 171,342,731
Schedule of Fair Value of the Assets Acquired	We determined the allocation of the purchase price of the Sun Dial assets acquired during the first quarter of 2016 to be as follows: Farm Land Land improvements Buildings Trees and vines Fixtures and equipment Development costs Total purchase price Cougar Ranch $ 9,841,520 $ 245,743 $ — $ 7,383,550 $ 163,829 $ — $ 17,634,642 Cheetah Ranch 9,992,492 1,013,862 258,484 6,973,733 675,908 — 18,914,479 Puma Ranch 10,365,397 706,295 — 6,166,743 470,863 468,337 18,177,635 Lynx Ranch 6,652,750 245,558 — 3,236,661 163,705 — 10,298,674 $ 36,852,159 $ 2,211,458 $ 258,484 $ 23,760,687 $ 1,474,305 $ 468,337 $ 65,025,430 We determined the allocation of the purchase price of the assets acquired during the period ended September 30, 2015 to be as follows: Farm Land Land improvements Trees and vines Development costs Fixtures and equipment Total purchase price Golden Eagle Ranch (second tranche) $ 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

Accrued Expenses and Other Li22

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 Accrued dividends payable $ 139,870 $ 220,954 Accrued accounting fees 536,510 450,000 Accrued sub-advisory fees 686,797 497,777 Accrued real estate taxes 438,209 235,272 Accrued legal fees 743,754 105,795 Accrued interest payable 8,509 26,719 Accrued offering costs — 76,138 Accrued other 1,864,737 764,650 Total $ 4,418,386 $ 2,377,305

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Summary 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 nine months ended September 30, 2016 and for the years ended December 31, 2013, 2014 and 2015: Fiscal Year Declaration Date Record Date Payment Date Dividend per Common Share 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 December 10, 2015 December 22, 2015 December 29, 2015 0.0625 $ 0.2500 2016 March 2, 2016 March 21, 2016 March 31, 2016 $ 0.0625 June 7, 2016 June 27, 2016 June 30, 2016 0.0625 August 23, 2016 September 22, 2016 September 30, 2016 0.0625 $ 0.1875

Earnings (Loss) Per Share of 24

Earnings (Loss) Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) attributable to the Company $ 465,557 $ (8,647 ) $ (2,757,655 ) $ 471,077 Denominator for basic & diluted weighted average shares 16,921,897 10,890,847 16,914,984 10,890,847 Basic & diluted (loss) earnings per common share $ 0.03 $ (0.00 ) $ (0.16 ) $ 0.04

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016, are as follows: 2016 - Remainder $ 2,311,380 2017 7,472,154 2018 6,996,586 2019 4,931,891 2020 1,623,267 $ 23,335,278

