Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 10,024,875 | ||
Entity Public Float | $ 86,340,209 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Investment in real estate, net | $ 326,310,621 | $ 221,783,425 | |
Lease intangibles, net | 1,999,773 | 1,763,541 | |
Cash and cash equivalents | 2,438,021 | 2,532,522 | |
Deferred financing costs related to borrowings under line of credit, net | 239,135 | 132,495 | |
Other assets, net | 2,997,469 | 2,472,042 | |
TOTAL ASSETS | 333,985,019 | 228,684,025 | |
LIABILITIES: | |||
Borrowings under lines of credit | 16,550,000 | 100,000 | |
Mortgage notes and bonds payable, net | 190,797,012 | 141,578,935 | |
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2016; zero shares authorized, issued or outstanding as of December 31, 2015, net(1) | [1] | 27,655,273 | 0 |
Accounts payable and accrued expenses | 2,801,194 | 3,495,339 | |
Due to related parties, net | [2] | 750,796 | 565,593 |
Other liabilities, net | 7,653,582 | 4,937,439 | |
Total liabilities | 246,207,857 | 150,677,306 | |
Commitments and contingencies | [3] | ||
Stockholders' equity: | |||
Common stock, $0.001 par value; 18,000,000 shares authorized, 10,024,875 share issued and outstanding as of December 31, 2016; 20,000,000 shares authorized, 9,992,941 shares issued and outstanding as of December 31, 2015 | 10,025 | 9,993 | |
Additional paid-in capital | 90,081,837 | 86,892,095 | |
Distributions in excess of accumulated earnings | (13,401,529) | (8,895,369) | |
Total stockholders’ equity | 76,690,333 | 78,006,719 | |
Non-controlling interests in Operating Partnership | 11,086,829 | 0 | |
Total equity | 87,777,162 | 78,006,719 | |
TOTAL LIABILITIES AND EQUITY | $ 333,985,019 | $ 228,684,025 | |
[1] | Refer to Note 5, “Mandatorily-Redeemable Preferred Stock,” for additional information. | ||
[2] | Refer to Note 6, “Related-Party Transactions,” for additional information. | ||
[3] | Refer to Note 8, “Commitments and Contingencies,” for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 18,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,024,875 | 9,992,941 |
Common stock, shares outstanding (in shares) | 10,024,875 | 9,992,941 |
Series A cumulative term preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 0 |
Preferred stock, shares issued (in shares) | 1,150,000 | 0 |
Preferred stock, shares outstanding (in shares) | 1,150,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
OPERATING REVENUES: | ||||
Rental revenue | $ 17,305,469 | $ 11,888,091 | $ 7,170,318 | |
Tenant recovery revenue | 11,148 | 13,370 | 14,604 | |
Total operating revenues | 17,316,617 | 11,901,461 | 7,184,922 | |
OPERATING EXPENSES: | ||||
Depreciation and amortization | 5,187,249 | 3,113,492 | 1,735,644 | |
Property operating expenses | 669,951 | 729,036 | 434,514 | |
Acquisition-related expenses | 246,389 | 467,048 | 520,352 | |
Management fees | [1] | 1,541,768 | 1,343,384 | 1,079,534 |
Incentive fees | [1] | 349,550 | 0 | 0 |
Administration fees | [1] | 771,255 | 679,590 | 442,584 |
General and administrative expenses | 1,493,868 | 1,321,035 | 1,372,322 | |
Operating expenses before credits from Adviser | 10,260,030 | 7,653,585 | 5,584,950 | |
Credits to fees from Adviser | [1] | 0 | (320,905) | 0 |
Total operating expenses, net of credits to fees | 10,260,030 | 7,332,680 | 5,584,950 | |
OPERATING INCOME | 7,056,587 | 4,568,781 | 1,599,972 | |
OTHER INCOME (EXPENSE): | ||||
Other income | 109,354 | 48,531 | 47,520 | |
Interest expense | (6,015,331) | (4,160,482) | (2,009,086) | |
Distributions attributable to mandatorily-redeemable preferred stock | (677,122) | 0 | 0 | |
Property and casualty recovery income, net | 0 | 97,232 | 262,963 | |
Gain on sale of real estate | 0 | 14,483 | 0 | |
Total other expense | (6,583,099) | (4,000,236) | (1,698,603) | |
Net income (loss) before income taxes | 473,488 | 568,545 | (98,631) | |
Income tax provision | 0 | 0 | (26,502) | |
NET INCOME (LOSS) | 473,488 | 568,545 | (125,133) | |
Less: net income attributable to non-controlling interests | (25,386) | 0 | 0 | |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ 448,102 | $ 568,545 | $ (125,133) | |
EARNINGS (LOSS) PER COMMON SHARE: | ||||
Basic and diluted (in dollars per share) | $ 0.04 | $ 0.07 | $ (0.02) | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted (in shares) | 10,007,350 | 8,639,397 | 6,852,917 | |
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Non-Controlling Interest |
Beginning balance (in shares) at Dec. 31, 2013 | 6,530,264 | ||||
Beginning balance at Dec. 31, 2013 | $ 48,511,992 | $ 6,530 | $ 51,326,262 | $ (2,820,800) | |
Net income (loss) | (125,133) | (125,133) | |||
Issuance of common stock (in shares) | 1,223,453 | ||||
Issuance of common stock, net | 14,041,271 | $ 1,224 | 14,040,047 | ||
Distributions | (2,458,802) | (2,458,802) | |||
Ending balance (in shares) at Dec. 31, 2014 | 7,753,717 | ||||
Ending balance at Dec. 31, 2014 | 59,969,328 | $ 7,754 | 65,366,309 | (5,404,735) | |
Net income (loss) | 568,545 | 568,545 | |||
Issuance of common stock (in shares) | 2,239,224 | ||||
Issuance of common stock, net | 21,528,025 | $ 2,239 | 21,525,786 | ||
Distributions | $ (4,059,179) | (4,059,179) | |||
Ending balance (in shares) at Dec. 31, 2015 | 9,992,941 | 9,992,941 | |||
Ending balance at Dec. 31, 2015 | $ 78,006,719 | $ 9,993 | 86,892,095 | (8,895,369) | |
Net income (loss) | 473,488 | 448,102 | $ 25,386 | ||
Issuance of common stock (in shares) | 31,934 | ||||
Issuance of common stock, net | 350,100 | $ 32 | 350,068 | ||
Distributions | (5,343,018) | (4,954,262) | (388,756) | ||
Issuance of OP Units as consideration in real estate acquisitions, net | $ 14,289,873 | 14,289,873 | |||
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership | 2,839,674 | (2,839,674) | |||
Ending balance (in shares) at Dec. 31, 2016 | 10,024,875 | 10,024,875 | |||
Ending balance at Dec. 31, 2016 | $ 87,777,162 | $ 10,025 | $ 90,081,837 | $ (13,401,529) | $ 11,086,829 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ 473,488 | $ 568,545 | $ (125,133) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 5,187,249 | 3,113,492 | 1,735,644 | |
Amortization of deferred financing costs | 241,302 | 106,806 | 53,286 | |
Amortization of deferred rent assets and liabilities, net | (178,457) | (200,783) | (194,267) | |
Allowance for doubtful accounts | 71,517 | 10,219 | 0 | |
Property and casualty recovery, net | 0 | (97,232) | (262,963) | |
Insurance proceeds received utilized for repairs to real estate assets | 0 | 9,965 | 89,688 | |
Changes in operating assets and liabilities: | ||||
Other assets | (321,904) | (124,023) | (684,782) | |
Accounts payable, accrued expenses, and due to related parties | 719,872 | 523,781 | 1,180,185 | |
Other liabilities | 2,209,455 | 843,065 | 1,751,964 | |
Net cash provided by operating activities | 8,402,522 | 4,753,835 | 3,543,622 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of new real estate | (84,592,610) | (74,448,512) | (68,626,968) | |
Capital expenditures on existing real estate | (9,797,438) | (3,246,646) | (2,619,084) | |
Proceeds from sale of real estate | 155,798 | 0 | 0 | |
Decrease (increase) in restricted cash | 0 | 132,741 | (132,700) | |
Deposits on future acquisitions | (500,000) | (50,000) | (350,000) | |
Deposits applied against real estate investments | (966,725) | (1,150,000) | 0 | |
Deposits refunded | 200,000 | 200,000 | 50,000 | |
Insurance proceeds received capitalized as real estate asset additions | 0 | 87,267 | 344,512 | |
Net cash used in investing activities | (95,500,975) | (78,475,150) | (71,334,240) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of equity | 360,472 | 23,132,910 | 15,024,003 | |
Offering costs | (271,791) | (1,482,029) | (950,965) | |
Borrowings from mortgage notes payable | 54,403,000 | 60,841,476 | 41,188,600 | |
Repayments on mortgage note payable | (4,827,128) | (625,680) | (1,825,404) | |
Net borrowings from (repayments on) line of credit | 16,450,000 | (3,900,000) | 3,900,000 | |
Proceeds from issuance of Series A mandatorily redeemable preferred stock | 28,750,000 | 0 | 0 | |
Payment of financing fees | (1,817,583) | (273,003) | (738,754) | |
Distributions paid on common and preferred stock | (4,954,262) | (4,059,179) | (2,458,802) | |
Distributions paid to non-controlling interests in Operating Partnership | (388,756) | 0 | 0 | |
Payment of contingent consideration | (700,000) | 0 | 0 | |
Net cash provided by financing activities | 87,003,952 | 73,634,495 | 54,138,678 | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (94,501) | (86,820) | (13,651,940) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,532,522 | 2,619,342 | 16,271,282 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,438,021 | 2,532,522 | 2,619,342 | |
Cash paid during the year for interest | [1] | 5,980,788 | 3,262,993 | 1,431,214 |
Cash paid during the year for income taxes | 0 | 0 | 27,000 | |
NON-CASH INVESTING AND FINANCING INFORMATION: | ||||
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions | 14,352,993 | 0 | 0 | |
Real estate additions included in Other assets | 0 | 0 | 61,500 | |
Real estate additions included in Accounts payable, accrued expenses and due to related parties | 162,403 | 1,157,347 | 81,072 | |
Real estate additions included in Other liabilities | 1,391,654 | 1,572,365 | 585,947 | |
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties | 8,933 | 225,684 | 141,967 | |
Financing fees included in Accounts payable, accrued expenses and due to related parties | $ 8,001 | $ 25,120 | $ 44,313 | |
[1] | Includes distributions made to our Term Preferred Stock. |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | BUSINESS AND ORGANIZATION Business Gladstone Land Corporation is an agricultural 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 control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the limited partnership interests in the Operating Partnership ("OP Units"), the financial position and results of operations of the Operating Partnership are consolidated within our financial statements. As of December 31, 2016 and 2015, the Company owned 87.4% and 100.0% , respectively, of the outstanding OP Units (see Note 7, "Equity," for additional discussion regarding OP Units). 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, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, pistachio 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, and other of our acquisitions involve the acquisition of farmland that is already being operated as rental property, in which case we will typically assume the lease in place at the time of acquisition. Prior to us early adopting Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" (as further described below under " —Recently-Issued Accounting Pronouncements "), acquisitions of farmland already being operated as rental property were generally considered to be business combinations under Accounting Standards Codification ("ASC") 805, "Business Combinations." However, after early adopting ASU 2017-01, effective October 1, 2016, we now generally consider both types of acquisitions to be asset acquisitions under ASC 360, "Property Plant and Equipment." Whether an acquisition is considered an asset acquisition or a business combination, both ASC 360 and ASC 805 require 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, if applicable, (ii) any identifiable intangible assets and liabilities, which may consist of the values of above- and below-market leases, in-place lease values, lease origination costs and tenant relationships, based in each case on their fair values. In addition, ASC 360 requires us to capitalize the transaction costs incurred in connection with the acquisition, whereas ASC 805 required that all costs related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. 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, 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 the 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 relative fair values of such assets and liabilities as of the date of acquisition. 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, is amortized as a reduction of rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases. The fair value of capitalized below-market lease values, included as part of Other liabilities in the accompanying Consolidated Balance Sheets, is amortized as an increase to rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases, including that of any fixed-price or below-market renewal options. 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, is amortized as an increase to rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases, including that of any fixed-price or below-market renewal options. 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. 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, vacancy rates 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” below for further detail. We further concluded that none of our properties were impaired as of December 31, 2016 , and we will continue to monitor our portfolio for any indicators of impairment. There have been no impairments recognized on real estate assets since our inception. 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. We have not recorded any lease incentives to date. 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. When we pay for tenant improvements and are determined to be the owner of such improvements, we will record the cost of the improvement as an asset and will depreciate it over its corresponding useful life. 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, 2016 and 2015 were held in the custody of one financial institution, and our balance at times may exceed federally-insurable limits. We did not have any restricted cash or restricted cash equivalents at December 31, 2016 , or 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. See " —Recently-Issued Accounting Pronouncements " below for changes in how certain deferred financing costs are reported on our Consolidated Balance Sheet due to our adoption of ASU 2015-03 (as defined below). Accumulated amortization of deferred financing costs was $465,541 and $224,239 as of December 31, 2016 and 2015 , respectively. For the years ended December 31, 2016 , 2015 and 2014 , total amortization expense related to deferred financing costs was $241,302 , $106,806 and $53,286 , respectively, and is included in Interest expense on the accompanying Consolidated Statements of Operations. See Note 4, “Borrowings,” for further discussion on these related financings. 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 and below-market lease values. Non-controlling Interests Non-controlling interests are interests in the Operating Partnership not owned by us. We evaluate whether non-controlling interests are subject to redemption features outside of our control. As of December 31, 2016 , the non-controlling interests in the Operating Partnership are redeemable at the option of the holder for cash or, at our election, shares of our common stock and thus are reported in the equity section of the Consolidated Balance Sheet but separate from stockholders' equity. The amount reported for non-controlling interests on the Consolidated Statement of Operations represent the portion of income from the Operating Partnership not attributable to us. At the end of each reporting period, we determine the amount of equity (at book value) that is allocable to non-controlling interests based upon the respective ownership interests. To reflect the non-controlling interests' equity interest in the Company, an adjustment is made to non-controlling interests, with a corresponding adjustment to paid-in capital, as reflected on the Consolidated Statements of Equity. 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, includes the cumulative difference between rental revenue as recorded on a straight-line basis and cash rents received from the tenants in accordance with the lease terms. In addition, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. 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 collectibility of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. During the years ended December 31, 2016 , and 2015 , we wrote off $84,600 and $6,504 , respectively, of deferred rent asset balances related to the early termination of certain 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. Other income recorded for the years ended December 31, 2016 , 2015 and 2014 was primarily from interest earned on short-term investments, income tax refunds from the State of California and, for 2016 and 2015 only, interest patronage received on certain of our long-term borrowings. 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 (the "Code"). 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 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 corporate income 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, 2016 , 2015 and 2014 is provided in the following table: 2016 2015 2014 Effective U.S. statutory federal income tax rate (1) — % — % — % State taxes, net of U.S. federal income tax benefit (2) — % — % 26.9 % Other adjustments — % — % — % Effective tax rate — % — % 26.9 % (1) Net of the effect of the the dividends paid deduction. (2) State tax adjustments made to the 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers. The provision for income taxes included in our consolidated financial statements for 2014 was all current. We have performed a review of our tax positions and determined that, as of December 31, 2016 and 2015 , we had no material provisions for uncertain tax positions. As of December 31, 2016 , the tax years ended December 31, 2013, through December 31, 2016 , remain open for an audit by the Internal Revenue Service. Comprehensive Income (Loss) For the years ended December 31, 2016 , 2015 and 2014 , comprehensive income (loss) equaled net 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. Reclassifications Certain line items on the Consolidated Balance Sheet as of December 31, 2015 , and the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on previously-reported equity, net income (loss) or net change in cash and cash equivalents. Segment Reporting We manage our operations on an aggregated, single-segment basis for purposes of assessing performance and making operating decisions and, accordingly, have only one reporting and operating segment. Recently-Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which was amended in March 2016 by ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" ("ASU 2016-08"), in April 2016 by ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" ("ASU 2016-10"), in May 2016 by ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" ("ASU 2016-12"), and in December 2016 by ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers" ("ASU 2016-20"). ASU 2014-09, as amended, supersedes or replaces nearly all GAAP revenue recognition guidance and establishes a new, control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. In July 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09, as amended. ASU 2014-09, as amended, is now effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted for annual reporting periods beginning after December 15, 2016, and interim periods within those years. We are currently assessing the impact of ASU 2014-09, as amended; however, we do not anticipate a material impact on our results of operations or financial condition, as the primary impact of this update is related to common area maintenance and other material tenant reimbursements. The majority of our revenue is from rental income pursuant to net-lease agreements, with very little being attributed to tenant recoveries. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern through one year after the date that the financial statements are issued and to provide certain disclosures if it is probable that the entity will be unable to meet its obligations as they become due. ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Since this guidance is primarily around certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. We are currently assessing the additional disclosure requirements. In April 2015, the FASB issued ASU 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 requires the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred financing cost. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, and we adopted this provision during the three months ended March 31, 2016. As of December 31, 2016 , and 2015 , we had unamortized deferred financing costs related to mortgage notes and bonds payable of approximately $1.4 million and $1.1 million , respectively, which costs have been reclassified from Deferred financing costs, net, as reported on the Consolidated Balance Sheet as of December 31, 2015 , in the 2015 Form 10-K, to Mortgage notes and bonds payable, net on the accompanying Consolidated Balance Sheets. All periods presented have been retroactively adjusted. The following table summarizes the retrospective adjustment and the overall impact on the previously-reported consolidated financial statements: As of December 31, 2015 As Previously Retrospective Deferred financing costs related to mortgage notes and bonds payable (1) $ 1,054,222 $ — Mortgage notes and bonds payable, net 142,633,157 141,578,935 (1) Included as part of Deferred financing costs, net, as reported on the Consolidated Balance Sheet in the Form 10-K. In August 2015, the FASB issued ASU 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. As of December 31, 2016 , and 2015 , we had unamortized deferred financing costs of approximately $0.2 million and $0.1 million , respectively, related to our line of credit, and we will continue to present debt issuance costs related to line of credit arrangements as an asset on the accompanying Consolidated Balance Sheets. On January 1, 2016, we adopted accounting guidance under Accounting Standards Codification (“ASC”) Topic 810, “Consolidations: Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,” (“ASC 810”), which modifies the analysis we must perform to determine whether we should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities (“VIEs”) or voting interest model entities, but it modifies the requirements to qualify as a voting interest model entity. Under the revised guidance, our Operating Partnership qualifies as a VIE; however, as we consolidate the Operating Partnership in our balance sheets, the identification of our Operating Partnership as a VIE has no impact on our consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest model entities under prior existing guidance determined to be VIEs under the revised guidance. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): An Amendment of the FASB Accounting Standards Codification” (“ASU 2016-02”). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the leases is effectively a financed purchase by the lessee, which classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis, respectively, |
Real Estate and Lease Intangibl
Real Estate and Lease Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate and Lease Intangibles | 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 58 farms as of December 31, 2016 : Property Name Location Date No. of Total Farm Lease Net Cost (1) Encumbrances (2) San Andreas Watsonville, CA 6/16/1997 1 307 238 12/31/2020 $ 4,747,051 $ 6,917,247 West Gonzales Oxnard, CA 9/15/1998 1 653 502 6/30/2020 12,030,677 26,956,919 West Beach Watsonville, CA 1/3/2011 3 196 195 12/31/2023 9,270,197 6,032,246 Dalton Lane Watsonville, CA 7/7/2011 1 72 70 10/31/2020 2,672,113 2,085,347 Keysville Road Plant City, FL 10/26/2011 2 61 56 6/30/2020 1,239,052 897,600 Colding Loop Wimauma, FL 8/9/2012 1 219 181 8/4/2017 3,837,942 2,640,000 Trapnell Road Plant City, FL 9/12/2012 3 124 110 6/30/2017 (3) 3,808,117 2,389,500 38th Avenue Covert, MI 4/5/2013 1 119 89 4/4/2020 1,236,907 543,207 Sequoia Street Brooks, OR 5/31/2013 1 218 206 5/31/2028 3,073,737 1,705,915 Natividad Road Salinas, CA 10/21/2013 1 166 166 10/31/2024 8,914,338 4,323,279 20th Avenue South Haven, MI 11/5/2013 3 151 94 11/4/2018 1,813,535 914,501 Broadway Road Moorpark, CA 12/16/2013 1 60 46 12/15/2023 2,870,878 1,698,795 Oregon Trail Echo, OR 12/27/2013 1 1,895 1,640 12/31/2023 13,972,826 8,137,938 East Shelton Willcox, AZ 12/27/2013 1 1,761 1,320 2/29/2024 7,681,498 4,236,814 Collins Road Clatskanie, OR 5/30/2014 2 200 157 9/30/2024 2,314,502 1,556,381 Spring Valley Watsonville, CA 6/13/2014 1 145 110 9/30/2022 5,716,822 3,522,201 McIntosh Road Dover, FL 6/20/2014 2 94 78 6/30/2017 (4) 2,428,657 1,439,640 Naumann Road Oxnard, CA 7/23/2014 1 68 66 7/31/2017 6,752,465 3,524,744 Sycamore Road Arvin, CA 7/25/2014 1 326 322 10/31/2024 6,810,009 3,933,167 Wauchula Road Duette, FL 9/29/2014 1 808 590 9/30/2024 13,318,605 7,329,863 Santa Clara Avenue Oxnard, CA 10/29/2014 2 333 331 7/31/2017 24,099,573 13,732,770 Dufau Road Oxnard, CA 11/4/2014 1 65 64 11/3/2017 6,001,644 3,675,000 Espinosa Road Salinas, CA 1/5/2015 1 331 329 10/31/2020 16,062,427 10,178,000 Parrish Road Duette, FL 3/10/2015 1 419 412 6/30/2025 4,094,292 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2 2,678 1,644 6/30/2020 15,408,261 9,360,000 Holt County Stuart, NE 8/20/2015 1 1,276 1,052 12/31/2018 5,404,736 3,301,000 Rock County Bassett, NE 8/20/2015 1 1,283 1,049 12/31/2018 5,384,329 3,301,000 Bear Mountain Arvin, CA 9/3/2015 3 854 841 1/9/2031 26,837,231 11,279,182 Corbitt Road Immokalee, FL 11/2/2015 1 691 390 12/31/2021 3,733,152 2,165,760 Reagan Road Willcox, AZ 12/22/2015 1 1,239 875 12/31/2025 5,717,113 3,210,000 Gunbarrel Road Alamosa, CO 3/3/2016 3 6,191 4,730 2/28/2021 (5) 24,704,494 15,303,500 Calaveras Avenue Coalinga, CA 4/5/2016 1 453 435 10/31/2025 15,187,423 9,161,418 Orange Avenue Fort Pierce, FL 7/1/2016 1 401 400 6/30/2023 5,088,923 3,072,602 Lithia Road Lithia, FL 8/11/2016 1 72 55 5/31/2021 1,694,521 1,020,000 Baca County Edler, CO 9/1/2016 5 7,384 6,785 12/31/2020 6,381,955 3,051,727 Diego Ranch Stanislaus, CA 9/14/2016 1 1,357 1,309 11/15/2019 13,999,584 7,273,282 Nevada Ranch Merced, CA 9/14/2016 1 1,130 1,021 11/15/2019 13,234,157 6,713,799 Central Avenue Kerman, CA 10/13/2016 1 197 195 10/31/2026 6,491,229 3,900,000 Horse Creek Baca, CO 12/28/2016 1 16,595 11,742 12/31/2020 11,711,818 5,900,005 58 50,592 39,895 $ 325,746,790 $ 208,759,029 (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 Investments in 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) Excludes approximately $1.4 million of deferred financing costs related to mortgage notes and bonds payable included in Mortgage notes and bonds payable, net on the accompanying Consolidated Balance Sheet. (3) There are three agricultural leases and one commercial lease on this property. Each of the agricultural leases expires on June 30, 2017 , and the commercial lease expires on June 30, 2018 . (4) There are two leases in place on this property, one expiring on June 30, 2017 , and the other expiring on June 30, 2019 . (5) The lease agreement on this property includes two terms. The rental period for the land expires on February 28, 2021 , and the rental period for the facilities expires on June 30, 2021 . Real Estate The following table sets forth the components of our investments in tangible real estate assets as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Real estate: Land and land improvements $ 265,984,509 $ 192,020,381 Irrigation systems 33,968,693 21,849,508 Buildings and improvements 14,670,759 11,184,647 Horticulture 17,759,193 1,490,695 Other site improvements 4,993,440 1,872,606 Real estate, at cost 337,376,594 228,417,837 Accumulated depreciation (11,065,973 ) (6,634,412 ) Real estate, net $ 326,310,621 $ 221,783,425 Real estate depreciation expense on these tangible assets was $4,445,756 , $2,271,766 and $1,384,960 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in the figures above are amounts related to improvements on certain of our properties paid for by our tenants but owned by us, or tenant improvements. As of December 31, 2016 , and 2015 , we recorded tenant improvements, net of accumulated depreciation, of $1,845,427 and $1,183,020 , respectively. We recorded both depreciation expense and additional rental revenue related to these tenant improvements of $146,782 , $62,229 and $56,760 during the years ended December 31, 2016 , 2015 and 2014 , respectively. 