Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LAND | ||
Entity Registrant Name | GLADSTONE LAND Corp | ||
Entity Central Index Key | 1,495,240 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,992,941 | ||
Entity Public Float | $ 71,943,374 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Real estate, at cost | $ 228,417,837 | $ 148,371,478 | |
Less: accumulated depreciation | (6,634,412) | (4,431,290) | |
Total real estate, net | 221,783,425 | 143,940,188 | |
Lease intangibles, net | 1,763,541 | 1,317,575 | |
Cash and cash equivalents | 2,532,522 | 2,619,342 | |
Restricted cash | 132,741 | ||
Deferred financing costs, net | 1,186,718 | 1,039,714 | |
Other assets, net | 2,472,041 | 2,653,064 | |
TOTAL ASSETS | 229,738,247 | 151,702,624 | |
LIABILITIES | |||
Mortgage notes and bonds payable | 142,633,157 | 82,417,361 | |
Borrowings under line of credit | 100,000 | 4,000,000 | |
Accounts payable and accrued expenses | 3,495,339 | 1,925,251 | |
Due to related parties | [1] | 565,593 | 471,101 |
Other liabilities | 4,937,439 | 2,919,583 | |
TOTAL LIABILITIES | $ 151,731,528 | $ 91,733,296 | |
Commitments and contingencies | [2] | ||
STOCKHOLDERS' EQUITY | |||
Common stock, $0.001 par value; 20,000,000 shares authorized; 9,992,941 and 7,753,717 shares issued and outstanding as of December 31, 2015, and December 31, 2014, respectively | $ 9,993 | $ 7,754 | |
Additional paid in capital | 86,892,095 | 65,366,309 | |
Distributions in excess of earnings | (8,895,369) | (5,404,735) | |
TOTAL STOCKHOLDERS' EQUITY | 78,006,719 | 59,969,328 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 229,738,247 | $ 151,702,624 | |
[1] | Refer to Note 4, "Related-Party Transactions," for additional information. | ||
[2] | Refer to Note 7, "Commitments and Contingencies," for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,992,941 | 7,753,717 |
Common stock, shares outstanding | 9,992,941 | 7,753,717 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
OPERATING REVENUES: | ||||
Rental revenue | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | |
Tenant recovery revenue | 13,370 | 14,604 | 10,451 | |
Total operating revenues | 11,901,461 | 7,184,922 | 4,038,138 | |
OPERATING EXPENSES: | ||||
Depreciation and amortization | 3,113,492 | 1,735,644 | 722,455 | |
Management fee | [1] | 1,343,384 | 1,079,534 | 195,609 |
Incentive fee | [1] | 41,037 | ||
Administration fee | [1] | 679,590 | 442,584 | 194,464 |
Professional fees | 474,797 | 595,163 | 615,879 | |
Acquisition-related expenses | 467,048 | 520,352 | 153,725 | |
Property operating expenses | 729,036 | 434,514 | 119,463 | |
General and administrative expenses | 846,238 | 777,159 | 679,090 | |
Operating expenses before credits from Adviser | 7,653,585 | 5,584,950 | 2,721,722 | |
Credits to fees from Adviser | [1] | (320,905) | (41,037) | |
Total operating expenses, net of credits to fees | 7,332,680 | 5,584,950 | 2,680,685 | |
OPERATING INCOME | 4,568,781 | 1,599,972 | 1,357,453 | |
OTHER INCOME (EXPENSE): | ||||
Other income | 48,531 | 47,520 | 56,234 | |
Interest expense | (4,160,482) | (2,009,086) | (1,118,640) | |
Property and casualty recovery income, net | 97,232 | 262,963 | ||
Gain on sale of real estate | 14,483 | |||
Total other expense | (4,000,236) | (1,698,603) | (1,062,406) | |
Net income (loss) before income taxes | 568,545 | (98,631) | 295,047 | |
Income tax provision | (26,502) | (1,519,730) | ||
NET INCOME (LOSS) | $ 568,545 | $ (125,133) | $ (1,224,683) | |
EARNINGS (LOSS) PER COMMON SHARE: | ||||
Basic and diluted | $ 0.07 | $ (0.02) | $ (0.20) | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted | 8,639,397 | 6,852,917 | 6,214,557 | |
[1] | Refer to Note 4, "Related-Party Transactions," for additional information. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] |
Beginning Balance at Dec. 31, 2012 | $ 8,136,726 | $ 2,750 | $ 8,133,976 | |
Beginning Balance, Shares at Dec. 31, 2012 | 2,750,000 | |||
Net income (loss) | (1,224,683) | (1,224,683) | ||
Proceeds from issuance of common stock, net | 51,330,042 | $ 3,780 | $ 51,326,262 | |
Proceeds from issuance of common stock, net, Shares | 3,780,264 | |||
Distributions | (9,730,093) | (9,730,093) | ||
Ending Balance at Dec. 31, 2013 | 48,511,992 | $ 6,530 | 51,326,262 | (2,820,800) |
Ending Balance, Shares at Dec. 31, 2013 | 6,530,264 | |||
Net income (loss) | (125,133) | (125,133) | ||
Proceeds from issuance of common stock, net | 14,041,271 | $ 1,224 | 14,040,047 | |
Proceeds from issuance of common stock, net, Shares | 1,223,453 | |||
Distributions | (2,458,802) | (2,458,802) | ||
Ending Balance at Dec. 31, 2014 | 59,969,328 | $ 7,754 | 65,366,309 | (5,404,735) |
Ending Balance, Shares at Dec. 31, 2014 | 7,753,717 | |||
Net income (loss) | 568,545 | 568,545 | ||
Proceeds from issuance of common stock, net | 21,528,025 | $ 2,239 | 21,525,786 | |
Proceeds from issuance of common stock, net, Shares | 2,239,224 | |||
Distributions | (4,059,179) | (4,059,179) | ||
Ending Balance at Dec. 31, 2015 | $ 78,006,719 | $ 9,993 | $ 86,892,095 | $ (8,895,369) |
Ending Balance, Shares at Dec. 31, 2015 | 9,992,941 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 568,545 | $ (125,133) | $ (1,224,683) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 3,113,492 | 1,735,644 | 722,455 |
Amortization of deferred financing costs | 106,806 | 53,286 | 30,024 |
Amortization of deferred rent assets and liabilities, net | (200,783) | (194,267) | (68,617) |
Allowance for doubtful accounts | 10,219 | ||
Property and casualty recovery, net | (97,232) | (262,963) | |
Insurance proceeds received utilized for repairs to real estate assets | 9,965 | 89,688 | |
Deferred income taxes | (743,676) | ||
Changes in operating assets and liabilities: | |||
Other assets | (124,023) | (684,782) | 25,205 |
Accounts payable, accrued expenses, and due to related parties | 523,781 | 1,180,185 | 250,139 |
Other liabilities | 843,065 | 1,751,964 | 548,800 |
Net cash provided by (used in) operating activities | 4,753,835 | 3,543,622 | (460,353) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of new real estate | (74,448,512) | (68,626,968) | (37,871,978) |
Capital expenditures on existing real estate | (3,246,646) | (2,619,084) | (811,605) |
Decrease (increase) in restricted cash | 132,741 | (132,700) | (41) |
Purchase of U.S. Treasuries | (19,994,981) | ||
Maturity of U.S. Treasuries | 20,000,000 | ||
Deposits on future acquisitions | (50,000) | (350,000) | (200,000) |
Deposits applied against real estate investments | (1,150,000) | ||
Deposits refunded | 200,000 | 50,000 | 150,000 |
Insurance proceeds received capitalized as real estate asset additions | 87,267 | 344,512 | |
Net cash used in investing activities | (78,475,150) | (71,334,240) | (38,728,605) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of equity | 23,132,910 | 15,024,003 | 56,703,960 |
Offering costs | (1,482,029) | (950,965) | (4,687,579) |
Borrowings from mortgage notes payable | 60,841,476 | 41,188,600 | 13,565,000 |
Repayments on mortgage note payable | (625,680) | (1,825,404) | (1,228,715) |
Net borrowings from line of credit | (3,900,000) | 3,900,000 | |
Payment of financing fees | (273,003) | (738,754) | (35,807) |
Distributions paid | (4,059,179) | (2,458,802) | (9,730,093) |
Net cash provided by financing activities | 73,634,495 | 54,138,678 | 54,586,766 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (86,820) | (13,651,940) | 15,397,808 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,619,342 | 16,271,282 | 873,474 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,532,522 | 2,619,342 | 16,271,282 |
Cash paid during the year for interest | 3,262,993 | 1,431,214 | 1,055,333 |
Cash paid during the year for income taxes | 27,000 | 2,274,727 | |
NON-CASH INVESTING AND FINANCING INFORMATION: | |||
Real estate additions included in Other assets | 61,500 | ||
Real estate additions included in Accounts payable and accrued expenses | 1,157,347 | 81,072 | $ 309,174 |
Real estate additions included in Other liabilities | 1,572,365 | 585,947 | |
Offering costs included in Accounts payable, accrued expenses and due to related parties | 225,684 | 141,967 | |
Financing fees included in Accounts payable and accrued expenses | $ 25,120 | $ 44,313 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | NOTE 1. BUSINESS AND ORGANIZATION Business Gladstone Land Corporation is a real estate investment trust (“REIT”) that was re-incorporated in Maryland on March 24, 2011, having been previously re-incorporated in Delaware on May 25, 2004, and having been originally incorporated in California on June 14, 1997. We are primarily in the business of owning and leasing farmland. Subject to certain restrictions and limitations, and pursuant to contractual agreements, our business is managed by Gladstone Management Corporation (the “Adviser”), a Delaware corporation, and administrative services are provided to us by Gladstone Administration, LLC (the “Administrator”), a Delaware limited liability company. Our Adviser and Administrator are both affiliates of ours. Organization We conduct substantially all of our operations through a subsidiary, Gladstone Land Limited Partnership (the “Operating Partnership”), a Delaware limited partnership. As we currently own, directly or indirectly, all of the general and limited partnership interests of the Operating Partnership, the financial position and results of operations of the Operating Partnership are consolidated within our financial statements. Gladstone Land Partners, LLC (“Land Partners”), a Delaware limited liability company and a subsidiary of ours, was organized to engage in any lawful act or activity for which a limited liability company may be organized in Delaware. Land Partners is the general partner of the Operating Partnership and has the power to make and perform all contracts and to engage in all activities necessary in carrying out the purposes of the Company, as well as all other powers available to it as a limited liability company. As we currently own all of the membership interests of Land Partners, the financial position and results of operations of Land Partners are consolidated within our financial statements. Gladstone Land Advisers, Inc. (“Land Advisers”), a Delaware corporation and a subsidiary of ours, was created to collect any non-qualifying income related to our real estate portfolio. We have elected for Land Advisers to be taxed as a taxable REIT subsidiary (“TRS”). It is currently anticipated that this income will predominately consist of fees we receive related to the leasing of real estate, though we may also provide ancillary services to farmers through this subsidiary. There have been no fees related to the leasing of real estate or for ancillary services earned by Land Advisers to date. Since we currently own 100% of the voting securities of Land Advisers, the financial position and results of operations of Land Advisers are consolidated within our financial statements. All further references herein to “we,” “us,” “our” and the “Company” refer, collectively, to Gladstone Land Corporation and its consolidated subsidiaries, except where indicated otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Real Estate and Lease Intangibles Our investments in real estate consist of farmland and improvements made to the farmland, consisting of buildings; irrigation and drain systems; coolers, which are storage facilities used for cooling crops; warehouses used for storing, assembling and packing boxes; and horticulture acquired in connection with the land purchase, which currently consists of blueberry bushes and almond, avocado and lemon trees. We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the shorter of the estimated useful life or 25 years for horticulture acquired in connection with the purchase of farmland, 5 to 10 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements. Certain of our acquisitions involve sale-leaseback transactions with newly-originated leases, which we account for as asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment.” In the case of an asset acquisition, we will capitalize the transaction costs incurred in connection with the acquisition. Other of our acquisitions involve the acquisition of farmland that is already being operated as rental property and has a lease in place that we assume at the time of acquisition, which we will generally consider to be a business combination under ASC 805, “Business Combinations.” When an acquisition is considered a business combination, ASC 805 requires that the purchase price of real estate be allocated to (i) the tangible assets acquired and liabilities assumed, consisting of land, buildings, improvements, horticulture and long-term debt, and (ii) identifiable intangible assets and liabilities, typically the values of above- and below-market leases, in-place lease values, unamortized lease origination costs and tenant relationships, based in each case on their fair values. ASC 805 also requires that all costs related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. Whether our acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed. 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 either an income capitalization approach or 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. We also consider information obtained about each property as a result of our pre-acquisition due diligence and 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 lost reimbursement of real estate taxes, insurance and other operating expenses, as well as estimates of lost rental income at market rates during the hypothetical, expected lease-up periods, which typically range from 1 to 24 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, 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. While management believes these estimates to be reasonable based on the information available at the time of acquisition, the preliminary purchase price allocation may be adjusted if management obtains more information regarding the valuations of the assets acquired or liabilities assumed. We allocate 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 horticulture, based on management’s determination of the fair values of such assets and liabilities. Real estate depreciation expense on these tangible assets was $2,271,766, $1,384,960 and $631,786 for the years ended December 31, 2015, 2014 and 2013, respectively. We record above- and below-market lease values for acquired properties based on the present value (using a discount 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 lease agreements, 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. When determining the non-cancelable term of the lease, we evaluate whether fixed-rate or below-market renewal options, if any, should be included. The fair value of capitalized above-market lease values, included as part of Other assets in the accompanying Consolidated Balance Sheets Consolidated Balance Sheets In certain instances, we will also record deferred revenue in connection with properties acquired as part of an asset acquisition when additional consideration, such as offering a below-market lease to the seller on a sale-leaseback transaction, is given to the seller of a property when the agreed-upon cash purchase price is significantly below the aggregate fair value of all identifiable tangible assets acquired or liabilities assumed. In transactions such as this, the amount of deferred revenue recorded will be determined in a manner similar to that described above for below-market lease values. The fair value of capitalized deferred revenue, included as part of Other liabilities in the accompanying Consolidated Balance Sheets The total amount of the remaining intangible assets acquired, which consists of in-place lease values, unamortized lease origination costs and tenant relationship values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, prospects for developing additional business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the current lease agreement), among other factors. The value of in-place leases and unamortized lease origination costs are amortized to amortization expense on a straight-line basis over the remaining, non-cancelable terms of the respective leases, which currently range from 2 to 10 years. The value of tenant relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease at the existing property or entering into a lease at a different property we own, is amortized to amortization expense over the remaining lease term and any anticipated renewal periods in the respective leases. Should a tenant terminate its lease, the unamortized portion of the above- or below-market lease values, deferred revenue, in-place lease values, lease origination costs and tenant relationship values would be charged to the appropriate income or expense account. The total amount recorded as amortization expense related to these intangible assets, including amounts charged to amortization expense due to early lease terminations, was $841,726, $350,684 and $90,669 for the years ended December 31, 2015, 2014 and 2013, respectively. In September 2015, we removed $34,155 of intangible assets due to the termination of a lease that was assumed in connection with a farm acquired in June 2014, and the unamortized balance of these assets, which was $20,255, was immediately charged to amortization expense. In September 2014, we removed $46,526 of intangible assets due to the termination of a lease that was assumed in connection with a farm acquired in June 2014, and the unamortized balance of these assets, which was $43,328, was immediately charged to amortization expense. Impairment of Real Estate Assets We account for the impairment of our tangible and identifiable intangible real estate assets in accordance with ASC 360, which requires us to periodically review the carrying value of each property to determine whether indicators of impairment exist. Such indicators may include, but are not limited to, declines in a property’s operating performance, deteriorating market conditions and environmental or legal concerns. If circumstances support the possibility of impairment, we prepare a projection of the total undiscounted future cash flows of the specific property, including proceeds from disposition without interest charges, and compare them to the net book value of the property to determine whether the carrying value of the property is recoverable. In performing the analysis, we consider such factors as the tenants’ payment history and financial condition, the likelihood of lease renewal, agricultural and business conditions in the regions in which our farms are located 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 value 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 on those select properties that have an indication of impairment. During the three months ended June 30, 2014, we had two separate fires that partially damaged structures on two separate properties, which constituted an indicator of impairment. However, in accordance with ASC 360, we assessed the recoverability of the two properties and determined that the net carrying value of each property was fully recoverable. Therefore, no impairment loss was recorded; however, we recorded property and casualty losses for each event. See “—Involuntary Conversions and Property and Casualty Recovery” Tenant Improvements From time to time, our tenants may pay for improvements on certain of our properties with the ownership of the improvements remaining with us, in which case we will record the cost of such improvements as an asset, tenant improvements, along with a corresponding liability, deferred rent liability, on our balance sheet. When we are determined to be the owner of the tenant improvements, such improvements will be depreciated, and the related deferred rent liability will be amortized as an addition to rental income, each over the shorter of the useful life of the respective improvement or the remaining term of the existing lease in place. If the tenant is determined to be the owner of the tenant improvements, any tenant improvements funded by us are treated as a lease incentive and amortized as a reduction of rental income over the remaining term of the existing lease in place. In determining whether the tenant or the Company is the owner of such improvements, several factors will be considered, including, but not limited to: (i) whether the tenant or landlord retains legal title to the improvements upon expiration of the lease; (ii) whether the lease stipulates how such improvements should be treated; (iii) the uniqueness of the improvements (i.e., whether the improvements were made to meet the specific needs or for the benefit of the tenant leasing the property, or if the improvements generally increased the value or extended the useful life of the asset improved upon); (iv) the expected useful life of the improvements relative to the remaining length of the lease; (v) whether the tenant improvements are expected to have significant residual value at the end of the lease term; and (vi) whether the tenant or the Company constructs or directs construction of the improvements. The determination of who owns the improvements can be subject to significant judgment. As of December 31, 2015, and December 31, 2014, we recorded aggregate gross tenant improvements of $1,302,009 and $585,947, respectively, and accumulated depreciation related to these improvements was $118,989 and $56,760, respectively. During the years ended December 31, 2015 and 2014, $62,229 and $56,760, respectively, was recorded as both depreciation expense and an addition to rental income. No tenant improvements were recorded prior to 2014. To date, we have not recorded any lease incentives. Cash and Cash Equivalents We consider cash equivalents to be all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. Our cash and cash equivalents at December 31, 2015 and 2014 were held in the custody of one financial institution, and our balance at times may exceed federally-insurable limits. Restricted Cash As of December 31, 2014, restricted cash consisted of $3,041 of accrued interest owed on funds held in escrow related to the acquisition of a property in December 2013 and $129,700 that was earmarked for the purchase of a water permit on one of our farms. These funds were released during the three months ended March 31, 2015, and we did not have any restricted cash as of December 31, 2015. Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. Costs associated with our long-term borrowings are deferred and amortized over the terms of the respective financings using the straight-line method, which approximates the effective interest method. In the case of our line of credit, the straight-line method is used due to the revolving nature of the financing instrument. Upon early extinguishment of any borrowings, the unamortized portion of the related deferred financing costs will be immediately charged to expense. In addition, in accordance with ASC 470, “Debt,” when a financing arrangement is amended so that the only material change is an increase in the borrowing capacity, the unamortized deferred financing costs from the prior arrangement should be amortized over the term of the new arrangement. Accumulated amortization of deferred financing costs was $224,239 and $117,433 as of December 31, 2015 and 2014, respectively. For the years ended December 31, 2015, 2014 and 2013, total amortization expense related to deferred financing costs was $106,806, $53,286 and $30,023, respectively, and is included in Interest expense on the accompanying Consolidated Statements of Operations Other Assets and Other Liabilities Other assets consist of deferred rent assets, short-term investments, prepaid expenses, deferred offering costs, deposits on potential real estate acquisitions, above-market lease values and other miscellaneous receivables. Other liabilities consist of rents received in advance, deferred rent liabilities, below-market lease values and funds held in escrow. Revenue Recognition Rental revenue includes rents that each tenant pays in accordance with the terms of its respective lease, reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals; we recognize such revenues on a straight-line basis. Certain other leases provide for additional rental payments that are based on a percentage of the gross crop revenue earned on the farm. Such contingent revenue is recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues. As a result, depending on the circumstances of each lease, certain participating rents may be recognized by us in the year the crop was harvested, while other participating rents may be recognized in the year following the harvest. Deferred rent receivable, included in Other assets on the accompanying Consolidated Balance Sheets In addition, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectable. We perform a quarterly review on deferred rent receivable as it relates to straight-line rents and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions of the industry in which the tenant operates and economic and agricultural conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectable accounts or record a direct write-off of the specific rent receivable. During the year ended December 31, 2015, we wrote off $6,504 of deferred rent receivable related to the early termination of two leases; no such reserves or direct write-offs were recorded prior to 2015. Tenant recovery revenue includes payments received from tenants as reimbursements for certain operating expenses, such as property taxes and insurance premiums. These expenses and their subsequent reimbursements are recognized under property operating expenses as incurred and tenant recovery revenue as earned, respectively, and are recorded in the same periods. Other Income We record non-operating and unusual or infrequent income as Other income on our Consolidated Statements of Operations Involuntary Conversions and Property and Casualty Recovery We account for involuntary conversions, for example, when a nonmonetary asset, such as property or equipment, is involuntarily converted to a monetary asset, such as insurance proceeds, in accordance with ASC 605, “Revenue Recognition – Gains and Losses,” which requires us to recognize a gain or a loss equal to the difference between the carrying amount of the nonmonetary asset and the amount of monetary assets received. Further, in accordance with ASC 450, “Contingencies,” if recovery of the loss is considered to be probable, we will recognize a receivable for the amount expected to be covered by insurance proceeds, not to exceed the related loss recognized, unless such amounts have been realized. Gain on sale of real estate We recognize gains (or losses) on sales of real estate upon the closing of a transaction (be it an outright sale of a property or the sale of a perpetual, right-of-way easement on all or a portion of a property) with the purchaser. Gains are recognized using the full accrual method when the collectability of the sales price is reasonably assured, we are not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gains on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. Income taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended. On September 3, 2014, we filed our 2013 federal income tax return, on which we elected to be taxed as a REIT for federal income tax purposes beginning with our tax year ended December 31, 2013. As a REIT, we generally are not subject to federal income taxes on amounts that we distribute to our stockholders (except income from any foreclosure property), provided that, on an annual basis, we distribute at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other conditions. To the extent that we satisfy the annual distribution requirement but distribute less than 100% of our taxable income, we will be subject to an excise tax on our undistributed taxable income. Beginning January 1, 2013, Land Advisers has been treated as a wholly-owned TRS that is subject to federal and state income taxes. Though Land Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” A reconciliation between the U.S. statutory federal income tax rate and our effective income tax rate for the years ended December 31, 2015, 2014 and 2013 is provided in the following table: 2015 2014 2013 U.S. statutory federal income tax rate 0.0 % 0.0 % 0.0 % State taxes, net of U.S. federal income tax benefit (1) 0.0 % 26.9 % 41.7 % Other adjustments (2) 0.0 % 0.0 % 473.4 % Effective tax rate 0.0 % 26.9 % 515.1 % (1) State tax adjustments made to the 2013 and 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers. (2) Adjustments made to the 2013 income tax provision related primarily to the recognition of $2.1 million of income taxes on a deferred intercompany gain relating to land transfers from prior years. This tax became due upon our election to be taxed as a REIT for the tax year ended December 31, 2013. This was partially offset by the reversal of our deferred tax liability, which resulted in a net benefit of REIT conversion of $743,676. The provision for income taxes included in our Consolidated Financial Statements Reclassifications Certain line items on the Consolidated Balance Sheet Consolidated Statements of Operations Segment Reporting We do not evaluate performance on a property-specific or transactional basis, nor do we distinguish our principal business or group our operations on a geographical basis for purposes of measuring performance. Thus, we believe we have a single operating segment for reporting purposes in accordance with GAAP, that segment being farmland and farm-related properties. Comprehensive Income (Loss) For the years ended December 31, 2015, 2014 and 2013, net income (loss) equaled comprehensive income (loss); therefore, a separate statement of comprehensive income (loss) is not included in the accompanying Consolidated Financial Statements Distributions We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT that distributes at least 90% of its REIT taxable income to its stockholders each year and meets certain other conditions will not be subject to federal income tax on that portion of its taxable income that is distributed to stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four immediately-subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes and to federal income and excise taxes on undistributed taxable income. In general, however, as long as we qualify as a REIT, no provision for federal income taxes will be necessary, except for taxes on undistributed REIT taxable income and taxes on the income generated by a TRS, if any. Recently-Issued Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends or supersedes the scope and consolidation guidance under existing GAAP. The new standard changes the way a reporting entity evaluates whether (a) limited partnerships and similar entities should be consolidated, (b) fees paid to decision makers or service providers are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. ASU 2015-02 also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-02 is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which simplifies the presentation of debt issuance costs. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. 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” (“ASU 2015-15”), which codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line of credit arrangements as assets. ASU 2015-15 was effective immediately. We have assessed the impact of ASU 2015-15 and identified no material impact on our financial position, results of operations or cash flows from adopting this standard. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which pertains to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. |
Real Estate and Lease Intangibl
