Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | Farmland Partners Inc. | ||
Entity Central Index Key | 1,591,670 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 149,522,937 | ||
Entity Common Stock, Shares Outstanding | 32,221,380 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Land, at cost | $ 551,392 | $ 290,828 |
Grain facilities | 6,856 | 4,830 |
Groundwater | 11,933 | 6,333 |
Irrigation improvements | 15,988 | 11,909 |
Drainage improvements | 4,757 | 1,641 |
Permanent plantings | 1,845 | 1,168 |
Other | 2,901 | 913 |
Construction in progress | 1,615 | 286 |
Real estate, at cost | 597,287 | 317,908 |
Less accumulated depreciation | (3,224) | (1,671) |
Total real estate, net | 594,063 | 316,237 |
Deposits | 5,721 | 765 |
Cash | 47,166 | 23,514 |
Notes and interest receivable, net | 2,843 | 2,812 |
Deferred offering costs | 216 | 267 |
Accounts receivable, net (See Note 1) | 4,181 | 703 |
Inventory | 283 | 249 |
Prepaid expenses and other assets | 1,056 | 407 |
TOTAL ASSETS | 655,529 | 344,954 |
LIABILITIES | ||
Mortgage notes and bonds payable, net | 308,779 | 187,074 |
Dividends payable | 2,938 | 2,060 |
Accrued interest | 1,538 | 681 |
Accrued property taxes | 1,225 | 765 |
Deferred revenue (See Note 2) | 982 | 4,854 |
Accrued expenses | 4,558 | 1,292 |
Total liabilities | 320,020 | 196,726 |
Commitments and contingencies (See Note 6 and Note 8) | ||
Redeemable non-controlling interest in operating partnership, common units | 9,694 | |
Redeemable non-controlling interest in operating partnership, preferred units | 119,915 | |
EQUITY | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 17,351,446 shares issued and outstanding at December 31, 2016, and 11,978,675 shares issued and outstanding at December 31, 2015 | 172 | 118 |
Additional paid in capital | 172,100 | 114,783 |
Retained earnings | 4,103 | 659 |
Distributions in excess of earnings | (14,473) | (7,188) |
Non-controlling interests in operating partnership | 53,692 | 30,162 |
Total equity | 215,594 | 138,534 |
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND EQUITY | $ 655,529 | $ 344,954 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 17,351,446 | 11,978,675 |
Common stock, shares outstanding | 17,351,446 | 11,978,675 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING REVENUES | |||
Rental income | $ 29,668 | $ 13,548 | $ 3,970 |
Tenant reimbursements | 263 | 135 | 248 |
Other revenue | 1,070 | 73 | |
Total operating revenues | 31,001 | 13,756 | 4,218 |
OPERATING EXPENSES | |||
Depreciation and depletion | 1,554 | 893 | 329 |
Property operating expenses | 2,379 | 1,104 | 249 |
Acquisition and due diligence costs | 2,521 | 260 | 193 |
General and administrative expenses | 7,023 | 4,192 | 2,275 |
Legal and accounting | 1,447 | 1,090 | 615 |
Other operating expenses | 445 | ||
Total operating expenses | 15,369 | 7,539 | 3,661 |
OPERATING INCOME | 15,632 | 6,217 | 557 |
OTHER (INCOME) EXPENSE: | |||
Other income | (337) | (98) | (144) |
Interest expense | 9,959 | 4,616 | 1,372 |
Total other expense | 9,622 | 4,518 | 1,228 |
Net income (loss) before income tax expense | 6,010 | 1,699 | (671) |
Income tax expense | 11 | 10 | |
NET INCOME (LOSS) | 5,999 | 1,689 | (671) |
Net (income) loss attributable to non-controlling interest in operating partnership | (1,761) | (360) | 103 |
Net loss (income) attributable to redeemable non-controlling interest in operating partnership | 64 | (102) | |
Net income (loss) attributable to the Company | 4,302 | 1,227 | (568) |
Nonforfeitable distributions allocated to unvested restricted shares | (96) | (80) | (70) |
Net income (loss) available to common stockholders of Farmland Partners Inc. | $ 1,178 | $ 809 | $ (638) |
Basic and diluted per common share data: | |||
Basic net income (loss) available to common stockholders (in dollars per share) | $ 0.09 | $ 0.08 | $ (0.15) |
Diluted net income (loss) available to common stockholders (in dollars per share) | $ 0.09 | $ 0.08 | $ (0.15) |
Basic weighted average common shares outstanding (in shares) | 13,204 | 9,619 | 4,265 |
Diluted weighted average common shares outstanding (in shares) | 13,204 | 9,629 | 4,265 |
Redeemable OP units | |||
OTHER (INCOME) EXPENSE: | |||
Distributions on redeemable non-controlling interests in operating partnership | $ (113) | $ (338) | |
Redeemable Preferred OP Units | |||
OTHER (INCOME) EXPENSE: | |||
Distributions on redeemable non-controlling interests in operating partnership | $ (2,915) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands | Common stockIPO | Common stockPublic offering | Common stock | Additional Paid-in CapitalIPO | Additional Paid-in CapitalPublic offering | Additional Paid-in Capital | Retained Earnings (Deficit) | Cumulative Dividends | Members' Deficit | Non-controlling Interest in Operating PartnershipOP units | Non-controlling Interest in Operating Partnership | IPO | Public offering | OP units | Total |
Balance at Dec. 31, 2013 | $ 1,000 | $ (4,724,000) | $ (4,723,000) | ||||||||||||
Balance (in shares) at Dec. 31, 2013 | 1 | ||||||||||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Net income (loss) | $ (568,000) | $ (103,000) | (671,000) | ||||||||||||
Grant of unvested restricted stock (in shares) | 214 | ||||||||||||||
Proceeds from public offering, net of offering costs and underwriters discount | $ 38 | $ 37 | $ 47,987,000 | $ 43,304,000 | $ 48,025,000 | $ 43,341,000 | |||||||||
Proceeds from public offering, net of offering costs and underwriters discount (in shares) | 3,800 | 3,717 | |||||||||||||
Stock based compensation | 681,000 | 681,000 | |||||||||||||
Dividends and distributions accrued or paid | $ (2,130,000) | (634,000) | (2,764,000) | ||||||||||||
Reclassification of common OP units from mezzanine equity | 4,013,000 | (4,013,000) | |||||||||||||
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership | (22,991,000) | 22,991,000 | |||||||||||||
Contributions | 1,178,000 | 1,178,000 | |||||||||||||
Distributions | (16,000) | (1,072,000) | (1,088,000) | ||||||||||||
Distribution of accounts receivable | $ (451,000) | (451,000) | |||||||||||||
Redemption of initial shares | (1,000) | (1,000) | |||||||||||||
Redemption of initial shares (in shares) | (1) | ||||||||||||||
Balance at Dec. 31, 2014 | $ 75 | 68,981,000 | (568,000) | (2,130,000) | 17,169,000 | 83,527,000 | |||||||||
Balance (in shares) at Dec. 31, 2014 | 7,731 | ||||||||||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Net income (loss) | 1,227,000 | 360,000 | |||||||||||||
Grant of unvested restricted stock (in shares) | 9 | ||||||||||||||
Proceeds from public offering, net of offering costs and underwriters discount | $ 34 | 34,553,000 | 34,587,000 | ||||||||||||
Proceeds from public offering, net of offering costs and underwriters discount (in shares) | 3,360 | ||||||||||||||
Stock based compensation | 957,000 | 957,000 | |||||||||||||
Dividends and distributions accrued or paid | (5,058,000) | (1,485,000) | (6,543,000) | ||||||||||||
Issuance of stock as partial consideration for asset acquisition | $ 9 | 9,747,000 | $ 14,936,000 | $ 14,936,000 | 9,756,000 | ||||||||||
Issuance of stock as partial consideration for asset acquisition (in shares) | 888 | ||||||||||||||
Forfeiture of unvested restricted stock | (16,000) | (16,000) | |||||||||||||
Forfeiture of unvested restricted stock (in shares) | (8) | ||||||||||||||
Adjustment to arrive at redemption value of redeemable non-controlling interest | (236,000) | (236,000) | |||||||||||||
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership | 818,000 | (818,000) | |||||||||||||
Profit Loss Before Redeemable Noncontrolling Interest | 1,587,000 | ||||||||||||||
Share repurchase and retirement | (21,000) | (21,000) | |||||||||||||
Share repurchase and retirement (in shares) | (2) | ||||||||||||||
Balance at Dec. 31, 2015 | $ 118 | 114,783,000 | 659,000 | (7,188,000) | 30,162,000 | 138,534,000 | |||||||||
Balance (in shares) at Dec. 31, 2015 | 11,978 | ||||||||||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Net income (loss) | 4,302,000 | 1,761,000 | 6,063,000 | ||||||||||||
Grant of unvested restricted stock (in shares) | 119 | ||||||||||||||
Issuance of stock under the at-the-market offering, net of costs | $ 11 | 10,955,000 | 10,966,000 | ||||||||||||
Issuance of stock under the at-the-market offering, net of costs (in shares) | 995 | ||||||||||||||
Proceeds from public offering, net of offering costs and underwriters discount | $ 31 | 32,823,000 | 32,854,000 | ||||||||||||
Proceeds from public offering, net of offering costs and underwriters discount (in shares) | 3,100 | ||||||||||||||
Conversion of OP units to shares of common stock | $ 12 | 10,946,000 | (10,958,000) | ||||||||||||
Conversion of OP units to shares of common stock (in shares) | 1,164 | ||||||||||||||
Stock based compensation | 1,228,000 | 1,228,000 | |||||||||||||
Dividends and distributions accrued or paid | (2,057,000) | (858,000) | (7,285,000) | (2,958,000) | (13,158,000) | ||||||||||
Issuance of stock as partial consideration for asset acquisition | $ 29,592,000 | $ 29,592,000 | |||||||||||||
Conversion of redeemable units to OP units | 9,518,000 | 9,518,000 | |||||||||||||
Forfeiture of unvested restricted stock | (3,000) | (3,000) | |||||||||||||
Forfeiture of unvested restricted stock (in shares) | (5) | ||||||||||||||
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership | 3,425,000 | (3,425,000) | |||||||||||||
Balance at Dec. 31, 2016 | $ 172 | $ 172,100,000 | $ 4,103,000 | $ (14,473,000) | $ 53,692,000 | $ 215,594,000 | |||||||||
Balance (in shares) at Dec. 31, 2016 | 17,351 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (decrease) in shareholders' equity | |||
Offering costs | $ 144 | ||
IPO | |||
Increase (decrease) in shareholders' equity | |||
Offering costs | $ 1,451 | ||
Underwriters discount | 3,724 | ||
Public offering | |||
Increase (decrease) in shareholders' equity | |||
Offering costs | 450 | $ 526 | 804 |
Underwriters discount | $ 1,569 | $ 1,848 | $ 2,323 |
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) | $ 5,999,000 | $ 1,689,000 | $ (671,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and depletion | 1,554,000 | 893,000 | 329,000 |
Amortization of discounts/premiums on debt | 236,000 | 155,000 | 138,000 |
Amortization of net origination fees related to notes receivable | (3,000) | (12,000) | |
Amortization of below market leases | (72,000) | (187,000) | 0 |
Stock based compensation | 1,224,000 | 942,000 | 681,000 |
Loss on disposition of assets | 2,000 | 7,000 | |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (3,478,000) | (77,000) | (459,000) |
(Increase) decrease in interest receivable | (79,000) | 8,000 | |
Increase in other assets | (306,000) | (41,000) | (82,000) |
Increase in inventory | (34,000) | (249,000) | |
Increase in accrued interest payable | 856,000 | 443,000 | 160,000 |
Increase in accrued expenses | 2,598,000 | 208,000 | 102,000 |
(Decrease) Increase in deferred revenue | (3,829,000) | 3,446,000 | 1,365,000 |
Increase in accrued property taxes | 375,000 | 475,000 | 213,000 |
Net cash provided by operating activities | 5,041,000 | 7,695,000 | 1,783,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate acquisitions | (131,776,000) | (109,309,000) | (126,250,000) |
Real estate improvements | (5,670,000) | (7,574,000) | (46,000) |
Principal receipts on notes receivable | 50,000 | ||
Issuance of notes receivable | (2,830,000) | ||
Origination fees on notes receivable | 50,000 | ||
Payment of direct costs related to note receivable | (27,000) | ||
Net cash used in investing activities | (137,396,000) | (119,690,000) | (126,296,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings from mortgage notes payable | 207,387,000 | 82,475,000 | 81,100,000 |
Repayments on mortgage notes payable | (84,750,000) | (9,128,000) | (12,311,000) |
Proceeds from initial public offering | 49,476,000 | ||
Proceeds from underwritten public offering | 33,276,000 | 35,112,000 | 44,145,000 |
Proceeds from ATM offering | 11,110,000 | ||
Common stock repurchased | (21,000) | ||
Payment of offering costs | (423,000) | (781,000) | (2,255,000) |
Payment of debt issuance costs | (1,116,000) | (239,000) | (370,000) |
Redemption of common stock | (1,000) | ||
Dividends on common stock | (6,600,000) | (4,428,000) | (1,642,000) |
Refund of outstanding debt | 300,000 | ||
Contributions from member | 1,178,000 | ||
Distributions to member | (17,000) | ||
Distributions to non-controlling interest in operating partnership | (2,877,000) | (1,517,000) | (1,072,000) |
Net cash provided by financing activities | 156,007,000 | 101,773,000 | 158,231,000 |
NET INCREASE (DECREASE) IN CASH | 23,652,000 | (10,222,000) | 33,718,000 |
CASH, BEGINNING OF PERIOD | 23,514,000 | 33,736,000 | 18,000 |
CASH, END OF PERIOD | 47,166,000 | 23,514,000 | 33,736,000 |
Cash paid during period for interest | 8,865,000 | 4,020,000 | 1,071,000 |
Cash paid during period for taxes | 10,000 | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Transfer of deferred offering costs to equity, offset by deferred costs included in accrued expenses related to offering | 699,000 | ||
Preferred distributions accrued | 2,915,000 | ||
Deferred offering costs amortized through equity in the period | 565,000 | ||
Distribution of accounts receivable to Pittman Hough Farms | (451,000) | ||
Seller carry notes | 2,024,000 | ||
Additions to real estate improvements included in accrued expenses | 956,000 | 429,000 | |
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interest in operating partnership in conjunction with acquisitions | 146,592,000 | 34,388,000 | |
Below market lease acquisitions | 29,000 | 230,000 | |
Other assets acquired in business combination | 110,000 | ||
Accounts receivable acquired in acquisitions | 107,000 | 48,000 | |
Property tax liability assumed in acquisitions | 86,000 | 48,000 | 28,000 |
Deferred financing costs included in accrued expenses | 54,000 | 3,000 | |
Offering costs included in accrued expenses | 90,000 | ||
Common stock | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Distributions payable | 2,212,000 | $ 2,060,000 | $ 1,123,000 |
Common Unit Holders | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Distributions payable | $ 726,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Significant Accounting Policies | |
Organization and Significant Accounting Policies | Note 1–Organization and Significant Accounting Policies Organization Farmland Partners Inc., collectively with its subsidiaries (the “Company”), is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. The Company was incorporated in Maryland on September 27, 2013. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. As of December 31, 2016, the Company owned a portfolio of approximately 11 5,489 acres which are consolidated in these financial statements. All of the Company’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2016, the Company owned a 75.1% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A common units of limited partnership interest in the Operating Partnership (“OP units”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Preferred units”)). Unlike holders of our common stock, holders of OP units and Preferred units do not have voting rights or the power to direct our affairs. The Company and the Operating Partnership commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) on April 16, 2014 (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). Concurrently with the completion of the IPO, the Company’s predecessor, FP Land LLC, a Delaware limited liability company (“FP Land”), merged with and into the Operating Partnership, with the Operating Partnership surviving (the “FP Land Merger”). As a result of the FP Land Merger, the Operating Partnership succeeded to the business and operations of FP Land, including FP Land’s 100% fee simple interest in a portfolio of 38 farms and three grain storage facilities (the “Contributed Properties”). The Company elected to be taxed as a real estate investment trust, (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary (“TRS”). The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of December 31, 2016, the TRS performs these custom farming operations on 2,605 acres of farmland owned by the Company and located in Nebraska, Illinois and Mississippi. All references to numbers of acres within this report are unaudited. AFCO Mergers On February 2, 2017, the Company completed the previously announced merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of our common stock as consideration in the Company Merger, 17,373 shares of our common stock in respect of fully earned and vested AFCO restricted stock units, and 218,525 OP units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million. Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s financial condition as of December 31, 2016 and 2015, and the results of operations for the years ended December 31, 2016 and 2015, reflect the financial condition and results of operations of the Company. Due to the timing of the IPO and the formation transactions, the results of operations for the year ended December 31, 2014 reflect the results of operations of FP Land (our predecessor) combined with the Company for the period prior to April 16, 2014, and the Company’s consolidated results for the period from April 16, 2014 through December 31, 2014. 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Real Estate Acquisitions The Company accounts for all acquisitions in accordance with the business combinations standard. When the Company acquires farmland that was previously operated as a rental property, the Company evaluates whether a lease is in place or a crop is being produced at the time of closing of the acquisition. If a lease is in place or a crop is being produced, the Company accounts for the transaction as a business combination and charges the costs associated with the acquisition to acquisition and due diligence costs on the Consolidated Statement of Operations, as incurred. Otherwise, acquisitions with no lease in place or crops being produced at the time of acquisition are accounted for as an asset acquisitions with the transaction costs incurred capitalized to the assets acquired. When the Company acquires farmland in a sale-lease back transaction, the Company accounts for the transaction as an asset acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines, and perennial crops), and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets of acquired real estate by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost as new, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on 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, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. As of December 31, 2016, the aggregate gross amount of below market leases was $258,347 with amortization for 2016 and the total accumulated amortization amounting to $71,835 and $258,347, respectively. As of December 31, 2015, the aggregate gross amount of below market leases was $229,597 with amortization for 2015 and the total accumulated amortization amounting to $186,512. As of December 31, 2016, all below market leases had been fully amortized. There were no below market leases or related amortization recorded during the year ended December 31, 2014, and no above market leases in the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016 and 2015, the Company did not have any in-place lease or tenant relationship intangibles. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time, and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset and will be amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, we determine the fair value of the equity securities issued based on the number of shares of common stock and OP units issued multiplied by the stock price on the date of closing in the case of common stock and OP units and by liquidation preference in the case of preferred units. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities - Irrigation improvements - Drainage improvements - Groundwater - Permanent plantings - Other - The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below. Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements. Cash The Company’s cash at December 31, 2016 and 2015 was held in the custody of one and two financial institutions, respectively, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits. Debt Issuance Costs Costs incurred by the Company or its predecessor in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the year ended December 31, 2016, $1,185,747 in costs were incurred in connection with the Bridge Loan, Term Loans 1-4, Farm Credit Mortgage Note, Prudential Note (as defined in “Note 7—Mortgage Notes and Bonds Payable”). During the year ended December 31, 2015, $241,211 in costs were incurred in conjunction with the issuance of five bonds under the Farmer Mac Facility. During the year ended December 31, 2014, $135,340 and $234,188 in costs were capitalized in conjunction with the modification of the First Midwest Bank debt on April 16, 2014 and the issuance of five bonds under the Farmer Mac Facility, respectively. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $356,606, $212,834, and $138,369 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company wrote off $6,209, $12,300 and $26,929 of debt issuance costs to interest expense in conjunction with the early repayment of debt during the year ended December 31, 2016, 2015 and 2014, respectively. Accumulated amortization of deferred financing fees was $673,089 and $310,274 as of December 31, 2016 and 2015, respectively. Notes and Interest Receivable Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each statement of financial position date. As of December 31, 2016, the Company had issued two notes under the FPI Loan Program and have designated each of the notes receivable as held-to-maturity based on the Company’s positive intent and ability to hold the security until maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization, including interest, is included in other revenue within our consolidated statements of operations. See “Note 6—Notes Receivable.” Allowance for Notes and Interest Receivable A note is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether an allowance is necessary. Any uncollectible interest previously accrued is also charged off. As of December 31, 2016, we believe the value of the underlying collateral for each of the notes to be sufficient and in excess of the respective outstanding principal and accrued interest. There were no notes receivable that were past due at December 31, 2016. Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offerings of securities. At the completion of the offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the abandonment occurs. The Company incurred $594,680 and $792,942 in offering costs during the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, the Company had $216,027 and $267,253, respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offerings of securities. Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $378,186 and $78,186 as of December 31, 2016 and 2015, respectively, which are recorded as a reduction to rental revenue on the Consolidated Statement of Operations. Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2016 2015 Harvested crop $ $ Growing crop — — Fertilizer and pesticides — $ $ Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term, including renewal options in the case of bargain renewal options. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying consolidated balance sheets, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Leases in place as of December 31, 2016 had terms ranging from one to ten years. As of December 31, 2016, the Company had three leases with rent escalations. The majority of the Company’s leases provide for a fixed annual or semi-annual cash rent payment. Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds or a percentage of harvested crops. As of December 31, 2016, a majority of such leases provided for a rent payment determined as a percentage of the gross farm proceeds. Revenue under leases providing for a payment equal to a percentage of the harvested crop or a percentage of the gross farm proceeds are recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain facility that grain has been delivered in the Company’s name, a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statements of operations, as earned, and the related property tax as property operating expense, as incurred. When a lease requires that the tenant pay the taxing authority directly, the Company does not incur this cost. If and when it becomes probable that a tenant will not be able to bear the property-related costs, the Company will accrue the estimated expense. The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain facility and title has transferred. The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included in operating revenues as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2016 and 2015. Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $11,199 for the year ended December 31, 2016, with $9,951 in income tax expense for the year ended December 31, 2015 and no income tax expense for the year ended December 31, 2014. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $0.03 million in taxable income from the TRS for the year ended December 31, 2016, and at December 31, 2016, the Company did not have any deferred tax assets or liabilities. There was no taxable income from the TRS for the year ended December 31, 2015, and at December 31, 2015, the Company did not have any deferred tax assets or liabilities. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2016, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2015 and 2014 open tax years. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 - 10 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. Derivatives and Hedge Accounting The Company enters into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. All contracts entered into during the year ended December 31, 2016 and 2015 met the criteria to be exempt from derivative accounting and have been designated as normal purchase and sales exceptions for hedge accounting. Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that OP units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period. Non-controlling Interests The Company’s non-controlling interests are interests in the Operating Partnership not owned by the Company. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s consolidated statements of operations represent the portion of income or losses not attributable to the Company. Stock Based Compensation From time to time, the Company may award non-vested shares under the Company’s Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requ |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition | |