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, 2016 and 2015 : December 31, 2016 December 31, 2015 Lease intangibles: In-place leases $ 1,480,842 $ 1,225,955 Leasing costs 1,086,582 677,112 Tenant relationships 705,955 886,743 Lease intangibles, at cost 3,273,379 2,789,810 Accumulated amortization (1,273,606 ) (1,026,269 ) Lease intangibles, net $ 1,999,773 $ 1,763,541 Total amortization expense related to these lease intangible assets, including amounts charged to amortization expense due to early lease terminations, was $741,493 , $841,726 and $350,684 for the years ended December 31, 2016 , 2015 and 2014 , respectively. During the years ended December 31, 2016 , 2015 and 2014 , we charged $8,635 , $20,255 and $43,328 , respectively, to amortization expense due to early lease terminations. The following table summarizes the carrying values of certain lease intangible assets or liabilities included in Other assets and Other liabilities, respectively, on the accompanying Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of December 31, 2016 , and 2015 . December 31, 2016 December 31, 2015 Intangible Asset or Liability Deferred Rent Asset (Liability) Accumulated (Amortization) Accretion Deferred Rent Asset (Liability) Accumulated (Amortization) Accretion Above-market lease values (1) $ 19,528 $ (14,050 ) $ 19,528 $ (7,540 ) Below-market lease values and deferred revenue (2) (785,045 ) 61,389 (202,579 ) 23,205 $ (765,517 ) $ 47,339 $ (183,051 ) $ 15,665 (1) Above-market lease values are included as part of Other assets in the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of rental income. (2) Below-market lease values and deferred revenue are included as a part of Other liabilities in the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to rental income. Total amortization related to above-market lease values and deferred revenue was $6,509 , $16,934 and $9,027 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Total accretion related to below-market lease values and deferred revenue was $38,184 , $178,617 and $146,534 for the years ended December 31, 2016 , 2015 and 2014 , respectively. 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 Amortization Expense Estimated Net Increase to Rental Income For the fiscal years ending December 31: 2017 $ 492,153 $ 58,294 2018 392,191 52,815 2019 354,790 58,294 2020 265,599 58,294 2021 100,113 57,193 Thereafter 394,927 433,288 $ 1,999,773 $ 718,178 New Real Estate Activity Until our adoption of ASU 2017-01, which clarified the definition of a business, certain acquisitions during the periods presented were accounted for as business combinations in accordance with 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 directly related to reviewing or assigning leases that we assumed upon acquisition, which were capitalized as part of leasing costs. Upon our early adoption of ASU 2017-01, effective October 1, 2016, acquisitions with a prior leasing history will generally be treated as an asset acquisition under ASC 360. 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 and intangible 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. In addition, total consideration for acquisitions may include a combination of cash and equity securities, such as OP Units. When OP Units are issued in connection with acquisitions, we determine the fair value of the OP Units issued based on the number of units issued multiplied by the closing price of the Company’s common stock on the date of acquisition. 2016 New Real Estate Activity During the year ended December 31, 2016 , we acquired 15 new farms in nine separate transactions, which are summarized in the table below. Property Property Acquisition Total No. of Primary Lease Renewal Total Acquisition Annualized (1) New Gunbarrel Road (2) Alamosa, CO 3/3/2016 6,191 3 Organic Potatoes 5 years 1 (5 years) $ 25,735,815 $ 119,085 (3) $ 1,590,614 $ 15,531,000 Calaveras Avenue Coalinga, CA 4/5/2016 453 1 Pistachios 10 years 1 (5 years) 15,470,000 38,501 (4) 773,500 (5) 9,282,000 Orange Avenue Fort Pierce, FL 7/1/2016 401 1 Vegetables 7 years 2 (7 years) 5,100,000 37,615 (4) 291,173 3,120,000 Lithia Road Plant City, FL 8/11/2016 72 1 Strawberries 5 years None 1,700,000 38,296 (3) 97,303 1,020,000 Baca County (6) Edler, CO 9/1/2016 7,384 5 Grass Hay 4 years 1 (5 years) 6,322,853 72,558 (4) 383,734 — Diego Ranch (7) Stanislaus, CA 9/14/2016 1,357 1 Almonds 3 years 3 (5 years) & 1 (3 years) 13,996,606 63,909 (3) 621,092 — Nevada Ranch Merced, CA 9/14/2016 1,130 1 Almonds 3 years 3 (5 years) & 1 (3 years) 13,231,832 41,650 (3) 574,256 — Central Avenue Kerman, CA 10/13/2016 197 1 Almonds 10 years 2 (5 years) 6,500,000 29,284 (4) 325,032 3,900,000 Horse Creek (8) Baca, CO 12/28/2016 16,595 1 Grass Hay 4 years 1 (5 years) 11,664,849 54,644 (4) 716,967 — 33,780 15 $ 99,721,955 $ 495,542 $ 5,373,671 $ 32,853,000 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP. (2) As partial consideration for the acquisition of this property, we issued 745,879 OP Units, constituting an aggregate fair value of approximately $6.5 million as of the acquisition date. We incurred $25,500 of legal costs in connection with the issuance of these OP Units. (3) Acquisition accounted for as a business combination under ASC 805. In aggregate, $9,520 of these costs related to direct leasing costs incurred in connection with these acquisitions. (4) Acquisition accounted for as an asset acquisition under ASC 360. (5) Lease provides for a variable rent component based on the gross crop revenues earned on the property. The figure above represents only the minimum cash rents guaranteed under the lease. (6) As partial consideration for the acquisition of this property, we issued 125,677 Units, constituting an aggregate fair value of approximately $1.5 million as of the acquisition date. We incurred $8,235 of legal costs in connection with the issuance of these OP Units. (7) As partial consideration for the acquisition of this property, we issued 343,750 OP Units, constituting an aggregate fair value of approximately $3.9 million as of the acquisition date. We incurred $21,710 of legal costs in connection with the issuance of these OP Units. (8) As partial consideration for the acquisition of this property, we issued 233,952 OP Units, constituting an aggregate fair value of approximately $2.6 million as of the acquisition date. We incurred $7,675 of legal costs in connection with the issuance of these OP Units. The preliminary allocation of the purchase price for the farms acquired during the year ended December 31, 2016 , are as follows: Property Name Land and Land Improvements Buildings Irrigation Systems Other Improvements Horticulture In-place Leases Leasing Costs Above (Below)- Market Leases Total Purchase Price Gunbarrel Road $ 16,755,814 $ 3,438,291 $ 2,830,738 $ 2,079,102 $ — $ 381,977 $ 249,893 $ — $ 25,735,815 Calaveras Avenue 3,615,436 — 424,112 — 11,430,452 — — — 15,470,000 Orange Avenue 4,135,741 29,777 934,482 — — — — — 5,100,000 Lithia Road 1,461,090 10,656 213,325 — — 7,739 16,265 (9,075 ) 1,700,000 Baca County 6,111,287 211,566 — — — — — — 6,322,853 Diego Ranch 14,114,337 — 45,465 — — 58,445 94,806 (316,447 ) 13,996,606 Nevada Ranch 12,844,650 — 504,445 — — 53,197 86,483 (256,943 ) 13,231,832 Central Avenue 2,924,232 — 138,237 — 3,437,531 — — — 6,500,000 Horse Creek 11,388,317 — 108,027 168,505 — — — — 11,664,849 $ 73,350,904 $ 3,690,290 $ 5,198,831 $ 2,247,607 $ 14,867,983 $ 501,358 $ 447,447 $ (582,465 ) $ 99,721,955 The allocations of the purchase prices for certain of the properties acquired during the year ended December 31, 2016 , that were accounted for as business combinations are 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, 2016 : For the year ended December 31, 2016 Property Name Acquisition Date Operating Earnings (1) Gunbarrel Road 3/3/2016 $ 1,316,960 $ (210,622 ) Calaveras Avenue 4/5/2016 570,615 (6,745 ) Orange Avenue 7/1/2016 145,587 31,442 Lithia Road 8/11/2016 37,927 (16,741 ) Baca County 9/1/2016 127,911 122,687 Diego Ranch 9/14/2016 186,328 141,404 Nevada Ranch 9/14/2016 172,277 128,093 Central Avenue 10/13/2016 70,773 (927 ) Horse Creek 12/28/2016 7,709 7,709 $ 2,636,087 $ 196,300 (1) In aggregate, includes $206,210 of non-recurring acquisition-related costs during the year ended December 31, 2016 . 2015 New Real Estate Activity During the year ended December 31, 2015 , we acquired 11 new farms in eight separate transactions, which are summarized in the table below. Property Name Property Location Acquisition Date Total Acreage No. of Farms Primary Crop(s) Lease Term Renewal Options Total Purchase Price Acquisition Costs Annualized Straight-line Rent (1) Net Long-term Debt Issued 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) 15,757,700 152,571 (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 15.4 years 1 (10 years) 18,922,500 117,742 (4) 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 77,259 (4) 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 44,871 (4) 319,240 3,891,000 8,771 11 $ 75,966,980 $ 641,116 $ 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 was fully credited back to us by our Adviser during the three months ended March 31, 2015. See Note 6, “Related- Party Transactions” for further discussion on this fee. (3) Acquisition accounted for as a business combination under ASC 805. In aggregate, we incurred $11,825 of direct leasing costs in connection with these acquisitions. (4) Acquisition accounted for as an asset acquisition under ASC 360. 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 Improvements Buildings and Improvements Irrigation System In-place Leases Leasing Costs Tenant Relationships Above (Below)- Market Leases & (Deferred Revenue) Total Purchase Price 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 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 Date Operating Revenues Earnings (1) Espinosa Road 1/5/2015 $ 769,972 $ (33,169 ) Parrish Road 3/10/2015 203,341 (105,830 ) Immokalee Exchange 6/25/2015 480,052 40,504 Holt County 8/20/2015 105,954 24,716 Rock County 8/20/2015 105,954 19,153 Bear Mountain 9/3/2015 271,599 249,958 Corbitt Road 11/2/2015 29,970 (13,434 ) Reagan Road 12/22/2015 8,582 507 $ 1,975,424 $ 182,405 (1) In aggregate, includes $388,594 of non-recurring acquisition-related costs during the year ended December 31, 2015 . 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, 2016 and 2015 : Weighted-Average Amortization Period (in Years) Intangible Assets and Liabilities 2016 2015 In-place leases 8.7 4.1 Leasing costs 11.6 5.5 Tenant relationships 0.0 9.5 Below-market lease and sale inducement values 20.9 6.2 All intangible assets and liabilities 14.2 6.2 Pro-Forma Information During each of the years ended December 31, 2016 and 2015 , we acquired six farms in transactions that qualified as business combinations. 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, 2016 2015 (Unaudited) (Unaudited) Operating Data: Total operating revenue $ 18,205,615 $ 13,552,489 Net income (loss) attributable to the company 900,749 (418,776 ) Share and Per-share Data: Earnings (loss) per share of common stock – basic and diluted $ 0.09 $ (0.05 ) Weighted-average common shares outstanding – basic and diluted 10,007,350 8,639,397 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 1, 2016, we completed certain irrigation improvements on Sycamore Road to increase overall water availability at a total cost of $993,319 . As stipulated in the lease agreement with our tenant, we will earn additional rent on the total cost commensurate with the annual yield on the farmland, which will result in additional straight-line rental income of $53,550 per year throughout the remaining lease term. On February 8, 2016, we renewed the lease with the tenant occupying one of our McIntosh Road farms, which 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. On April 5, 2016, we reimbursed the tenant occupying Wauchula Road for $569,607 of costs incurred to construct certain irrigation improvements on the farm. As stipulated in the lease, as of April 1, 2016, we began earning an additional $92,634 of annualized, straight-line rental income on this farm throughout the remaining lease term. On April 5, 2016, we reimbursed the tenant occupying Parrish Road for $500,000 of our portion of the costs incurred to construct certain irrigation improvements on the farm. As stipulated in the lease, as of April 1, 2016, we began earning an additional $139,073 of annualized, straight-line rental income on this farm throughout the remaining lease term. In addition, in connection with our acquisition of Parrish Road in March 2015, we committed to providing $745,000 as additional consideration and reimbursements of certain costs, contingent upon the approval by a local water management district of increases in certain water permits on the property. These water permits were approved on June 28, 2016, and we remitted $745,000 to the tenant, who was also the seller of the property, on June 30, 2016. On July 5, 2016, we received payment of approximately $164,000 (including $4,000 of accrued interest) from the California Department of Transportation ("CalTrans") in connection with the settlement of the eminent domain lawsuit for 4.5 acres of nonfarmable land on Espinosa Road. Our cost basis of the 4.5 nonfarmable acres was approximately $156,000 , which was previously included in Investments in real estate, net on our Condensed Consolidated Balance Sheet. On July 15, 2016, we terminated the lease with the tenant occupying Colding Loop prior to its expiration, and, on August 5, 2016, we entered into a new lease with a new tenant to occupy the property. The new lease is scheduled to expire on August 4, 2017, and provides for minimum rental payments of $72,400 over its term. In connection with the early termination of the previous lease, we wrote off $84,600 of deferred rent asset balances to bad debt expense during the year ended December 31, 2016 . In addition, during the year ended December 31, 2016 , we expensed $8,635 of unamortized leasing costs associated with the previous lease. On August 25, 2016, we renewed the lease with the tenant occupying Espinosa Road, which was originally set to expire on October 31, 2016. The lease was renewed for an additional four years, through October 31, 2020 , with annualized, straight-line rental income of $997,017 , representing a 28.1% increase over that of the previous lease. In connection with the renewal, we also assumed the responsibility for the property taxes on Espinosa Road, which were the tenant's responsibility under the old lease. Property taxes on Espinosa Road are approximately $144,000 for the property tax assessment year ending June 30, 2017. 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 Avenue, destroying the majority of a residential house, and the other occurred on West Gonzales, damaging a portion of a cooling facility. During the year ended December 31, 2014 , we wrote down the carrying values of these properties by an aggregate amount of $232,737 , and, in accordance with ASC 605, “Revenue Recognition – Gains and Losses,” we also recorded a corresponding property and casualty loss. We recovered $495,700 of insurance proceeds during the year ended December 31, 2014 , and, in accordance with ASC 450, “Contingencies,” we recorded these amounts as an offset to the property and casualty loss recorded earlier in the year, resulting in a net recovery. During the year ended December 31, 2015 , we recovered an additional $97,232 of insurance proceeds, and such recovery is included in Property and casualty recovery, net on the accompanying 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 Consolidated Statements of Operations. Repairs on 20 th Avenue were also completed during the year ended December 31, 2015 , at no cost to us. During the year ended December 31, 2014 , we expended $496,784 in repairs and upgrades to the cooler, of which $407,096 was capitalized as a real estate addition and $89,688 was recorded in repairs and maintenance expense. Each of these insurance claims has been closed, and no further recoveries are expected for either of these fires. Lease Expirations The following unaudited table summarizes the future lease expirations by year for our properties as of December 31, 2016 : Year Number of Expiring % of Rental Revenue % of Total 2017 11 (1) 866 1.7 % $ 2,296,025 13.3 % 2018 4 2,710 5.4 % 825,485 4.8 % 2019 3 2,524 5.0 % 419,740 2.4 % 2020 9 28,200 55.7 % 5,247,810 30.3 % 2021 4 6,954 13.7 % 1,606,592 9.3 % 2022 1 145 0.3 % 315,896 1.8 % Thereafter 15 9,193 18.2 % 6,593,921 38.1 % Totals 47 50,592 100.0 % $ 17,305,469 100.0 % (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 $32,109 of rental revenue during the year ended December 31, 2016 . 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, 2016 , are as follows: Tenant Lease Period Payments For the fiscal years ending December 31: 2017 $ 16,356,193 2018 17,404,173 2019 16,911,432 2020 14,679,754 2021 9,067,911 Thereafter 46,168,102 $ 120,587,565 Portfolio Diversification and Concentrations Diversification The following unaudited table summarizes the geographic locations, by state, of our properties with leases in place as of December 31, 2016 and 2015 : As of and For the Year Ended December 31, 2016 As of and For the Year Ended December 31, 2015 State Number Total % of Rental % of Total Number Total % of Rental % of Total California 22 6,713 13.3 % $ 9,829,177 56.8 % 18 3,576 21.3 % $ 7,754,945 65.2 % Florida 15 5,567 11.0 % 3,293,475 19.0 % 13 5,092 30.3 % 2,166,660 18.2 % Colorado 9 30,170 59.6 % 1,452,581 8.4 % — — — % — — % Oregon 4 2,313 4.6 % 1,171,887 6.8 % 4 2,313 13.8 % 1,168,725 9.8 % Arizona 2 3,000 5.9 % 729,232 4.2 % 2 3,000 17.8 % 338,446 2.9 % Nebraska 2 2,559 5.1 % 579,630 3.4 % 2 2,559 15.2 % 211,908 1.8 % Michigan 4 270 0.5 % 249,487 1.4 % 4 270 1.6 % 247,407 2.1 % 58 50,592 100.0 % $ 17,305,469 100.0 % 43 16,810 100.0 % $ 11,888,091 100.0 % Concentrations Credit Risk As of December 31, 2016 , our farms are leased to 40 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 $3.0 million , or 17.1% , of the total rental revenue recorded during the year ended December 31, 2016 . If Dole fails to make rental payments or elects to terminate its leases and the properties cannot be re-leased on satisfactory terms, there could be a material adverse effect on our financial performance and ability to continue operations. No other individual tenant accounted for greater than 10.0% of the total rental revenue recorded during the year ended December 31, 2016 . Geographic Risk 22 of our 58 farms owned as of December 31, 2016 , are located in California, and 15 farms are located in Florida. As of December 31, 2016 , our farmland in California accounted for 6,713 acres, or 13.3% of the total acreage we owned. Furthermore, these farms accounted for approximately $9.8 million , or 56.8% , of the total rental revenue recorded during the year ended December 31, 2016 . However, these farms are spread across three of the many different growing regions within California. As of December 31, 2016 , our farmland in Florida accounted for 5,567 acres, or 11.0% of the total acreage we owned, and these farms accounted for approximately $3.3 million , or 19.0% , of the total rental revenue recorded during the year ended December 31, 2016 . 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, 2016 . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Our borrowings as of December 31, 2016 and 2015 are summarized below: Carrying Value as of As of December 31, 2016 December 31, 2016 December 31, 2015 Stated Interest Rates (1) (Range; Wtd Avg) Maturity Dates (Range; Wtd Avg) Mortgage notes and bonds payable: Fixed-rate mortgage notes payable $ 142,860,529 $ 107,423,157 2.90%–3.94%; 3.25% 5/1/2020–11/1/2041; June 2030 Variable-rate mortgage notes payable — 2,185,000 N/A N/A Fixed-rate bonds payable 49,348,500 33,025,000 2.38%–3.29%; 2.94% 7/30/2018–8/22/2023; October 2020 Total mortgage notes and bonds payable 192,209,029 142,633,157 Deferred financing costs – mortgage notes and bonds payable (1,412,017 ) (1,054,222 ) N/A N/A Mortgage notes and bonds payable, net $ 190,797,012 $ 141,578,935 Variable-rate revolving lines of credit $ 16,550,000 $ 100,000 3.11% 4/5/2024 Total borrowings, net $ 207,347,012 $ 141,678,935 (1) Where applicable, stated interest rates are before interest patronage (as described below). The weighted-average interest rate charged on the above borrowings, excluding the impact of deferred financing costs and before any interest patronage, or refunded interest, was 3.27% for the year ended December 31, 2016 , as compared to 3.44% for the year ended December 31, 2015 and 3.63% for the year ended December 31, 2014 . 2015 interest patronage from our Farm Credit CFL Notes Payable (as defined below), which was received during the three months ended March 31, 2016, resulted in a 16.1% 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 2016 on our Farm Credit Notes Payable. 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 Term Note"). The Prior MetLife Term Note 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, 2018 (the "Prior MetLife Line of Credit," and, together with the Prior MetLife Term Note, the "Prior MetLife Facility"). The Prior MetLife Line of Credit bore interest at an annual rate equal to the three-month LIBOR plus 3.00% . On May 9, 2014 , we closed on a facility with MetLife that replaced the Prior MetLife Facility. The new facility with MetLife consisted of a $100.0 million long-term note payable (the “2015 MetLife Term Note”) and a $25.0 million revolving equity line of credit (the “2015 MetLife Line of Credit” and, together with the 2015 MetLife Term Note, the “New MetLife Facility”). Similar to the Prior MetLife Facility, under the New MetLife Facility, we were generally allowed to 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. On October 5, 2016 , we amended the New MetLife Facility to, among other changes, increase the overall size of the facility from $125.0 million to $200.0 million (the "2016 Amendment"). Pursuant to the 2016 Amendment, the New MetLife Facility now consists of the 2015 MetLife Term Note, the 2015 MetLife Line of Credit, a $50.0 million long-term note payable (the "2016 MetLife Term Note," and together with the 2015 MetLife Term Note, the "MetLife Term Notes"), the terms of which are pari passu with those of the 2015 MetLife Term Note, and a $25.0 million revolving equity line of credit (the "2016 MetLife Line of Credit," and together with the 2015 MetLife Line of Credit, the "MetLife Lines of Credit"), the terms of which are pari passu to those of the 2015 MetLife Line of Credit. Among other changes, the 2016 Amendment: • increased the overall loan-to-value ratio on the underlying properties pledged as collateral under the New MetLife Facility from 58% to 60% ; • reduced the blended interest rate on all previously-disbursed amounts under the 2015 MetLife Term Note by 19 basis points; • extended the fixed-rate term of the 2015 MetLife Term Note by 76 months, through January 5, 2027 ; and • extended the draw period under the 2015 MetLife Term Note by one year, through December 31, 2018 . Simultaneous with the closing of the 2016 Amendment, we drew approximately $21.6 million under the 2016 MetLife Term Note, with $21.0 million of the proceeds being used to repay the balance previously outstanding under the 2015 MetLife Line of Credit. The following table summarizes the terms of the New MetLife Facility as of December 31, 2016 : Issuance Aggregate Commitment Maturity Dates Principal Outstanding Interest Rate Terms Undrawn Commitment MetLife Term Notes $150,000,000 (1) 1/5/2029 $ 107,489,466 3.16%, fixed for 10 years (2) $ 40,979,806 (3) MetLife Lines of Credit 50,000,000 4/5/2024 16,550,000 3-month LIBOR + 2.25% (4) 33,450,000 (3) Total principal outstanding $ 124,039,466 (1) If the aggregate commitment under this facility is not fully utilized by December 31, 2018 , MetLife has the option to be relieved of its obligations to disburse the additional funds under the MetLife Term Notes. (2) Represents the blended interest rate as of December 31, 2016 . Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027 . Through December 31, 2018 , the MetLife Term Notes are also subject to an unused fee of 0.20% on undrawn amounts. (3) Based on the properties that were pledged as collateral under the New MetLife Facility, as of December 31, 2016 , the maximum additional amount we could draw under the facility was approximately $22.3 million . (4) The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50% , plus an unused fee of 0.20% on undrawn amounts. The interest rate spread will be subject to adjustment on October 5, 2019 . As of December 31, 2016 , the interest rate on the MetLife Lines of Credit was 3.11% . Our continuing ability to borrow under the New MetLife Facility is subject to our ongoing compliance with various affirmative and negative covenants, including with respect to liens, indebtedness, mergers and asset sales. The New MetLife Facility also requires that we satisfy financial covenants on a consolidated basis at the end of each calendar quarter, including staying below a maximum debt-to-asset-value ratio and maintaining a minimum net worth value and rental-revenue-to-debt ratio. Amounts owed under the New MetLife 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, 2016 , we were in compliance with all covenants under the New MetLife Facility. In connection with obtaining the New MetLife Facility, as amended, and the subsequent pledging of properties under the facility, through December 31, 2016 , we have incurred total loan fees of approximately $446,000 (including $225,000 related to the 2016 Amendment) and aggregate financing costs, which includes legal fees, origination fees and administrative fees, of approximately $1.2 million . In addition, approximately $299,000 of unamortized deferred financing costs associated with the Prior MetLife Facility were further deferred and are being amortized over the term of the New MetLife Facility. As of December 31, 2016 , the MetLife Facility was collateralized by 33 farms with an aggregate book value of approximately $186.1 million . Farm Credit Notes Payable Farm Credit CFL 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 CFL”). During the year ended December 31, 2016 , we entered into one loan agreement with Farm Credit CFL, the terms of which are summarized below: Date of Issuance Loan Amount Maturity Date Principal Amortization Interest Rate Terms (1) 7/1/2016 $ 3,120,000 (2) 6/1/2023 36.0 years 3.78%, fixed throughout term (1) Rates represent the stated interest rates, before interest patronage. 2015 interest patronage received resulted in a 16.1% refund of the interest accrued on such borrowings during the year ended December 31, 2015 . (2) Proceeds from this loan were used for the acquisition of a new property. The following table summarizes, in the aggregate, the terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of December 31, 2016 : Dates of Issuance Maturity Dates Principal Outstanding Stated Interest Rate (1) 9/19/2014 – 7/1/2016 5/1/2020–10/1/2040 $ 22,309,645 3.48% (2) (1) Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016 . (2) Rate is before interest patronage. 2015 interest patronage received resulted in a 16.1% reduction to the stated interest rate on such borrowings. Our agreement with Farm Credit CFL also contains various affirmative and negative covenants, including with respect to liens, indebtedness, mergers and asset sales. Loans from Farm Credit CFL will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. The Farm Credit CFL Notes Payable also require us to satisfy financial covenants on a consolidated basis at the end of each calendar year, including maintaining a minimum net worth value and staying below a maximum leverage ratio. In addition, certain amounts owed under the Farm Credit CFL 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, 2016 , we were in compliance with all covenants. In connection with the Farm Credit CFL Notes Payable, through December 31, 2016 , we have incurred total loan fees of $131,000 and aggregate financing costs, which includes legal fees, origination fees and administrative fees, of $252,000 . As of December 31, 2016 , the Farm Credit CFL Notes Payable were collateralized by 12 farms with an aggregate book value of approximately $37.5 million . Farm Credit West Note Payable From time to time since April 4, 2016, we, through certain subsidiaries of our Operating Partnership, have entered into various loan agreements with Farm Credit West, FLCA ("Farm Credit West"). During the year ended December 31, 2016 , we entered into two separate loan agreements with Farm Credit West, the terms of which are summarized in the aggregate below: Dates of Issuance Loan Amount Maturity Dates Principal Amortization Interest Rate Terms (1) 4/4/2016 $ 9,282,000 (2) 11/1/2040 24.5 years 3.54%, fixed through 4/30/2121, variable thereafter (1) Rates represent the stated interest rates, before interest patronage. (2) Proceeds from this note were used for the acquisition of a new property. The following table summarizes, in the aggregate, the terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of December 31, 2016 : Dates of Issuance Maturity Dates Principal Outstanding Stated Interest Rate (1) 4/4/2016 – 10/13/2016 11/1/2040-11/1/2041 $ 13,061,418 3.66% (2) (1) Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016 . (2) Rate is before interest patronage. Our agreements with Farm Credit West contain various affirmative and negative covenants, including with respect to liens, indebtedness, mergers and asset sales. Loans from Farm Credit West will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. The Farm Credit West Notes Payable also require us to satisfy financial covenants at the end of each calendar year, including maintaining a minimum current ratio and net worth value and staying below a maximum leverage ratio. As of December 31, 2016 , we were in compliance with all covenants. In connection with the Farm Credit West Notes Payable, through December 31, 2016 , we have incurred total loan fees of approximately $33,000 and aggregate financing costs, which includes legal fees, origination fees and administrative fees, of approximately $64,000 . As of December 31, 2016 , the Farm Credit West Notes Payable were collateralized by two farms with an aggregate book value of approximately $21.7 million . 