Real Estate and Lease Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Real Estate and Lease Intangibles | NOTE 3. REAL ESTATE AND LEASE INTANGIBLES All of our properties are wholly-owned on a fee-simple basis. The following table provides certain summary information about our 43 farms as of December 31, 2015: Property Name Location Date Number Total Farm Lease Net Cost (1) Encumbrances San Andreas Watsonville, CA 6/16/1997 1 307 238 12/31/2020 $ 4,786,649 $ 4,677,258 West Gonzales Oxnard, CA 9/15/1998 1 653 502 6/30/2020 12,198,297 23,796,549 West Beach Watsonville, CA 1/3/2011 3 196 195 12/31/2023 9,299,418 4,556,294 Dalton Lane Watsonville, CA 7/7/2011 1 72 70 10/31/2020 2,684,346 1,509,625 Keysville Road Plant City, FL 10/26/2011 2 59 56 6/30/2020 1,240,565 897,600 Colding Loop Wimauma, FL 8/9/2012 1 219 181 6/14/2018 3,957,326 2,640,000 Trapnell Road Plant City, FL 9/12/2012 3 124 110 6/30/2017 3,943,865 2,522,250 38th Avenue Covert, MI 4/5/2013 1 119 89 4/4/2020 1,274,852 720,943 Sequoia Street Brooks, OR 5/31/2013 1 218 206 5/31/2028 3,109,843 1,666,610 Natividad Road Salinas, CA 10/21/2013 1 166 166 10/31/2024 8,421,700 3,763,311 20th Avenue South Haven, MI 11/5/2013 3 151 94 11/4/2018 1,890,436 1,075,232 Broadway Road Moorpark, CA 12/16/2013 1 60 46 12/15/2023 2,880,849 1,612,848 Oregon Trail Echo, OR 12/27/2013 1 1,895 1,640 12/31/2023 13,917,561 7,526,622 East Shelton Willcox, AZ 12/27/2013 1 1,761 1,320 2/29/2024 7,875,996 3,602,026 Collins Road Clatskanie, OR 5/30/2014 2 200 157 9/30/2024 2,423,608 1,451,563 Spring Valley Watsonville, CA 6/13/2014 1 145 110 9/30/2022 5,777,020 3,171,933 McIntosh Road Dover, FL 6/20/2014 2 94 78 6/30/2017 (2) 2,476,569 1,519,620 Naumann Road Oxnard, CA 7/23/2014 1 68 66 7/31/2017 6,782,572 3,704,173 Sycamore Road Arvin, CA 7/25/2014 1 326 322 10/31/2024 6,822,097 3,118,172 Wauchula Road Duette, FL 9/29/2014 1 808 590 9/30/2024 13,771,697 7,742,812 Santa Clara Avenue Oxnard, CA 10/29/2014 2 333 331 7/31/2017 24,242,056 13,440,396 Dufau Road Oxnard, CA 11/4/2014 1 65 64 11/3/2017 6,061,157 3,675,000 Espinosa Road Salinas, CA 1/5/2015 1 331 329 10/31/2016 16,541,996 10,178,000 Parrish Road Duette, FL 3/10/2015 1 419 211 6/30/2025 4,283,210 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2 2,678 1,644 6/30/2020 15,644,287 9,360,000 Holt County Stuart, NE 8/20/2015 1 1,276 1,052 12/31/2018 5,478,661 3,301,000 Rock County Bassett, NE 8/20/2015 1 1,283 1,049 12/31/2018 5,473,099 3,301,000 Bear Mountain Arvin, CA 9/3/2015 3 854 841 1/9/2031 19,384,361 8,176,640 Corbitt Road Immokalee, FL 11/2/2015 1 691 390 12/31/2021 3,820,031 3,760,000 Reagan Road Willcox, AZ 12/22/2015 1 1,239 875 12/31/2025 5,732,435 3,891,000 43 16,810 13,022 $ 222,196,559 $ 142,733,157 (1) Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization. Includes Total real estate, net and Lease intangibles, net; plus net above-market lease values included in Other assets; and less net below-market lease values, deferred revenue and unamortized tenant improvements included in Other liabilities, each as shown on the accompanying Consolidated Balance Sheet. (2) There are two leases in place on this property, one originally scheduled to expire on June 30, 2016, which lease was renewed subsequent to December 31, 2015 (see Note 10, “Subsequent Events”), and the other scheduled to expire on June 30, 2017. Real Estate The following table sets forth the components of our investments in tangible real estate assets as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Real estate: Land and land improvements $ 192,020,381 $ 122,999,316 Irrigation systems 21,849,508 12,365,514 Buildings and improvements 11,184,647 10,479,301 Horticulture 1,490,695 1,559,340 Other site improvements 1,872,606 968,007 Real estate, at cost 228,417,837 148,371,478 Accumulated depreciation (6,634,412 ) (4,431,290 ) Real estate, net $ 221,783,425 $ 143,940,188 New Real Estate Activity Certain acquisitions during the years ended December 31, 2015 and 2014 were accounted for as business combinations in accordance with Accounting Standards Codification (“ASC”) 805, as there was a prior leasing history on the property. As such, the fair value of all assets acquired and liabilities assumed were determined in accordance with ASC 805, and all acquisition-related costs were expensed as incurred, other than those costs that directly related to reviewing or assigning leases we assumed upon acquisition, which were capitalized as part of leasing costs. For acquisitions accounted for as asset acquisitions under ASC 360, all acquisition-related costs were capitalized and included as part of the fair value allocation of the identifiable tangible assets acquired, other than those costs that directly related to originating new leases we executed upon acquisition, which were capitalized as part of leasing costs. 2015 New Real Estate Activity During the year ended December 31, 2015, we acquired 11 new farms in 8 separate transactions, which are summarized in the table below. Property Name Property Location Acquisition Total Number Primary Lease Renewal Total Acquisition Annualized Straight-line Cash Rent (1) Long-term Espinosa Road (2) Salinas, CA 1/5/2015 331 1 Strawberries 1.8 years None $ 16,905,500 $ 89,885 (3) $ 778,342 $ 10,178,000 Parrish Road Duette, FL 3/10/2015 419 1 Strawberries 10.3 years 2 (5 years) 3,913,280 103,610 (3) 251,832 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2,678 2 Misc. Vegetables 5.0 years 2 (5 years) 15,757,700 151,746 (3) 960,104 9,360,000 Holt County Stuart, NE 8/20/2015 1,276 1 Misc. Vegetables 3.4 years None 5,504,000 27,589 (3) 289,815 3,301,000 Rock County Bassett, NE 8/20/2015 1,283 1 Misc. Vegetables 3.4 years None 5,504,000 27,589 (3) 289,815 3,301,000 Bear Mountain Arvin, CA 9/3/2015 854 3 Almonds (4) 15.4 years 1 (10 years) 18,922,500 119,128 (5) 828,608 21,138,196 Corbitt Road Immokalee, FL 11/2/2015 691 1 Misc. Vegetables 6.1 years 1 (6 years) 3,760,000 74,857 (5) 226,938 3,760,000 Reagan Road Willcox, AZ 12/22/2015 1,239 1 Corn 10.0 years 2 (5 years) 5,700,000 37,544 (5) 319,240 3,891,000 8,771 11 $ 75,966,980 $ 631,948 $ 3,944,694 $ 57,303,876 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease. (2) In connection with this acquisition, our Adviser earned a finder’s fee of $320,905, which fee was fully credited back to us by our Adviser during the three months ended March 31, 2015. See Note 4, “Related- Party Transactions” for further discussion on this fee. (3) Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. In aggregate, we incurred $11,825 of direct leasing costs in connection with these acquisitions. (4) Property currently consists of open ground and old grape vineyards. However, we will be removing the existing vineyards and converting the property into an almond orchard, which development is expected to be completed by June 30, 2016. (5) Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2015, to be as follows: Property Name Land and Land Buildings and Irrigation In-place Leasing Tenant Above-(Below)- (Deferred Revenue) Total Espinosa Road $ 15,852,466 $ 84,478 $ 497,401 $ 246,472 $ 43,895 $ 180,788 $ — $ 16,905,500 Parrish Road 2,403,064 42,619 1,299,851 54,405 77,449 35,892 — 3,913,280 Immokalee Exchange 14,410,840 273,107 515,879 229,406 148,691 179,777 — 15,757,700 Holt County 4,690,369 56,253 729,884 — 27,494 — — 5,504,000 Rock County 4,862,314 72,232 540,589 — 28,865 — — 5,504,000 Bear Mountain 18,428,247 — 494,253 — — — — 18,922,500 Corbitt Road 3,186,765 254,963 470,875 — — — (152,603 ) 3,760,000 Reagan Road 4,207,040 18,366 1,474,594 — — — — 5,700,000 $ 68,041,105 $ 802,018 $ 6,023,326 $ 530,283 $ 326,394 $ 396,457 $ (152,603 ) $ 75,966,980 The allocation of the purchase price for the farms acquired during the year ended December 31, 2015, is preliminary and may change during the measurement period if we obtain new information regarding the assets acquired or liabilities assumed at the acquisition date. Below is a summary of the total operating revenues and earnings recognized on the properties acquired during the year ended December 31, 2015: Property Name Acquisition Operating Earnings (1) Espinosa Road 1/5/2015 $ 769,972 $ 383,201 Parrish Road 3/10/2015 203,341 57,613 Immokalee Exchange 6/25/2015 480,052 313,387 Holt County 8/20/2015 105,954 78,315 Rock County 8/20/2015 105,954 72,753 Bear Mountain 9/3/2015 271,599 249,958 Corbitt Road 11/2/2015 29,970 8,916 Reagan Road 12/22/2015 8,582 3,473 $ 1,975,424 $ 1,167,616 (1) Earnings are calculated as net income less interest expense and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805. 2014 New Real Estate Activity During the year ended December 31, 2014, we acquired 11 new farms in 8 separate transactions, which are summarized in the table below. Property Name Property Acquisition Total Number Primary Crop(s) Lease Renewal Total Acquisition Annualized Straight- (1) Long-term Collins Road Clatskanie, OR 5/30/2014 200 2 Blueberries 10.3 years 3 (5 years) $ 2,591,333 $ 60,329 (2) $ 181,172 $ — Spring Valley Watsonville, CA 6/13/2014 145 1 Strawberries 2.3 years None 5,900,000 49,582 (2) 270,901 — McIntosh Road Dover, FL 6/20/2014 94 2 Strawberries 3.0 years 1 (3 years) / None (3) 2,666,000 60,939 (2) 133,154 1,599,600 Naumann Road Oxnard, CA 7/23/2014 68 1 Strawberries 3.0 years 1 (3 years) 6,888,500 91,103 (2) 329,667 — Sycamore Road Arvin, CA 7/25/2014 326 1 Misc. Vegetables 1.3 years (4) None (4) 5,800,000 44,434 (2) 184,304 — Wauchula Road Duette, FL 9/29/2014 808 1 Strawberries 10.0 years 2 (5 years) 13,765,000 132,555 (5) 888,439 8,259,000 Santa Clara Avenue Oxnard, CA 10/29/2014 333 2 Strawberries 0.8 years 1 (2 years) 24,592,000 100,603 (2) 1,231,422 25,000,000 Dufau Road Oxnard, CA 11/4/2014 65 1 Strawberries 3.0 years 1 (3 years) 6,125,600 66,474 (2) 304,607 3,675,000 2,039 11 $ 68,328,433 $ 606,019 $ 3,523,666 $ 38,533,600 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease. (2) Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. In aggregate, we incurred $21,408 of direct leasing costs in connection with these acquisitions. (3) This property has a separate tenant leasing each of the property’s two farms. One lease provides for one 3-year renewal option, while the other does not include a renewal option. (4) Upon acquisition of this property, we assumed the in-place lease, which expires October 31, 2015. In addition, we executed a 9-year, follow-on lease with a new tenant that commences November 1, 2015. Under the terms of the follow-on lease, the tenant has one 3-year renewal option, and annualized, straight-line rents will be $311,760. (5) Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2014, to be as follows: Property Name Land and Land Buildings and Irrigation Horticulture (1) In-place Leasing Tenant Above-(Below)- Total Collins Road $ 1,252,388 $ 682,385 $ — $ 520,993 $ 45,086 $ 65,685 $ 24,796 $ — $ 2,591,333 Spring Valley 5,576,138 5,781 200,855 — 83,487 17,498 66,217 (49,976 ) 5,900,000 McIntosh Road 1,970,074 33,592 537,254 — 34,674 16,766 27,966 45,674 2,666,000 Naumann Road 6,219,293 433,087 71,586 — 75,520 34,228 54,786 — 6,888,500 Sycamore Road 5,840,750 — 67,000 — 48,670 3,764 — (160,184 ) 5,800,000 Wauchula Road 8,388,424 1,887,530 3,489,046 — — — — — 13,765,000 Santa Clara Avenue 23,672,902 163,140 187,314 — 310,119 29,153 229,372 — 24,592,000 Dufau Road 5,859,721 3,021 88,827 — 71,654 30,128 52,720 19,529 6,125,600 $ 58,779,690 $ 3,208,536 $ 4,641,882 $ 520,993 $ 669,210 $ 197,222 $ 455,857 $ (144,957 ) $ 68,328,433 (1) Horticulture acquired on Collins Road consists of various types of blueberry bushes. Below is a summary of the total operating revenues and earnings recognized on the properties acquired during the year ended December 31, 2014: Property Name Acquisition Operating Earnings (1) Collins Road 5/30/2014 $ 106,658 $ 33,303 Spring Valley 6/13/2014 148,996 81,073 McIntosh Road 6/20/2014 58,021 (22,902 ) (2) Naumann Road 7/23/2014 145,337 104,726 Sycamore Road 7/25/2014 80,328 39,574 Wauchula Road 9/29/2014 226,978 101,794 Santa Clara Avenue 10/29/2014 212,078 73,833 Dufau Road 11/4/2014 48,229 32,807 $ 1,026,625 $ 444,208 (1) Earnings are calculated as net income less interest expense and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805. (2) Includes $43,328 of lease intangibles that were written off during the three months ended September 30, 2014, related to the termination of a lease in September 2014 that we had assumed upon acquisition. Acquired Intangibles and Liabilities The following table shows the weighted-average amortization period, in years, for the intangible assets acquired and liabilities assumed in connection with the new properties acquired during the years ended December 31, 2015 and 2014: Intangible Assets and Liabilities 2015 2014 In-place leases 4.1 2.2 Leasing costs 5.5 5.0 Tenant relationships 9.5 4.7 Above-market lease values — 3.0 Below-market lease and sale inducement values 6.2 1.5 All intangible assets and liabilities 6.2 3.2 Pro-Forma Information We acquired 11 farms during each of the years ended December 31, 2015 and 2014. The following table reflects pro-forma consolidated financial information as if each farm was acquired on January 1 of the respective prior fiscal year. In addition, pro-forma earnings have been adjusted to assume that acquisition-related costs related to these farms were incurred at the beginning of the previous fiscal year. For the Years Ended December 31, 2015 2014 (Unaudited) (Unaudited) Operating Data: Total operating revenue $ 13,993,765 $ 13,831,669 Total operating expenses (7,282,204 ) (7,767,114 ) Other expenses (4,861,169 ) (4,695,902 ) Net income before income taxes 1,850,392 1,368,653 Provision for income taxes — (26,502 ) Net income $ 1,850,392 $ 1,342,151 Share and Per-share Data: Earnings per share of common stock – basic and diluted $ 0.20 $ 0.18 Weighted-average common shares outstanding – basic and diluted 9,216,469 7,608,416 The pro-forma consolidated results are prepared for informational purposes only. They are not necessarily indicative of what our consolidated financial condition or results of operations actually would have been assuming the acquisitions had occurred at the beginning of the respective previous periods, nor do they purport to represent our consolidated financial position or results of operations for future periods. Significant Existing Real Estate Activity On February 9, 2015, we terminated the lease with the tenant occupying Keysville Road and, on February 10, 2015, entered into a lease with a new tenant to occupy the property. The new lease is scheduled to expire on June 30, 2020, and provides for rent escalations over its life, with minimum, annualized straight-line rental income of $73,749, representing a 7.9% increase over that of the previous lease. In connection with the termination of the previous lease, during the three months ended March 31, 2015, we wrote off an aggregate amount of $40,022 related to deferred rent asset balances and rental income, including $32,497 that had been recorded in prior periods. On February 23, 2015, we renewed the lease with the tenant occupying Spring Valley, which lease was originally set to expire on September 30, 2016. The lease was renewed for an additional six years, through September 30, 2022, and provides for rent escalations over its life, with minimum annualized, straight-line rental income of $327,904, representing a 32.5% increase over that of the previous lease. The new lease also grants the tenant two options to extend the lease for an additional six years each. On April 8, 2015, the tenant occupying Santa Clara exercised its option to extend the two existing leases, which were originally set to expire on July 31, 2015. The leases were each extended for an additional two years, through July 31, 2017, and provide for aggregate annualized, straight-line rental income of $1,302,783, representing a 5.8% increase over that of the previous leases. On April 13, 2015, we renewed the lease with the tenant occupying Dalton Lane, which was originally set to expire on October 31, 2015. The lease was renewed for an additional five years, through October 31, 2020, and provides for rent escalations over its life, with annualized, straight-line rental income of $163,989, representing a 16.8% increase over that of the previous lease. The new lease also grants the tenant one option to extend the lease for an additional five years. On September 10, 2015, we terminated the lease with the tenant occupying one of the McIntosh Road farms and immediately entered into a new lease agreement with a different tenant to occupy the property. The new lease is scheduled to expire on June 30, 2016, and provides for minimum rental payments of $43,200 over its term. In connection with the termination of the previous lease, during the three months ended September 30, 2015, we wrote off an aggregate amount of $27,274 related to unamortized above-market lease value and deferred rent asset balances. In addition, we expensed $20,255 of unamortized intangible assets related to the old lease. On October 5, 2015, we executed a lease amendment with the tenant on East Shelton to provide for additional annual rent in connection with the completion of certain irrigation upgrades we performed on the property. The amendment also adjusted the rent due for the next two years as stipulated in the lease as the first minimum rent reset period. The portion of the amendment related to the recovery of capital expenditures resulted in additional annualized, straight-line rents of $16,268 throughout the entire lease term, while the portion of the amendment related to the market rent reset period will result in an additional $78,780 of annualized, straight-line rental income for the two-year period ending on February 28, 2018, at which time the next market reset period will begin. On November 6, 2015, we executed an agreement for a perpetual right-of-way easement that will allow for the installation of a natural gas pipeline underneath approximately 2.6 nonfarmable acres on Collins Road. In return, we received $17,021 of gross consideration, $14,483 of which was recognized as a capital gain during the year ended December 31, 2015, in accordance with GAAP. For further leasing activity on our existing properties, see Note 9, “Subsequent Events.” Involuntary Conversions and Property and Casualty Recovery In April 2014, two separate fires occurred on two of our properties, partially damaging a structure on each property. One occurred on 20 th Consolidated Statements of Operations Repairs have been completed on each of these properties. During the year ended December 31, 2015, we expended $35,648 in repairs and upgrades to the cooler as a result of the fire on West Gonzales, of which $25,682 was capitalized as a real estate addition, and $9,966 was recorded in repairs and maintenance expense, included in Property operating expense on the accompanying Condensed Consolidated Statements of Operations th Each of these insurance claims has been closed, and no further recoveries are expected for either of these fires. Intangible Assets and Liabilities The following table summarizes the carrying value of lease intangibles and the accumulated amortization for each intangible asset or liability class as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Lease Accumulated Lease Accumulated In-place leases $ 1,225,955 $ (573,149 ) $ 869,207 $ (263,428 ) Leasing costs 677,112 (183,851 ) 357,210 (80,617 ) Tenant relationships 886,743 (269,269 ) 501,670 (66,467 ) $ 2,789,810 $ (1,026,269 ) $ 1,728,087 $ (410,512 ) Deferred Accumulated Deferred Accumulated Above-market lease values (1) $ 19,528 $ (7,540 ) $ 65,203 $ (9,027 ) Below-market lease values and deferred revenue (2) (202,579 ) 23,205 (371,707 ) 162,194 $ (183,051 ) $ 15,665 $ (306,504 ) $ 153,167 (1) Above-market lease values are included as a part of Other assets in the accompanying Consolidated Balance Sheets, (2) Below-market lease values and deferred revenue are included as a part of Other liabilities in the accompanying Consolidated Balance Sheets, The estimated aggregate amortization expense to be recorded related to in-place leases, leasing costs and tenant relationships and the estimated net impact on rental income from the amortization or accretion of above- and below-market lease values and deferred revenue for each of the five succeeding fiscal years and thereafter is as follows: Period Estimated Estimated Net For the fiscal years ending December 31: 2016 $ 624,604 $ 29,324 2017 348,854 22,814 2018 246,624 23,845 2019 207,158 29,323 2020 117,966 29,324 Thereafter 218,335 32,756 $ 1,763,541 $ 167,386 Lease Expirations The following table summarizes the future lease expirations by year for our properties as of December 31, 2015: Year Number of Expiring % of Rental Revenue % of Total 2016 (1) 4 368 2.2 % $ 816,811 6.9 % 2017 8 647 3.9 % 2,160,141 18.2 % 2018 5 2,929 17.4 % 581,084 4.9 % 2019 0 0 0.0 % — 0.0 % 2020 6 3,888 23.1 % 3,763,641 31.6 % 2021 2 691 4.1 % 29,970 0.2 % Thereafter 13 8,287 49.3 % 4,536,444 38.2 % Totals 38 16,810 100.0 % $ 11,888,091 100.0 % (1) Includes a surface area lease on a portion of one property leased to an oil company that is renewed on a year-to-year basis, for which we recorded $32,064 of rental revenue during the year ended December 31, 2015, and a residential lease on one of our properties that is not expected to be renewed upon its expiration in 2016 and for which no rental revenue was recorded during the year ended December 31, 2015. In addition, one of the agricultural leases originally set to expire in 2016 was renewed subsequent to December 31, 2015. See Note 10, “Subsequent Events,” for further discussion on this lease renewal. Future Lease Payments Future operating lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter as of December 31, 2015, are as follows: Tenant Lease Period Payments For the fiscal years ending December 31: 2016 $ 12,876,180 2017 10,895,846 2018 10,860,980 2019 10,310,834 2020 8,303,119 Thereafter 25,233,615 $ 78,480,574 In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant; however, we would be required to pay real estate property taxes on the respective parcels of land in the event the tenants fail to pay them. Portfolio Diversification and Concentrations Diversification The following table summarizes the geographic locations, by state, of our properties with leases in place as of December 31, 2015 and 2014: As of and For the Year Ended December 31, 2015 As of and For the Year Ended December 31, 2014 Number % of % of Total Number % of % of Total of Total Total Rental Rental of Total Total Rental Rental State Farms Acres Acres Revenue Revenue Farms Acres Acres Revenue Revenue California 18 3,576 21.3 % $ 7,754,945 65.2 % 14 2,391 29.7 % $ 4,778,579 66.6 % Florida 13 5,092 30.3 % 2,166,660 18.2 % 9 1,304 16.2 % 759,398 10.6 % Oregon 4 2,313 13.8 % 1,168,725 9.8 % 4 2,313 28.8 % 1,080,105 15.1 % Arizona 2 3,000 17.8 % 338,446 2.9 % 1 1,761 21.9 % 299,785 4.2 % Michigan 4 270 1.6 % 247,407 2.1 % 4 270 3.4 % 252,451 3.5 % Nebraska 2 2,559 15.2 % 211,908 1.8 % — — — — — 43 16,810 100.0 % $ 11,888,091 100.0 % 32 8,039 100.0 % $ 7,170,318 100.0 % Concentrations Credit Risk Our farms are leased to 33 different, third-party tenants, with certain tenants leasing more than one farm. Dole Food Company (“Dole”) leases two of our farms, and aggregate rental revenue attributable to Dole accounted for approximately $2.9 million, or 24.8% of the total rental revenue recorded during the year ended December 31, 2015. In addition, a separate tenant accounted for approximately $1.3 million, or 10.7% of the total rental revenue recorded during the year ended December 31, 2015. If either tenant fails to make rental payments or elects to terminate their lease, and the land cannot be re-leased on satisfactory terms, there would likely be a material adverse effect on our financial performance and ability to continue operations. No other individual tenant represented greater than 10.0% of the total rental revenue recorded during the year ended December 31, 2015. Geographic Risk 18 of our 43 farms owned as of December 31, 2015, are located in California, and 13 farms are located in Florida. As of December 31, 2015, our farmland in California accounted for 3,576 acres, or 21.3% of the total acreage we owned. Furthermore, these farms accounted for approximately $7.8 million, or 65.2%, of the total rental revenue recorded during the year ended December 31, 2015. However, these farms are spread across three of the many different growing regions within California. As of December 31, 2015, our farmland in Florida accounted for 5,092 acres, or 30.3% of the total acreage we owned, and these farms accounted for approximately $2.2 million, or 18.2%, of the total rental revenue recorded during the year ended December 31, 2015. Though we seek to continue to further diversify geographically, as may be desirable or feasible, should an unexpected natural disaster occur where our properties are located, there could be a material adverse effect on our financial performance and ability to continue operations. No other single state accounted for more than 10.0% of the total rental revenue recorded during the year ended December 31, 2015. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | NOTE 4. RELATED-PARTY TRANSACTIONS We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits and general expenses directly. We had an advisory agreement with our Adviser that was in effect through January 31, 2013 (the “Prior Advisory Agreement”), which we and our Adviser amended, effective February 1, 2013 (the “Amended Advisory Agreement”). We also had an administration agreement with our Administrator that was in effect through January 31, 2013 (the “Prior Administration Agreement”), which we and our Administrator amended, effective February 1, 2013 (the “Amended Administration Agreement”). The management and administrative services and fees under both of these agreements are described below. Prior Advisory and Administration Agreements Prior Advisory Agreement We entered into the Prior Advisory Agreement with our Adviser in 2004, pursuant to which the Adviser was responsible for managing us on a day-to-day basis and for identifying, evaluating, negotiating and consummating investment transactions consistent with our criteria. In exchange for such services, we paid the Adviser a management advisory fee, which consisted of the reimbursement of certain expenses of the Adviser. We reimbursed our Adviser for our pro-rata share of our Adviser’s payroll and related benefit expenses on an employee-by-employee basis, based on the percentage of each employee’s time devoted to our matters in relation to the time such employees devoted to all affiliated funds, collectively, advised by our Adviser. We also reimbursed the Adviser for general overhead expenses multiplied by the ratio of hours worked by the Adviser’s employees on Company matters to the total hours worked by the Adviser’s employees. We compensated our Adviser through reimbursement of our portion of the Adviser’s payroll, benefits and general overhead expenses. This reimbursement was generally subject to a combined annual management advisory fee limitation of 2.0% of our average invested assets for the year, with certain exceptions. Reimbursement for overhead expenses was only required up to the point that reimbursed overhead expenses and payroll and benefits expenses, on a combined basis, equaled 2.0% of our average invested assets for the year, and general overhead expenses were required to be reimbursed only if the amount of payroll and benefits reimbursed to the Adviser was less than 2.0% of our average invested assets for the year. However, payroll and benefits expenses were required to be reimbursed by us to the extent that they exceed the overall 2.0% annual management advisory fee limitation. To the extent that overhead expenses payable or reimbursable by us exceeded this limit and our independent directors determined that the excess expenses were justified based on unusual and nonrecurring factors which they deemed sufficient, we were permitted to reimburse the Adviser in future years for the full amount of the excess expenses, or any portion thereof, but only to the extent that the reimbursement would not have caused our overhead expense reimbursements to exceed the 2.0% limitation in any one year. The management advisory fee under the Prior Advisory Agreement never exceeded the annual cap. Prior Administration Agreement We entered into the Prior Administration Agreement with our Administrator, effective January 1, 2010, as amended on June 1, 2011, pursuant to which we paid for our allocable portion of our Administrator’s overhead expenses in performing its obligations to us, including, but not limited to, rent and the salaries and benefits of our chief financial officer and treasurer, chief compliance officer, internal counsel and secretary and their respective staffs. We compensated our Administrator through reimbursement of our portion of the Administrator’s payroll, benefits and general overhead expenses. Amended and Restated Advisory and Administration Agreements On February 1, 2013, we entered into each of the Amended Advisory Agreement and the Amended Administration Agreement. Amended Advisory Agreement Base Management Fee Pursuant to the Amended Advisory Agreement that went into effect on February 1, 2013, we pay an annual base management fee equal to a percentage of our adjusted stockholders’ equity, which is defined as our total stockholders’ equity at the end of each quarter less the recorded value of any preferred stock we may issue and, for 2013 only, any uninvested cash proceeds from the IPO (as defined herein). For 2013, the base management fee was set at 1.0% of our adjusted stockholders’ equity; however, beginning January 1, 2014, we pay a base management equal to 2.0% of our adjusted stockholders’ equity, which no longer excludes uninvested cash proceeds from the IPO. Incentive Fee Pursuant to the Amended Advisory Agreement, we also pay an additional quarterly incentive fee based on funds from operations (“FFO”). For purposes of calculating the incentive fee, our FFO, before giving effect to any incentive fee (our “Pre-Incentive Fee FFO”) will include any realized capital gains or losses, less any distributions paid on our preferred stock, but will not include any unrealized capital gains or losses. The incentive fee will reward our Adviser if our Pre-Incentive Fee FFO for a particular calendar quarter exceeds a hurdle rate of 1.75% (7% annualized) of our total stockholders’ equity at the end of the quarter. Our Adviser will receive 100% of the amount of the Pre-Incentive Fee FFO for the quarter that exceeds the hurdle rate but is less than 2.1875% of our total stockholders’ equity at the end of the quarter (8.75% annualized), and 20% of the amount of our Pre-Incentive Fee FFO that exceeds 2.1875% for the quarter. For the three months ended March 31, 2013, we paid an incentive fee to our Adviser of $41,037; however, during the three months ended June 30, 2013, our Adviser issued a one-time, irrevocable waiver equal to the full amount of the incentive fee paid for the three months ended March 31, 2013, and such fee was credited to us during the three months ended June 30, 2013. There was no net incentive fee earned by our Adviser for the years ended December 31, 2015, 2014 or 2013, as our Pre-Incentive Fee FFO did not exceed the hurdle rate. Amended Administration Agreement Pursuant to the Amended Administration Agreement that went into effect on February 1, 2013, we pay for our allocable portion of the Administrator’s expenses incurred while performing services to us, including, but not limited to, rent and the salaries and benefits expenses of our Administrator’s employees, including our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president) and their respective staffs. From February 1, 2013, through June 30, 2014, our allocable portion of these expenses was generally derived by multiplying that portion of the Administrator’s expenses allocable to all funds managed by the Adviser by the percentage of our total assets at the beginning of each quarter in comparison to the total assets of all funds managed by our Adviser. As approved by our Board of Directors, effective July 1, 2014, our allocable portion of the Administrator’s expenses is now generally derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under similar contractual agreements. This change in methodology resulted in an increase in the fee we paid to our Administrator of approximately 137% for the six months ended December 31, 2014, as compared to the first six months of fiscal year 2014 and an increase of 135% for the six months ended June 30, 2015, as compared to the respective prior-year period. The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Consolidated Statements of Operations For the Years Ended December 31, 2015 2014 2013 Management Fee: Allocated payroll and benefits $ — $ — $ 38,668 Allocated overhead expenses — — 7,538 Prior management advisory fee (1) — — 46,206 Amended base management fee (2) 1,343,384 1,079,534 149,403 Total management fee (3) $ 1,343,384 $ 1,079,534 $ 195,609 Incentive Fee: Incentive Fee (3)(4) $ — $ — $ 41,037 Credit from voluntary, irrevocable waiver by Adviser’s board of directors (3) (320,905 ) (4) — (41,037 ) (5) Net incentive fee $ (320,905 ) $ — $ — Administration Fee: Allocated payroll and benefits $ — $ — $ 14,034 Allocated overhead expenses — — 4,498 Prior administration fee (1) — — 18,532 Amended administration fee (2) 679,590 442,584 175,932 Total administration fee (3) $ 679,590 $ 442,584 $ 194,464 (1) Pursuant to the Prior Advisory and Administration Agreements, respectively, both of which were terminated on January 31, 2013. (2) Pursuant to the Amended Advisory and Administration Agreements, respectively, both of which became effective on February 1, 2013. (3) Reflected as a line item on our accompanying Consolidated Statements of Operations (4) The credit received from our Adviser for the year ended December 31, 2015, was attributable to a finder’s fee earned by our Adviser in connection with a farm we acquired during the three months ended March 31, 2015, which fee was granted to us as a one-time, voluntary and irrevocable waiver to be applied against the fees we pay to our Adviser. (5) An incentive fee of $41,037 was paid to our Adviser for the three months ended March 31, 2013; however, during the three months ended June 30, 2013, our Adviser issued a one-time, voluntary and irrevocable waiver equal to the full amount of the incentive fee due and payable to the Adviser for the three months ended March 31, 2013. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Balance Sheets 2015 2014 Management fee due to Adviser $ 362,373 $ 301,487 Other due to Adviser (1) 13,140 3,187 Total due to Adviser 375,513 304,674 Administration fee due to Administrator 190,080 166,427 Total due to Administrator 190,080 166,427 Total due to related parties (2) $ 565,593 $ 471,101 (1) Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf. (2) Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 5. BORROWINGS Our borrowings as of December 31, 2015 and 2014 are summarized below: As of December 31, 2015 As of December 31, 2014 Issuer Type of Issuance Date(s) of Issuance Initial Maturity Date (1) Principal Stated Interest (2) Undrawn Principal Stated Interest (2) Undrawn MetLife Mortgage Note Payable 5/9/2014 100,000,000 1/5/2029 (3) $ 87,470,194 3.35 % 12,529,806 (4) 66,331,998 3.61 % 33,668,002 (4) MetLife Line of Credit 5/9/2014 25,000,000 4/5/2024 100,000 2.58 % 24,900,000 (4) 4,000,000 2.75 % 21,000,000 (4) Farm Credit Mortgage Notes Payable 9/19/2014–11/2/2015 22,185,880 4/9/2031 21,456,963 3.42 % (5) — 12,410,363 3.53 % (5) — Farmer Mac Bonds Payable 12/11/2014 75,000,000 7/24/2019 (6) 33,706,000 2.87 % 41,294,000 (7) 3,675,000 3.25 % 71,325,000 (7) Totals: $ 142,733,157 $ 78,723,806 $ 86,417,361 $ 125,993,002 (1) Where applicable, represents the weighted-average maturity date. (2) Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each December 31, 2015, and December 31, 2014. (3) If facility not fully utilized by December 31, 2017, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan. (4) Based on the properties that were pledged as collateral under the MetLife Facility as of each December 31, 2015, and December 31, 2014, approximately $8.9 million and $13.8 million, respectively, of the aggregate undrawn commitment under the facility was available for us to draw. (5) Rate is before interest patronage (as described below). 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014. (6) If facility is not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility. (7) At each of December 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral. The weighted-average interest rate charged on all of our borrowings, excluding the impact of deferred financing costs and before any interest patronage, or refunded interest, was 3.4% for the year ended December 31, 2015, as compared to 3.6% for each of the years ended December 31, 2014 and 2013. 2014 interest patronage from our Farm Credit (as defined below) borrowings, which patronage was received during the three months ended June 30, 2015, resulted in a 12.7% reduction to the stated interest rate on such borrowings. We are unable to estimate the amount of patronage to be received, if any, related to interest accrued during 2015 on our Farm Credit borrowings. MetLife Credit Facility On December 30, 2010, we executed a loan agreement with Metropolitan Life Insurance Company (“MetLife”) in an amount not to exceed $45.2 million, pursuant to a long-term mortgage promissory note that was scheduled to mature on January 5, 2026 (the “Prior MetLife Note Payable”). The Prior MetLife Note Payable accrued interest at a rate of 3.50% per year and also included a commitment fee of 0.20% on any undrawn amounts. On May 23, 2012, we obtained a $4.8 million revolving line of credit with MetLife that was scheduled to mature on April 5, 2017 (the “Prior MetLife Line of Credit,” and, together with the Prior MetLife Note Payable, the “Prior MetLife Credit Facility”). The Prior MetLife Line of Credit was collateralized by a mortgage on San Andreas and bore interest at an annual rate equal to the three-month LIBOR plus 3.00%. On May 9, 2014, we closed on a new facility with MetLife that replaced the Prior MetLife Credit Facility. The new facility with MetLife consists of a $100.0 million long-term note payable that is scheduled to mature on January 5, 2029 (the “New MetLife Note Payable”), and a $25.0 million revolving equity line of credit that is scheduled to mature on April 5, 2024 (the “New MetLife Line of Credit” and, together with the New MetLife Note Payable, the “New MetLife Credit Facility”). Similar to the Prior MetLife Credit Facility, under the New MetLife Credit Facility, we may generally borrow up to 58% of the aggregate of the lower of cost or the appraised value of the pool of agricultural real estate pledged as collateral. Initial advances under the New MetLife Note Payable bore interest at a fixed rate of 3.50% per annum, plus an unused line fee of 0.20% on undrawn amounts, and interest rates for subsequent disbursements were based on prevailing market rates at the time of such disbursements. The interest rates on the initial advance and any subsequent disbursements were to be subject to adjustment every three years. If the full commitment amount of $100.0 million was not drawn by December 31, 2017, MetLife had the option to be relieved of its obligation to disburse the additional funds under this loan. We may not repay the note prior to maturity, except on one of the interest rate adjustment dates. Advances under the New MetLife Line of Credit initially bore interest at a variable rate equal to the three-month LIBOR plus a spread of 2.50%, with a minimum annualized rate of 2.75%, plus an unused fee of 0.20% on undrawn amounts. The interest rate spread on borrowings under the New MetLife Line of Credit was to be subject to adjustment in April 2017. On September 3, 2015, in connection with the acquisition of Bear Mountain, we drew $21.1 million under the MetLife Note Payable and also amended the New MetLife Credit Facility. The $21.1 million disbursement will bear interest at a fixed rate of 3.35% per annum for five years, thereafter repricing to then-current market rates. Among other changes, the amendment: • reduced the blended interest rate on all previously-disbursed amounts under the New MetLife Note Payable by 26 basis points, from 3.61% to 3.35%; • extended the fixed-rate term of the New MetLife Note Payable by 44 months, through August 2020; • extended the interest-only portion of the New MetLife Note Payable by an additional six months, to July 2016; • extended the draw period under the New MetLife Note Payable by one year, through December 2017; • reduced the interest rate spread on the New MetLife Line of Credit by 25 basis points, from 2.50% to 2.25%; and • reduced the minimum interest rate floor on the New MetLife Line of Credit by 25 basis points, from 2.75% to 2.50%. Similar to the Prior MetLife Credit Facility, the continuing ability to borrow under the New MetLife Credit Facility will be subject to our ongoing compliance with various affirmative and negative covenants, including with respect to liens, indebtedness, mergers and asset sales. The New MetLife Credit Facility also requires that we satisfy financial covenants on a consolidated basis at the end of each calendar quarter, including: • a debt-to-asset-value ratio of equal to or less than sixty-five percent (65%); • a net worth value in excess of $50,000,000; • a debt-to-two-times-net-worth ratio of equal to or less than 0.65; and • a rental-revenue-to-debt ratio of equal to or greater than 5.0%. Amounts owed under the New MetLife Credit Facility are guaranteed by us and each subsidiary of ours that owns a property pledged as collateral pursuant to the loan documents. As of December 31, 2015, we were in compliance with all covenants under the facility. A portion of the proceeds from the New MetLife Credit Facility was used to repay amounts owed under the Prior MetLife Credit Facility. No early termination penalties or fees were incurred in connection with the repayment of the Prior MetLife Credit Facility. In connection with obtaining the New MetLife Credit Facility and the subsequent pledging of properties under the facility, through December 31, 2015, we have incurred loan fees of $220,500 and aggregate financing costs, which includes legal fees, origination fees and administrative fees, of $659,329. In addition, $298,614 of unamortized deferred financing costs associated with our Prior MetLife Credit Facility was further deferred and are being amortized over the term of our New MetLife Credit Facility. As of December 31, 2015, the following properties were pledged as collateral under the New MetLife Credit Facility: San Andreas, West Gonzales, West Beach, Dalton Lane, 38 th th As of December 31, 2015, there is approximately $87.5 million outstanding under the New MetLife Note Payable that bears interest at a fixed rate of 3.35% per annum and $0.1 million outstanding under the New MetLife Line of Credit that bears interest at a rate of 2.58% per annum. While approximately $37.4 million of the full commitment amount remains undrawn, based on the current level of collateral pledged, as of December 31, 2015, we have approximately $8.9 million of aggregate availability under the New MetLife Credit Facility. Subsequent to December 31, 2015, our availability to borrow under the New MetLife Credit Facility was increased by approximately $12.5 million due to updated appraisals on certain of our properties that serve as collateral under the facility resulting in increased valuations. See Note 10, “Subsequent Events,” for further discussion on this increased availability. Farm Credit Notes Payable From time to time since September 19, 2014, we, through certain subsidiaries of our Operating Partnership, have entered into various loan agreements with Farm Credit of Central Florida, FLCA (“Farm Credit”). Loans from Farm Credit will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. Pertinent terms of each of these loans (collectively, the “Farm Credit Notes Payable”) are summarized in the table below: As of December 31, 2015 Date of Initial Maturity Principal Interest Rate Terms (1) Balance Interest Rate (1) 9/19/2014 $ 1,599,600 8/1/2034 20 years 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) $ 1,519,620 3.52 % 9/19/2014 2,655,000 8/1/2034 20 years 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) 2,522,250 3.52 % 9/29/2014 8,259,000 8/1/2034 20 years 3.54%, fixed through 11/1/2017; variable thereafter (1-mo LIBOR + 2.875%) 7,742,813 3.54 % 3/10/2015 2,374,680 5/1/2020 None 3.20%, fixed throughout term 2,374,680 3.20 % 4/9/2015 897,600 6/1/2020 None 3.20%, fixed throughout term 897,600 3.20 % 5/8/2015 2,640,000 5/1/2030 None (2) 2.90%, fixed through 4/30/2018; variable thereafter (1-mo LIBOR + 3.00%) 2,640,000 2.90 % 11/2/2015 2,256,000 10/1/2040 25 years 3.86%, fixed through 11/30/2021; variable thereafter (1-mo LIBOR + 2.875%) 2,256,000 3.86 % 11/2/2015 1,504,000 10/1/2016 None Variable (1-mo LIBOR + 3.00%) 1,504,000 3.25 % $ 22,185,880 $ 21,456,963 3.42 % (1) Rates represent the stated interest rates, before interest patronage. 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014. (2) Interest only through April 30, 2018. Note converts to a 20-year amortization thereafter. Our agreement with Farm Credit contains various affirmative and negative covenants, including with respect to liens, indebtedness, mergers and asset sales. The Farm Credit Notes Payable also require us to satisfy financial covenants on a consolidated basis at the end of each calendar year, including having: • a net worth value in excess of $50,000,000; and • a maximum leverage ratio of equal to or less than sixty-five percent (65%). Certain amounts owed under the Farm Credit Notes Payable, limited to 12 months of principal and interest due under the loans, are guaranteed by us pursuant to the loan documents. As of December 31, 2015, we were in compliance with all covenants. The proceeds from the Farm Credit Notes Payable were invested into the acquisition of various new farms during the years ended December 31, 2014 and 2015. In connection with the Farm Credit Notes Payable, through December 31, 2015, we have incurred total loan fees of $120,351 and aggregate financing costs, which includes legal fees, origination fees and administrative fees, of $223,620. As of December 31, 2015, the following properties were pledged as collateral under the Farm Credit Notes Payable: Keysville Road, Colding Loop, Trapnell Road, McIntosh Road, Wauchula Road, Parrish Road and Corbitt Road. Farmer Mac Facility On December 5, 2014, we, through certain subsidiaries of our Operating Partnership, entered into a bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation (the “Bond Purchaser”), for a secured note purchase facility that provides for bond issuances up to an aggregate principal amount of $75.0 million (the “Farmer Mac Facility”). Pursuant to the Bond Purchase Agreement, we may, from time to time, issue one or more bonds to the Bond Purchaser that will be secured by a security interest in one or more loans originated by us (pursuant to the Pledge and Security Agreement described below), which, in turn, will be collateralized by first liens on agricultural real estate owned by subsidiaries of ours. The interest rate for each bond issuance will be based on prevailing market rates at the time of such issuance, and prepayment of each bond issuance will not be permitted unless otherwise agreed upon by all parties to the Bond Purchase Agreement. The bonds issued will have a maximum aggregate, effective loan-to-value ratio of 60% of the underlying agricultural real estate, after giving effect to the overcollateralization obligations described below. If we have not issued bonds to the Bond Purchaser such that the aggregate bond issuances total $75.0 million by December 11, 2016, Farmer Mac has the option to be relieved of its obligation to purchase additional bonds under this facility. Pertinent terms of each of the bonds issued under the Farmer Mac Facility are summarized in the table below: As of December 31, 2015 Date of Amount Maturity Principal Interest Rate Terms Balance Interest 12/11/2014 $ 3,675,000 12/11/2019 None 3.25%, fixed throughout term $ 3,675,000 3.25 % 1/5/2015 10,178,000 1/6/2020 None 3.25%, fixed throughout term 10,178,000 3.25 % 6/25/2015 9,360,000 7/30/2018 None 2.60%, fixed throughout term 9,360,000 2.60 % 8/20/2015 3,301,000 8/17/2018 None 2.375%, fixed throughout term 3,301,000 2.38 % 8/20/2015 3,301,000 8/17/2018 None 2.375%, fixed throughout term 3,301,000 2.38 % 12/22/2015 3,210,000 12/22/2022 None 3.29%, fixed throughout term 3,210,000 3.29 % 12/22/2015 681,000 12/22/2016 2 years Variable (1-mo LIBOR + 1.50%) 681,000 1.91 % $ 33,706,000 $ 33,706,000 2.87 % Our ability to borrow under the Farmer Mac Facility is subject to our ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including: • a maximum leverage ratio of not more than 65%; • a minimum fixed charge coverage ratio of 1.4; and • a minimum tangible net worth in excess of $50,000,000 (plus a certain percentage of future equity offerings). As of December 31, 2015, we were in compliance with all covenants. In connection with the Bond Purchase Agreement, on December 5, 2014, we also entered into a pledge and security agreement (the “Pledge and Security Agreement”) in favor of the Bond Purchaser and Farmer Mac, which provides for us to pledge, as collateral for bonds issued pursuant to the Farmer Mac Facility, all of our respective right, title, and interest in mortgage loans made by us, which, among other things, must have at all times a value of not less than 110% of the aggregate principal amount of the outstanding bonds held by the Bond Purchaser. The Bond Purchase Agreement and the Pledge Agreement include customary events of default, the occurrence of any of which, after any applicable cure period, would permit the Bond Purchaser and Farmer Mac to, among other things, accelerate payment of all amounts outstanding under the Farmer Mac Facility and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the agricultural real estate underlying the pledged mortgage loans. Proceeds from bonds issued under the Farmer Mac Facility were invested into the acquisition of new farms. In connection with the Farmer Mac Facility, through December 31, 2015, we have incurred aggregate financing costs, which include legal fees and administrative fees, of $153,478. As of December 31, 2015, the following properties were pledged as collateral under the Farmer Mac Facility: Dufau Road, Espinosa Road, Immokalee Exchange, Holt County, Rock County and Reagan Road. Debt Service – Aggregate Maturities Scheduled principal payments of our aggregate borrowings as of December 31, 2015, for each of the five succeeding fiscal years and thereafter are as follows: Scheduled Period Principal For the fiscal years ending December 31: 2016 $ 4,431,648 2017 3,697,482 2018 19,688,041 2019 7,301,188 2020 16,980,080 Thereafter 90,634,718 $ 142,733,157 Fair Value ASC 820 provides a definition of fair value that focuses on the exchange (exit) price of an asset or liability in the principal, or most advantageous, market and prioritizes the use of market-based inputs to the valuation. ASC 820-10 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 • Level 2 • Level 3 The fair value of the mortgage notes and bonds payable is valued using Level 3 inputs under the hierarchy established by ASC 820-10, “Fair Value Measurements and Disclosures,” and is calculated based on a discounted cash flow analysis, using discount rates based on management’s estimates of market interest rates on long-term debt with comparable terms. As of December 31, 2015, the aggregate fair value of our long-term mortgage notes and bonds payable was approximately $139.7 million, as compared to an aggregate carrying value of $140.4 million. Due to the lack of changes in market credit spreads, the aggregate fair value of our short-term mortgage notes and bonds payable as of December 31, 2015, is deemed to approximate their aggregate carrying value of approximately $2.2 million. Further, due to the revolving nature of the New MetLife Line of Credit and the lack of changes in market credit spreads, its fair value as of December 31, 2015, is deemed to approximate its carrying value of $0.1 million. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 6. STOCKHOLDERS’ EQUITY 2013 Initial Public Offering On January 29, 2013, we completed our initial public offering (“IPO”) of 3,333,334 shares of our common stock at a public offering price of $15.00 per share, which issuance settled on January 31, 2013. Including the underwriters’ option to cover over-allotments, which was exercised on February 15, 2013, we issued a total of 3,780,264 shares, resulting in gross proceeds of $56.7 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $51.3 million. Approximately $37.9 million of these proceeds were invested in new property acquisitions, and an additional $1.7 million was expended or accrued for capital improvements on existing properties. In addition, $10.3 million was used to pay distributions to our stockholders, and the remainder was used for other general corporate purposes. 2014 Equity Issuances On September 25, 2014, we completed a public offering of 1,150,000 shares of our common stock at a public offering price of $12.28 per share. This issuance settled on September 29, 2014, and resulted in gross proceeds of approximately $14.1 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $13.2 million. On October 24, 2014, the underwriters exercised a portion of their over-allotment option in connection with this offering, and, as a result, we issued an additional 73,453 shares. This issuance settled on October 29, 2014, and resulted in gross proceeds of approximately $902,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $838,000. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. 2015 Equity Issuances On May 13, 2015, we completed a public offering of 1,250,000 shares of our common stock at a public offering price of $11.40 per share. This issuance settled on May 15, 2015, and resulted in gross proceeds of approximately $14.3 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $13.2 million. On June 10, 2015, the underwriters exercised a portion of their over-allotment option in connection with this offering, and, as a result, we issued an additional 56,597 shares. This issuance settled on June 15, 2015, and resulted in gross proceeds of approximately $645,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $606,000. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. On December 11, 2015, we completed a public offering of 900,000 shares of our common stock at a public offering price of $8.82 per share. This issuance settled on December 16, 2015, and resulted in gross proceeds of approximately $7.9 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $7.4 million. The underwriters did not exercise their over-allotment option in connection with this offering. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. At-the-Market Program On August 7, 2015, we entered into equity distribution agreements (commonly referred to as “at-the-market agreements” or our “Sales Agreements”) with Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co., Inc., each a “Sales Agent,” under which we may issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $30.0 million (the “ATM Program”). As of December 31, 2015, we have issued and sold 32,627 shares of our common stock at an average sales price of $9.19 per share under the ATM Program for gross proceeds of approximately $300,000 and net proceeds of $295,000. We used these proceeds for general corporate purposes. Distributions The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2015, 2014 and 2013 are reflected in the table below. Fiscal Year Declaration Date Record Date Payment Date Distributions per 2015 January 13, 2015 January 23, 2015 February 3, 2015 $ 0.035 January 13, 2015 February 18, 2015 February 27, 2015 0.035 January 13, 2015 March 20, 2015 March 31, 2015 0.035 April 14, 2015 April 24, 2015 May 4, 2015 0.040 April 14, 2015 May 19, 2015 May 28, 2015 0.040 April 14, 2015 June 19, 2015 June 30, 2015 0.040 July 14, 2015 July 24, 2015 August 4, 2015 0.040 July 14, 2015 August 20, 2015 August 31, 2015 0.040 July 14, 2015 September 21, 2015 September 30, 2015 0.040 October 13, 2015 October 26, 2015 October 29, 2015 0.040 October 13, 2015 November 17, 2015 November 24, 2015 0.040 October 13, 2015 December 18, 2015 December 31, 2015 0.040 Year ended December 31, 2015 $ 0.465 2014 January 7, 2014 January 22, 2014 January 31, 2014 $ 0.03 January 7, 2014 February 19, 2014 February 28, 2014 0.03 January 7, 2014 March 17, 2014 March 31, 2014 0.03 April 8, 2014 April 21, 2014 April 30, 2014 0.03 April 8, 2014 May 20, 2014 May 30, 2014 0.03 April 8, 2014 June 19, 2014 June 30, 2014 0.03 July 15, 2014 July 25, 2014 August 5, 2014 0.03 July 15, 2014 August 20, 2014 August 29, 2014 0.03 July 15, 2014 September 19, 2014 September 30, 2014 0.03 October 7, 2014 October 22, 2014 October 31, 2014 0.03 October 7, 2014 November 17, 2014 November 26, 2014 0.03 October 7, 2014 December 19, 2014 December 31, 2014 0.03 Year ended December 31, 2014 $ 0.36 2013 February 5, 2013 February 15, 2013 February 28, 2013 $ 0.04 February 5, 2013 March 15, 2013 March 28, 2013 0.04 April 9, 2013 April 22, 2013 April 30, 2013 0.12 April 9, 2013 May 20, 2013 May 31, 2013 0.12 April 9, 2013 June 19, 2013 June 28, 2013 0.12 July 9, 2013 July 19, 2013 July 31, 2013 0.12 July 9, 2013 August 21, 2013 August 30, 2013 0.12 July 9, 2013 September 18, 2013 September 30, 2013 0.12 October 8, 2013 October 22, 2013 October 31, 2013 0.12 October 8, 2013 November 14, 2013 November 29, 2013 0.12 October 8, 2013 December 16, 2013 December 31, 2013 0.12 December 3, 2013 December 16, 2013 December 31, 2013 0.33 (1) Year ended December 31, 2013 $ 1.49 (1) Represents a one-time declaration to distribute the final amount of remaining earnings and profits from prior years. During the years ended December 31, 2015, 2014 and 2013, we paid aggregate distributions to stockholders of approximately $4.1 million, $2.5 million and $9.7 million, respectively. Approximately $9.6 million of the distributions paid to stockholders during the year ended December 31, 2013, related to the distribution of accumulated earnings and profits from prior years that we were required to pay out by December 31, 2013, in order to qualify as a REIT for our taxable year ended December 31, 2013. For federal income tax characterization purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital or a combination thereof. The characterization of distributions on our common stock during each of the last three years is reflected in the following table: For the Years Ended December 31, Ordinary Return of Long-term 2015 62.29540 % 37.34781 % 0.35679 % 2014 95.66078 % 4.33922 % 0.00000 % 2013 100.00000 % (1) 0.00000 % 0.00000 % (1) 98.53746% of this amount was classified as a Qualified Dividend. Registration Statement We filed a universal registration statement on Form S-3 (File No. 333-194539) with the SEC on March 13, 2014, which the SEC declared effective on April 2, 2014. This universal registration statement permits us to issue up to an aggregate of $300.0 million in securities, consisting of common stock, senior common stock, preferred stock, subscription rights, debt securities and depository shares, including through separate, concurrent offerings of two or more of such securities. As of December 31, 2015, we have issued 2,156,080 shares of common stock for gross proceeds of $23.3 million under this universal registration statement. On November 5, 2014, we filed a registration statement on Form S-11 (File No. 333-199896) with the SEC, and on each of April 27 and May 11, 2015, we filed pre-effective amendments to such registration statement, which the SEC declared effective on May 13, 2015. Pursuant to this registration statement, we completed the offering in May 2015 discussed above. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7. COMMITMENTS AND CONTINGENCIES Operating Obligations In connection with the follow-on lease we executed upon our acquisition of Sycamore Road in July 2014, we were required to make certain irrigation improvements on the property to increase overall water availability. As of December 31, 2015, these improvements were substantially complete, and we have expended or accrued approximately $933,000 related to the project. Upon finalizing the total cost of these improvements, as stipulated in the lease agreement, we will earn additional rent on the total cost commensurate with the annual yield on the farmland, which we expect to yield approximately $50,000 of additional rental income per year throughout the remaining lease term. We expect to begin earning this additional rental income during the three months ending March 31, 2016. In connection with the lease we executed upon our acquisition of Wauchula Road in September 2014, we agreed to fund certain irrigation upgrades at the tenant’s option. At the time of acquisition, 125 of the 590 farm acres on the property were subject to drip irrigation. Pursuant to the lease, the tenant had the option to construct irrigation improvements necessary to convert all or a portion of the drip-irrigated acres to overhead irrigation and be reimbursed by us, up to a maximum aggregate cost of $1.5 million. The lease also provides for additional rental income to be earned on the newly-converted acres upon completion of the improvements. Construction of these improvements is currently ongoing and is expected to be completed during the three months ended March 31, 2016, at a total cost of approximately $655,000. As of December 31, 2015, approximately $500,000 of these costs have been incurred by the tenant, and, accordingly, we have reflected this amount in the Real estate, at cost and Accounts payable and accrued expense line items on our Consolidated Balance Sheet Upon acquiring Espinosa Road in January 2015, we assumed an eminent domain lawsuit brought by the California Department of Transportation (“CalTrans”) against the previous owner of the property for approximately 4.5 acres of nonfarmable land. CalTrans had offered $160,000 to the previous owner as payment for the 4.5 acres; however, this offer was rejected by the previous owner. We intend to accept this offer of $160,000 as fair compensation for the 4.5 nonfarmable acres, and we expect this matter to be settled by September 30, 2016. In connection with our acquisition of Parrish Road in March 2015, for which we initially paid approximately $3.2 million, we committed to providing $700,000 as additional compensation and $45,000 as reimbursement for other miscellaneous costs, contingent upon the approval by a local water management district of increases in certain water permits on the property. We expect these permits to be approved during the three months ending March 31, 2016. As this amount is expected to be paid in full within three months, carrying value is deemed to approximate its fair value. In addition, we also committed to providing up to an additional $500,000 of capital to the tenant for certain irrigation improvements and upgrades on the property, for which we will earn additional rent on the total amount of capital committed by us, as stipulated in the lease. As of December 31, 2015, these improvements have been completed at a total cost of $528,815, and, accordingly, we have reflected our commitment of $500,000 in each of the Real estate, at cost and Accounts payable and accrued expense line items on our Consolidated Balance Sheets In connection with the lease we executed upon our acquisition of Bear Mountain in September 2015, we agreed to fund the development of the property into an almond orchard. The development will include the removal of 274 acres of old grape vineyards, the installation of a new irrigation system, including the drilling of three new wells, and the planting of over 800 acres of new almond trees. The project is estimated to cost approximately $7.8 million and is expected to be completed during the three months ending June 30, 2016. As stipulated in the lease, we will earn additional rent on the total cost of the development project commensurate with the yield on the initial acquisition and based on the timing of related cash disbursement made by us. As of December 31, 2015, we have expended or accrued approximately $362,000 related to this project; however, we are unable to estimate the total amount of additional rent to be earned related to this project at this time Litigation We are not currently subject to any material known or threatened litigation. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | NOTE 8. EARNINGS PER SHARE OF COMMON STOCK The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2015, 2014 and 2013. Earnings per share is computed using the weighted average number of shares outstanding during the respective periods. 