Revenue Recognition | Note 2—Revenue Recognition For the majority of its leases, the Company receives at least 50% of the annual lease payment from tenants either during the first quarter of the year or at the time of acquisition of the related farm, with the remaining 50% of the lease payment due in the second half of the year. As such, the rental income received is recorded on a straight-line basis over the lease term. The lease term generally includes periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that the Company considers material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned. As of December 31, 2016 and 2015, the Company had $981,669, and $4,853,837, respectively, in deferred revenue. Unamortized below market leases as of December 31, 2016 and 2015, respectively, were $0 and $43,085 and are included in deferred revenue. The following represents a summary of the rental income recognized during the three years ended December 31, 2016: Rental Income Recognized For the year ended December 31, ($ in thousands) 2016 2015 2014 Leases in effect at the beginning of the year $ $ $ Leases entered into or amended during the year $ $ $ Future minimum lease payments from tenants under all non-cancelable leases in place as of December 31, 2016, including lease advances, when contractually due, but excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues, for each of the next five years as of December 31, 2016 are as follows: ($ in thousands) Future Rental Year Ending December 31, Payments 2017 $ 2018 2019 2020 2021 2022 and beyond $ Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2016 | |
Concentration Risk | |
Concentration Risk | Note 3—Concentration Risk Credit Risk For the years ended December 31, 2016, 2015 and 2014, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there would be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. Rental income received is recorded on a straight-line basis over the applicable lease term. The following is a summary of our significant tenants: Rental Income Recognized For the year ended December 31, ($ in thousands) 2016 2015 2014 Tenant A (1) $ % $ % $ — — % (1) The Company entered into two separate sale and partial leaseback transactions with Tenant A and affiliates in December 2014 and June 2015. The leases were due to expire on December 31, 2016, December 31, 2017 and December 31, 2019. Tenant A and the Company agreed to terminate the leases effective as of December 31, 2016. As part of the termination settlement, Tenant A agreed to pay an additional rent amount related to 2016 of $2.8 million. In addition, the Company fully recognized as 2016 revenue certain rent payments, totaling $3.7 million, made by Tenant A in June 2015, that the Company had not yet recognized under its revenue recognition policy. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of December 31, 2016, 2015 and 2014 and straight line rental income recorded by the Company for the years then ended by location of the farm: Approximate % of Total Acres Rental Income As of December 31, For the year ended December 31, Location of Farm 2016 2015 2014 2016 2015 2014 Arkansas % % % % % % Colorado % % % % % % Florida % — % — % % — % — % Georgia % % — % % % — % Illinois % % % % % % Kansas % % % % % — % Louisiana % % % % % % Michigan % % — % % % — % Mississippi % % % % % % North Carolina % % — % % % — % Nebraska % % % % % % South Carolina % % % % % — % Texas % — % — % % — % — % Virginia % % — % — % — % — % % % % % % % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | |
Related Party Transactions | Note 4—Related Party Transactions See “Note 5 — Real Estate” for related party acquisition of the Illinois farm on June 30, 2015. Effective as of December 31, 2015, Mr. Pittman neither owns any direct or indirect interest in, nor has control of, Astoria Farms and Hough Farms. As of December 31, 2016 and 2015, 6% and 11%, respectively, of the acres in the Company’s farm portfolio were rented to and operated by Astoria Farms or Hough Farms, both of which were related parties until December 31, 2015. Astoria Farms is a partnership in which Pittman Hough Farms LLC (“Pittman Hough Farms”), which was previously 75% owned by Mr. Pittman, had a 33.34% interest. The balance of Astoria Farms was held by limited partnerships in which Mr. Pittman was previously the general partner. Hough Farms is a partnership in which Pittman Hough Farms previously had a 25% interest. The aggregate rent recognized by the Company for these entities for the years ended December 31, 2016, 2015 and 2014 was $2,464,905, $2,720,757 and $2,474,839, respectively. As of December 31, 2016 and 2015, the Company did not have any accounts receivable from these entities. For the years ended December 31, 2016, 2015 and 2014, Pittman Hough Farms incurred $0, $0 and $219,597, respectively, in professional fees on behalf of the Company. These fees were reimbursed by the Company. As of December 31, 2016 and 2015, the Company had no outstanding payables to Pittman Hough Farms. Effective as of December 31, 2015, Mr. Pittman does not own any interest in American Agriculture.American Agriculture Corporation (‘‘American Agriculture’’) is a Colorado corporation that was 75% owned by Mr. Pittman and 25% owned by Jesse J. Hough, who provides consulting services to the Company. On April 16, 2014, the Company entered into a shared services agreement with American Agriculture pursuant to which the Company paid American Agriculture an annual fee of $175,000 in equal quarterly installments in exchange for administrative and accounting services. The agreement was terminated effective December 31, 2014, by mutual agreement of both parties. The Company incurred $123,958 in fees related to the shared services agreement during the year ended December 31, 2014, which are included in general and administrative expenses in the consolidated statements of operations. The Company reimbursed American Agriculture $0 and $21,259, respectively, for general and administrative expenses during the year ended December 31, 2016 and 2015, which are included in general and administrative expenses in the consolidated statements of operations. As of December 31, 2016 the Company had outstanding receivables from American Agriculture of $48,728, while at December 31, 2015, the Company had outstanding receivable to American Agriculture of $5,574, included in accrued expenses in the consolidated balance sheets. On July 21, 2015, the Company entered into a lease agreement with American Agriculture Aviation LLC (“American Ag Aviation”) for the use of a private plane. American Ag Aviation is a Colorado limited liability company that is owned 100% by Mr. Pittman. During the years ended December 31, 2016 and 2015, the Company incurred costs of $169,708 and $103,090, respectively, from American Ag Aviation for use of the aircraft in accordance with the lease agreement. These costs were recognized based on the nature of the associated use of the aircraft, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s consolidated statements of operations. On April 1, 2015, the TRS and Hough Farms entered into a custom farming arrangement, pursuant to which Hough Farms performs custom farming on 563 acres. During the year ended December 31, 2015, the Company incurred $51,303 in custom farming costs, which are included in inventory in the combined consolidated balance sheets. As of December 31, 2015, the Company owed Hough Farms $11,946 for fungicide application related costs, which are included in accrued expenses in the combined consolidated balance sheet. On March 21, 2014 and April 16, 2014, the Company and FP Land entered into reimbursement agreements with Pittman Hough Farms to reimburse Pittman Hough Farms for costs incurred to complete the IPO and the FP Land Merger. The amount of the costs that were reimbursed was reduced by interest expense of $78,603 related to outstanding debt at the time of the FP Land Merger, which was accrued by FP Land as of December 31, 2013. The aggregate net reimbursable amount under the agreements was $1,361,321. On June 9, 2014, the Company and the Operating Partnership entered into an additional reimbursement agreement with Pittman Hough Farms for $51,537 in professional fees incurred prior to the IPO. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate | |
Real Estate | Note 5—Real Estate As of December 31, 2016, the Company owned approximately 115,489 acres, as well as eight grain storage facilities. During year ended December 31, 2016, the Company acquired the following farms: ($ in thousands) Total Date Approximate Purchase Acquisition State Acquired Acres Price Costs Type of Acquisition Georgia 1/12/2016 $ $ Asset Acquisition Michigan 1/21/2016 — Business Combination Texas 1/27/2016 Asset Acquisition Illinois 2/26/2016 — Asset Acquisition Illinois (1) 3/2/2016 Asset Acquisition Georgia 3/11/2016 Asset Acquisition Illinois 3/24/2016 — Asset Acquisition Louisiana 3/31/2016 Asset Acquisition Mississippi 4/4/2016 — Business Combination Georgia 4/6/2016 Asset Acquisition Georgia 4/6/2016 Asset Acquisition South Carolina 5/12/2016 Asset Acquisition Texas 5/17/2016 — Business Combination Illinois 6/27/2016 — Business Combination Colorado 6/29/2016 — Business Combination Illinois 6/30/2016 — Asset Acquisition Georgia 7/20/2016 — Business Combination Colorado 7/27/2016 Asset Acquisition Kansas 7/27/2016 — Asset Acquisition Florida 8/31/2016 Asset Acquisition Georgia 9/16/2016 — Asset Acquisition Illinois 9/29/2016 — Asset Acquisition Illinois 11/2/2016 — Asset Acquisition Arkansas (2) 12/21/2016 Asset Acquisition $ $ (1) This acquisition closed on March 2, 2016. The purchase price of the property was comprised of (a) $50.0 million in cash, (b) an aggregate of 2,608,695 OP units at $11.50 per OP unit and (c) 117,000 Preferred units. See “Note 9 – Stockholders’ Equity and Non-controlling Interests.” (2) This acquisition closed on December 21, 2016. The purchase price of the property was comprised of (a) $3.3 million in cash and (b) an aggregate of 69,961 OP units at $10.95 per OP unit. During the year ended December 31, 2015, the Company acquired the following farms: ($ in thousands) Total Date Approximate Purchase Acquisition State Acquired Acres Price Costs Type of Acquisition Mississippi 1/14/2015 $ $ Asset acquisition Colorado 2/18/2015 Business combination Nebraska 2/24/2015 Asset acquisition Nebraska 2/24/2015 Asset acquisition Colorado (1) 3/13/2015 — Asset acquisition South Carolina 3/13/2015 Asset acquisition Nebraska (2) 4/10/2015 Business combination Nebraska (3) 4/10/2015 Business combination Colorado 4/10/2015 — Business combination Colorado 4/17/2015 — Asset acquisition Arkansas 4/30/2015 Business combination Mississippi 5/14/2015 Asset acquisition Illinois 5/29/2015 Asset acquisition North Carolina, South Carolina, & Virginia (4) 6/2/2015 Asset acquisition Illinois (5) 6/30/2015 Business combination Arkansas 7/2/2015 Asset acquisition Mississippi 7/10/2015 Asset acquisition Michigan 9/15/2015 Asset acquisition Nebraska 10/1/2015 Business combination Georgia 10/9/2015 Business combination Kansas & Colorado 12/4/2015 — Asset acquisition Illinois 12/15/2015 Asset acquisition Georgia 12/17/2015 Asset acquisition Georgia 12/17/2015 Asset acquisition Nebraska 12/15/2015 Asset acquisition Colorado 12/30/2015 Asset acquisition $ $ (1) On March 13, 2015, the Company issued 63,581 shares of common stock (with a fair value of $712,743 as of the date of closing) as partial consideration for this farm acquisition. (2) On April 10, 2015, the Company issued 118,634 OP units (with a fair value of $1,372,595 as of the date of closing) as partial consideration for the acquisition of these Nebraska farms. (3) On April 10, 2015, the Company issued 119,953 OP units (with a fair value of $1,387,856 as of the date of closing) as partial consideration for the acquisition of these Nebraska farms. (4) On June 2, 2015, the Company issued 824,398 shares of common stock and 1,993,709 OP units, of which 883,724 are redeemable for cash, or at the Company’s option shares of common stock on a one for one basis up to a maximum of 1,109,985 shares (with an aggregate fair value of $30,914,634, as of the date of closing) as partial consideration for the acquisition of these farms. See “Note 9—Stockholders Equity and Non-controlling Interests”. (5) On June 30, 2015, the Company acquired this property from Mr. Pittman. In connection with the acquisition, the Company assumed a two year lease with Astoria Farms with annual rents of $18,749. The preliminary allocation of purchase price for the farms acquired during the year ended December 31, 2016 is as follows: ($ in thousands) Land Groundwater Irrigation Permanent Timber Accounts Below Accrued Total Georgia $ $ — $ $ — $ $ — $ — $ — $ Michigan — — — — — Texas — — — — — Illinois — — — — — — — Illinois — — — — Georgia — — — — — — Illinois — — — — — — — Louisiana — — — — — Mississippi — — — — — Georgia — — — — — — Georgia — — — — — — South Carolina — — — — — — Texas — — — — — Illinois — — — — — — Colorado — — — — — — — Illinois — — — — — — — Georgia — — — — — — Colorado (1) — — — — Kansas — — — — — Florida — — — — — — Georgia — — — — — — Illinois — — — — — — Illinois — — — — — — — Arkansas — — — — — $ $ $ $ $ $ - $ $ $ (1) Within groundwater, the Company acquired $3.5 million in water rights and shares in water districts. The Company determined these assets to be non-depreciable. The allocation of the purchase price for the farms acquired (that were deemed business combinations) during the year ended December 31, 2016 is preliminary and may change during the measurement period, which may be up to one year from the acquisition date, if the Company obtains new information regarding the assets acquired or liabilities assumed at the acquisition date. The allocation of purchase price for the farms acquired during the year ended December 31, 2015 are as follows: ($ in thousands) Land Groundwater Irrigation Permanent Timber Accounts Below Accrued Total Mississippi $ $ — $ $ — $ — $ — $ — $ — $ Colorado — — — — — Nebraska — — — — — — Nebraska — — — — — — Colorado — — — — South Carolina — — — — — Nebraska — — — Nebraska — — — Colorado — — — — — Colorado — — — — — Arkansas — — — — Mississippi — — — — — Illinois — — — — — — — (5) — — — Illinois — — — — — — Arkansas — — — — — — Mississippi — — — — — Michigan — — — — — Nebraska — — — — — — Georgia — — — — — Kansas & Colorado — — — — — — — Illinois — — — — — — — Georgia — — — — — — Georgia — — — — — — Nebraska — — — — — — Colorado — — — — — — — $ $ $ $ $ $ $ $ $ During the year ended December 31, 2016, the Company accounted for the acquisitions of the farms acquired on February 18, April 10, April 30, October 1 and October 9 as a business combination. However, as historical results for the farms were not available the Company has not included unaudited pro forma financial information reflecting the pro forma results as if the farm had been acquired on January 1, 2015. The unaudited pro forma information presented below does not purport to represent what the actual results of operations of the Company would have been had the business combinations outlined above occurred as of the beginning of the periods presented, nor does it purport to predict the results of operations of future periods. The unaudited pro forma information is presented below as if the real estate acquired in business combinations during the year ended December 31, 2015 had been acquired on January 1, 2014. The following table does not include pro forma financial information for the farms acquired on February 18, April 10, April 30 and October 1, as historical results for the farms were not available. The unaudited pro forma financial information is presented below as if the farms acquired on June 12 and September 24 during the year ended December 31, 2014 had been acquired on January 1, 2013. For the year ended December 31, ($ in thousands) 2015 2014 Pro forma Total operating revenues $ $ Net income (loss) $ $ Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ $ Income (loss) per diluted share attributable to common stockholders $ $ Weighted-average number of common shares - basic Weighted-average number of common shares - diluted Following the completion of the AFCO Mergers, properties in each of the locations listed in the table below became part of the Company’s portfolio. State Total Approximate Acres Arkansas California California California California California California California California California California California California California Florida Florida Florida Georgia / Alabama Illinois Illinois Illinois |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable | |
Notes Receivable | Note 6—Notes Receivable In August 2015, the Company introduced an agricultural lending product aimed at farmers as a complement to the Company's business of acquiring and owning farmland and leasing it to farmers (the “FPI Loan Program”). Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) to provide financing for working capital requirements and operational farming activities, farming infrastructure projects, and for other farming and agricultural real estate related projects. These loans are collateralized by farm real estate and are typically in principal amounts of $500,000 or more at fixed interest rates with maturities of up to three years. The Company expects the borrower to repay the loans in accordance with the applicable loan agreements based on farming operations and access to other forms of capital, as permitted. Notes receivable are stated at their unpaid principal balance, and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2016 and 2015, the Company held the following notes receivable: ($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2016 December 31, 2015 Maturity Mortgage Note (1) Principal & interest due at maturity $ $ 1/15/2017 (4) Mortgage Note Year 1 interest paid at note issuance, with remaining principal & interest due at maturity 10/30/2017 Term Note (2) Principal & interest due at maturity - 2/2/2016 Total outstanding principal Points paid, net of direct issuance costs Interest receivable (net prepaid interest) (3) Total notes and interest receivable $ $ (1) In January 2016 the maturity date of the note was extended from January 15, 2016 to January 15, 2017 with the year 1 interest received at the time of the extension and principal and remaining interest due at maturity. The company has a commitment to fund an additional $200,000 under this mortgage, subject to meeting certain requirements by the borrower. (2) (3) (4) The collateral for the mortgage notes receivable consists of real estate and improvements present on such real estate. For income tax purposes the aggregate cost of the investment of the mortgage notes is the carrying amount per the table above. Fair Value FASB ASC 820-10 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is 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 to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable or can be substantially corroborated for the asset or liability, either directly or indirectly. · Level 3 —Inputs to the valuation methodology are unobservable, supported by little or no market activity and are significant to the fair value measurement. The fair value of notes receivable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on mortgage notes receivable with comparable terms whenever the interest rates on the notes receivable are deemed not to be at market rates. As of December 31, 2016 and 2015 the fair value of the notes receivable was $2,780,000 and $2,842,145, respectively. |
Mortgage Notes and Bonds Payabl
Mortgage Notes and Bonds Payable | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Notes and Bonds Payable | |
Mortgage Notes and Bonds Payable | Note 7—Mortgage Notes and Bonds Payable As of December 31, 2016 and 2015, the Company had the following indebtedness outstanding: Annual Interest Book Value of Rate as of Principal Outstanding as of Collateral ($ in thousands) December 31, December 31, as of December 31, Loan Payment Terms Interest Rate Terms 2016 2016 2015 Maturity 2016 2015 First Midwest Bank A (1) Annual principal / quarterly interest Greater of LIBOR + 2.59% or 2.80% — $ — $ June 2016 $ — $ First Midwest Bank B (1) Annual principal / quarterly interest Greater of LIBOR + 2.59% or 2.80% — — June 2016 — Farmer Mac Bond #1 Semi-annual interest only 2.40% September 2017 Farmer Mac Bond #2 Semi-annual interest only 2.35% October 2017 Farmer Mac Bond #3 Semi-annual interest only 2.50% November 2017 Farmer Mac Bond #4 Semi-annual interest only 2.50% December 2017 Farmer Mac Bond #5 Semi-annual interest only 2.56% December 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% April 2025 Farmer Mac Bond #7 Semi-annual interest only 3.68% April 2025 Farmer Mac Bond #8A Semi-annual interest only 3.20% June 2020 Farmer Mac Bond #8B (2) LIBOR + 1.80% — — May 2016 — — Farmer Mac Bond #9 Semi-annual interest only 3.35% July 2020 MetLife Term Loan #1 (3) Semi-annual interest only Greater of LIBOR + 1.75% or 2% adjusted every 3 years — March 2026 — MetLife Term Loan #2 (3) Semi-annual interest only 2.66% adjusted every 3 years — March 2026 — MetLife Term Loan #3 (3) Semi-annual interest only 2.66% adjusted every 3 years — March 2026 — MetLife Term Loan #4 Semi-annual interest only Greater of LIBOR + 1.75% or 2% adjusted every 3 years — June 2026 — Farm Credit of Central Florida (4) LIBOR + 2.6875% adjusted every month — September 2023 — Prudential (5) 3.20% — July 2019 — Total outstanding principal $ $ Debt issuance costs Unamortized premium Total mortgage notes and bonds payable, net $ $ (1) Loan was fully paid on April 14, 2016 (2) Bond is an amortizing loan with monthly principal payments that commenced on October 2, 2015 and monthly interest payments that commenced on July 2, 2015 with all remaining principal and outstanding interest due at maturity. (3) Proceeds from MetLife Term Loans 1, 2, and 3 were used to repay all amounts outstanding under the Bridge Loan, as further described below. (4) Loan is an amortizing loan with quarterly interest payments that commenced on January 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity. (5) Loan is an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017, with all remaining principal and outstanding interest due at maturity. First Midwest Bank Indebtedness On April 16, 2014, the Operating Partnership, as borrower, and First Midwest Bank, as lender, entered into the Amended and Restated Business Loan Agreement, which was subsequently amended on February 24, 2015, July 24, 2015 and March 6, 2016. Using proceeds from the MetLife Term Loans, as described below, this indebtedness was paid in full, including accrued interest, on April 14, 2016. Farmer Mac Facility The Company and the Operating Partnership are parties to the Amended and Restated Bond Purchase Agreement, dated as of March 1, 2015 and amended as of June 2, 2015 and August 3, 2015 (the “Bond Purchase Agreement”), with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation, a wholly owned subsidiary of Farmer Mac, as bond purchaser (the “Purchaser”), regarding a secured note purchase facility (the “Farmer Mac Facility”) that has a maximum borrowing capacity of $165.0 million. Pursuant to the Bond Purchase Agreement, the Operating Partnership may, from time to time, issue one or more bonds to the Purchaser that will be secured by pools of mortgage loans, which will, in turn, be secured by first liens on agricultural real estate owned by the Company. The mortgage loans may have effective loan-to-value ratios of up to 60%, after giving effect to the overcollateralization obligations described below. Prepayment of each bond issuance is not permitted unless otherwise agreed upon by all parties to the Bond Purchase Agreement. As of December 31, 2016 and December 31, 2015, the Operating Partnership had approximately $155.5 million and approximately $16 0.6 million outstanding, respectively, under the Farmer Mac Facility. The Farmer Mac facility is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including: a maximum leverage ratio of not more than 60%; a minimum fixed charge coverage ratio of 1.50 to 1.00; and a minimum tangible net worth of $96,268,417. The Company was in compliance with all applicable covenants at December 31, 2016. In connection with the Bond Purchase Agreement, on March 1, 2015, the Company and the Operating Partnership also entered into an amended and restated pledge and security agreement (the “Pledge Agreement”) in favor of the Purchaser and Farmer Mac, pursuant to which the Company and the Operating Partnership agreed to pledge, as collateral for the Farmer Mac Facility, all of their respective right, title and interest in (i) mortgage loans with a value at least equal to 100% of the aggregate principal amount of the outstanding bond held by the Purchaser and (ii) such additional collateral as necessary to have total collateral with a value at least equal to 110% of the outstanding notes held by the Purchaser. In addition, the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Pledge Agreement . 