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”). On June 16, 2016, we entered into an amendment to increase the maximum borrowing capacity under the Farmer Mac Facility from $75.0 million to $125.0 million and extend the term of the Bond Purchase Agreement by two years, to December 11, 2018 . 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 generally 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. During the year ended December 31, 2016 , we issued three bonds for gross proceeds of approximately $16.6 million , the terms of which are summarized in the aggregate in the table below: Dates of Issuance Gross Proceeds Maturity Dates Principal Amortization Interest Rate Terms 3/3/2016–8/22/2016 $ 16,551,000 (1) 2/24/2023–8/22/2023 None–9.7 years 2.87%–3.08%, fixed throughout respective terms (1) Proceeds from these bonds were used for the acquisition of new properties. The following table summarizes, in the aggregate, the terms of the nine bonds outstanding under the Farmer Mac Facility as of December 31, 2016 : Dates of Issuance Initial Commitment Maturity Dates Principal Outstanding Stated Interest Rate (1) Undrawn Commitment 12/11/2014–8/22/2016 $125,000,000 (2) 7/30/2018–8/22/2023 $ 49,348,500 2.94% $ 74,743,000 (3) (1) Represents the weighted-average interest rate as of December 31, 2016 . (2) If facility is not fully utilized by December 11, 2018 , Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility. (3) As of December 31, 2016 , there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral. 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 staying below a maximum leverage ratio and maintaining a minimum fixed charge coverage ratio and a tangible net worth. As of December 31, 2016 , 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. In connection with the Farmer Mac Facility, through December 31, 2016 , we have incurred aggregate financing costs, which include legal fees and administrative fees, of approximately $190,000 . As of December 31, 2016 , the Farmer Mac Facility was collateralized by 11 farms with an aggregate book value of approximately $80.4 million . Debt Service – Aggregate Maturities Scheduled principal payments of our aggregate mortgage notes and bonds payable as of December 31, 2016 , for the succeeding years are as follows: Period Scheduled Principal Payments For the fiscal years ending December 31: 2017 $ 5,319,053 2018 21,299,607 2019 8,903,854 2020 18,575,013 2021 5,026,008 Thereafter 133,085,494 $ 192,209,029 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, "Fair Value Measurements and Disclosures," 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 — inputs that are based upon quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 — inputs are based upon quoted prices for similar assets or liabilities in active or inactive markets or model-based valuation techniques, for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — inputs are generally unobservable and significant to the fair value measurement. These unobservable inputs are generally supported by little or no market activity and are based upon management's estimates of assumptions that market participants would use in pricing the asset or liability. As of December 31, 2016 , the aggregate fair value of our long-term, fixed-rate mortgage notes and bonds payable was approximately $191.8 million , as compared to an aggregate carrying value of $192.2 million . The fair value of our long-term, fixed-rate mortgage notes and bonds payable is valued using Level 3 inputs under the hierarchy established by ASC 820-10 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. Further, due to the revolving nature of the MetLife Lines of Credit and the lack of changes in market credit spreads, their aggregate fair value as of December 31, 2016 , is deemed to approximate their aggregate carrying value of approximately $16.6 million . |
Mandatorily-Redeemable Preferre
Mandatorily-Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Mandatorily-Redeemable Preferred Stock | MANDATORILY-REDEEMABLE PREFERRED STOCK On August 17, 2016 , we completed a public offering of 1,000,000 shares of 6.375% Series A Cumulative Term Preferred Stock, par value $0.001 per share (the "Term Preferred Stock"), at a public offering price of $25.00 per share. Simultaneous with the closing of the offering and on the same terms and conditions, the underwriters exercised in full their option to purchase an additional 150,000 shares of the Term Preferred Stock to cover over-allotments. As a result of this offering, we issued a total of 1,150,000 shares of the Term Preferred Stock for gross proceeds of approximately $28.8 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $27.6 million . These proceeds were used to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. The Term Preferred Stock is traded under the ticker symbol, "LANDP," on the NASDAQ Global Market. The Term Preferred Stock is not convertible into our common stock or any other securities. Generally, we may not redeem shares of the Term Preferred Stock prior to September 30, 2018 , except in limited circumstances to preserve our qualification as a REIT. On or after September 30, 2018 , we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends up to, but excluding, the date of redemption. The shares of the Term Preferred Stock have a mandatory redemption date of September 30, 2021 . We incurred approximately $1.2 million in total offering costs related to this issuance, which have been recorded net of the Term Preferred Stock as presented on the Consolidated Balance Sheet, and we will amortize these costs over the redemption period, which ends on September 30, 2021 . The Term Preferred Stock is recorded as a liability on our Consolidated Balance Sheet in accordance with ASC 480, "Distinguishing Liabilities from Equity," which states that mandatorily-redeemable financial instruments should be classified as liabilities. In addition, the related dividend payments are treated similar to interest expense in the Consolidated Statement of Operations. As of December 31, 2016 , the fair value of our Term Preferred Stock was approximately $29.3 million , as compared to the carrying value, exclusive of offering costs, of $28.8 million . The fair value of our Term Preferred Stock is valued using Level 1 inputs under the hierarchy established by ASC 820-10, "Fair Value Measurements and Disclosures," and is calculated based on the closing share price as of December 31, 2016 , of $25.44 . The dividends to preferred stockholders declared by our Board of Directors and paid by us during the year ended December 31, 2016 , are reflected in the table below: Declaration Date Record Date Payment Date Dividend per Preferred Share September 12, 2016 September 21, 2016 September 30, 2016 $ 0.190364583 (1) October 11, 2016 October 21, 2016 October 31, 2016 0.132812500 October 11, 2016 November 17, 2016 November 30, 2016 0.132812500 October 11, 2016 December 20, 2016 December 30, 2016 0.132812500 Year ended December 31, 2016 $ 0.588802083 (1) Represents the cumulative dividend from (but excluding) the date of original issuance through the month ended September 30, 2016. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 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. Effective February 1, 2013 , we entered into amended and restated agreements with our Advisor for management advisory services (the "Advisory Agreement") and with our Administrator for administration services (the "Administration Agreement"). The management advisory and administrative services and fees under both of these agreements are described below. Advisory Agreement Base Management Fee Pursuant to the Advisory Agreement, we pay an annual base management fee equal to 2.0% 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. Incentive Fee Pursuant to the Advisory Agreement, we also pay an additional quarterly incentive fee based on funds from operations (as defined in the Advisory Agreement). For purposes of calculating the incentive fee, our funds from operations, 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% ( 7.0% 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 year ended December 31, 2016 , our Adviser earned an incentive fee of $349,550 . There was no net incentive fee earned by our Adviser for either of the years ended December 31, 2015 or 2014 , as our Pre-Incentive Fee FFO did not exceed the hurdle rate. Administration Agreement Pursuant to the Administration Agreement, 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, general counsel and secretary) 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, 2016 2015 2014 Management fee (1)(2) $ 1,541,768 $ 1,343,384 $ 1,079,534 Incentive fee (1)(2) 349,550 — — Credits from voluntary, irrevocable waiver by Adviser’s board of directors (2)(3) — (320,905 ) — Net fees due to our Adviser $ 1,891,318 $ 1,022,479 $ 1,079,534 Administration fee (1)(2) $ 771,255 $ 679,590 $ 442,584 (1) Pursuant to the Advisory and Administration Agreements, respectively. (2) Reflected as a line item on our accompanying Consolidated Statements of Operations. (3) The credit received from our Adviser for the three months ended March 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. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Balance Sheets as of December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 Management fee due to Adviser $ 383,452 $ 362,373 Incentive fee due to Adviser 168,627 — Other due to Adviser (1) 2,304 13,140 Total due to Adviser 554,383 375,513 Administration fee due to Administrator 202,381 190,080 Other due from Administrator (1) (5,968 ) — Total due to Administrator 196,413 190,080 Total due to related parties (2) $ 750,796 $ 565,593 (1) Other fees due to or from related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf or by us on our Adviser's or Administrator's behalf. (2) Reflected as a line item on our accompanying Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | EQUITY Stockholders' Equity As of December 31, 2016, there were 18,000,000 shares of common stock, par value $0.001 per share, authorized, with 10,024,875 shares issued and outstanding. As of December 31, 2015, there were 20,000,000 shares of common stock, par value $0.001 per share, authorized, with 9,992,941 shares issued and outstanding. Non-Controlling Interests in Operating Partnership We consolidate our Operating Partnership, which is a majority-owned partnership. As of December 31, 2016 , and 2015 , we owned approximately 87.4% and 100.0% , respectively, of the outstanding OP Units. On or after 12 months after becoming a holder of OP Units, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the partnership agreement of the Operating Partnership, to require the Operating Partnership to redeem all or a portion of such units in exchange for cash or, at the Company’s option, shares of our common stock on a one-for-one basis. The cash redemption per OP Unit would be based on the market price of our common stock at the time of redemption. A limited partner will not be entitled to exercise redemption rights if the delivery of common stock to the redeeming limited partner would breach restrictions on the ownership of common stock imposed under our charter and other limitations thereof. Regardless of the rights described above, the Operating Partnership will not have an obligation to issue cash to a unitholder upon a redemption request if the Company elects to redeem the OP Units for shares of its common stock. When a non-Company unitholder redeems an OP Unit, non-controlling interest in the Operating Partnership is reduced, and stockholders’ equity is increased. The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the OP Units held by the Company being utilized to make distributions to the Company’s common stockholders. As of December 31, 2016 , there were 1,449,258 OP Units held by non-controlling limited partners. Distributions The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2016 , 2015 and 2014 are reflected in the table below. Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share 2016 January 12, 2016 January 22, 2016 February 2, 2016 $ 0.04000 January 12, 2016 February 18, 2016 February 29, 2016 0.04000 January 12, 2016 March 21, 2016 March 31, 2016 0.04000 April 12, 2016 April 22, 2016 May 2, 2016 0.04125 April 12, 2016 May 19, 2016 May 31, 2016 0.04125 April 12, 2016 June 17, 2016 June 30, 2016 0.04125 July 12, 2016 July 22, 2016 August 2, 2016 0.04125 July 12, 2016 August 22, 2016 August 31, 2016 0.04125 July 12, 2016 September 21, 2016 September 30, 2016 0.04125 October 11, 2016 October 21, 2016 October 31, 2016 0.04250 October 11, 2016 November 17, 2016 November 30, 2016 0.04250 October 11, 2016 December 20, 2016 December 30, 2016 0.04250 Year ended December 31, 2016 $ 0.49500 2015 January 13, 2015 January 23, 2015 February 3, 2015 $ 0.03500 January 13, 2015 February 18, 2015 February 27, 2015 0.03500 January 13, 2015 March 20, 2015 March 31, 2015 0.03500 April 14, 2015 April 24, 2015 May 4, 2015 0.04000 April 14, 2015 May 19, 2015 May 28, 2015 0.04000 April 14, 2015 June 19, 2015 June 30, 2015 0.04000 July 14, 2015 July 24, 2015 August 4, 2015 0.04000 July 14, 2015 August 20, 2015 August 31, 2015 0.04000 July 14, 2015 September 21, 2015 September 30, 2015 0.04000 October 13, 2015 October 26, 2015 October 29, 2015 0.04000 October 13, 2015 November 17, 2015 November 24, 2015 0.04000 October 13, 2015 December 18, 2015 December 31, 2015 0.04000 Year ended December 31, 2015 $ 0.46500 2014 January 7, 2014 January 22, 2014 January 31, 2014 $ 0.03000 January 7, 2014 February 19, 2014 February 28, 2014 0.03000 January 7, 2014 March 17, 2014 March 31, 2014 0.03000 April 8, 2014 April 21, 2014 April 30, 2014 0.03000 April 8, 2014 May 20, 2014 May 30, 2014 0.03000 April 8, 2014 June 19, 2014 June 30, 2014 0.03000 July 15, 2014 July 25, 2014 August 5, 2014 0.03000 July 15, 2014 August 20, 2014 August 29, 2014 0.03000 July 15, 2014 September 19, 2014 September 30, 2014 0.03000 October 7, 2014 October 22, 2014 October 31, 2014 0.03000 October 7, 2014 November 17, 2014 November 26, 2014 0.03000 October 7, 2014 December 19, 2014 December 31, 2014 0.03000 Year ended December 31, 2014 $ 0.36000 During the years ended December 31, 2016 , 2015 and 2014 , we paid aggregate distributions to common stockholders of approximately $5.0 million , $4.1 million and $2.5 million , respectively. For federal income tax characterization purposes, distributions paid to common 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 Income Return of Capital Long-term Capital Gain 2016 30.65818 % 69.34182 % 0.00000 % 2015 62.29540 % 37.34781 % 0.35679 % 2014 95.66078 % 4.33922 % 0.00000 % 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, 2016 , we have issued 2,188,014 shares of common stock for gross proceeds of approximately $23.6 million and 1,150,000 shares of preferred stock for gross proceeds of approximately $28.8 million under this universal registration statement. 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”). During the year ended December 31, 2016 , we issued and sold 31,934 shares of our common stock at an average sales price of $11.29 per share under the ATM Program for gross proceeds of approximately $360,000 and net proceeds of $355,000 . Through December 31, 2016 , we have issued and sold a total of 64,561 shares of our common stock at an average sales price of $10.23 per share for gross proceeds of approximately $660,000 and net proceeds of $650,000 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Obligations 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 $8.1 million and is expected to be completed during the three months ending March 31, 2017. 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, 2016 , we have expended or accrued approximately $8.0 million related to this project, and, as a result, we expect to receive approximately $5.0 million of additional rent through the remainder of the lease term, which expires January 9, 2031 . Litigation We are not currently subject to any material known or threatened litigation. |
Earnings (Loss) Per Share of Co
Earnings (Loss) Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share of Common Stock | EARNINGS (LOSS) 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, 2016 , 2015 and 2014 , computed using the weighted-average number of shares outstanding during the respective periods. The non-controlling limited partners' outstanding OP Units (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the non-controlling limited partners' share of income (loss) would also be added back to (subtracted from) net income (loss). Net income (loss) figures are presented net of non-controlling interests in the earnings (loss) per share calculation. 2016 2015 2014 Net income (loss) attributable to the Company $ 448,102 $ 568,545 $ (125,133 ) Weighted average number of common shares outstanding – basic and diluted 10,007,350 8,639,397 6,852,917 Earnings (loss) per common share – basic and diluted $ 0.04 $ 0.07 $ (0.02 ) For the year ended December 31, 2016 , the weighted-average number of OP Units held by non-controlling limited partners was 766,351 . There were no OP Units held by anyone other than the Company during 2015 or 2014 . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | QUARTERLY FINANCIAL INFORMATION (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2016 and 2015 : Fiscal Year 2016: Quarter Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Operating revenues $ 3,682,677 $ 4,244,441 $ 4,469,174 $ 4,920,325 Operating expenses (2,282,477 ) (2,650,404 ) (2,663,340 ) (2,663,809 ) Other expenses (1,160,208 ) (1,478,177 ) (1,771,233 ) (2,173,481 ) Net income 239,992 115,860 34,601 83,035 Less net income attributable to non-controlling interests (5,576 ) (8,047 ) (2,718 ) (9,045 ) Net income attributable to the Company $ 234,416 $ 107,813 $ 31,883 $ 73,990 Earnings per weighted average common shares – basic and diluted $ 0.02 $ 0.01 $ — $ 0.01 Weighted average common shares outstanding – basic and diluted 9,992,941 9,992,941 10,018,331 10,024,875 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 (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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Investing Activity On January 12, 2017 , we acquired one farm in Martin County, Florida ("Citrus Boulevard"), for $54.0 million . The property is comprised of 3,748 acres of farmland and will be farmed for miscellaneous organic vegetables. At closing, we executed a new, 7 -year, partial-net lease that includes annual escalations and five , 5 -year extension options. The lease provides for minimum annualized, straight-line rents of approximately $2.9 million . We will account for this acquisition as an asset acquisition in accordance with ASC 360. Financing Activity In connection with the acquisition of Citrus Boulevard, on January 12, 2017 , we issued four separate bonds (the "Bonds") under our Farmer Mac Facility, for which we received total proceeds of $32.4 million . The Bonds, which are interest-only, have terms ranging from 3 to 7 years and will bear interest at fixed rates ranging 2.80% to 3.63% throughout their respective terms, with a weighted-average interest rate of 3.33% . In addition, we drew $18.5 million on one of our MetLife Lines of Credit. Distributions On January 10, 2017 , our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Dividends per Series A Term Preferred Share January 20, 2017 January 31, 2017 $ 0.04300 $ 0.1328125 February 16, 2017 February 28, 2017 0.04300 0.1328125 March 22, 2017 March 31, 2017 0.04300 0.1328125 Total: $ 0.12900 $ 0.3984375 The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling limited partners of the Operating Partnership as of the above record dates. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Initial Cost Subsequent Capitalized Additions Total Cost Location and Description of Property Date Acquired Encumbrances Land and Land Improvements Buildings & Improvements Horticulture Land Improvements Buildings & Improvements Horticulture Land and Land Improvements Buildings & Improvements Horticulture Total (1) Accumulated Depreciation (2) Santa Cruz County, California: Land & Improvements 6/16/1997 $ 6,917,247 $ 4,350,000 $ — $ — $ — $ 579,307 $ — $ 4,350,000 $ 579,307 $ — $ 4,929,307 $ (182,758 ) Ventura County, California: Land, Buildings & Improvements 9/15/1998 26,956,919 9,895,497 5,255,736 — — 284,698 — 9,895,497 5,540,434 — 15,435,931 (3,405,946 ) Santa Cruz County, California: Land & Improvements 1/3/2011 6,032,246 8,328,475 — — 468,456 527,341 — 8,796,931 527,341 — 9,324,272 (54,075 ) 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 (414,346 ) Hillsborough County, Florida: Land, Buildings & Improvements 9/12/2012 2,389,500 2,198,728 1,657,339 — — 473,172 — 2,198,728 2,130,511 — 4,329,239 (554,041 ) Marion County, Oregon: Land, Buildings & Improvements 5/31/2013 1,705,915 2,493,809 703,453 — 1,102 416,115 — 2,494,911 1,119,568 — 3,614,479 (211,803 ) Monterey County, California: Land, Buildings & Improvements 10/21/2013 4,323,279 7,186,774 164,114 — — 1,674,620 — 7,186,774 1,838,734 — 9,025,508 (115,449 ) Ventura County, California: Land, Buildings, Improvements & Horticulture 12/16/2013 1,698,795 2,847,948 72,753 34,690 3,405 677,067 — 2,851,353 749,820 34,690 3,635,863 (176,153 ) Morrow County, Oregon: Land & Improvements 12/27/2013 8,137,938 12,937,446 1,118,325 — 3,646 133,527 — 12,941,092 1,251,852 — 14,192,944 (226,226 ) Cochise County, Arizona: Land, Buildings & Improvements 12/27/2013 4,236,814 6,167,902 572,283 — 7,800 1,462,107 — 6,175,702 2,034,390 — 8,210,092 (531,898 ) Santa Cruz County, California: Land, Building & Improvements 6/13/2014 3,522,201 5,576,138 206,636 — — — — 5,576,138 206,636 — 5,782,774 (132,524 ) Ventura County, California: Land, Buildings & Improvements 7/23/2014 3,524,744 6,219,293 504,673 — — 51,237 — 6,219,293 555,910 — 6,775,203 (76,970 ) Kern County, California: Land & Improvements 7/25/2014 3,933,167 5,840,750 67,000 — — 993,319 — 5,840,750 1,060,319 — 6,901,069 (91,060 ) Manatee County, Florida: Land, Buildings & Improvements 9/29/2014 7,329,862 8,466,185 5,426,170 — (385 ) 569,607 — 8,465,800 5,995,777 — 14,461,577 (1,147,002 ) Ventura County, California: Land, Buildings & Improvements 10/29/2014 13,732,770 23,672,902 350,454 — — — — 23,672,902 350,454 — 24,023,356 (75,932 ) 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 (20,305 ) Monterey County, California: Land, Buildings & Improvements 1/5/2015 10,178,000 15,852,466 581,879 — (155,798 ) — — 15,696,668 581,879 — 16,278,547 (216,120 ) Manatee County, Florida: Land, Buildings & Improvements 3/10/2015 2,374,680 2,403,064 1,871,285 — — — — 2,403,064 1,871,285 — 4,274,349 (297,591 ) 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 (185,297 ) 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 (89,475 ) 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 (109,325 ) Kern County, California: Land & Improvements 9/3/2015 11,279,182 18,893,101 497,001 — 612,881 5,684,167 1,375.677 19,505,982 6,181,168 1,375,677 27,062,827 (240,290 ) Hendry County, Florida: Land, Buildings & Improvements 11/2/2015 2,165,760 3,243,825 738,835 — 1,956 446 — 3,245,781 739,281 — 3,985,062 (132,102 ) Cochise County, Arizona: Land, Buildings & Improvements 12/23/2015 3,210,000 4,233,865 1,502,479 — 5,408 107,937 — 4,239,273 1,610,416 — 5,849,689 (133,651 ) Saguache County, Colorado: Land, Buildings & Improvements 3/3/2016 15,303,500 16,755,814 8,348,131 — — — — 16,755,814 8,348,131 — 25,103,945 (932,693 ) Fresno County, California: Land, Improvements & Horticulture 4/5/2016 9,161,418 3,623,219 1,228,279 11,455.057 — — — 3,623,219 1,228,279 11,455,057 16,306,555 (320,676 ) Saint Lucie County, Florida: Land, Buildings & Improvements 7/1/2016 3,072,602 4,164,623 970,992 — — — — 4,164,623 970,992 — 5,135,615 (48,550 ) Baca County, Colorado: Land & Buildings 9/1/2016 3,051,727 6,167,465 213,511 — — — — 6,167,465 213,511 — 6,380,976 (4,745 ) Stanislaus County, California: Land & Improvements 9/14/2016 7,273,282 14,114,337 45,465 — — — — 14,114,337 45,465 — 14,159,802 — Merced County, California: Land & Improvements 9/14/2016 6,713,799 12,844,650 504,445 — — — — 12,844,650 504,445 — 13,349,095 — Fresno County, California: Land, Improvements & Horticulture 10/13/2016 3,900,000 2,936,506 138,817 3,451,960 — — — 2,936,506 138,817 3,451,960 6,527,283 (38,013 ) Baca County, Colorado: Land & Improvements 12/28/2016 5,900,005 11,430,267 277,551 — — — — 11,430,267 277,551 — 11,707,818 — Miscellaneous Investments Land, Buildings, Improvements & Horticulture N/A 8,456,677 9,684,585 2,905,462 1,456,004 7,405 216,622 (14.195 ) 9,691,990 3,122,084 1,441,809 14,255,883 (900,957 ) $ 208,759,029 $ 264,866,574 $ 39,112,351 $ 16,397,711 $ 1,117,935 $ 14,520,541 $ 1,361,482 $ 265,984,509 $ 53,632,892 $ 17,759,193 $ 337,376,594 $ (11,065,973 ) (1) The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $319.8 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, 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements. The following table reconciles the change in the balance of real estate during the years ended December 31, 2016 , 2015 and 2014 , respectively: 2016 2015 2014 Balance, beginning of period $ 228,417,837 $ 148,371,478 $ 78,478,053 Additions: Acquisitions during the period 100,356,160 75,078,078 67,287,231 Improvements 8,772,590 5,036,926 2,726,734 Deductions: Dispositions during period (169,993 ) (68,645 ) (120,540 ) Purchase price adjustments — — — Balance, end of period $ 337,376,594 $ 228,417,837 $ 148,371,478 The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2016 , 2015 and 2014 , respectively: 2016 2015 2014 Balance, beginning of period $ 6,634,412 $ 4,431,290 $ 3,166,870 Additions during period 4,445,756 2,203,122 1,264,420 Dispositions during period (14,195 ) — — Balance, end of period $ 11,065,973 $ 6,634,412 $ 4,431,290 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, pistachio 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, and other of our acquisitions involve the acquisition of farmland that is already being operated as rental property, in which case we will typically assume the lease in place at the time of acquisition. Prior to us early adopting Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" (as further described below under " —Recently-Issued Accounting Pronouncements "), acquisitions of farmland already being operated as rental property were generally considered to be business combinations under Accounting Standards Codification ("ASC") 805, "Business Combinations." However, after early adopting ASU 2017-01, effective October 1, 2016, we now generally consider both types of acquisitions to be asset acquisitions under ASC 360, "Property Plant and Equipment." Whether an acquisition is considered an asset acquisition or a business combination, both ASC 360 and ASC 805 require 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, if applicable, (ii) any identifiable intangible assets and liabilities, which may consist of the values of above- and below-market leases, in-place lease values, lease origination costs and tenant relationships, based in each case on their fair values. In addition, ASC 360 requires us to capitalize the transaction costs incurred in connection with the acquisition, whereas ASC 805 required that all costs related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. 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, 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 the 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 relative fair values of such assets and liabilities as of the date of acquisition. 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, is amortized as a reduction of rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases. The fair value of capitalized below-market lease values, included as part of Other liabilities in the accompanying Consolidated Balance Sheets, is amortized as an increase to rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases, including that of any fixed-price or below-market renewal options. 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, is amortized as an increase to rental income on a straight-line basis over the remaining, non-cancelable terms of the respective leases, including that of any fixed-price or below-market renewal options. 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. |