2015 2014 2013 Net income (loss) $ 568,545 $ (125,133 ) $ (1,224,683 ) Weighted average shares of common stock outstanding –basic and diluted 8,639,397 6,852,917 6,214,557 Basic and diluted earnings (loss) per common share $ 0.07 $ (0.02 ) $ (0.20 ) |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | NOTE 9. QUARTERLY FINANCIAL INFORMATION (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2015 and 2014: Fiscal Year 2015: Quarter Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Operating revenues $ 2,625,724 $ 2,783,853 $ 3,083,553 $ 3,408,331 Operating expenses (1,671,211 ) (1,889,182 ) (1,915,900 ) (1,856,387 ) Other expenses (929,939 ) (924,960 ) (961,258 ) (1,184,079 ) Net income before income taxes 24,574 (30,289 ) 206,395 367,865 Provision for income taxes — — — — Net income (loss) $ 24,574 $ (30,289 ) $ 206,395 $ 367,865 Earnings (loss) per weighted average common shares – basic and diluted $ 0.01 $ — $ 0.02 $ 0.04 Weighted average common shares outstanding – basic and diluted 7,753,717 8,439,855 9,060,314 9,282,280 Fiscal Year 2014: Quarter Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Operating revenues $ 1,495,636 $ 1,565,935 $ 1,777,675 $ 2,345,676 Operating expenses (1,100,452 ) (1,208,458 ) (1,476,092 ) (1,799,948 ) Other expenses (367,643 ) (651,948 ) (194,351 ) (484,661 ) Net income before income taxes 27,541 (294,471 ) 107,232 61,067 Provision for income taxes (6,623 ) (6,623 ) (6,857 ) (6,399 ) Net income (loss) $ 20,918 $ (301,094 ) $ 100,375 $ 54,668 Earnings (loss) per weighted average common shares – basic and diluted $ — $ (0.05 ) $ 0.02 $ 0.01 Weighted average common shares outstanding – basic and diluted 6,530,264 6,530,264 6,605,264 7,735,354 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. SUBSEQUENT EVENTS We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through February 23, 2016, the day the financial statements were issued. Purchase and Sale Agreements Subsequent to December 31, 2015, we entered into agreements to purchase two farms totaling 6,664 acres of farmland in Colorado and California for an aggregate purchase price of approximately $41.4 million. We expect to close on one farm totaling 6,211 acres for approximately $25.9 million (a portion of which is expected to be paid in limited partnership units (“OP Units”) of our Operating Partnership) during the three months ending March 31, 2016, and the other farm totaling 453 acres for approximately $15.5 million during the three months ending June 30, 2016, subject to customary conditions and termination rights for these types of transactions, including a due diligence inspection period. However, there can be no assurance that these prospective acquisitions will be consummated by that time, on the terms currently anticipated, or at all. Leasing Activity On February 8, 2016, we renewed the lease with the tenant occupying one of our McIntosh Road farms, which lease was set to expire on June 30, 2016. The lease was renewed for an additional three years, through June 30, 2019, with annualized, straight-line rental income of $63,000, representing a 17.9% increase over that of the previous lease. Financing Activity Subsequent to December 31, 2015, certain of our properties pledged as collateral under the New MetLife Credit Facility were re-appraised, which resulted in an overall increase in the valuation of our collateral pool under the facility, providing us with approximately $12.5 million of additional borrowing availability. Based on current borrowings outstanding under the New MetLife Credit Facility, our total current borrowing availability is approximately $21.4 million. Distributions On January 12, 2016, our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 22, 2016 February 2, 2016 $ 0.04 February 18, 2016 February 29, 2016 0.04 March 21, 2016 March 31, 2016 0.04 Total: $ 0.12 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 Initial Cost Subsequent Capitalized Additions Total Cost Location and Description of Date Encumbrances Land and Land Buildings & Horticulture Land Buildings & Land and Land Buildings & Horticulture Total (1) Accumulated (2) Santa Cruz County, California: Land & Improvements 6/16/1997 $ 4,677,258 $ 4,350,000 $ — $ — $ — $ 579,307 $ 4,350,000 $ 579,307 $ — $ 4,929,307 $ (143,285 ) Ventura County, California: Land, Buildings & Improvements 9/15/1998 23,796,549 9,895,497 5,255,736 — — 230,280 9,895,497 5,486,016 — 15,381,513 (3,184,106 ) Santa Cruz County, California: Land & Improvements 1/3/2011 4,556,294 8,328,475 — — 468,456 527,341 8,796,931 527,341 — 9,324,272 (24,854 ) Santa Cruz County, California: Land & Buildings 7/7/2011 1,509,625 2,314,113 414,075 — — — 2,314,113 414,075 — 2,728,188 (50,360 ) Hillsborough County, Florida: Land, Buildings & Improvements 8/9/2012 2,640,000 2,513,696 909,491 — 162,059 667,042 2,675,755 1,576,533 — 4,252,288 (306,038 ) Hillsborough County, Florida: Land, Buildings & Improvements 9/12/2012 2,522,250 2,198,728 1,657,339 — — 446,108 2,198,727 2,103,447 — 4,302,174 (417,661 ) Marion County, Oregon: Land, Buildings & Improvements 5/31/2013 1,666,610 2,493,809 703,453 — 1,102 416,115 2,494,911 1,119,569 — 3,614,480 (146,885 ) Monterey County, California: Land, Buildings & Improvements 10/21/2013 3,763,311 7,186,774 164,114 — — 1,093,225 7,186,774 1,257,339 — 8,444,113 (27,237 ) Ventura County, California: Land, Buildings, Improvements & Horticulture 12/16/2013 1,612,848 2,847,948 72,753 34,690 3,405 671,133 2,851,353 743,886 34,690 3,629,929 (81,529 ) Morrow County, Oregon: Land & Improvements 12/27/2013 7,526,622 12,937,446 1,118,325 — 3,646 315 12,941,092 1,118,640 — 14,059,732 (149,152 ) Cochise County, Arizona: Land, Buildings & Improvements 12/27/2013 3,602,026 6,167,902 572,283 — 7,800 1,462,107 6,175,702 2,034,390 — 8,210,092 (337,862 ) Santa Cruz County, California: Land, Building & Improvements 6/13/2014 3,171,933 5,576,138 206,636 — — — 5,576,138 206,636 — 5,782,774 (80,384 ) Ventura County, California: Land, Buildings & Improvements 7/23/2014 3,704,173 6,219,293 504,673 — — — 6,219,293 504,673 — 6,723,966 (43,254 ) Kern County, California: Land & Improvements 7/25/2014 3,118,172 5,840,750 67,000 — — 933,330 5,840,750 1,000,330 — 6,841,080 (18,983 ) Manatee County, Florida: Land, Buildings & Improvements 9/29/2014 7,742,812 8,466,185 5,426,170 — (385 ) 500,447 8,465,800 5,926,617 — 14,392,417 (625,270 ) Ventura County, California: Land, Buildings & Improvements 10/29/2014 13,440,396 23,672,902 350,454 — — — 23,672,902 350,454 — 24,023,356 (40,886 ) Ventura County, California: Land & Improvements 11/4/2014 3,675,000 5,859,721 91,848 — — 2,210 5,859,721 94,058 — 5,953,779 (10,899 ) Monterey County, California: Land, Buildings & Improvements 1/5/2015 10,178,000 15,852,466 581,879 — — — 15,852,466 581,879 — 16,434,345 (108,060 ) Manatee County, Florida: Land, Buildings & Improvements 3/10/20150 2,374,680 2,403,064 1,871,285 — — — 2,403,064 1,871,285 — 4,274,349 (120,421 ) Hendry County, Florida Land, Buildings & Improvements 6/25/2015 9,360,000 14,410,840 788,986 — — — 14,410,840 788,986 — 15,199,826 (61,766 ) Holt County, Nebraska Land, Buildings & Improvements 8/20/2015 3,301,000 4,690,369 786,137 — — — 4,690,369 786,137 — 5,476,506 (24,402 ) Rock County, Nebraska Land, Buildings & Improvements 8/20/2015 3,301,000 4,862,314 612,821 — — — 4,862,314 612,821 — 5,475,135 (29,816 ) Kern County, California: Land & Improvements 9/3/2015 8,176,640 18,893,101 497,001 — — — 18,893,101 497,001 — 19,390,102 (21,641 ) Hendry County, Florida Land, Buildings & Improvements 11/2/2015 3,760,000 3,243,825 738,835 — — — 3,243,825 738,835 — 3,982,660 (18,841 ) Cochise County, Arizona: Land, Buildings & Improvements 12/23/2015 3,891,000 4,233,865 1,502,479 — — — 4,233,865 1,502,479 — 5,736,344 (5,109 ) Miscellaneous Investments Land, Buildings, Improvements & Horticulture N/A 5,664,958 5,909,381 2,267,406 1,456,005 5,697 216,621 5,915,078 2,484,027 1,456,005 9,855,110 (555,711 ) $ 142,733,157 $ 191,368,602 $ 27,161,179 $ 1,490,695 $ 651,780 $ 7,745,581 $ 192,020,381 $ 34,906,761 $ 1,490,695 $ 228,417,837 $ (6,634,412 ) (1) The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $222.3 million. (2) The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the the shorter of the estimated useful life or 25 years for horticulture and 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for leasehold improvements. The following table reconciles the change in the balance of real estate during the years ended December 31, 2015, 2014 and 2013, respectively: 2015 2014 2013 Balance, beginning of period $ 148,371,478 $ 78,478,053 $ 39,678,968 Additions: Acquisitions during the period 75,078,078 67,287,231 37,768,162 Improvements 5,036,926 2,726,734 1,030,923 Deductions: Dispositions during period (68,645 ) (120,540 ) — Purchase price adjustments — — — Balance, end of period $ 228,417,837 $ 148,371,478 $ 78,478,053 The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2015, 2014 and 2013, respectively: 2015 2014 2013 Balance, beginning of period $ 4,431,290 $ 3,166,870 $ 2,535,084 Additions during period 2,203,122 1,264,420 631,786 Dispositions during period — — — Balance, end of period $ 6,634,412 $ 4,431,290 $ 3,166,870 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. |
Real Estate and Lease Intangibles | Real Estate and Lease Intangibles Our investments in real estate consist of farmland and improvements made to the farmland, consisting of buildings; irrigation and drain systems; coolers, which are storage facilities used for cooling crops; warehouses used for storing, assembling and packing boxes; and horticulture acquired in connection with the land purchase, which currently consists of blueberry bushes and almond, avocado and lemon trees. We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the shorter of the estimated useful life or 25 years for horticulture acquired in connection with the purchase of farmland, 5 to 10 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements. Certain of our acquisitions involve sale-leaseback transactions with newly-originated leases, which we account for as asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment.” In the case of an asset acquisition, we will capitalize the transaction costs incurred in connection with the acquisition. Other of our acquisitions involve the acquisition of farmland that is already being operated as rental property and has a lease in place that we assume at the time of acquisition, which we will generally consider to be a business combination under ASC 805, “Business Combinations.” When an acquisition is considered a business combination, ASC 805 requires that the purchase price of real estate be allocated to (i) the tangible assets acquired and liabilities assumed, consisting of land, buildings, improvements, horticulture and long-term debt, and (ii) identifiable intangible assets and liabilities, typically the values of above- and below-market leases, in-place lease values, unamortized lease origination costs and tenant relationships, based in each case on their fair values. ASC 805 also requires that all costs related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. Whether our acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed. 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 either an income capitalization approach or 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. We also consider information obtained about each property as a result of our pre-acquisition due diligence and 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 lost reimbursement of real estate taxes, insurance and other operating expenses, as well as estimates of lost rental income at market rates during the hypothetical, expected lease-up periods, which typically range from 1 to 24 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, 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. While management believes these estimates to be reasonable based on the information available at the time of acquisition, the preliminary purchase price allocation may be adjusted if management obtains more information regarding the valuations of the assets acquired or liabilities assumed. We allocate 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 horticulture, based on management’s determination of the fair values of such assets and liabilities. Real estate depreciation expense on these tangible assets was $2,271,766, $1,384,960 and $631,786 for the years ended December 31, 2015, 2014 and 2013, respectively. We record above- and below-market lease values for acquired properties based on the present value (using a discount 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 lease agreements, 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. When determining the non-cancelable term of the lease, we evaluate whether fixed-rate or below-market renewal options, if any, should be included. The fair value of capitalized above-market lease values, included as part of Other assets in the accompanying Consolidated Balance Sheets Consolidated Balance Sheets In certain instances, we will also record deferred revenue in connection with properties acquired as part of an asset acquisition when additional consideration, such as offering a below-market lease to the seller on a sale-leaseback transaction, is given to the seller of a property when the agreed-upon cash purchase price is significantly below the aggregate fair value of all identifiable tangible assets acquired or liabilities assumed. In transactions such as this, the amount of deferred revenue recorded will be determined in a manner similar to that described above for below-market lease values. The fair value of capitalized deferred revenue, included as part of Other liabilities in the accompanying Consolidated Balance Sheets The total amount of the remaining intangible assets acquired, which consists of in-place lease values, unamortized lease origination costs and tenant relationship values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, prospects for developing additional business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the current lease agreement), among other factors. The value of in-place leases and unamortized lease origination costs are amortized to amortization expense on a straight-line basis over the remaining, non-cancelable terms of the respective leases, which currently range from 2 to 10 years. The value of tenant relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease at the existing property or entering into a lease at a different property we own, is amortized to amortization expense over the remaining lease term and any anticipated renewal periods in the respective leases. Should a tenant terminate its lease, the unamortized portion of the above- or below-market lease values, deferred revenue, in-place lease values, lease origination costs and tenant relationship values would be charged to the appropriate income or expense account. The total amount recorded as amortization expense related to these intangible assets, including amounts charged to amortization expense due to early lease terminations, was $841,726, $350,684 and $90,669 for the years ended December 31, 2015, 2014 and 2013, respectively. In September 2015, we removed $34,155 of intangible assets due to the termination of a lease that was assumed in connection with a farm acquired in June 2014, and the unamortized balance of these assets, which was $20,255, was immediately charged to amortization expense. In September 2014, we removed $46,526 of intangible assets due to the termination of a lease that was assumed in connection with a farm acquired in June 2014, and the unamortized balance of these assets, which was $43,328, was immediately charged to amortization expense. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets We account for the impairment of our tangible and identifiable intangible real estate assets in accordance with ASC 360, which requires us to periodically review the carrying value of each property to determine whether indicators of impairment exist. Such indicators may include, but are not limited to, declines in a property’s operating performance, deteriorating market conditions and environmental or legal concerns. If circumstances support the possibility of impairment, we prepare a projection of the total undiscounted future cash flows of the specific property, including proceeds from disposition without interest charges, and compare them to the net book value of the property to determine whether the carrying value of the property is recoverable. In performing the analysis, we consider such factors as the tenants’ payment history and financial condition, the likelihood of lease renewal, agricultural and business conditions in the regions in which our farms are located 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 value 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 on those select properties that have an indication of impairment. During the three months ended June 30, 2014, we had two separate fires that partially damaged structures on two separate properties, which constituted an indicator of impairment. However, in accordance with ASC 360, we assessed the recoverability of the two properties and determined that the net carrying value of each property was fully recoverable. Therefore, no impairment loss was recorded; however, we recorded property and casualty losses for each event. See “—Involuntary Conversions and Property and Casualty Recovery” |
Tenant Improvements | Tenant Improvements From time to time, our tenants may pay for improvements on certain of our properties with the ownership of the improvements remaining with us, in which case we will record the cost of such improvements as an asset, tenant improvements, along with a corresponding liability, deferred rent liability, on our balance sheet. When we are determined to be the owner of the tenant improvements, such improvements will be depreciated, and the related deferred rent liability will be amortized as an addition to rental income, each over the shorter of the useful life of the respective improvement or the remaining term of the existing lease in place. If the tenant is determined to be the owner of the tenant improvements, any tenant improvements funded by us are treated as a lease incentive and amortized as a reduction of rental income over the remaining term of the existing lease in place. In determining whether the tenant or the Company is the owner of such improvements, several factors will be considered, including, but not limited to: (i) whether the tenant or landlord retains legal title to the improvements upon expiration of the lease; (ii) whether the lease stipulates how such improvements should be treated; (iii) the uniqueness of the improvements (i.e., whether the improvements were made to meet the specific needs or for the benefit of the tenant leasing the property, or if the improvements generally increased the value or extended the useful life of the asset improved upon); (iv) the expected useful life of the improvements relative to the remaining length of the lease; (v) whether the tenant improvements are expected to have significant residual value at the end of the lease term; and (vi) whether the tenant or the Company constructs or directs construction of the improvements. The determination of who owns the improvements can be subject to significant judgment. As of December 31, 2015, and December 31, 2014, we recorded aggregate gross tenant improvements of $1,302,009 and $585,947, respectively, and accumulated depreciation related to these improvements was $118,989 and $56,760, respectively. During the years ended December 31, 2015 and 2014, $62,229 and $56,760, respectively, was recorded as both depreciation expense and an addition to rental income. No tenant improvements were recorded prior to 2014. To date, we have not recorded any lease incentives. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash equivalents to be all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. Our cash and cash equivalents at December 31, 2015 and 2014 were held in the custody of one financial institution, and our balance at times may exceed federally-insurable limits. |
Restricted Cash | Restricted Cash As of December 31, 2014, restricted cash consisted of $3,041 of accrued interest owed on funds held in escrow related to the acquisition of a property in December 2013 and $129,700 that was earmarked for the purchase of a water permit on one of our farms. These funds were released during the three months ended March 31, 2015, and we did not have any restricted cash as of December 31, 2015. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. Costs associated with our long-term borrowings are deferred and amortized over the terms of the respective financings using the straight-line method, which approximates the effective interest method. In the case of our line of credit, the straight-line method is used due to the revolving nature of the financing instrument. Upon early extinguishment of any borrowings, the unamortized portion of the related deferred financing costs will be immediately charged to expense. In addition, in accordance with ASC 470, “Debt,” when a financing arrangement is amended so that the only material change is an increase in the borrowing capacity, the unamortized deferred financing costs from the prior arrangement should be amortized over the term of the new arrangement. Accumulated amortization of deferred financing costs was $224,239 and $117,433 as of December 31, 2015 and 2014, respectively. For the years ended December 31, 2015, 2014 and 2013, total amortization expense related to deferred financing costs was $106,806, $53,286 and $30,023, respectively, and is included in Interest expense on the accompanying Consolidated Statements of Operations |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Other assets consist of deferred rent assets, short-term investments, prepaid expenses, deferred offering costs, deposits on potential real estate acquisitions, above-market lease values and other miscellaneous receivables. Other liabilities consist of rents received in advance, deferred rent liabilities, below-market lease values and funds held in escrow. |
Revenue Recognition | Revenue Recognition Rental revenue includes rents that each tenant pays in accordance with the terms of its respective lease, reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals; we recognize such revenues on a straight-line basis. Certain other leases provide for additional rental payments that are based on a percentage of the gross crop revenue earned on the farm. Such contingent revenue is recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues. As a result, depending on the circumstances of each lease, certain participating rents may be recognized by us in the year the crop was harvested, while other participating rents may be recognized in the year following the harvest. Deferred rent receivable, included in Other assets on the accompanying Consolidated Balance Sheets In addition, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectable. We perform a quarterly review on deferred rent receivable as it relates to straight-line rents and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions of the industry in which the tenant operates and economic and agricultural conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectable accounts or record a direct write-off of the specific rent receivable. During the year ended December 31, 2015, we wrote off $6,504 of deferred rent receivable related to the early termination of two leases; no such reserves or direct write-offs were recorded prior to 2015. Tenant recovery revenue includes payments received from tenants as reimbursements for certain operating expenses, such as property taxes and insurance premiums. These expenses and their subsequent reimbursements are recognized under property operating expenses as incurred and tenant recovery revenue as earned, respectively, and are recorded in the same periods. |
Other Income | Other Income We record non-operating and unusual or infrequent income as Other income on our Consolidated Statements of Operations |
Involuntary Conversions and Property and Casualty Recovery | Involuntary Conversions and Property and Casualty Recovery We account for involuntary conversions, for example, when a nonmonetary asset, such as property or equipment, is involuntarily converted to a monetary asset, such as insurance proceeds, in accordance with ASC 605, “Revenue Recognition – Gains and Losses,” which requires us to recognize a gain or a loss equal to the difference between the carrying amount of the nonmonetary asset and the amount of monetary assets received. Further, in accordance with ASC 450, “Contingencies,” if recovery of the loss is considered to be probable, we will recognize a receivable for the amount expected to be covered by insurance proceeds, not to exceed the related loss recognized, unless such amounts have been realized. |
Gain on Sale of Real Estate | Gain on sale of real estate We recognize gains (or losses) on sales of real estate upon the closing of a transaction (be it an outright sale of a property or the sale of a perpetual, right-of-way easement on all or a portion of a property) with the purchaser. Gains are recognized using the full accrual method when the collectability of the sales price is reasonably assured, we are not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gains on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. |
Income taxes | Income taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended. On September 3, 2014, we filed our 2013 federal income tax return, on which we elected to be taxed as a REIT for federal income tax purposes beginning with our tax year ended December 31, 2013. As a REIT, we generally are not subject to federal income taxes on amounts that we distribute to our stockholders (except income from any foreclosure property), provided that, on an annual basis, we distribute at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other conditions. To the extent that we satisfy the annual distribution requirement but distribute less than 100% of our taxable income, we will be subject to an excise tax on our undistributed taxable income. Beginning January 1, 2013, Land Advisers has been treated as a wholly-owned TRS that is subject to federal and state income taxes. Though Land Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” A reconciliation between the U.S. statutory federal income tax rate and our effective income tax rate for the years ended December 31, 2015, 2014 and 2013 is provided in the following table: 2015 2014 2013 U.S. statutory federal income tax rate 0.0 % 0.0 % 0.0 % State taxes, net of U.S. federal income tax benefit (1) 0.0 % 26.9 % 41.7 % Other adjustments (2) 0.0 % 0.0 % 473.4 % Effective tax rate 0.0 % 26.9 % 515.1 % (1) State tax adjustments made to the 2013 and 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers. (2) Adjustments made to the 2013 income tax provision related primarily to the recognition of $2.1 million of income taxes on a deferred intercompany gain relating to land transfers from prior years. This tax became due upon our election to be taxed as a REIT for the tax year ended December 31, 2013. This was partially offset by the reversal of our deferred tax liability, which resulted in a net benefit of REIT conversion of $743,676. The provision for income taxes included in our Consolidated Financial Statements |
Reclassifications | Reclassifications Certain line items on the Consolidated Balance Sheet Consolidated Statements of Operations |
Segment Reporting | Segment Reporting We do not evaluate performance on a property-specific or transactional basis, nor do we distinguish our principal business or group our operations on a geographical basis for purposes of measuring performance. Thus, we believe we have a single operating segment for reporting purposes in accordance with GAAP, that segment being farmland and farm-related properties. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) For the years ended December 31, 2015, 2014 and 2013, net income (loss) equaled comprehensive income (loss); therefore, a separate statement of comprehensive income (loss) is not included in the accompanying Consolidated Financial Statements |
Distributions | Distributions We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT that distributes at least 90% of its REIT taxable income to its stockholders each year and meets certain other conditions will not be subject to federal income tax on that portion of its taxable income that is distributed to stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four immediately-subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes and to federal income and excise taxes on undistributed taxable income. In general, however, as long as we qualify as a REIT, no provision for federal income taxes will be necessary, except for taxes on undistributed REIT taxable income and taxes on the income generated by a TRS, if any. |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends or supersedes the scope and consolidation guidance under existing GAAP. The new standard changes the way a reporting entity evaluates whether (a) limited partnerships and similar entities should be consolidated, (b) fees paid to decision makers or service providers are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. ASU 2015-02 also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-02 is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which simplifies the presentation of debt issuance costs. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. 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” (“ASU 2015-15”), which codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line of credit arrangements as assets. ASU 2015-15 was effective immediately. We have assessed the impact of ASU 2015-15 and identified no material impact on our financial position, results of operations or cash flows from adopting this standard. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which pertains to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement during the three months ending March 31, 2016, and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Income Tax Rate | A reconciliation between the U.S. statutory federal income tax rate and our effective income tax rate for the years ended December 31, 2015, 2014 and 2013 is provided in the following table: 2015 2014 2013 U.S. statutory federal income tax rate 0.0 % 0.0 % 0.0 % State taxes, net of U.S. federal income tax benefit (1) 0.0 % 26.9 % 41.7 % Other adjustments (2) 0.0 % 0.0 % 473.4 % Effective tax rate 0.0 % 26.9 % 515.1 % (1) State tax adjustments made to the 2013 and 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers. (2) Adjustments made to the 2013 income tax provision related primarily to the recognition of $2.1 million of income taxes on a deferred intercompany gain relating to land transfers from prior years. This tax became due upon our election to be taxed as a REIT for the tax year ended December 31, 2013. This was partially offset by the reversal of our deferred tax liability, which resulted in a net benefit of REIT conversion of $743,676. |
Real Estate and Lease Intangi20
Real Estate and Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Information of Farms | The following table provides certain summary information about our 43 farms as of December 31, 2015: Property Name Location Date Number Total Farm Lease Net Cost (1) Encumbrances San Andreas Watsonville, CA 6/16/1997 1 307 238 12/31/2020 $ 4,786,649 $ 4,677,258 West Gonzales Oxnard, CA 9/15/1998 1 653 502 6/30/2020 12,198,297 23,796,549 West Beach Watsonville, CA 1/3/2011 3 196 195 12/31/2023 9,299,418 4,556,294 Dalton Lane Watsonville, CA 7/7/2011 1 72 70 10/31/2020 2,684,346 1,509,625 Keysville Road Plant City, FL 10/26/2011 2 59 56 6/30/2020 1,240,565 897,600 Colding Loop Wimauma, FL 8/9/2012 1 219 181 6/14/2018 3,957,326 2,640,000 Trapnell Road Plant City, FL 9/12/2012 3 124 110 6/30/2017 3,943,865 2,522,250 38th Avenue Covert, MI 4/5/2013 1 119 89 4/4/2020 1,274,852 720,943 Sequoia Street Brooks, OR 5/31/2013 1 218 206 5/31/2028 3,109,843 1,666,610 Natividad Road Salinas, CA 10/21/2013 1 166 166 10/31/2024 8,421,700 3,763,311 20th Avenue South Haven, MI 11/5/2013 3 151 94 11/4/2018 1,890,436 1,075,232 Broadway Road Moorpark, CA 12/16/2013 1 60 46 12/15/2023 2,880,849 1,612,848 Oregon Trail Echo, OR 12/27/2013 1 1,895 1,640 12/31/2023 13,917,561 7,526,622 East Shelton Willcox, AZ 12/27/2013 1 1,761 1,320 2/29/2024 7,875,996 3,602,026 Collins Road Clatskanie, OR 5/30/2014 2 200 157 9/30/2024 2,423,608 1,451,563 Spring Valley Watsonville, CA 6/13/2014 1 145 110 9/30/2022 5,777,020 3,171,933 McIntosh Road Dover, FL 6/20/2014 2 94 78 6/30/2017 (2) 2,476,569 1,519,620 Naumann Road Oxnard, CA 7/23/2014 1 68 66 7/31/2017 6,782,572 3,704,173 Sycamore Road Arvin, CA 7/25/2014 1 326 322 10/31/2024 6,822,097 3,118,172 Wauchula Road Duette, FL 9/29/2014 1 808 590 9/30/2024 13,771,697 7,742,812 Santa Clara Avenue Oxnard, CA 10/29/2014 2 333 331 7/31/2017 24,242,056 13,440,396 Dufau Road Oxnard, CA 11/4/2014 1 65 64 11/3/2017 6,061,157 3,675,000 Espinosa Road Salinas, CA 1/5/2015 1 331 329 10/31/2016 16,541,996 10,178,000 Parrish Road Duette, FL 3/10/2015 1 419 211 6/30/2025 4,283,210 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2 2,678 1,644 6/30/2020 15,644,287 9,360,000 Holt County Stuart, NE 8/20/2015 1 1,276 1,052 12/31/2018 5,478,661 3,301,000 Rock County Bassett, NE 8/20/2015 1 1,283 1,049 12/31/2018 5,473,099 3,301,000 Bear Mountain Arvin, CA 9/3/2015 3 854 841 1/9/2031 19,384,361 8,176,640 Corbitt Road Immokalee, FL 11/2/2015 1 691 390 12/31/2021 3,820,031 3,760,000 Reagan Road Willcox, AZ 12/22/2015 1 1,239 875 12/31/2025 5,732,435 3,891,000 43 16,810 13,022 $ 222,196,559 $ 142,733,157 (1) Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization. Includes Total real estate, net and Lease intangibles, net; plus net above-market lease values included in Other assets; and less net below-market lease values, deferred revenue and unamortized tenant improvements included in Other liabilities, each as shown on the accompanying Consolidated Balance Sheet. (2) There are two leases in place on this property, one originally scheduled to expire on June 30, 2016, which lease was renewed subsequent to December 31, 2015 (see Note 10, “Subsequent Events”), and the other scheduled to expire on June 30, 2017. |
Summary of Components of Investments in Real Estate | The following table sets forth the components of our investments in tangible real estate assets as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Real estate: Land and land improvements $ 192,020,381 $ 122,999,316 Irrigation systems 21,849,508 12,365,514 Buildings and improvements 11,184,647 10,479,301 Horticulture 1,490,695 1,559,340 Other site improvements 1,872,606 968,007 Real estate, at cost 228,417,837 148,371,478 Accumulated depreciation (6,634,412 ) (4,431,290 ) Real estate, net $ 221,783,425 $ 143,940,188 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The following table shows the weighted-average amortization period, in years, for the intangible assets acquired and liabilities assumed in connection with the new properties acquired during the years ended December 31, 2015 and 2014: Intangible Assets and Liabilities 2015 2014 In-place leases 4.1 2.2 Leasing costs 5.5 5.0 Tenant relationships 9.5 4.7 Above-market lease values — 3.0 Below-market lease and sale inducement values 6.2 1.5 All intangible assets and liabilities 6.2 3.2 |
Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired | For the Years Ended December 31, 2015 2014 (Unaudited) (Unaudited) Operating Data: Total operating revenue $ 13,993,765 $ 13,831,669 Total operating expenses (7,282,204 ) (7,767,114 ) Other expenses (4,861,169 ) (4,695,902 ) Net income before income taxes 1,850,392 1,368,653 Provision for income taxes — (26,502 ) Net income $ 1,850,392 $ 1,342,151 Share and Per-share Data: Earnings per share of common stock – basic and diluted $ 0.20 $ 0.18 Weighted-average common shares outstanding – basic and diluted 9,216,469 7,608,416 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying value of lease intangibles and the accumulated amortization for each intangible asset or liability class as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Lease Accumulated Lease Accumulated In-place leases $ 1,225,955 $ (573,149 ) $ 869,207 $ (263,428 ) Leasing costs 677,112 (183,851 ) 357,210 (80,617 ) Tenant relationships 886,743 (269,269 ) 501,670 (66,467 ) $ 2,789,810 $ (1,026,269 ) $ 1,728,087 $ (410,512 ) Deferred Accumulated Deferred Accumulated Above-market lease values (1) $ 19,528 $ (7,540 ) $ 65,203 $ (9,027 ) Below-market lease values and deferred revenue (2) (202,579 ) 23,205 (371,707 ) 162,194 $ (183,051 ) $ 15,665 $ (306,504 ) $ 153,167 (1) Above-market lease values are included as a part of Other assets in the accompanying Consolidated Balance Sheets, (2) Below-market lease values and deferred revenue are included as a part of Other liabilities in the accompanying Consolidated Balance Sheets, |