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 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. On June 2, 2015, Farmer Mac issued a refund under the bonds issued during 2014 of $300,000. The refund is being accounted for as a debt premium and is being amortized against interest expense using the straight-line method over the remaining terms of the underlying bonds issued in 2014. Bridge Loan On February 29, 2016, two wholly owned subsidiaries of the Operating Partnership (together, the “Bridge Borrower”) entered into a term loan agreement (the “Bridge Loan Agreement”) with MSD FPI Partners, LLC, an affiliate of MSD Partners, L.P. (the “Bridge Lender”), that provided for a loan of $53.0 million (the “Bridge Loan”), the proceeds of which were used primarily to fund the cash portion of the consideration for the acquisition of the Forsythe farms, which was completed on March 2, 2016. During the year ended December 31, 2016, the Company accrued and paid debt issuance costs on the Bridge Loan totaling $173,907 and interest totaling $2,271,867, of which $2,120,000, or 4.0%, of the Bridge Loan's principal amount was con sidered additional interest paid as discount on issuance . The Bridge Loan was paid in full, including accrued interest, and without prepayment penalty, on March 29, 2016 using proceeds from the MetLife Term Loans, as described below. MetLife Term Loans On March 29, 2016, five wholly owned subsidiaries of the Operating Partnership entered into a loan agreement (the “First MetLife Loan Agreement”) and, together with the Second MetLife Loan Agreement, the “Metlife Loan Agreements”) with MetLife, which provides for a total of $127.0 million of term loans, comprised of (i) a $90.0 million term loan (“Term Loan 1”), (ii) a $16.0 million term loan (“Term Loan 2”) and (iii) a $21.0 million term loan (“Term Loan 3” and, together with Term Loan 1 and Term Loan 2, the “Initial MetLife Term Loans” and, together with Term Loan 4, the “Metlife Term Loans”). The proceeds of the Initial MetLife Term Loans were used to repay existing debt (including amounts outstanding under the Bridge Loan), to acquire additional properties and for general corporate purposes. Each Initial MetLife Term Loan matures on March 29, 2026 and is collateralized by first lien mortgages on certain of the Company’s properties. On June 29, 2016, five wholly owned subsidiaries of the Operating Partnership, entered into a loan agreement (the “Second MetLife Loan Agreement”) with Metropolitan Life Insurance Company (“Metlife”) which provides for a loan of approximately $15.7 million to the Company with a maturity date of June 29, 2026 (“Term Loan 4”). Interest on Term Loan 4 is payable in cash semi-annually and accrues at a floating rate that will be adjusted quarterly to a rate per annum equal to the greater of (a) the three-month LIBOR plus an initial floating rate spread of 1.750%, which may be adjusted by MetLife on each of September 29, December 29, March 29 and June 29 of each year to an interest equal to the greater of (a) the three month LIBOR plus the floating rate spread or (b) 2.00% per annum. Term Loan 4 initially bears interest at a rate of 2.39% per annum until September 29, 2016, and on September 29, 2016 the rate changed to 2.60% per annum. Proceeds from Term Loan 4 were used to acquire additional properties and for general corporate purposes. Interest on Term Loan 1 is payable in cash semi-annually and accrues at a floating rate that will be adjusted quarterly to a rate per annum equal to the greater of (a) the three-month LIBOR plus an initial floating rate spread of 1.750%, which may be adjusted by MetLife on each of March 29, 2019, March 29, 2022 and March 29, 2025 to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 1 or (b) 2.000% per annum. Term Loan 1 bore interest at a rate of 2.40% per annum until September 29, 2016, and on September 29, 2016 the rate changed to 2.60% per annum. Subject to certain conditions, the Company may at any time during the term of Term Loan 1 elect to have all or any portion of the unpaid balance of Term Loan 1 bear interest at a fixed rate that is initially established by the lender in its sole discretion that may be adjusted from time to time to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 1. On any floating rate adjustment date, the Company may prepay any portion of Term Loan 1 that is not subject to a fixed rate without penalty. Interest on Term Loan 2 and Term Loan 3 is payable in cash semi-annually and accrues at an initial rate of 2.66% per annum, which may be adjusted by MetLife on each of March 29, 2019, March 29, 2022 and March 29, 2025 to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 2 and Term Loan 3. Subject to certain conditions, amounts outstanding under Term Loan 2 and Term Loan 3, as well as any amounts outstanding under Term Loan 1 that are subject to a fixed interest rate, may be prepaid without penalty up to 20% of the original principal amounts of such loans per year or in connection with any rate adjustments. Any other prepayments under the Initial MetLife Term Loans generally are subject to a minimum prepayment premium of 1.00%. In connection with the Initial MetLife Term Loans, on March 29, 2016, the Company and the Operating Partnership each entered into a separate guaranty (the “Initial MetLife Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the First MetLife Loan Agreement. In connection with the Term Loan 4, on June 29, 2016, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 4 Guaranties” and, together with the Initial MetLife Guaranties, the “MetLife Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Second MetLife Loan Agreement. Each of the MetLife Loan Agreements contains a number of customary affirmative and negative covenants, including the requirement to maintain a loan to value ratio of no greater than 60%. The MetLife Guarantie(s) also contain a number of customary affirmative and negative covenants. The Company was in compliance with all covenants at December 31, 2016. Each of the MetLife Loan Agreements includes certain customary events of default, including a cross-default provision related to other outstanding indebtedness of the borrowers, the Company and the Operating Partnership, the occurrence of which, after any applicable cure period, would permit MetLife, among other things, to accelerate payment of all amounts outstanding under the MetLife Term Loans and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the Company’s properties that secure the MetLife Term Loans. Farm Credit of Central Florida Mortgage Note On August 31, 2016, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “Farm Credit Mortgage Note”) with Farm Credit of Central Florida (“Farm Credit”) which provides for a loan of approximately $8.2 million to the Company with a maturity date of September 1, 2023. As of December 31, 2016 approximately $5.1 million had been drawn down under this facility. Interest on Farm Credit Mortgage Note is payable in cash quarterly and accrues at a floating rate that will be adjusted monthly to a rate per annum equal to the one-month LIBOR plus 2.6875% provided that the interest rate shall be subject to adjustment on the first day of September 2016, and on the first day of each month thereafter. Principal is payable quarterly commencing on October 1, 2018, with all remaining principal and outstanding interest due at maturity. Proceeds from Farm Credit Mortgage Note are to be used for the acquisition and development of additional land. The Farm Credit Mortgage Note contains a number of customary affirmative and negative covenants, as well as a covenant requiring the Company to maintain a debt service coverage ratio of 1.25 to 1.00 beginning on December 31, 2019. Prudential Loans On December 21, 2016, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement with The Prudential Insurance Company of America (“Prudential”) which provides for a loan of approximately $6.6 million to the Company with a maturity date of July 1, 2019 (the “Prudential Note”). Interest on the Prudential Note is payable in cash semi-annually and accrues at a fixed rate of 3.20% per annum. Proceeds from Prudential Note were used for the acquisition of additional land. The Prudential Loan requires the Compay to maintain a loan to value no greater than 60%. The covenant commences from the anniversary of the loan, being December 21, 2017. Aggregate Maturities As of December 31, 2016, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2017 $ 2018 2019 2020 2021 Thereafter $ Fair Value The fair value of the mortgage notes payable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on long-term debt with comparable terms whenever the interest rates on the mortgage notes payable are deemed not to be at market rates. As of December 31, 2016 and 2015, the fair value of the mortgage notes payable was $300,105,547 and $185,171,599, respectively. During 2017, $81.2 million of our borrowings will mature. The Company anticipates refinancing the debt due to mature in 2017 with the same or similar financial institutions and we are currently in discussions with an existing lender to do so. However, we can provide no assurances that we will be able to refinance the debt on similar terms or at all and thus alternative sources of capital may be necessary. To date, no such capital sources have been identified. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 8—Commitments and Contingencies The Company is not currently subject to any known material contingencies arising from its business operations, nor to any material known or threatened litigation. In April 2015, the Company entered into a lease agreement for office space. The lease expires July 31, 2019. The lease commenced June 1, 2015 and had an initial monthly payment of $10,032 which increased to $10,200 in June 2016 with annual increases thereafter. As of December 31, 2016, future minimum lease payments are as follows: ($ in thousands) Future Rental Year Ending December 31, Payments 2017 $ 2018 2019 $ A sale of any of the Contributed Properties that would not provide continued tax deferral to Pittman Hough Farms is contractually restricted until the fifth (with respect to certain properties) or seventh (with respect to certain other properties) anniversary of the completion of the formation transactions, on April 16, 2014. Furthermore, if any such sale or defeasance is foreseeable, the Company is required to notify Pittman Hough Farms and to cooperate with it in considering strategies to defer or mitigate the recognition of gain under the Code by any of the equity interest holders of the recipient of the OP units . On August 31, 2016, the Company entered into a lease agreement in which the Company agreed to convert the Ironwood Farm from its current condition to the maximum number of acres of center-pivot irrigated farmland. As of December 31, 2016, future capital commitments associated with the conversion are as follows: ($ in thousands) Future Capital Year Ending December 31, Commitments 2017 $ 2018 $ As of December 31, 2016 the Company had the following properties under contract (other than the AFCO properties). The two Illinois farms and the South Carolina farm acquisitions closed on January 13, 2017, February 14, 2017 and February 21, 2017, respectively. Total ($ in thousands) Approximate State Acres Purchase Price Illinois (1) $ Illinois South Carolina $ (1) The consideration consisted entirely of OP units. See “Note 11—Subsequent Events” for properties put under contract subsequent to December 31, 2016. |
Stockholders' Equity and Non-co
Stockholders' Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity and Non-Controlling Interests | |
Stockholders' Equity and Non-Controlling Interests | Note 9—Stockholders’ Equity and Non-controlling Interests Under the Company's articles of incorporation, the total number of shares initially authorized for issuance was 1,000 shares of common stock, $0.01 par value per share. On December 5, 2013, the Company issued 1,000 shares of common stock to its sole stockholder at $1.00 per share in connection with the initial capitalization of the Company. The shares were repurchased by the Company on April 18, 2014 for $1.00 per share. On March 24, 2014, the Company amended and restated its articles of incorporation to authorize the issuance of up to 500.0 million shares of common stock. Upon completion of the IPO, on April 16, 2014, the Company had 500.0 million shares of common stock authorized, 3.8 million shares of common stock issued and outstanding, including 0.2 million unvested restricted shares of common stock. On April 16, 2014, the Company completed the IPO and the FP Land Merger. The IPO resulted in the sale of 3.8 million shares of common stock at a price per share of $14.00 and generated gross proceeds of $53.2 million. The aggregate net proceeds to the Company, after deducting the underwriting discount and commissions and expenses payable by the Company, were approximately $48.0 million. The Company contributed the net proceeds from the IPO to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from the IPO as follows: (i) approximately $12.0 million to repay outstanding indebtedness, of which $0.8 million had been advanced by Pittman Hough Farms and was reimbursed to Pittman Hough Farms with a portion of the net proceeds from the IPO; and (ii) approximately $0.1 million (exclusive of the $0.8 million that was reimbursed for amounts advanced by Pittman Hough Farms to repay certain indebtedness) to reimburse Pittman Hough Farms for amounts advanced or incurred in connection with the IPO and related formation transactions. The Operating Partnership used the remaining net proceeds for general corporate purposes, including working capital and acquisitions. On July 30, 2014, the Company completed an underwritten public offering of 3.7 million shares of common stock at a price per share of $12.50 and generated gross proceeds of approximately $46.5 million. The aggregate net proceeds to the Company, after deducting the underwriting discount and commissions and expenses payable by the Company, were approximately $43.3 million. The Company contributed the net proceeds to the Operating Partnership in exchange for OP units. On July 21, 2015, the Company completed an underwritten public offering, pursuant to which the Company sold 3.0 million shares of common stock, and upon the underwriter’s partial exercise of their option to purchase additional shares, issued an additional 360,000 shares at a price per share of $11.00 and generated gross proceeds of $37.0 million. The aggregate net proceeds to the Company, after deducting the underwriting discount and commissions and expenses payable by the Company, were $34.6 million. On September 15, 2015, the Company entered into equity distribution agreements and filed a prospectus supplement under which it may sell shares of common stock having an aggregate gross sales price of up to $25.0 million through an “at-the-market” equity offering program. The offering is being made pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on May 14, 2015. As of December 31, 2016 1.0 million shares had been issued under the program for a net consideration of $11.0 million. On November 30, 2016, the Company agreed to sell 3.1 million shares of its common stock at a $0.01 par value per share, at a public offering price of $11.25 per share and generated gross proceeds of $33.3 million. The aggregate net proceeds to the Company, after deducting fees payable by the Company, were $32.9 million. Pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 0.5 million shares of common stock, which was not exercised. The common stock was offered and sold pursuant to a prospectus supplement, dated November 30, 2016, and a base prospectus, dated May 14, 2015 relating to the Company’s effective shelf registration statement on Form S-3. As of December 31, 2016 and 2015, the Company had 23.0 million and 16.2 million, respectively, fully diluted outstanding shares, including OP units and restricted shares of common stock. Non-controlling Interest in Operating Partnership The Company consolidates its Operating Partnership, a majority-owned partnership. As of December 31, 2016, the Company owned 75.1% of the outstanding OP units and the remaining 24.9% of the OP units are included in non-controlling interest in Operating Partnership on the consolidated balance sheets. On or after 12 months after becoming a holder of Class A common 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 tender for redemption all or a portion of such units in exchange for a cash amount equal to the number of tendered units multiplied by the fair market value of a share of the Company’s common stock (determined in accordance with, and subject to adjustment under, the terms of the partnership agreement of the Operating Partnership), unless the terms of such units or a separate agreement entered into between the Operating Partnership and the holder of such units provide that they do not have a right of redemption or provide for a shorter or longer period before such holder may exercise such right of redemption or impose conditions on the exercise of such right of redemption. On or before the close of business on the tenth business day after the Company receives a notice of redemption, the Company may, as the parent of the general partner, in its sole and absolute discretion, but subject to the restrictions on the ownership of common stock imposed under the Company’s charter and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered units in exchange for cash or shares of the Company’s common stock, based on an exchange ratio of one share of common stock for each OP unit (subject to anti-dilution adjustments provided in the partnership agreement). As of December 31, 2016, there were 3.0 million outstanding OP units eligible to be tendered for redemption. If the Company gives the limited partners notice of its intention to make an extraordinary distribution of cash or property to its stockholders or effect a merger, a sale of all or substantially all of its assets, or any other similar extraordinary transaction, each limited partner may exercise its right to tender its OP units for redemption, regardless of the length of time such limited partner has held its OP units. 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 common stock. When a an OP unit is redeemed, non-controlling interest in the Operating Partnership is reduced and stockholders’ equity is increased. The Operating Partnership intends 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. Pursuant to the consolidation accounting standard with respect to the accounting and reporting for non-controlling interest changes and changes in ownership interest of a subsidiary, changes in parent’s ownership interest when the parent retains controlling interest in the subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. As a result of equity transactions including and subsequent to the IPO, changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership occurred during the three years ended December 31, 2016. To reflect these changes, adjustments were made to increase / (decrease) the non-controlling interest in the Operating Partnership by $3. 4 million, $0.8 million, and ($23.0) million during the years ended December 31, 2016, 2015 and 2014 respectively, with the corresponding offsets to additional paid-in capital. Redeemable Non-controlling Interest in Operating Partnership, Class A Common Units On June 2, 2015, the Company issued 2.0 million OP units in conjunction with an asset acquisition. Beginning on June 2, 2016, the OP units became eligible to be tendered for redemption for cash, or at the Company’s option, for shares of common stock on a one for one basis. In connection with its annual meeting of stockholders held on May 25, 2016, the Company obtained stockholder approval to issue shares of its common stock upon the redemption of 0.9 million of the OP units (the “Excess Units”). Prior to such stockholder approval, the Company would have been required to redeem the Excess Units for cash. As the tender for redemption of the Excess Units for shares of common stock was outside of the control of the Company until May 25, 2016, these units were accounted for as mezzanine equity on the consolidated balance sheets as of December 31, 2015. After the redemption became within the control of the Company these excess units formed part of the non-controlling interests in the Operating Partnership. The Company elected to accrete the change in redemption value of the Excess Units subsequent to issuance and during the respective 12-month holding period, after which point the units were marked to redemption value at each reporting period. Redeemable Non-controlling Interests in Operating Partnership, Preferred Units On March 2, 2016, the sole general partner of the Operating Partnership entered into Amendment No. 1 (the “Amendment”) to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of the Preferred units. Under the Amendment, among other things, each Preferred unit has a $1,000 liquidation preference and is entitled to receive cumulative preferential cash distributions at a rate of 3.00% per annum of the $1,000 liquidation preference, which is payable annually in arrears on January 15 of each year or the next succeeding business day. The cash distributions are accrued ratably over the year and credited to redeemable non-controlling interest in operating partnership, preferred units on the balance sheet with the offset recorded to additional paid-in capital. On March 2, 2016, 0.1 million Preferred units were issued as partial consideration in the Forsythe farm acquisition (See “Note 5—Real Estate”). Upon any voluntary or involuntary liquidation or dissolution, the Preferred units are entitled to a priority distribution ahead of OP units in an amount equal to the liquidation preference plus an amount equal to all distributions accumulated and unpaid to the date of such cash distribution. Total liquidation value of such preferred units as of December 31, 2016 was $119.9 million including accrued distributions. On or after March 2, 2026, the tenth anniversary of the closing of the Forsythe acquisition (the “Conversion Right Date”), holders of the Preferred units have the right to convert each Preferred unit into a number of OP units equal to (i) the $1,000 liquidation preference plus all accrued and unpaid distributions, divided by (ii) the volume-weighted average price per share of the Company’s common stock for the 20 trading days immediately preceding the applicable conversion date. All OP units received upon conversion may be immediately tendered for redemption for cash or, at the Company’s option, for shares of common stock on a one-for-one basis, subject to the terms and conditions set forth in the Partnership Agreement. Prior to the Conversion Right Date, the Preferred units may not be tendered for redemption by the Holder. On or after March 2, 2021, the fifth anniversary of the closing of the Forsythe acquisition, but prior to the Conversion Right Date, the Operating Partnership has the right to redeem some or all of the Preferred units, at any time and from time to time, for cash in an amount per unit equal to the $1,000 liquidation preference plus all accrued and unpaid distributions. In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Preferred units generally have the right to receive the same consideration as holders of OP units and common stock, on an as-converted basis. Holders of the Preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Preferred units. The Preferred units will convert into a variable number of Common Shares and the Company does not control whether it will have enough shares authorized to issue shares at the time of conversion. Therefore, the Preferred Units are accounted for as mezzanine equity on the consolidated balance sheet. The following table summarizes the changes in our redeemable non-controlling interest in the Operating Partnership for the years ended December 31, 2016 and 2015: Common Preferred ($ in thousands) Redeemable OP Units Redeemable Non-controlling Interests Redeemable OP Units Redeemable Non-controlling Interests Balance at December 31, 2014 — $ — — $ — Issuance of redeemable OP units as partial consideration for real estate acquisition — — Net income attributable to non-controlling interest — — — Accrued distributions to non-controlling interest — — — Adjustment to arrive at fair value of redeemable non-controlling interest — — — Balance at December 31, 2015 $ — $ — Issuance of redeemable OP units as partial consideration for real estate acquisition — — Net income attributable to non-controlling interest — — — Accrued distributions to non-controlling interest — — Conversion of OP units to common stock — — Balance at December 31, 2016 — $ — $ Distributions The Company’s Board of Directors declared and paid the following distributions to common stockholders and holders of OP units for the years ended December 31, 2016, 2015 and 2014: Fiscal Year Declaration Date Record Date Payment Date Distributions 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ May 9, 2016 July 1, 2016 July 15, 2016 August 3, 2016 September 30, 2016 October 14, 2016 November 3, 2016 January 2, 2017 January 13, 2017 $ 2015 February 25, 2015 April 1, 2015 April 15, 2015 $ June 2, 2015 July 1, 2015 July 15, 2015 August 12, 2015 October 1, 2015 October 15, 2015 November 20, 2015 January 4, 2016 January 15, 2016 $ 2014 May 14, 2014 July 1, 2014 July 15, 2014 $ August 5, 2014 October 1, 2014 October 15, 2014 November 20, 2014 January 2, 2015 January 15, 2015 $ Additionally, in connection with the 3.00% cumulative preferential distribution on the Preferred units, the Company has accrued $2.9 million in distributions payable as of December 31, 2016 which was paid on January 17, 2016. The distributions are payable annually in arrears on January 15 of each year. In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. From time to time, a portion of the Company’s dividends may be characterized as capital gains or return of capital. During the year ended December 31, 2016, 100% of the income distributed in the form of dividends was characterized as ordinary income. Stock Repurchase Plan On October 29, 2014, the Company announced that the Board of Directors approved a program to repurchase up to $10.0 million in shares of the Company’s common stock. Repurchases under this program may be made from time to time, in amounts and prices as the Company deems appropriate. Repurchases may be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. This stock repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund repurchases under the program using cash on hand. During the year ended 2015, the Company had repurchased 2,130 shares at an average price per share of $9.81 for a total cost of $20,932, including fees. Equity Incentive Plan On May 5, 2015, the Company’s stockholders approved the Amended and Restated 2014 Equity Incentive Plan (as amended and restated, the “Plan”), which increased the aggregate number of shares of the Company’s common stock reserved for issuance under the Plan to 0.6 million shares. As of December 31, 2016, there were 0.3 million of shares available for future grants under the Plan. The Company may issue equity-based awards to officers, employees, independent contractors and other eligible persons under the Plan. The 2014 Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity based awards, including LTIP units, which are convertible on a one-for-one basis into OP units. The 2014 Plan provides for a maximum of 0.2 million shares of common stock for issuance. The terms of each grant are determined by the Compensation Committee of the Board of Directors. From time to time, the Company may award non-vested shares under the Plan as compensation to officers, employees, non-employee directors and non-employee contractors. The shares vest over a period of time as determined by the Compensation Committee of the Board of Directors at the date of grant. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for non-vested shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company recognizes compensation expense for awards issued to non-employee consultants in the same period and in the same manner as if the Company paid cash for the underlying services. During 2016 the Company granted 0.1 million restricted shares of common stock, with an aggregate grant date fair value of $1.3 million, to employees and directors. The restricted shares vest ratably over a three or five-year vesting period, subject to continued service. During 2015 the Company granted 0.01 million restricted shares of common stock, with an aggregate grant date fair value of $0.1 million, to employees and newly appointed directors. The restricted shares vest ratably over a three vesting period, subject to continued service. During 2014 the Company granted 0.2 million restricted shares of common stock, with an aggregate grant date fair value of $3.0 million, to employees and directors. The restricted shares vest ratably over a three vesting period, subject to continued service. Concurrently with the completion of the IPO, on April 16, 2014, the Company granted an aggregate of 214,283 restricted shares of common stock, having an aggregate grant date fair value of $3,000,000 (calculated as the number of shares granted multiplied by the stock price on date of grant), to the Company’s non-independent directors (Paul Pittman, Luca Fabbri, the Company’s Chief Financial Officer) and Jesse J. Hough (the Company’s consultant). Each of the restricted stock grants vests ratably over a three-year vesting period, subject to continued service with the Company. The restricted shares granted to Mr. Hough are recognized as expense over the period that services are received. The change in fair value of the shares to be issued upon vesting is remeasured at each reporting period and is recorded in general and administrative expenses on the combined consolidated statement of operations During 2016, 5,032 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $4,167 in stock based compensation and paid $815 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $3,352 in previously recorded compensation expense, net of the dividends paid. During 2015, 8,312 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $18,231 in stock based compensation and paid $2,541 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $15,690 in previously recorded compensation expense, net of the dividends paid. There were no forfeitures for the year ended December 31, 2014. A summary of the non-vested restricted shares as of December 31, 2016 and 2015 is as follows: Weighted Number of Average Grant Shares Date Fair Value Unvested at January 1, 2014 — $ — Granted Vested — — Forfeited — — Unvested at December 31, 2014 Granted Vested Forfeited Unvested at December 31, 2015 Granted Vested Forfeited Unvested at December 31, 2016 $ For the years ended December 31, 2016, 2015 and 2014, the Company recognized $ 1.2 million, $ 0.9 million and $0.7 million , respectively, of stock-based compensation expense related to these restricted stock awards. As of December 31, 2016, 2015 and 2014, there was $1.2 million, $ 1.2 million and $2.1 million , respectively, of total unrecognized compensation costs related to non-vested stock awards which are expected to be recognized over weighted-average periods of 1. 9 years. Earnings per Share The computation of basic and diluted earnings (loss) per share is as follows: For the year ended December 31, ($ in thousands) 2016 2015 2014 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ $ $ Less: Nonforfeitable distributions allocated to unvested restricted shares Less: Distributions on redeemable non-controlling interersts in operating partnership — Less: Distributions on redeemable non-controlling interests in operating partnership, preferred — — Net (loss) income attributable to common stockholders $ $ $ Denominator: Weighted-average number of common shares - basic Conversion of preferred units (1) — — — Unvested restricted shares (1) — — Weighted-average number of common shares - diluted Income (loss) per share attributable to common stockholders - basic $ $ $ Income (loss) per share attributable to common stockholders - diluted $ $ $ (1) Anti-dilutive for the year ended December 31, 2016. The limited partners’ outstanding OP units (which may be redeemed for shares of common stock) and Excess Units have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) have been excluded, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of non-controlling interests in the earnings per share calculations. The weighted average number of OP units held by the non-controlling interest was 5.4 million and 2.8 million for the years ended December 31, 2016 and 2015, respectively. The weighted average number of Excess Units held by the non-controlling interest was 0.4 million for the year ended December 31, 2016. There were 0.5 million Excess Units outstanding during the year ended December 31, 2015. For the year ended December 31, 2016, diluted weighted average common shares do not include the impact of 0.2 million shares of unvested compensation-related shares because the effect of these items on diluted earnings per share would be anti-dilutive. There were no anti-dilutive shares for the year ended December 31, 2015. The following equity awards and units are outstanding as of December 31, 2016, 2015 and 2014, respectively. (in thousands) December 31, 2016 December 31, 2015 December 31, 2014 Shares OP Units Redeemable OP Units — — Unvested Restricted Stock Awards |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information (unaudited) | |