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, vacancy rates 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” below for further detail. We further concluded that none of our properties were impaired as of December 31, 2016 , and we will continue to monitor our portfolio for any indicators of impairment. There have been no impairments recognized on real estate assets since our inception. |
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. We have not recorded any lease incentives to date. 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. When we pay for tenant improvements and are determined to be the owner of such improvements, we will record the cost of the improvement as an asset and will depreciate it over its corresponding useful life. |
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, 2016 and 2015 were held in the custody of one financial institution, and our balance at times may exceed federally-insurable limits. |
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. See " —Recently-Issued Accounting Pronouncements " below for changes in how certain deferred financing costs are reported on our Consolidated Balance Sheet due to our adoption of ASU 2015-03 (as defined below). |
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 and below-market lease values. |
Non-controlling Interests | Non-controlling Interests Non-controlling interests are interests in the Operating Partnership not owned by us. We evaluate whether non-controlling interests are subject to redemption features outside of our control. As of December 31, 2016 , the non-controlling interests in the Operating Partnership are redeemable at the option of the holder for cash or, at our election, shares of our common stock and thus are reported in the equity section of the Consolidated Balance Sheet but separate from stockholders' equity. The amount reported for non-controlling interests on the Consolidated Statement of Operations represent the portion of income from the Operating Partnership not attributable to us. At the end of each reporting period, we determine the amount of equity (at book value) that is allocable to non-controlling interests based upon the respective ownership interests. To reflect the non-controlling interests' equity interest in the Company, an adjustment is made to non-controlling interests, with a corresponding adjustment to paid-in capital, as reflected on the Consolidated Statements of Equity. |
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, includes the cumulative difference between rental revenue as recorded on a straight-line basis and cash rents received from the tenants in accordance with the lease terms. In addition, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. 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 collectibility of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. During the years ended December 31, 2016 , and 2015 , we wrote off $84,600 and $6,504 , respectively, of deferred rent asset balances related to the early termination of certain 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. Other income recorded for the years ended December 31, 2016 , 2015 and 2014 was primarily from interest earned on short-term investments, income tax refunds from the State of California and, for 2016 and 2015 only, interest patronage received on certain of our long-term borrowings. |
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 (the "Code"). 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 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 corporate income 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.” |
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. |
Reclassifications | Reclassifications Certain line items on the Consolidated Balance Sheet as of December 31, 2015 , and the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on previously-reported equity, net income (loss) or net change in cash and cash equivalents. |
Segment Reporting | Segment Reporting We manage our operations on an aggregated, single-segment basis for purposes of assessing performance and making operating decisions and, accordingly, have only one reporting and operating segment. |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which was amended in March 2016 by ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" ("ASU 2016-08"), in April 2016 by ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" ("ASU 2016-10"), in May 2016 by ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" ("ASU 2016-12"), and in December 2016 by ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers" ("ASU 2016-20"). ASU 2014-09, as amended, supersedes or replaces nearly all GAAP revenue recognition guidance and establishes a new, control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. In July 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09, as amended. ASU 2014-09, as amended, is now effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted for annual reporting periods beginning after December 15, 2016, and interim periods within those years. We are currently assessing the impact of ASU 2014-09, as amended; however, we do not anticipate a material impact on our results of operations or financial condition, as the primary impact of this update is related to common area maintenance and other material tenant reimbursements. The majority of our revenue is from rental income pursuant to net-lease agreements, with very little being attributed to tenant recoveries. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern through one year after the date that the financial statements are issued and to provide certain disclosures if it is probable that the entity will be unable to meet its obligations as they become due. ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Since this guidance is primarily around certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. We are currently assessing the additional disclosure requirements. In April 2015, the FASB issued ASU 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 requires the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred financing cost. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, and we adopted this provision during the three months ended March 31, 2016. As of December 31, 2016 , and 2015 , we had unamortized deferred financing costs related to mortgage notes and bonds payable of approximately $1.4 million and $1.1 million , respectively, which costs have been reclassified from Deferred financing costs, net, as reported on the Consolidated Balance Sheet as of December 31, 2015 , in the 2015 Form 10-K, to Mortgage notes and bonds payable, net on the accompanying Consolidated Balance Sheets. All periods presented have been retroactively adjusted. The following table summarizes the retrospective adjustment and the overall impact on the previously-reported consolidated financial statements: As of December 31, 2015 As Previously Retrospective Deferred financing costs related to mortgage notes and bonds payable (1) $ 1,054,222 $ — Mortgage notes and bonds payable, net 142,633,157 141,578,935 (1) Included as part of Deferred financing costs, net, as reported on the Consolidated Balance Sheet in the Form 10-K. In August 2015, the FASB issued ASU 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. As of December 31, 2016 , and 2015 , we had unamortized deferred financing costs of approximately $0.2 million and $0.1 million , respectively, related to our line of credit, and we will continue to present debt issuance costs related to line of credit arrangements as an asset on the accompanying Consolidated Balance Sheets. On January 1, 2016, we adopted accounting guidance under Accounting Standards Codification (“ASC”) Topic 810, “Consolidations: Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,” (“ASC 810”), which modifies the analysis we must perform to determine whether we should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities (“VIEs”) or voting interest model entities, but it modifies the requirements to qualify as a voting interest model entity. Under the revised guidance, our Operating Partnership qualifies as a VIE; however, as we consolidate the Operating Partnership in our balance sheets, the identification of our Operating Partnership as a VIE has no impact on our consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest model entities under prior existing guidance determined to be VIEs under the revised guidance. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): An Amendment of the FASB Accounting Standards Codification” (“ASU 2016-02”). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the leases is effectively a financed purchase by the lessee, which classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis, respectively, over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of the classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leasing standard, ASC 840, “Leases,” and is effective on January 1, 2019, with early adoption permitted. We expect our legal expenses to increase marginally, as the new standard requires us to expense indirect leasing costs that were previously capitalized; however, we do not expect ASU 2016-02 to materially impact our consolidated financial statements, as we do not currently have any lease arrangements for which we are the lessee. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2016-15"), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We are currently assessing the impact of ASU 2016-15 and do not anticipate a material impact on our statements of cash flows. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions and disposals. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods withing those fiscal years, with early adoption permitted. We have decided to early adopt ASU 2017-01, effective October 1, 2016. As a result of our adoption of ASU 2017-01, we anticipate that most of our farmland acquisitions will be treated as asset acquisitions under ASC 360, which will result in lower acquisition-related expenses, as the majority of those costs will be capitalized and included as part of the fair value allocation of the purchase price. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 is provided in the following table: 2016 2015 2014 Effective U.S. statutory federal income tax rate (1) — % — % — % State taxes, net of U.S. federal income tax benefit (2) — % — % 26.9 % Other adjustments — % — % — % Effective tax rate — % — % 26.9 % (1) Net of the effect of the the dividends paid deduction. (2) State tax adjustments made to the 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers. |
Retrospective Adjustment and Overall Impact on Previously-Reported Consolidated Financial Statements | The following table summarizes the retrospective adjustment and the overall impact on the previously-reported consolidated financial statements: As of December 31, 2015 As Previously Retrospective Deferred financing costs related to mortgage notes and bonds payable (1) $ 1,054,222 $ — Mortgage notes and bonds payable, net 142,633,157 141,578,935 (1) Included as part of Deferred financing costs, net, as reported on the Consolidated Balance Sheet in the Form 10-K. |
Real Estate and Lease Intangi21
Real Estate and Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Summary Information of Farms | The following table provides certain summary information about our 58 farms as of December 31, 2016 : Property Name Location Date No. of Total Farm Lease Net Cost (1) Encumbrances (2) San Andreas Watsonville, CA 6/16/1997 1 307 238 12/31/2020 $ 4,747,051 $ 6,917,247 West Gonzales Oxnard, CA 9/15/1998 1 653 502 6/30/2020 12,030,677 26,956,919 West Beach Watsonville, CA 1/3/2011 3 196 195 12/31/2023 9,270,197 6,032,246 Dalton Lane Watsonville, CA 7/7/2011 1 72 70 10/31/2020 2,672,113 2,085,347 Keysville Road Plant City, FL 10/26/2011 2 61 56 6/30/2020 1,239,052 897,600 Colding Loop Wimauma, FL 8/9/2012 1 219 181 8/4/2017 3,837,942 2,640,000 Trapnell Road Plant City, FL 9/12/2012 3 124 110 6/30/2017 (3) 3,808,117 2,389,500 38th Avenue Covert, MI 4/5/2013 1 119 89 4/4/2020 1,236,907 543,207 Sequoia Street Brooks, OR 5/31/2013 1 218 206 5/31/2028 3,073,737 1,705,915 Natividad Road Salinas, CA 10/21/2013 1 166 166 10/31/2024 8,914,338 4,323,279 20th Avenue South Haven, MI 11/5/2013 3 151 94 11/4/2018 1,813,535 914,501 Broadway Road Moorpark, CA 12/16/2013 1 60 46 12/15/2023 2,870,878 1,698,795 Oregon Trail Echo, OR 12/27/2013 1 1,895 1,640 12/31/2023 13,972,826 8,137,938 East Shelton Willcox, AZ 12/27/2013 1 1,761 1,320 2/29/2024 7,681,498 4,236,814 Collins Road Clatskanie, OR 5/30/2014 2 200 157 9/30/2024 2,314,502 1,556,381 Spring Valley Watsonville, CA 6/13/2014 1 145 110 9/30/2022 5,716,822 3,522,201 McIntosh Road Dover, FL 6/20/2014 2 94 78 6/30/2017 (4) 2,428,657 1,439,640 Naumann Road Oxnard, CA 7/23/2014 1 68 66 7/31/2017 6,752,465 3,524,744 Sycamore Road Arvin, CA 7/25/2014 1 326 322 10/31/2024 6,810,009 3,933,167 Wauchula Road Duette, FL 9/29/2014 1 808 590 9/30/2024 13,318,605 7,329,863 Santa Clara Avenue Oxnard, CA 10/29/2014 2 333 331 7/31/2017 24,099,573 13,732,770 Dufau Road Oxnard, CA 11/4/2014 1 65 64 11/3/2017 6,001,644 3,675,000 Espinosa Road Salinas, CA 1/5/2015 1 331 329 10/31/2020 16,062,427 10,178,000 Parrish Road Duette, FL 3/10/2015 1 419 412 6/30/2025 4,094,292 2,374,680 Immokalee Exchange Immokalee, FL 6/25/2015 2 2,678 1,644 6/30/2020 15,408,261 9,360,000 Holt County Stuart, NE 8/20/2015 1 1,276 1,052 12/31/2018 5,404,736 3,301,000 Rock County Bassett, NE 8/20/2015 1 1,283 1,049 12/31/2018 5,384,329 3,301,000 Bear Mountain Arvin, CA 9/3/2015 3 854 841 1/9/2031 26,837,231 11,279,182 Corbitt Road Immokalee, FL 11/2/2015 1 691 390 12/31/2021 3,733,152 2,165,760 Reagan Road Willcox, AZ 12/22/2015 1 1,239 875 12/31/2025 5,717,113 3,210,000 Gunbarrel Road Alamosa, CO 3/3/2016 3 6,191 4,730 2/28/2021 (5) 24,704,494 15,303,500 Calaveras Avenue Coalinga, CA 4/5/2016 1 453 435 10/31/2025 15,187,423 9,161,418 Orange Avenue Fort Pierce, FL 7/1/2016 1 401 400 6/30/2023 5,088,923 3,072,602 Lithia Road Lithia, FL 8/11/2016 1 72 55 5/31/2021 1,694,521 1,020,000 Baca County Edler, CO 9/1/2016 5 7,384 6,785 12/31/2020 6,381,955 3,051,727 Diego Ranch Stanislaus, CA 9/14/2016 1 1,357 1,309 11/15/2019 13,999,584 7,273,282 Nevada Ranch Merced, CA 9/14/2016 1 1,130 1,021 11/15/2019 13,234,157 6,713,799 Central Avenue Kerman, CA 10/13/2016 1 197 195 10/31/2026 6,491,229 3,900,000 Horse Creek Baca, CO 12/28/2016 1 16,595 11,742 12/31/2020 11,711,818 5,900,005 58 50,592 39,895 $ 325,746,790 $ 208,759,029 (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 Investments in 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) Excludes approximately $1.4 million of deferred financing costs related to mortgage notes and bonds payable included in Mortgage notes and bonds payable, net on the accompanying Consolidated Balance Sheet. (3) There are three agricultural leases and one commercial lease on this property. Each of the agricultural leases expires on June 30, 2017 , and the commercial lease expires on June 30, 2018 . (4) There are two leases in place on this property, one expiring on June 30, 2017 , and the other expiring on June 30, 2019 . (5) The lease agreement on this property includes two terms. The rental period for the land expires on February 28, 2021 , and the rental period for the facilities expires on June 30, 2021 . |
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, 2016 and 2015 : December 31, 2016 December 31, 2015 Real estate: Land and land improvements $ 265,984,509 $ 192,020,381 Irrigation systems 33,968,693 21,849,508 Buildings and improvements 14,670,759 11,184,647 Horticulture 17,759,193 1,490,695 Other site improvements 4,993,440 1,872,606 Real estate, at cost 337,376,594 228,417,837 Accumulated depreciation (11,065,973 ) (6,634,412 ) Real estate, net $ 326,310,621 $ 221,783,425 |
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, 2016 and 2015 : December 31, 2016 December 31, 2015 Lease intangibles: In-place leases $ 1,480,842 $ 1,225,955 Leasing costs 1,086,582 677,112 Tenant relationships 705,955 886,743 Lease intangibles, at cost 3,273,379 2,789,810 Accumulated amortization (1,273,606 ) (1,026,269 ) Lease intangibles, net $ 1,999,773 $ 1,763,541 The following table summarizes the carrying values of certain lease intangible assets or liabilities included in Other assets and Other liabilities, respectively, on the accompanying Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of December 31, 2016 , and 2015 . December 31, 2016 December 31, 2015 Intangible Asset or Liability Deferred Rent Asset (Liability) Accumulated (Amortization) Accretion Deferred Rent Asset (Liability) Accumulated (Amortization) Accretion Above-market lease values (1) $ 19,528 $ (14,050 ) $ 19,528 $ (7,540 ) Below-market lease values and deferred revenue (2) (785,045 ) 61,389 (202,579 ) 23,205 $ (765,517 ) $ 47,339 $ (183,051 ) $ 15,665 (1) Above-market lease values are included as part of Other assets in the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of rental income. (2) Below-market lease values and deferred revenue are included as a part of Other liabilities in the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to rental income. |
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 Amortization Expense Estimated Net Increase to Rental Income For the fiscal years ending December 31: 2017 $ 492,153 $ 58,294 2018 392,191 52,815 2019 354,790 58,294 2020 265,599 58,294 2021 100,113 57,193 Thereafter 394,927 433,288 $ 1,999,773 $ 718,178 |
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, 2016 and 2015 : Weighted-Average Amortization Period (in Years) Intangible Assets and Liabilities 2016 2015 In-place leases 8.7 4.1 Leasing costs 11.6 5.5 Tenant relationships 0.0 9.5 Below-market lease and sale inducement values 20.9 6.2 All intangible assets and liabilities 14.2 6.2 |
Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired | For the Years Ended December 31, 2016 2015 (Unaudited) (Unaudited) Operating Data: Total operating revenue $ 18,205,615 $ 13,552,489 Net income (loss) attributable to the company 900,749 (418,776 ) Share and Per-share Data: Earnings (loss) per share of common stock – basic and diluted $ 0.09 $ (0.05 ) Weighted-average common shares outstanding – basic and diluted 10,007,350 8,639,397 |
Summary of Future Lease Expirations by Year for Properties | The following unaudited table summarizes the future lease expirations by year for our properties as of December 31, 2016 : Year Number of Expiring % of Rental Revenue % of Total 2017 11 (1) 866 1.7 % $ 2,296,025 13.3 % 2018 4 2,710 5.4 % 825,485 4.8 % 2019 3 2,524 5.0 % 419,740 2.4 % 2020 9 28,200 55.7 % 5,247,810 30.3 % 2021 4 6,954 13.7 % 1,606,592 9.3 % 2022 1 145 0.3 % 315,896 1.8 % Thereafter 15 9,193 18.2 % 6,593,921 38.1 % Totals 47 50,592 100.0 % $ 17,305,469 100.0 % (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 $32,109 of rental revenue during the year ended December 31, 2016 |
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, 2016 , are as follows: Tenant Lease Period Payments For the fiscal years ending December 31: 2017 $ 16,356,193 2018 17,404,173 2019 16,911,432 2020 14,679,754 2021 9,067,911 Thereafter 46,168,102 $ 120,587,565 |
Summary of Geographic Locations of Properties | The following unaudited table summarizes the geographic locations, by state, of our properties with leases in place as of December 31, 2016 and 2015 : As of and For the Year Ended December 31, 2016 As of and For the Year Ended December 31, 2015 State Number Total % of Rental % of Total Number Total % of Rental % of Total California 22 6,713 13.3 % $ 9,829,177 56.8 % 18 3,576 21.3 % $ 7,754,945 65.2 % Florida 15 5,567 11.0 % 3,293,475 19.0 % 13 5,092 30.3 % 2,166,660 18.2 % Colorado 9 30,170 59.6 % 1,452,581 8.4 % — — — % — — % Oregon 4 2,313 4.6 % 1,171,887 6.8 % 4 2,313 13.8 % 1,168,725 9.8 % Arizona 2 3,000 5.9 % 729,232 4.2 % 2 3,000 17.8 % 338,446 2.9 % Nebraska 2 2,559 5.1 % 579,630 3.4 % 2 2,559 15.2 % 211,908 1.8 % Michigan 4 270 0.5 % 249,487 1.4 % 4 270 1.6 % 247,407 2.1 % 58 50,592 100.0 % $ 17,305,469 100.0 % 43 16,810 100.0 % $ 11,888,091 100.0 % |
2016 New Real Estate Activity | |
Property, Plant and Equipment [Line Items] | |
Summary Information of Farms | During the year ended December 31, 2016 , we acquired 15 new farms in nine separate transactions, which are summarized in the table below. Property Property Acquisition Total No. of Primary Lease Renewal Total Acquisition Annualized (1) New Gunbarrel Road (2) Alamosa, CO 3/3/2016 6,191 3 Organic Potatoes 5 years 1 (5 years) $ 25,735,815 $ 119,085 (3) $ 1,590,614 $ 15,531,000 Calaveras Avenue Coalinga, CA 4/5/2016 453 1 Pistachios 10 years 1 (5 years) 15,470,000 38,501 (4) 773,500 (5) 9,282,000 Orange Avenue Fort Pierce, FL 7/1/2016 401 1 Vegetables 7 years 2 (7 years) 5,100,000 37,615 (4) 291,173 3,120,000 Lithia Road Plant City, FL 8/11/2016 72 1 Strawberries 5 years None 1,700,000 38,296 (3) 97,303 1,020,000 Baca County (6) Edler, CO 9/1/2016 7,384 5 Grass Hay 4 years 1 (5 years) 6,322,853 72,558 (4) 383,734 — Diego Ranch (7) Stanislaus, CA 9/14/2016 1,357 1 Almonds 3 years 3 (5 years) & 1 (3 years) 13,996,606 63,909 (3) 621,092 — Nevada Ranch Merced, CA 9/14/2016 1,130 1 Almonds 3 years 3 (5 years) & 1 (3 years) 13,231,832 41,650 (3) 574,256 — Central Avenue Kerman, CA 10/13/2016 197 1 Almonds 10 years 2 (5 years) 6,500,000 29,284 (4) 325,032 3,900,000 Horse Creek (8) Baca, CO 12/28/2016 16,595 1 Grass Hay 4 years 1 (5 years) 11,664,849 54,644 (4) 716,967 — 33,780 15 $ 99,721,955 $ 495,542 $ 5,373,671 $ 32,853,000 (1) Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP. (2) As partial consideration for the acquisition of this property, we issued 745,879 OP Units, constituting an aggregate fair value of approximately $6.5 million as of the acquisition date. We incurred $25,500 of legal costs in connection with the issuance of these OP Units. (3) Acquisition accounted for as a business combination under ASC 805. In aggregate, $9,520 of these costs related to direct leasing costs incurred in connection with these acquisitions. (4) Acquisition accounted for as an asset acquisition under ASC 360. (5) Lease provides for a variable rent component based on the gross crop revenues earned on the property. The figure above represents only the minimum cash rents guaranteed under the lease. (6) As partial consideration for the acquisition of this property, we issued 125,677 Units, constituting an aggregate fair value of approximately $1.5 million as of the acquisition date. We incurred $8,235 of legal costs in connection with the issuance of these OP Units. (7) As partial consideration for the acquisition of this property, we issued 343,750 OP Units, constituting an aggregate fair value of approximately $3.9 million as of the acquisition date. We incurred $21,710 of legal costs in connection with the issuance of these OP Units. (8) As partial consideration for the acquisition of this property, we issued 233,952 OP Units, constituting an aggregate fair value of approximately $2.6 million as of the acquisition date. We incurred $7,675 of legal costs in connection with the issuance of these OP Units. |
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | The preliminary allocation of the purchase price for the farms acquired during the year ended December 31, 2016 , are as follows: Property Name Land and Land Improvements Buildings Irrigation Systems Other Improvements Horticulture In-place Leases Leasing Costs Above (Below)- Market Leases Total Purchase Price Gunbarrel Road $ 16,755,814 $ 3,438,291 $ 2,830,738 $ 2,079,102 $ — $ 381,977 $ 249,893 $ — $ 25,735,815 Calaveras Avenue 3,615,436 — 424,112 — 11,430,452 — — — 15,470,000 Orange Avenue 4,135,741 29,777 934,482 — — — — — 5,100,000 Lithia Road 1,461,090 10,656 213,325 — — 7,739 16,265 (9,075 ) 1,700,000 Baca County 6,111,287 211,566 — — — — — — 6,322,853 Diego Ranch 14,114,337 — 45,465 — — 58,445 94,806 (316,447 ) 13,996,606 Nevada Ranch 12,844,650 — 504,445 — — 53,197 86,483 (256,943 ) 13,231,832 Central Avenue 2,924,232 — 138,237 — 3,437,531 — — — 6,500,000 Horse Creek 11,388,317 — 108,027 168,505 — — — — 11,664,849 $ 73,350,904 $ 3,690,290 $ 5,198,831 $ 2,247,607 $ 14,867,983 $ 501,358 $ 447,447 $ (582,465 ) $ 99,721,955 |
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, 2016 : For the year ended December 31, 2016 Property Name Acquisition Date Operating Earnings (1) Gunbarrel Road 3/3/2016 $ 1,316,960 $ (210,622 ) Calaveras Avenue 4/5/2016 570,615 (6,745 ) Orange Avenue 7/1/2016 145,587 31,442 Lithia Road 8/11/2016 37,927 (16,741 ) Baca County 9/1/2016 127,911 122,687 Diego Ranch 9/14/2016 186,328 141,404 Nevada Ranch 9/14/2016 172,277 128,093 Central Avenue 10/13/2016 70,773 (927 ) Horse Creek 12/28/2016 7,709 7,709 $ 2,636,087 $ 196,300 (1) In aggregate, includes $206,210 of non-recurring acquisition-related costs during the year ended December 31, 2016 . |
2015 New Real Estate Activity | |
Property, Plant and Equipment [Line Items] | |
Summary Information of Farms | During the year ended December 31, 2015 , we acquired 11 new farms in eight separate transactions, which are summarized in the table below. Property Name Property Location Acquisition Date Total Acreage No. of Farms Primary Crop(s) Lease Term Renewal Options Total Purchase Price Acquisition Costs Annualized Straight-line Rent (1) Net Long-term Debt Issued 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) 15,757,700 152,571 (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 15.4 years 1 (10 years) 18,922,500 117,742 (4) 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 77,259 (4) 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 44,871 (4) 319,240 3,891,000 8,771 11 $ 75,966,980 $ 641,116 $ 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 was fully credited back to us by our Adviser during the three months ended March 31, 2015. See Note 6, “Related- Party Transactions” for further discussion on this fee. (3) Acquisition accounted for as a business combination under ASC 805. In aggregate, we incurred $11,825 of direct leasing costs in connection with these acquisitions. (4) Acquisition accounted for as an asset acquisition under ASC 360. |
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 Improvements Buildings and Improvements Irrigation System In-place Leases Leasing Costs Tenant Relationships Above (Below)- Market Leases & (Deferred Revenue) Total Purchase Price 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 Date Operating Revenues Earnings (1) Espinosa Road 1/5/2015 $ 769,972 $ (33,169 ) Parrish Road 3/10/2015 203,341 (105,830 ) Immokalee Exchange 6/25/2015 480,052 40,504 Holt County 8/20/2015 105,954 24,716 Rock County 8/20/2015 105,954 19,153 Bear Mountain 9/3/2015 271,599 249,958 Corbitt Road 11/2/2015 29,970 (13,434 ) Reagan Road 12/22/2015 8,582 507 $ 1,975,424 $ 182,405 (1) In aggregate, includes $388,594 of non-recurring acquisition-related costs during the year ended December 31, 2015 . |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Borrowings | Our borrowings as of December 31, 2016 and 2015 are summarized below: Carrying Value as of As of December 31, 2016 December 31, 2016 December 31, 2015 Stated Interest Rates (1) (Range; Wtd Avg) Maturity Dates (Range; Wtd Avg) Mortgage notes and bonds payable: Fixed-rate mortgage notes payable $ 142,860,529 $ 107,423,157 2.90%–3.94%; 3.25% 5/1/2020–11/1/2041; June 2030 Variable-rate mortgage notes payable — 2,185,000 N/A N/A Fixed-rate bonds payable 49,348,500 33,025,000 2.38%–3.29%; 2.94% 7/30/2018–8/22/2023; October 2020 Total mortgage notes and bonds payable 192,209,029 142,633,157 Deferred financing costs – mortgage notes and bonds payable (1,412,017 ) (1,054,222 ) N/A N/A Mortgage notes and bonds payable, net $ 190,797,012 $ 141,578,935 Variable-rate revolving lines of credit $ 16,550,000 $ 100,000 3.11% 4/5/2024 Total borrowings, net $ 207,347,012 $ 141,678,935 (1) Where applicable, stated interest rates are before interest patronage (as described below). |
Principal Payments of Aggregate Borrowings | Scheduled principal payments of our aggregate mortgage notes and bonds payable as of December 31, 2016 , for the succeeding years are as follows: Period Scheduled Principal Payments For the fiscal years ending December 31: 2017 $ 5,319,053 2018 21,299,607 2019 8,903,854 2020 18,575,013 2021 5,026,008 Thereafter 133,085,494 $ 192,209,029 |
MetLife Credit Facility | |