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Summary of Total Assets by Segment	Below is a summary of total assets by segment as of September 30, 2016 and December 31, 2015. Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate September 30, 2016 $ 233,780,064 $ 32,813,277 $ 24,076,169 $ 149,387,118 $ 25,904,870 $ 1,598,630 December 31, 2015 $ 190,286,101 $ 32,604,314 $ 12,855,152 $ 85,642,987 $ 43,849,168 $ 15,334,480
Summary of Income before Income Tax by Segment	Below is a summary of income before income taxes by segment for the three months ended September 30, 2016 and 2015, respectively, and the nine months ended September 30, 2016 and 2015, respectively. For the Three Months Ended September 30, 2016 Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 2,227,244 $ 368,856 $ 274,936 $ 1,540,747 $ 42,705 $ — Participating rent 1,978,045 — — 1,947,521 30,524 — Recovery of real estate taxes 235,255 — 24,321 204,744 6,190 — Other income 56,411 — 46,150 10,261 — — Total operating revenues 4,496,955 368,856 345,407 3,703,273 79,419 — OPERATING EXPENSES: Depreciation 1,114,400 927 78,310 927,354 107,662 147 Property operating expenses 653,598 60,950 74,642 469,650 48,356 — Due diligence costs on non-consummated transactions — — — — — — Professional fees 2,321,976 — 810 6,957 943 2,313,266 Sub-advisory fees 686,797 — — — — 686,797 General and administrative expenses 913,286 — — — — 913,286 Total operating expenses 5,690,057 61,877 153,762 1,403,961 156,961 3,913,496 Operating (loss) income (1,193,102 ) 306,979 191,645 2,299,312 (77,542 ) (3,913,496 ) Total other expense 422,109 — — — — 422,109 (Loss) income before gain on sale of assets (1,615,211 ) 306,979 191,645 2,299,312 (77,542 ) (4,335,605 ) Gain on sale of assets 2,170,720 — — — 2,170,720 — Income (loss) before income taxes 555,509 $ 306,979 $ 191,645 $ 2,299,312 $ 2,093,178 $ (4,335,605 ) Income tax provision — Net income 555,509 Less net income attributable to non-controlling interests 89,952 Net income attributable to the Company $ 465,557 For the 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 expenses 40,710 — — — — 40,710 Total operating expenses 1,724,775 64,287 65,521 611,346 97,982 885,639 Operating income (loss) 234,867 334,420 154,757 685,260 (53,931 ) (885,639 ) Total other expense 189,311 — — — — 189,311 Net income (loss) before income taxes 45,556 $ 334,420 $ 154,757 $ 685,260 $ (53,931 ) $ (1,074,950 ) Income tax provision — Net income 45,556 Less net income attributable to non-controlling interests 54,203 Net loss attributable to the Company $ (8,647 ) For the Nine Months Ended September 30, 2016 Total Commodity Row Specialty/ Vegetable Row Permanent Development Corporate OPERATING REVENUES: Fixed rent $ 6,603,778 $ 1,106,567 $ 776,833 $ 4,381,679 $ 338,699 $ — Participating rent 2,670,162 — — 2,639,638 30,524 — Recovery of real estate taxes 642,605 — 71,547 552,850 18,208 — Other income 83,911 — 53,650 30,261 — Total operating revenues 10,000,456 1,106,567 902,030 7,604,428 387,431 — OPERATING EXPENSES: Depreciation 3,178,372 2,780 219,619 2,610,733 344,795 445 Property operating expenses 1,825,464 175,415 181,387 1,137,705 330,957 — Due diligence costs on non-consummated transactions 136,862 — — — — 136,862 Professional fees 3,166,545 7,758 23,093 1,706 3,133,988 Sub-advisory fees 2,132,930 — — — — 2,132,930 General and administrative expenses 3,607,526 — — — — 3,607,526 Total operating expenses 14,047,699 178,195 408,764 3,771,531 677,458 9,011,751 Operating (loss) income (4,047,243 ) 928,372 493,266 3,832,897 (290,027 ) (9,011,751 ) Total other expense 1,238,013 — — — — 1,238,013 (Loss) income before gain on sale of assets (5,285,256 ) 928,372 493,266 3,832,897 (290,027 ) (10,249,764 ) Gain on sale of assets 2,163,462 — — — 2,163,462 — (Loss) income before income taxes (3,121,794 ) $ 928,372 $ 493,266 $ 3,832,897 $ 1,873,435 $ (10,249,764 ) Income tax provision 141,747 Net loss (3,263,541 ) Less net loss attributable to non-controlling interests (505,886 ) Net loss attributable to the Company $ (2,757,655 ) For the 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 expenses 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 — — — — 401,903 Net income (loss) before income taxes 867,850 $ 982,672 $ 477,855 $ 3,172,529 $ (77,007 ) $ (3,688,199 ) 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