Quarterly Financial Information (unaudited) | Note 10—Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2016 and 2015. Quarter Ended ($ in thousands) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Operating revenues $ $ $ $ Operating expenses Other expenses Net (loss) income before income tax Income tax expense — — Net (loss) income $ $ $ $ Net (loss) available to common stockholders of Farmland Partners Inc. $ $ $ $ Basic net (loss) per share available to common stockholders (1) $ $ — $ $ Diluted net (loss) per share available to common stockholders (1) $ $ — $ $ Basic weighted average common shares outstanding Diluted weighted average common shares outstanding (1) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding. Quarter Ended ($ in thousands) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Operating revenues $ $ $ $ Operating expenses Other expenses Net (loss) income before income tax State income tax expense — — Net (loss) income $ $ $ $ Net (loss) income available to common stockholders of Farmland Partners Inc. $ $ $ $ |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events | |
Subsequent Events | Note 11—Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through February 23, 2017, the day the financial statements were issued. See “Note 8—Commitments and Contingencies” for real estate acquisitions that occurred subsequent to December 31, 2016. MetLife Loans On January 12, 2017, five wholly owned subsidiaries of the Operating Partnership, entered into a loan agreement (the “Fifth MetLife Loan Agreement”) with Metlife which provides for a loan of approximately $ 8.4 million to the Company with a maturity date of January 12, 2027 (“Term Loan 5”). Interest on Term Loan 5 is payable in cash semi-annually and accrues at a 3.26 % per annum fixed, this may be adjusted by MetLife on each of Janaury 12, 2020, January 12, 2023 and January 12, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 5 were used to acquire additional properties and for general corporate purposes. In connection with the Term Loan 5, on January 12, 2017, the Company and the Operating Partnership each entered separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Fifth MetLife Loan Agreement. On February 14, 2017, a wholly owned subsidiary of the Operating Partnership, entered into a loan agreement (the “Sixth MetLife Loan Agreement”) with Metlife which provides for a loan of approximately $27.2 million to the Company with a maturity date of February 14, 2027 (“Term Loan 6”). Interest on Term Loan 6 is payable in cash semi-annually and accrues at a 3.21% per annum fixed rate, this may be adjusted by MetLife on each of February 14, 2020, February 14, 2023 and February 14, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 6 were used to acquire additional properties. In connection with the Term Loan 6, on February 14, 2017, the Company and the Operating Partnership each entered into separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Sixth MetLife Loan Agreement. Rutledge Credit Facilities Upon closing of the AFCO Mergers, by virtue of AFCO OP becoming a subsidiary of the Company, the Company acquired AFCO’s outstanding indebtedness under four loan agreements (the “Existing Rutledge Loan Agreements”) between AFCO OP and Rutledge Investment Company (“Rutledge”), which are further described below: 1. Loan Agreement, dated as of December 5, 2013, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 2. Loan Agreement, dated as of January 14, 2015, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 3. Loan Agreement, dated as of August 18, 2015, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 4. Loan Agreement, dated as of December 22, 2015, with respect to a $15,000,000 senior secured credit facility bearing interest at an annual rate of LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance over the loan amount of the prior three-month period. In connection with the completion of the Mergers, on February 3, 2017, AFCO OP, in its capacity as a wholly owned subsidiary of the Company and the Operating Partnership, and Rutledge entered into the Second Amendment (the “Amendment”) to the Existing Rutledge Loan Agreements. Pursuant to the Amendment, among other things, the maturity dates for each of the Existing Rutledge Loan Agreements were extended to January 1, 2022 and the aggregate loan value under the Existing Rutledge Loan Agreements may not exceed 50% of the appraised value of the collateralized properties. Certain former AFCO properties acquired by the Company in the Mergers serve as collateral under the Existing Rutledge Loan Agreements. On February 3, 2017, the Company and the Operating Partnership each entered into guaranty agreements (the “Existing Loan Guarantees”) pursuant to which they will unconditionally guarantee the obligations of AFCO OP under the Existing Loan Agreements. In addition, in connection with the completion of the Mergers, on February 3, 2017, AFCO OP entered into a fifth loan agreement with Rutledge Investment Company (the “Fifth Rutledge Loan Agreement” and together with the Existing Rutledge Loan Agreements, as amended, the “Rutledge Loan Agreements”), with respect to a senior secured credit facility in the aggregate amount of $30,000,000, with a maturity date of January 1, 2022 and an annual interest rate of LIBOR plus 1.3%. The Fifth Rutledge Loan Agreement requires AFCO OP to make quarterly interest payments. Additionally, the Fifth Rutledge Loan Agreement contains certain customary affirmative and negative covenants, including (i) AFCO OP must pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance of the loan amount during the prior three-month period, (ii) AFCO OP must maintain a leverage ratio of 60% or less and (iii) the aggregate amounts outstanding under all of the Rutledge Loans may not exceed 50% of the aggregate appraised value of the properties serving as collateral under the Rutledge Loan Agreements. On February 3, the Company and the Operating Partnership each entered into separate guarantees (the “Fifth Loan Guarantees” and together with the Existing Loan Guarantees, the “Guarantees”) whereby they are required to unconditionally guarantee AFCO OP’s obligations under the Fifth Rutledge Loan Agreement. Sub-Advisory Agreement Upon consummation of the AFCO Mergers, by virtue of AFCO being merged with and into one of the Company’s wholly-owned subsidiaries and AFCO OP becoming a wholly-owned subsidiary of the Company, the Company acquired the Amended and Restated Sub-Advisory Agreement, dated as of October 23, 2015 (the “Sub-Advisory Agreement”), by and among AFCO, American Farmland Advisors, AFCO OP and Prudential Capital Mortgage Company (the “Sub-Advisor”). On February 18, 2017, Farmland Partners Inc. (the “Company”) entered into a Termination Agreement (the “Termination Agreement”) with the Sub-Advisor pursuant to which the Company and Prudential agreed to terminate the Sub-Advisory Agreement and certain related property management agreements (together with the Sub-Advisory Agreement, the “Prudential Agreements”). The Termination Agreement provides that, as of March 31, 2017, Prudential will no longer provide services to the Company under the Prudential Agreements. The Company has agreed to pay Prudential $1.6 million in cash, which is equal to the fee that would be owed to Prudential for services through the quarter ended March 31, 2017 and a termination fee of approximately $160,000. Subsequent to December 31, 2016, the Company entered into purchase agreements with unrelated third parties to acquire the following farms: Total ($ in thousands) Approximate Purchase State Acres Price Michigan (1) $ Kansas South Carolina Georgia South Carolina South Dakota Colorado (1) $ (1) The exchange consideration consists partly of Class A common units of the operating partnership. On January 12, 2017, February 14, 2017 and February 21, 2017, the Company completed the two Illinois farms and South Carolina farm acquisitions, respectively. The Michigan, Kansas, South Carolina, Georgia, South Carolina, South Dakota, and Colorado acquisitions are expected to close during the first half of 2017, subject to the satisfaction of certain customary closing conditions. There can be no assurance that these conditions will be satisfied or that the pending acquisitions will be consummated on the terms described herein, or at all. These acquisitions are expected to be accounted for as asset acquisitions. On February 2, 2017 the Company successfully completed the AFCO Mergers. The transaction will be accounted for as a business combination. The company has yet to complete the acquisition accounting thus disclosures in relation to ASC 805 are currently not able to be disclosed. On February 22, 2017 our Board of Directors declared a cash dividend of $0.1275 per share of common stock. The dividend is payable to the Company’s stockholders of record as of April 1, 2017, and is expected to be paid on April 15, 201 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Schedule III-Real Estate and Accumulated Depreciation | |
Schedule III-Real Estate and Accumulated Depreciation | Farmland Partners Inc. Schedule II December 31, 2016 ($ In Thousands) Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Description Encumbrances Land Improvements Total Improvements Land Land Improvements Total Accumulated Date of Date Acquired Depreciation in North Carolina (h) - - - - - 2015 65 Louisiana (k) - - 2016 65 South Carolina (e) - - 2014 65 Colorado (a) - - 2014 65 Illinois (j) - - 2016 65 Florida (n) - - 2016 65 South Carolina (h) - - 2015 50 Virginia (h) - - - - - 2015 50 North Carolina (h) - - - - - 2015 50 Arkansas (d) - - 2014 50 South Carolina (e) 2015, 2016 2014 25 Mississippi (d) - 2014 25 Texas (o) - 2016 2016 - Arkansas (m) - - 2015 - Illinois (j) - - - - - 2016 30 North Carolina (h) - - - - - 2015 21 Mississippi (m) - - 2015 - Illinois (j) - - 2016 - Colorado - - 2016 - Illinois (j) - - - - - 2016 - Arkansas (e) - 2014 - Louisiana (b) - 2015, 2016 2014 24 Illinois (j) - - - 2016 16 Arkansas (d) - - 2014 - Illinois (j) - - - 2016 - Illinois (j) - - - - - 2016 50 Louisiana (b) - 2016 2014 50 North Carolina (h) - - - - - 2015 50 Arkansas - - - 2016 50 South Carolina (e) - 2015, 2016 2014 - Colorado (e) - 2014 25 North Carolina (h) - - - - - 2015 20 Illinois (j) - - - - - 2016 - Georgia (m) - - 2015 25 Arkansas (f) 2016 2014 - Illinois (j) - - - - - 2016 - Mississippi (f) - 2015 25 Illinois (j) - - 2016 - Illinois (l) - - 2009 2007 & 2010 12 Illinois (j) - - - - - 2016 14 Arkansas (e) 2014 12 Illinois (l) - - 2011 & 2015 2007 14 Illinois (j) - 2016 2016 - Nebraska (c) - 2012 & 2015 2012 - Illinois (j) - - - - - 2016 11 Illinois (j) - - - - - 2016 11 Illinois (j) - - - - - 2016 8 Illinois (j) - - - - - 2016 - Colorado (a) - - - - - 2014 - Illinois (j) - - - - - 2016 14 Arkansas (i) - 2015 39 Illinois (j) - - - - - 2016 - Illinois (j) - - 2016 9 Illinois (j) - - 2016 - South Carolina (f) - 2015 2015 28 Nebraska (g) - 2016 2015 10 Illinois (j) - - - - - 2016 14 Arkansas (d) - - 2014 18 Illinois (j) - - - - - 2016 40 Nebraska (g) - 2015 28 South Carolina (e) 2014 27 Illinois (l) - - - - - 2010 27 Michigan (m) - - 2015 - Illinois (j) - - - - - 2016 26 Colorado (f) - 2016 2015 28 Nebraska (i) - 2014 37 Nebraska (g) - 2016 2015 25 Nebraska (g) - - 2015 38 Colorado (a) - 2014 26 Illinois (j) - - - - - 2016 31 Illinois (j) - - - - - 2016 31 Mississippi (o) - - 2016 34 Colorado (a) - - - - - 2014 47 Arkansas (d) - - - - - 2014 19 South Carolina (e) 2014 20 Illinois (j) - - 2016 34 Colorado (f) - 2015 20 Arkansas (e) - 2014 46 Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 27 Colorado (i) - 2015 35 Colorado (a) - 2014 35 Illinois (j) - - - - - 2016 33 Illinois (j) - 2016 2016 35 South Carolina (e) - 2014 34 Illinois (j) - - - - - 2016 34 Illinois (j) - - - - - 2016 27 Illinois (j) - - - - - 2016 31 Illinois (j) - - - - - 2016 19 Kansas (m) - - - - - 2015 - Illinois - - - - - 2016 - Colorado (e) - - 2014 45 Illinois (j) - - - - - 2016 38 Illinois (j) - - - - - 2016 21 Illinois (j) - - - - - 2016 15 Illinois (l) - - 2012 29 Texas (o) - - 2016 20 North Carolina (h) - - - - - 2015 28 Illinois (j) - - - - - 2016 6 South Carolina (e) - 2014 6 Colorado - - - - - 2016 24 Illinois (l) - - - - - 2009 32 Illinois (j) - - - - - 2016 29 Illinois (j) - - 2016 14 Nebraska (e) - 2014 31 Illinois (j) - - - - - 2016 46 Illinois (j) - - 2016 19 Nebraska (e) - 2014 29 Illinois (j) - - - - - 2016 - Colorado (a) - 2014 23 Michigan (m) - - 2016 - Illinois (j) - - - - - 2016 - Illinois (c) - - - 2008 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Nebraska (f) - 2015 2014 - Nebraska (c) - - 2012 - Colorado (a) - - 2014 - South Carolina (o) - - 2016 20 Illinois (j) - - - - - 2016 15 Illinois (l) - 2007 24 Illinois (j) - - - - - 2016 35 Mississippi (i) - - 2015 26 Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Georgia - - 2016 - Colorado (a) - - - - - 2014 21 Nebraska (g) - - 2015 31 Nebraska (g) - - 2015 27 Illinois (j) - - - - - 2016 - Nebraska (g) - - 2015 29 Illinois (l) - - 2008 19 Nebraska (m) - - 2015 27 Nebraska (g) - - 2015 - Illinois (j) - - - - - 2016 - Illinois (f) - - 2008 - Illinois (j) - - - - - 2016 22 Illinois (j) - - - - - 2016 - Colorado (a) - 2014 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Kansas (a) - - 2014 - Illinois (c) - - 2013 - Nebraska (f) - 2014 - Nebraska (g) - 2016 2015 - Illinois (j) - - - - - 2016 - Illinois (j) - - 2016 - Illinois (j) - - 2016 - Nebraska (l) - - 2012 - Nebraska (g) - - 2015 - Illinois (j) - - 2016 - Colorado (e) - - 2014 22 Illinois (j) - - - - - 2016 - Illinois (j) - 2016 2016 - Colorado (e) - - 2014 - Colorado (a) - 2014 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 22 Illinois (c) - 2004, 2006, 2016 - Nebraska (m) - 2014 22 Illinois (j) - - - - - 2016 - Nebraska (e) - 2014 - Colorado (e) - 2014 22 Colorado (i) - 2015 - Illinois (j) - - - - - 2016 - Colorado (l) - 2010 22 Illinois (j) - - - - - 2016 22 Illinois (l) - - - - - 2012 22 Illinois (j) - - 2016 - Illinois (j) - - - - - 2016 22 Illinois (j) - - - - - 2016 - Illinois (l) - - 2011 - Illinois (j) - - - - - 2016 22 Illinois (j) - - - - - 2016 22 Illinois (j) - - - - - 2016 - Georgia (o) - - 2016 - Illinois (j) - - - - - 2016 - Illinois (c) - - 2008 - Illinois (j) - - 2016 22 Illinois (j) - - 2016 - Illinois (j) - - 2016 22 Illinois (j) - - - - - 2016 - Colorado (a) - 2014 - Illinois (j) - - - - - 2016 22 Nebraska (f) - - - - - 2015 - Georgia - - 2016 22 Georgia (m) - - 2016 - Illinois (j) - - - - - 2016 22 Illinois (j) - - - - - 2016 - Illinois (l) - - 2007 - Illinois (j) - - - - - 2016 - Illinois (m) - - 2015 22 Nebraska (c) - - 2012 - Illinois (j) - - - - - 2016 - Illinois (j) - - 2016 - Illinois (m) - - - - - 2015 - Illinois (f) - - 2004 22 Colorado (a) - - - - - 2014 - Illinois (l) $ $ $ $ $ - $ $ $ $ 2000 - Illinois (j) - - - - - 2016 - Nebraska (e) - - 2014 - Illinois (j) - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Kansas (a) - - - - - 2014 - Nebraska (m) - - 2015 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (l) - - - - - 2010 - Illinois (j) - - - - - 2016 - Illinois - - 2016 - Illinois (l) - - - - - 2008 - Illinois (l) - - - - - 2007 - Illinois (m) - - - - - 2015 - Illinois (j) - - 2016 2016 - Illinois (m) - - - - - 2016 - Georgia (m) - - 2015 - Illinois (l) - 2003 - Illinois (j) - - 2016 22 Georgia (m) - - 2016 - Illinois (j) - - - - - 2016 - Illinois (l) - - - - - 2012 - Nebraska (f) - - - - - 2015 22 Nebraska (f) - - - - 2014 - Illinois (j) - - - - - 2016 - Colorado (a) - 2014 - Georgia (o) - - 2016 22 Illinois (j) - - - - - 2016 - Illinois (c) - - 2011 22 Illinois - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 22 Georgia (m) - - 2015 - Illinois (j) - - 2016 - Nebraska (g) - - 2015 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (l) - - 2009 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Colorado (a) - - - - - 2014 - Illinois (l) - 2006 - Illinois (f) - - - - - 2008 - Illinois (m) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (l) - - 2006 22 Illinois (j) - - - - - 2016 22 Nebraska (e) - - - 2014 - Illinois (c) - - 2011 - Illinois (l) - - 2001 - Kansas - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 30 Illinois (j) - - - - - 2016 - Illinois (j) - - - - - 2016 29 Illinois (j) - - - - - 2016 10 Illinois (j) - - - - - 2016 36 Illinois (l) - - - - - 2012 36 Illinois (l) - - 2006 33 Illinois (j) - - - - - 2016 25 Colorado (m) - - - - - 2015 24 Illinois (j) - - - - - 2016 - Illinois (l) - - - 2011 - Illinois (j) - - - - - 2016 25 Illinois (j) - - - - - 2016 16 Illinois (j) - - - - - 2016 17 Illinois (c) - - 2003 40 Illinois (j) - - - - - 2016 18 Illinois (j) - - - - - 2016 7 Illinois - - 2016 - Colorado (m) - - - - - - - - - 2015 30 First Midwest Bank Note - Farmer Mac Bond #1 $ Farmer Mac Bond #2 $ Farmer Mac Bond #3 $ Farmer Mac Bond #4 $ Farmer Mac Bond #5 $ Farmer Mac Bond #6 $ Farmer Mac Bond #7 $ Farmer Mac Bond #8A $ Farmer Mac Bond #8B $ - Farmer Mac Bond #9 $ Met Life Bond #1 $ Met Life Bond #2 $ Met Life Bond #3 $ Met Life Bond #4 $ Farm Credit Bond $ Prudential Bond $ Totals $ $ $ $ $ $ $ $ $ $ (a) Farm is part of a collateral pool for the $20,700 Farmer Mac Bond #1. (b) Farm is part of a collateral pool for the $5,460 Farmer Mac Bond #2. (c) Farm is part of a collateral pool for the $10,680 Farmer Mac Bond #3. (d) Farm is part of a collateral pool for the $13,400 Farmer Mac Bond #4. (e) Farm is part of a collateral pool for the $30,860 Farmer Mac Bond #5. (f) Farm is part of a collateral pool for the $14,915 Farmer Mac Bond #6. (g) Farm is part of a collateral pool for the $11,160 Farmer Mac Bond #7. (h) Farm is part of a collateral pool for the $41,700 Farmer Mac Bond #8A. (i) Farm is part of a collateral pool for the $6,600 Farmer Mac Bond #9. (j) Farm is part of a collateral pool for the $90,000 Met Life Bond #1. (k) Farm is part of a collateral pool for the $16,000 Met Life Bond #2. (l) Farm is part of a collateral pool for the $21,000 Met Life Bond #3. (m) Farm is part of a collateral pool for the $15,685 Met Life Bond #4. (n) Farm is part of a collateral pool for the $5,102 Farm Credit of Central Florida Bond. (o) Farm is part of a collateral pool for the $6,600 Prudential Loan. (p) The aggregate basis for U.S. federal income tax purposes is $534,459 Farmland Partners Inc. Schedule III – Real Estate and Accumulated Depreciation Reconciliation of “Real Estate and Accumulated Depreciation” (In Thousands) Years ended December 31, 2016 2015 2014 Real Estate: Balance at beginning of year $ $ $ Additions during period Additions through construction of improvements Disposition of improvements Non cash acquisitions - - - Acquisitions through business combinations Balance at end of year $ $ $ Accumulated Depreciation: Balance at beginning of year $ $ $ Disposition of improvements Additions charged to costs and expenses Balance at end of year $ $ $ Real Estate balance per schedule $ $ Construction in progress Other non-real estate Balance per consolidated balance sheet $ $ Accumulated depreciation per schedule $ $ Other non-real estate Balance per consolidated balance sheet $ $ |
Organization and Significant 20
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Significant Accounting Policies | |
Organization | Organization Farmland Partners Inc., collectively with its subsidiaries (the “Company”), is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. The Company was incorporated in Maryland on September 27, 2013. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. As of December 31, 2016, the Company owned a portfolio of approximately 11 5,489 acres which are consolidated in these financial statements. All of the Company’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2016, the Company owned a 75.1% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A common units of limited partnership interest in the Operating Partnership (“OP units”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Preferred units”)). Unlike holders of our common stock, holders of OP units and Preferred units do not have voting rights or the power to direct our affairs. The Company and the Operating Partnership commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) on April 16, 2014 (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). Concurrently with the completion of the IPO, the Company’s predecessor, FP Land LLC, a Delaware limited liability company (“FP Land”), merged with and into the Operating Partnership, with the Operating Partnership surviving (the “FP Land Merger”). As a result of the FP Land Merger, the Operating Partnership succeeded to the business and operations of FP Land, including FP Land’s 100% fee simple interest in a portfolio of 38 farms and three grain storage facilities (the “Contributed Properties”). The Company elected to be taxed as a real estate investment trust, (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary (“TRS”). The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of December 31, 2016, the TRS performs these custom farming operations on 2,605 acres of farmland owned by the Company and located in Nebraska, Illinois and Mississippi. All references to numbers of acres within this report are unaudited. |
AFCO Mergers | AFCO Mergers On February 2, 2017, the Company completed the previously announced merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of our common stock as consideration in the Company Merger, 17,373 shares of our common stock in respect of fully earned and vested AFCO restricted stock units, and 218,525 OP units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million. |
Principles of Combination and Consolidation | Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s financial condition as of December 31, 2016 and 2015, and the results of operations for the years ended December 31, 2016 and 2015, reflect the financial condition and results of operations of the Company. Due to the timing of the IPO and the formation transactions, the results of operations for the year ended December 31, 2014 reflect the results of operations of FP Land (our predecessor) combined with the Company for the period prior to April 16, 2014, and the Company’s consolidated results for the period from April 16, 2014 through December 31, 2014. |
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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Real Estate Acquisitions | Real Estate Acquisitions The Company accounts for all acquisitions in accordance with the business combinations standard. When the Company acquires farmland that was previously operated as a rental property, the Company evaluates whether a lease is in place or a crop is being produced at the time of closing of the acquisition. If a lease is in place or a crop is being produced, the Company accounts for the transaction as a business combination and charges the costs associated with the acquisition to acquisition and due diligence costs on the Consolidated Statement of Operations, as incurred. Otherwise, acquisitions with no lease in place or crops being produced at the time of acquisition are accounted for as an asset acquisitions with the transaction costs incurred capitalized to the assets acquired. When the Company acquires farmland in a sale-lease back transaction, the Company accounts for the transaction as an asset acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines, and perennial crops), and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets of acquired real estate by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost as new, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on 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, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. As of December 31, 2016, the aggregate gross amount of below market leases was $258,347 with amortization for 2016 and the total accumulated amortization amounting to $71,835 and $258,347, respectively. As of December 31, 2015, the aggregate gross amount of below market leases was $229,597 with amortization for 2015 and the total accumulated amortization amounting to $186,512. As of December 31, 2016, all below market leases had been fully amortized. There were no below market leases or related amortization recorded during the year ended December 31, 2014, and no above market leases in the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016 and 2015, the Company did not have any in-place lease or tenant relationship intangibles. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time, and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset and will be amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, we determine the fair value of the equity securities issued based on the number of shares of common stock and OP units issued multiplied by the stock price on the date of closing in the case of common stock and OP units and by liquidation preference in the case of preferred units. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. |