Summary of Borrowings | The following table summarizes the terms of the New MetLife Facility as of December 31, 2016 : Issuance Aggregate Commitment Maturity Dates Principal Outstanding Interest Rate Terms Undrawn Commitment MetLife Term Notes $150,000,000 (1) 1/5/2029 $ 107,489,466 3.16%, fixed for 10 years (2) $ 40,979,806 (3) MetLife Lines of Credit 50,000,000 4/5/2024 16,550,000 3-month LIBOR + 2.25% (4) 33,450,000 (3) Total principal outstanding $ 124,039,466 (1) If the aggregate commitment under this facility is not fully utilized by December 31, 2018 , MetLife has the option to be relieved of its obligations to disburse the additional funds under the MetLife Term Notes. (2) Represents the blended interest rate as of December 31, 2016 . Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027 . Through December 31, 2018 , the MetLife Term Notes are also subject to an unused fee of 0.20% on undrawn amounts. (3) Based on the properties that were pledged as collateral under the New MetLife Facility, as of December 31, 2016 , the maximum additional amount we could draw under the facility was approximately $22.3 million . (4) The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50% , plus an unused fee of 0.20% on undrawn amounts. The interest rate spread will be subject to adjustment on October 5, 2019 . As of December 31, 2016 , the interest rate on the MetLife Lines of Credit was 3.11% |
Farm Credit Notes Payable | |
Summary of Borrowings | During the year ended December 31, 2016 , we entered into one loan agreement with Farm Credit CFL, the terms of which are summarized below: Date of Issuance Loan Amount Maturity Date Principal Amortization Interest Rate Terms (1) 7/1/2016 $ 3,120,000 (2) 6/1/2023 36.0 years 3.78%, fixed throughout term (1) Rates represent the stated interest rates, before interest patronage. 2015 interest patronage received resulted in a 16.1% refund of the interest accrued on such borrowings during the year ended December 31, 2015 . (2) Proceeds from this loan were used for the acquisition of a new property. The following table summarizes, in the aggregate, the terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of December 31, 2016 : Dates of Issuance Maturity Dates Principal Outstanding Stated Interest Rate (1) 9/19/2014 – 7/1/2016 5/1/2020–10/1/2040 $ 22,309,645 3.48% (2) (1) Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016 . (2) Rate is before interest patronage. 2015 interest patronage received resulted in a 16.1% reduction to the stated interest rate on such borrowings |
Farm Credit West Note Payable | |
Summary of Borrowings | During the year ended December 31, 2016 , we entered into two separate loan agreements with Farm Credit West, the terms of which are summarized in the aggregate below: Dates of Issuance Loan Amount Maturity Dates Principal Amortization Interest Rate Terms (1) 4/4/2016 $ 9,282,000 (2) 11/1/2040 24.5 years 3.54%, fixed through 4/30/2121, variable thereafter (1) Rates represent the stated interest rates, before interest patronage. (2) Proceeds from this note were used for the acquisition of a new property. The following table summarizes, in the aggregate, the terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of December 31, 2016 : Dates of Issuance Maturity Dates Principal Outstanding Stated Interest Rate (1) 4/4/2016 – 10/13/2016 11/1/2040-11/1/2041 $ 13,061,418 3.66% (2) (1) Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016 . (2) Rate is before interest patronage |
Farmer Mac Facility | |
Summary of Borrowings | During the year ended December 31, 2016 , we issued three bonds for gross proceeds of approximately $16.6 million , the terms of which are summarized in the aggregate in the table below: Dates of Issuance Gross Proceeds Maturity Dates Principal Amortization Interest Rate Terms 3/3/2016–8/22/2016 $ 16,551,000 (1) 2/24/2023–8/22/2023 None–9.7 years 2.87%–3.08%, fixed throughout respective terms (1) Proceeds from these bonds were used for the acquisition of new properties. The following table summarizes, in the aggregate, the terms of the nine bonds outstanding under the Farmer Mac Facility as of December 31, 2016 : Dates of Issuance Initial Commitment Maturity Dates Principal Outstanding Stated Interest Rate (1) Undrawn Commitment 12/11/2014–8/22/2016 $125,000,000 (2) 7/30/2018–8/22/2023 $ 49,348,500 2.94% $ 74,743,000 (3) (1) Represents the weighted-average interest rate as of December 31, 2016 . (2) If facility is not fully utilized by December 11, 2018 , Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility. (3) As of December 31, 2016 , there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral. |
Mandatorily-Redeemable Prefer23
Mandatorily-Redeemable Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Dividends Declared by the Board of Directors | The dividends to preferred stockholders declared by our Board of Directors and paid by us during the year ended December 31, 2016 , are reflected in the table below: Declaration Date Record Date Payment Date Dividend per Preferred Share September 12, 2016 September 21, 2016 September 30, 2016 $ 0.190364583 (1) October 11, 2016 October 21, 2016 October 31, 2016 0.132812500 October 11, 2016 November 17, 2016 November 30, 2016 0.132812500 October 11, 2016 December 20, 2016 December 30, 2016 0.132812500 Year ended December 31, 2016 $ 0.588802083 (1) Represents the cumulative dividend from (but excluding) the date of original issuance through the month ended September 30, 2016. The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2016 , 2015 and 2014 are reflected in the table below. Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share 2016 January 12, 2016 January 22, 2016 February 2, 2016 $ 0.04000 January 12, 2016 February 18, 2016 February 29, 2016 0.04000 January 12, 2016 March 21, 2016 March 31, 2016 0.04000 April 12, 2016 April 22, 2016 May 2, 2016 0.04125 April 12, 2016 May 19, 2016 May 31, 2016 0.04125 April 12, 2016 June 17, 2016 June 30, 2016 0.04125 July 12, 2016 July 22, 2016 August 2, 2016 0.04125 July 12, 2016 August 22, 2016 August 31, 2016 0.04125 July 12, 2016 September 21, 2016 September 30, 2016 0.04125 October 11, 2016 October 21, 2016 October 31, 2016 0.04250 October 11, 2016 November 17, 2016 November 30, 2016 0.04250 October 11, 2016 December 20, 2016 December 30, 2016 0.04250 Year ended December 31, 2016 $ 0.49500 2015 January 13, 2015 January 23, 2015 February 3, 2015 $ 0.03500 January 13, 2015 February 18, 2015 February 27, 2015 0.03500 January 13, 2015 March 20, 2015 March 31, 2015 0.03500 April 14, 2015 April 24, 2015 May 4, 2015 0.04000 April 14, 2015 May 19, 2015 May 28, 2015 0.04000 April 14, 2015 June 19, 2015 June 30, 2015 0.04000 July 14, 2015 July 24, 2015 August 4, 2015 0.04000 July 14, 2015 August 20, 2015 August 31, 2015 0.04000 July 14, 2015 September 21, 2015 September 30, 2015 0.04000 October 13, 2015 October 26, 2015 October 29, 2015 0.04000 October 13, 2015 November 17, 2015 November 24, 2015 0.04000 October 13, 2015 December 18, 2015 December 31, 2015 0.04000 Year ended December 31, 2015 $ 0.46500 2014 January 7, 2014 January 22, 2014 January 31, 2014 $ 0.03000 January 7, 2014 February 19, 2014 February 28, 2014 0.03000 January 7, 2014 March 17, 2014 March 31, 2014 0.03000 April 8, 2014 April 21, 2014 April 30, 2014 0.03000 April 8, 2014 May 20, 2014 May 30, 2014 0.03000 April 8, 2014 June 19, 2014 June 30, 2014 0.03000 July 15, 2014 July 25, 2014 August 5, 2014 0.03000 July 15, 2014 August 20, 2014 August 29, 2014 0.03000 July 15, 2014 September 19, 2014 September 30, 2014 0.03000 October 7, 2014 October 22, 2014 October 31, 2014 0.03000 October 7, 2014 November 17, 2014 November 26, 2014 0.03000 October 7, 2014 December 19, 2014 December 31, 2014 0.03000 Year ended December 31, 2014 $ 0.36000 During the years ended December 31, 2016 , 2015 and 2014 , we paid aggregate distributions to common stockholders of approximately $5.0 million , $4.1 million and $2.5 million , respectively. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Management fee (1)(2) $ 1,541,768 $ 1,343,384 $ 1,079,534 Incentive fee (1)(2) 349,550 — — Credits from voluntary, irrevocable waiver by Adviser’s board of directors (2)(3) — (320,905 ) — Net fees due to our Adviser $ 1,891,318 $ 1,022,479 $ 1,079,534 Administration fee (1)(2) $ 771,255 $ 679,590 $ 442,584 (1) Pursuant to the Advisory and Administration Agreements, respectively. (2) Reflected as a line item on our accompanying Consolidated Statements of Operations. (3) The credit received from our Adviser for the three months ended March 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. |
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 as of December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 Management fee due to Adviser $ 383,452 $ 362,373 Incentive fee due to Adviser 168,627 — Other due to Adviser (1) 2,304 13,140 Total due to Adviser 554,383 375,513 Administration fee due to Administrator 202,381 190,080 Other due from Administrator (1) (5,968 ) — Total due to Administrator 196,413 190,080 Total due to related parties (2) $ 750,796 $ 565,593 (1) Other fees due to or from related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf or by us on our Adviser's or Administrator's behalf. (2) Reflected as a line item on our accompanying Consolidated Balance Sheets. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Monthly Distributions Declared and Paid by Company's Board of Directors | The dividends to preferred stockholders declared by our Board of Directors and paid by us during the year ended December 31, 2016 , are reflected in the table below: Declaration Date Record Date Payment Date Dividend per Preferred Share September 12, 2016 September 21, 2016 September 30, 2016 $ 0.190364583 (1) October 11, 2016 October 21, 2016 October 31, 2016 0.132812500 October 11, 2016 November 17, 2016 November 30, 2016 0.132812500 October 11, 2016 December 20, 2016 December 30, 2016 0.132812500 Year ended December 31, 2016 $ 0.588802083 (1) Represents the cumulative dividend from (but excluding) the date of original issuance through the month ended September 30, 2016. The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2016 , 2015 and 2014 are reflected in the table below. Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share 2016 January 12, 2016 January 22, 2016 February 2, 2016 $ 0.04000 January 12, 2016 February 18, 2016 February 29, 2016 0.04000 January 12, 2016 March 21, 2016 March 31, 2016 0.04000 April 12, 2016 April 22, 2016 May 2, 2016 0.04125 April 12, 2016 May 19, 2016 May 31, 2016 0.04125 April 12, 2016 June 17, 2016 June 30, 2016 0.04125 July 12, 2016 July 22, 2016 August 2, 2016 0.04125 July 12, 2016 August 22, 2016 August 31, 2016 0.04125 July 12, 2016 September 21, 2016 September 30, 2016 0.04125 October 11, 2016 October 21, 2016 October 31, 2016 0.04250 October 11, 2016 November 17, 2016 November 30, 2016 0.04250 October 11, 2016 December 20, 2016 December 30, 2016 0.04250 Year ended December 31, 2016 $ 0.49500 2015 January 13, 2015 January 23, 2015 February 3, 2015 $ 0.03500 January 13, 2015 February 18, 2015 February 27, 2015 0.03500 January 13, 2015 March 20, 2015 March 31, 2015 0.03500 April 14, 2015 April 24, 2015 May 4, 2015 0.04000 April 14, 2015 May 19, 2015 May 28, 2015 0.04000 April 14, 2015 June 19, 2015 June 30, 2015 0.04000 July 14, 2015 July 24, 2015 August 4, 2015 0.04000 July 14, 2015 August 20, 2015 August 31, 2015 0.04000 July 14, 2015 September 21, 2015 September 30, 2015 0.04000 October 13, 2015 October 26, 2015 October 29, 2015 0.04000 October 13, 2015 November 17, 2015 November 24, 2015 0.04000 October 13, 2015 December 18, 2015 December 31, 2015 0.04000 Year ended December 31, 2015 $ 0.46500 2014 January 7, 2014 January 22, 2014 January 31, 2014 $ 0.03000 January 7, 2014 February 19, 2014 February 28, 2014 0.03000 January 7, 2014 March 17, 2014 March 31, 2014 0.03000 April 8, 2014 April 21, 2014 April 30, 2014 0.03000 April 8, 2014 May 20, 2014 May 30, 2014 0.03000 April 8, 2014 June 19, 2014 June 30, 2014 0.03000 July 15, 2014 July 25, 2014 August 5, 2014 0.03000 July 15, 2014 August 20, 2014 August 29, 2014 0.03000 July 15, 2014 September 19, 2014 September 30, 2014 0.03000 October 7, 2014 October 22, 2014 October 31, 2014 0.03000 October 7, 2014 November 17, 2014 November 26, 2014 0.03000 October 7, 2014 December 19, 2014 December 31, 2014 0.03000 Year ended December 31, 2014 $ 0.36000 During the years ended December 31, 2016 , 2015 and 2014 , we paid aggregate distributions to common stockholders of approximately $5.0 million , $4.1 million and $2.5 million , respectively. |
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 Income Return of Capital Long-term Capital Gain 2016 30.65818 % 69.34182 % 0.00000 % 2015 62.29540 % 37.34781 % 0.35679 % 2014 95.66078 % 4.33922 % 0.00000 % |
Earnings (Loss) Per Share of 26
Earnings (Loss) Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 , computed using the weighted-average number of shares outstanding during the respective periods. The non-controlling limited partners' outstanding OP Units (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the non-controlling limited partners' share of income (loss) would also be added back to (subtracted from) net income (loss). Net income (loss) figures are presented net of non-controlling interests in the earnings (loss) per share calculation. 2016 2015 2014 Net income (loss) attributable to the Company $ 448,102 $ 568,545 $ (125,133 ) Weighted average number of common shares outstanding – basic and diluted 10,007,350 8,639,397 6,852,917 Earnings (loss) per common share – basic and diluted $ 0.04 $ 0.07 $ (0.02 ) |
Quarterly Financial Informati27
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : Fiscal Year 2016: Quarter Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Operating revenues $ 3,682,677 $ 4,244,441 $ 4,469,174 $ 4,920,325 Operating expenses (2,282,477 ) (2,650,404 ) (2,663,340 ) (2,663,809 ) Other expenses (1,160,208 ) (1,478,177 ) (1,771,233 ) (2,173,481 ) Net income 239,992 115,860 34,601 83,035 Less net income attributable to non-controlling interests (5,576 ) (8,047 ) (2,718 ) (9,045 ) Net income attributable to the Company $ 234,416 $ 107,813 $ 31,883 $ 73,990 Earnings per weighted average common shares – basic and diluted $ 0.02 $ 0.01 $ — $ 0.01 Weighted average common shares outstanding – basic and diluted 9,992,941 9,992,941 10,018,331 10,024,875 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 (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 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On January 10, 2017 , our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Dividends per Series A Term Preferred Share January 20, 2017 January 31, 2017 $ 0.04300 $ 0.1328125 February 16, 2017 February 28, 2017 0.04300 0.1328125 March 22, 2017 March 31, 2017 0.04300 0.1328125 Total: $ 0.12900 $ 0.3984375 |
Business and Organization - Add
Business and Organization - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Gladstone Land Limited Partnership | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Company's ownership percent of voting securities of Land Advisers | 87.40% | 100.00% |
Gladstone Land Advisers, Inc. | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Company's ownership percent of voting securities of Land Advisers | 100.00% | |
Fees related to leasing of real estate or ancillary services | $ 0 | |
Maryland | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Company re-incorporated date | Mar. 24, 2011 | |
Delaware | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Company re-incorporated date | May 25, 2004 | |
California | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Company originally incorporated date | Jun. 14, 1997 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2014property | Jun. 30, 2014Property | Dec. 31, 2016USD ($)propertysegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of properties damaged | 2 | 2 | |||
Impairments recognized on real estate | $ 0 | ||||
Number of impaired properties | property | 0 | ||||
Restricted cash and restricted cash equivalents | $ 0 | $ 0 | |||
Accumulated amortization of deferred financing costs | 465,541 | 224,239 | |||
Amortization of deferred financing costs | 241,302 | 106,806 | $ 53,286 | ||
Write off of deferred rent receivable | $ 84,600 | 6,504 | |||
Number of reporting segments | segment | 1 | ||||
Number of operating segments | segment | 1 | ||||
Unamortized deferred financing costs | 0 | ||||
Line of credit | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Unamortized deferred financing costs | $ 200,000 | 100,000 | |||
Long-term mortgage notes and bonds payable | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Unamortized deferred financing costs | $ 1,412,017 | $ 1,054,222 | |||
Minimum | |||||
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 | Leases Acquired in Place and Origination Cost | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Period of amortization for lease origination cost | 2 years | ||||
Maximum | |||||
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 | Leases Acquired in Place and Origination Cost | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Period of amortization for lease origination cost | 10 years | ||||
Buildings and Improvements | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 39 years | ||||
Horticulture | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 25 years | ||||
Equipment and Fixtures | Minimum | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Equipment and Fixtures | Maximum | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 10 years |
Summary of Significant Accoun31
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Effective 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% | 0.00% | 26.90% |
Other adjustments | 0.00% | 0.00% | 0.00% |
Effective tax rate | 0.00% | 0.00% | 26.90% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Income Tax Rate (Narrative) (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred financing costs related to mortgage notes and bonds payable | $ 0 | |
Mortgage notes and bonds payable, net | $ 190,797,012 | 141,578,935 |
As Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred financing costs related to mortgage notes and bonds payable | 1,054,222 | |
Mortgage notes and bonds payable, net | $ 142,633,157 |
Real Estate and Lease Intangi33
Real Estate and Lease Intangibles - Additional Information (Detail) | Aug. 25, 2016USD ($) | Jul. 15, 2016USD ($) | Jul. 05, 2016USD ($)a | Apr. 05, 2016USD ($) | Feb. 08, 2016USD ($) | Feb. 01, 2016USD ($) | Apr. 30, 2014property | Sep. 30, 2016USD ($) | Jun. 30, 2014Property | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)atenanttransactionfarm | Dec. 31, 2015USD ($)atransactionfarm | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 58 | 43 | ||||||||||||
Depreciation | $ 4,445,756 | $ 2,271,766 | $ 1,384,960 | |||||||||||
Tenant improvements | 1,845,427 | 1,183,020 | ||||||||||||
Tenant improvements, depreciation expense and rental revenue | 146,782 | 62,229 | 56,760 | |||||||||||
Amortized intangible assets | 741,493 | 841,726 | 350,684 | |||||||||||
Amortization of above-market lease values and deferred revenues | 6,509 | 16,934 | 9,027 | |||||||||||
Accretion related to below-market lease values and deferred revenues | $ 38,184 | $ 178,617 | 146,534 | |||||||||||
Number of farms acquired | farm | 6 | 6 | ||||||||||||
Rental income | $ 17,305,469 | $ 11,888,091 | 7,170,318 | |||||||||||
Reimbursements for costs incurred | 700,000 | 0 | 0 | |||||||||||
Tenant recovery revenue | 11,148 | 13,370 | 14,604 | |||||||||||
Settlement payment amount | $ 164,000 | |||||||||||||
Accrued interest on settlement | 4,000 | |||||||||||||
Write off of deferred rent receivable | $ 84,600 | $ 6,504 | ||||||||||||
Number of properties damaged | 2 | 2 | ||||||||||||
Property and casualty loss | 232,737 | |||||||||||||
Number of tenants | tenant | 40 | |||||||||||||
Total rental revenue (as percent) | 100.00% | 100.00% | ||||||||||||
Total Acres | a | 50,592 | 16,810 | ||||||||||||
Total acres (as percent) | 100.00% | 100.00% | ||||||||||||
California | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 22 | 18 | ||||||||||||
Rental income | $ 9,829,177 | $ 7,754,945 | ||||||||||||
Total rental revenue (as percent) | 56.80% | 65.20% | ||||||||||||
Total Acres | a | 6,713 | 3,576 | ||||||||||||
Total acres (as percent) | 13.30% | 21.30% | ||||||||||||
Florida | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 15 | 13 | ||||||||||||
Rental income | $ 3,293,475 | $ 2,166,660 | ||||||||||||
Total rental revenue (as percent) | 19.00% | 18.20% | ||||||||||||
Total Acres | a | 5,567 | 5,092 | ||||||||||||
Total acres (as percent) | 11.00% | 30.30% | ||||||||||||
Dole Food Company | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 2 | |||||||||||||
Rental income | $ 3,000,000 | |||||||||||||
Total rental revenue (as percent) | 17.10% | |||||||||||||
Property and Casualty Recovery Income, Net | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Insurance proceeds | $ 97,232 | 495,700 | ||||||||||||
Sycamore Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Expended or accrued for capital improvements | $ 993,319 | |||||||||||||
Rental income | $ 53,550 | |||||||||||||
McIntosh Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 63,000 | |||||||||||||
Extended lease term | 3 years | |||||||||||||
Maturity date of lease | Jun. 30, 2019 | |||||||||||||
Percentage increase in lease amount | 17.90% | |||||||||||||
Wauchula Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 92,634 | |||||||||||||
Reimbursements for costs incurred | 569,607 | |||||||||||||
Parrish Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | 139,073 | |||||||||||||
Costs incurred for irrigation improvements | $ 500,000 | |||||||||||||
Tenant recovery revenue | $ 745,000 | |||||||||||||
Espinosa Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Extended lease term | 4 years | |||||||||||||
Settlement payment amount | $ 156,000 | |||||||||||||
Nonfarmable area of land | a | 4.5 | |||||||||||||
Annualized, straight-line rental income | $ 997,017 | |||||||||||||
Increase in rental revenue (as percent) | 28.10% | |||||||||||||
Espinosa Road | Forecast | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Property tax assessment | $ 144,000 | |||||||||||||
Colding Loop | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental payment | $ 72,400 | |||||||||||||
Leasing costs | $ 8,635 | |||||||||||||
West Gonzales | ||||||||||||||
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 | ||||||||||||
In-place leases | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Amortized intangible assets | $ 8,635 | $ 20,255 | $ 43,328 | |||||||||||
2016 New Real Estate Activity | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 15 | |||||||||||||
Number of separate transactions | transaction | 9 | |||||||||||||
Rental income | $ 2,636,087 | |||||||||||||
Total Acres | a | 33,780 | |||||||||||||
2015 New Real Estate Activity | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of farms | farm | 11 | |||||||||||||
Number of separate transactions | transaction | 8 | |||||||||||||
Rental income | $ 1,975,424 | |||||||||||||
Total Acres | a | 8,771 | |||||||||||||
2015 New Real Estate Activity | Parrish Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 203,341 | |||||||||||||
2015 New Real Estate Activity | Espinosa Road | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Rental income | $ 769,972 |
Real Estate and Lease Intangi34
Real Estate and Lease Intangibles - Summary Information of Farms (Detail) | Feb. 08, 2016 | Dec. 31, 2016USD ($)afarmoption | Dec. 31, 2015USD ($)afarmoption |
Real Estate Properties [Line Items] | |||
Number of farms | farm | 58 | 43 | |
Total Acres | a | 50,592 | 16,810 | |
Farm Acres | a | 39,895 | ||
Net Cost Basis | $ 325,746,790 | ||
Debt Issued / Encumbrances | $ 208,759,029 | ||
2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Number of farms | farm | 15 | ||
Total Acres | a | 33,780 | ||
Total Purchase Price | $ 99,721,955 | ||
Acquisition Costs | 495,542 | ||
Annualized straight-line rent | 5,373,671 | ||
Debt Issued / Encumbrances | $ 32,853,000 | ||
2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Number of farms | farm | 11 | ||
Total Acres | a | 8,771 | ||
Total Purchase Price | $ 75,966,980 | ||
Acquisition Costs | 641,116 | ||
Annualized straight-line rent | 3,944,694 | ||
Debt Issued / Encumbrances | $ 57,303,876 | ||
San Andreas | Watsonville, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 16, 1997 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 307 | ||
Farm Acres | a | 238 | ||
Lease Expiration Date | Dec. 31, 2020 | ||
Net Cost Basis | $ 4,747,051 | ||
Debt Issued / Encumbrances | $ 6,917,247 | ||
West Gonzales | Oxnard, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 15, 1998 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 653 | ||
Farm Acres | a | 502 | ||
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 12,030,677 | ||
Debt Issued / Encumbrances | $ 26,956,919 | ||
West Beach | Watsonville, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jan. 3, 2011 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 196 | ||
Farm Acres | a | 195 | ||
Lease Expiration Date | Dec. 31, 2023 | ||
Net Cost Basis | $ 9,270,197 | ||
Debt Issued / Encumbrances | $ 6,032,246 | ||
Dalton Lane | Watsonville, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 7, 2011 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 72 | ||
Farm Acres | a | 70 | ||
Lease Expiration Date | Oct. 31, 2020 | ||
Net Cost Basis | $ 2,672,113 | ||
Debt Issued / Encumbrances | $ 2,085,347 | ||
Keysville Road | Plant City, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 26, 2011 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 61 | ||
Farm Acres | a | 56 | ||
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 1,239,052 | ||
Debt Issued / Encumbrances | $ 897,600 | ||
Colding Loop | Wimauma, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 9, 2012 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 219 | ||
Farm Acres | a | 181 | ||
Lease Expiration Date | Aug. 4, 2017 | ||
Net Cost Basis | $ 3,837,942 | ||
Debt Issued / Encumbrances | $ 2,640,000 | ||
Trapnell Road | Plant City, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 12, 2012 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 124 | ||
Farm Acres | a | 110 | ||
Lease Expiration Date | Jun. 30, 2017 | ||
Net Cost Basis | $ 3,808,117 | ||
Debt Issued / Encumbrances | $ 2,389,500 | ||
38th Avenue | Covert, MI | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Apr. 5, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 119 | ||
Farm Acres | a | 89 | ||
Lease Expiration Date | Apr. 4, 2020 | ||
Net Cost Basis | $ 1,236,907 | ||
Debt Issued / Encumbrances | $ 543,207 | ||
Sequoia Street | Brooks, OR | |||
Real Estate Properties [Line Items] | |||
Date Acquired | May 31, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 218 | ||
Farm Acres | a | 206 | ||
Lease Expiration Date | May 31, 2028 | ||
Net Cost Basis | $ 3,073,737 | ||
Debt Issued / Encumbrances | $ 1,705,915 | ||
Natividad Road | Salinas, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 21, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 166 | ||
Farm Acres | a | 166 | ||
Lease Expiration Date | Oct. 31, 2024 | ||
Net Cost Basis | $ 8,914,338 | ||
Debt Issued / Encumbrances | $ 4,323,279 | ||
20th Avenue | South Haven, MI | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Nov. 5, 2013 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 151 | ||
Farm Acres | a | 94 | ||
Lease Expiration Date | Nov. 4, 2018 | ||
Net Cost Basis | $ 1,813,535 | ||
Debt Issued / Encumbrances | $ 914,501 | ||
Broadway Road | Moorpark, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 16, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 60 | ||
Farm Acres | a | 46 | ||
Lease Expiration Date | Dec. 15, 2023 | ||
Net Cost Basis | $ 2,870,878 | ||
Debt Issued / Encumbrances | $ 1,698,795 | ||
Oregon Trail | Echo, OR | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 27, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,895 | ||
Farm Acres | a | 1,640 | ||
Lease Expiration Date | Dec. 31, 2023 | ||
Net Cost Basis | $ 13,972,826 | ||
Debt Issued / Encumbrances | $ 8,137,938 | ||
East Shelton | Willcox, AZ | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 27, 2013 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,761 | ||
Farm Acres | a | 1,320 | ||
Lease Expiration Date | Feb. 29, 2024 | ||
Net Cost Basis | $ 7,681,498 | ||
Debt Issued / Encumbrances | $ 4,236,814 | ||
Collins Road | Clatskanie, OR | |||
Real Estate Properties [Line Items] | |||
Date Acquired | May 30, 2014 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 200 | ||
Farm Acres | a | 157 | ||
Lease Expiration Date | Sep. 30, 2024 | ||
Net Cost Basis | $ 2,314,502 | ||
Debt Issued / Encumbrances | $ 1,556,381 | ||
Spring Valley | Watsonville, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 13, 2014 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 145 | ||
Farm Acres | a | 110 | ||