Summary of Estimated Aggregate Amortization Expense and Estimated Net Impact on Rental Income | The estimated aggregate amortization expense to be recorded related to in-place leases, leasing costs and tenant relationships and the estimated net impact on rental income from the amortization or accretion of above- and below-market lease values and deferred revenue for each of the five succeeding fiscal years and thereafter is as follows: Period Estimated Estimated Net For the fiscal years ending December 31: 2016 $ 624,604 $ 29,324 2017 348,854 22,814 2018 246,624 23,845 2019 207,158 29,323 2020 117,966 29,324 Thereafter 218,335 32,756 $ 1,763,541 $ 167,386 |
Summary of Future Lease Expirations by Year for Properties | The following table summarizes the future lease expirations by year for our properties as of December 31, 2015: Year Number of Expiring % of Rental Revenue % of Total 2016 (1) 4 368 2.2 % $ 816,811 6.9 % 2017 8 647 3.9 % 2,160,141 18.2 % 2018 5 2,929 17.4 % 581,084 4.9 % 2019 0 0 0.0 % — 0.0 % 2020 6 3,888 23.1 % 3,763,641 31.6 % 2021 2 691 4.1 % 29,970 0.2 % Thereafter 13 8,287 49.3 % 4,536,444 38.2 % Totals 38 16,810 100.0 % $ 11,888,091 100.0 % (1) Includes a surface area lease on a portion of one property leased to an oil company that is renewed on a year-to-year basis, for which we recorded $32,064 of rental revenue during the year ended December 31, 2015, and a residential lease on one of our properties that is not expected to be renewed upon its expiration in 2016 and for which no rental revenue was recorded during the year ended December 31, 2015. In addition, one of the agricultural leases originally set to expire in 2016 was renewed subsequent to December 31, 2015. See Note 10, “Subsequent Events,” for further discussion on this lease renewal. |
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter as of December 31, 2015, are as follows: Tenant Lease Period Payments For the fiscal years ending December 31: 2016 $ 12,876,180 2017 10,895,846 2018 10,860,980 2019 10,310,834 2020 8,303,119 Thereafter 25,233,615 $ 78,480,574 |
Summary of Geographic Locations of Properties | The following table summarizes the geographic locations, by state, of our properties with leases in place as of December 31, 2015 and 2014: As of and For the Year Ended December 31, 2015 As of and For the Year Ended December 31, 2014 Number % of % of Total Number % of % of Total of Total Total Rental Rental of Total Total Rental Rental State Farms Acres Acres Revenue Revenue Farms Acres Acres Revenue Revenue California 18 3,576 21.3 % $ 7,754,945 65.2 % 14 2,391 29.7 % $ 4,778,579 66.6 % Florida 13 5,092 30.3 % 2,166,660 18.2 % 9 1,304 16.2 % 759,398 10.6 % Oregon 4 2,313 13.8 % 1,168,725 9.8 % 4 2,313 28.8 % 1,080,105 15.1 % Arizona 2 3,000 17.8 % 338,446 2.9 % 1 1,761 21.9 % 299,785 4.2 % Michigan 4 270 1.6 % 247,407 2.1 % 4 270 3.4 % 252,451 3.5 % Nebraska 2 2,559 15.2 % 211,908 1.8 % — — — — — 43 16,810 100.0 % $ 11,888,091 100.0 % 32 8,039 100.0 % $ 7,170,318 100.0 % |
2015 New Real Estate Activity [Member] | |
Summary Information of Farms | During the year ended December 31, 2015, we acquired 11 new farms in 8 separate transactions, which are summarized in the table below. Property Name Property Location Acquisition Total Number Primary Lease Renewal Total Acquisition Annualized Straight-line Cash Rent (1) Long-term Espinosa Road (2) Salinas, CA 1/5/2015 331 1 Strawberries 1.8 years None $ 16,905,500 $ 89,885 (3) $ 778,342 $ 10,178,000 Parrish Road Duette, FL 3/10/2015 419 1 Strawberries 10.3 years 2 (5 years) 3,913,280 103,610 (3) 251,832 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2,678 2 Misc. Vegetables 5.0 years 2 (5 years) 15,757,700 151,746 (3) 960,104 9,360,000 Holt County Stuart, NE 8/20/2015 1,276 1 Misc. Vegetables 3.4 years None 5,504,000 27,589 (3) 289,815 3,301,000 Rock County Bassett, NE 8/20/2015 1,283 1 Misc. Vegetables 3.4 years None 5,504,000 27,589 (3) 289,815 3,301,000 Bear Mountain Arvin, CA 9/3/2015 854 3 Almonds (4) 15.4 years 1 (10 years) 18,922,500 119,128 (5) 828,608 21,138,196 Corbitt Road Immokalee, FL 11/2/2015 691 1 Misc. Vegetables 6.1 years 1 (6 years) 3,760,000 74,857 (5) 226,938 3,760,000 Reagan Road Willcox, AZ 12/22/2015 1,239 1 Corn 10.0 years 2 (5 years) 5,700,000 37,544 (5) 319,240 3,891,000 8,771 11 $ 75,966,980 $ 631,948 $ 3,944,694 $ 57,303,876 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease. (2) In connection with this acquisition, our Adviser earned a finder’s fee of $320,905, which fee was fully credited back to us by our Adviser during the three months ended March 31, 2015. See Note 4, “Related- Party Transactions” for further discussion on this fee. (3) Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. In aggregate, we incurred $11,825 of direct leasing costs in connection with these acquisitions. (4) Property currently consists of open ground and old grape vineyards. However, we will be removing the existing vineyards and converting the property into an almond orchard, which development is expected to be completed by June 30, 2016. (5) Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired. |
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2015, to be as follows: Property Name Land and Land Buildings and Irrigation In-place Leasing Tenant Above-(Below)- (Deferred Revenue) Total Espinosa Road $ 15,852,466 $ 84,478 $ 497,401 $ 246,472 $ 43,895 $ 180,788 $ — $ 16,905,500 Parrish Road 2,403,064 42,619 1,299,851 54,405 77,449 35,892 — 3,913,280 Immokalee Exchange 14,410,840 273,107 515,879 229,406 148,691 179,777 — 15,757,700 Holt County 4,690,369 56,253 729,884 — 27,494 — — 5,504,000 Rock County 4,862,314 72,232 540,589 — 28,865 — — 5,504,000 Bear Mountain 18,428,247 — 494,253 — — — — 18,922,500 Corbitt Road 3,186,765 254,963 470,875 — — — (152,603 ) 3,760,000 Reagan Road 4,207,040 18,366 1,474,594 — — — — 5,700,000 $ 68,041,105 $ 802,018 $ 6,023,326 $ 530,283 $ 326,394 $ 396,457 $ (152,603 ) $ 75,966,980 |
Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired | Below is a summary of the total operating revenues and earnings recognized on the properties acquired during the year ended December 31, 2015: Property Name Acquisition Operating Earnings (1) Espinosa Road 1/5/2015 $ 769,972 $ 383,201 Parrish Road 3/10/2015 203,341 57,613 Immokalee Exchange 6/25/2015 480,052 313,387 Holt County 8/20/2015 105,954 78,315 Rock County 8/20/2015 105,954 72,753 Bear Mountain 9/3/2015 271,599 249,958 Corbitt Road 11/2/2015 29,970 8,916 Reagan Road 12/22/2015 8,582 3,473 $ 1,975,424 $ 1,167,616 (1) Earnings are calculated as net income less interest expense and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805. |
2014 New Real Estate Activity [Member] | |
Summary Information of Farms | During the year ended December 31, 2014, we acquired 11 new farms in 8 separate transactions, which are summarized in the table below. Property Name Property Acquisition Total Number Primary Crop(s) Lease Renewal Total Acquisition Annualized Straight- (1) Long-term Collins Road Clatskanie, OR 5/30/2014 200 2 Blueberries 10.3 years 3 (5 years) $ 2,591,333 $ 60,329 (2) $ 181,172 $ — Spring Valley Watsonville, CA 6/13/2014 145 1 Strawberries 2.3 years None 5,900,000 49,582 (2) 270,901 — McIntosh Road Dover, FL 6/20/2014 94 2 Strawberries 3.0 years 1 (3 years) / None (3) 2,666,000 60,939 (2) 133,154 1,599,600 Naumann Road Oxnard, CA 7/23/2014 68 1 Strawberries 3.0 years 1 (3 years) 6,888,500 91,103 (2) 329,667 — Sycamore Road Arvin, CA 7/25/2014 326 1 Misc. Vegetables 1.3 years (4) None (4) 5,800,000 44,434 (2) 184,304 — Wauchula Road Duette, FL 9/29/2014 808 1 Strawberries 10.0 years 2 (5 years) 13,765,000 132,555 (5) 888,439 8,259,000 Santa Clara Avenue Oxnard, CA 10/29/2014 333 2 Strawberries 0.8 years 1 (2 years) 24,592,000 100,603 (2) 1,231,422 25,000,000 Dufau Road Oxnard, CA 11/4/2014 65 1 Strawberries 3.0 years 1 (3 years) 6,125,600 66,474 (2) 304,607 3,675,000 2,039 11 $ 68,328,433 $ 606,019 $ 3,523,666 $ 38,533,600 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease. (2) Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. In aggregate, we incurred $21,408 of direct leasing costs in connection with these acquisitions. (3) This property has a separate tenant leasing each of the property’s two farms. One lease provides for one 3-year renewal option, while the other does not include a renewal option. (4) Upon acquisition of this property, we assumed the in-place lease, which expires October 31, 2015. In addition, we executed a 9-year, follow-on lease with a new tenant that commences November 1, 2015. Under the terms of the follow-on lease, the tenant has one 3-year renewal option, and annualized, straight-line rents will be $311,760. (5) Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired. |
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2014, to be as follows: Property Name Land and Land Buildings and Irrigation Horticulture (1) In-place Leasing Tenant Above-(Below)- Total Collins Road $ 1,252,388 $ 682,385 $ — $ 520,993 $ 45,086 $ 65,685 $ 24,796 $ — $ 2,591,333 Spring Valley 5,576,138 5,781 200,855 — 83,487 17,498 66,217 (49,976 ) 5,900,000 McIntosh Road 1,970,074 33,592 537,254 — 34,674 16,766 27,966 45,674 2,666,000 Naumann Road 6,219,293 433,087 71,586 — 75,520 34,228 54,786 — 6,888,500 Sycamore Road 5,840,750 — 67,000 — 48,670 3,764 — (160,184 ) 5,800,000 Wauchula Road 8,388,424 1,887,530 3,489,046 — — — — — 13,765,000 Santa Clara Avenue 23,672,902 163,140 187,314 — 310,119 29,153 229,372 — 24,592,000 Dufau Road 5,859,721 3,021 88,827 — 71,654 30,128 52,720 19,529 6,125,600 $ 58,779,690 $ 3,208,536 $ 4,641,882 $ 520,993 $ 669,210 $ 197,222 $ 455,857 $ (144,957 ) $ 68,328,433 (1) Horticulture acquired on Collins Road consists of various types of blueberry bushes. |
Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired | Below is a summary of the total operating revenues and earnings recognized on the properties acquired during the year ended December 31, 2014: Property Name Acquisition Operating Earnings (1) Collins Road 5/30/2014 $ 106,658 $ 33,303 Spring Valley 6/13/2014 148,996 81,073 McIntosh Road 6/20/2014 58,021 (22,902 ) (2) Naumann Road 7/23/2014 145,337 104,726 Sycamore Road 7/25/2014 80,328 39,574 Wauchula Road 9/29/2014 226,978 101,794 Santa Clara Avenue 10/29/2014 212,078 73,833 Dufau Road 11/4/2014 48,229 32,807 $ 1,026,625 $ 444,208 (1) Earnings are calculated as net income less interest expense and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805. (2) Includes $43,328 of lease intangibles that were written off during the three months ended September 30, 2014, related to the termination of a lease in September 2014 that we had assumed upon acquisition. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees | The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Consolidated Statements of Operations For the Years Ended December 31, 2015 2014 2013 Management Fee: Allocated payroll and benefits $ — $ — $ 38,668 Allocated overhead expenses — — 7,538 Prior management advisory fee (1) — — 46,206 Amended base management fee (2) 1,343,384 1,079,534 149,403 Total management fee (3) $ 1,343,384 $ 1,079,534 $ 195,609 Incentive Fee: Incentive Fee (3)(4) $ — $ — $ 41,037 Credit from voluntary, irrevocable waiver by Adviser’s board of directors (3) (320,905 ) (4) — (41,037 ) (5) Net incentive fee $ (320,905 ) $ — $ — Administration Fee: Allocated payroll and benefits $ — $ — $ 14,034 Allocated overhead expenses — — 4,498 Prior administration fee (1) — — 18,532 Amended administration fee (2) 679,590 442,584 175,932 Total administration fee (3) $ 679,590 $ 442,584 $ 194,464 (1) Pursuant to the Prior Advisory and Administration Agreements, respectively, both of which were terminated on January 31, 2013. (2) Pursuant to the Amended Advisory and Administration Agreements, respectively, both of which became effective on February 1, 2013. (3) Reflected as a line item on our accompanying Consolidated Statements of Operations (4) The credit received from our Adviser for the year ended December 31, 2015, was attributable to a finder’s fee earned by our Adviser in connection with a farm we acquired during the three months ended March 31, 2015, which fee was granted to us as a one-time, voluntary and irrevocable waiver to be applied against the fees we pay to our Adviser. (5) An incentive fee of $41,037 was paid to our Adviser for the three months ended March 31, 2013; however, during the three months ended June 30, 2013, our Adviser issued a one-time, voluntary and irrevocable waiver equal to the full amount of the incentive fee due and payable to the Adviser for the three months ended March 31, 2013. |
Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets | Amounts due to related parties on our accompanying Consolidated Balance Sheets 2015 2014 Management fee due to Adviser $ 362,373 $ 301,487 Other due to Adviser (1) 13,140 3,187 Total due to Adviser 375,513 304,674 Administration fee due to Administrator 190,080 166,427 Total due to Administrator 190,080 166,427 Total due to related parties (2) $ 565,593 $ 471,101 (1) Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf. (2) Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of December 31, 2015 and 2014 are summarized below: As of December 31, 2015 As of December 31, 2014 Issuer Type of Issuance Date(s) of Issuance Initial Maturity Date (1) Principal Stated Interest (2) Undrawn Principal Stated Interest (2) Undrawn MetLife Mortgage Note Payable 5/9/2014 100,000,000 1/5/2029 (3) $ 87,470,194 3.35 % 12,529,806 (4) 66,331,998 3.61 % 33,668,002 (4) MetLife Line of Credit 5/9/2014 25,000,000 4/5/2024 100,000 2.58 % 24,900,000 (4) 4,000,000 2.75 % 21,000,000 (4) Farm Credit Mortgage Notes Payable 9/19/2014–11/2/2015 22,185,880 4/9/2031 21,456,963 3.42 % (5) — 12,410,363 3.53 % (5) — Farmer Mac Bonds Payable 12/11/2014 75,000,000 7/24/2019 (6) 33,706,000 2.87 % 41,294,000 (7) 3,675,000 3.25 % 71,325,000 (7) Totals: $ 142,733,157 $ 78,723,806 $ 86,417,361 $ 125,993,002 (1) Where applicable, represents the weighted-average maturity date. (2) Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each December 31, 2015, and December 31, 2014. (3) If facility not fully utilized by December 31, 2017, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan. (4) Based on the properties that were pledged as collateral under the MetLife Facility as of each December 31, 2015, and December 31, 2014, approximately $8.9 million and $13.8 million, respectively, of the aggregate undrawn commitment under the facility was available for us to draw. (5) Rate is before interest patronage (as described below). 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014. (6) If facility is not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility. (7) At each of December 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral. |
Principal Payments of Aggregate Borrowings | Scheduled principal payments of our aggregate borrowings as of December 31, 2015, for each of the five succeeding fiscal years and thereafter are as follows: Scheduled Period Principal For the fiscal years ending December 31: 2016 $ 4,431,648 2017 3,697,482 2018 19,688,041 2019 7,301,188 2020 16,980,080 Thereafter 90,634,718 $ 142,733,157 |
Farm Credit Notes Payable [Member] | |
Summary of Mortgage Note Payable and Line of Credit | From time to time since September 19, 2014, we, through certain subsidiaries of our Operating Partnership, have entered into various loan agreements with Farm Credit of Central Florida, FLCA (“Farm Credit”). Loans from Farm Credit will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. Pertinent terms of each of these loans (collectively, the “Farm Credit Notes Payable”) are summarized in the table below: As of December 31, 2015 Date of Initial Maturity Principal Interest Rate Terms (1) Balance Interest Rate (1) 9/19/2014 $ 1,599,600 8/1/2034 20 years 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) $ 1,519,620 3.52 % 9/19/2014 2,655,000 8/1/2034 20 years 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) 2,522,250 3.52 % 9/29/2014 8,259,000 8/1/2034 20 years 3.54%, fixed through 11/1/2017; variable thereafter (1-mo LIBOR + 2.875%) 7,742,813 3.54 % 3/10/2015 2,374,680 5/1/2020 None 3.20%, fixed throughout term 2,374,680 3.20 % 4/9/2015 897,600 6/1/2020 None 3.20%, fixed throughout term 897,600 3.20 % 5/8/2015 2,640,000 5/1/2030 None (2) 2.90%, fixed through 4/30/2018; variable thereafter (1-mo LIBOR + 3.00%) 2,640,000 2.90 % 11/2/2015 2,256,000 10/1/2040 25 years 3.86%, fixed through 11/30/2021; variable thereafter (1-mo LIBOR + 2.875%) 2,256,000 3.86 % 11/2/2015 1,504,000 10/1/2016 None Variable (1-mo LIBOR + 3.00%) 1,504,000 3.25 % $ 22,185,880 $ 21,456,963 3.42 % (1) Rates represent the stated interest rates, before interest patronage. 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014. (2) Interest only through April 30, 2018. Note converts to a 20-year amortization thereafter. |
Farmer Mac Bonds Payable [Member] | |
Summary of Mortgage Note Payable and Line of Credit | Pertinent terms of each of the bonds issued under the Farmer Mac Facility are summarized in the table below: As of December 31, 2015 Date of Amount Maturity Principal Interest Rate Terms Balance Interest 12/11/2014 $ 3,675,000 12/11/2019 None 3.25%, fixed throughout term $ 3,675,000 3.25 % 1/5/2015 10,178,000 1/6/2020 None 3.25%, fixed throughout term 10,178,000 3.25 % 6/25/2015 9,360,000 7/30/2018 None 2.60%, fixed throughout term 9,360,000 2.60 % 8/20/2015 3,301,000 8/17/2018 None 2.375%, fixed throughout term 3,301,000 2.38 % 8/20/2015 3,301,000 8/17/2018 None 2.375%, fixed throughout term 3,301,000 2.38 % 12/22/2015 3,210,000 12/22/2022 None 3.29%, fixed throughout term 3,210,000 3.29 % 12/22/2015 681,000 12/22/2016 2 years Variable (1-mo LIBOR + 1.50%) 681,000 1.91 % $ 33,706,000 $ 33,706,000 2.87 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Monthly Distributions Declared and Paid by Company's Board of Directors | The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2015, 2014 and 2013 are reflected in the table below. Fiscal Year Declaration Date Record Date Payment Date Distributions per 2015 January 13, 2015 January 23, 2015 February 3, 2015 $ 0.035 January 13, 2015 February 18, 2015 February 27, 2015 0.035 January 13, 2015 March 20, 2015 March 31, 2015 0.035 April 14, 2015 April 24, 2015 May 4, 2015 0.040 April 14, 2015 May 19, 2015 May 28, 2015 0.040 April 14, 2015 June 19, 2015 June 30, 2015 0.040 July 14, 2015 July 24, 2015 August 4, 2015 0.040 July 14, 2015 August 20, 2015 August 31, 2015 0.040 July 14, 2015 September 21, 2015 September 30, 2015 0.040 October 13, 2015 October 26, 2015 October 29, 2015 0.040 October 13, 2015 November 17, 2015 November 24, 2015 0.040 October 13, 2015 December 18, 2015 December 31, 2015 0.040 Year ended December 31, 2015 $ 0.465 2014 January 7, 2014 January 22, 2014 January 31, 2014 $ 0.03 January 7, 2014 February 19, 2014 February 28, 2014 0.03 January 7, 2014 March 17, 2014 March 31, 2014 0.03 April 8, 2014 April 21, 2014 April 30, 2014 0.03 April 8, 2014 May 20, 2014 May 30, 2014 0.03 April 8, 2014 June 19, 2014 June 30, 2014 0.03 July 15, 2014 July 25, 2014 August 5, 2014 0.03 July 15, 2014 August 20, 2014 August 29, 2014 0.03 July 15, 2014 September 19, 2014 September 30, 2014 0.03 October 7, 2014 October 22, 2014 October 31, 2014 0.03 October 7, 2014 November 17, 2014 November 26, 2014 0.03 October 7, 2014 December 19, 2014 December 31, 2014 0.03 Year ended December 31, 2014 $ 0.36 2013 February 5, 2013 February 15, 2013 February 28, 2013 $ 0.04 February 5, 2013 March 15, 2013 March 28, 2013 0.04 April 9, 2013 April 22, 2013 April 30, 2013 0.12 April 9, 2013 May 20, 2013 May 31, 2013 0.12 April 9, 2013 June 19, 2013 June 28, 2013 0.12 July 9, 2013 July 19, 2013 July 31, 2013 0.12 July 9, 2013 August 21, 2013 August 30, 2013 0.12 July 9, 2013 September 18, 2013 September 30, 2013 0.12 October 8, 2013 October 22, 2013 October 31, 2013 0.12 October 8, 2013 November 14, 2013 November 29, 2013 0.12 October 8, 2013 December 16, 2013 December 31, 2013 0.12 December 3, 2013 December 16, 2013 December 31, 2013 0.33 (1) Year ended December 31, 2013 $ 1.49 (1) Represents a one-time declaration to distribute the final amount of remaining earnings and profits from prior years. |
Schedule of Distributions On Common Stock | The characterization of distributions on our common stock during each of the last three years is reflected in the following table: For the Years Ended December 31, Ordinary Return of Long-term 2015 62.29540 % 37.34781 % 0.35679 % 2014 95.66078 % 4.33922 % 0.00000 % 2013 100.00000 % (1) 0.00000 % 0.00000 % (1) 98.53746% of this amount was classified as a Qualified Dividend. |
Earnings Per Share of Common 24
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Common Share | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2015, 2014 and 2013. Earnings per share is computed using the weighted average number of shares outstanding during the respective periods. 2015 2014 2013 Net income (loss) $ 568,545 $ (125,133 ) $ (1,224,683 ) Weighted average shares of common stock outstanding –basic and diluted 8,639,397 6,852,917 6,214,557 Basic and diluted earnings (loss) per common share $ 0.07 $ (0.02 ) $ (0.20 ) |
Quarterly Financial Informati25
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table reflects the quarterly results of operations for the years ended December 31, 2015 and 2014: Fiscal Year 2015: Quarter Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Operating revenues $ 2,625,724 $ 2,783,853 $ 3,083,553 $ 3,408,331 Operating expenses (1,671,211 ) (1,889,182 ) (1,915,900 ) (1,856,387 ) Other expenses (929,939 ) (924,960 ) (961,258 ) (1,184,079 ) Net income before income taxes 24,574 (30,289 ) 206,395 367,865 Provision for income taxes — — — — Net income (loss) $ 24,574 $ (30,289 ) $ 206,395 $ 367,865 Earnings (loss) per weighted average common shares – basic and diluted $ 0.01 $ — $ 0.02 $ 0.04 Weighted average common shares outstanding – basic and diluted 7,753,717 8,439,855 9,060,314 9,282,280 Fiscal Year 2014: Quarter Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Operating revenues $ 1,495,636 $ 1,565,935 $ 1,777,675 $ 2,345,676 Operating expenses (1,100,452 ) (1,208,458 ) (1,476,092 ) (1,799,948 ) Other expenses (367,643 ) (651,948 ) (194,351 ) (484,661 ) Net income before income taxes 27,541 (294,471 ) 107,232 61,067 Provision for income taxes (6,623 ) (6,623 ) (6,857 ) (6,399 ) Net income (loss) $ 20,918 $ (301,094 ) $ 100,375 $ 54,668 Earnings (loss) per weighted average common shares – basic and diluted $ — $ (0.05 ) $ 0.02 $ 0.01 Weighted average common shares outstanding – basic and diluted 6,530,264 6,530,264 6,605,264 7,735,354 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On January 12, 2016, our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 22, 2016 February 2, 2016 $ 0.04 February 18, 2016 February 29, 2016 0.04 March 21, 2016 March 31, 2016 0.04 Total: $ 0.12 |
Business and Organization - Add
Business and Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Maryland [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Company re-incorporated date | Mar. 24, 2011 |
Delaware [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Company re-incorporated date | May 25, 2004 |
California [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Company originally incorporated date | Jun. 14, 1997 |
Gladstone Land Advisers, Inc. [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Fees related to leasing of real estate or ancillary services | $ 0 |
Company's ownership percent of voting securities of Land Advisers | 100.00% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014Property | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of acquired above market lease values | $ 16,934 | $ 9,027 | $ 0 | |||
Accumulated amortization of acquired above market lease values | 7,540 | 9,027 | ||||
Accumulated amortization of acquired below market lease values | 19,080 | 162,194 | ||||
Total accretion related to below-market lease values | 178,617 | 146,534 | 68,617 | |||
Total accretion related to deferred revenue | 4,125 | 0 | ||||
Deferred revenue | 152,603 | |||||
Accumulated amortization of deferred revenue | 4,125 | |||||
Amortization expense related to intangible assets | $ 43,328 | $ 841,726 | 350,684 | 90,669 | ||
Removed intangible assets | $ (46,526) | |||||
Number of properties damaged | Property | 2 | |||||
Number of properties recoverable | Property | 2 | |||||
Impairments recognized on real estate | $ 0 | |||||
Tenant improvements | 1,302,009 | 585,947 | ||||
Accrued interest on escrow funds | 3,041 | |||||
Restricted cash | 132,741 | |||||
Accumulated amortization of deferred financing costs | 224,239 | 117,433 | ||||
Amortization of deferred financing costs | 106,806 | 53,286 | 30,024 | |||
Wrote off of deferred rent receivable | 6,504 | |||||
Above-Market Lease Values [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase price allocated to lease values in connection with the current-year acquisitions | 19,528 | 65,203 | ||||
Above-market lease values, removed | $ 45,675 | |||||
Unamortized balance charged against rental income | 27,254 | |||||
Below-Market Lease Values [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase price allocated to lease values in connection with the current-year acquisitions | 49,976 | 371,707 | ||||
Fully-amortized below-market lease, removed | 321,731 | |||||
Water Permit [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Restricted cash | $ 129,700 | |||||
Minimum [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Hypothetical expected lease-up periods for estimating carrying costs | 1 month | |||||
Percentage of REIT taxable income to its stockholders | 90.00% | |||||
Minimum [Member] | Leases Acquired in Place and Origination Cost [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Period of amortization for lease origination cost | 2 years | |||||
Maximum [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Hypothetical expected lease-up periods for estimating carrying costs | 24 months | |||||
Percentage of REIT taxable income to its stockholders | 100.00% | |||||
Maximum [Member] | Leases Acquired in Place and Origination Cost [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Period of amortization for lease origination cost | 10 years | |||||
Land & Buildings [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Depreciation expense | $ 2,271,766 | 1,384,960 | $ 631,786 | |||
Buildings and Improvements [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 39 years | |||||
Horticulture [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 25 years | |||||
Equipment and Fixtures [Member] | Minimum [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Equipment and Fixtures [Member] | Maximum [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 10 years | |||||
2015 New Real Estate Activity [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization expense related to intangible assets | 20,255 | |||||
Removed intangible assets | $ (34,155) | |||||
Tenant Improvement [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Depreciation expense | $ 62,229 | 56,760 | ||||
Accumulated depreciation | $ 118,989 | $ 56,760 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
U.S. statutory federal income tax rate | 0.00% | 0.00% | 0.00% |
State taxes, net of U.S. federal income tax benefit | 0.00% | 26.90% | 41.70% |
Other adjustments | 0.00% | 0.00% | 473.40% |
Effective tax rate | 0.00% | 26.90% | 515.10% |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Income Tax Rate (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Accounting Policies [Abstract] | |
Income tax provision on deferred intercompany gains | $ 2,100,000 |
Benefit of REIT conversion | $ 743,676 |
Real Estate and Lease Intangi31
Real Estate and Lease Intangibles - Additional Information (Detail) | Dec. 31, 2015aFarmAgreement | Oct. 05, 2015USD ($) | Sep. 10, 2015USD ($) | Apr. 13, 2015USD ($)Renewal_Options | Apr. 08, 2015USD ($) | Feb. 23, 2015USD ($)Renewal_Options | Feb. 10, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)aFarm | Dec. 31, 2014USD ($)aFarm | Dec. 31, 2013USD ($) | Nov. 06, 2015a |
Real Estate Properties [Line Items] | ||||||||||||||
Number of Farms | Farm | 43 | 43 | 32 | |||||||||||
Number of farms acquired in separate transaction | Farm | 11 | 11 | ||||||||||||
Number of farms acquired | Farm | 11 | 11 | ||||||||||||
Maturity date of lease | Jun. 30, 2020 | |||||||||||||
Rental income | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | ||||||||||
Percentage increase in lease amount | 7.90% | |||||||||||||
Deferred rent asset balances and rental income, write off | $ 40,022 | |||||||||||||
Amortized intangible assets | $ 43,328 | 841,726 | 350,684 | $ 90,669 | ||||||||||
Installation of a natural gas pipeline , acres | a | 2.6 | |||||||||||||
Gross consideration received | 17,021 | |||||||||||||
Capital gain | $ 14,483 | |||||||||||||
Property and casualty loss | $ 232,737 | |||||||||||||
Percent of total rental revenue | 100.00% | 100.00% | ||||||||||||
Area leased | a | 16,810 | 16,810 | 8,039 | |||||||||||
Area leased, percentage | 100.00% | 100.00% | ||||||||||||
As Previously Reported [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Deferred rent asset balances and rental income, write off | $ 32,497 | |||||||||||||
Property and Casualty Recovery Income, Net [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Insurance proceeds | $ 97,232 | $ 495,700 | ||||||||||||
California [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Farms | Farm | 18 | 18 | 14 | |||||||||||
Rental income | $ 7,754,945 | $ 4,778,579 | ||||||||||||
Percent of total rental revenue | 65.20% | 66.60% | ||||||||||||
Area leased | a | 3,576 | 3,576 | 2,391 | |||||||||||
Area leased, percentage | 21.30% | 21.30% | 29.70% | |||||||||||
Florida [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Farms | Farm | 13 | 13 | 9 | |||||||||||
Rental income | $ 2,166,660 | $ 759,398 | ||||||||||||
Percent of total rental revenue | 18.20% | 10.60% | ||||||||||||
Area leased | a | 5,092 | 5,092 | 1,304 | |||||||||||
Area leased, percentage | 30.30% | 30.30% | 16.20% | |||||||||||
West Gonzales [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total repair cost | $ 35,648 | $ 496,784 | ||||||||||||
Repair cost, capitalized as real estate | 25,682 | 407,096 | ||||||||||||
Repair and maintenance expense | $ 9,966 | $ 89,688 | ||||||||||||
Dalton Lane [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Maturity date of lease | Oct. 31, 2020 | |||||||||||||
Rental income | $ 163,989 | |||||||||||||
Percentage increase in lease amount | 16.80% | |||||||||||||
Number of options granted to extend the lease | Renewal_Options | 1 | |||||||||||||
Additional extension period of under the option of tenant | 5 years | |||||||||||||
Lease renewal term | 5 years | |||||||||||||
McIntosh Road [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Maturity date of lease | Jun. 30, 2016 | |||||||||||||
Rental income | $ 43,200 | |||||||||||||
Wrote off an aggregate amount related to unamortized above-market lease value and deferred rent asset balances | $ 27,274 | |||||||||||||
Amortized intangible assets | $ 20,255 | |||||||||||||
East Shelton [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 78,780 | |||||||||||||
Additional annualized straight-line rent | $ 16,268 | |||||||||||||
Spring Valley [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Maturity date of lease | Sep. 30, 2022 | |||||||||||||
Rental income | $ 327,904 | |||||||||||||
Percentage increase in lease amount | 32.50% | |||||||||||||
Extended lease term | 6 years | |||||||||||||
Number of options granted to extend the lease | Renewal_Options | 2 | |||||||||||||
Additional extension period of under the option of tenant | 6 years | |||||||||||||
Santa Clara Avenue [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Maturity date of lease | Jul. 31, 2017 | |||||||||||||
Rental income | $ 1,302,783 | |||||||||||||
Percentage increase in lease amount | 5.80% | |||||||||||||
Lease renewal term | 2 years | |||||||||||||
Maximum [Member] | Geographic Concentration Risk [Member] | Rental Income [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Percentage of individual tenant represented total rental revenue recorded | 10.00% | |||||||||||||
Dole Food Company [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 2,900,000 | |||||||||||||
Total number of lease agreement with single tenant | Agreement | 2 | |||||||||||||
Percent of total rental revenue | 24.80% | |||||||||||||
Dole Food Company [Member] | Maximum [Member] | Customer Concentration Risk [Member] | Rental Income [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Percentage of individual tenant represented total rental revenue recorded | 10.00% | |||||||||||||
Separate Tenant [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 1,300,000 | |||||||||||||
Percent of total rental revenue | 10.70% |
Real Estate and Lease Intangi32
Real Estate and Lease Intangibles - Summary Information of Farms (Detail) | Dec. 31, 2015USD ($)aFarm | Dec. 31, 2015USD ($)aFarm | Dec. 31, 2014USD ($)aFarm |
Real Estate Properties [Line Items] | |||
Number of Farms | Farm | 43 | 43 | 32 |