Real Estate | Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities - Irrigation improvements - Drainage improvements - Groundwater - Permanent plantings - Other - The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements. |
Cash | Cash The Company’s cash at December 31, 2016 and 2015 was held in the custody of one and two financial institutions, respectively, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits. |
Debt issuance costs | Debt Issuance Costs Costs incurred by the Company or its predecessor in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the year ended December 31, 2016, $1,185,747 in costs were incurred in connection with the Bridge Loan, Term Loans 1-4, Farm Credit Mortgage Note, Prudential Note (as defined in “Note 7—Mortgage Notes and Bonds Payable”). During the year ended December 31, 2015, $241,211 in costs were incurred in conjunction with the issuance of five bonds under the Farmer Mac Facility. During the year ended December 31, 2014, $135,340 and $234,188 in costs were capitalized in conjunction with the modification of the First Midwest Bank debt on April 16, 2014 and the issuance of five bonds under the Farmer Mac Facility, respectively. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $356,606, $212,834, and $138,369 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company wrote off $6,209, $12,300 and $26,929 of debt issuance costs to interest expense in conjunction with the early repayment of debt during the year ended December 31, 2016, 2015 and 2014, respectively. Accumulated amortization of deferred financing fees was $673,089 and $310,274 as of December 31, 2016 and 2015, respectively. |
Notes and Interest Receivable | Notes and Interest Receivable Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each statement of financial position date. As of December 31, 2016, the Company had issued two notes under the FPI Loan Program and have designated each of the notes receivable as held-to-maturity based on the Company’s positive intent and ability to hold the security until maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization, including interest, is included in other revenue within our consolidated statements of operations. See “Note 6—Notes Receivable.” |
Allowance for Note and Interest Receivable | Allowance for Notes and Interest Receivable A note is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether an allowance is necessary. Any uncollectible interest previously accrued is also charged off. As of December 31, 2016, we believe the value of the underlying collateral for each of the notes to be sufficient and in excess of the respective outstanding principal and accrued interest. There were no notes receivable that were past due at December 31, 2016. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offerings of securities. At the completion of the offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the abandonment occurs. The Company incurred $594,680 and $792,942 in offering costs during the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, the Company had $216,027 and $267,253, respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offerings of securities. |
Accounts Receivable | Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $378,186 and $78,186 as of December 31, 2016 and 2015, respectively, which are recorded as a reduction to rental revenue on the Consolidated Statement of Operations. |
Inventory | Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2016 2015 Harvested crop $ $ Growing crop — — Fertilizer and pesticides — $ $ |
Revenue Recognition | Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term, including renewal options in the case of bargain renewal options. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying consolidated balance sheets, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Leases in place as of December 31, 2016 had terms ranging from one to ten years. As of December 31, 2016, the Company had three leases with rent escalations. The majority of the Company’s leases provide for a fixed annual or semi-annual cash rent payment. Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds or a percentage of harvested crops. As of December 31, 2016, a majority of such leases provided for a rent payment determined as a percentage of the gross farm proceeds. Revenue under leases providing for a payment equal to a percentage of the harvested crop or a percentage of the gross farm proceeds are recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain facility that grain has been delivered in the Company’s name, a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statements of operations, as earned, and the related property tax as property operating expense, as incurred. When a lease requires that the tenant pay the taxing authority directly, the Company does not incur this cost. If and when it becomes probable that a tenant will not be able to bear the property-related costs, the Company will accrue the estimated expense. The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain facility and title has transferred. The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included in operating revenues as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2016 and 2015. |
Income Taxes | Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $11,199 for the year ended December 31, 2016, with $9,951 in income tax expense for the year ended December 31, 2015 and no income tax expense for the year ended December 31, 2014. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $0.03 million in taxable income from the TRS for the year ended December 31, 2016, and at December 31, 2016, the Company did not have any deferred tax assets or liabilities. There was no taxable income from the TRS for the year ended December 31, 2015, and at December 31, 2015, the Company did not have any deferred tax assets or liabilities. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2016, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2015 and 2014 open tax years. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 - 10 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. |
Derivatives and Hedge Accounting | Derivatives and Hedge Accounting The Company enters into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. All contracts entered into during the year ended December 31, 2016 and 2015 met the criteria to be exempt from derivative accounting and have been designated as normal purchase and sales exceptions for hedge accounting. |
Segment Reporting | Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that OP units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period. |
Non-controlling Interests | Non-controlling Interests The Company’s non-controlling interests are interests in the Operating Partnership not owned by the Company. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s consolidated statements of operations represent the portion of income or losses not attributable to the Company. |
Stock Based Compensation | Stock Based Compensation From time to time, the Company may award non-vested shares under the Company’s Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requisite service period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received. The change in fair value of the shares to be issued upon vesting is remeasured at each reporting period and is recorded in general and administrative expenses on the consolidated statements of operations. As a result of changes in the fair value of the unvested shares, the Company recorded increases in stock based compensation of $2,990, $12,596 and $40,723 for the years ended December 31, 2016, 2015 and 2014, respectively. |
New or Revised Accounting Standards | New or Revised Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 (“ASU 2014-09”) . ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. ASU 2014-09 implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. While the Company is still completing its assessment of the impact of this guidance, it does not believe that it will have a material impact on the financial statements as the majority of the Company’s contracts with customers relate to leases that fall within the scope of ASC 842. Other contract types undergoing evaluation are considered ancillary to the Company’s operations and financial statements. The amendments in this ASU are effective for annual and interim reporting periods beginning after December 15, 2017, and early adoption is permitted, but no earlier than the original effective date for public companies. Entities can transition to the standard either retrospectively for each reporting period presented at the time of adoption or as a cumulative-effect adjustment as of the date of adoption. The Company has not yet determined which method of adoption will be used. In August 2014, the FASB issued ASU No. 2014-15, 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, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 does not have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which amends or supersedes the scope and consolidation guidance under existing GAAP. The new standard changes the way a reporting entity evaluates whether (a) limited partnerships and similar entities should be consolidated, (b) fees paid to decision makers or service providers are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. ASU 2015-02 also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-02 is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. On January 1, 2016, the Company adopted ASU 2015-02. The guidance does not amend the existing disclosure requirements for variable interest entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the Company. As the Operating Partnership is already consolidated in the balance sheets of the Company, the identification of this entity as a variable interest entity has no impact on the combined consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge asset. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, but early adoption is permitted. The Company elected to early adopt the provisions of ASU 2015-03. The Company had unamortized deferred financing fees of $1,193,052 and $380,970 as of December 31, 2016 and December 31, 2015, respectively. These costs have been classified as a reduction of mortgage notes and bonds payable, net. All periods presented have been retroactively adjusted. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) . The amendments require that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this guidance to have any impact on its financial position, results of operations or cash flows. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustment (“ASU 2015-16”) pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the guidance effective for the quarterly period ended December 31, 2015. The Company has several business combinations which are still within the measurement period and could result in future adjustments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). 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 lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. 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 their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. 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. While the Company is still completing its assessment of the impact of this guidance, the following is anticipated to reflect the primary effects of this guidance on the accounting and reporting: (i) for leases in which the Company is the lessee, the Company does not expect the guidance to have a material impact as there is only one operating lease for office space in which the Company is the lessee and that lease is not significant to the consolidated financial statements; (ii) for leases in which the Company is the lessor, the Company does not expect there to be a material impact as the majority of the Company’s leases do not contain a non-lease component. While the Company is expecting there to be other ancillary impacts for leases in which the Company is the lessor, they are not expected to be material to the consolidated financial statements. Lastly, under the new guidance, there are certain circumstances in which buyer-lessors in sale and leaseback transactions could potentially result in recording the transaction as a financial receivable if such transaction fails sale and leaseback criteria, which the Company is still evaluating. The standard is effective on January 1, 2019, with modified retrospective restatement for each reporting period presented at the time of adoption. Early adoption is permitted. The Company has not yet determined whether this guidance will be early adopted. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice across all industries. The amendments in this update provide guidance on the following eight specific cash flow issues: 1) Debt Prepayment or Debt Extinguishment Costs; 2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; 3) Contingent Consideration Payments Made after a Business Combination; 4) Proceeds from the Settlement of Insurance Claims; 5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; 6) Distributions Received from Equity Method Investees; 7) Beneficial Interests in Securitization Transactions; and 8) Separately Identifiable Cash Flows and Application of the Predominance Principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of ASU 2016-15 and has not yet determined its impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combination (Topic 805): Clarifying the definition of a business, (“ASU 2017-01”). ASU 2017-01 is intended to clarify 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 businesses. The Company has determined that with the adoption of this guidance some acquisitions that were deemed business combinations will be deemed asset acquisitions and costs associated with these asset acquisitions will be capitalized to the acquisition at the time of the Company completing the acquisition accounting. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company’s initial evaluation indicates that we expect the vast majority of our acquisitions to be deemed asset acquisitions under the new guidance. |
Organization and Significant 21
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Significant Accounting Policies | |
Schedule of estimated useful lives of assets classified as improvements | Years Grain facilities - Irrigation improvements - Drainage improvements - Groundwater - Permanent plantings - Other - |
Schedule of Inventory | December 31, ($ in thousands) 2016 2015 Harvested crop $ $ Growing crop — — Fertilizer and pesticides — $ $ |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition | |
Summary of rental income recognized | Rental Income Recognized For the year ended December 31, ($ in thousands) 2016 2015 2014 Leases in effect at the beginning of the year $ $ $ Leases entered into or amended during the year $ $ $ |
Schedule of future minimum lease payments from tenants under all non-cancelable leases in place | ($ in thousands) Future Rental Year Ending December 31, Payments 2017 $ 2018 2019 2020 2021 2022 and beyond $ |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tenant concentration | |
Concentration Risk | |
Summary of concentrations | Rental Income Recognized For the year ended December 31, ($ in thousands) 2016 2015 2014 Tenant A (1) $ % $ % $ — — % The Company entered into two separate sale and partial leaseback transactions with Tenant A and affiliates in December 2014 and June 2015. The leases were due to expire on December 31, 2016, December 31, 2017 and December 31, 2019. Tenant A and the Company agreed to terminate the leases effective as of December 31, 2016. As part of the termination settlement, Tenant A agreed to pay an additional rent amount related to 2016 of $2.8 million. In addition, the Company fully recognized as 2016 revenue certain rent payments, totaling $3.7 million, made by Tenant A in June 2015, that the Company had not yet recognized under its revenue recognition policy. |
Geographic concentration | |
Concentration Risk | |
Summary of concentrations | Approximate % of Total Acres Rental Income As of December 31, For the year ended December 31, Location of Farm 2016 2015 2014 2016 2015 2014 Arkansas % % % % % % Colorado % % % % % % Florida % — % — % % — % — % Georgia % % — % % % — % Illinois % % % % % % Kansas % % % % % — % Louisiana % % % % % % Michigan % % — % % % — % Mississippi % % % % % % North Carolina % % — % % % — % Nebraska % % % % % % South Carolina % % % % % — % Texas % — % — % % — % — % Virginia % % — % — % — % — % % % % % % % |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate | |
Schedule of farms acquired | During year ended December 31, 2016, the Company acquired the following farms: ($ in thousands) Total Date Approximate Purchase Acquisition State Acquired Acres Price Costs Type of Acquisition Georgia 1/12/2016 $ $ Asset Acquisition Michigan 1/21/2016 — Business Combination Texas 1/27/2016 Asset Acquisition Illinois 2/26/2016 — Asset Acquisition Illinois (1) 3/2/2016 Asset Acquisition Georgia 3/11/2016 Asset Acquisition Illinois 3/24/2016 — Asset Acquisition Louisiana 3/31/2016 Asset Acquisition Mississippi 4/4/2016 — Business Combination Georgia 4/6/2016 Asset Acquisition Georgia 4/6/2016 Asset Acquisition South Carolina 5/12/2016 Asset Acquisition Texas 5/17/2016 — Business Combination Illinois 6/27/2016 — Business Combination Colorado 6/29/2016 — Business Combination Illinois 6/30/2016 — Asset Acquisition Georgia 7/20/2016 — Business Combination Colorado 7/27/2016 Asset Acquisition Kansas 7/27/2016 — Asset Acquisition Florida 8/31/2016 Asset Acquisition Georgia 9/16/2016 — Asset Acquisition Illinois 9/29/2016 — Asset Acquisition Illinois 11/2/2016 — Asset Acquisition Arkansas (2) 12/21/2016 Asset Acquisition $ $ (1) This acquisition closed on March 2, 2016. The purchase price of the property was comprised of (a) $50.0 million in cash, (b) an aggregate of 2,608,695 OP units at $11.50 per OP unit and (c) 117,000 Preferred units. See “Note 9 – Stockholders’ Equity and Non-controlling Interests.” (2) This acquisition closed on December 21, 2016. The purchase price of the property was comprised of (a) $3.3 million in cash and (b) an aggregate of 69,961 OP units at $10.95 per OP unit. During the year ended December 31, 2015, the Company acquired the following farms: ($ in thousands) Total Date Approximate Purchase Acquisition State Acquired Acres Price Costs Type of Acquisition Mississippi 1/14/2015 $ $ Asset acquisition Colorado 2/18/2015 Business combination Nebraska 2/24/2015 Asset acquisition Nebraska 2/24/2015 Asset acquisition Colorado (1) 3/13/2015 — Asset acquisition South Carolina 3/13/2015 Asset acquisition Nebraska (2) 4/10/2015 Business combination Nebraska (3) 4/10/2015 Business combination Colorado 4/10/2015 — Business combination Colorado 4/17/2015 — Asset acquisition Arkansas 4/30/2015 Business combination Mississippi 5/14/2015 Asset acquisition Illinois 5/29/2015 Asset acquisition North Carolina, South Carolina, & Virginia (4) 6/2/2015 Asset acquisition Illinois (5) 6/30/2015 Business combination Arkansas 7/2/2015 Asset acquisition Mississippi 7/10/2015 Asset acquisition Michigan 9/15/2015 Asset acquisition Nebraska 10/1/2015 Business combination Georgia 10/9/2015 Business combination Kansas & Colorado 12/4/2015 — Asset acquisition Illinois 12/15/2015 Asset acquisition Georgia 12/17/2015 Asset acquisition Georgia 12/17/2015 Asset acquisition Nebraska 12/15/2015 Asset acquisition Colorado 12/30/2015 Asset acquisition $ $ (1) On March 13, 2015, the Company issued 63,581 shares of common stock (with a fair value of $712,743 as of the date of closing) as partial consideration for this farm acquisition. (2) On April 10, 2015, the Company issued 118,634 OP units (with a fair value of $1,372,595 as of the date of closing) as partial consideration for the acquisition of these Nebraska farms. (3) On April 10, 2015, the Company issued 119,953 OP units (with a fair value of $1,387,856 as of the date of closing) as partial consideration for the acquisition of these Nebraska farms. (4) On June 2, 2015, the Company issued 824,398 shares of common stock and 1,993,709 OP units, of which 883,724 are redeemable for cash, or at the Company’s option shares of common stock on a one for one basis up to a maximum of 1,109,985 shares (with an aggregate fair value of $30,914,634, as of the date of closing) as partial consideration for the acquisition of these farms. See “Note 9—Stockholders Equity and Non-controlling Interests”. On June 30, 2015, the Company acquired this property from Mr. Pittman. In connection with the acquisition, the Company assumed a two year lease with Astoria Farms with annual rents of $18,749. |
Schedule of preliminary or final allocation of purchase price for farms acquired | The preliminary allocation of purchase price for the farms acquired during the year ended December 31, 2016 is as follows: ($ in thousands) Land Groundwater Irrigation Permanent Timber Accounts Below Accrued Total Georgia $ $ — $ $ — $ $ — $ — $ — $ Michigan — — — — — Texas — — — — — Illinois — — — — — — — Illinois — — — — Georgia — — — — — — Illinois — — — — — — — Louisiana — — — — — Mississippi — — — — — Georgia — — — — — — Georgia — — — — — — South Carolina — — — — — — Texas — — — — — Illinois — — — — — — Colorado — — — — — — — Illinois — — — — — — — Georgia — — — — — — Colorado (1) — — — — Kansas — — — — — Florida — — — — — — Georgia — — — — — — Illinois — — — — — — Illinois — — — — — — — Arkansas — — — — — $ $ $ $ $ $ - $ $ $ (1) Within groundwater, the Company acquired $3.5 million in water rights and shares in water districts. The Company determined these assets to be non-depreciable. The allocation of the purchase price for the farms acquired (that were deemed business combinations) during the year ended December 31, 2016 is preliminary and may change during the measurement period, which may be up to one year from the acquisition date, if the Company obtains new information regarding the assets acquired or liabilities assumed at the acquisition date. The allocation of purchase price for the farms acquired during the year ended December 31, 2015 are as follows: ($ in thousands) Land Groundwater Irrigation Permanent Timber Accounts Below Accrued Total Mississippi $ $ — $ $ — $ — $ — $ — $ — $ Colorado — — — — — Nebraska — — — — — — Nebraska — — — — — — Colorado — — — — South Carolina — — — — — Nebraska — — — Nebraska — — — Colorado — — — — — Colorado — — — — — Arkansas — — — — Mississippi — — — — — Illinois — — — — — — — (5) — — — Illinois — — — — — — Arkansas — — — — — — Mississippi — — — — — Michigan — — — — — Nebraska — — — — — — Georgia — — — — — Kansas & Colorado — — — — — — — Illinois — — — — — — — Georgia — — — — — — Georgia — — — — — — Nebraska — — — — — — Colorado — — — — — — — $ $ $ $ $ $ $ $ $ |
Schedule of unaudited pro forma financial information | For the year ended December 31, ($ in thousands) 2015 2014 Pro forma Total operating revenues $ $ Net income (loss) $ $ Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ $ Income (loss) per diluted share attributable to common stockholders $ $ Weighted-average number of common shares - basic Weighted-average number of common shares - diluted |
Schedule of real estate properties | State Total Approximate Acres Arkansas California California California California California California California California California California California California California Florida Florida Florida Georgia / Alabama Illinois Illinois Illinois |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable | |
Schedule of notes receivable held by the company | ($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2016 December 31, 2015 Maturity Mortgage Note (1) Principal & interest due at maturity $ $ 1/15/2017 (4) Mortgage Note Year 1 interest paid at note issuance, with remaining principal & interest due at maturity 10/30/2017 Term Note (2) Principal & interest due at maturity - 2/2/2016 Total outstanding principal Points paid, net of direct issuance costs Interest receivable (net prepaid interest) (3) Total notes and interest receivable $ $ (1) In January 2016 the maturity date of the note was extended from January 15, 2016 to January 15, 2017 with the year 1 interest received at the time of the extension and principal and remaining interest due at maturity. The company has a commitment to fund an additional $200,000 under this mortgage, subject to meeting certain requirements by the borrower. (2) (3) (4) |
Mortgage Notes and Bonds Paya26
Mortgage Notes and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Notes and Bonds Payable | |
Schedule of indebtedness outstanding | Annual Interest Book Value of Rate as of Principal Outstanding as of Collateral ($ in thousands) December 31, December 31, as of December 31, Loan Payment Terms Interest Rate Terms 2016 2016 2015 Maturity 2016 2015 First Midwest Bank A (1) Annual principal / quarterly interest Greater of LIBOR + 2.59% or 2.80% — $ — $ June 2016 $ — $ First Midwest Bank B (1) Annual principal / quarterly interest Greater of LIBOR + 2.59% or 2.80% — — June 2016 — Farmer Mac Bond #1 Semi-annual interest only 2.40% September 2017 Farmer Mac Bond #2 Semi-annual interest only 2.35% October 2017 Farmer Mac Bond #3 Semi-annual interest only 2.50% November 2017 Farmer Mac Bond #4 Semi-annual interest only 2.50% December 2017 Farmer Mac Bond #5 Semi-annual interest only 2.56% December 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% April 2025 Farmer Mac Bond #7 Semi-annual interest only 3.68% April 2025 Farmer Mac Bond #8A Semi-annual interest only 3.20% June 2020 Farmer Mac Bond #8B (2) LIBOR + 1.80% — — May 2016 — — Farmer Mac Bond #9 Semi-annual interest only 3.35% July 2020 MetLife Term Loan #1 (3) Semi-annual interest only Greater of LIBOR + 1.75% or 2% adjusted every 3 years — March 2026 — MetLife Term Loan #2 (3) Semi-annual interest only 2.66% adjusted every 3 years — March 2026 — MetLife Term Loan #3 (3) Semi-annual interest only 2.66% adjusted every 3 years — March 2026 — MetLife Term Loan #4 Semi-annual interest only Greater of LIBOR + 1.75% or 2% adjusted every 3 years — June 2026 — Farm Credit of Central Florida (4) LIBOR + 2.6875% adjusted every month — September 2023 — Prudential (5) 3.20% — July 2019 — Total outstanding principal $ $ Debt issuance costs Unamortized premium Total mortgage notes and bonds payable, net $ $ (1) Loan was fully paid on April 14, 2016 (2) Bond is an amortizing loan with monthly principal payments that commenced on October 2, 2015 and monthly interest payments that commenced on July 2, 2015 with all remaining principal and outstanding interest due at maturity. (3) Proceeds from MetLife Term Loans 1, 2, and 3 were used to repay all amounts outstanding under the Bridge Loan, as further described below. (4) Loan is an amortizing loan with quarterly interest payments that commenced on January 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity. (5) Loan is an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017, with all remaining principal and outstanding interest due at maturity. |