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($)	Oct. 23, 2015	Oct. 19, 2015	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 12, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Date of incorporation				Oct. 9, 2009
Limited partnership ownership percentage				83.80%	83.80%
Number of stock or units to be received upon conversion						0.7417
Professional fees and other related costs			$ 2,042,386	$ 2,241,738
Class A Common Units
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of stock or units to be received upon conversion						0.7417
Initial Public Offering
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of stock— securities sales (in shares)		6,000,000
Share price		$ 8
Gross proceeds from issuance of IPO	$ 48,000,000
Net proceeds after deducting underwriting discounts and offering expense	$ 39,200,000
Initial Public Offering | Directed Shares Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of stock— securities sales (in shares)		419,900
AFC TRS LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of voting rights			100.00%	100.00%
California TRS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of voting rights			100.00%	100.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Installment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Significant Accounting Policies [Line Items]
Cash equivalents	$ 0		$ 0		$ 0
Impairment of properties			0		0
Impairment of real estate			0
Allowance for doubtful accounts	0		0		0
Accumulated amortization, deferred finance costs	218,577		218,577		116,793
Amortization of deferred financing costs			101,784	$ 51,409
Unearned rent	2,398,201		$ 2,398,201		834,858
Number of semi annual installments | Installment			2
Provision for income taxation	0	$ 0	$ 141,747	$ 79,832
Liability for uncertain tax positions	0		$ 0		$ 0
Limited partnership ownership percentage			83.80%		83.80%
Other Assets
Significant Accounting Policies [Line Items]
Deposits on potential farm acquisitions	$ 0		$ 0		$ 1,500,000
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			7 years
Land Improvements | Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate			18 years
Buildings | Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate			25 years
Buildings | Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate			30 years
Trees and Vines | Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives for investments in real estate			5 years
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, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 144,854,485	$ 110,263,183
Land improvements	7,984,183	4,619,110
Buildings	1,449,484	1,191,000
Trees and vines	61,938,086	36,746,042
Development costs	14,721,574	19,892,332
Fixtures and equipment	6,113,869	3,898,916
Real estate investment property, at cost	237,061,681	176,610,583
Less accumulated depreciation	(8,342,238)	(5,267,852)
Investments in real estate, net	$ 228,719,443	$ 171,342,731

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	Jul. 27, 2016USD ($)	Jan. 27, 2016USD ($)a	Aug. 21, 2015USD ($)a	Aug. 18, 2015USD ($)a	Sep. 30, 2016USD ($)PropertyFarm	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)PropertyFarm	Sep. 30, 2015USD ($)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Depreciation expense					$ 1,114,400	$ 517,223	$ 3,178,372	$ 1,410,517
Purchase price						25,080,819		25,080,819
Hawk Creek Ranch
Real Estate Properties [Line Items]
Gross sales price of development property	$ 11,250,000
Proceeds from sale of development property	10,777,706
Gain on sale of development property	$ 2,239,619
Golden Eagle Ranch (Second Tranche)
Real Estate Properties [Line Items]
Purchase price						5,210,599		5,210,599
Kingfisher Ranch
Real Estate Properties [Line Items]
Purchase price						$ 19,870,220		$ 19,870,220
California
Real Estate Properties [Line Items]
Number of properties | Property					7		7
Number of farms in which entity operates | Farm					4		4
California | Golden Eagle Ranch (Second Tranche) | Almonds
Real Estate Properties [Line Items]
Gross Acres | a				135
Purchase price				$ 5,135,000
Acquisition costs incurred				$ 72,139
Tillable area of property | a				130
California | Kingfisher Ranch | Pistachios
Real Estate Properties [Line Items]
Gross Acres | a			623
Purchase price			$ 19,637,000
Acquisition costs incurred			$ 231,029
Tillable area of property | a			511
Sun Dial
Real Estate Properties [Line Items]
Gross Acres | a		2,186
Plantable area of property | a		1,718
Purchase price		$ 63,513,000							$ 65,025,430
Acquisition costs incurred		$ 1,512,430