Number of Farms | Farm | 11 | 11 | |
Total Acres | a | 16,810 | 16,810 | 8,039 |
Farm Acres | a | 13,022 | 13,022 | |
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 222,196,559 | $ 222,196,559 | |
Debt Issued / Encumbrances | $ 142,733,157 | $ 142,733,157 | |
San Andreas [Member] | Watsonville, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 16, 1997 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 307 | 307 | |
Farm Acres | a | 238 | 238 | |
Lease Expiration Date | Dec. 31, 2020 | ||
Net Cost Basis | $ 4,786,649 | $ 4,786,649 | |
Debt Issued / Encumbrances | $ 4,677,258 | $ 4,677,258 | |
West Gonzales [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 15, 1998 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 653 | 653 | |
Farm Acres | a | 502 | 502 | |
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 12,198,297 | $ 12,198,297 | |
Debt Issued / Encumbrances | $ 23,796,549 | $ 23,796,549 | |
West Beach [Member] | Watsonville, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jan. 3, 2011 | ||
Number of Farms | Farm | 3 | ||
Total Acres | a | 196 | 196 | |
Farm Acres | a | 195 | 195 | |
Lease Expiration Date | Dec. 31, 2023 | ||
Net Cost Basis | $ 9,299,418 | $ 9,299,418 | |
Debt Issued / Encumbrances | $ 4,556,294 | $ 4,556,294 | |
Dalton Lane [Member] | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Oct. 31, 2020 | ||
Dalton Lane [Member] | Watsonville, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 7, 2011 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 72 | 72 | |
Farm Acres | a | 70 | 70 | |
Lease Expiration Date | Oct. 31, 2020 | ||
Net Cost Basis | $ 2,684,346 | $ 2,684,346 | |
Debt Issued / Encumbrances | $ 1,509,625 | $ 1,509,625 | |
Keysville Road [Member] | Plant City, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Oct. 26, 2011 | ||
Number of Farms | Farm | 2 | ||
Total Acres | a | 59 | 59 | |
Farm Acres | a | 56 | 56 | |
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 1,240,565 | $ 1,240,565 | |
Debt Issued / Encumbrances | $ 897,600 | $ 897,600 | |
Colding Loop [Member] | Wimauma, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 9, 2012 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 219 | 219 | |
Farm Acres | a | 181 | 181 | |
Lease Expiration Date | Jun. 14, 2018 | ||
Net Cost Basis | $ 3,957,326 | $ 3,957,326 | |
Debt Issued / Encumbrances | $ 2,640,000 | $ 2,640,000 | |
Trapnell Road [Member] | Plant City, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 12, 2012 | ||
Number of Farms | Farm | 3 | ||
Total Acres | a | 124 | 124 | |
Farm Acres | a | 110 | 110 | |
Lease Expiration Date | Jun. 30, 2017 | ||
Net Cost Basis | $ 3,943,865 | $ 3,943,865 | |
Debt Issued / Encumbrances | $ 2,522,250 | $ 2,522,250 | |
38th Avenue [Member] | Covert, MI [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Apr. 5, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 119 | 119 | |
Farm Acres | a | 89 | 89 | |
Lease Expiration Date | Apr. 4, 2020 | ||
Net Cost Basis | $ 1,274,852 | $ 1,274,852 | |
Debt Issued / Encumbrances | $ 720,943 | $ 720,943 | |
Sequoia Street [Member] | Brooks, OR [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | May 31, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 218 | 218 | |
Farm Acres | a | 206 | 206 | |
Lease Expiration Date | May 31, 2028 | ||
Net Cost Basis | $ 3,109,843 | $ 3,109,843 | |
Debt Issued / Encumbrances | $ 1,666,610 | $ 1,666,610 | |
Natividad Road [Member] | Salinas, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Oct. 21, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 166 | 166 | |
Farm Acres | a | 166 | 166 | |
Lease Expiration Date | Oct. 31, 2024 | ||
Net Cost Basis | $ 8,421,700 | $ 8,421,700 | |
Debt Issued / Encumbrances | $ 3,763,311 | $ 3,763,311 | |
20th Avenue [Member] | South Haven, MI [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 5, 2013 | ||
Number of Farms | Farm | 3 | ||
Total Acres | a | 151 | 151 | |
Farm Acres | a | 94 | 94 | |
Lease Expiration Date | Nov. 4, 2018 | ||
Net Cost Basis | $ 1,890,436 | $ 1,890,436 | |
Debt Issued / Encumbrances | $ 1,075,232 | $ 1,075,232 | |
Broadway Road [Member] | Moorpark, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 16, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 60 | 60 | |
Farm Acres | a | 46 | 46 | |
Lease Expiration Date | Dec. 15, 2023 | ||
Net Cost Basis | $ 2,880,849 | $ 2,880,849 | |
Debt Issued / Encumbrances | $ 1,612,848 | $ 1,612,848 | |
Oregon Trail [Member] | Echo, OR [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 27, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 1,895 | 1,895 | |
Farm Acres | a | 1,640 | 1,640 | |
Lease Expiration Date | Dec. 31, 2023 | ||
Net Cost Basis | $ 13,917,561 | $ 13,917,561 | |
Debt Issued / Encumbrances | $ 7,526,622 | $ 7,526,622 | |
East Shelton [Member] | Willcox, AZ [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 27, 2013 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 1,761 | 1,761 | |
Farm Acres | a | 1,320 | 1,320 | |
Lease Expiration Date | Feb. 29, 2024 | ||
Net Cost Basis | $ 7,875,996 | $ 7,875,996 | |
Debt Issued / Encumbrances | $ 3,602,026 | $ 3,602,026 | |
Collins Road [Member] | Clatskanie, OR [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | May 30, 2014 | ||
Number of Farms | Farm | 2 | ||
Total Acres | a | 200 | 200 | |
Farm Acres | a | 157 | 157 | |
Lease Expiration Date | Sep. 30, 2024 | ||
Net Cost Basis | $ 2,423,608 | $ 2,423,608 | |
Debt Issued / Encumbrances | $ 1,451,563 | $ 1,451,563 | |
Spring Valley [Member] | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Sep. 30, 2022 | ||
Spring Valley [Member] | Watsonville, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 13, 2014 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 145 | 145 | |
Farm Acres | a | 110 | 110 | |
Lease Expiration Date | Sep. 30, 2022 | ||
Net Cost Basis | $ 5,777,020 | $ 5,777,020 | |
Debt Issued / Encumbrances | $ 3,171,933 | $ 3,171,933 | |
McIntosh Road [Member] | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Jun. 30, 2016 | ||
McIntosh Road [Member] | Dover, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 20, 2014 | ||
Number of Farms | Farm | 2 | ||
Total Acres | a | 94 | 94 | |
Farm Acres | a | 78 | 78 | |
Lease Expiration Date | Jun. 30, 2017 | ||
Net Cost Basis | $ 2,476,569 | $ 2,476,569 | |
Debt Issued / Encumbrances | $ 1,519,620 | $ 1,519,620 | |
Naumann Road [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 23, 2014 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 68 | 68 | |
Farm Acres | a | 66 | 66 | |
Lease Expiration Date | Jul. 31, 2017 | ||
Net Cost Basis | $ 6,782,572 | $ 6,782,572 | |
Debt Issued / Encumbrances | $ 3,704,173 | $ 3,704,173 | |
Sycamore Road [Member] | Arvin, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 25, 2014 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 326 | 326 | |
Farm Acres | a | 322 | 322 | |
Lease Expiration Date | Oct. 31, 2024 | ||
Net Cost Basis | $ 6,822,097 | $ 6,822,097 | |
Debt Issued / Encumbrances | $ 3,118,172 | $ 3,118,172 | |
Wauchula Road [Member] | |||
Real Estate Properties [Line Items] | |||
Farm Acres | a | 590 | 590 | |
Wauchula Road [Member] | Duette, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 29, 2014 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 808 | 808 | |
Farm Acres | a | 590 | 590 | |
Lease Expiration Date | Sep. 30, 2024 | ||
Net Cost Basis | $ 13,771,697 | $ 13,771,697 | |
Debt Issued / Encumbrances | $ 7,742,812 | $ 7,742,812 | |
Santa Clara Avenue [Member] | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Jul. 31, 2017 | ||
Santa Clara Avenue [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Oct. 29, 2014 | ||
Number of Farms | Farm | 2 | ||
Total Acres | a | 333 | 333 | |
Farm Acres | a | 331 | 331 | |
Lease Expiration Date | Jul. 31, 2017 | ||
Net Cost Basis | $ 24,242,056 | $ 24,242,056 | |
Debt Issued / Encumbrances | $ 13,440,396 | $ 13,440,396 | |
Dufau Road [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 4, 2014 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 65 | 65 | |
Farm Acres | a | 64 | 64 | |
Lease Expiration Date | Nov. 3, 2017 | ||
Net Cost Basis | $ 6,061,157 | $ 6,061,157 | |
Debt Issued / Encumbrances | $ 3,675,000 | $ 3,675,000 | |
Espinosa Road [Member] | Salinas, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jan. 5, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 331 | 331 | |
Farm Acres | a | 329 | 329 | |
Lease Expiration Date | Oct. 31, 2016 | ||
Net Cost Basis | $ 16,541,996 | $ 16,541,996 | |
Debt Issued / Encumbrances | $ 10,178,000 | $ 10,178,000 | |
Parrish Road [Member] | Duette, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Mar. 10, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 419 | 419 | |
Farm Acres | a | 211 | 211 | |
Lease Expiration Date | Jun. 30, 2025 | ||
Net Cost Basis | $ 4,283,210 | $ 4,283,210 | |
Debt Issued / Encumbrances | $ 2,374,680 | $ 2,374,680 | |
Immokalee Exchange [Member] | Immokalee, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 25, 2015 | ||
Number of Farms | Farm | 2 | ||
Total Acres | a | 2,678 | 2,678 | |
Farm Acres | a | 1,644 | 1,644 | |
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 15,644,287 | $ 15,644,287 | |
Debt Issued / Encumbrances | $ 9,360,000 | $ 9,360,000 | |
Holt County [Member] | Stuart, NE [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 1,276 | 1,276 | |
Farm Acres | a | 1,052 | 1,052 | |
Lease Expiration Date | Dec. 31, 2018 | ||
Net Cost Basis | $ 5,478,661 | $ 5,478,661 | |
Debt Issued / Encumbrances | $ 3,301,000 | $ 3,301,000 | |
Rock County [Member] | Bassett, NE [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 1,283 | 1,283 | |
Farm Acres | a | 1,049 | 1,049 | |
Lease Expiration Date | Dec. 31, 2018 | ||
Net Cost Basis | $ 5,473,099 | $ 5,473,099 | |
Debt Issued / Encumbrances | $ 3,301,000 | $ 3,301,000 | |
Bear Mountain [Member] | Arvin, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 3, 2015 | ||
Number of Farms | Farm | 3 | ||
Total Acres | a | 854 | 854 | |
Farm Acres | a | 841 | 841 | |
Lease Expiration Date | Jan. 9, 2031 | ||
Net Cost Basis | $ 19,384,361 | $ 19,384,361 | |
Debt Issued / Encumbrances | $ 8,176,640 | $ 8,176,640 | |
Corbitt Road [Member] | Immokalee, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 2, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 691 | 691 | |
Farm Acres | a | 390 | 390 | |
Lease Expiration Date | Dec. 31, 2021 | ||
Net Cost Basis | $ 3,820,031 | $ 3,820,031 | |
Debt Issued / Encumbrances | $ 3,760,000 | $ 3,760,000 | |
Reagan Road [Member] | Willcox, AZ [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 22, 2015 | ||
Number of Farms | Farm | 1 | ||
Total Acres | a | 1,239 | 1,239 | |
Farm Acres | a | 875 | 875 | |
Lease Expiration Date | Dec. 31, 2025 | ||
Net Cost Basis | $ 5,732,435 | $ 5,732,435 | |
Debt Issued / Encumbrances | 3,891,000 | $ 3,891,000 | |
2015 New Real Estate Activity [Member] | |||
Real Estate Properties [Line Items] | |||
Total Acreage | a | 8,771 | ||
Number of Farms | Farm | 11 | ||
Total Purchase Price | $ 75,966,980 | ||
Acquisition Costs | 631,948 | 631,948 | |
Annualized Straight-line Rent | 3,944,694 | ||
Long-term Debt Issued | 57,303,876 | $ 57,303,876 | |
2015 New Real Estate Activity [Member] | Espinosa Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jan. 5, 2015 | ||
2015 New Real Estate Activity [Member] | Espinosa Road [Member] | Strawberries [Member] | Salinas, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jan. 5, 2015 | ||
Total Acreage | a | 331 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 1 year 9 months 18 days | ||
Total Purchase Price | $ 16,905,500 | ||
Acquisition Costs | 89,885 | 89,885 | |
Annualized Straight-line Rent | 778,342 | ||
Long-term Debt Issued | 10,178,000 | $ 10,178,000 | |
2015 New Real Estate Activity [Member] | Parrish Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Mar. 10, 2015 | ||
2015 New Real Estate Activity [Member] | Parrish Road [Member] | Strawberries [Member] | Duette, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Mar. 10, 2015 | ||
Total Acreage | a | 419 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 10 years 3 months 18 days | ||
Renewal Options | 5 years | ||
Total Purchase Price | $ 3,913,280 | ||
Acquisition Costs | 103,610 | 103,610 | |
Annualized Straight-line Rent | 251,832 | ||
Long-term Debt Issued | 2,374,680 | $ 2,374,680 | |
2015 New Real Estate Activity [Member] | Immokalee Exchange [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 25, 2015 | ||
2015 New Real Estate Activity [Member] | Immokalee Exchange [Member] | Misc. Vegetables [Member] | Immokalee, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 25, 2015 | ||
Total Acreage | a | 2,678 | ||
Number of Farms | Farm | 2 | ||
Lease Term | 5 years | ||
Renewal Options | 5 years | ||
Total Purchase Price | $ 15,757,700 | ||
Acquisition Costs | 151,746 | 151,746 | |
Annualized Straight-line Rent | 960,104 | ||
Long-term Debt Issued | 9,360,000 | $ 9,360,000 | |
2015 New Real Estate Activity [Member] | Holt County [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
2015 New Real Estate Activity [Member] | Holt County [Member] | Misc. Vegetables [Member] | Stuart, NE [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
Total Acreage | a | 1,276 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 3 years 4 months 24 days | ||
Total Purchase Price | $ 5,504,000 | ||
Acquisition Costs | 27,589 | 27,589 | |
Annualized Straight-line Rent | 289,815 | ||
Long-term Debt Issued | 3,301,000 | $ 3,301,000 | |
2015 New Real Estate Activity [Member] | Rock County [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
2015 New Real Estate Activity [Member] | Rock County [Member] | Misc. Vegetables [Member] | Bassett, NE [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Aug. 20, 2015 | ||
Total Acreage | a | 1,283 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 3 years 4 months 24 days | ||
Total Purchase Price | $ 5,504,000 | ||
Acquisition Costs | 27,589 | 27,589 | |
Annualized Straight-line Rent | 289,815 | ||
Long-term Debt Issued | 3,301,000 | $ 3,301,000 | |
2015 New Real Estate Activity [Member] | Bear Mountain [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 3, 2015 | ||
2015 New Real Estate Activity [Member] | Bear Mountain [Member] | Almonds [Member] | Arvin, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 3, 2015 | ||
Total Acreage | a | 854 | ||
Number of Farms | Farm | 3 | ||
Lease Term | 15 years 4 months 24 days | ||
Renewal Options | 10 years | ||
Total Purchase Price | $ 18,922,500 | ||
Acquisition Costs | 119,128 | 119,128 | |
Annualized Straight-line Rent | 828,608 | ||
Long-term Debt Issued | 21,138,196 | $ 21,138,196 | |
2015 New Real Estate Activity [Member] | Corbitt Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 2, 2015 | ||
2015 New Real Estate Activity [Member] | Corbitt Road [Member] | Immokalee, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 2, 2015 | ||
Total Acreage | a | 691 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 6 years 1 month 6 days | ||
Renewal Options | 6 years | ||
Total Purchase Price | $ 3,760,000 | ||
Acquisition Costs | 74,857 | 74,857 | |
Annualized Straight-line Rent | 226,938 | ||
Long-term Debt Issued | 3,760,000 | $ 3,760,000 | |
2015 New Real Estate Activity [Member] | Reagan Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 23, 2015 | ||
2015 New Real Estate Activity [Member] | Reagan Road [Member] | Corn [Member] | Willcox, AZ [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Dec. 23, 2015 | ||
Total Acreage | a | 1,239 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 10 years | ||
Renewal Options | 5 years | ||
Total Purchase Price | $ 5,700,000 | ||
Acquisition Costs | 37,544 | 37,544 | |
Annualized Straight-line Rent | 319,240 | ||
Long-term Debt Issued | $ 3,891,000 | $ 3,891,000 | |
2014 New Real Estate Activity [Member] | |||
Real Estate Properties [Line Items] | |||
Total Acreage | a | 2,039 | ||
Number of Farms | Farm | 11 | ||
Lease Expiration Date | Oct. 31, 2015 | ||
Total Purchase Price | $ 68,328,433 | ||
Acquisition Costs | 606,019 | ||
Annualized Straight-line Rent | 3,523,666 | ||
Debt Issued / Encumbrances | $ 38,533,600 | ||
2014 New Real Estate Activity [Member] | Collins Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | May 30, 2014 | ||
2014 New Real Estate Activity [Member] | Collins Road [Member] | Blueberries [Member] | Clatskanie, OR [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | May 30, 2014 | ||
Total Acreage | a | 200 | ||
Number of Farms | Farm | 2 | ||
Lease Term | 10 years 3 months 18 days | ||
Renewal Options | 5 years | ||
Total Purchase Price | $ 2,591,333 | ||
Acquisition Costs | 60,329 | ||
Annualized Straight-line Rent | $ 181,172 | ||
2014 New Real Estate Activity [Member] | Spring Valley [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 13, 2014 | ||
2014 New Real Estate Activity [Member] | Spring Valley [Member] | Strawberries, Misc. Vegetables and Lilies [Member] | Watsonville, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 13, 2014 | ||
Total Acreage | a | 145 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 2 years 3 months 18 days | ||
Total Purchase Price | $ 5,900,000 | ||
Acquisition Costs | 49,582 | ||
Annualized Straight-line Rent | $ 270,901 | ||
2014 New Real Estate Activity [Member] | McIntosh Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 20, 2014 | ||
2014 New Real Estate Activity [Member] | McIntosh Road [Member] | Strawberries [Member] | Dover, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jun. 20, 2014 | ||
Total Acreage | a | 94 | ||
Number of Farms | Farm | 2 | ||
Lease Term | 3 years | ||
Renewal Options | 3 years | ||
Total Purchase Price | $ 2,666,000 | ||
Acquisition Costs | 60,939 | ||
Annualized Straight-line Rent | 133,154 | ||
Debt Issued / Encumbrances | $ 1,599,600 | ||
2014 New Real Estate Activity [Member] | Naumann Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 23, 2014 | ||
2014 New Real Estate Activity [Member] | Naumann Road [Member] | Strawberries and Raspberries [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 23, 2014 | ||
Total Acreage | a | 68 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 3 years | ||
Renewal Options | 3 years | ||
Total Purchase Price | $ 6,888,500 | ||
Acquisition Costs | 91,103 | ||
Annualized Straight-line Rent | $ 329,667 | ||
2014 New Real Estate Activity [Member] | Sycamore Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 25, 2014 | ||
2014 New Real Estate Activity [Member] | Sycamore Road [Member] | Misc. Vegetables and Grain [Member] | Arvin, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Jul. 25, 2014 | ||
Total Acreage | a | 326 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 1 year 3 months 18 days | ||
Total Purchase Price | $ 5,800,000 | ||
Acquisition Costs | 44,434 | ||
Annualized Straight-line Rent | $ 184,304 | ||
2014 New Real Estate Activity [Member] | Wauchula Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 29, 2014 | ||
2014 New Real Estate Activity [Member] | Wauchula Road [Member] | Strawberries, Misc. Vegetables, and Melons [Member] | Duette, FL [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Sep. 29, 2014 | ||
Total Acreage | a | 808 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 10 years | ||
Renewal Options | 5 years | ||
Total Purchase Price | $ 13,765,000 | ||
Acquisition Costs | 132,555 | ||
Annualized Straight-line Rent | 888,439 | ||
Debt Issued / Encumbrances | $ 8,259,000 | ||
2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Oct. 29, 2014 | ||
2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | Strawberries and Misc. Vegetables [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Oct. 29, 2014 | ||
Total Acreage | a | 333 | ||
Number of Farms | Farm | 2 | ||
Lease Term | 9 months 18 days | ||
Renewal Options | 2 years | ||
Total Purchase Price | $ 24,592,000 | ||
Acquisition Costs | 100,603 | ||
Annualized Straight-line Rent | 1,231,422 | ||
Debt Issued / Encumbrances | $ 25,000,000 | ||
2014 New Real Estate Activity [Member] | Dufau Road [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Apr. 11, 2014 | ||
2014 New Real Estate Activity [Member] | Dufau Road [Member] | Strawberries and Misc. Vegetables [Member] | Oxnard, CA [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Date | Nov. 1, 2014 | ||
Total Acreage | a | 65 | ||
Number of Farms | Farm | 1 | ||
Lease Term | 3 years | ||
Renewal Options | 3 years | ||
Total Purchase Price | $ 6,125,600 | ||
Acquisition Costs | 66,474 | ||
Annualized Straight-line Rent | 304,607 | ||
Debt Issued / Encumbrances | $ 3,675,000 |
Real Estate and Lease Intangi33
Real Estate and Lease Intangibles - Summary Information of Farms (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Lease | Dec. 31, 2014USD ($)Renewal_Options | Dec. 31, 2013USD ($) | ||
Real Estate Properties [Line Items] | |||||
Credits to fees from Adviser | [1] | $ 320,905 | $ 41,037 | ||
Lease Expiration Date | Jun. 30, 2020 | ||||
Follow-on lease option | Renewal_Options | 1 | ||||
McIntosh Road [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lease Expiration Date | Jun. 30, 2016 | ||||
McIntosh Road [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of leases | Lease | 2 | ||||
Lease Expiration Date | Jun. 30, 2017 | ||||
McIntosh Road [Member] | Lease One [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lease Expiration Date | Jun. 30, 2016 | ||||
McIntosh Road [Member] | Lease Two [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lease Expiration Date | Jun. 30, 2017 | ||||
2015 New Real Estate Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Credits to fees from Adviser | $ 320,905 | ||||
Annualized Straight-line Rent | $ 3,944,694 | ||||
2014 New Real Estate Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lease Expiration Date | Oct. 31, 2015 | ||||
Annualized Straight-line Rent | $ 3,523,666 | ||||
2014 New Real Estate Activity [Member] | Strawberries [Member] | McIntosh Road [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Renewal Options | 3 years | ||||
Annualized Straight-line Rent | $ 133,154 | ||||
New Tenant Lease Agreement [Member] | 2015 New Real Estate Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Direct leasing costs in connection with acquisitions | 11,825 | ||||
New Tenant Lease Agreement [Member] | 2014 New Real Estate Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Direct leasing costs in connection with acquisitions | $ 21,408 | ||||
Follow-on lease period | 9 years | ||||
Renewal Options | 3 years | ||||
Annualized Straight-line Rent | $ 311,760 | ||||
Lease Farm One [Member] | 2014 New Real Estate Activity [Member] | Strawberries [Member] | McIntosh Road [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Renewal Options | 3 years | ||||
Lease Farm Two [Member] | 2014 New Real Estate Activity [Member] | Strawberries [Member] | McIntosh Road [Member] | Dover, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Renewal Options | 0 years | ||||
[1] | Refer to Note 4, "Related-Party Transactions," for additional information. |
Real Estate and Lease Intangi34
Real Estate and Lease Intangibles - Summary of Components of Investments in Real Estate (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate: | ||||
Land and land improvements | $ 192,020,381 | $ 122,999,316 | ||
Irrigation systems | 21,849,508 | 12,365,514 | ||
Buildings and improvements | 11,184,647 | 10,479,301 | ||
Horticulture | 1,490,695 | 1,559,340 | ||
Other site improvements | 1,872,606 | 968,007 | ||
Real estate, at cost | 228,417,837 | 148,371,478 | ||
Accumulated Depreciation | (6,634,412) | (4,431,290) | $ (3,166,870) | $ (2,535,084) |
Real estate, net | $ 221,783,425 | $ 143,940,188 |
Real Estate and Lease Intangi35
Real Estate and Lease Intangibles - Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired (Detail) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Total Purchase Price | $ 75,966,980 |
Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 16,905,500 |
Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,913,280 |
Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 15,757,700 |
Holt County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,504,000 |
Rock County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,504,000 |
Bear Mountain [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 18,922,500 |
Corbitt Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,760,000 |
Reagan Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,700,000 |
Irrigation System [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 6,023,326 |
Irrigation System [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 497,401 |
Irrigation System [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 1,299,851 |
Irrigation System [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 515,879 |
Irrigation System [Member] | Holt County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 729,884 |
Irrigation System [Member] | Rock County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 540,589 |
Irrigation System [Member] | Bear Mountain [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 494,253 |
Irrigation System [Member] | Corbitt Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 470,875 |
Irrigation System [Member] | Reagan Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 1,474,594 |
In-place Leases [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 530,283 |
In-place Leases [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 246,472 |
In-place Leases [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 54,405 |
In-place Leases [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 229,406 |
Leasing Costs [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 326,394 |
Leasing Costs [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 43,895 |
Leasing Costs [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 77,449 |
Leasing Costs [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 148,691 |
Leasing Costs [Member] | Holt County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 27,494 |
Leasing Costs [Member] | Rock County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 28,865 |
Tenant Relationships [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 396,457 |
Tenant Relationships [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 180,788 |
Tenant Relationships [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 35,892 |
Tenant Relationships [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 179,777 |
Above-(Below) Market Leases and Deferred Revenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | (152,603) |
Above-(Below) Market Leases and Deferred Revenue [Member] | Corbitt Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | (152,603) |
2014 New Real Estate Activity [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 68,328,433 |
2014 New Real Estate Activity [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 2,591,333 |
2014 New Real Estate Activity [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,900,000 |
2014 New Real Estate Activity [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 2,666,000 |
2014 New Real Estate Activity [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 6,888,500 |
2014 New Real Estate Activity [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,800,000 |
2014 New Real Estate Activity [Member] | Wauchula Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 13,765,000 |
2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 24,592,000 |
2014 New Real Estate Activity [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 6,125,600 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 4,641,882 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 200,855 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 537,254 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 71,586 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 67,000 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Wauchula Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,489,046 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 187,314 |
2014 New Real Estate Activity [Member] | Irrigation System [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 88,827 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 669,210 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 45,086 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 83,487 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 34,674 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 75,520 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 48,670 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 310,119 |
2014 New Real Estate Activity [Member] | In-place Leases [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 71,654 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 197,222 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 65,685 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 17,498 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 16,766 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 34,228 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,764 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 29,153 |
2014 New Real Estate Activity [Member] | Leasing Costs [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 30,128 |
2014 New Real Estate Activity [Member] | Horticulture [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 520,993 |
2014 New Real Estate Activity [Member] | Horticulture [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 520,993 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 455,857 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 24,796 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 66,217 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 27,966 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 54,786 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 229,372 |
2014 New Real Estate Activity [Member] | Customer Relationships [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 52,720 |
2014 New Real Estate Activity [Member] | Above (Below)-Market Leases and Below Sale Inducements [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | (144,957) |
2014 New Real Estate Activity [Member] | Above (Below)-Market Leases and Below Sale Inducements [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | (49,976) |
2014 New Real Estate Activity [Member] | Above (Below)-Market Leases and Below Sale Inducements [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 45,674 |
2014 New Real Estate Activity [Member] | Above (Below)-Market Leases and Below Sale Inducements [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | (160,184) |
2014 New Real Estate Activity [Member] | Above (Below)-Market Leases and Below Sale Inducements [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 19,529 |
Land and Land Improvements [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 68,041,105 |
Land and Land Improvements [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 15,852,466 |
Land and Land Improvements [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 2,403,064 |
Land and Land Improvements [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 14,410,840 |
Land and Land Improvements [Member] | Holt County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 4,690,369 |
Land and Land Improvements [Member] | Rock County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 4,862,314 |
Land and Land Improvements [Member] | Bear Mountain [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 18,428,247 |
Land and Land Improvements [Member] | Corbitt Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,186,765 |
Land and Land Improvements [Member] | Reagan Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 4,207,040 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 58,779,690 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 1,252,388 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,576,138 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 1,970,074 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 6,219,293 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Sycamore Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,840,750 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Wauchula Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 8,388,424 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 23,672,902 |
Land and Land Improvements [Member] | 2014 New Real Estate Activity [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,859,721 |
Buildings and Improvements [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 802,018 |
Buildings and Improvements [Member] | Espinosa Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 84,478 |
Buildings and Improvements [Member] | Parrish Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 42,619 |
Buildings and Improvements [Member] | Immokalee Exchange [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 273,107 |
Buildings and Improvements [Member] | Holt County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 56,253 |
Buildings and Improvements [Member] | Rock County [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 72,232 |
Buildings and Improvements [Member] | Corbitt Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 254,963 |