Lease Expiration Date | Sep. 30, 2022 | ||
Net Cost Basis | $ 5,716,822 | ||
Debt Issued / Encumbrances | $ 3,522,201 | ||
McIntosh Road | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Jun. 30, 2019 | ||
McIntosh Road | Dover, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 20, 2014 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 94 | ||
Farm Acres | a | 78 | ||
Lease Expiration Date | Jun. 30, 2017 | ||
Net Cost Basis | $ 2,428,657 | ||
Debt Issued / Encumbrances | $ 1,439,640 | ||
McIntosh Road | Dover, FL | Lease Two | |||
Real Estate Properties [Line Items] | |||
Lease Expiration Date | Jun. 30, 2019 | ||
Naumann Road | Oxnard, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 23, 2014 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 68 | ||
Farm Acres | a | 66 | ||
Lease Expiration Date | Jul. 31, 2017 | ||
Net Cost Basis | $ 6,752,465 | ||
Debt Issued / Encumbrances | $ 3,524,744 | ||
Sycamore Road | Arvin, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 25, 2014 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 326 | ||
Farm Acres | a | 322 | ||
Lease Expiration Date | Oct. 31, 2024 | ||
Net Cost Basis | $ 6,810,009 | ||
Debt Issued / Encumbrances | $ 3,933,167 | ||
Wauchula Road | Duette, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 29, 2014 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 808 | ||
Farm Acres | a | 590 | ||
Lease Expiration Date | Sep. 30, 2024 | ||
Net Cost Basis | $ 13,318,605 | ||
Debt Issued / Encumbrances | $ 7,329,863 | ||
Santa Clara Avenue | Oxnard, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 29, 2014 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 333 | ||
Farm Acres | a | 331 | ||
Lease Expiration Date | Jul. 31, 2017 | ||
Net Cost Basis | $ 24,099,573 | ||
Debt Issued / Encumbrances | $ 13,732,770 | ||
Dufau Road | Oxnard, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Nov. 4, 2014 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 65 | ||
Farm Acres | a | 64 | ||
Lease Expiration Date | Nov. 3, 2017 | ||
Net Cost Basis | $ 6,001,644 | ||
Debt Issued / Encumbrances | $ 3,675,000 | ||
Espinosa Road | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jan. 5, 2015 | ||
Espinosa Road | Salinas, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jan. 5, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 331 | ||
Farm Acres | a | 329 | ||
Lease Expiration Date | Oct. 31, 2020 | ||
Net Cost Basis | $ 16,062,427 | ||
Debt Issued / Encumbrances | $ 10,178,000 | ||
Espinosa Road | Salinas, CA | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jan. 5, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 331 | ||
Lease Term | 1 year 9 months 18 days | ||
Number of renewal options | option | 0 | ||
Total Purchase Price | $ 16,905,500 | ||
Acquisition Costs | 89,885 | ||
Annualized straight-line rent | 778,342 | ||
Debt Issued / Encumbrances | $ 10,178,000 | ||
Parrish Road | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 10, 2015 | ||
Parrish Road | Duette, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 10, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 419 | ||
Farm Acres | a | 412 | ||
Lease Expiration Date | Jun. 30, 2025 | ||
Net Cost Basis | $ 4,094,292 | ||
Debt Issued / Encumbrances | $ 2,374,680 | ||
Parrish Road | Duette, FL | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 10, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 419 | ||
Lease Term | 10 years 3 months 18 days | ||
Number of renewal options | option | 2 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 3,913,280 | ||
Acquisition Costs | 103,610 | ||
Annualized straight-line rent | 251,832 | ||
Debt Issued / Encumbrances | $ 2,374,680 | ||
Immokalee Exchange | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 25, 2015 | ||
Immokalee Exchange | Immokalee, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 25, 2015 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 2,678 | ||
Farm Acres | a | 1,644 | ||
Lease Expiration Date | Jun. 30, 2020 | ||
Net Cost Basis | $ 15,408,261 | ||
Debt Issued / Encumbrances | $ 9,360,000 | ||
Immokalee Exchange | Immokalee, FL | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jun. 25, 2015 | ||
Number of farms | farm | 2 | ||
Total Acres | a | 2,678 | ||
Lease Term | 5 years | ||
Number of renewal options | option | 2 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 15,757,700 | ||
Acquisition Costs | 152,571 | ||
Annualized straight-line rent | 960,104 | ||
Debt Issued / Encumbrances | $ 9,360,000 | ||
Holt County | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Holt County | Stuart, NE | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,276 | ||
Farm Acres | a | 1,052 | ||
Lease Expiration Date | Dec. 31, 2018 | ||
Net Cost Basis | $ 5,404,736 | ||
Debt Issued / Encumbrances | $ 3,301,000 | ||
Holt County | Stuart, NE | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,276 | ||
Lease Term | 3 years 4 months 24 days | ||
Number of renewal options | option | 0 | ||
Total Purchase Price | $ 5,504,000 | ||
Acquisition Costs | 27,589 | ||
Annualized straight-line rent | 289,815 | ||
Debt Issued / Encumbrances | $ 3,301,000 | ||
Rock County | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Rock County | Bassett, NE | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,283 | ||
Farm Acres | a | 1,049 | ||
Lease Expiration Date | Dec. 31, 2018 | ||
Net Cost Basis | $ 5,384,329 | ||
Debt Issued / Encumbrances | $ 3,301,000 | ||
Rock County | Bassett, NE | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 20, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,283 | ||
Lease Term | 3 years 4 months 24 days | ||
Number of renewal options | option | 0 | ||
Total Purchase Price | $ 5,504,000 | ||
Acquisition Costs | 27,589 | ||
Annualized straight-line rent | 289,815 | ||
Debt Issued / Encumbrances | $ 3,301,000 | ||
Bear Mountain | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 3, 2015 | ||
Bear Mountain | Arvin, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 3, 2015 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 854 | ||
Farm Acres | a | 841 | ||
Lease Expiration Date | Jan. 9, 2031 | ||
Net Cost Basis | $ 26,837,231 | ||
Debt Issued / Encumbrances | $ 11,279,182 | ||
Bear Mountain | Arvin, CA | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 3, 2015 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 854 | ||
Lease Term | 15 years 4 months 24 days | ||
Number of renewal options | option | 1 | ||
Term of renewal | 10 years | ||
Total Purchase Price | $ 18,922,500 | ||
Acquisition Costs | 117,742 | ||
Annualized straight-line rent | 828,608 | ||
Debt Issued / Encumbrances | $ 21,138,196 | ||
Corbitt Road | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Nov. 2, 2015 | ||
Corbitt Road | Immokalee, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Nov. 2, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 691 | ||
Farm Acres | a | 390 | ||
Lease Expiration Date | Dec. 31, 2021 | ||
Net Cost Basis | $ 3,733,152 | ||
Debt Issued / Encumbrances | $ 2,165,760 | ||
Corbitt Road | Immokalee, FL | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Nov. 2, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 691 | ||
Lease Term | 6 years 1 month 6 days | ||
Number of renewal options | option | 1 | ||
Term of renewal | 6 years | ||
Total Purchase Price | $ 3,760,000 | ||
Acquisition Costs | 77,259 | ||
Annualized straight-line rent | 226,938 | ||
Debt Issued / Encumbrances | $ 3,760,000 | ||
Reagan Road | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 22, 2015 | ||
Reagan Road | Willcox, AZ | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 22, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,239 | ||
Farm Acres | a | 875 | ||
Lease Expiration Date | Dec. 31, 2025 | ||
Net Cost Basis | $ 5,717,113 | ||
Debt Issued / Encumbrances | $ 3,210,000 | ||
Reagan Road | Willcox, AZ | 2015 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 22, 2015 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,239 | ||
Lease Term | 10 years | ||
Number of renewal options | option | 2 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 5,700,000 | ||
Acquisition Costs | 44,871 | ||
Annualized straight-line rent | 319,240 | ||
Debt Issued / Encumbrances | $ 3,891,000 | ||
Gunbarrel Road | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 3, 2016 | ||
Gunbarrel Road | Alamosa, CO | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 3, 2016 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 6,191 | ||
Farm Acres | a | 4,730 | ||
Lease Expiration Date | Feb. 28, 2021 | ||
Net Cost Basis | $ 24,704,494 | ||
Debt Issued / Encumbrances | $ 15,303,500 | ||
Gunbarrel Road | Alamosa, CO | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Mar. 3, 2016 | ||
Number of farms | farm | 3 | ||
Total Acres | a | 6,191 | ||
Lease Term | 5 years | ||
Number of renewal options | option | 1 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 25,735,815 | ||
Acquisition Costs | 119,085 | ||
Annualized straight-line rent | 1,590,614 | ||
Debt Issued / Encumbrances | $ 15,531,000 | ||
Calaveras Avenue | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Apr. 5, 2016 | ||
Calaveras Avenue | Coalinga, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Apr. 5, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 453 | ||
Farm Acres | a | 435 | ||
Lease Expiration Date | Oct. 31, 2025 | ||
Net Cost Basis | $ 15,187,423 | ||
Debt Issued / Encumbrances | $ 9,161,418 | ||
Calaveras Avenue | Coalinga, CA | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Apr. 5, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 453 | ||
Lease Term | 10 years | ||
Number of renewal options | option | 1 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 15,470,000 | ||
Acquisition Costs | 38,501 | ||
Annualized straight-line rent | 773,500 | ||
Debt Issued / Encumbrances | $ 9,282,000 | ||
Orange Avenue | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 1, 2016 | ||
Orange Avenue | Fort Pierce, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 1, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 401 | ||
Farm Acres | a | 400 | ||
Lease Expiration Date | Jun. 30, 2023 | ||
Net Cost Basis | $ 5,088,923 | ||
Debt Issued / Encumbrances | $ 3,072,602 | ||
Orange Avenue | Fort Pierce, FL | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Jul. 1, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 401 | ||
Lease Term | 7 years | ||
Number of renewal options | option | 2 | ||
Term of renewal | 7 years | ||
Total Purchase Price | $ 5,100,000 | ||
Acquisition Costs | 37,615 | ||
Annualized straight-line rent | 291,173 | ||
Debt Issued / Encumbrances | $ 3,120,000 | ||
Lithia Road | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 11, 2016 | ||
Lithia Road | Plant City, FL | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 11, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 72 | ||
Lease Term | 5 years | ||
Number of renewal options | option | 0 | ||
Total Purchase Price | $ 1,700,000 | ||
Acquisition Costs | 38,296 | ||
Annualized straight-line rent | 97,303 | ||
Debt Issued / Encumbrances | $ 1,020,000 | ||
Lithia Road | Lithia, FL | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Aug. 11, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 72 | ||
Farm Acres | a | 55 | ||
Lease Expiration Date | May 31, 2021 | ||
Net Cost Basis | $ 1,694,521 | ||
Debt Issued / Encumbrances | $ 1,020,000 | ||
Baca County | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 1, 2016 | ||
Baca County | Edler, CO | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 1, 2016 | ||
Number of farms | farm | 5 | ||
Total Acres | a | 7,384 | ||
Farm Acres | a | 6,785 | ||
Lease Expiration Date | Dec. 31, 2020 | ||
Net Cost Basis | $ 6,381,955 | ||
Debt Issued / Encumbrances | $ 3,051,727 | ||
Baca County | Edler, CO | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 1, 2016 | ||
Number of farms | farm | 5 | ||
Total Acres | a | 7,384 | ||
Lease Term | 4 years | ||
Number of renewal options | option | 1 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 6,322,853 | ||
Acquisition Costs | 72,558 | ||
Annualized straight-line rent | 383,734 | ||
Debt Issued / Encumbrances | $ 0 | ||
Diego Ranch | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Diego Ranch | Stanislaus, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,357 | ||
Farm Acres | a | 1,309 | ||
Lease Expiration Date | Nov. 15, 2019 | ||
Net Cost Basis | $ 13,999,584 | ||
Debt Issued / Encumbrances | $ 7,273,282 | ||
Diego Ranch | Stanislaus, CA | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,357 | ||
Lease Term | 3 years | ||
Total Purchase Price | $ 13,996,606 | ||
Acquisition Costs | 63,909 | ||
Annualized straight-line rent | 621,092 | ||
Debt Issued / Encumbrances | $ 0 | ||
Diego Ranch | Stanislaus, CA | 2016 New Real Estate Activity | Lease One | |||
Real Estate Properties [Line Items] | |||
Number of renewal options | option | 3 | ||
Term of renewal | 5 years | ||
Diego Ranch | Stanislaus, CA | 2016 New Real Estate Activity | Lease Two | |||
Real Estate Properties [Line Items] | |||
Number of renewal options | option | 1 | ||
Term of renewal | 3 years | ||
Nevada Ranch | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Nevada Ranch | Merced, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,130 | ||
Farm Acres | a | 1,021 | ||
Lease Expiration Date | Nov. 15, 2019 | ||
Net Cost Basis | $ 13,234,157 | ||
Debt Issued / Encumbrances | $ 6,713,799 | ||
Nevada Ranch | Merced, CA | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Sep. 14, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 1,130 | ||
Lease Term | 3 years | ||
Total Purchase Price | $ 13,231,832 | ||
Acquisition Costs | 41,650 | ||
Annualized straight-line rent | 574,256 | ||
Debt Issued / Encumbrances | $ 0 | ||
Nevada Ranch | Merced, CA | 2016 New Real Estate Activity | Lease One | |||
Real Estate Properties [Line Items] | |||
Number of renewal options | option | 3 | ||
Term of renewal | 5 years | ||
Nevada Ranch | Merced, CA | 2016 New Real Estate Activity | Lease Two | |||
Real Estate Properties [Line Items] | |||
Number of renewal options | option | 1 | ||
Term of renewal | 3 years | ||
Central Avenue | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 13, 2016 | ||
Central Avenue | Kerman, CA | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 13, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 197 | ||
Farm Acres | a | 195 | ||
Lease Expiration Date | Oct. 31, 2026 | ||
Net Cost Basis | $ 6,491,229 | ||
Debt Issued / Encumbrances | $ 3,900,000 | ||
Central Avenue | Kerman, CA | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Oct. 13, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 197 | ||
Lease Term | 10 years | ||
Total Purchase Price | $ 6,500,000 | ||
Acquisition Costs | 29,284 | ||
Annualized straight-line rent | 325,032 | ||
Debt Issued / Encumbrances | $ 3,900,000 | ||
Horse Creek | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 28, 2016 | ||
Horse Creek | Kerman, CA | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Number of renewal options | option | 2 | ||
Term of renewal | 5 years | ||
Horse Creek | Baca, CO | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 28, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 16,595 | ||
Farm Acres | a | 11,742 | ||
Lease Expiration Date | Dec. 31, 2020 | ||
Net Cost Basis | $ 11,711,818 | ||
Debt Issued / Encumbrances | $ 5,900,005 | ||
Horse Creek | Baca, CO | 2016 New Real Estate Activity | |||
Real Estate Properties [Line Items] | |||
Date Acquired | Dec. 28, 2016 | ||
Number of farms | farm | 1 | ||
Total Acres | a | 16,595 | ||
Lease Term | 4 years | ||
Number of renewal options | option | 1 | ||
Term of renewal | 5 years | ||
Total Purchase Price | $ 11,664,849 | ||
Acquisition Costs | 54,644 | ||
Annualized straight-line rent | 716,967 | ||
Debt Issued / Encumbrances | $ 0 |
Real Estate and Lease Intangi35
Real Estate and Lease Intangibles - Summary Information of Farms (Narrative) (Detail) | Feb. 08, 2016 | Dec. 31, 2016USD ($)leaseshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||||
Deferred financing costs related to mortgage notes and bonds payable | $ 0 | ||||
Payments of legal costs | $ 271,791 | 1,482,029 | $ 950,965 | ||
Credits to fees from Adviser | [1] | 0 | 320,905 | $ 0 | |
2016 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Direct leasing costs in connection with acquisitions | 206,210 | ||||
2016 New Real Estate Activity | New Tenant Lease Agreement | |||||
Real Estate Properties [Line Items] | |||||
Direct leasing costs in connection with acquisitions | $ 9,520 | ||||
2015 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Direct leasing costs in connection with acquisitions | 388,594 | ||||
Direct leasing costs | 11,825 | ||||
Trapnell Road | Plant City, FL | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Jun. 30, 2017 | ||||
Trapnell Road | Plant City, FL | Agricultural Sector | |||||
Real Estate Properties [Line Items] | |||||
Number of leases | lease | 3 | ||||
Trapnell Road | Plant City, FL | Commercial Sector | |||||
Real Estate Properties [Line Items] | |||||
Number of leases | lease | 1 | ||||
Maturity date of lease | Jun. 30, 2018 | ||||
McIntosh Road | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Jun. 30, 2019 | ||||
McIntosh Road | Dover, FL | |||||
Real Estate Properties [Line Items] | |||||
Number of leases | lease | 2 | ||||
Maturity date of lease | Jun. 30, 2017 | ||||
McIntosh Road | Dover, FL | Lease Two | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Jun. 30, 2019 | ||||
McIntosh Road | Dover, FL | Agricultural Sector | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Jun. 30, 2017 | ||||
Gunbarrel Road | Alamosa, CO | |||||
Real Estate Properties [Line Items] | |||||
Number of leases | lease | 2 | ||||
Maturity date of lease | Feb. 28, 2021 | ||||
Gunbarrel Road | Alamosa, CO | 2016 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Number of shares issued (in shares) | shares | 745,879 | ||||
Aggregate fair value | $ 6,500,000 | ||||
Payments of legal costs | $ 25,500 | ||||
Gunbarrel Road | Alamosa, CO | Land | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Feb. 28, 2021 | ||||
Gunbarrel Road | Alamosa, CO | Facility | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Jun. 30, 2021 | ||||
Baca County | Edler, CO | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Dec. 31, 2020 | ||||
Baca County | Edler, CO | 2016 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Number of shares issued (in shares) | shares | 125,677 | ||||
Aggregate fair value | $ 1,500,000 | ||||
Payments of legal costs | $ 8,235 | ||||
Nevada Ranch | Merced, CA | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Nov. 15, 2019 | ||||
Nevada Ranch | Merced, CA | 2016 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Number of shares issued (in shares) | shares | 343,750 | ||||
Aggregate fair value | $ 3,900,000 | ||||
Payments of legal costs | $ 21,710 | ||||
Horse Creek | Baca, CO | |||||
Real Estate Properties [Line Items] | |||||
Maturity date of lease | Dec. 31, 2020 | ||||
Horse Creek | Baca, CO | 2016 New Real Estate Activity | |||||
Real Estate Properties [Line Items] | |||||
Number of shares issued (in shares) | shares | 233,952 | ||||
Aggregate fair value | $ 2,600,000 | ||||
Payments of legal costs | 7,675 | ||||
Long-term mortgage notes and bonds payable | |||||
Real Estate Properties [Line Items] | |||||
Deferred financing costs related to mortgage notes and bonds payable | $ 1,412,017 | $ 1,054,222 | |||
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information. |
Real Estate and Lease Intangi36
Real Estate and Lease Intangibles - Summary of Components of Investments in Real Estate (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate: | ||
Land and land improvements | $ 265,984,509 | $ 192,020,381 |
Irrigation systems | 33,968,693 | 21,849,508 |
Buildings and improvements | 14,670,759 | 11,184,647 |
Horticulture | 17,759,193 | 1,490,695 |
Other site improvements | 4,993,440 | 1,872,606 |
Real estate, at cost | 337,376,594 | 228,417,837 |
Accumulated depreciation | (11,065,973) | (6,634,412) |
Real estate, net | $ 326,310,621 | $ 221,783,425 |
Real Estate and Lease Intangi37
Real Estate and Lease Intangibles - Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Amortization Expense | $ 1,999,773 | $ 1,763,541 |
Lease intangibles: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 3,273,379 | 2,789,810 |
Finite-lived intangible asset, accumulated (amortization) accretion | (1,273,606) | (1,026,269) |
Estimated Amortization Expense | 1,999,773 | 1,763,541 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,480,842 | 1,225,955 |
Leasing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,086,582 | 677,112 |
Tenant relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 705,955 | 886,743 |
Above-market lease values | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 19,528 | 19,528 |
Finite-lived intangible asset, accumulated (amortization) accretion | (14,050) | (7,540) |
Below-market lease values and deferred revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease values, gross | (785,045) | (202,579) |
Below-market lease values, accumulated (amortization) accretion | 61,389 | 23,205 |
Above and below market lease values and deferred revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets (liability) gross | (765,517) | (183,051) |
Finite-lived intangible asset, accumulated (amortization) accretion | $ 47,339 | $ 15,665 |
Real Estate and Lease Intangi38
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, 2016 | Dec. 31, 2015 | |
Real Estate [Abstract] | ||
Estimated Amortization Expense, 2017 | $ 492,153 | |
Estimated Amortization Expense, 2018 | 392,191 | |
Estimated Amortization Expense, 2019 | 354,790 | |
Estimated Amortization Expense, 2020 | 265,599 | |
Estimated Amortization Expense, 2021 | 100,113 | |
Estimated Amortization Expense, Thereafter | 394,927 | |
Estimated Amortization Expense | 1,999,773 | $ 1,763,541 |
Estimated Net Increase in Rental Revenue, 2017 | 58,294 | |
Estimated Net Increase in Rental Revenue, 2018 | 52,815 | |
Estimated Net Increase in Rental Revenue, 2019 | 58,294 | |
Estimated Net Increase in Rental Revenue, 2020 | 58,294 | |
Estimated Net Increase in Rental Revenue, 2021 | 57,193 | |
Estimated Net Increase in Rental Revenue, Thereafter | 433,288 | |
Estimated Net Increase to Rental Income | $ 718,178 |
Real Estate and Lease Intangi39
Real Estate and Lease Intangibles - Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 99,721,955 | |
2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 25,735,815 | |
2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 15,470,000 | |
2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,100,000 | |
2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 1,700,000 | |
2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 6,322,853 | |
2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 13,996,606 | |
2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 13,231,832 | |
2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 6,500,000 | |
2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 11,664,849 | |
2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 75,966,980 | |
2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 16,905,500 | |
2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,913,280 | |
2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 15,757,700 | |
2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,504,000 | |
2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,504,000 | |
2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 18,922,500 | |
2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,760,000 | |
2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,700,000 | |
Irrigation Systems | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,198,831 | |
Irrigation Systems | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,830,738 | |
Irrigation Systems | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 424,112 | |
Irrigation Systems | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 934,482 | |
Irrigation Systems | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 213,325 | |
Irrigation Systems | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Irrigation Systems | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 45,465 | |
Irrigation Systems | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 504,445 | |
Irrigation Systems | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 138,237 | |
Irrigation Systems | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 108,027 | |
Irrigation Systems | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 6,023,326 | |
Irrigation Systems | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 497,401 | |
Irrigation Systems | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 1,299,851 | |
Irrigation Systems | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 515,879 | |
Irrigation Systems | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 729,884 | |
Irrigation Systems | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 540,589 | |
Irrigation Systems | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 494,253 | |
Irrigation Systems | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 470,875 | |
Irrigation Systems | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 1,474,594 | |
Other Improvements | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,247,607 | |
Other Improvements | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,079,102 | |
Other Improvements | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Other Improvements | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 168,505 | |
Horticulture | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 14,867,983 | |
Horticulture | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 11,430,452 | |
Horticulture | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Horticulture | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,437,531 | |
Horticulture | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 501,358 | |
In-place Leases | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 381,977 | |
In-place Leases | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 7,739 | |
In-place Leases | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 58,445 | |
In-place Leases | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 53,197 | |
In-place Leases | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 530,283 | |
In-place Leases | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 246,472 | |
In-place Leases | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 54,405 | |
In-place Leases | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 229,406 | |
In-place Leases | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
In-place Leases | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 447,447 | |
Leasing Costs | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 249,893 | |
Leasing Costs | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 16,265 | |
Leasing Costs | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 94,806 | |
Leasing Costs | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 86,483 | |
Leasing Costs | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 326,394 | |
Leasing Costs | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 43,895 | |
Leasing Costs | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 77,449 | |
Leasing Costs | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 148,691 | |
Leasing Costs | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 27,494 | |
Leasing Costs | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 28,865 | |
Leasing Costs | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Leasing Costs | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Tenant Relationships | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 396,457 | |
Tenant Relationships | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 180,788 | |
Tenant Relationships | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 35,892 | |
Tenant Relationships | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 179,777 | |
Tenant Relationships | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Tenant Relationships | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Tenant Relationships | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Tenant Relationships | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Tenant Relationships | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (582,465) | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (9,075) | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (316,447) | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (256,943) | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (152,603) | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | (152,603) | |
Above (Below)- Market Leases & (Deferred Revenue) | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Land and Land Improvements | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 73,350,904 | |