Schedule of aggregate maturities of long-term debt | ($ in thousands) Year Ending December 31, Future Maturities 2017 $ 2018 2019 2020 2021 Thereafter $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies. | |
Schedule of future minimum lease payments | ($ in thousands) Future Rental Year Ending December 31, Payments 2017 $ 2018 2019 $ |
Schedule of future capital commitments | ($ in thousands) Future Capital Year Ending December 31, Commitments 2017 $ 2018 $ |
Schedule of purchase agreements | Total ($ in thousands) Approximate State Acres Purchase Price Illinois (1) $ Illinois South Carolina $ The consideration consisted entirely of OP units. |
Stockholders' Equity and Non-28
Stockholders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity and Non-Controlling Interests | |
Schedule of changes in redeemable non-controlling interest in operating partnership | Common Preferred ($ in thousands) Redeemable OP Units Redeemable Non-controlling Interests Redeemable OP Units Redeemable Non-controlling Interests Balance at December 31, 2014 — $ — — $ — Issuance of redeemable OP units as partial consideration for real estate acquisition — — Net income attributable to non-controlling interest — — — Accrued distributions to non-controlling interest — — — Adjustment to arrive at fair value of redeemable non-controlling interest — — — Balance at December 31, 2015 $ — $ — Issuance of redeemable OP units as partial consideration for real estate acquisition — — Net income attributable to non-controlling interest — — — Accrued distributions to non-controlling interest — — Conversion of OP units to common stock — — Balance at December 31, 2016 — $ — $ |
Schedule of declaration and payment of distribution | Fiscal Year Declaration Date Record Date Payment Date Distributions 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ May 9, 2016 July 1, 2016 July 15, 2016 August 3, 2016 September 30, 2016 October 14, 2016 November 3, 2016 January 2, 2017 January 13, 2017 $ 2015 February 25, 2015 April 1, 2015 April 15, 2015 $ June 2, 2015 July 1, 2015 July 15, 2015 August 12, 2015 October 1, 2015 October 15, 2015 November 20, 2015 January 4, 2016 January 15, 2016 $ 2014 May 14, 2014 July 1, 2014 July 15, 2014 $ August 5, 2014 October 1, 2014 October 15, 2014 November 20, 2014 January 2, 2015 January 15, 2015 $ |
Summary of non-vested shares | Weighted Number of Average Grant Shares Date Fair Value Unvested at January 1, 2014 — $ — Granted Vested — — Forfeited — — Unvested at December 31, 2014 Granted Vested Forfeited Unvested at December 31, 2015 Granted Vested Forfeited Unvested at December 31, 2016 $ |
Schedule of computation of basic and diluted earnings (loss) per share | For the year ended December 31, ($ in thousands) 2016 2015 2014 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ $ $ Less: Nonforfeitable distributions allocated to unvested restricted shares Less: Distributions on redeemable non-controlling interersts in operating partnership — Less: Distributions on redeemable non-controlling interests in operating partnership, preferred — — Net (loss) income attributable to common stockholders $ $ $ Denominator: Weighted-average number of common shares - basic Conversion of preferred units (1) — — — Unvested restricted shares (1) — — Weighted-average number of common shares - diluted Income (loss) per share attributable to common stockholders - basic $ $ $ Income (loss) per share attributable to common stockholders - diluted $ $ $ (1) Anti-dilutive for the year ended December 31, 2016. |
Schedule of equity awards and units outstanding | (in thousands) December 31, 2016 December 31, 2015 December 31, 2014 Shares OP Units Redeemable OP Units — — Unvested Restricted Stock Awards |
Quarterly Financial Informati29
Quarterly Financial InformationQuarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information (unaudited) | |
Quarterly results of operations | Quarter Ended ($ in thousands) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Operating revenues $ $ $ $ Operating expenses Other expenses Net (loss) income before income tax Income tax expense — — Net (loss) income $ $ $ $ Net (loss) available to common stockholders of Farmland Partners Inc. $ $ $ $ Basic net (loss) per share available to common stockholders (1) $ $ — $ $ Diluted net (loss) per share available to common stockholders (1) $ $ — $ $ Basic weighted average common shares outstanding Diluted weighted average common shares outstanding (1) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding. Quarter Ended ($ in thousands) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Operating revenues $ $ $ $ Operating expenses Other expenses Net (loss) income before income tax State income tax expense — — Net (loss) income $ $ $ $ Net (loss) income available to common stockholders of Farmland Partners Inc. $ $ $ $ |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events | |
Schedule of purchase agreements entered into in subsequent period | Total ($ in thousands) Approximate Purchase State Acres Price Michigan (1) $ Kansas South Carolina Georgia South Carolina South Dakota Colorado (1) $ (1) The exchange consideration consists partly of Class A common units of the operating partnership. |
Organization and Significant 31
Organization and Significant Accounting Policies (Details) | Feb. 02, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)aitem$ / shares | Dec. 31, 2015USD ($)a$ / shares | Dec. 31, 2014USD ($) |
Organization and Significant Accounting Policies | ||||
Number of farms owned | item | 115,489 | |||
Number of grain storage facilities owned | item | 8 | |||
Area of real estate property | a | 41,069 | 27,782 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Below Market Lease | ||||
Below market lease | $ 258,347 | $ 230,000 | $ 0 | |
Below market lease, accumulated amortization | 258,347 | 186,512 | ||
Amortization of below market leases | 72,000 | 187,000 | 0 | |
Above market leases | $ 0 | $ 0 | $ 0 | |
American Farmland Company | Subsequent event | ||||
Organization and Significant Accounting Policies | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Consideration share price | $ / shares | $ 11.41 | |||
Units issued | shares | 14,763,604 | |||
Consideration amount | $ 171,100,000 | |||
American Farmland Company | Subsequent event | Restricted stock units | ||||
Organization and Significant Accounting Policies | ||||
Units issued | shares | 17,373 | |||
American Farmland Company | Purchase agreement | ||||
Organization and Significant Accounting Policies | ||||
Area of real estate property | a | 17,817 | |||
American Farmland Company | OP units | Subsequent event | ||||
Organization and Significant Accounting Policies | ||||
Consideration share price | $ / shares | $ 0.7417 | |||
Units issued | shares | 218,525 | |||
TRS | ||||
Organization and Significant Accounting Policies | ||||
Area of real estate property | a | 2,605 | |||
Operating Partnership | ||||
Organization and Significant Accounting Policies | ||||
Ownership interest (as a percent) | 75.10% | |||
Operating Partnership | OP units | ||||
Organization and Significant Accounting Policies | ||||
Ownership interest (as a percent) | 75.10% | |||
Operating Partnership | FP Land merger, transaction between entities under common control | FP Land LLC | ||||
Organization and Significant Accounting Policies | ||||
Number of farms owned | item | 38 | |||
Number of grain storage facilities owned | item | 3 | |||
Fee simple interest in the properties (as a percent) | 100.00% |
Organization and Significant 32
Organization and Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Grain facilities | Minimum | |
Real Estate | |
Estimated useful lives | 10 years |
Grain facilities | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Irrigation Improvements | Minimum | |
Real Estate | |
Estimated useful lives | 2 years |
Irrigation Improvements | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Drainage improvements | Minimum | |
Real Estate | |
Estimated useful lives | 27 years |
Drainage improvements | Maximum | |
Real Estate | |
Estimated useful lives | 65 years |
Groundwater | Minimum | |
Real Estate | |
Estimated useful lives | 3 years |
Groundwater | Maximum | |
Real Estate | |
Estimated useful lives | 50 years |
Permanent plantings | Minimum | |
Real Estate | |
Estimated useful lives | 13 years |
Permanent plantings | Maximum | |
Real Estate | |
Estimated useful lives | 23 years |
Other | Minimum | |
Real Estate | |
Estimated useful lives | 5 years |
Other | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Organization and Significant 33
Organization and Significant Accounting Policies - Inventory and income taxes (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016USD ($)leaseInstitution | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($)Institution | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)leaseInstitutionitem | Dec. 31, 2015USD ($)Institutionitem | Dec. 31, 2014USD ($) | |
Impairment | |||||||
Impairments recognized on real estate assets | $ 0 | ||||||
Cash | |||||||
Number of financial institutions in which custody of cash was held | Institution | 1 | 2 | 1 | 2 | |||
Deferred Financing Fees | |||||||
Financing fees capitalized | $ 1,185,747 | $ 241,211 | $ 1,185,747 | $ 241,211 | |||
Number of bonds issued | item | 5 | ||||||
Amortization expense | 356,606 | $ 212,834 | $ 138,369 | ||||
Deferred financing fees written off | 6,209 | 12,300 | 26,929 | ||||
Accumulated amortization of deferred financing fees | 673,089 | 310,274 | 673,089 | 310,274 | |||
Notes receivable past due | 0 | 0 | |||||
Deferred offering costs incurred | 594,680 | 792,942 | |||||
Deferred offering costs | 216,000 | 267,000 | 216,000 | 267,000 | |||
Accounts Receivable | |||||||
Allowance for doubtful accounts | 378,186 | 78,186 | 378,186 | 78,186 | |||
Inventory | |||||||
Harvested crop | 283,000 | 243,000 | 283,000 | 243,000 | |||
Fertilizer and pesticides | 6,000 | 6,000 | |||||
Total inventory | $ 283,000 | 249,000 | $ 283,000 | 249,000 | |||
Revenue Recognition | |||||||
Number of leases with renewal options | lease | 3 | 3 | |||||
Income tax | |||||||
Income tax expense | $ (86,000) | $ 97,000 | $ 6,000 | $ 4,000 | $ 11,000 | 10,000 | |
Deferred tax liability, built in gain | $ 0 | ||||||
Minimum | |||||||
Revenue Recognition | |||||||
Terms of leases | 1 year | ||||||
Income tax | |||||||
Required holding period | 5 years | ||||||
Maximum | |||||||
Revenue Recognition | |||||||
Terms of leases | 10 years | ||||||
Income tax | |||||||
Required holding period | 10 years | ||||||
TRS | |||||||
Income tax | |||||||
Taxable income attributable to TRS | $ 30,000 | $ 0 | |||||
FPI Loan Program | |||||||
Deferred Financing Fees | |||||||
Number of notes issued | item | 2 | ||||||
Bridge Loan Agreement | |||||||
Deferred Financing Fees | |||||||
Additional interest, percentage | 4.00% | ||||||
Additional interest paid | $ 2,120,000 | ||||||
Farmer Mac Facility | |||||||
Deferred Financing Fees | |||||||
Financing fees capitalized | 234,188 | ||||||
First Midwest Bank debt | |||||||
Deferred Financing Fees | |||||||
Financing fees capitalized | $ 135,340 |
Organization and Significant 34
Organization and Significant Accounting Policies - Stock based compensation and new or revised accounting standards (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-employee consultant stock based compensation | |||
Non controlling interest holding period | 1 year | ||
Deferred financing fees, net | $ 1,193,000 | $ 381,000 | |
Mortgage notes and bonds payable, net | 308,779,000 | 187,074,000 | |
Accounting Standards Update 2015-03 | Retroactive Application | |||
Non-employee consultant stock based compensation | |||
Deferred financing fees, net | 1,193,052 | 380,970 | |
Non-employee consultants | General and administrative expenses | |||
Non-employee consultant stock based compensation | |||
Increase in stock based compensation | $ 2,990 | $ 12,596 | $ 40,723 |
Revenue Recognition (Details)
Revenue Recognition (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)lease | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Revenue Recognition | |||
Number of leases with renewal options | lease | 3 | ||
Below market lease | $ 258,347 | $ 230,000 | $ 0 |
Below market lease, accumulated amortization | 258,347 | 186,512 | |
Deferred revenue | 982,000 | 4,854,000 | |
Unamortized below market leases | 0 | 43,085 | |
Rental income recognized | 29,668,000 | 13,548,000 | 3,970,000 |
Future Rental Payments | |||
2,017 | 12,311,000 | ||
2,018 | 8,868,000 | ||
2,019 | 3,937,000 | ||
2,020 | 1,334,000 | ||
2,021 | 719,000 | ||
2022 and beyond | 2,498,000 | ||
Total | 29,667,000 | ||
Leases in effect at the beginning of the year | |||
Revenue Recognition | |||
Rental income recognized | 2,609,000 | 7,258,000 | 2,634,000 |
Leases entered into or amended during the year | |||
Revenue Recognition | |||
Rental income recognized | $ 27,059,000 | $ 6,290,000 | $ 1,336,000 |
Minimum | |||
Revenue Recognition | |||
Terms of leases | 1 year | ||
Percentage of rent received on one of the leases | 50.00% | ||
Maximum | |||
Revenue Recognition | |||
Terms of leases | 10 years |
Concentration Risk (Details)
Concentration Risk (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk | ||||
Rental income | $ 29,668 | $ 13,548 | $ 3,970 | |
Tenant A | ||||
Concentration Risk | ||||
Number of transactions | item | 2 | |||
Cash rent received | $ 3,700 | $ 2,800 | ||
Approximate % of Total Acres | Geographic concentration | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 100.00% | 100.00% | 100.00% | |
Approximate % of Total Acres | Geographic concentration | Arkansas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 10.00% | 14.00% | 17.40% | |
Approximate % of Total Acres | Geographic concentration | Colorado | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 18.80% | 27.30% | 38.90% | |
Approximate % of Total Acres | Geographic concentration | Florida | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 2.10% | |||
Approximate % of Total Acres | Geographic concentration | Georgia | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 2.90% | 1.80% | ||
Approximate % of Total Acres | Geographic concentration | Illinois | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 24.80% | 8.10% | 12.40% | |
Approximate % of Total Acres | Geographic concentration | Kansas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 1.60% | 2.20% | 1.40% | |
Approximate % of Total Acres | Geographic concentration | Louisiana | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 8.10% | 2.70% | 4.20% | |
Approximate % of Total Acres | Geographic concentration | Michigan | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 0.40% | 0.20% | ||
Approximate % of Total Acres | Geographic concentration | Mississippi | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 4.30% | 5.80% | 4.20% | |
Approximate % of Total Acres | Geographic concentration | North Carolina | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 9.60% | 14.90% | ||
Approximate % of Total Acres | Geographic concentration | Nebraska | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 5.10% | 7.90% | 6.80% | |
Approximate % of Total Acres | Geographic concentration | South Carolina | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 8.90% | 13.40% | 14.70% | |
Approximate % of Total Acres | Geographic concentration | Texas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 2.30% | |||
Approximate % of Total Acres | Geographic concentration | Virginia | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 1.10% | 1.70% | ||
Rental Income | Tenant concentration | Tenant A | ||||
Concentration Risk | ||||
Rental income | $ 11,988 | $ 3,509 | ||
Concentration risk (as a percent) | 40.40% | 25.90% | ||
Rental Income | Geographic concentration | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 100.00% | 100.00% | 100.00% | |
Rental Income | Geographic concentration | Arkansas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 4.50% | 10.10% | 4.50% | |
Rental Income | Geographic concentration | Colorado | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 9.30% | 18.70% | 26.80% | |
Rental Income | Geographic concentration | Florida | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 0.60% | |||
Rental Income | Geographic concentration | Georgia | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 1.80% | 0.30% | ||
Rental Income | Geographic concentration | Illinois | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 25.40% | 16.90% | 56.60% | |
Rental Income | Geographic concentration | Kansas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 0.40% | 0.20% | ||
Rental Income | Geographic concentration | Louisiana | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 1.40% | 4.90% | 4.10% | |
Rental Income | Geographic concentration | Michigan | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 0.40% | 1.50% | ||
Rental Income | Geographic concentration | Mississippi | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 2.20% | 6.00% | 0.60% | |
Rental Income | Geographic concentration | North Carolina | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 39.10% | 16.20% | ||
Rental Income | Geographic concentration | Nebraska | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 5.20% | 10.10% | 7.40% | |
Rental Income | Geographic concentration | South Carolina | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 8.30% | 15.10% | ||
Rental Income | Geographic concentration | Texas | ||||
Concentration Risk | ||||
Concentration risk (as a percent) | 1.40% |
Related Party Transactions (Det
Related Party Transactions (Details) | Jun. 09, 2014USD ($) | Apr. 16, 2014USD ($) | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 21, 2015 | Apr. 01, 2015a |
Related Party Transactions | ||||||||
Area of real estate property | a | 41,069 | 27,782 | ||||||
Reduction for accrued interest | $ 856,000 | $ 443,000 | $ 160,000 | |||||
Astoria Farms and Hough Farms | Lease agreements | ||||||||
Related Party Transactions | ||||||||
Rent from related party | 2,464,905 | 2,720,757 | 2,474,839 | |||||
Pittman Hough Farms | ||||||||
Related Party Transactions | ||||||||
Outstanding payables | 0 | 0 | ||||||
Due to affiliate | 11,946 | |||||||
Pittman Hough Farms | Professional fees paid on behalf of Company | ||||||||
Related Party Transactions | ||||||||
Expenses from related party | $ 51,537 | 0 | 0 | $ 219,597 | ||||
Pittman Hough Farms | Reimbursements agreement | ||||||||
Related Party Transactions | ||||||||
Transaction amount | $ 1,361,321 | |||||||
Reduction for accrued interest | $ 78,603 | |||||||
American Agriculture Corporation | ||||||||
Related Party Transactions | ||||||||
Accounts receivable from related party | 48,728 | |||||||
Outstanding payables | 5,574 | |||||||
Transaction amount | 169,708 | 103,090 | ||||||
American Agriculture Corporation | Shared services agreement | General and administrative expenses | ||||||||
Related Party Transactions | ||||||||
Expenses from related party | $ 0 | 21,259 | ||||||
TRS And Hough Farms | ||||||||
Related Party Transactions | ||||||||
Area of real estate property | a | 563 | |||||||
Custom farming costs incurred | $ 51,303 | |||||||
Paul A. Pittman | American Agriculture Aviation, LLC | ||||||||
Related Party Transactions | ||||||||
Related party transaction, percentage of ownership interest held by related party | 100.00% | |||||||
Pittman Hough Farms | Astoria Farms | ||||||||
Related Party Transactions | ||||||||
Ownership interest (as a percent) | 33.34% | |||||||
Pittman Hough Farms | Hough Farms | ||||||||
Related Party Transactions | ||||||||
Ownership interest (as a percent) | 25.00% | |||||||
Pittman Hough Farms | Paul A. Pittman | ||||||||
Related Party Transactions | ||||||||
Ownership interest (as a percent) | 75.00% | |||||||
American Agriculture Corporation | Shared services agreement | ||||||||
Related Party Transactions | ||||||||
Expenses from related party | $ 123,958 | |||||||
Transaction amount | $ 175,000 | |||||||
American Agriculture Corporation | Paul A. Pittman | ||||||||
Related Party Transactions | ||||||||
Related party transaction, percentage of ownership interest held by related party | 75.00% | |||||||
American Agriculture Corporation | Jesse J. Hough | ||||||||
Related Party Transactions | ||||||||
Related party transaction, percentage of ownership interest held by related party | 25.00% | |||||||
Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 100.00% | 100.00% | 100.00% | |||||
Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 100.00% | 100.00% | 100.00% | |||||
Approximate % of Total Acres | Tenant concentration | Astoria Farms and Hough Farms | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 6.00% | 11.00% | ||||||
Illinois | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 25.40% | 16.90% | 56.60% | |||||
Illinois | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 24.80% | 8.10% | 12.40% | |||||
North Carolina | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 39.10% | 16.20% | ||||||
North Carolina | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 9.60% | 14.90% | ||||||
Colorado | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 9.30% | 18.70% | 26.80% | |||||
Colorado | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 18.80% | 27.30% | 38.90% | |||||
South Carolina | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 8.30% | 15.10% | ||||||
South Carolina | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 8.90% | 13.40% | 14.70% | |||||
Nebraska | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 5.20% | 10.10% | 7.40% | |||||
Nebraska | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 5.10% | 7.90% | 6.80% | |||||
Arkansas | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 4.50% | 10.10% | 4.50% | |||||
Arkansas | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 10.00% | 14.00% | 17.40% | |||||
Louisiana | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 1.40% | 4.90% | 4.10% | |||||
Louisiana | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 8.10% | 2.70% | 4.20% | |||||
Mississippi | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 2.20% | 6.00% | 0.60% | |||||
Mississippi | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 4.30% | 5.80% | 4.20% | |||||
Georgia | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 1.80% | 0.30% | ||||||
Georgia | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 2.90% | 1.80% | ||||||
Texas | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 1.40% | |||||||
Texas | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 2.30% | |||||||
Michigan | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 0.40% | 1.50% | ||||||
Michigan | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 0.40% | 0.20% | ||||||
Kansas | Rental Income | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 0.40% | 0.20% | ||||||
Kansas | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 1.60% | 2.20% | 1.40% | |||||
Virginia | Approximate % of Total Acres | Geographic concentration | ||||||||
Related Party Transactions | ||||||||
Percentage of total | 1.10% | 1.70% |
Real Estate (Details)
Real Estate (Details) | Dec. 21, 2016USD ($)$ / sharesshares | Mar. 02, 2016USD ($)$ / sharesshares | Jun. 02, 2015USD ($)shares | Apr. 10, 2015USD ($)shares | Mar. 13, 2015USD ($)shares | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)aitem | Dec. 31, 2015USD ($)a$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Real Estate | |||||||||
Number of farms owned | item | 115,489 | ||||||||
Number of grain storage facilities owned | item | 8 | ||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 41,069 | 27,782 | |||||||
Purchase price | $ 273,411,000 | $ 143,354,000 | |||||||
Acquisition costs | $ 1,426,000 | 349,000 | |||||||
Issuance of stock as consideration in real estate acquisition | 9,756,000 | ||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||
Accounts Receivable | 106,000 | ||||||||
Below Market Lease | $ (258,347) | (230,000) | $ 0 | ||||||
Accrued property taxes | (49,000) | ||||||||
Total | 143,354,000 | ||||||||
Measurement period | 1 year | ||||||||
Acquisition related costs | $ 2,521,000 | 260,000 | 193,000 | ||||||
OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Issuance of stock as consideration in real estate acquisition | $ 29,592,000 | 14,936,000 | |||||||
Series A Preferred Units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||
Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 137,778,000 | ||||||||
Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,328,000 | ||||||||
Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 2,672,000 | ||||||||
Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,695,000 | ||||||||
Timber | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 54,000 | ||||||||
Michigan | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 2,557,000 | ||||||||
Michigan | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | $ 779,000 | 904,000 | |||||||
Michigan | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 88,000 | 286,000 | |||||||
Michigan | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 763,000 | 1,367,000 | |||||||
North Carolina South Carolina And Virginia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (11,000) | ||||||||
Total | 80,914,000 | ||||||||
North Carolina South Carolina And Virginia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 80,681,000 | ||||||||
North Carolina South Carolina And Virginia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 96,000 | ||||||||
North Carolina South Carolina And Virginia | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 94,000 | ||||||||
North Carolina South Carolina And Virginia | Timber | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 54,000 | ||||||||
Louisiana | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 30,584,000 | ||||||||
Louisiana | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 557,000 | ||||||||
Louisiana | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 623,000 | ||||||||
Mississippi | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 2,321,000 | ||||||||
Mississippi | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 15,000 | ||||||||
Mississippi | In-place lease | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Below Market Lease | (29,000) | ||||||||
South Carolina | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 2,303,000 | ||||||||
South Carolina | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,303,000 | 1,959,000 | |||||||
South Carolina | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 225,000 | 276,000 | |||||||