Buildings and Improvements [Member] | Reagan Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 18,366 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 3,208,536 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Collins Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 682,385 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Spring Valley [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 5,781 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | McIntosh Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 33,592 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Naumann Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 433,087 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Wauchula Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 1,887,530 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | 163,140 |
Buildings and Improvements [Member] | 2014 New Real Estate Activity [Member] | Dufau Road [Member] | |
Business Acquisition [Line Items] | |
Total Purchase Price | $ 3,021 |
Real Estate and Lease Intangi36
Real Estate and Lease Intangibles - Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired (Detail) - USD ($) | Sep. 10, 2015 | Apr. 08, 2015 | Feb. 23, 2015 | Feb. 10, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | ||||||
Amortization expense on intangibles assets due to lease termination in connection with farm acquisition | $ 43,328 | 841,726 | 350,684 | $ 90,669 | ||||||
Parrish Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | 139,000 | |||||||||
Spring Valley [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | $ 327,904 | |||||||||
McIntosh Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | $ 43,200 | |||||||||
Amortization expense on intangibles assets due to lease termination in connection with farm acquisition | $ 20,255 | |||||||||
Sycamore Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | 50,000 | |||||||||
Wauchula Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | 90,000 | |||||||||
Santa Clara Avenue [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | $ 1,302,783 | |||||||||
2015 New Real Estate Activity [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | 1,975,424 | |||||||||
Earnings | $ 1,167,616 | |||||||||
Amortization expense on intangibles assets due to lease termination in connection with farm acquisition | $ 20,255 | |||||||||
2015 New Real Estate Activity [Member] | Espinosa Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jan. 5, 2015 | |||||||||
Rental revenue | $ 769,972 | |||||||||
Earnings | $ 383,201 | |||||||||
2015 New Real Estate Activity [Member] | Parrish Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Mar. 10, 2015 | |||||||||
Rental revenue | $ 203,341 | |||||||||
Earnings | $ 57,613 | |||||||||
2015 New Real Estate Activity [Member] | Immokalee Exchange [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jun. 25, 2015 | |||||||||
Rental revenue | $ 480,052 | |||||||||
Earnings | $ 313,387 | |||||||||
2015 New Real Estate Activity [Member] | Holt County [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Aug. 20, 2015 | |||||||||
Rental revenue | $ 105,954 | |||||||||
Earnings | $ 78,315 | |||||||||
2015 New Real Estate Activity [Member] | Rock County [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Aug. 20, 2015 | |||||||||
Rental revenue | $ 105,954 | |||||||||
Earnings | $ 72,753 | |||||||||
2015 New Real Estate Activity [Member] | Bear Mountain [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Sep. 3, 2015 | |||||||||
Rental revenue | $ 271,599 | |||||||||
Earnings | $ 249,958 | |||||||||
2015 New Real Estate Activity [Member] | Corbitt Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Nov. 2, 2015 | |||||||||
Rental revenue | $ 29,970 | |||||||||
Earnings | $ 8,916 | |||||||||
2015 New Real Estate Activity [Member] | Reagan Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Dec. 23, 2015 | |||||||||
Rental revenue | $ 8,582 | |||||||||
Earnings | $ 3,473 | |||||||||
2014 New Real Estate Activity [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rental revenue | 1,026,625 | |||||||||
Earnings | $ 444,208 | |||||||||
Amortization expense on intangibles assets due to lease termination in connection with farm acquisition | $ 43,328 | |||||||||
2014 New Real Estate Activity [Member] | Collins Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | May 30, 2014 | |||||||||
Rental revenue | $ 106,658 | |||||||||
Earnings | $ 33,303 | |||||||||
2014 New Real Estate Activity [Member] | Spring Valley [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jun. 13, 2014 | |||||||||
Rental revenue | $ 148,996 | |||||||||
Earnings | $ 81,073 | |||||||||
2014 New Real Estate Activity [Member] | McIntosh Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jun. 20, 2014 | |||||||||
Rental revenue | $ 58,021 | |||||||||
Earnings | $ (22,902) | |||||||||
2014 New Real Estate Activity [Member] | Naumann Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jul. 23, 2014 | |||||||||
Rental revenue | $ 145,337 | |||||||||
Earnings | $ 104,726 | |||||||||
2014 New Real Estate Activity [Member] | Sycamore Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Jul. 25, 2014 | |||||||||
Rental revenue | $ 80,328 | |||||||||
Earnings | $ 39,574 | |||||||||
2014 New Real Estate Activity [Member] | Wauchula Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Sep. 29, 2014 | |||||||||
Rental revenue | $ 226,978 | |||||||||
Earnings | $ 101,794 | |||||||||
2014 New Real Estate Activity [Member] | Santa Clara Avenue [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Oct. 29, 2014 | |||||||||
Rental revenue | $ 212,078 | |||||||||
Earnings | $ 73,833 | |||||||||
2014 New Real Estate Activity [Member] | Dufau Road [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition Date | Apr. 11, 2014 | |||||||||
Rental revenue | $ 48,229 | |||||||||
Earnings | $ 32,807 |
Real Estate and Lease Intangi37
Real Estate and Lease Intangibles - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 6 years 2 months 12 days | 3 years 3 months 18 days |
In-place Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 4 years 1 month 6 days | 2 years 2 months 12 days |
Leasing Costs [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 5 years 6 months | 5 years |
Tenant Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 9 years 6 months | 4 years 8 months 12 days |
Above-Market Lease Values [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 3 years | |
Below Market Leases and Sale Inducements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets | 6 years 2 months 12 days | 1 year 6 months |
Real Estate and Lease Intangi38
Real Estate and Lease Intangibles - Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Data: | ||
Total operating revenue | $ 13,993,765 | $ 13,831,669 |
Total operating expenses | (7,282,204) | (7,767,114) |
Other expenses | (4,861,169) | (4,695,902) |
Net income before income taxes | 1,850,392 | 1,368,653 |
Provision for income taxes | (26,502) | |
Net income | $ 1,850,392 | $ 1,342,151 |
Share and Per-share Data: | ||
Earnings per share of common stock - basic and diluted | $ 0.20 | $ 0.18 |
Weighted-average common shares outstanding - basic and diluted | 9,216,469 | 7,608,416 |
Real Estate and Lease Intangi39
Real Estate and Lease Intangibles - Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease values, accumulated (amortization) accretion | $ 19,080 | $ 162,194 |
Above-(Below) Market Leases and Deferred Revenue [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease values, gross | (371,707) | |
Below-market lease values, accumulated (amortization) accretion | 23,205 | 162,194 |
Above-Market Lease Values [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 19,528 | 65,203 |
Finite-lived intangible asset, accumulated (amortization) accretion | (7,540) | (9,027) |
In-place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,225,955 | 869,207 |
Finite-lived intangible asset, accumulated (amortization) accretion | (573,149) | (263,428) |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 677,112 | 357,210 |
Finite-lived intangible asset, accumulated (amortization) accretion | (183,851) | (80,617) |
Tenant Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 886,743 | 501,670 |
Finite-lived intangible asset, accumulated (amortization) accretion | (269,269) | (66,467) |
Lease Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 2,789,810 | 1,728,087 |
Finite-lived intangible asset, accumulated (amortization) accretion | (1,026,269) | (410,512) |
Above (Below)-Market Leases and Below Sale Inducements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets (liability) gross | (183,051) | (306,504) |
Finite-lived intangible asset, accumulated (amortization) accretion | $ 15,665 | $ 153,167 |
Real Estate and Lease Intangi40
Real Estate and Lease Intangibles - Summary of Estimated Aggregate Amortization Expense and Estimated Net Impact on Rental Income (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Estimated Amortization Expense, For the fiscal years ending December 31: 2016 | $ 624,604 | |
Estimated Amortization Expense, 2017 | 348,854 | |
Estimated Amortization Expense, 2018 | 246,624 | |
Estimated Amortization Expense, 2019 | 207,158 | |
Estimated Amortization Expense, 2020 | 117,966 | |
Estimated Amortization Expense, Thereafter | 218,335 | |
Total aggregate amortization expense | 1,763,541 | $ 1,317,575 |
Estimated Net Increase in Rental Revenue, For the fiscal years ending December 31: 2016 | 29,324 | |
Estimated Net Increase in Rental Revenue, 2017 | 22,814 | |
Estimated Net Increase in Rental Revenue, 2018 | 23,845 | |
Estimated Net Increase in Rental Revenue, 2019 | 29,323 | |
Estimated Net Increase in Rental Revenue, 2020 | 29,324 | |
Estimated Net Increase in Rental Revenue, Thereafter | 32,756 | |
Total Estimated Net Increase in Rental Revenue | $ 167,386 |
Real Estate and Lease Intangi41
Real Estate and Lease Intangibles - Summary of Future Lease Expirations by Year for Properties (Detail) | Feb. 10, 2015USD ($) | Dec. 31, 2015USD ($)aLease | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 38 | |||
Expiring Leased Acreage | a | 16,810 | 8,039 | ||
% of Total Acreage | 100.00% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 |
% of Total Rental Revenue | 100.00% | |||
2016 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 4 | |||
Expiring Leased Acreage | a | 368 | |||
% of Total Acreage | 2.20% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 816,811 | |||
% of Total Rental Revenue | 6.90% | |||
2017 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 8 | |||
Expiring Leased Acreage | a | 647 | |||
% of Total Acreage | 3.90% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 2,160,141 | |||
% of Total Rental Revenue | 18.20% | |||
2018 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 5 | |||
Expiring Leased Acreage | a | 2,929 | |||
% of Total Acreage | 17.40% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 581,084 | |||
% of Total Rental Revenue | 4.90% | |||
2019 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 0 | |||
Expiring Leased Acreage | a | 0 | |||
% of Total Acreage | 0.00% | |||
% of Total Rental Revenue | 0.00% | |||
2020 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 6 | |||
Expiring Leased Acreage | a | 3,888 | |||
% of Total Acreage | 23.10% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 3,763,641 | |||
% of Total Rental Revenue | 31.60% | |||
2021 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 2 | |||
Expiring Leased Acreage | a | 691 | |||
% of Total Acreage | 4.10% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 29,970 | |||
% of Total Rental Revenue | 0.20% | |||
Thereafter [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number of Expiring Leases | Lease | 13 | |||
Expiring Leased Acreage | a | 8,287 | |||
% of Total Acreage | 49.30% | |||
Rental Revenue for the Year Ended December 31, 2015 | $ | $ 4,536,444 | |||
% of Total Rental Revenue | 38.20% |
Real Estate and Lease Intangi42
Real Estate and Lease Intangibles - Summary of Future Lease Expirations by Year for Properties (Parenthetical) (Detail) - USD ($) | Feb. 10, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property Subject to or Available for Operating Lease [Line Items] | ||||
Rental revenue | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 |
2016 [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Rental revenue | 816,811 | |||
2016 [Member] | Surface Area Lease Property [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Rental revenue | 32,064 | |||
2016 [Member] | Residential Lease Property [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Rental revenue | $ 0 |
Real Estate and Lease Intangi43
Real Estate and Lease Intangibles - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) | Dec. 31, 2015USD ($) |
Real Estate [Abstract] | |
Tenant Lease Payments, For the fiscal years ending December 31: 2016 | $ 12,876,180 |
Tenant Lease Payments, 2017 | 10,895,846 |
Tenant Lease Payments, 2018 | 10,860,980 |
Tenant Lease Payments, 2019 | 10,310,834 |
Tenant Lease Payments, 2020 | 8,303,119 |
Tenant Lease Payments, Thereafter | 25,233,615 |
Tenant Lease Payments, Total | $ 78,480,574 |
Real Estate and Lease Intangi44
Real Estate and Lease Intangibles - Summary of Geographic Locations of Properties (Detail) | Dec. 31, 2015aFarm | Feb. 10, 2015USD ($) | Dec. 31, 2015USD ($)aFarm | Dec. 31, 2014USD ($)aFarm | Dec. 31, 2013USD ($) |
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 43 | 43 | 32 | ||
Total Acres | a | 16,810 | 16,810 | 8,039 | ||
% of Total Acres | 100.00% | 100.00% | |||
Rental revenue | $ | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | |
% of Total Rental Revenue | 100.00% | 100.00% | |||
California [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 18 | 18 | 14 | ||
Total Acres | a | 3,576 | 3,576 | 2,391 | ||
% of Total Acres | 21.30% | 21.30% | 29.70% | ||
Rental revenue | $ | $ 7,754,945 | $ 4,778,579 | |||
% of Total Rental Revenue | 65.20% | 66.60% | |||
Florida [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 13 | 13 | 9 | ||
Total Acres | a | 5,092 | 5,092 | 1,304 | ||
% of Total Acres | 30.30% | 30.30% | 16.20% | ||
Rental revenue | $ | $ 2,166,660 | $ 759,398 | |||
% of Total Rental Revenue | 18.20% | 10.60% | |||
Oregon [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 4 | 4 | |||
Total Acres | a | 2,313 | 2,313 | 2,313 | ||
% of Total Acres | 13.80% | 28.80% | |||
Rental revenue | $ | $ 1,168,725 | $ 1,080,105 | |||
% of Total Rental Revenue | 9.80% | 15.10% | |||
Arizona [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 2 | 1 | |||
Total Acres | a | 3,000 | 3,000 | 1,761 | ||
% of Total Acres | 17.80% | 21.90% | |||
Rental revenue | $ | $ 338,446 | $ 299,785 | |||
% of Total Rental Revenue | 2.90% | 4.20% | |||
Michigan [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 4 | 4 | |||
Total Acres | a | 270 | 270 | 270 | ||
% of Total Acres | 1.60% | 3.40% | |||
Rental revenue | $ | $ 247,407 | $ 252,451 | |||
% of Total Rental Revenue | 2.10% | 3.50% | |||
Nebraska [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Farms | Farm | 2 | ||||
Total Acres | a | 2,559 | 2,559 | |||
% of Total Acres | 15.20% | ||||
Rental revenue | $ | $ 211,908 | ||||
% of Total Rental Revenue | 1.80% |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | |||||||
Maximum annual management fee | 2.00% | ||||||
Reimbursement for overhead expenses | 2.00% | ||||||
Amount of payroll and benefits reimbursed | 2.00% | ||||||
Overhead expense reimbursements limitation period | 1 year | ||||||
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock | 1.00% | ||||||
Expected annual base management fee | 2.00% | ||||||
Pre-incentive quarterly fee FFO in percentage of common stockholders equity that will reward the advisor | 1.75% | ||||||
Pre-incentive annual fee FFO in percentage of common stockholders equity that will reward the advisor | 7.00% | ||||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one | 100.00% | ||||||
Pre-incentive fee in percentage of common stockholders equity that awards adviser hundred percent of amount of pre-incentive fee, maximum percentage | 2.1875% | ||||||
Maximum annual percentage of stockholders' equity to pay full pre-incentive fee to adviser | 8.75% | ||||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition two | 20.00% | ||||||
Pre-incentive fee in percentage of common stockholders' equity that awards the adviser 20% of the amount of the pre-incentive fee, minimum percentage | 2.1875% | ||||||
Net Incentive fee paid to Adviser | $ 41,037 | $ 41,037 | $ 0 | $ 0 | |||
Increase in percentage of fee paid to administrator | 135.00% | 137.00% |
Related-Party Transactions - Su
Related-Party Transactions - Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Management Fee: | ||||
Allocated payroll and benefits | $ 38,668 | |||
Allocated overhead expenses | 7,538 | |||
Prior management advisory fee | 46,206 | |||
Amended base management fee | $ 1,343,384 | $ 1,079,534 | 149,403 | |
Total management fee | [1] | 1,343,384 | 1,079,534 | 195,609 |
Incentive Fee: | ||||
Incentive fee | [1] | 41,037 | ||
Credit from voluntary, irrevocable waiver by Adviser's board of directors | (320,905) | (41,037) | ||
Net incentive fee | (320,905) | |||
Administration Fee: | ||||
Allocated payroll and benefits | 14,034 | |||
Allocated overhead expenses | 4,498 | |||
Prior administration fee | 18,532 | |||
Amended administration fee | 679,590 | 442,584 | 175,932 | |
Total administration fee | [1] | $ 679,590 | $ 442,584 | $ 194,464 |
[1] | Refer to Note 4, "Related-Party Transactions," for additional information. |
Related-Party Transactions - 47
Related-Party Transactions - Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||||
Incentive fee paid to Adviser | $ 41,037 | $ 41,037 | $ 0 | $ 0 |
Related-Party Transactions - De
Related-Party Transactions - Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |||
Management fee due to Adviser | $ 362,373 | $ 301,487 | |
Other due to Adviser | 13,140 | 3,187 | |
Total due to Adviser | 375,513 | 304,674 | |
Administration fee due to Administrator | 190,080 | 166,427 | |
Total due to Administrator | 190,080 | 166,427 | |
Total due to related parties | [1] | $ 565,593 | $ 471,101 |
[1] | Refer to Note 4, "Related-Party Transactions," for additional information. |
Borrowings - Summary of Mortgag
Borrowings - Summary of Mortgage Note Payable and Line of Credit (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 03, 2015 | Dec. 31, 2014 | Dec. 05, 2014 | May. 09, 2014 | |
Debt Instrument [Line Items] | |||||
Balance Outstanding | $ 142,733,157 | $ 86,417,361 | |||
Undrawn Commitment | $ 78,723,806 | 125,993,002 | |||
Farm Credit Mortgage Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuer | Farm Credit | ||||
Dates of Issuance, Start | Sep. 19, 2014 | ||||
Dates of Issuance, End | Nov. 2, 2014 | ||||
Initial Commitment Amount | $ 22,185,880 | ||||
Maturity Date | Apr. 9, 2031 | ||||
Balance Outstanding | $ 21,456,963 | $ 12,410,363 | |||
Interest Rate | 3.42% | 3.53% | |||
Farmer Mac Bonds Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuer | Farmer Mac | ||||
Date of Issuance | Dec. 11, 2014 | ||||
Initial Commitment Amount | $ 75,000,000 | $ 75,000,000 | |||
Maturity Date | Jul. 24, 2019 | ||||
Balance Outstanding | $ 33,706,000 | $ 3,675,000 | |||
Interest Rate | 2.87% | 3.25% | |||
Undrawn Commitment | $ 41,294,000 | $ 71,325,000 | |||
Farmer Mac Bonds Payable [Member] | 3.25%, Fixed Throughout Term 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Dec. 11, 2014 | ||||
Initial Commitment Amount | $ 3,675,000 | ||||
Maturity Date | Dec. 11, 2019 | ||||
Interest Rate Terms | 3.25%, fixed throughout term | ||||
Balance Outstanding | $ 3,675,000 | ||||
Interest Rate | 3.25% | ||||
Farmer Mac Bonds Payable [Member] | 3.25%, Fixed Throughout Term 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Jan. 5, 2015 | ||||
Initial Commitment Amount | $ 10,178,000 | ||||
Maturity Date | Jan. 6, 2020 | ||||
Interest Rate Terms | 3.25%, fixed throughout term | ||||
Balance Outstanding | $ 10,178,000 | ||||
Interest Rate | 3.25% | ||||
Farmer Mac Bonds Payable [Member] | 2.60%, Fixed Throughout Term 3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Jun. 25, 2015 | ||||
Initial Commitment Amount | $ 9,360,000 | ||||
Maturity Date | Jul. 30, 2018 | ||||
Interest Rate Terms | 2.60%, fixed throughout term | ||||
Balance Outstanding | $ 9,360,000 | ||||
Interest Rate | 2.60% | ||||
Farmer Mac Bonds Payable [Member] | 2.375%, Fixed Throughout Term 4 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Aug. 20, 2015 | ||||
Initial Commitment Amount | $ 3,301,000 | ||||
Maturity Date | Aug. 17, 2018 | ||||
Interest Rate Terms | 2.375%, fixed throughout term | ||||
Balance Outstanding | $ 3,301,000 | ||||
Interest Rate | 2.38% | ||||
Farmer Mac Bonds Payable [Member] | 2.375%, Fixed Throughout Term 5 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Aug. 20, 2015 | ||||
Initial Commitment Amount | $ 3,301,000 | ||||
Maturity Date | Aug. 17, 2018 | ||||
Interest Rate Terms | 2.375%, fixed throughout term | ||||
Balance Outstanding | $ 3,301,000 | ||||
Interest Rate | 2.38% | ||||
Farmer Mac Bonds Payable [Member] | 3.29%, Fixed Throughout Term 6 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Dec. 22, 2015 | ||||
Initial Commitment Amount | $ 3,210,000 | ||||
Maturity Date | Dec. 22, 2022 | ||||
Interest Rate Terms | 3.29%, fixed throughout term | ||||
Balance Outstanding | $ 3,210,000 | ||||
Interest Rate | 3.29% | ||||
Farmer Mac Bonds Payable [Member] | Variable (1-mo LIBOR + 1.50%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Dec. 22, 2015 | ||||
Initial Commitment Amount | $ 681,000 | ||||
Maturity Date | Dec. 22, 2016 | ||||
Principal Amortization | 2 years | ||||
Interest Rate Terms | Variable (1-mo LIBOR + 1.50%) | ||||
Debt instrument variable interest rate | 1.50% | ||||
Balance Outstanding | $ 681,000 | ||||
Interest Rate | 1.91% | ||||
MetLife Mortgage Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuer | MetLife | ||||
Date of Issuance | May 9, 2014 | ||||
Initial Commitment Amount | $ 100,000,000 | $ 100,000,000 | |||
Maturity Date | Jan. 5, 2029 | ||||
Balance Outstanding | $ 87,470,194 | $ 66,331,998 | |||
Interest Rate | 3.35% | 3.35% | 3.61% | ||
Undrawn Commitment | $ 12,529,806 | $ 33,668,002 | |||
Metlife Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuer | MetLife | ||||
Date of Issuance | May 9, 2014 | ||||
Initial Commitment Amount | $ 25,000,000 | $ 25,000,000 | |||
Maturity Date | Apr. 5, 2024 | ||||
Balance Outstanding | $ 100,000 | $ 4,000,000 | |||
Interest Rate | 2.58% | 2.75% | |||
Undrawn Commitment | $ 24,900,000 | $ 21,000,000 | |||
Farm Credit Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Initial Commitment Amount | 22,185,880 | ||||
Balance Outstanding | $ 21,456,963 | ||||
Interest Rate | 3.42% | ||||
Farm Credit Notes Payable [Member] | Term 1 - 3.52%, Fixed Through 7/31/2018; Variable Thereafter (1-mo LIBOR + 2.875%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Sep. 19, 2014 | ||||
Initial Commitment Amount | $ 1,599,600 | ||||
Maturity Date | Aug. 1, 2034 | ||||
Principal Amortization | 20 years | ||||
Interest Rate Terms | 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) | ||||
Debt instrument variable interest rate | 2.875% | ||||
Balance Outstanding | $ 1,519,620 | ||||
Interest Rate | 3.52% | ||||
Farm Credit Notes Payable [Member] | Term 2 - 3.52%, Fixed Through 7/31/2018; Variable Thereafter (1-mo LIBOR + 2.875%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Sep. 19, 2014 | ||||
Initial Commitment Amount | $ 2,655,000 | ||||
Maturity Date | Aug. 1, 2034 | ||||
Principal Amortization | 20 years | ||||
Interest Rate Terms | 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) | ||||
Debt instrument variable interest rate | 2.875% | ||||
Balance Outstanding | $ 2,522,250 | ||||
Interest Rate | 3.52% | ||||
Farm Credit Notes Payable [Member] | 3.54%, Fixed Through 11/1/2017; Variable Thereafter (1-mo LIBOR + 2.875%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Sep. 29, 2014 | ||||
Initial Commitment Amount | $ 8,259,000 | ||||
Maturity Date | Aug. 1, 2034 | ||||
Principal Amortization | 20 years | ||||
Interest Rate Terms | 3.54%, fixed through 11/1/2017; variable thereafter (1-mo LIBOR + 2.875%) | ||||
Debt instrument variable interest rate | 2.875% | ||||
Balance Outstanding | $ 7,742,813 | ||||
Interest Rate | 3.54% | ||||
Farm Credit Notes Payable [Member] | 3.20%, Fixed Throughout Term 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Mar. 10, 2015 | ||||
Initial Commitment Amount | $ 2,374,680 | ||||
Maturity Date | May 1, 2020 | ||||
Interest Rate Terms | 3.20%, fixed throughout term | ||||
Balance Outstanding | $ 2,374,680 | ||||
Interest Rate | 3.20% | ||||
Farm Credit Notes Payable [Member] | 3.20%, Fixed Throughout Term 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Apr. 9, 2015 | ||||
Initial Commitment Amount | $ 897,600 | ||||
Maturity Date | Jun. 1, 2020 | ||||
Interest Rate Terms | 3.20%, fixed throughout term | ||||
Balance Outstanding | $ 897,600 | ||||
Interest Rate | 3.20% | ||||
Farm Credit Notes Payable [Member] | 2.90%, Fixed Through 4/30/2018; Variable Thereafter (1-mo LIBOR + 3.00%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | May 8, 2015 | ||||
Initial Commitment Amount | $ 2,640,000 | ||||
Maturity Date | May 1, 2030 | ||||
Interest Rate Terms | 2.90%, fixed through 4/30/2018; variable thereafter (1-mo LIBOR + 3.00%) | ||||
Debt instrument variable interest rate | 3.00% | ||||
Balance Outstanding | $ 2,640,000 | ||||
Interest Rate | 2.90% | ||||
Farm Credit Notes Payable [Member] | 3.86%, Fixed Through 11/30/2021; Variable Thereafter (1-mo LIBOR + 2.875%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Nov. 2, 2015 | ||||
Initial Commitment Amount | $ 2,256,000 | ||||
Maturity Date | Oct. 1, 2040 | ||||
Principal Amortization | 25 years | ||||
Interest Rate Terms | 3.86%, fixed through 11/30/2021; variable thereafter (1-mo LIBOR + 2.875%) | ||||
Debt instrument variable interest rate | 2.875% | ||||
Balance Outstanding | $ 2,256,000 | ||||
Interest Rate | 3.86% | ||||
Farm Credit Notes Payable [Member] | Variable (1-mo LIBOR + 3.00%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Date of Issuance | Nov. 2, 2015 | ||||
Initial Commitment Amount | $ 1,504,000 | ||||
Maturity Date | Oct. 1, 2016 | ||||
Interest Rate Terms | Variable (1-mo LIBOR + 3.00%) | ||||
Debt instrument variable interest rate | 3.00% | ||||
Balance Outstanding | $ 1,504,000 | ||||
Interest Rate | 3.25% |
Borrowings - Summary of Mortg50
Borrowings - Summary of Mortgage Note Payable and Line of Credit (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Farm Credit Mortgage Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Reduced stated interest rate | 12.70% | 12.70% | ||
Farmer Mac Bonds Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining availability | $ 0 | $ 0 | ||
MetLife Mortgage Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining availability | 13,800,000 | 8,900,000 | ||
Metlife Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining availability | $ 13,800,000 | $ 8,900,000 | ||
Farm Credit Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Reduced stated interest rate | 12.70% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Feb. 23, 2016 | Sep. 03, 2015 | May. 09, 2014 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 05, 2014 | May. 23, 2012 | Dec. 30, 2010 |
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate on borrowings | 3.40% | 3.60% | 3.60% | ||||||||
Unamortized deferred financing costs | $ 1,186,718 | $ 1,039,714 | |||||||||
Note payable, outstanding | 142,733,157 | 86,417,361 | |||||||||
Line of credit, carrying value | 100,000 | 4,000,000 | |||||||||
Undrawn Commitment | 78,723,806 | $ 125,993,002 | |||||||||
Bear Mountain [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable, drew | $ 21,100,000 | ||||||||||
Fixed interest rate payment period | 5 years | ||||||||||
Farmer Mac Bonds Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 75,000,000 | $ 75,000,000 | |||||||||
Maturity Date | Jul. 24, 2019 | ||||||||||
Debt instrument, fixed rate of interest | 2.87% | 3.25% | |||||||||
Note payable, outstanding | $ 33,706,000 | $ 3,675,000 | |||||||||
Undrawn Commitment | 41,294,000 | $ 71,325,000 | |||||||||
Farm Credit Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Reduction in interest rate | 12.70% | ||||||||||
Debt instrument face amount | $ 22,185,880 | ||||||||||
Debt instrument, fixed rate of interest | 3.42% | ||||||||||
Debt instrument covenants description | A maximum leverage ratio of not more than 65%; a minimum fixed charge coverage ratio of 1.4; and a minimum tangible net worth in excess of $50,000,000 (plus a certain percentage of future equity offerings). | ||||||||||
Debt instrument, net worth value | $ 50,000,000 | ||||||||||
Aggregate financing costs | 153,478 | ||||||||||
Note payable, outstanding | $ 21,456,963 | ||||||||||
Debt instrument, maximum leverage ratio | 65.00% | ||||||||||
Debt instrument, minimum fixed charge coverage ratio | 1.40% | ||||||||||
Percentage of outstanding bonds held by bond purchasers | 110.00% | ||||||||||
MetLife Mortgage Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 100,000,000 | $ 100,000,000 | |||||||||
Maturity Date | Jan. 5, 2029 | ||||||||||
Debt instrument, fixed rate of interest | 3.35% | 3.35% | 3.61% | ||||||||
Extension of fixed-rate term | 44 months | ||||||||||
Extended fixed-rate term maturity year and month | 2020-08 | ||||||||||
Extension of interest-only portion term | 6 months | ||||||||||
Extended interest-only portion maturity year and month | 2016-07 | ||||||||||
Extension of draw period term | 1 year | ||||||||||
Extended draw period maturity year and month | 2017-12 | ||||||||||
Note payable, outstanding | $ 87,470,194 | $ 66,331,998 | |||||||||
Line of credit, carrying value | 100,000 | ||||||||||
Undrawn Commitment | 12,529,806 | $ 33,668,002 | |||||||||
MetLife Mortgage Notes Payable [Member] | Bear Mountain [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, fixed rate of interest | 3.35% | ||||||||||
Metlife Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 25,000,000 | $ 25,000,000 | |||||||||
Maturity Date | Apr. 5, 2024 | ||||||||||
Debt instrument, fixed rate of interest | 2.58% | 2.75% | |||||||||
Note payable, outstanding | $ 100,000 | $ 4,000,000 | |||||||||
Undrawn Commitment | 24,900,000 | $ 21,000,000 | |||||||||
New MetLife Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 100,000,000 | ||||||||||
Commitment fee on undrawn amount | 0.20% | ||||||||||
Debt instrument interest rate | Three-month LIBOR plus a spread of 2.50% | ||||||||||
New Credit Facility maximum borrowing capacity, percentage | 58.00% | ||||||||||
Period for interest rate adjustment | 3 years | ||||||||||
Expiration date of commitment | Dec. 31, 2017 | ||||||||||
Percentage added to LIBOR | 2.25% | 2.50% | |||||||||
Minimum annualized rate | 2.50% | 2.75% | |||||||||
Reduction in interest rate spread, basis points | 0.25% | ||||||||||
Reduction in floor interest rate, basis points | 0.25% | ||||||||||
Loan fees aggregate amount | $ 220,500 | ||||||||||
Aggregate financing costs | 659,329 | ||||||||||
Unamortized deferred financing costs | 298,614 | ||||||||||
Line of credit, carrying value | 100,000 | ||||||||||
Remaining borrowing capacity | 8,900,000 | ||||||||||
Farm Credit Mortgage Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Reduction in interest rate | 12.70% | 12.70% | |||||||||
Debt instrument face amount | $ 22,185,880 | ||||||||||
Maturity Date | Apr. 9, 2031 | ||||||||||
Debt instrument, fixed rate of interest | 3.42% | 3.53% | |||||||||
Note payable, outstanding | $ 21,456,963 | $ 12,410,363 | |||||||||
Metlife Line of Credit and Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Undrawn Commitment | 37,400,000 | ||||||||||
Subsequent Event [Member] | New MetLife Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Remaining borrowing capacity | $ 12,500,000 | ||||||||||
As Previously Reported [Member] | MetLife Mortgage Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Reduction in interest rate | 0.26% | ||||||||||
Blended fixed interest rate | 3.61% | ||||||||||
As Previously Reported [Member] | New MetLife Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage added to LIBOR | 2.50% | ||||||||||
Mortgage Note Payable [Member] | Long-Term Mortgage Notes and Bonds Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate fair value of mortgage notes payable outstanding | 139,700,000 | ||||||||||
Mortgage notes payable, carrying value | 140,400,000 | ||||||||||
Mortgage Note Payable [Member] | Short-Term Mortgage Notes and Bonds Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage notes payable, carrying value | $ 2,200,000 | ||||||||||
Farmer Mac Facility [Member] | Farmer Mac Bonds Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum loan-to-value ratio | 60.00% | ||||||||||
MetLife [Member] | Prior MetLife Line Of Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 4,800,000 | ||||||||||
Maturity Date | Apr. 5, 2017 | ||||||||||
Debt instrument interest rate | Three-month LIBOR plus 3.00% | ||||||||||
MetLife [Member] | Prior MetLife Note Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity Date | Jan. 5, 2026 | ||||||||||
Debt instrument, fixed rate of interest | 3.50% | ||||||||||
Commitment fee on undrawn amount | 0.20% | ||||||||||
MetLife [Member] | Prior MetLife Note Payable [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 45,200,000 | ||||||||||
MetLife [Member] | Line of Credit [Member] | New MetLife Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument covenants description | A debt-to-asset-value ratio of equal to or less than sixty-five percent (65%); a net worth value in excess of $50,000,000; a debt-to-two-times-net-worth ratio of equal to or less than 0.65; and a rental-revenue-to-debt ratio of equal to or greater than 5.0%. | ||||||||||