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Allocation of the Purchase Price of the Assets Acquired (Details) - USD ($)	Mar. 31, 2016	Jan. 27, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Total purchase price			$ 25,080,819
Land
Business Acquisition [Line Items]
Total purchase price			11,718,274
Land Improvements
Business Acquisition [Line Items]
Total purchase price			683,004
Trees and Vines
Business Acquisition [Line Items]
Total purchase price			10,924,719
Fixtures and Equipment
Business Acquisition [Line Items]
Total purchase price			455,230
Development Costs
Business Acquisition [Line Items]
Total purchase price			$ 1,299,592
Sun Dial
Business Acquisition [Line Items]
Total purchase price	$ 65,025,430	$ 63,513,000
Sun Dial | Cougar Ranch
Business Acquisition [Line Items]
Total purchase price	17,634,642
Sun Dial | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	18,914,479
Sun Dial | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	18,177,635
Sun Dial | Lynx Ranch
Business Acquisition [Line Items]
Total purchase price	10,298,674
Sun Dial | Land
Business Acquisition [Line Items]
Total purchase price	36,852,159
Sun Dial | Land | Cougar Ranch
Business Acquisition [Line Items]
Total purchase price	9,841,520
Sun Dial | Land | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	9,992,492
Sun Dial | Land | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	10,365,397
Sun Dial | Land | Lynx Ranch
Business Acquisition [Line Items]
Total purchase price	6,652,750
Sun Dial | Land Improvements
Business Acquisition [Line Items]
Total purchase price	2,211,458
Sun Dial | Land Improvements | Cougar Ranch
Business Acquisition [Line Items]
Total purchase price	245,743
Sun Dial | Land Improvements | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	1,013,862
Sun Dial | Land Improvements | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	706,295
Sun Dial | Land Improvements | Lynx Ranch
Business Acquisition [Line Items]
Total purchase price	245,558
Sun Dial | Buildings
Business Acquisition [Line Items]
Total purchase price	258,484
Sun Dial | Buildings | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	258,484
Sun Dial | Trees and Vines
Business Acquisition [Line Items]
Total purchase price	23,760,687
Sun Dial | Trees and Vines | Cougar Ranch
Business Acquisition [Line Items]
Total purchase price	7,383,550
Sun Dial | Trees and Vines | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	6,973,733
Sun Dial | Trees and Vines | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	6,166,743
Sun Dial | Trees and Vines | Lynx Ranch
Business Acquisition [Line Items]
Total purchase price	3,236,661
Sun Dial | Fixtures and Equipment
Business Acquisition [Line Items]
Total purchase price	1,474,305
Sun Dial | Fixtures and Equipment | Cougar Ranch
Business Acquisition [Line Items]
Total purchase price	163,829
Sun Dial | Fixtures and Equipment | Cheetah Ranch
Business Acquisition [Line Items]
Total purchase price	675,908
Sun Dial | Fixtures and Equipment | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	470,863
Sun Dial | Fixtures and Equipment | Lynx Ranch
Business Acquisition [Line Items]
Total purchase price	163,705
Sun Dial | Development Costs
Business Acquisition [Line Items]
Total purchase price	468,337
Sun Dial | Development Costs | Puma Ranch
Business Acquisition [Line Items]
Total purchase price	$ 468,337

Investments in Real Estate - 32

Investments in Real Estate - Schedule of Allocation of the Purchase Price of the Assets Acquired Net of Liabilities Assumed (Details)	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Total purchase price	$ 25,080,819
Land
Business Acquisition [Line Items]
Total purchase price	11,718,274
Land Improvements
Business Acquisition [Line Items]
Total purchase price	683,004
Trees and Vines
Business Acquisition [Line Items]
Total purchase price	10,924,719
Development Costs
Business Acquisition [Line Items]
Total purchase price	1,299,592
Fixtures and Equipment
Business Acquisition [Line Items]
Total purchase price	455,230
Golden Eagle Ranch (Second Tranche)
Business Acquisition [Line Items]
Total purchase price	5,210,599
Golden Eagle Ranch (Second Tranche) | Land
Business Acquisition [Line Items]
Total purchase price	3,700,722
Golden Eagle Ranch (Second Tranche) | Land Improvements
Business Acquisition [Line Items]
Total purchase price	76,031
Golden Eagle Ranch (Second Tranche) | 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 | Development Costs
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, 2016	Dec. 31, 2015
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract]
Accrued dividends payable	$ 139,870	$ 220,954
Accrued accounting fees	536,510	450,000
Accrued sub-advisory fees	686,797	497,777
Accrued real estate taxes	438,209	235,272
Accrued legal fees	743,754	105,795
Accrued interest payable	8,509	26,719
Accrued offering costs		76,138
Accrued other	1,864,737	764,650
Total	$ 4,418,386	$ 2,377,305