South Carolina | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 68,000 | ||||||||
Kansas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 235,000 | ||||||||
Kansas | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 41,000 | ||||||||
Kansas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 49,000 | ||||||||
Florida | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 9,295,000 | ||||||||
Florida | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 202,000 | ||||||||
Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (6,000) | ||||||||
Arkansas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 4,035,000 | ||||||||
Arkansas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 37,000 | ||||||||
Kansas And Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 1,915,000 | ||||||||
Kansas And Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,915,000 | ||||||||
Farm one | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | 2,000 | ||||||||
Total | 3,676,000 | ||||||||
Farm one | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 795,000 | 3,306,000 | |||||||
Farm one | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 65,000 | 368,000 | |||||||
Farm one | Georgia | Timber | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 342,000 | ||||||||
Farm one | Texas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 4,188,000 | ||||||||
Farm one | Texas | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,434,000 | ||||||||
Farm one | Texas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 495,000 | ||||||||
Farm one | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 762,000 | ||||||||
Farm one | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 371,000 | 762,000 | |||||||
Farm one | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 3,512,000 | ||||||||
Farm one | Mississippi | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 3,471,000 | ||||||||
Farm one | Mississippi | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 41,000 | ||||||||
Farm one | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 2,080,000 | ||||||||
Farm one | Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,760,000 | 1,995,000 | |||||||
Farm one | Colorado | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 80,000 | ||||||||
Farm one | Colorado | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 5,000 | ||||||||
Farm one | Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accounts Receivable | 30,000 | ||||||||
Accrued property taxes | 3,000 | ||||||||
Total | 3,025,000 | ||||||||
Farm one | Arkansas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 2,808,000 | ||||||||
Farm one | Arkansas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 184,000 | ||||||||
Farm one | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (1,000) | ||||||||
Total | 606,000 | ||||||||
Farm one | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 607,000 | ||||||||
Farm two | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 528,000 | ||||||||
Farm two | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 482,000 | 475,000 | |||||||
Farm two | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 142,000 | 53,000 | |||||||
Farm two | Texas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 925,000 | ||||||||
Farm two | Texas | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 634,000 | ||||||||
Farm two | Texas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 241,000 | ||||||||
Farm two | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accounts Receivable | 9,000 | ||||||||
Accrued property taxes | (79,000) | ||||||||
Total | 690,000 | ||||||||
Farm two | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 195,590,000 | 681,000 | |||||||
Farm two | Illinois | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,277,000 | ||||||||
Farm two | Illinois | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 357,000 | ||||||||
Farm two | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (1,000) | ||||||||
Total | 1,469,000 | ||||||||
Farm two | Mississippi | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,437,000 | ||||||||
Farm two | Mississippi | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 33,000 | ||||||||
Farm two | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (2,000) | ||||||||
Total | 2,026,000 | ||||||||
Farm two | Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 792,000 | 1,365,000 | |||||||
Farm two | Colorado | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 3,491,000 | 626,000 | |||||||
Farm two | Colorado | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 22,000 | 37,000 | |||||||
Farm two | Colorado | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,219,000 | ||||||||
Farm two | Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 6,168,000 | ||||||||
Farm two | Arkansas | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 5,924,000 | ||||||||
Farm two | Arkansas | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 244,000 | ||||||||
Farm two | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | (1,000) | ||||||||
Total | 861,000 | ||||||||
Farm two | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 862,000 | ||||||||
Farm three | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 661,000 | ||||||||
Farm three | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 469,000 | 555,000 | |||||||
Farm three | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 108,000 | 106,000 | |||||||
Farm three | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 815,000 | ||||||||
Farm three | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 667,000 | 815,000 | |||||||
Farm three | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 5,576,000 | ||||||||
Farm three | Mississippi | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 5,338,000 | ||||||||
Farm three | Mississippi | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 77,000 | ||||||||
Farm three | Mississippi | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 161,000 | ||||||||
Farm three | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 950,000 | ||||||||
Farm three | Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 809,000 | ||||||||
Farm three | Colorado | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 107,000 | ||||||||
Farm three | Colorado | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 34,000 | ||||||||
Farm three | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accounts Receivable | 37,000 | ||||||||
Below Market Lease | (89,000) | ||||||||
Accrued property taxes | (22,000) | ||||||||
Total | 9,022,000 | ||||||||
Farm three | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 8,757,000 | ||||||||
Farm three | Nebraska | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 339,000 | ||||||||
Farm four | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 756,000 | ||||||||
Farm four | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 202,000 | ||||||||
Farm four | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 667,000 | ||||||||
Farm four | Illinois | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 30,000 | ||||||||
Farm four | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 2,000,000 | ||||||||
Farm four | Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,301,000 | ||||||||
Farm four | Colorado | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 595,000 | ||||||||
Farm four | Colorado | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 104,000 | ||||||||
Farm four | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accounts Receivable | 30,000 | ||||||||
Below Market Lease | (141,000) | ||||||||
Accrued property taxes | (16,000) | ||||||||
Total | 8,981,000 | ||||||||
Farm four | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 8,872,000 | ||||||||
Farm four | Nebraska | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 236,000 | ||||||||
Farm five | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 718,000 | ||||||||
Farm five | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 144,000 | ||||||||
Farm five | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,905,000 | ||||||||
Farm five | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 236,000 | ||||||||
Farm five | Colorado | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 236,000 | ||||||||
Farm five | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 1,288,000 | ||||||||
Farm five | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,232,000 | ||||||||
Farm five | Nebraska | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 56,000 | ||||||||
Farm six | Georgia | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 1,330,000 | ||||||||
Farm six | Georgia | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 72,000 | ||||||||
Farm six | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 34,000 | ||||||||
Farm six | Illinois | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 86,000 | ||||||||
Farm six | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 733,000 | ||||||||
Farm six | Nebraska | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 711,000 | ||||||||
Farm six | Nebraska | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | $ 22,000 | ||||||||
Farm seven | Illinois | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | $ 563,000 | ||||||||
American Farmland Company | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 17,817 | ||||||||
American Farmland Company | Georgia and Alabama | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,840 | ||||||||
American Farmland Company | Arkansas | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,445 | ||||||||
American Farmland Company | Farm one | Illinois | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,652 | ||||||||
American Farmland Company | Farm one | Florida | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 2,694 | ||||||||
American Farmland Company | Farm one | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 430 | ||||||||
American Farmland Company | Farm two | Illinois | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 434 | ||||||||
American Farmland Company | Farm two | Florida | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 625 | ||||||||
American Farmland Company | Farm two | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 478 | ||||||||
American Farmland Company | Farm three | Illinois | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,195 | ||||||||
American Farmland Company | Farm three | Florida | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,637 | ||||||||
American Farmland Company | Farm three | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 786 | ||||||||
American Farmland Company | Farm four | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 854 | ||||||||
American Farmland Company | Farm five | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 1,247 | ||||||||
American Farmland Company | Farm six | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 265 | ||||||||
American Farmland Company | Farm seven | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 623 | ||||||||
American Farmland Company | Farm eight | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 244 | ||||||||
American Farmland Company | Farm nine | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 91 | ||||||||
American Farmland Company | Farm ten | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 610 | ||||||||
American Farmland Company | Farm eleven | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 239 | ||||||||
American Farmland Company | Farm twelve | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 243 | ||||||||
American Farmland Company | Farm thirteen | California | Purchase agreement | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total approximate acres | a | 185 | ||||||||
Farm acquisition | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Accrued property taxes | $ (85,000) | ||||||||
Total | 273,411,000 | ||||||||
Farm acquisition | Land | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 260,564,000 | ||||||||
Farm acquisition | Groundwater | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 5,600,000 | ||||||||
Farm acquisition | Irrigation Improvements | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 3,769,000 | ||||||||
Farm acquisition | Permanent Plantings & Other | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 3,250,000 | ||||||||
Farm acquisition | Timber | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Real estate | 342,000 | ||||||||
Farm acquisition | In-place lease | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Below Market Lease | (29,000) | ||||||||
Farm acquisition | Michigan | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Sep. 15, 2015 | ||||||||
Total approximate acres | a | 181 | ||||||||
Purchase price | $ 2,557,000 | ||||||||
Acquisition costs | $ 14,000 | ||||||||
Total | $ 1,630,000 | ||||||||
Farm acquisition | North Carolina South Carolina And Virginia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jun. 2, 2015 | ||||||||
Total approximate acres | a | 14,935 | ||||||||
Purchase price | $ 80,914,000 | ||||||||
Acquisition costs | $ 199,000 | ||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 824,398 | ||||||||
Farm acquisition | North Carolina South Carolina And Virginia | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 1,993,709 | ||||||||
Issuance of stock as consideration in real estate acquisition | $ 30,914,634 | ||||||||
Temporary equity redeemable for cash | shares | 883,724 | ||||||||
Farm acquisition | North Carolina South Carolina And Virginia | Redeemable OP units | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||
Maximum number of common stock | shares | 1,109,985 | ||||||||
Farm acquisition | Louisiana | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Mar. 31, 2016 | ||||||||
Total approximate acres | a | 7,400 | ||||||||
Purchase price | $ 31,764,000 | ||||||||
Acquisition costs | 14,000 | ||||||||
Total | 31,764,000 | ||||||||
Farm acquisition | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | $ 2,307,000 | ||||||||
Farm acquisition | South Carolina | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | May 12, 2016 | Mar. 13, 2015 | |||||||
Total approximate acres | a | 330 | 502 | |||||||
Purchase price | $ 1,528,000 | $ 2,303,000 | |||||||
Acquisition costs | 3,000 | $ 4,000 | |||||||
Total | $ 1,528,000 | ||||||||
Farm acquisition | Kansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jul. 27, 2016 | ||||||||
Total approximate acres | a | 158 | ||||||||
Purchase price | $ 325,000 | ||||||||
Total | $ 325,000 | ||||||||
Farm acquisition | Florida | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Aug. 31, 2016 | ||||||||
Total approximate acres | a | 2,426 | ||||||||
Purchase price | $ 9,497,000 | ||||||||
Acquisition costs | 21,000 | ||||||||
Total | $ 9,497,000 | ||||||||
Farm acquisition | Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Dec. 21, 2016 | ||||||||
Total approximate acres | a | 1,122 | ||||||||
Purchase price | $ 4,066,000 | ||||||||
Acquisition costs | 32,000 | ||||||||
Consideration paid in cash | $ 3,300,000 | ||||||||
Total | $ 4,066,000 | ||||||||
Farm acquisition | Arkansas | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Aggregate OP units and shares of company's common stock | shares | 69,961 | ||||||||
Price of OP unit (per unit) | $ / shares | $ 10.95 | ||||||||
Farm acquisition | Kansas And Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Dec. 4, 2015 | ||||||||
Total approximate acres | a | 1,217 | ||||||||
Purchase price | $ 1,915,000 | ||||||||
Farm acquisition | Farm one | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jan. 12, 2016 | ||||||||
Total approximate acres | a | 608 | ||||||||
Purchase price | $ 1,202,000 | ||||||||
Acquisition costs | 2,000 | ||||||||
Total | $ 1,202,000 | ||||||||
Farm acquisition | Farm one | Texas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jan. 27, 2016 | ||||||||
Total approximate acres | a | 2,056 | ||||||||
Purchase price | $ 6,117,000 | ||||||||
Acquisition costs | 1,000 | ||||||||
Total | $ 6,117,000 | ||||||||
Farm acquisition | Farm one | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Feb. 26, 2016 | May 29, 2015 | |||||||
Total approximate acres | a | 40 | 110 | |||||||
Purchase price | $ 371,000 | $ 762,000 | |||||||
Acquisition costs | $ 2,000 | ||||||||
Total | 371,000 | ||||||||
Farm acquisition | Farm one | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jan. 14, 2015 | ||||||||
Total approximate acres | a | 850 | ||||||||
Purchase price | $ 3,512,000 | ||||||||
Acquisition costs | $ 6,000 | ||||||||
Farm acquisition | Farm one | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | $ 1,760,000 | ||||||||
Farm acquisition | Farm one | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Feb. 24, 2015 | ||||||||
Total approximate acres | a | 73 | ||||||||
Purchase price | $ 606,000 | ||||||||
Acquisition costs | $ 1,000 | ||||||||
Farm acquisition | Farm two | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Mar. 11, 2016 | Dec. 17, 2015 | |||||||
Total approximate acres | a | 208 | 116 | |||||||
Purchase price | $ 624,000 | $ 528,000 | |||||||
Acquisition costs | 3,000 | $ 2,000 | |||||||
Total | 624,000 | ||||||||
Farm acquisition | Farm two | Texas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | $ 1,800,000 | ||||||||
Farm acquisition | Farm two | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Mar. 2, 2016 | ||||||||
Total approximate acres | a | 22,129 | ||||||||
Purchase price | $ 197,145,000 | ||||||||
Acquisition costs | 1,321,000 | ||||||||
Consideration paid in cash | $ 50,000,000 | ||||||||
Total | $ 197,145,000 | ||||||||
Farm acquisition | Farm two | Illinois | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Aggregate OP units and shares of company's common stock | shares | 2,608,695 | ||||||||
Price of OP unit (per unit) | $ / shares | $ 11.50 | ||||||||
Farm acquisition | Farm two | Illinois | Series A Preferred Units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 117,000 | ||||||||
Farm acquisition | Farm two | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | May 14, 2015 | ||||||||
Total approximate acres | a | 359 | ||||||||
Purchase price | $ 1,469,000 | ||||||||
Acquisition costs | $ 2,000 | ||||||||
Farm acquisition | Farm two | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jul. 27, 2016 | Mar. 13, 2015 | |||||||
Total approximate acres | a | 142 | 315 | |||||||
Purchase price | $ 5,524,000 | $ 2,026,000 | |||||||
Acquisition costs | 24,000 | ||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 63,581 | ||||||||
Issuance of stock as consideration in real estate acquisition | $ 712,743 | ||||||||
Total | $ 5,524,000 | ||||||||
Farm acquisition | Farm two | Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jul. 2, 2015 | ||||||||
Total approximate acres | a | 1,383 | ||||||||
Purchase price | $ 6,168,000 | ||||||||
Acquisition costs | $ 21,000 | ||||||||
Farm acquisition | Farm two | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Feb. 24, 2015 | ||||||||
Total approximate acres | a | 123 | ||||||||
Purchase price | $ 861,000 | ||||||||
Acquisition costs | $ 2,000 | ||||||||
Farm acquisition | Farm three | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 6, 2016 | Dec. 17, 2015 | |||||||
Total approximate acres | a | 213 | 182 | |||||||
Purchase price | $ 577,000 | $ 661,000 | |||||||
Acquisition costs | 2,000 | $ 2,000 | |||||||
Total | $ 577,000 | ||||||||
Farm acquisition | Farm three | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Mar. 24, 2016 | Dec. 15, 2015 | |||||||
Total approximate acres | a | 80 | 78 | |||||||
Purchase price | $ 667,000 | $ 815,000 | |||||||
Acquisition costs | $ 3,000 | ||||||||
Total | $ 667,000 | ||||||||
Farm acquisition | Farm three | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jul. 10, 2015 | ||||||||
Total approximate acres | a | 1,130 | ||||||||
Purchase price | $ 5,576,000 | ||||||||
Acquisition costs | $ 22,000 | ||||||||
Farm acquisition | Farm four | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 6, 2016 | ||||||||
Total approximate acres | a | 274 | ||||||||
Purchase price | $ 958,000 | ||||||||
Acquisition costs | 3,000 | ||||||||
Total | 958,000 | ||||||||
Farm acquisition | Farm four | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | 697,000 | ||||||||
Farm acquisition | Farm four | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 17, 2015 | ||||||||
Total approximate acres | a | 322 | ||||||||
Purchase price | $ 2,000,000 | ||||||||
Farm acquisition | Farm five | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Total | $ 862,000 | ||||||||
Farm acquisition | Farm five | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jun. 30, 2016 | ||||||||
Total approximate acres | a | 203 | ||||||||
Purchase price | $ 1,905,000 | ||||||||
Total | $ 1,905,000 | ||||||||
Farm acquisition | Farm five | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Dec. 30, 2015 | ||||||||
Total approximate acres | a | 171 | ||||||||
Purchase price | $ 236,000 | ||||||||
Acquisition costs | $ 1,000 | ||||||||
Farm acquisition | Farm five | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Dec. 15, 2015 | ||||||||
Total approximate acres | a | 80 | ||||||||
Purchase price | $ 733,000 | ||||||||
Acquisition costs | 6,000 | ||||||||
Farm acquisition | Farm six | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Sep. 16, 2016 | ||||||||
Total approximate acres | a | 445 | ||||||||
Purchase price | $ 1,402,000 | ||||||||
Total | $ 1,402,000 | ||||||||
Farm acquisition | Farm six | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Sep. 29, 2016 | ||||||||
Total approximate acres | a | 7 | ||||||||
Purchase price | $ 120,000 | ||||||||
Total | $ 120,000 | ||||||||
Farm acquisition | Farm seven | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Nov. 2, 2016 | ||||||||
Total approximate acres | a | 95 | ||||||||
Purchase price | $ 563,000 | ||||||||
Total | $ 563,000 | ||||||||
Business combination | |||||||||
Pro forma financial information | |||||||||
Total operating revenues | 13,917,000 | 6,060,000 | |||||||
Net income (loss) | $ 1,856,000 | $ 997,000 | |||||||
Income (loss) per basic share attributable to common stockholders | $ / shares | $ 0.10 | $ 0.18 | |||||||
Income (loss) per diluted share attributable to common stockholders | $ / shares | $ 0.10 | $ 0.18 | |||||||
Weighted-average number of common shares - basic | shares | 9,619,000 | 4,265,000 | |||||||
Weighted-average number of common shares - diluted | shares | 9,629,000 | 4,386,000 | |||||||
Business combination | Michigan | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jan. 21, 2016 | ||||||||
Total approximate acres | a | 265 | ||||||||
Purchase price | $ 1,630,000 | ||||||||
Business combination | Mississippi | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 4, 2016 | ||||||||
Total approximate acres | a | 624 | ||||||||
Purchase price | $ 2,307,000 | ||||||||
Business combination | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Oct. 1, 2015 | ||||||||
Total approximate acres | a | 160 | ||||||||
Purchase price | $ 1,288,000 | ||||||||
Acquisition costs | $ 2,000 | ||||||||
Business combination | Farm one | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Oct. 9, 2015 | ||||||||
Total approximate acres | a | 1,069 | ||||||||
Purchase price | $ 3,676,000 | ||||||||
Acquisition costs | $ 5,000 | ||||||||
Business combination | Farm one | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jun. 29, 2016 | Feb. 18, 2015 | |||||||
Total approximate acres | a | 1,261 | 997 | |||||||
Purchase price | $ 1,760,000 | $ 2,080,000 | |||||||
Acquisition costs | $ 1,000 | ||||||||
Business combination | Farm one | Arkansas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 30, 2015 | ||||||||
Total approximate acres | a | 934 | ||||||||
Purchase price | $ 3,025,000 | ||||||||
Acquisition costs | $ 12,000 | ||||||||
Business combination | Farm two | Texas | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | May 17, 2016 | ||||||||
Total approximate acres | a | 640 | ||||||||
Purchase price | $ 1,800,000 | ||||||||
Business combination | Farm two | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jun. 30, 2015 | ||||||||
Total approximate acres | a | 58 | ||||||||
Purchase price | $ 690,000 | ||||||||
Acquisition costs | $ 2,000 | ||||||||
Lease term | 2 years | ||||||||
Annual rents | $ 18,749 | ||||||||
Business combination | Farm three | Colorado | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 10, 2015 | ||||||||
Total approximate acres | a | 160 | ||||||||
Purchase price | $ 950,000 | ||||||||
Business combination | Farm three | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 10, 2015 | ||||||||
Total approximate acres | a | 1,117 | ||||||||
Purchase price | $ 9,022,000 | ||||||||
Acquisition costs | $ 20,000 | ||||||||
Business combination | Farm three | Nebraska | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 118,634 | ||||||||
Issuance of stock as consideration in real estate acquisition | $ 1,372,595 | ||||||||
Business combination | Farm four | Illinois | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jun. 27, 2016 | ||||||||
Total approximate acres | a | 77 | ||||||||
Purchase price | $ 697,000 | ||||||||
Business combination | Farm four | Nebraska | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Apr. 10, 2015 | ||||||||
Total approximate acres | a | 1,160 | ||||||||
Purchase price | $ 8,981,000 | ||||||||
Acquisition costs | $ 20,000 | ||||||||
Business combination | Farm four | Nebraska | OP units | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 119,953 | ||||||||
Issuance of stock as consideration in real estate acquisition | $ 1,387,856 | ||||||||
Business combination | Farm five | Georgia | |||||||||
Farms acquired and allocation of purchase price | |||||||||
Acquisition date | Jul. 20, 2016 | ||||||||
Total approximate acres | a | 266 | ||||||||
Purchase price | $ 862,000 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total outstanding principal | $ 2,780,000 | $ 2,830,000 | |
Points paid, net of direct issuance costs | (4,000) | (10,000) | |
Interest receivable (net prepaid interest) | 67,000 | (8,000) | |
Total notes and interest receivable | 2,843,000 | 2,812,000 | |
Prepaid interest | 0 | 60,025 | |
Accrued interest | 67,600 | 52,244 | |
Notes receivable | 2,780,000 | 2,842,145 | |
Mortgage Note 2016 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total outstanding principal | 1,800,000 | 1,800,000 | |
Maximum capacity of receivables | 200,000 | ||
Mortgage Note 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total outstanding principal | $ 980,000 | 980,000 | |
Note Receivable. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total outstanding principal | $ 50,000 | ||
FPI Loan Program | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Principal amounts | $ 500,000 | ||
FPI Loan Program | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loan | 3 years |
Mortgage Notes and Bonds Paya40
Mortgage Notes and Bonds Payable (Details) | Jun. 02, 2015USD ($) | Mar. 01, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 29, 2016 | Aug. 31, 2016USD ($) | Jun. 29, 2016USD ($)subsidiary | Jun. 28, 2016 | Mar. 29, 2016USD ($)subsidiary | Feb. 29, 2016USD ($)subsidiary | Aug. 03, 2015USD ($) |
Mortgage notes payable | ||||||||||||
Debt issuance costs | $ (1,193,000) | $ (381,000) | ||||||||||