Land and Land Improvements | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 16,755,814 | |
Land and Land Improvements | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,615,436 | |
Land and Land Improvements | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,135,741 | |
Land and Land Improvements | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 1,461,090 | |
Land and Land Improvements | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 6,111,287 | |
Land and Land Improvements | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 14,114,337 | |
Land and Land Improvements | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 12,844,650 | |
Land and Land Improvements | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,924,232 | |
Land and Land Improvements | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 11,388,317 | |
Land and Land Improvements | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 68,041,105 | |
Land and Land Improvements | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 15,852,466 | |
Land and Land Improvements | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,403,064 | |
Land and Land Improvements | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 14,410,840 | |
Land and Land Improvements | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,690,369 | |
Land and Land Improvements | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,862,314 | |
Land and Land Improvements | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 18,428,247 | |
Land and Land Improvements | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,186,765 | |
Land and Land Improvements | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,207,040 | |
Buildings and Improvements | 2016 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,690,290 | |
Buildings and Improvements | 2016 New Real Estate Activity | Gunbarrel Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,438,291 | |
Buildings and Improvements | 2016 New Real Estate Activity | Calaveras Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Buildings and Improvements | 2016 New Real Estate Activity | Orange Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 29,777 | |
Buildings and Improvements | 2016 New Real Estate Activity | Lithia Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 10,656 | |
Buildings and Improvements | 2016 New Real Estate Activity | Baca County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 211,566 | |
Buildings and Improvements | 2016 New Real Estate Activity | Diego Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Buildings and Improvements | 2016 New Real Estate Activity | Nevada Ranch | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Buildings and Improvements | 2016 New Real Estate Activity | Central Avenue | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Buildings and Improvements | 2016 New Real Estate Activity | Horse Creek | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 0 | |
Buildings and Improvements | 2015 New Real Estate Activity | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 802,018 | |
Buildings and Improvements | 2015 New Real Estate Activity | Espinosa Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 84,478 | |
Buildings and Improvements | 2015 New Real Estate Activity | Parrish Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 42,619 | |
Buildings and Improvements | 2015 New Real Estate Activity | Immokalee Exchange | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 273,107 | |
Buildings and Improvements | 2015 New Real Estate Activity | Holt County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 56,253 | |
Buildings and Improvements | 2015 New Real Estate Activity | Rock County | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 72,232 | |
Buildings and Improvements | 2015 New Real Estate Activity | Bear Mountain | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | |
Buildings and Improvements | 2015 New Real Estate Activity | Corbitt Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 254,963 | |
Buildings and Improvements | 2015 New Real Estate Activity | Reagan Road | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 18,366 |
Real Estate and Lease Intangi40
Real Estate and Lease Intangibles - Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired (Detail) - USD ($) | Apr. 05, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||||
Rental revenue | $ 17,305,469 | $ 11,888,091 | $ 7,170,318 | |
Parrish Road | ||||
Real Estate Properties [Line Items] | ||||
Rental revenue | $ 139,073 | |||
Bear Mountain | ||||
Real Estate Properties [Line Items] | ||||
Rental revenue | 5,000,000 | |||
2016 New Real Estate Activity | ||||
Real Estate Properties [Line Items] | ||||
Rental revenue | 2,636,087 | |||
Earnings | 196,300 | |||
Non-recurring acquisition-related costs | $ 206,210 | |||
2016 New Real Estate Activity | Gunbarrel Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Mar. 3, 2016 | |||
Rental revenue | $ 1,316,960 | |||
Earnings | $ (210,622) | |||
2016 New Real Estate Activity | Calaveras Avenue | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Apr. 5, 2016 | |||
Rental revenue | $ 570,615 | |||
Earnings | $ (6,745) | |||
2016 New Real Estate Activity | Orange Avenue | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Jul. 1, 2016 | |||
Rental revenue | $ 145,587 | |||
Earnings | $ 31,442 | |||
2016 New Real Estate Activity | Lithia Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Aug. 11, 2016 | |||
Rental revenue | $ 37,927 | |||
Earnings | $ (16,741) | |||
2016 New Real Estate Activity | Baca County | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Sep. 1, 2016 | |||
Rental revenue | $ 127,911 | |||
Earnings | $ 122,687 | |||
2016 New Real Estate Activity | Diego Ranch | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Sep. 14, 2016 | |||
Rental revenue | $ 186,328 | |||
Earnings | $ 141,404 | |||
2016 New Real Estate Activity | Nevada Ranch | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Sep. 14, 2016 | |||
Rental revenue | $ 172,277 | |||
Earnings | $ 128,093 | |||
2016 New Real Estate Activity | Central Avenue | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Oct. 13, 2016 | |||
Rental revenue | $ 70,773 | |||
Earnings | $ (927) | |||
2016 New Real Estate Activity | Horse Creek | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Dec. 28, 2016 | |||
Rental revenue | $ 7,709 | |||
Earnings | $ 7,709 | |||
2015 New Real Estate Activity | ||||
Real Estate Properties [Line Items] | ||||
Rental revenue | 1,975,424 | |||
Earnings | 182,405 | |||
Non-recurring acquisition-related costs | $ 388,594 | |||
2015 New Real Estate Activity | Espinosa Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Jan. 5, 2015 | |||
Rental revenue | $ 769,972 | |||
Earnings | $ (33,169) | |||
2015 New Real Estate Activity | Parrish Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Mar. 10, 2015 | |||
Rental revenue | $ 203,341 | |||
Earnings | $ (105,830) | |||
2015 New Real Estate Activity | Immokalee Exchange | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Jun. 25, 2015 | |||
Rental revenue | $ 480,052 | |||
Earnings | $ 40,504 | |||
2015 New Real Estate Activity | Holt County | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Aug. 20, 2015 | |||
Rental revenue | $ 105,954 | |||
Earnings | $ 24,716 | |||
2015 New Real Estate Activity | Rock County | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Aug. 20, 2015 | |||
Rental revenue | $ 105,954 | |||
Earnings | $ 19,153 | |||
2015 New Real Estate Activity | Bear Mountain | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Sep. 3, 2015 | |||
Rental revenue | $ 271,599 | |||
Earnings | $ 249,958 | |||
2015 New Real Estate Activity | Corbitt Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Nov. 2, 2015 | |||
Rental revenue | $ 29,970 | |||
Earnings | $ (13,434) | |||
2015 New Real Estate Activity | Reagan Road | ||||
Real Estate Properties [Line Items] | ||||
Acquisition Date | Dec. 22, 2015 | |||
Rental revenue | $ 8,582 | |||
Earnings | $ 507 |
Real Estate and Lease Intangi41
Real Estate and Lease Intangibles - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets and liabilities | 14 years 2 months 12 days | 6 years 2 months 12 days |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets and liabilities | 8 years 8 months 12 days | 4 years 1 month 6 days |
Leasing costs | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets and liabilities | 11 years 7 months 6 days | 5 years 6 months |
Tenant relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets and liabilities | 0 years | 9 years 6 months |
Below-market lease and sale inducement values | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
All intangible assets and liabilities | 20 years 10 months 24 days | 6 years 2 months 12 days |
Real Estate and Lease Intangi42
Real Estate and Lease Intangibles - Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Data: | ||
Total operating revenue | $ 18,205,615 | $ 13,552,489 |
Net income (loss) attributable to the company | $ 900,749 | $ (418,776) |
Share and Per-share Data: | ||
Earnings (loss) per share of common stock – basic and diluted (in dollars per share) | $ 0.09 | $ (0.05) |
Weighted-average common shares outstanding – basic and diluted (in shares) | 10,007,350 | 8,639,397 |
Real Estate and Lease Intangi43
Real Estate and Lease Intangibles - Summary of Future Lease Expirations by Year for Properties (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)alease | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 47 | ||
Expiring Leased Acreage | a | 50,592 | 16,810 | |
Total Acreage (as percent) | 100.00% | ||
Rental revenue | $ | $ 17,305,469 | $ 11,888,091 | $ 7,170,318 |
Total Rental Revenue (as percent) | 100.00% | ||
2,017 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 11 | ||
Expiring Leased Acreage | a | 866 | ||
Total Acreage (as percent) | 1.70% | ||
Rental revenue | $ | $ 2,296,025 | ||
Total Rental Revenue (as percent) | 13.30% | ||
2,018 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 4 | ||
Expiring Leased Acreage | a | 2,710 | ||
Total Acreage (as percent) | 5.40% | ||
Rental revenue | $ | $ 825,485 | ||
Total Rental Revenue (as percent) | 4.80% | ||
2,019 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 3 | ||
Expiring Leased Acreage | a | 2,524 | ||
Total Acreage (as percent) | 5.00% | ||
Rental revenue | $ | $ 419,740 | ||
Total Rental Revenue (as percent) | 2.40% | ||
2,020 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 9 | ||
Expiring Leased Acreage | a | 28,200 | ||
Total Acreage (as percent) | 55.70% | ||
Rental revenue | $ | $ 5,247,810 | ||
Total Rental Revenue (as percent) | 30.30% | ||
2,021 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 4 | ||
Expiring Leased Acreage | a | 6,954 | ||
Total Acreage (as percent) | 13.70% | ||
Rental revenue | $ | $ 1,606,592 | ||
Total Rental Revenue (as percent) | 9.30% | ||
2,022 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 1 | ||
Expiring Leased Acreage | a | 145 | ||
Total Acreage (as percent) | 0.30% | ||
Rental revenue | $ | $ 315,896 | ||
Total Rental Revenue (as percent) | 1.80% | ||
Thereafter | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Expiring Leases | lease | 15 | ||
Expiring Leased Acreage | a | 9,193 | ||
Total Acreage (as percent) | 18.20% | ||
Rental revenue | $ | $ 6,593,921 | ||
Total Rental Revenue (as percent) | 38.10% |
Real Estate and Lease Intangi44
Real Estate and Lease Intangibles - Summary of Future Lease Expirations by Year for Properties (Narrative) (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)lease | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental revenue | $ 17,305,469 | $ 11,888,091 | $ 7,170,318 |
2,017 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental revenue | $ 2,296,025 | ||
2017 | Surface Area Lease Property | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of leases | lease | 1 | ||
Rental revenue | $ 32,109 |
Real Estate and Lease Intangi45
Real Estate and Lease Intangibles - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) | Dec. 31, 2016USD ($) |
Real Estate [Abstract] | |
Tenant Lease Payments, 2017 | $ 16,356,193 |
Tenant Lease Payments, 2018 | 17,404,173 |
Tenant Lease Payments, 2019 | 16,911,432 |
Tenant Lease Payments, 2020 | 14,679,754 |
Tenant Lease Payments, 2021 | 9,067,911 |
Tenant Lease Payments, Thereafter | 46,168,102 |
Tenant Lease Payments, Total | $ 120,587,565 |
Real Estate and Lease Intangi46
Real Estate and Lease Intangibles - Summary of Geographic Locations of Properties (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)afarm | Dec. 31, 2015USD ($)afarm | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 58 | 43 | |
Total Acres | a | 50,592 | 16,810 | |
Total acres (as percent) | 100.00% | 100.00% | |
Rental revenue | $ | $ 17,305,469 | $ 11,888,091 | $ 7,170,318 |
Total rental revenue (as percent) | 100.00% | 100.00% | |
California | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 22 | 18 | |
Total Acres | a | 6,713 | 3,576 | |
Total acres (as percent) | 13.30% | 21.30% | |
Rental revenue | $ | $ 9,829,177 | $ 7,754,945 | |
Total rental revenue (as percent) | 56.80% | 65.20% | |
Florida | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 15 | 13 | |
Total Acres | a | 5,567 | 5,092 | |
Total acres (as percent) | 11.00% | 30.30% | |
Rental revenue | $ | $ 3,293,475 | $ 2,166,660 | |
Total rental revenue (as percent) | 19.00% | 18.20% | |
Colorado | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 9 | 0 | |
Total Acres | a | 30,170 | 0 | |
Total acres (as percent) | 59.60% | 0.00% | |
Rental revenue | $ | $ 1,452,581 | $ 0 | |
Total rental revenue (as percent) | 8.40% | 0.00% | |
Oregon | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 4 | 4 | |
Total Acres | a | 2,313 | 2,313 | |
Total acres (as percent) | 4.60% | 13.80% | |
Rental revenue | $ | $ 1,171,887 | $ 1,168,725 | |
Total rental revenue (as percent) | 6.80% | 9.80% | |
Arizona | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 2 | 2 | |
Total Acres | a | 3,000 | 3,000 | |
Total acres (as percent) | 5.90% | 17.80% | |
Rental revenue | $ | $ 729,232 | $ 338,446 | |
Total rental revenue (as percent) | 4.20% | 2.90% | |
Nebraska | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 2 | 2 | |
Total Acres | a | 2,559 | 2,559 | |
Total acres (as percent) | 5.10% | 15.20% | |
Rental revenue | $ | $ 579,630 | $ 211,908 | |
Total rental revenue (as percent) | 3.40% | 1.80% | |
Michigan | |||
Real Estate Properties [Line Items] | |||
Number of Farms | farm | 4 | 4 | |
Total Acres | a | 270 | 270 | |
Total acres (as percent) | 0.50% | 1.60% | |
Rental revenue | $ | $ 249,487 | $ 247,407 | |
Total rental revenue (as percent) | 1.40% | 2.10% |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Deferred financing costs related to mortgage notes and bonds payable | $ 0 | |
Total borrowings, net | $ 207,347,012 | 141,678,935 |
Mortgage notes and bonds payable, net | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | 192,209,029 | 142,633,157 |
Deferred financing costs related to mortgage notes and bonds payable | (1,412,017) | (1,054,222) |
Total borrowings, net | 190,797,012 | 141,578,935 |
Mortgage notes payable | Fixed-rate mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 142,860,529 | 107,423,157 |
Mortgage notes payable | Fixed-rate mortgage notes payable | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 2.90% | |
Mortgage notes payable | Fixed-rate mortgage notes payable | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.94% | |
Mortgage notes payable | Fixed-rate mortgage notes payable | Weighted average | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.25% | |
Mortgage notes payable | Variable-rate mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 0 | 2,185,000 |
Bonds payable | Fixed-rate bonds payable | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 49,348,500 | 33,025,000 |
Bonds payable | Fixed-rate bonds payable | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 2.38% | |
Bonds payable | Fixed-rate bonds payable | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.29% | |
Bonds payable | Fixed-rate bonds payable | Weighted average | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 2.94% | |
Line of credit | Variable-rate revolving lines of credit | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.11% | |
Line of credit | Variable-rate revolving lines of credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total borrowings, net | $ 16,550,000 | $ 100,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Oct. 05, 2016USD ($) | May 09, 2014USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($)farmdebt_instrument | Dec. 31, 2015USD ($)farm | Dec. 31, 2014 | Oct. 04, 2016USD ($) | Aug. 22, 2016USD ($) | Jul. 01, 2016USD ($)debt_instrument | Jun. 16, 2016USD ($) | Apr. 04, 2016USD ($) | Dec. 05, 2014USD ($) | May 23, 2012USD ($) | Dec. 30, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate on borrowings (as percent) | 3.27% | 3.44% | 3.63% | |||||||||||
Note payable, outstanding | $ 207,347,012 | $ 141,678,935 | ||||||||||||
Unamortized deferred financing costs | $ 0 | |||||||||||||
Number of farms | farm | 58 | 43 | ||||||||||||
Real estate, net | $ 326,310,621 | $ 221,783,425 | ||||||||||||
Line of credit, carrying value | $ 16,550,000 | 100,000 | ||||||||||||
Farm Credit Mortgage Notes Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 16,600,000 | |||||||||||||
Number of debt instruments issued | debt_instrument | 3 | |||||||||||||
Prior MetLife Line Of Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unamortized deferred financing costs | $ 299,000 | |||||||||||||
2015 Metlife Term Note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 100,000,000 | |||||||||||||
Reduction in interest rate spread, basis points (as percent) | 0.19% | |||||||||||||
Extension of fixed rate, term | 76 months | |||||||||||||
Extension of draw period, term | 1 year | |||||||||||||
2015 Metlife Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 25,000,000 | |||||||||||||
Amount of debt repaid | $ 21,000,000 | |||||||||||||
New MetLife Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee on undrawn amount (as percent) | 0.20% | |||||||||||||
Loan-to-value ratio (as percent) | 60.00% | 58.00% | ||||||||||||
2016 Amendment | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity of facility | $ 200,000,000 | $ 125,000,000 | ||||||||||||
Loan fees aggregate amount | $ 225,000 | |||||||||||||
2016 Metlife Term Note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity | 50,000,000 | |||||||||||||
Note payable, outstanding | 21,600,000 | |||||||||||||
2016 MetLife Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity | $ 25,000,000 | |||||||||||||
Farm Credit Central Florida Notes Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Reduction in interest rate (as percent) | 16.10% | |||||||||||||
Debt instrument face amount | $ 3,120,000 | |||||||||||||
Interest rate (as percent) | 3.78% | |||||||||||||
Loan-to-value ratio (as percent) | 60.00% | |||||||||||||
Loan fees aggregate amount | $ 131,000 | |||||||||||||
Aggregate financing costs | $ 252,000 | |||||||||||||
Number of farms | farm | 12 | |||||||||||||
Real estate, net | $ 37,500,000 | |||||||||||||
Number of debt instruments issued | debt_instrument | 8 | 1 | ||||||||||||
Notes payable of principal and interest due period | 12 months | |||||||||||||
Farm Credit West Note Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 9,282,000 | |||||||||||||
Loan-to-value ratio (as percent) | 60.00% | |||||||||||||
Loan fees aggregate amount | $ 33,000 | |||||||||||||
Aggregate financing costs | $ 64,000 | |||||||||||||
Number of farms | farm | 2 | |||||||||||||
Real estate, net | $ 21,700,000 | |||||||||||||
Number of debt instruments issued | debt_instrument | 2 | |||||||||||||
Farmer Mac Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 125,000,000 | $ 16,551,000 | $ 125,000,000 | $ 75,000,000 | ||||||||||
Loan-to-value ratio (as percent) | 60.00% | |||||||||||||
Aggregate financing costs | $ 190,000 | |||||||||||||
Number of farms | farm | 11 | |||||||||||||
Real estate, net | $ 80,400,000 | |||||||||||||
Number of debt instruments issued | debt_instrument | 9 | |||||||||||||
Extension period of debt instrument | 2 years | |||||||||||||
Percentage of outstanding bonds held by bond purchasers (as percent) | 110.00% | |||||||||||||
Mortgage notes and bonds payable, net | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Note payable, outstanding | $ 190,797,012 | 141,578,935 | ||||||||||||
Unamortized deferred financing costs | 1,412,017 | $ 1,054,222 | ||||||||||||
Line of credit | New MetLife Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | 50,000,000 | |||||||||||||
Mortgage notes payable | New MetLife Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | 150,000,000 | |||||||||||||
Mortgage notes payable | Mortgage notes and bonds payable, net | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate fair value of mortgage notes payable outstanding | 191,800,000 | |||||||||||||
Mortgage notes payable, carrying value | 192,200,000 | |||||||||||||
Mortgage notes payable | Short-Term Mortgage Notes and Bonds Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit, carrying value | 16,600,000 | |||||||||||||
MetLife | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan fees aggregate amount | 446,000 | |||||||||||||
Aggregate financing costs | $ 1,200,000 | |||||||||||||
Number of farms | farm | 33 | |||||||||||||
Real estate, net | $ 186,100,000 | |||||||||||||
MetLife | Prior MetLife Line Of Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 4,800,000 | |||||||||||||
MetLife | Prior MetLife Line Of Credit Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread (as percent) | 3.00% | |||||||||||||
MetLife | Prior MetLife Note Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 45,200,000 | |||||||||||||
Interest rate (as percent) | 3.50% | |||||||||||||
Commitment fee on undrawn amount (as percent) | 0.20% |
Borrowings - Summary of Mortgag
Borrowings - Summary of Mortgage Note Payable and Line of Credit (Detail) | Jul. 01, 2016USD ($) | Apr. 04, 2016USD ($) | Mar. 31, 2016 | Aug. 22, 2016USD ($) | Dec. 31, 2016USD ($)property | Jun. 16, 2016USD ($) | Dec. 05, 2014USD ($) |
New MetLife Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principal Outstanding | $ 124,039,466 | ||||||
Commitment fee on undrawn amount (as percent) | 0.20% | ||||||
Additional amount available to be drawn | $ 22,300,000 | ||||||
Minimum annualized rate (as percent) | 2.50% | ||||||
New MetLife Credit Facility | Term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Commitment | $ 150,000,000 | ||||||
Principal Outstanding | $ 107,489,466 | ||||||
Weighted-average interest rate (as percent) | 3.16% | ||||||
Term of debt | 10 years | ||||||
Undrawn Commitment | $ 40,979,806 | ||||||
New MetLife Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Commitment | 50,000,000 | ||||||
Principal Outstanding | 16,550,000 | ||||||
Undrawn Commitment | $ 33,450,000 | ||||||
Interest rate (as percent) | 3.11% | ||||||
New MetLife Credit Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread (as percent) | 2.25% | ||||||
Farm Credit Central Florida Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Commitment | $ 3,120,000 | ||||||
Principal Outstanding | $ 22,309,645 | ||||||
Weighted-average interest rate (as percent) | 3.48% | ||||||
Term of debt | 36 years | ||||||
Interest rate (as percent) | 3.78% | ||||||
Reduction in interest rate (as percent) | 16.10% | ||||||
Farm Credit West Note Payable | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Commitment | $ 9,282,000 | ||||||
Principal Outstanding | $ 13,061,418 | ||||||
Weighted-average interest rate (as percent) | 3.54% | 3.66% | |||||
Term of debt | 24 years 6 months | ||||||
Farmer Mac Facility | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Commitment | $ 16,551,000 | $ 125,000,000 | $ 125,000,000 | $ 75,000,000 | |||
Principal Outstanding | $ 49,348,500 | ||||||
Weighted-average interest rate (as percent) | 2.94% | ||||||
Undrawn Commitment | $ 74,743,000 | ||||||
Additional amount available to be drawn | $ 0 | ||||||
Additional properties pledged as collateral | property | 0 | ||||||
Farmer Mac Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Term of debt | 0 years | ||||||
Interest rate (as percent) | 2.87% | ||||||
Farmer Mac Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Term of debt | 9 years 8 months 12 days | ||||||
Interest rate (as percent) | 3.08% |
Borrowings - Aggregate Maturiti
Borrowings - Aggregate Maturities (Detail) - Mortgage notes and bonds payable, net | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 5,319,053 |
2,018 | 21,299,607 |
2,019 | 8,903,854 |
2,020 | 18,575,013 |
2,021 | 5,026,008 |
Thereafter | 133,085,494 |
Long-term Debt, Gross | $ 192,209,029 |
Mandatorily-Redeemable Prefer51
Mandatorily-Redeemable Preferred Stock (Detail) - USD ($) | Aug. 17, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from issuance of mandatorily-redeemable preferred stock | $ 28,750,000 | $ 0 | $ 0 | |
Proceeds from issuance of equity | $ 360,472 | 23,132,910 | 15,024,003 | |
Redemption price of redeemable preferred stock (in dollars per share) | $ 25.44 | |||
Payments of legal costs | $ 271,791 | $ 1,482,029 | $ 950,965 | |
Term preferred stock, fair value | $ 29,300,000 | |||
Series A cumulative term preferred stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | 1,000,000 | 1,150,000 | ||
Preferred stock, dividend rate (as percent) | 6.375% | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Public offering price (in dollars per share) | $ 25 | |||
Proceeds from issuance of equity | $ 27,600,000 | |||
Redemption price of redeemable preferred stock (in dollars per share) | $ 25 | |||
Payments of legal costs | $ 1,200,000 | |||
Series A cumulative term preferred stock | Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | 150,000 |
Mandatorily-Redeemable Prefer52
Mandatorily-Redeemable Preferred Stock - Dividends to Preferred Stockholders (Details) - $ / shares | Dec. 30, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 |
Series A cumulative term preferred stock | |||||
Dividends Payable [Line Items] | |||||
Dividend per Preferred Share | $ 0.132812500 | $ 0.132812500 | $ 0.132812500 | $ 0.190364583 | $ 0.588802083 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||||||
Related Party Transaction Incentive Fee | $ 0 | |||||
Expected annual base management fee (as percent) | 2.00% | |||||
Pre-incentive quarterly fee FFO in percentage of common stockholders equity that will reward the advisor (as percent) | 1.75% | |||||
Pre-incentive annual fee FFO in percentage of common stockholders equity that will reward the advisor (as percent) | 7.00% | |||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one (as percent) | 100.00% | |||||
Pre-incentive fee in percentage of common stockholders equity that awards adviser hundred percent of amount of pre-incentive fee, maximum percentage (as percent) | 2.1875% | |||||
Maximum annual percentage of stockholders' equity to pay full pre-incentive fee to adviser (as percent) | 8.75% | |||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition two (as percent) | 20.00% | |||||
Incentive fees | [1] | $ 349,550 | $ 0 | $ 0 | ||
Increase in percentage of fee paid to administrator (as percent) | 135.00% | 137.00% | ||||
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information. |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||||
Management fee | [1] | $ 1,541,768 | $ 1,343,384 | $ 1,079,534 |
Incentive fee | [1] | 349,550 | 0 | 0 |
Credits from voluntary, irrevocable waiver by Adviser’s board of directors | 0 | (320,905) | 0 | |
Net fees due to our Adviser | 1,891,318 | 1,022,479 | 1,079,534 | |
Administration fee | [1] | $ 771,255 | $ 679,590 | $ 442,584 |
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information. |
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, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |||
Management fee due to Adviser | $ 383,452 | $ 362,373 | |
Incentive fee due to Adviser | 168,627 | 0 | |
Other due to Adviser | 2,304 | 13,140 | |
Total due to Adviser | 554,383 | 375,513 | |
Administration fee due to Administrator | 202,381 | 190,080 | |
Other due from Administrator | (5,968) | 0 | |
Total due to Administrator | 196,413 | 190,080 | |
Total due to related parties | [1] | $ 750,796 | $ 565,593 |
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information. |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Aug. 17, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 07, 2015 | Apr. 02, 2014 | Dec. 31, 2013 |
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 18,000,000 | 20,000,000 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Common stock, shares issued (in shares) | 10,024,875 | 9,992,941 | |||||
Common stock, shares outstanding (in shares) | 10,024,875 | 9,992,941 | |||||