Borrowings Under Credit Facil34

Borrowings Under Credit Facility - Additional Information (Details) - USD ($)	Dec. 22, 2015	Aug. 18, 2015	Jan. 14, 2015	Dec. 05, 2013	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowings under credit facilities					$ 75,000,000	$ 27,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of property secured for credit facility borrowing for aggregate appraisal value					50.00%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Percentage of company's investment in real estate					40.00%
Revolving Credit Facility | January 1, 2019 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 25,000,000
Revolving credit facility, initiation date					Dec. 5, 2013
Revolving credit facility, interest rate basis points				1.30%
Revolving credit facility, interest rate description					The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month London Interbank Offered Rate (“LIBOR”) (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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%
Revolving credit facility, maturity date				Jan. 1, 2019
Borrowings under credit facilities					$ 25,000,000	0
Percentage of property secured for credit facility borrowing for aggregate appraisal value				60.00%
Revolving Credit Facility | January 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 25,000,000
Revolving credit facility, initiation date					Jan. 14, 2015
Revolving credit facility, interest rate basis points			1.30%
Revolving credit facility, interest rate description					The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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%
Revolving credit facility, maturity date			Jan. 1, 2020
Borrowings under credit facilities					$ 25,000,000	25,000,000
Percentage of property secured for credit facility borrowing for aggregate appraisal value			60.00%
Revolving Credit Facility | August 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 25,000,000
Revolving credit facility, initiation date					Aug. 18, 2015
Revolving credit facility, interest rate basis points		1.30%
Revolving credit facility, interest rate description					The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company 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%
Revolving credit facility, maturity date		Aug. 1, 2020
Borrowings under credit facilities					$ 25,000,000	2,200,000
Percentage of property secured for credit facility borrowing for aggregate appraisal value		60.00%
Revolving Credit Facility | January 1, 2021 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 15,000,000
Revolving credit facility, initiation date					Dec. 22, 2015
Revolving credit facility, interest rate basis points	1.30%
Revolving credit facility, interest rate description					The facility bears interest on the drawn amount at the rate of 130 basis points (1.3%) above the Three Month LIBOR (0.8537% at September 30, 2016 and 0.6127% at December 31, 2015). The Company is required to pay any interest due quarterly in arrears beginning April 1, 2016 and any unpaid interest and drawn principal is due and payable in full on January 1, 2021 (“Fourth Maturity Date”).
Revolving credit facility, minimum advance	$ 500,000
Revolving credit facility, non usage fee percentage	0.25%
Revolving credit facility, maturity date					Jan. 1, 2021
Borrowings under credit facilities					$ 0	$ 0
Percentage of property secured for credit facility borrowing for aggregate appraisal value	60.00%
Revolving Credit Facility | LIBOR | January 1, 2019 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate					0.8537%	0.6127%
Revolving Credit Facility | LIBOR | January 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate					0.8537%	0.6127%
Revolving Credit Facility | LIBOR | August 1, 2020 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate					0.8537%	0.6127%
Revolving Credit Facility | LIBOR | January 1, 2021 Maturity Date
Debt Instrument [Line Items]
Revolving credit facility, interest rate					0.8537%	0.6127%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Oct. 23, 2015	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 03, 2016	Oct. 19, 2015
Related Party Transaction [Line Items]
Sub-advisory fees		$ 686,797			$ 2,132,930
Legacy performance fee payable to Agricultural Sub-Adviser			$ 1,106,307
Initial Public Offering
Related Party Transaction [Line Items]
Share price								$ 8
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		$ 1,276,061
Performance fee on funds from operations				113,677		522,436
Performance fee on net capital appreciation realized and unrealized				143,588		941,359
Internalization transaction consideration	$ 7,891,504
Internalization transaction liabilities assumed	1,043,241
Consideration amount	8,934,745
Internalization transaction direct costs	$ 860,000
Internalization expense			9,794,745
American Farmland Advisors LLC | Initial Public Offering
Related Party Transaction [Line Items]
Common units received	986,438
Share price	$ 8
Common units issuance amount	$ 7,891,504
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%
AFC TRS LLC
Related Party Transaction [Line Items]
Acquired entity percentage of voting interests held by non controlling interest	0.20%
Acquired entity percentage of voting interests held by non controlling interest acquired	100.00%
Prudential Mortgage Capital Company L L C
Related Party Transaction [Line Items]
Percentage of annual sub-advisory fee					1.00%
Sub-advisory fees		$ 686,797			$ 2,028,910
Legacy performance fee payable term		4 years
Interest payable on unpaid legacy performance fee		5.00%
Legacy performance fee payable to Agricultural Sub-Adviser			$ 1,106,307				$ 1,106,307
Prudential Mortgage Capital Company L L C | Initial Public Offering
Related Party Transaction [Line Items]
Acquisition fee percentage					2.00%
Management fee percentage					1.00%
Initial public offering capital compensation fee					$ 84,750,000
Capital compensation fee to sub advisory					104,020
Optima
Related Party Transaction [Line Items]
Administrative and accounting service fees		$ 43,809		$ 7,500	$ 132,663	$ 22,500