Debt instrument, net worth value | $ 50,000,000 | ||||||||||
Farm Credit Loan Maturing in May 2030 [Member] | Farm Credit Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument covenants description | A net worth value in excess of $50,000,000; and a maximum leverage ratio of equal to or less than sixty-five percent (65%) | ||||||||||
Debt instrument, net worth value | $ 50,000,000 | ||||||||||
Loan fees aggregate amount | 120,351 | ||||||||||
Aggregate financing costs | $ 223,620 | ||||||||||
Loan-to-value ratio | 60.00% | ||||||||||
Notes payable of principal and interest due period | 12 months |
Borrowings - Principal Payments
Borrowings - Principal Payments of Aggregate Borrowings (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 142,733,157 | $ 86,417,361 |
Mortgage Notes and Bonds Payable [Member] | ||
Debt Instrument [Line Items] | ||
For the fiscal years ending December 31: 2016 | 4,431,648 | |
2,017 | 3,697,482 | |
2,018 | 19,688,041 | |
2,019 | 7,301,188 | |
2,020 | 16,980,080 | |
Thereafter | 90,634,718 | |
Total | $ 142,733,157 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Dec. 16, 2015 | Dec. 11, 2015 | Jun. 15, 2015 | Jun. 10, 2015 | May. 15, 2015 | May. 13, 2015 | Oct. 29, 2014 | Oct. 24, 2014 | Sep. 29, 2014 | Sep. 25, 2014 | Mar. 31, 2014 | Jan. 29, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 07, 2015 | Apr. 02, 2014 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 3,780,264 | ||||||||||||||||
Distributions paid | $ 4,059,179 | $ 2,458,802 | $ 9,730,093 | ||||||||||||||
Accumulated earnings and profits | $ 9,600,000 | ||||||||||||||||
Common stock, shares issued | 9,992,941 | 7,753,717 | |||||||||||||||
Maximum [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Securities allowed for issuance | $ 300,000,000 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 2,239,224 | 1,223,453 | 3,780,264 | ||||||||||||||
Value of common stock issuable per registration statement | $ 23,300,000 | ||||||||||||||||
2014 Equity Issuances [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 1,150,000 | ||||||||||||||||
Price per share | $ 12.28 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 14,100,000 | ||||||||||||||||
Net proceeds after deducting offering expenses | $ 13,200,000 | ||||||||||||||||
2015 Equity Issuances [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 900,000 | 1,250,000 | |||||||||||||||
Price per share | $ 8.82 | $ 11.40 | |||||||||||||||
Gross proceeds from issuance of common stock | $ 7,900,000 | $ 14,300,000 | |||||||||||||||
Net proceeds after deducting offering expenses | $ 7,400,000 | $ 13,200,000 | |||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 645,000 | $ 902,000 | |||||||||||||||
Net proceeds after deducting offering expenses | $ 606,000 | $ 838,000 | |||||||||||||||
Additional common stock shares issued | 56,597 | 73,453 | |||||||||||||||
IPO [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 3,333,334 | ||||||||||||||||
Price per share | $ 15 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 56,700,000 | ||||||||||||||||
Net proceeds after deducting offering expenses | $ 51,300,000 | $ 51,300,000 | |||||||||||||||
Invested in new property acquisition | $ 37,900,000 | ||||||||||||||||
Expended or accrued for capital improvements | $ 1,700,000 | ||||||||||||||||
Distributions paid | $ 10,300,000 | ||||||||||||||||
Universal Registration Statement [Member] | Common Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, shares issued | 2,156,080 | ||||||||||||||||
At-the-Market Program [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 300,000 | ||||||||||||||||
Sale of common stock sold under sale agreement | 32,627 | ||||||||||||||||
Average sales price of common stock sold | $ 9.19 | ||||||||||||||||
Net proceeds from issuance of common stock | $ 295,000 | ||||||||||||||||
At-the-Market Program [Member] | Maximum [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock, value authorized | $ 30,000,000 |
Stockholders' Equity - Monthly
Stockholders' Equity - Monthly Distributions Declared and Paid by Company's Board of Directors (Detail) - $ / shares | Dec. 31, 2015 | Nov. 24, 2015 | Oct. 29, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Aug. 04, 2015 | Jun. 30, 2015 | May. 28, 2015 | May. 04, 2015 | Mar. 31, 2015 | Feb. 27, 2015 | Feb. 03, 2015 | Dec. 31, 2014 | Nov. 26, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Aug. 05, 2014 | Jun. 30, 2014 | May. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Nov. 29, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 30, 2013 | Jul. 31, 2013 | Jun. 28, 2013 | May. 31, 2013 | Apr. 30, 2013 | Mar. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.465 | $ 0.360 | $ 1.490 | |||||||||||||||||||||||||||||||||||
Monthly Distribution One [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jan. 13, 2015 | Jan. 7, 2014 | Feb. 5, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Jan. 23, 2015 | Jan. 22, 2014 | Feb. 15, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Feb. 3, 2015 | Jan. 31, 2014 | Feb. 28, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.035 | $ 0.030 | $ 0.040 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Two [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jan. 13, 2015 | Jan. 7, 2014 | Feb. 5, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Feb. 18, 2015 | Feb. 19, 2014 | Mar. 15, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Feb. 27, 2015 | Feb. 28, 2014 | Mar. 28, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.035 | $ 0.030 | $ 0.040 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Three [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jan. 13, 2015 | Jan. 7, 2014 | Apr. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Mar. 20, 2015 | Mar. 17, 2014 | Apr. 22, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.035 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Four [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Apr. 14, 2015 | Apr. 8, 2014 | Apr. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Apr. 24, 2015 | Apr. 21, 2014 | May 20, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | May 4, 2015 | Apr. 30, 2014 | May 31, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Five [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Apr. 14, 2015 | Apr. 8, 2014 | Apr. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | May 19, 2015 | May 20, 2014 | Jun. 19, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | May 28, 2015 | May 30, 2014 | Jun. 28, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Six [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Apr. 14, 2015 | Apr. 8, 2014 | Jul. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Jun. 19, 2015 | Jun. 19, 2014 | Jul. 19, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Seven [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jul. 14, 2015 | Jul. 15, 2014 | Jul. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Jul. 24, 2015 | Jul. 25, 2014 | Aug. 21, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Aug. 4, 2015 | Aug. 5, 2014 | Aug. 30, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Eight [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jul. 14, 2015 | Jul. 15, 2014 | Jul. 9, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Aug. 20, 2015 | Aug. 20, 2014 | Sep. 18, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Aug. 31, 2015 | Aug. 29, 2014 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Nine [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Jul. 14, 2015 | Jul. 15, 2014 | Oct. 8, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Sep. 21, 2015 | Sep. 19, 2014 | Oct. 22, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 31, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Ten [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Oct. 13, 2015 | Oct. 7, 2014 | Oct. 8, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Oct. 26, 2015 | Oct. 22, 2014 | Nov. 14, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Oct. 29, 2015 | Oct. 31, 2014 | Nov. 29, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Eleven [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Oct. 13, 2015 | Oct. 7, 2014 | Oct. 8, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Nov. 17, 2015 | Nov. 17, 2014 | Dec. 16, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Nov. 24, 2015 | Nov. 26, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.120 | |||||||||||||||||||||||||||||||||||
Monthly Distribution Twelve [Member] | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend Declaration Date | Oct. 13, 2015 | Oct. 7, 2014 | Dec. 3, 2013 | |||||||||||||||||||||||||||||||||||
Record Date | Dec. 18, 2015 | Dec. 19, 2014 | Dec. 16, 2013 | |||||||||||||||||||||||||||||||||||
Dividend Payment Date | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Distributions per Common Share | $ 0.040 | $ 0.030 | $ 0.330 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Distributions On Common Stock (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Ordinary Income | 62.2954% | 95.66078% | 100.00% |
Return of Capital | 37.34781% | 4.33922% | 0.00% |
Long-term Capital Gain | 0.35679% | 0.00% | 0.00% |
Stockholders' Equity - Schedu56
Stockholders' Equity - Schedule of Distributions On Common Stock (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Percentage of qualified dividends | 98.53746% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 10, 2015USD ($) | Sep. 30, 2015USD ($)aWell | Mar. 31, 2015USD ($) | Jan. 31, 2015USD ($)a | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Loss Contingencies [Line Items] | ||||||||
Additional rental income | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | ||||
Farm Acres | a | 13,022 | |||||||
Cost incurred by tenant | $ 1,302,009 | 585,947 | ||||||
Initial payment made for acquisition of real estate property | 74,448,512 | 68,626,968 | 37,871,978 | |||||
Estimated cost | 3,246,646 | $ 2,619,084 | $ 811,605 | |||||
Sycamore Road [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Expended or accrued for capital improvements | $ 933,000 | |||||||
Lease, acquisition, irrigation improvements, description | In connection with the follow-on lease we executed upon our acquisition of Sycamore Road in July 2014, we were required to make certain irrigation improvements on the property to increase overall water availability. As of December 31, 2015, these improvements were substantially complete, and we have expended or accrued approximately $933,000 related to the project. Upon finalizing the total cost of these improvements, as stipulated in the lease agreement, we will earn additional rent on the total cost commensurate with the annual yield on the farmland. | |||||||
Additional rental income | $ 50,000 | |||||||
Wauchula Road [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Additional rental income | $ 90,000 | |||||||
Farm Acres | a | 590 | |||||||
Cost incurred by tenant | $ 500,000 | |||||||
Wauchula Road [Member] | Drip Irrigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Farm Acres | a | 125 | |||||||
Wauchula Road [Member] | Scenario, Forecast [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated cost of improvements | $ 655,000 | |||||||
Wauchula Road [Member] | Maximum [Member] | Drip Irrigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Additional compensation committed upon irrigation improvements and upgrades | $ 1,500,000 | |||||||
Espinosa Road [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Area of nonfarmable land | a | 4.5 | |||||||
Fair compensation amount for nonfarmable land | $ 160,000 | |||||||
Parrish Road [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Additional rental income | 139,000 | |||||||
Initial payment made for acquisition of real estate property | $ 3,200,000 | |||||||
Additional compensation committed upon approval of increase in water permits | 700,000 | |||||||
Reimbursement of other miscellaneous costs | $ 45,000 | |||||||
Cost of improvements | 528,815 | |||||||
Increased estimated cost | 28,815 | |||||||
Parrish Road [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Additional compensation committed upon irrigation improvements and upgrades | 500,000 | |||||||
Bear Mountain [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Expended or accrued for capital improvements | $ 362,000 | |||||||
Removal area of old grape vineyards | a | 274 | |||||||
Number of new drilling wells | Well | 3 | |||||||
Area of new almond trees | a | 800 | |||||||
Estimated cost | $ 7,800,000 |
Earnings Per Share of Common 58
Earnings Per Share of Common Stock - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 367,865 | $ 206,395 | $ (30,289) | $ 24,574 | $ 54,668 | $ 100,375 | $ (301,094) | $ 20,918 | $ 568,545 | $ (125,133) | $ (1,224,683) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted | 9,282,280 | 9,060,314 | 8,439,855 | 7,753,717 | 7,735,354 | 6,605,264 | 6,530,264 | 6,530,264 | 8,639,397 | 6,852,917 | 6,214,557 |
Basic and diluted earnings (loss) per common share | $ 0.04 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ (0.05) | $ 0.07 | $ (0.02) | $ (0.20) |
Quarterly Financial Informati59
Quarterly Financial Information - Summary of Quarterly Results of Operations (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 3,408,331 | $ 3,083,553 | $ 2,783,853 | $ 2,625,724 | $ 2,345,676 | $ 1,777,675 | $ 1,565,935 | $ 1,495,636 | $ 11,901,461 | $ 7,184,922 | $ 4,038,138 |
Operating expenses | (1,856,387) | (1,915,900) | (1,889,182) | (1,671,211) | (1,799,948) | (1,476,092) | (1,208,458) | (1,100,452) | |||
Other expenses | (1,184,079) | (961,258) | (924,960) | (929,939) | (484,661) | (194,351) | (651,948) | (367,643) | (4,000,236) | (1,698,603) | (1,062,406) |
Net income (loss) before income taxes | 367,865 | 206,395 | (30,289) | 24,574 | 61,067 | 107,232 | (294,471) | 27,541 | 568,545 | (98,631) | 295,047 |
Provision for income taxes | (6,399) | (6,857) | (6,623) | (6,623) | (26,502) | (1,519,730) | |||||
Net income (loss) | $ 367,865 | $ 206,395 | $ (30,289) | $ 24,574 | $ 54,668 | $ 100,375 | $ (301,094) | $ 20,918 | $ 568,545 | $ (125,133) | $ (1,224,683) |
Earnings (loss) per weighted average common shares - basic and diluted | $ 0.04 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ (0.05) | $ 0.07 | $ (0.02) | $ (0.20) | ||
Weighted average common shares outstanding - basic and diluted | 9,282,280 | 9,060,314 | 8,439,855 | 7,753,717 | 7,735,354 | 6,605,264 | 6,530,264 | 6,530,264 | 8,639,397 | 6,852,917 | 6,214,557 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Feb. 23, 2016USD ($)aFarm | Feb. 08, 2016USD ($) | Dec. 31, 2015aFarm | Sep. 10, 2015USD ($) | Feb. 10, 2015USD ($) | Jun. 30, 2016USD ($)a | Mar. 31, 2016USD ($)a | Dec. 31, 2015USD ($)aFarm | Dec. 31, 2014USD ($)aFarm | Dec. 31, 2013USD ($) |
Subsequent Event [Line Items] | ||||||||||
Total Acres | a | 16,810 | 16,810 | 8,039 | |||||||
Number of real estate farms | Farm | 43 | 43 | 32 | |||||||
Maturity date of lease | Jun. 30, 2020 | |||||||||
Rental income | $ 73,749 | $ 11,888,091 | $ 7,170,318 | $ 4,027,687 | ||||||
Percentage increase in lease amount | 7.90% | |||||||||
McIntosh Road [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maturity date of lease | Jun. 30, 2016 | |||||||||
Rental income | $ 43,200 | |||||||||
Subsequent Event [Member] | McIntosh Road [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Extended lease term | 3 years | |||||||||
Maturity date of lease | Jun. 30, 2019 | |||||||||
Rental income | $ 63,000 | |||||||||
Percentage increase in lease amount | 17.90% | |||||||||
New MetLife Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Additional borrowing availability | $ 12,500,000 | |||||||||
Total available current borrowing | $ 21,400,000 | |||||||||
Scenario, Forecast [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Total Acres | a | 453 | 6,211 | ||||||||
Sale of real estate property | $ 15,500,000 | $ 25,900,000 | ||||||||
Colorado and California [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Total Acres | a | 6,664 | |||||||||
Number of real estate farms | Farm | 2 | |||||||||
Total Purchase Price | $ 41,400,000 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - Subsequent Event [Member] | Jan. 12, 2016$ / shares |
Subsequent Event [Line Items] | |
Distribution per Common Share | $ 0.12 |
Dividend Period One [Member] | |
Subsequent Event [Line Items] | |
Record Date | Jan. 22, 2016 |
Payment Date | Feb. 2, 2016 |
Distribution per Common Share | $ 0.04 |
Dividend Period Two [Member] | |
Subsequent Event [Line Items] | |
Record Date | Feb. 18, 2016 |
Payment Date | Feb. 29, 2016 |
Distribution per Common Share | $ 0.04 |
Dividend Period Three [Member] | |
Subsequent Event [Line Items] | |
Record Date | Mar. 21, 2016 |
Payment Date | Mar. 31, 2016 |
Distribution per Common Share | $ 0.04 |
Schedule III - Real Estate an62
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 142,733,157 | |||
Initial Cost, Land and Land Improvements | 191,368,602 | |||
Initial Cost, Buildings & Improvements | 27,161,179 | |||
Initial Cost, Horticulture | 1,490,695 | |||
Subsequent Capitalized Additions, Land improvements | 651,780 | |||
Subsequent Capitalized Additions, Building & Improvements | 7,745,581 | |||
Total Cost, Land and Land Improvements | 192,020,381 | |||
Total Cost, Buildings & Improvements | 34,906,761 | |||
Total Cost, Horticulture | 1,490,695 | $ 1,559,340 | ||
Total Cost | 228,417,837 | 148,371,478 | $ 78,478,053 | $ 39,678,968 |
Accumulated Depreciation | $ (6,634,412) | $ (4,431,290) | $ (3,166,870) | $ (2,535,084) |
Santa Cruz County, California [Member] | Land and Land Improvements [Member] | Date Acquired 6/16/1997 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jun. 16, 1997 | |||
Encumbrances | $ 4,677,258 | |||
Initial Cost, Land and Land Improvements | 4,350,000 | |||
Subsequent Capitalized Additions, Building & Improvements | 579,307 | |||
Total Cost, Land and Land Improvements | 4,350,000 | |||
Total Cost, Buildings & Improvements | 579,307 | |||
Total Cost | 4,929,307 | |||
Accumulated Depreciation | $ (143,285) | |||
Santa Cruz County, California [Member] | Land and Land Improvements [Member] | Date Acquired 1/3/2011 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jan. 3, 2011 | |||
Encumbrances | $ 4,556,294 | |||
Initial Cost, Land and Land Improvements | 8,328,475 | |||
Subsequent Capitalized Additions, Land improvements | 468,456 | |||
Subsequent Capitalized Additions, Building & Improvements | 527,341 | |||
Total Cost, Land and Land Improvements | 8,796,931 | |||
Total Cost, Buildings & Improvements | 527,341 | |||
Total Cost | 9,324,272 | |||
Accumulated Depreciation | $ (24,854) | |||
Santa Cruz County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 6/13/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jun. 13, 2014 | |||
Encumbrances | $ 3,171,933 | |||
Initial Cost, Land and Land Improvements | 5,576,138 | |||
Initial Cost, Buildings & Improvements | 206,636 | |||
Total Cost, Land and Land Improvements | 5,576,138 | |||
Total Cost, Buildings & Improvements | 206,636 | |||
Total Cost | 5,782,774 | |||
Accumulated Depreciation | $ (80,384) | |||
Santa Cruz County, California [Member] | Land & Buildings [Member] | Date Acquired 7/7/2011 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 7, 2011 | |||
Encumbrances | $ 1,509,625 | |||
Initial Cost, Land and Land Improvements | 2,314,113 | |||
Initial Cost, Buildings & Improvements | 414,075 | |||
Total Cost, Land and Land Improvements | 2,314,113 | |||
Total Cost, Buildings & Improvements | 414,075 | |||
Total Cost | 2,728,188 | |||
Accumulated Depreciation | $ (50,360) | |||
Ventura County, California [Member] | Land and Land Improvements [Member] | Date Acquired 11/4/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Nov. 4, 2014 | |||
Encumbrances | $ 3,675,000 | |||
Initial Cost, Land and Land Improvements | 5,859,721 | |||
Initial Cost, Buildings & Improvements | 91,848 | |||
Subsequent Capitalized Additions, Building & Improvements | 2,210 | |||
Total Cost, Land and Land Improvements | 5,859,721 | |||
Total Cost, Buildings & Improvements | 94,058 | |||
Total Cost | 5,953,779 | |||
Accumulated Depreciation | $ (10,899) | |||
Ventura County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 9/15/1998 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 15, 1998 | |||
Encumbrances | $ 23,796,549 | |||
Initial Cost, Land and Land Improvements | 9,895,497 | |||
Initial Cost, Buildings & Improvements | 5,255,736 | |||
Subsequent Capitalized Additions, Building & Improvements | 230,280 | |||
Total Cost, Land and Land Improvements | 9,895,497 | |||
Total Cost, Buildings & Improvements | 5,486,016 | |||
Total Cost | 15,381,513 | |||
Accumulated Depreciation | $ (3,184,106) | |||
Ventura County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 7/23/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 23, 2014 | |||
Encumbrances | $ 3,704,173 | |||
Initial Cost, Land and Land Improvements | 6,219,293 | |||
Initial Cost, Buildings & Improvements | 504,673 | |||
Total Cost, Land and Land Improvements | 6,219,293 | |||
Total Cost, Buildings & Improvements | 504,673 | |||
Total Cost | 6,723,966 | |||
Accumulated Depreciation | $ (43,254) | |||
Ventura County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 10/29/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Oct. 29, 2014 | |||
Encumbrances | $ 13,440,396 | |||
Initial Cost, Land and Land Improvements | 23,672,902 | |||
Initial Cost, Buildings & Improvements | 350,454 | |||
Total Cost, Land and Land Improvements | 23,672,902 | |||
Total Cost, Buildings & Improvements | 350,454 | |||
Total Cost | 24,023,356 | |||
Accumulated Depreciation | $ (40,886) | |||
Ventura County, California [Member] | Land, Buildings, Improvements and Horticulture [Member] | Acquired Date 12/16/2013 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 16, 2013 | |||
Encumbrances | $ 1,612,848 | |||
Initial Cost, Land and Land Improvements | 2,847,948 | |||
Initial Cost, Buildings & Improvements | 72,753 | |||
Initial Cost, Horticulture | 34,690 | |||
Subsequent Capitalized Additions, Land improvements | 3,405 | |||
Subsequent Capitalized Additions, Building & Improvements | 671,133 | |||
Total Cost, Land and Land Improvements | 2,851,353 | |||
Total Cost, Buildings & Improvements | 743,886 | |||
Total Cost, Horticulture | 34,690 | |||
Total Cost | 3,629,929 | |||
Accumulated Depreciation | $ (81,529) | |||
Hillsborough County, Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 8/9/2012 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Aug. 9, 2012 | |||
Encumbrances | $ 2,640,000 | |||
Initial Cost, Land and Land Improvements | 2,513,696 | |||
Initial Cost, Buildings & Improvements | 909,491 | |||
Subsequent Capitalized Additions, Land improvements | 162,059 | |||
Subsequent Capitalized Additions, Building & Improvements | 667,042 | |||
Total Cost, Land and Land Improvements | 2,675,755 | |||
Total Cost, Buildings & Improvements | 1,576,533 | |||
Total Cost | 4,252,288 | |||
Accumulated Depreciation | $ (306,038) | |||
Hillsborough County, Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 9/12/2012 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 12, 2012 | |||
Encumbrances | $ 2,522,250 | |||
Initial Cost, Land and Land Improvements | 2,198,728 | |||
Initial Cost, Buildings & Improvements | 1,657,339 | |||
Subsequent Capitalized Additions, Building & Improvements | 446,108 | |||
Total Cost, Land and Land Improvements | 2,198,727 | |||
Total Cost, Buildings & Improvements | 2,103,447 | |||
Total Cost | 4,302,174 | |||
Accumulated Depreciation | $ (417,661) | |||
Marion County, Oregon [Member] | Land, Buildings and Improvements [Member] | Date Acquired 5/31/2013 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | May 31, 2013 | |||
Encumbrances | $ 1,666,610 | |||
Initial Cost, Land and Land Improvements | 2,493,809 | |||
Initial Cost, Buildings & Improvements | 703,453 | |||
Subsequent Capitalized Additions, Land improvements | 1,102 | |||
Subsequent Capitalized Additions, Building & Improvements | 416,115 | |||
Total Cost, Land and Land Improvements | 2,494,911 | |||
Total Cost, Buildings & Improvements | 1,119,569 | |||
Total Cost | 3,614,480 | |||
Accumulated Depreciation | $ (146,885) | |||
Monterey County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 10/21/2013 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Oct. 21, 2013 | |||
Encumbrances | $ 3,763,311 | |||
Initial Cost, Land and Land Improvements | 7,186,774 | |||
Initial Cost, Buildings & Improvements | 164,114 | |||
Subsequent Capitalized Additions, Building & Improvements | 1,093,225 | |||
Total Cost, Land and Land Improvements | 7,186,774 | |||
Total Cost, Buildings & Improvements | 1,257,339 | |||
Total Cost | 8,444,113 | |||
Accumulated Depreciation | $ (27,237) | |||
Monterey County, California [Member] | Land, Buildings and Improvements [Member] | Date Acquired 1/5/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jan. 5, 2015 | |||
Encumbrances | $ 10,178,000 | |||
Initial Cost, Land and Land Improvements | 15,852,466 | |||
Initial Cost, Buildings & Improvements | 581,879 | |||
Total Cost, Land and Land Improvements | 15,852,466 | |||
Total Cost, Buildings & Improvements | 581,879 | |||
Total Cost | 16,434,345 | |||
Accumulated Depreciation | $ (108,060) | |||
Morrow County, Oregon [Member] | Land and Land Improvements [Member] | Date Acquired 12/27/2013 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 27, 2013 | |||
Encumbrances | $ 7,526,622 | |||
Initial Cost, Land and Land Improvements | 12,937,446 | |||
Initial Cost, Buildings & Improvements | 1,118,325 | |||
Subsequent Capitalized Additions, Land improvements | 3,646 | |||
Subsequent Capitalized Additions, Building & Improvements | 315 | |||
Total Cost, Land and Land Improvements | 12,941,092 | |||
Total Cost, Buildings & Improvements | 1,118,640 | |||
Total Cost | 14,059,732 | |||
Accumulated Depreciation | $ (149,152) | |||
Cochise County, Arizona [Member] | Land, Buildings and Improvements [Member] | Date Acquired 12/27/2013 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 27, 2013 | |||
Encumbrances | $ 3,602,026 | |||
Initial Cost, Land and Land Improvements | 6,167,902 | |||
Initial Cost, Buildings & Improvements | 572,283 | |||
Subsequent Capitalized Additions, Land improvements | 7,800 | |||
Subsequent Capitalized Additions, Building & Improvements | 1,462,107 | |||
Total Cost, Land and Land Improvements | 6,175,702 | |||
Total Cost, Buildings & Improvements | 2,034,390 | |||
Total Cost | 8,210,092 | |||
Accumulated Depreciation | $ (337,862) | |||
Cochise County, Arizona [Member] | Land, Buildings and Improvements [Member] | Date Acquired 12/23/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 23, 2015 | |||
Encumbrances | $ 3,891,000 | |||
Initial Cost, Land and Land Improvements | 4,233,865 | |||
Initial Cost, Buildings & Improvements | 1,502,479 | |||
Total Cost, Land and Land Improvements | 4,233,865 | |||
Total Cost, Buildings & Improvements | 1,502,479 | |||
Total Cost | 5,736,344 | |||
Accumulated Depreciation | $ (5,109) | |||
Kern County California [Member] | Land and Land Improvements [Member] | Date Acquired 7/25/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 25, 2014 | |||
Encumbrances | $ 3,118,172 | |||
Initial Cost, Land and Land Improvements | 5,840,750 | |||
Initial Cost, Buildings & Improvements | 67,000 | |||
Subsequent Capitalized Additions, Building & Improvements | 933,330 | |||
Total Cost, Land and Land Improvements | 5,840,750 | |||
Total Cost, Buildings & Improvements | 1,000,330 | |||
Total Cost | 6,841,080 | |||
Accumulated Depreciation | $ (18,983) | |||
Kern County California [Member] | Land and Land Improvements [Member] | Date Acquired 9/3/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 3, 2015 | |||
Encumbrances | $ 8,176,640 | |||
Initial Cost, Land and Land Improvements | 18,893,101 | |||
Initial Cost, Buildings & Improvements | 497,001 | |||
Total Cost, Land and Land Improvements | 18,893,101 | |||
Total Cost, Buildings & Improvements | 497,001 | |||
Total Cost | 19,390,102 | |||
Accumulated Depreciation | $ (21,641) | |||
Manatee County Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 9/29/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 29, 2014 | |||
Encumbrances | $ 7,742,812 | |||
Initial Cost, Land and Land Improvements | 8,466,185 | |||
Initial Cost, Buildings & Improvements | 5,426,170 | |||
Subsequent Capitalized Additions, Land improvements | (385) | |||
Subsequent Capitalized Additions, Building & Improvements | 500,447 | |||
Total Cost, Land and Land Improvements | 8,465,800 | |||
Total Cost, Buildings & Improvements | 5,926,617 | |||
Total Cost | 14,392,417 | |||
Accumulated Depreciation | $ (625,270) | |||
Manatee County Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 3/10/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Mar. 10, 2015 | |||
Encumbrances | $ 2,374,680 | |||
Initial Cost, Land and Land Improvements | 2,403,064 | |||
Initial Cost, Buildings & Improvements | 1,871,285 | |||
Total Cost, Land and Land Improvements | 2,403,064 | |||
Total Cost, Buildings & Improvements | 1,871,285 | |||
Total Cost | 4,274,349 | |||
Accumulated Depreciation | $ (120,421) | |||
Hendry County Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 6/25/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jun. 25, 2015 | |||
Encumbrances | $ 9,360,000 | |||
Initial Cost, Land and Land Improvements | 14,410,840 | |||
Initial Cost, Buildings & Improvements | 788,986 | |||
Total Cost, Land and Land Improvements | 14,410,840 | |||
Total Cost, Buildings & Improvements | 788,986 | |||
Total Cost | 15,199,826 | |||
Accumulated Depreciation | $ (61,766) | |||
Hendry County Florida [Member] | Land, Buildings and Improvements [Member] | Date Acquired 11/2/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Nov. 2, 2015 | |||
Encumbrances | $ 3,760,000 | |||
Initial Cost, Land and Land Improvements | 3,243,825 | |||
Initial Cost, Buildings & Improvements | 738,835 | |||
Total Cost, Land and Land Improvements | 3,243,825 | |||
Total Cost, Buildings & Improvements | 738,835 | |||
Total Cost | 3,982,660 | |||
Accumulated Depreciation | $ (18,841) | |||
Holt County Nebraska [Member] | Land, Buildings and Improvements [Member] | Date Acquired 8/20/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Aug. 20, 2015 | |||
Encumbrances | $ 3,301,000 | |||
Initial Cost, Land and Land Improvements | 4,690,369 | |||
Initial Cost, Buildings & Improvements | 786,137 | |||
Total Cost, Land and Land Improvements | 4,690,369 | |||
Total Cost, Buildings & Improvements | 786,137 | |||
Total Cost | 5,476,506 | |||
Accumulated Depreciation | $ (24,402) | |||
Rock County Nebraska [Member] | Land, Buildings and Improvements [Member] | Date Acquired 8/20/2015 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Aug. 20, 2015 | |||
Encumbrances | $ 3,301,000 | |||
Initial Cost, Land and Land Improvements | 4,862,314 | |||
Initial Cost, Buildings & Improvements | 612,821 | |||
Total Cost, Land and Land Improvements | 4,862,314 | |||
Total Cost, Buildings & Improvements | 612,821 | |||
Total Cost | 5,475,135 | |||
Accumulated Depreciation | (29,816) | |||
Miscellaneous Investments [Member] | Land, Buildings, Improvements and Horticulture [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,664,958 | |||
Initial Cost, Land and Land Improvements | 5,909,381 | |||
Initial Cost, Buildings & Improvements | 2,267,406 | |||
Initial Cost, Horticulture | 1,456,005 | |||
Subsequent Capitalized Additions, Land improvements | 5,697 | |||
Subsequent Capitalized Additions, Building & Improvements | 216,621 | |||
Total Cost, Land and Land Improvements | 5,915,078 | |||
Total Cost, Buildings & Improvements | 2,484,027 | |||
Total Cost, Horticulture | 1,456,005 | |||
Total Cost | 9,855,110 | |||
Accumulated Depreciation | $ (555,711) |
Schedule III - Real Estate an63
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate cost | $ 228,417,837 | $ 148,371,478 | $ 78,478,053 | $ 39,678,968 |
Land, Buildings, Site Improvements & Horticulture [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate cost | $ 222,300,000 | |||
Buildings and Improvements [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 39 years | |||
Horticulture [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 25 years | |||
Equipment And Fixtures [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 5 years | |||
Equipment And Fixtures [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 7 years |
Schedule III - Real Estate an64
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Change in Balance of Real Estate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance, beginning of period | $ 148,371,478 | $ 78,478,053 | $ 39,678,968 |
Additions: | |||
Acquisitions during the period | 75,078,078 | 67,287,231 | 37,768,162 |
Improvements | 5,036,926 | 2,726,734 | 1,030,923 |
Deductions: | |||
Dispositions during period | (68,645) | (120,540) | |
Purchase price adjustments | 0 | 0 | 0 |
Balance, end of period | $ 228,417,837 | $ 148,371,478 | $ 78,478,053 |
Schedule III - Real Estate an65
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Change in Balance of Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance, beginning of period | $ 4,431,290 | $ 3,166,870 | $ 2,535,084 |
Additions during period | 2,203,122 | 1,264,420 | 631,786 |
Dispositions during period | 0 | 0 | 0 |
Balance, end of period | $ 6,634,412 | $ 4,431,290 | $ 3,166,870 |