Operating partnership units held by anyone other than Company (in shares) | 0 | 0 | |||||
Payments of dividends | $ 5,000,000 | $ 4,100,000 | $ 2,500,000 | ||||
Securities allowed for issuance | $ 300,000,000 | ||||||
Proceeds from issuance of mandatorily-redeemable preferred stock | $ 28,750,000 | $ 0 | $ 0 | ||||
Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 10,024,875 | 9,992,941 | 7,753,717 | 6,530,264 | |||
Value of common stock issuable per registration statement | $ 23,600,000 | ||||||
Number of shares issued (in shares) | 31,934 | 2,239,224 | 1,223,453 | ||||
Universal Registration Statement | Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, shares issued (in shares) | 2,188,014 | ||||||
At-the-Market Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, shares issued (in shares) | 64,561 | ||||||
Common stock, value authorized | $ 30,000,000 | ||||||
Sale of common stock sold under sale agreement (in shares) | 31,934 | ||||||
Average sales price of common stock sold (in dollars per share) | $ 11.29 | ||||||
Gross proceeds from issuance of common stock | $ 360,000 | ||||||
Net proceeds from issuance of common stock | $ 355,000 | ||||||
Average sales price (in dollars per share) | $ 10.23 | ||||||
Gross proceeds from shares issued | $ 660,000 | ||||||
Net proceeds from shares issued | $ 650,000 | ||||||
Series A cumulative term preferred stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares issued (in shares) | 1,000,000 | 1,150,000 | |||||
Average sales price (in dollars per share) | $ 25 | ||||||
Gladstone Land Limited Partnership | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Company's ownership percent of voting securities of Land Advisers | 87.40% | 100.00% | |||||
Operating partnership units held by anyone other than Company (in shares) | 1,449,258 |
Equity - Monthly Distributions
Equity - Monthly Distributions Declared and Paid by Company's Board of Directors (Detail) - $ / shares | Dec. 30, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Aug. 02, 2016 | Jun. 30, 2016 | May 31, 2016 | May 02, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Feb. 02, 2016 | 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 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.495 | $ 0.465 | $ 0.36 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution One | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jan. 12, 2016 | Jan. 13, 2015 | Jan. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Jan. 22, 2016 | Jan. 23, 2015 | Jan. 22, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Feb. 2, 2016 | Feb. 3, 2015 | Jan. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.040 | $ 0.035 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Two | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jan. 12, 2016 | Jan. 13, 2015 | Jan. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Feb. 18, 2016 | Feb. 18, 2015 | Feb. 19, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Feb. 29, 2016 | Feb. 27, 2015 | Feb. 28, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.040 | $ 0.035 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Three | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jan. 12, 2016 | Jan. 13, 2015 | Jan. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Mar. 21, 2016 | Mar. 20, 2015 | Mar. 17, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.040 | $ 0.035 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Four | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Apr. 12, 2016 | Apr. 14, 2015 | Apr. 8, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Apr. 22, 2016 | Apr. 24, 2015 | Apr. 21, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | May 2, 2016 | May 4, 2015 | Apr. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Five | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Apr. 12, 2016 | Apr. 14, 2015 | Apr. 8, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | May 19, 2016 | May 19, 2015 | May 20, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | May 31, 2016 | May 28, 2015 | May 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Six | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Apr. 12, 2016 | Apr. 14, 2015 | Apr. 8, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Jun. 17, 2016 | Jun. 19, 2015 | Jun. 19, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Seven | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jul. 12, 2016 | Jul. 14, 2015 | Jul. 15, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Jul. 22, 2016 | Jul. 24, 2015 | Jul. 25, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Aug. 2, 2016 | Aug. 4, 2015 | Aug. 5, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Eight | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jul. 12, 2016 | Jul. 14, 2015 | Jul. 15, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Aug. 22, 2016 | Aug. 20, 2015 | Aug. 20, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 29, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Nine | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Jul. 12, 2016 | Jul. 14, 2015 | Jul. 15, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Sep. 21, 2016 | Sep. 21, 2015 | Sep. 19, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.04125 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Ten | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Oct. 11, 2016 | Oct. 13, 2015 | Oct. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Oct. 21, 2016 | Oct. 26, 2015 | Oct. 22, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Oct. 31, 2016 | Oct. 29, 2015 | Oct. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.0425 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Eleven | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Oct. 11, 2016 | Oct. 13, 2015 | Oct. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Nov. 17, 2016 | Nov. 17, 2015 | Nov. 17, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Nov. 30, 2016 | Nov. 24, 2015 | Nov. 26, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.0425 | $ 0.040 | $ 0.03 | ||||||||||||||||||||||||||||||||||||||
Monthly Distribution Twelve | |||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Declaration Date | Oct. 11, 2016 | Oct. 13, 2015 | Oct. 7, 2014 | ||||||||||||||||||||||||||||||||||||||
Record Date | Dec. 20, 2016 | Dec. 18, 2015 | Dec. 19, 2014 | ||||||||||||||||||||||||||||||||||||||
Payment Date | Dec. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Distributions per Common Share (in dollars per share) | $ 0.0425 | $ 0.040 | $ 0.03 |
Equity - Schedule of Distributi
Equity - Schedule of Distributions On Common Stock (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Ordinary Income | 30.65818% | 62.2954% | 95.66078% |
Return of Capital | 69.34182% | 37.34781% | 4.33922% |
Long-term Capital Gain | 0.00% | 0.35679% | 0.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)awell | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||
Estimated cost | $ 9,797,438 | $ 3,246,646 | $ 2,619,084 | |
Rental revenue | 17,305,469 | $ 11,888,091 | $ 7,170,318 | |
Bear Mountain | ||||
Loss Contingencies [Line Items] | ||||
Expended or accrued for capital improvements | 8,000,000 | |||
Rental revenue | $ 5,000,000 | |||
Bear Mountain | Forecast | ||||
Loss Contingencies [Line Items] | ||||
Removal area of old grape vineyards | a | 274 | |||
Number of new drilling wells | well | 3 | |||
Area of new almond trees | a | 800 | |||
Estimated cost | $ 8,100,000 |
Earnings (Loss) Per Share of 60
Earnings (Loss) 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to the Company | $ 73,990 | $ 31,883 | $ 107,813 | $ 234,416 | $ 448,102 | $ 568,545 | $ (125,133) | ||||
Weighted average common shares outstanding - basic and diluted (in shares) | 10,024,875 | 10,018,331 | 9,992,941 | 9,992,941 | 9,282,280 | 9,060,314 | 8,439,855 | 7,753,717 | 10,007,350 | 8,639,397 | 6,852,917 |
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.01 | $ 0 | $ 0.01 | $ 0.02 | $ 0.04 | $ 0.02 | $ 0 | $ 0.01 | $ 0.04 | $ 0.07 | $ (0.02) |
Weighted average number of operating partnership units held by non-controlling interest (in shares) | 766,351 | ||||||||||
Operating partnership units held by anyone other than Company (in shares) | 0 | 0 |
Quarterly Financial Informati61
Quarterly Financial Information (unaudited)- Summary of Quarterly Results of Operations (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 4,920,325 | $ 4,469,174 | $ 4,244,441 | $ 3,682,677 | $ 3,408,331 | $ 3,083,553 | $ 2,783,853 | $ 2,625,724 | $ 17,316,617 | $ 11,901,461 | $ 7,184,922 |
Operating expenses | (2,663,809) | (2,663,340) | (2,650,404) | (2,282,477) | (1,856,387) | (1,915,900) | (1,889,182) | (1,671,211) | |||
Other expenses | (2,173,481) | (1,771,233) | (1,478,177) | (1,160,208) | (1,184,079) | (961,258) | (924,960) | (929,939) | (6,583,099) | (4,000,236) | (1,698,603) |
Net income (loss) before income taxes | 83,035 | 34,601 | 115,860 | 239,992 | $ 367,865 | $ 206,395 | $ (30,289) | $ 24,574 | 473,488 | 568,545 | (98,631) |
Less: net income attributable to non-controlling interests | (9,045) | (2,718) | (8,047) | (5,576) | (25,386) | 0 | 0 | ||||
Net income attributable to the Company | $ 73,990 | $ 31,883 | $ 107,813 | $ 234,416 | $ 448,102 | $ 568,545 | $ (125,133) | ||||
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.01 | $ 0 | $ 0.01 | $ 0.02 | $ 0.04 | $ 0.02 | $ 0 | $ 0.01 | $ 0.04 | $ 0.07 | $ (0.02) |
Weighted average common shares outstanding - basic and diluted (in shares) | 10,024,875 | 10,018,331 | 9,992,941 | 9,992,941 | 9,282,280 | 9,060,314 | 8,439,855 | 7,753,717 | 10,007,350 | 8,639,397 | 6,852,917 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jan. 12, 2017USD ($)afarmdebt_instrumentoption | Dec. 31, 2016USD ($)afarmdebt_instrument | Dec. 31, 2015USD ($)afarm | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | ||||
Number of farms | farm | 58 | 43 | ||
Total Acres | a | 50,592 | 16,810 | ||
Proceeds from notes payable | $ 54,403,000 | $ 60,841,476 | $ 41,188,600 | |
Farm Credit Mortgage Notes Payable | ||||
Subsequent Event [Line Items] | ||||
Number of bonds issued | debt_instrument | 3 | |||
Subsequent Event | Farm Credit Mortgage Notes Payable | ||||
Subsequent Event [Line Items] | ||||
Number of bonds issued | debt_instrument | 4 | |||
Proceeds from notes payable | $ 32,400,000 | |||
Weighted-average interest rate (as percent) | 3.33% | |||
Subsequent Event | Farm Credit Mortgage Notes Payable | Minimum | ||||
Subsequent Event [Line Items] | ||||
Term of debt | 3 years | |||
Interest rate (as percent) | 2.80% | |||
Subsequent Event | Farm Credit Mortgage Notes Payable | Maximum | ||||
Subsequent Event [Line Items] | ||||
Term of debt | 7 years | |||
Interest rate (as percent) | 3.63% | |||
Subsequent Event | New MetLife Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Proceeds from lines of credit | $ 18,500,000 | |||
Subsequent Event | 2017 New Real Estate Activity | Martin County, Florida | ||||
Subsequent Event [Line Items] | ||||
Number of farms | farm | 1 | |||
Consideration transferred | $ 54,000,000 | |||
Total Acres | a | 3,748 | |||
Lease expiration period | 7 years | |||
Number of renewal options | option | 5 | |||
Lease period for extension | 5 years | |||
Annualized straight-line rent | $ 2,900,000 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - Subsequent Event | Jan. 10, 2017$ / shares |
Dividend Period One | |
Subsequent Event [Line Items] | |
Record Date | Jan. 20, 2017 |
Payment Date | Jan. 31, 2017 |
Dividend Period Two | |
Subsequent Event [Line Items] | |
Record Date | Feb. 16, 2017 |
Payment Date | Feb. 28, 2017 |
Dividend Period Three | |
Subsequent Event [Line Items] | |
Record Date | Mar. 22, 2017 |
Payment Date | Mar. 31, 2017 |
Distribution per Common Share | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | $ 0.12900 |
Distribution per Common Share | Dividend Period One | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.04300 |
Distribution per Common Share | Dividend Period Two | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.04300 |
Distribution per Common Share | Dividend Period Three | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.04300 |
Dividends per Preferred Share | Dividends per Series A Term Preferred Share | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.3984375 |
Dividends per Preferred Share | Dividends per Series A Term Preferred Share | Dividend Period One | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.1328125 |
Dividends per Preferred Share | Dividends per Series A Term Preferred Share | Dividend Period Two | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | 0.1328125 |
Dividends per Preferred Share | Dividends per Series A Term Preferred Share | Dividend Period Three | |
Subsequent Event [Line Items] | |
Distributions (in dollars per share) | $ 0.1328125 |
Schedule III - Real Estate an64
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 208,759,029 | |||
Initial Cost, Land and Land Improvements | 264,866,574 | |||
Initial Cost, Buildings & Improvements | 39,112,351 | |||
Initial Cost, Horticulture | 16,397,711 | |||
Subsequent Capitalized Additions, Land improvements | 1,117,935 | |||
Subsequent Capitalized Additions, Building & Improvements | 14,520,541 | |||
Subsequent Capitalized Additions, Horticulture | 1,361,482 | |||
Total Cost, Land and Land Improvements | 265,984,509 | |||
Total Cost, Buildings & Improvements | 53,632,892 | |||
Total Cost, Horticulture | 17,759,193 | $ 1,490,695 | ||
Total Cost | 337,376,594 | 228,417,837 | $ 148,371,478 | $ 78,478,053 |
Accumulated Depreciation | (11,065,973) | $ (6,634,412) | $ (4,431,290) | $ (3,166,870) |
Miscellaneous Investments | Land, Buildings, Improvements & Horticulture | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,456,677 | |||
Initial Cost, Land and Land Improvements | 9,684,585 | |||
Initial Cost, Buildings & Improvements | 2,905,462 | |||
Initial Cost, Horticulture | 1,456,004 | |||
Subsequent Capitalized Additions, Land improvements | 7,405 | |||
Subsequent Capitalized Additions, Building & Improvements | 216,622 | |||
Subsequent Capitalized Additions, Horticulture | (14,195) | |||
Total Cost, Land and Land Improvements | 9,691,990 | |||
Total Cost, Buildings & Improvements | 3,122,084 | |||
Total Cost, Horticulture | 1,441,809 | |||
Total Cost | 14,255,883 | |||
Accumulated Depreciation | $ (900,957) | |||
Santa Cruz County, California | Land & Improvements | Date Acquired 6/16/1997 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jun. 16, 1997 | |||
Encumbrances | $ 6,917,247 | |||
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 | $ (182,758) | |||
Santa Cruz County, California | Land & Improvements | Date Acquired 1/3/2011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jan. 3, 2011 | |||
Encumbrances | $ 6,032,246 | |||
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 | $ (54,075) | |||
Santa Cruz County, California | Land, Buildings & Improvements | Date Acquired 6/13/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jun. 13, 2014 | |||
Encumbrances | $ 3,522,201 | |||
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 | (132,524) | |||
Ventura County, California | Land & Improvements | Date Acquired 7/23/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Subsequent Capitalized Additions, Building & Improvements | $ 51,237 | |||
Ventura County, California | Land & Improvements | Date Acquired 11/4/2014 | ||||
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 | $ (20,305) | |||
Ventura County, California | Land, Buildings & Improvements | Date Acquired 9/15/1998 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 15, 1998 | |||
Encumbrances | $ 26,956,919 | |||
Initial Cost, Land and Land Improvements | 9,895,497 | |||
Initial Cost, Buildings & Improvements | 5,255,736 | |||
Subsequent Capitalized Additions, Building & Improvements | 284,698 | |||
Total Cost, Land and Land Improvements | 9,895,497 | |||
Total Cost, Buildings & Improvements | 5,540,434 | |||
Total Cost | 15,435,931 | |||
Accumulated Depreciation | $ (3,405,946) | |||
Ventura County, California | Land, Buildings & Improvements | Date Acquired 7/23/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 23, 2014 | |||
Encumbrances | $ 3,524,744 | |||
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 | 555,910 | |||
Total Cost | 6,775,203 | |||
Accumulated Depreciation | $ (76,970) | |||
Ventura County, California | Land, Buildings & Improvements | Date Acquired 10/29/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Oct. 29, 2014 | |||
Encumbrances | $ 13,732,770 | |||
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 | $ (75,932) | |||
Ventura County, California | Land, Buildings, Improvements & Horticulture | Acquired Date 12/16/2013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 16, 2013 | |||
Encumbrances | $ 1,698,795 | |||
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 | 677,067 | |||
Total Cost, Land and Land Improvements | 2,851,353 | |||
Total Cost, Buildings & Improvements | 749,820 | |||
Total Cost, Horticulture | 34,690 | |||
Total Cost | 3,635,863 | |||
Accumulated Depreciation | $ (176,153) | |||
Hillsborough County, Florida | Land, Buildings & Improvements | Date Acquired 8/9/2012 | ||||
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 | $ (414,346) | |||
Hillsborough County, Florida | Land, Buildings & Improvements | Date Acquired 9/12/2012 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 12, 2012 | |||
Encumbrances | $ 2,389,500 | |||
Initial Cost, Land and Land Improvements | 2,198,728 | |||
Initial Cost, Buildings & Improvements | 1,657,339 | |||
Subsequent Capitalized Additions, Building & Improvements | 473,172 | |||
Total Cost, Land and Land Improvements | 2,198,728 | |||
Total Cost, Buildings & Improvements | 2,130,511 | |||
Total Cost | 4,329,239 | |||
Accumulated Depreciation | $ (554,041) | |||
Marion County, Oregon | Land, Buildings & Improvements | Date Acquired 5/31/2013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | May 31, 2013 | |||
Encumbrances | $ 1,705,915 | |||
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 | 1,119,568 | |||
Total Cost | 3,614,479 | |||
Accumulated Depreciation | $ (211,803) | |||
Monterey County, California | Land, Buildings & Improvements | Date Acquired 10/21/2013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Oct. 21, 2013 | |||
Encumbrances | $ 4,323,279 | |||
Initial Cost, Land and Land Improvements | 7,186,774 | |||
Initial Cost, Buildings & Improvements | 164,114 | |||
Subsequent Capitalized Additions, Building & Improvements | 1,674,620 | |||
Total Cost, Land and Land Improvements | 7,186,774 | |||
Total Cost, Buildings & Improvements | 1,838,734 | |||
Total Cost | 9,025,508 | |||
Accumulated Depreciation | $ (115,449) | |||
Monterey County, California | Land, Buildings & Improvements | Date Acquired 1/5/2015 | ||||
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 | |||
Subsequent Capitalized Additions, Land improvements | (155,798) | |||
Total Cost, Land and Land Improvements | 15,696,668 | |||
Total Cost, Buildings & Improvements | 581,879 | |||
Total Cost | 16,278,547 | |||
Accumulated Depreciation | $ (216,120) | |||
Morrow County, Oregon | Land & Improvements | Date Acquired 12/27/2013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 27, 2013 | |||
Encumbrances | $ 8,137,938 | |||
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 | 133,527 | |||
Total Cost, Land and Land Improvements | 12,941,092 | |||
Total Cost, Buildings & Improvements | 1,251,852 | |||
Total Cost | 14,192,944 | |||
Accumulated Depreciation | $ (226,226) | |||
Cochise County, Arizona | Land, Buildings & Improvements | Date Acquired 12/27/2013 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 27, 2013 | |||
Encumbrances | $ 4,236,814 | |||
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 | $ (531,898) | |||
Cochise County, Arizona | Land, Buildings & Improvements | Date Acquired 12/23/2015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 23, 2015 | |||
Encumbrances | $ 3,210,000 | |||
Initial Cost, Land and Land Improvements | 4,233,865 | |||
Initial Cost, Buildings & Improvements | 1,502,479 | |||
Subsequent Capitalized Additions, Land improvements | 5,408 | |||
Subsequent Capitalized Additions, Building & Improvements | 107,937 | |||
Total Cost, Land and Land Improvements | 4,239,273 | |||
Total Cost, Buildings & Improvements | 1,610,416 | |||
Total Cost | 5,849,689 | |||
Accumulated Depreciation | $ (133,651) | |||
Kern County, California | Land & Improvements | Date Acquired 7/25/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 25, 2014 | |||
Encumbrances | $ 3,933,167 | |||
Initial Cost, Land and Land Improvements | 5,840,750 | |||
Initial Cost, Buildings & Improvements | 67,000 | |||
Subsequent Capitalized Additions, Building & Improvements | 993,319 | |||
Total Cost, Land and Land Improvements | 5,840,750 | |||
Total Cost, Buildings & Improvements | 1,060,319 | |||
Total Cost | 6,901,069 | |||
Accumulated Depreciation | $ (91,060) | |||
Kern County, California | Land & Improvements | Date Acquired 9/3/2015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 3, 2015 | |||
Encumbrances | $ 11,279,182 | |||
Initial Cost, Land and Land Improvements | 18,893,101 | |||
Initial Cost, Buildings & Improvements | 497,001 | |||
Subsequent Capitalized Additions, Land improvements | 612,881 | |||
Subsequent Capitalized Additions, Building & Improvements | 5,684,167 | |||
Subsequent Capitalized Additions, Horticulture | 1,375,677 | |||
Total Cost, Land and Land Improvements | 19,505,982 | |||
Total Cost, Buildings & Improvements | 6,181,168 | |||
Total Cost, Horticulture | 1,375,677 | |||
Total Cost | 27,062,827 | |||
Accumulated Depreciation | $ (240,290) | |||
Manatee County, Florida | Land, Buildings & Improvements | Date Acquired 9/29/2014 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 29, 2014 | |||
Encumbrances | $ 7,329,862 | |||
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 | 569,607 | |||
Total Cost, Land and Land Improvements | 8,465,800 | |||
Total Cost, Buildings & Improvements | 5,995,777 | |||
Total Cost | 14,461,577 | |||
Accumulated Depreciation | $ (1,147,002) | |||
Manatee County, Florida | Land, Buildings & Improvements | Date Acquired 3/10/2015 | ||||
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 | $ (297,591) | |||
Hendry County, Florida | Land, Buildings & Improvements | Date Acquired 6/25/2015 | ||||
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 | $ (185,297) | |||
Hendry County, Florida | Land, Buildings & Improvements | Date Acquired 11/2/2015 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Nov. 2, 2015 | |||
Encumbrances | $ 2,165,760 | |||
Initial Cost, Land and Land Improvements | 3,243,825 | |||
Initial Cost, Buildings & Improvements | 738,835 | |||
Subsequent Capitalized Additions, Land improvements | 1,956 | |||
Subsequent Capitalized Additions, Building & Improvements | 446 | |||
Total Cost, Land and Land Improvements | 3,245,781 | |||
Total Cost, Buildings & Improvements | 739,281 | |||
Total Cost | 3,985,062 | |||
Accumulated Depreciation | $ (132,102) | |||
Holt County, Nebraska | Land, Buildings & Improvements | Date Acquired 8/20/2015 | ||||
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 | $ (89,475) | |||
Rock County, Nebraska | Land, Buildings & Improvements | Date Acquired 8/20/2015 | ||||
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 | $ (109,325) | |||
Saguache County, California | Land, Buildings & Improvements | Date Acquired 3/3/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Mar. 3, 2016 | |||
Encumbrances | $ 15,303,500 | |||
Initial Cost, Land and Land Improvements | 16,755,814 | |||
Initial Cost, Buildings & Improvements | 8,348,131 | |||
Total Cost, Land and Land Improvements | 16,755,814 | |||
Total Cost, Buildings & Improvements | 8,348,131 | |||
Total Cost | 25,103,945 | |||
Accumulated Depreciation | $ (932,693) | |||
Fresno County, California | Land, Improvements & Horticulture | Date Acquired 4/5/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Apr. 5, 2016 | |||
Encumbrances | $ 9,161,418 | |||
Initial Cost, Land and Land Improvements | 3,623,219 | |||
Initial Cost, Buildings & Improvements | 1,228,279 | |||
Initial Cost, Horticulture | 11,455,057 | |||
Total Cost, Land and Land Improvements | 3,623,219 | |||
Total Cost, Buildings & Improvements | 1,228,279 | |||
Total Cost, Horticulture | 11,455,057 | |||
Total Cost | 16,306,555 | |||
Accumulated Depreciation | $ (320,676) | |||
Fresno County, California | Land, Improvements & Horticulture | Date Acquired 10/13/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Oct. 13, 2016 | |||
Encumbrances | $ 3,900,000 | |||
Initial Cost, Land and Land Improvements | 2,936,506 | |||
Initial Cost, Buildings & Improvements | 138,817 | |||
Initial Cost, Horticulture | 3,451,960 | |||
Total Cost, Land and Land Improvements | 2,936,506 | |||
Total Cost, Buildings & Improvements | 138,817 | |||
Total Cost, Horticulture | 3,451,960 | |||
Total Cost | 6,527,283 | |||
Accumulated Depreciation | $ (38,013) | |||
St. Lucie County, Florida | Land, Buildings & Improvements | Date Acquired 7/1/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Jul. 1, 2016 | |||
Encumbrances | $ 3,072,602 | |||
Initial Cost, Land and Land Improvements | 4,164,623 | |||
Initial Cost, Buildings & Improvements | 970,992 | |||
Total Cost, Land and Land Improvements | 4,164,623 | |||
Total Cost, Buildings & Improvements | 970,992 | |||
Total Cost | 5,135,615 | |||
Accumulated Depreciation | $ (48,550) | |||
Baca County, Colorado | Land & Improvements | Date Acquired 12/28/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Dec. 28, 2016 | |||
Encumbrances | $ 5,900,005 | |||
Initial Cost, Land and Land Improvements | 11,430,267 | |||
Initial Cost, Buildings & Improvements | 277,551 | |||
Total Cost, Land and Land Improvements | 11,430,267 | |||
Total Cost, Buildings & Improvements | 277,551 | |||
Total Cost | 11,707,818 | |||
Accumulated Depreciation | $ 0 | |||
Baca County, Colorado | Land & Buildings | Date Acquired 9/1/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 1, 2016 | |||
Encumbrances | $ 3,051,727 | |||
Initial Cost, Land and Land Improvements | 6,167,465 | |||
Initial Cost, Buildings & Improvements | 213,511 | |||
Total Cost, Land and Land Improvements | 6,167,465 | |||
Total Cost, Buildings & Improvements | 213,511 | |||
Total Cost | 6,380,976 | |||
Accumulated Depreciation | $ (4,745) | |||
Stanislaus, California | Land & Improvements | Date Acquired 9/14/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 14, 2016 | |||
Encumbrances | $ 7,273,282 | |||
Initial Cost, Land and Land Improvements | 14,114,337 | |||
Initial Cost, Buildings & Improvements | 45,465 | |||
Total Cost, Land and Land Improvements | 14,114,337 | |||
Total Cost, Buildings & Improvements | 45,465 | |||
Total Cost | 14,159,802 | |||
Accumulated Depreciation | $ 0 | |||
Merced, California | Land & Improvements | Date Acquired 9/14/2016 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | Sep. 14, 2016 | |||
Encumbrances | $ 6,713,799 | |||
Initial Cost, Land and Land Improvements | 12,844,650 | |||
Initial Cost, Buildings & Improvements | 504,445 | |||
Total Cost, Land and Land Improvements | 12,844,650 | |||
Total Cost, Buildings & Improvements | 504,445 | |||
Total Cost | 13,349,095 | |||
Accumulated Depreciation | $ 0 |
Schedule III - Real Estate an65
Schedule III - Real Estate and Accumulated Depreciation (Narrative) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate cost | $ 337,376,594 | $ 228,417,837 | $ 148,371,478 | $ 78,478,053 |
Land, Buildings, Improvements & Horticulture | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate cost | $ 319,800,000 | |||
Buildings and Improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 39 years | |||
Horticulture | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 25 years | |||
Equipment And Fixtures | Minimum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 5 years | |||
Equipment And Fixtures | Maximum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 7 years |
Schedule III - Real Estate an66
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Change in Balance of Real Estate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of period | $ 228,417,837 | $ 148,371,478 | $ 78,478,053 |
Additions: | |||
Acquisitions during the period | 100,356,160 | 75,078,078 | 67,287,231 |
Improvements | 8,772,590 | 5,036,926 | 2,726,734 |
Deductions: | |||
Dispositions during period | (169,993) | (68,645) | (120,540) |
Purchase price adjustments | 0 | 0 | 0 |
Balance, end of period | $ 337,376,594 | $ 228,417,837 | $ 148,371,478 |
Schedule III - Real Estate an67
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Change in Balance of Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of period | $ 6,634,412 | $ 4,431,290 | $ 3,166,870 |
Additions during period | 4,445,756 | 2,203,122 | 1,264,420 |
Dispositions during period | (14,195) | 0 | 0 |
Balance, end of period | $ 11,065,973 | $ 6,634,412 | $ 4,431,290 |