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 23, 2016	Mar. 02, 2016	Oct. 23, 2015	Oct. 19, 2015	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class Of Stock [Line Items]
Common stock, shares authorized					300,000,000		300,000,000	300,000,000
Common stock, par value					$ 0.01		$ 0.01	$ 0.01
Common stock, shares issued					16,921,897		16,921,897	16,890,847
Common stock, shares outstanding					16,921,897		16,921,897	16,890,847
Limited partnership ownership percentage							83.80%	83.80%
Common units outstanding					3,269,556		3,269,556	3,269,556
Distribution paid per share							$ 0.1875	$ 0.2500	$ 0.2500	$ 0.2250
Ordinary income as percentage of distributions								53.00%	74.00%	42.00%
Return of capital as percentage of distributions								47.00%	26.00%	58.00%
Additional shares issued		31,050
Additional shares outstanding		31,050
Equity Incentive Plan
Class Of Stock [Line Items]
Share price		$ 8
Shares granted		47,444
Share awards granted annual salary determinable percentage		25.00%
Fair market value of grant date		$ 5.95
Share-based compensation expense						$ 282,292
Equity Incentive Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance					806,400		806,400
Share based compensation arrangement by share based payment award								0
Common stock shares outstanding percentage							4.00%
Shares available for future grant					595,470		595,470
Restricted Stock Units R S U | Equity Incentive Plan
Class Of Stock [Line Items]
Share-based compensation expense					$ 16,389		$ 34,399
Shares approved	163,486
Vesting period	4 years
Award fair value as of grant date	$ 102,588
Initial Public Offering
Class Of Stock [Line Items]
Issuance of stock— securities sales (in shares)				6,000,000
Share price				$ 8
Gross proceeds from issuance of IPO			$ 48,000,000
Net proceeds after deducting underwriting discounts and offering expense			$ 39,200,000
8% Series A Cumulative Non-Voting Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized					35		35	35
Preferred stock, par value					$ 0.01		$ 0.01	$ 0.01
Preferred stock, shares issued					0		0	0
Preferred stock, shares outstanding					0		0	0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared and Paid to Common Stockholders (Details) - $ / shares

Aug. 24, 2016

Jun. 07, 2016

Mar. 02, 2016

Dec. 10, 2015

Oct. 04, 2015

May 19, 2015

Dec. 09, 2014

May 20, 2014

Dec. 03, 2013

May 28, 2013

Sep. 30, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dividends Payable [Line Items]

Dividend per Common Share

$ 0.1875

$ 0.2500

$ 0.2500

$ 0.2250

FY 2,013

Dividends Payable [Line Items]

Declaration Date

May 28, 2013

Record Date

Jun. 18, 2013

Payment Date

Jun. 27, 2013

Dividend per Common Share

$ 0.1000

FY 2,013

Dividends Payable [Line Items]

Declaration Date

Dec. 3, 2013

Record Date

Dec. 3, 2013

Payment Date

Dec. 23, 2013

Dividend per Common Share

$ 0.1250

FY 2,014

Dividends Payable [Line Items]

Declaration Date

May 20, 2014

Record Date

May 20, 2014

Payment Date

Jun. 25, 2014

Dividend per Common Share

$ 0.1250

FY 2,014

Dividends Payable [Line Items]

Declaration Date

Dec. 9, 2014

Record Date

Dec. 9, 2014

Payment Date

Dec. 30, 2014

Dividend per Common Share

$ 0.1250

FY 2,015

Dividends Payable [Line Items]

Declaration Date

May 19, 2015

Record Date

Jun. 22, 2015

Payment Date

Jun. 30, 2015

Dividend per Common Share

$ 0.1250

FY 2,015

Dividends Payable [Line Items]

Declaration Date

Oct. 4, 2015

Record Date

Oct. 1, 2015

Payment Date

Oct. 8, 2015

Dividend per Common Share

$ 0.0625

FY 2,015

Dividends Payable [Line Items]

Declaration Date

Dec. 10, 2015

Record Date

Dec. 22, 2015

Payment Date

Dec. 29, 2015

Dividend per Common Share

$ 0.0625

FY 2,016

Dividends Payable [Line Items]

Declaration Date

Mar. 2, 2016

Record Date

Mar. 21, 2016

Payment Date

Mar. 31, 2016

Dividend per Common Share

$ 0.0625

FY 2,016

Dividends Payable [Line Items]

Declaration Date

Jun. 7, 2016

Record Date

Jun. 27, 2016

Payment Date

Jun. 30, 2016

Dividend per Common Share

$ 0.0625

FY 2,016

Dividends Payable [Line Items]

Declaration Date

Aug. 23, 2016

Record Date

Sep. 22, 2016

Payment Date

Sep. 30, 2016

Dividend per Common Share

$ 0.0625

Earnings (Loss) Per Share of 38

Earnings (Loss) Per Share of Common Stock - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income (loss) attributable to the Company	$ 465,557	$ (8,647)	$ (2,757,655)	$ 471,077
Denominator for basic & diluted weighted average shares	16,921,897	10,890,847	16,914,984	10,890,847
Basic & diluted (loss) earnings per common share	$ 0.03	$ 0	$ (0.16)	$ 0.04

Earnings (Loss) Per Share of 39

Earnings (Loss) Per Share of Common Stock - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016shares
Earnings Per Share [Abstract]
Dilutive securities outstanding	0

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rents on Non Cancelable Leases (Details)	Sep. 30, 2016USD ($)
Leases Operating [Abstract]
2016 - Remainder	$ 2,311,380
2,017	7,472,154
2,018	6,996,586
2,019	4,931,891
2,020	1,623,267
Total	$ 23,335,278

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Leases Operating [Abstract]
Participating rent	$ 1,978,045	$ 545,716	$ 2,670,162	$ 2,875,280

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016Segment
Segment Reporting [Abstract]
Number of reporting segments	4

Segment Information - Summary o

Segment Information - Summary of Total Assets by Segment (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 233,780,064	$ 190,286,101
Operating Segments | Commodity Row Crops
Segment Reporting Information [Line Items]
Total assets	32,813,277	32,604,314
Operating Segments | Specialty Vegetables
Segment Reporting Information [Line Items]
Total assets	24,076,169	12,855,152
Operating Segments | Permanent
Segment Reporting Information [Line Items]
Total assets	149,387,118	85,642,987
Operating Segments | Development
Segment Reporting Information [Line Items]
Total assets	25,904,870	43,849,168
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 1,598,630	$ 15,334,480

Segment Information - Summary44

Segment Information - Summary of Income before Income Tax by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING REVENUES:
Fixed rent	$ 2,227,244	$ 1,273,446	$ 6,603,778	$ 3,809,739
Participating rent	1,978,045	545,716	2,670,162	2,875,280
Recovery of real estate taxes	235,255	119,545	642,605	350,304
Other income	56,411	20,935	83,911	62,735
Total operating revenues	4,496,955	1,959,642	10,000,456	7,098,058
OPERATING EXPENSES:
Depreciation	1,114,400	517,223	3,178,372	1,410,517
Management and performance fees—related party		715,060		2,739,856
Property operating expenses	653,598	312,741	1,825,464	1,117,155
Due diligence costs on non-consummated transactions			136,862
Professional fees	2,321,976	139,041	3,166,545	373,352
Sub-advisory fees	686,797		2,132,930
General and administrative expenses	913,286	40,710	3,607,526	187,425
Total operating expenses	5,690,057	1,724,775	14,047,699	5,828,305
OPERATING (LOSS) INCOME	(1,193,102)	234,867	(4,047,243)	1,269,753
Total other expense	422,109	189,311	1,238,013	401,903
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	(1,615,211)	45,556	(5,285,256)	867,850
Gain on sale of assets	2,170,720		2,163,462
INCOME (LOSS) BEFORE INCOME TAXES	555,509	45,556	(3,121,794)	867,850
Income tax provision	0	0	141,747	79,832
NET INCOME (LOSS)	555,509	45,556	(3,263,541)	788,018
Less net income (loss) attributable to non-controlling interests	89,952	54,203	(505,886)	316,941
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	465,557	(8,647)	(2,757,655)	471,077
Operating Segments | Commodity Row Crops
OPERATING REVENUES:
Fixed rent	368,856	398,707	1,106,567	1,196,086
Other income				300
Total operating revenues	368,856	398,707	1,106,567	1,196,386
OPERATING EXPENSES:
Depreciation	927	927	2,780	2,462
Property operating expenses	60,950	63,360	175,415	211,252
Total operating expenses	61,877	64,287	178,195	213,714
OPERATING (LOSS) INCOME	306,979	334,420	928,372	982,672
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	306,979		928,372
INCOME (LOSS) BEFORE INCOME TAXES	306,979	334,420	928,372	982,672
Operating Segments | Specialty Vegetables
OPERATING REVENUES:
Fixed rent	274,936	192,725	776,833	578,175
Recovery of real estate taxes	24,321	23,803	71,547	70,021
Other income	46,150	3,750	53,650	25,250
Total operating revenues	345,407	220,278	902,030	673,446
OPERATING EXPENSES:
Depreciation	78,310	23,597	219,619	70,790
Property operating expenses	74,642	41,285	181,387	123,100
Professional fees	810	639	7,758	1,701
Total operating expenses	153,762	65,521	408,764	195,591
OPERATING (LOSS) INCOME	191,645	154,757	493,266	477,855
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	191,645		493,266
INCOME (LOSS) BEFORE INCOME TAXES	191,645	154,757	493,266	477,855
Operating Segments | Permanent
OPERATING REVENUES:
Fixed rent	1,540,747	658,414	4,381,679	1,767,419
Participating rent	1,947,521	545,716	2,639,638	2,877,202
Recovery of real estate taxes	204,744	92,476	552,850	270,679
Other income	10,261		30,261	20,000
Total operating revenues	3,703,273	1,296,606	7,604,428	4,935,300
OPERATING EXPENSES:
Depreciation	927,354	414,632	2,610,733	1,145,202
Property operating expenses	469,650	188,968	1,137,705	607,892
Professional fees	6,957	7,746	23,093	9,677
Total operating expenses	1,403,961	611,346	3,771,531	1,762,771
OPERATING (LOSS) INCOME	2,299,312	685,260	3,832,897	3,172,529
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	2,299,312		3,832,897
INCOME (LOSS) BEFORE INCOME TAXES	2,299,312	685,260	3,832,897	3,172,529
Operating Segments | Development
OPERATING REVENUES:
Fixed rent	42,705	23,600	338,699	268,059
Participating rent	30,524		30,524	(1,922)
Recovery of real estate taxes	6,190	3,266	18,208	9,604
Other income		17,185		17,185
Total operating revenues	79,419	44,051	387,431	292,926
OPERATING EXPENSES:
Depreciation	107,662	78,067	344,795	192,063
Property operating expenses	48,356	19,128	330,957	174,911
Professional fees	943	787	1,706	2,959
Total operating expenses	156,961	97,982	677,458	369,933
OPERATING (LOSS) INCOME	(77,542)	(53,931)	(290,027)	(77,007)
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	(77,542)		(290,027)
Gain on sale of assets	2,170,720		2,163,462
INCOME (LOSS) BEFORE INCOME TAXES	2,093,178	(53,931)	1,873,435	(77,007)
Corporate
OPERATING EXPENSES:
Depreciation	147		445
Management and performance fees—related party		715,060		2,739,856
Due diligence costs on non-consummated transactions			136,862
Professional fees	2,313,266	129,869	3,133,988	359,015
Sub-advisory fees	686,797		2,132,930
General and administrative expenses	913,286	40,710	3,607,526	187,425
Total operating expenses	3,913,496	885,639	9,011,751	3,286,296
OPERATING (LOSS) INCOME	(3,913,496)	(885,639)	(9,011,751)	(3,286,296)
Total other expense	422,109	189,311	1,238,013	401,903
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	(4,335,605)		(10,249,764)
INCOME (LOSS) BEFORE INCOME TAXES	$ (4,335,605)	$ (1,074,950)	$ (10,249,764)	$ (3,688,199)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - shares	1 Months Ended	9 Months Ended
	Nov. 11, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Lawsuit filing date		October 26, 2016
Subsequent Event
Subsequent Event [Line Items]
Number of common units redeemed	2,687,412
Common stock shares issued	2,687,412