Unamortized premium | 110,000 | 230,000 | ||||||||||
Total mortgage notes and bonds payable, net | 308,779,000 | 187,074,000 | ||||||||||
Principal outstanding | 309,862,000 | 187,225,000 | ||||||||||
Book Value of Collateral | 566,257,000 | 281,777,000 | ||||||||||
Refund of outstanding debt | $ 300,000 | 300,000 | ||||||||||
Payment of debt issuance costs | 1,116,000 | 239,000 | $ 370,000 | |||||||||
Accrued interest | 1,538,000 | 681,000 | ||||||||||
Cash paid during period for interest | 8,865,000 | 4,020,000 | $ 1,071,000 | |||||||||
Aggregate maturities of long-term debt | ||||||||||||
2,017 | 81,218,000 | |||||||||||
2,018 | 306,000 | |||||||||||
2,019 | 6,518,000 | |||||||||||
2,020 | 48,575,000 | |||||||||||
2,021 | 275,000 | |||||||||||
Thereafter | 172,970,000 | |||||||||||
Total | $ 309,862,000 | |||||||||||
Farmer Mac Facility | Secured notes | ||||||||||||
Mortgage notes payable | ||||||||||||
Maximum aggregate principal amount | $ 165,000,000 | |||||||||||
Effective loan-to-value ratios as a percentage of the appraised value of agricultural real estate securing such mortgage loans | 60.00% | |||||||||||
Outstanding debt | $ 155,500,000 | 160,600,000 | ||||||||||
Farmer Mac Facility | Secured notes | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Fixed charge coverage ratio | 1.50 | |||||||||||
Tangible net worth | $ 96,268,417 | |||||||||||
Collateral value as percentage of aggregate principal amount of outstanding notes (as a percent) | 100.00% | |||||||||||
Total collateral value as percentage of aggregate principal amount of outstanding notes (as a percent) | 110.00% | |||||||||||
Farmer Mac Facility | Secured notes | Maximum | ||||||||||||
Mortgage notes payable | ||||||||||||
Leverage ratio (as a percent) | 60.00% | |||||||||||
Bridge Loan Agreement | ||||||||||||
Mortgage notes payable | ||||||||||||
Number of subsidiaries | subsidiary | 2 | |||||||||||
Loan | $ 53,000,000 | |||||||||||
Payment of debt issuance costs | $ 173,907 | |||||||||||
Cash paid during period for interest | 2,271,867 | |||||||||||
Additional interest paid | $ 2,120,000 | |||||||||||
Additional interest, percentage | 4.00% | |||||||||||
MetLife | ||||||||||||
Mortgage notes payable | ||||||||||||
Number of subsidiaries | subsidiary | 5 | 5 | ||||||||||
MetLife | Term Loan | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal amount of loan | $ 127,000,000 | |||||||||||
MetLife | Term Loan One | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.40% | |||||||||||
Interest Rate (as a percent) | 2.00% | |||||||||||
Principal amount of loan | 90,000,000 | |||||||||||
MetLife | Term Loan Two | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal amount of loan | 16,000,000 | |||||||||||
MetLife | Term Loan Three | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal amount of loan | $ 21,000,000 | |||||||||||
MetLife | Term Loan Two and Three | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.66% | |||||||||||
Minimum prepayment premium | 20.00% | |||||||||||
Percentage of conditional prepayment of loan without penalty | 1.00% | |||||||||||
MetLife | Term Loan Four | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.39% | |||||||||||
LIBOR | MetLife | Term Loan One | ||||||||||||
Mortgage notes payable | ||||||||||||
Margin added to reference rate (as a percent) | 1.75% | |||||||||||
Mortgage notes payable | Fair value | Level 3 | ||||||||||||
Aggregate maturities of long-term debt | ||||||||||||
Debt | $ 300,105,547 | 185,171,599 | ||||||||||
First Midwest Bank A debt and mortgage notes payable maturing June 2016 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | 650,000 | |||||||||||
Interest rate (as a percent) | 2.80% | |||||||||||
Book Value of Collateral | 1,143,000 | |||||||||||
First Midwest Bank A debt and mortgage notes payable maturing June 2016 | LIBOR | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.60% | |||||||||||
Margin added to reference rate (as a percent) | 2.59% | |||||||||||
Midwest Bank Debt Band Mortgage Notes Payable Maturing On March 2016 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | 26,000,000 | |||||||||||
Book Value of Collateral | 23,999,000 | |||||||||||
Midwest Bank Debt Band Mortgage Notes Payable Maturing On March 2016 | LIBOR | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Margin added to reference rate (as a percent) | 2.59% | |||||||||||
Mortgage notes payable maturing March 2016 | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.80% | |||||||||||
Farmer Mac Note 1 mortgage notes payable maturing September 2017 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 20,700,000 | 20,700,000 | ||||||||||
Interest rate (as a percent) | 2.40% | |||||||||||
Interest Rate (as a percent) | 2.40% | |||||||||||
Book Value of Collateral | $ 30,375,000 | 31,785,000 | ||||||||||
Farmer Mac Note 2 mortgage notes payable maturing October 2017 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 5,460,000 | 5,460,000 | ||||||||||
Interest rate (as a percent) | 2.35% | |||||||||||
Interest Rate (as a percent) | 2.35% | |||||||||||
Book Value of Collateral | $ 9,573,000 | 9,002,000 | ||||||||||
Farmer Mac Note 3 mortgage notes payable maturing November 2017 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 10,680,000 | 10,680,000 | ||||||||||
Interest rate (as a percent) | 2.50% | |||||||||||
Interest Rate (as a percent) | 2.50% | |||||||||||
Book Value of Collateral | $ 11,192,000 | 10,688,000 | ||||||||||
Farmer Mac Note 4 mortgage notes payable maturing December 2017 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 13,400,000 | 13,400,000 | ||||||||||
Interest rate (as a percent) | 2.50% | |||||||||||
Interest Rate (as a percent) | 2.50% | |||||||||||
Book Value of Collateral | $ 23,528,000 | 23,548,000 | ||||||||||
Farmer Mac Note 5 mortgage notes payable maturing December 2017 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 30,860,000 | 30,860,000 | ||||||||||
Interest rate (as a percent) | 2.56% | |||||||||||
Interest Rate (as a percent) | 2.56% | |||||||||||
Book Value of Collateral | $ 56,296,000 | 52,723,000 | ||||||||||
Farmer Mac Note 6 mortgage notes maturing April 2025 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 14,915,000 | 14,915,000 | ||||||||||
Interest rate (as a percent) | 3.69% | |||||||||||
Interest Rate (as a percent) | 3.69% | |||||||||||
Book Value of Collateral | $ 21,096,000 | 20,088,000 | ||||||||||
Farmer Mac Note 7 mortgage notes maturing April 2025 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 11,160,000 | 11,160,000 | ||||||||||
Interest rate (as a percent) | 3.68% | |||||||||||
Interest Rate (as a percent) | 3.68% | |||||||||||
Book Value of Collateral | $ 18,277,000 | 18,180,000 | ||||||||||
Farmer Mac Note 8A mortgage notes maturing June 2020 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 41,700,000 | 41,700,000 | ||||||||||
Interest rate (as a percent) | 3.20% | |||||||||||
Interest Rate (as a percent) | 3.20% | |||||||||||
Book Value of Collateral | $ 80,805,000 | 80,811,000 | ||||||||||
Farmer Mac Note 8B mortgage notes maturing May 2016 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | 5,100,000 | |||||||||||
Interest rate (as a percent) | 1.80% | |||||||||||
Farmer Mac Note 8B mortgage notes maturing May 2016 | LIBOR | ||||||||||||
Mortgage notes payable | ||||||||||||
Margin added to reference rate (as a percent) | 1.80% | |||||||||||
Farmer Mac Note 9 mortgage notes maturing July 2020 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 6,600,000 | 6,600,000 | ||||||||||
Interest rate (as a percent) | 3.35% | |||||||||||
Interest Rate (as a percent) | 3.35% | |||||||||||
Book Value of Collateral | $ 7,738,000 | $ 9,810,000 | ||||||||||
MetLife term loan notes maturing March 2026 One | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 90,000,000 | |||||||||||
Adjustment term for the interest rate on the debt instrument | 3 years | |||||||||||
Interest Rate (as a percent) | 2.75% | |||||||||||
Book Value of Collateral | $ 197,764,000 | |||||||||||
MetLife term loan notes maturing March 2026 One | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.00% | |||||||||||
MetLife term loan notes maturing March 2026 One | LIBOR | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Margin added to reference rate (as a percent) | 1.75% | |||||||||||
MetLife term loan notes maturing March 2026 Two | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 16,000,000 | |||||||||||
Interest rate (as a percent) | 2.66% | |||||||||||
Adjustment term for the interest rate on the debt instrument | 3 years | |||||||||||
Interest Rate (as a percent) | 2.66% | |||||||||||
Book Value of Collateral | $ 31,745,000 | |||||||||||
MetLife term loan notes maturing March 2026 Three | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 21,000,000 | |||||||||||
Interest rate (as a percent) | 2.66% | |||||||||||
Adjustment term for the interest rate on the debt instrument | 3 years | |||||||||||
Interest Rate (as a percent) | 2.66% | |||||||||||
Book Value of Collateral | $ 26,218,000 | |||||||||||
MetLife term loan notes maturing June 2026 Four | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 15,685,000 | $ 15,700,000 | ||||||||||
Adjustment term for the interest rate on the debt instrument | 3 years | |||||||||||
Margin added to reference rate (as a percent) | 1.75% | |||||||||||
Interest Rate (as a percent) | 2.75% | |||||||||||
Book Value of Collateral | $ 30,629,000 | |||||||||||
MetLife term loan notes maturing June 2026 Four | Term Loan Four | ||||||||||||
Mortgage notes payable | ||||||||||||
Interest rate (as a percent) | 2.60% | |||||||||||
MetLife term loan notes maturing June 2026 Four | LIBOR | Minimum | ||||||||||||
Mortgage notes payable | ||||||||||||
Margin added to reference rate (as a percent) | 1.75% | |||||||||||
Farm Credit of Central Florida mortgage note maturing September 2023 | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 5,102,000 | |||||||||||
Interest rate (as a percent) | 2.6875% | |||||||||||
Margin added to reference rate (as a percent) | 2.6875% | |||||||||||
Interest Rate (as a percent) | 3.31% | |||||||||||
Principal amount of loan | $ 8,200,000 | |||||||||||
Book Value of Collateral | $ 9,495,000 | |||||||||||
Coverage Ratio | 1.25 | |||||||||||
Prudential | ||||||||||||
Mortgage notes payable | ||||||||||||
Principal outstanding | $ 6,600,000 | |||||||||||
Interest rate (as a percent) | 3.20% | |||||||||||
Interest Rate (as a percent) | 3.20% | |||||||||||
Book Value of Collateral | $ 11,526,000 | |||||||||||
Prudential | Maximum | ||||||||||||
Mortgage notes payable | ||||||||||||
Leverage ratio (as a percent) | 60.00% |
Commitments and Contingencies41
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2017USD ($)aitem | Jun. 30, 2017USD ($)a | Dec. 31, 2016USD ($)a$ / shares | Dec. 31, 2015USD ($)a$ / shares | Feb. 02, 2017$ / shares | |
Future minimum lease payments | |||||||
Monthly payment amount | $ 10,200 | $ 10,032 | |||||
2,017 | $ 124,000 | ||||||
2,018 | 126,000 | ||||||
2,019 | 74,000 | ||||||
Total future minimum lease payments | 324,000 | ||||||
Capital Commitments | |||||||
2,017 | 4,648,000 | ||||||
2,018 | 845,000 | ||||||
Total capital commitments | $ 5,493,000 | ||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 41,069 | 27,782 | |||||
Purchase price | $ 273,411,000 | $ 143,354,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Expected | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 6,212 | ||||||
Purchase price | $ 27,288,000 | ||||||
Farm acquisition | Purchase agreement | Expected | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 8,917 | ||||||
Purchase price | $ 58,152,000 | ||||||
American Farmland Company | Purchase agreement | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 17,817 | ||||||
Illinois | Farm acquisition | Purchase agreement | Expected | Swenson | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 321 | ||||||
Purchase price | $ 3,360,000 | ||||||
Illinois | Farm acquisition | Purchase agreement | Expected | Wilder | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 8,452 | ||||||
Purchase price | $ 54,263,000 | ||||||
South Carolina | Farm acquisition | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 330 | 502 | |||||
Purchase price | $ 1,528,000 | $ 2,303,000 | |||||
South Carolina | Farm acquisition | Purchase agreement | Expected | Harvin | |||||||
Farms acquired and allocation of purchase price | |||||||
Total approximate acres | a | 144 | ||||||
Purchase price | $ 529,000 | ||||||
Subsequent event | American Farmland Company | |||||||
Farms acquired and allocation of purchase price | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||
Subsequent event | Illinois | |||||||
Farms acquired and allocation of purchase price | |||||||
Number of farms acquired | item | 2 |
Stockholders' Equity and Non-42
Stockholders' Equity and Non-controlling Interests - Issuance of shares (Details) | Nov. 30, 2016USD ($)$ / sharesshares | Sep. 15, 2015USD ($) | Jul. 21, 2015USD ($)$ / sharesshares | Jul. 30, 2014USD ($)$ / sharesshares | Apr. 18, 2014$ / shares | Apr. 16, 2014USD ($)$ / sharesshares | Dec. 05, 2013$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Mar. 24, 2014shares | Dec. 31, 2013shares |
Shareholders' Equity | ||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Common stock, shares issued | 17,351,446 | 11,978,675 | ||||||||||
Common stock, shares outstanding | 17,351,446 | 11,978,675 | ||||||||||
Number of fully diluted outstanding shares including OP units and restricted stock (in shares) | 23,000,000 | 16,200,000 | ||||||||||
Restricted shares | ||||||||||||
Shareholders' Equity | ||||||||||||
Unvested restricted shares outstanding | 189,000 | 145,000 | 214,000 | |||||||||
Operating Partnership | ||||||||||||
Shareholders' Equity | ||||||||||||
Repayment of outstanding indebtedness | $ | $ 12,000,000 | |||||||||||
Parent ownership interest (as a percent) | 75.10% | |||||||||||
Operating Partnership | OP units | ||||||||||||
Shareholders' Equity | ||||||||||||
Parent ownership interest (as a percent) | 75.10% | |||||||||||
Common stock | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock issued (in shares) | 3,100,000 | 3,360,000 | ||||||||||
Common stock | Operating Partnership | OP units | ||||||||||||
Shareholders' Equity | ||||||||||||
Ratio for conversion into common shares | 1 | |||||||||||
Non-controlling Interest in Operating Partnership | ||||||||||||
Shareholders' Equity | ||||||||||||
Increase (decrease) to non-controlling interest in the Operating Partnership | $ | $ 3,425,000 | $ 818,000 | $ (22,991,000) | |||||||||
Non-controlling Interest in Operating Partnership | OP units | ||||||||||||
Shareholders' Equity | ||||||||||||
Period after becoming holder of OP Units each limited partner has right to require redemption of units | 12 months | |||||||||||
IPO | Common stock | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, shares issued | 3,800,000 | |||||||||||
Common stock issued (in shares) | 3,800,000 | |||||||||||
Common stock, issue price (in dollars per share) | $ / shares | $ 14 | |||||||||||
Gross proceeds generated from IPO | $ | $ 53,200,000 | |||||||||||
Aggregate net proceeds after deducting the underwriting discount and commissions and expenses payable | $ | $ 48,000,000 | |||||||||||
IPO | Common stock | Restricted shares | ||||||||||||
Shareholders' Equity | ||||||||||||
Unvested restricted shares outstanding | 214,283 | |||||||||||
Gross proceeds generated from IPO | $ | $ 3,000,000 | |||||||||||
Public offering | Common stock | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
Common stock, shares issued | 1,000,000 | |||||||||||
Common stock issued (in shares) | 3,100,000 | 3,000,000 | 3,700,000 | 3,717,000 | ||||||||
Common stock, issue price (in dollars per share) | $ / shares | $ 11.25 | $ 11 | $ 12.50 | |||||||||
Gross proceeds | $ | $ 33,300,000 | $ 37,000,000 | ||||||||||
Gross proceeds generated from IPO | $ | $ 25,000,000 | $ 46,500,000 | ||||||||||
Aggregate net proceeds after deducting the underwriting discount and commissions and expenses payable | $ | $ 32,900,000 | $ 11,000,000 | $ 34,600,000 | $ 43,300,000 | ||||||||
Underwritten public offering. | Common stock | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, shares issued | 500,000 | |||||||||||
Threshold days to purchase the number of options | 30 days | |||||||||||
Common stock issued (in shares) | 360,000 | |||||||||||
Pittman Hough Farms | Operating Partnership | OP units | ||||||||||||
Shareholders' Equity | ||||||||||||
Noncontrolling ownership interest (as a percent) | 24.90% | |||||||||||
Initial capitalization | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, shares authorized | 1,000 | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
Initial capitalization | Paul A. Pittman | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock issued (in shares) | 1,000 | |||||||||||
Common stock, issue price (in dollars per share) | $ / shares | $ 1 | |||||||||||
Share repurchase | Paul A. Pittman | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, repurchased price (in dollars per share) | $ / shares | $ 1 | |||||||||||
Advances | Pittman Hough Farms | Operating Partnership | ||||||||||||
Shareholders' Equity | ||||||||||||
Repayment of outstanding indebtedness | $ | 800,000 | |||||||||||
IPO and related formation transaction costs advanced or incurred on behalf of Company | Pittman Hough Farms | Operating Partnership | ||||||||||||
Shareholders' Equity | ||||||||||||
Reimbursement of accrued expenses | $ | $ 100,000 | |||||||||||
Amended and restated articles of incorporation | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, shares authorized | 500,000,000 | |||||||||||
Upon completion of initial public offering | ||||||||||||
Shareholders' Equity | ||||||||||||
Common stock, shares authorized | 500,000,000 | |||||||||||
Common stock, shares issued | 3,800,000 | |||||||||||
Common stock, shares outstanding | 3,800,000 | |||||||||||
Upon completion of initial public offering | Restricted shares | ||||||||||||
Shareholders' Equity | ||||||||||||
Unvested restricted shares outstanding | 200,000 | |||||||||||
Redeemable OP units | ||||||||||||
Shareholders' Equity | ||||||||||||
OP units outstanding for redemption | 3,000,000 |
Stockholders' Equity and Non-43
Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest in the Operating Partnership (Details) | Jan. 13, 2017$ / shares | Nov. 20, 2016$ / shares | Nov. 03, 2016$ / shares | Oct. 14, 2016$ / shares | Aug. 12, 2016$ / shares | Aug. 03, 2016$ / shares | Jul. 15, 2016$ / shares | Jun. 02, 2016 | May 25, 2016shares | May 09, 2016$ / shares | Apr. 15, 2016$ / shares | Mar. 08, 2016$ / shares | Mar. 02, 2016$ / shares | Jan. 15, 2016$ / shares | Oct. 15, 2015$ / shares | Jul. 15, 2015$ / shares | Jun. 02, 2015$ / sharesshares | Apr. 15, 2015$ / shares | Feb. 25, 2015$ / shares | Jan. 15, 2015$ / shares | Nov. 20, 2014$ / shares | Oct. 15, 2014$ / shares | Aug. 05, 2014$ / shares | Jul. 15, 2014$ / shares | May 14, 2014$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Oct. 29, 2014USD ($) |
Stockholders’ Equity and Non-controlling Interests | |||||||||||||||||||||||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Opening balance | $ 9,694,000 | ||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (64,000) | $ 102,000 | |||||||||||||||||||||||||||
Redeemable non-controlling interest in operating partnership, preferred units | $ 119,915,000 | ||||||||||||||||||||||||||||
Ending balance | $ 9,694,000 | ||||||||||||||||||||||||||||
Cash dividend paid (in dollars per share) | $ / shares | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1160 | $ 0.1160 | $ 0.1050 | $ 0.1050 | $ 0.5100 | $ 0.4985 | $ 0.3260 | |||||||||||||||
Cash distributions (in dollars per share) | $ / shares | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1160 | $ 0.1160 | $ 0.1050 | $ 0.1050 | ||||||||||||||||||
Percent of dividend distributed - ordinary income | 100.00% | ||||||||||||||||||||||||||||
Stock repurchased | $ 1,000 | ||||||||||||||||||||||||||||
Share repurchase | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Stock repurchased | $ 20,932 | ||||||||||||||||||||||||||||
Stock repurchased (in shares) | shares | 2,130 | ||||||||||||||||||||||||||||
Average price (in dollars per share) | $ / shares | $ 9.81 | ||||||||||||||||||||||||||||
Share repurchase | Maximum | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Amount approved for share repurchase program | $ 10,000,000 | ||||||||||||||||||||||||||||
Redeemable OP units | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Distributions on redeemable non-controlling interests in operating partnership | $ 113,000 | $ 338,000 | |||||||||||||||||||||||||||
Distributions payable | 2,900,000 | ||||||||||||||||||||||||||||
Redeemable non-controlling interest, temporary equity dividends accrued | (113,000) | (338,000) | |||||||||||||||||||||||||||
Redeemable Preferred OP Units | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Distributions on redeemable non-controlling interests in operating partnership | $ 2,915,000 | ||||||||||||||||||||||||||||
Percentage of cumulative preferential dividends | 3.00% | ||||||||||||||||||||||||||||
Redeemable non-controlling interest, temporary equity dividends accrued | $ (2,915,000) | ||||||||||||||||||||||||||||
Series A Preferred Units | |||||||||||||||||||||||||||||
Stockholders’ Equity and Non-controlling Interests | |||||||||||||||||||||||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Liquidation preference for each preferred unit | $ / shares | $ 1,000 | ||||||||||||||||||||||||||||
Percentage of preferential cash distribution | 3.00% | ||||||||||||||||||||||||||||
Number of trading days | 20 days | ||||||||||||||||||||||||||||
Series A Preferred Units | Forsythe | Farm acquisition | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Liquidation value | $ 119,900,000 | ||||||||||||||||||||||||||||
OP units | Redeemable OP units | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Opening balance | $ 9,694,000 | ||||||||||||||||||||||||||||
Opening balance (in shares) | shares | 884,000 | ||||||||||||||||||||||||||||
Issuance of redeemable OP units as partial consideration for real estate acquisition | $ 9,694,000 | ||||||||||||||||||||||||||||
Issuance of redeemable OP units as partial consideration for real estate acquisition (in shares) | shares | 884,000 | ||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | $ (64,000) | $ 102,000 | |||||||||||||||||||||||||||
Distributions on redeemable non-controlling interests in operating partnership | (113,000) | (338,000) | |||||||||||||||||||||||||||
Adjustment to arrive at redemption value of redeemable non-controlling interests in Operating Partnership, common | 236,000 | ||||||||||||||||||||||||||||
Conversion of OP units to common stock | $ (9,517,000) | ||||||||||||||||||||||||||||
Conversion of OP units to common stock (in shares) | shares | (884,000) | ||||||||||||||||||||||||||||
Ending balance | $ 9,694,000 | ||||||||||||||||||||||||||||
Ending balance (in shares) | shares | 884,000 | ||||||||||||||||||||||||||||
Redeemable non-controlling interest, temporary equity dividends accrued | $ 113,000 | $ 338,000 | |||||||||||||||||||||||||||
OP units | Redeemable Class A common OP Units | |||||||||||||||||||||||||||||
Stockholders’ Equity and Non-controlling Interests | |||||||||||||||||||||||||||||
Issuance of stock as consideration in real estate acquisition (in shares) | shares | 900,000 | 2,000,000 | |||||||||||||||||||||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||||||||||||||||||||||
OP units | Redeemable Preferred OP Units | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||||||||||||||
Issuance of redeemable OP units as partial consideration for real estate acquisition | $ 117,000,000 | ||||||||||||||||||||||||||||
Issuance of redeemable OP units as partial consideration for real estate acquisition (in shares) | shares | 117,000 | ||||||||||||||||||||||||||||
Distributions on redeemable non-controlling interests in operating partnership | $ 2,915,000 | ||||||||||||||||||||||||||||
Ending balance | $ 119,915,000 | ||||||||||||||||||||||||||||
Ending balance (in shares) | shares | 117,000 | ||||||||||||||||||||||||||||
Redeemable non-controlling interest, temporary equity dividends accrued | $ (2,915,000) |
Stockholders' Equity and Non-44
Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 05, 2015 | |
Shareholders' Equity | ||||
Maximum shares of common stock to be issued | 200,000 | 600,000 | ||
Number of shares available for future grant | 300,000 | |||
Restricted shares | ||||
Shareholders' Equity | ||||
Forfeited (in shares) | 5,000 | 8,000 | ||
Share-based compensation expense | $ 1,200,000 | $ 900,000 | $ 700,000 | |
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 145,000 | 214,000 | ||
Granted (in shares) | 119,000 | 9,000 | 214,000 | |
Vested (in shares) | (70,000) | (70,000) | ||
Forfeited (in shares) | (5,000) | (8,000) | ||
Unvested at the end of the period (in shares) | 189,000 | 145,000 | 214,000 | |
Weighted Average Grant Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 13.87 | $ 14 | ||
Granted (in dollars per share) | 10.78 | 10.83 | 14 | |
Vested (in dollars per share) | 13.96 | 14 | ||
Forfeited (in dollars per share) | 11.09 | 12.63 | ||
Unvested at the end of the period (in dollars per share) | $ 11.98 | $ 13.87 | $ 14 | |
Total unrecognized compensation costs related to non-vested stock awards | $ 1,200,000 | $ 1,200,000 | $ 2,100,000 | |
Weighted average period over which unrecognized compensation costs is expected to be recognized | 1 year 10 months 24 days | |||
Board of Directors | Restricted shares | ||||
Shareholders' Equity | ||||
Aggregate grant date fair value of shares issued | $ 1,300,000 | $ 100,000 | $ 3,000,000 | |
Vesting period | 3 years | 3 years | ||
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 10,000 | 200,000 | ||
Unvested at the end of the period (in shares) | 100,000 | 10,000 | 200,000 | |
Board of Directors | Restricted shares | Maximum | ||||
Shareholders' Equity | ||||
Vesting period | 5 years | |||
Board of Directors | Restricted shares | Minimum | ||||
Shareholders' Equity | ||||
Vesting period | 3 years | |||
Board of Directors | Common stock | ||||
Shareholders' Equity | ||||
Forfeited (in shares) | 5,032 | 8,312 | ||
Share-based compensation expense | $ 4,167 | $ 18,231 | ||
Dividend paid | 815 | 2,541 | ||
Share-based compensation reversed | $ (3,352) | $ (15,690) | ||
Number of Shares | ||||
Forfeited (in shares) | (5,032) | (8,312) |
Stockholders' Equity and Non-45
Stockholders' Equity and Non-controlling Interests - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 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 | |
Numerator: | |||||||||||
Net income (loss) attributable to Farmland Partners Inc. | $ 4,302 | $ 1,227 | $ (568) | ||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | (96) | (80) | (70) | ||||||||
Net income (loss) available to common stockholders of Farmland Partners Inc. | $ 3,837 | $ (841) | $ (38) | $ (1,780) | $ 522 | $ 492 | $ (24) | $ (181) | $ 1,178 | $ 809 | $ (638) |
Denominator: | |||||||||||
Basic weighted average common shares outstanding (in shares) | 14,817 | 13,683 | 12,452 | 11,834 | 13,204 | 9,619 | 4,265 | ||||
Unvested restricted shares | 10 | ||||||||||
Weighted-average number of common shares - diluted (in shares) | 25,494 | 13,683 | 12,452 | 11,834 | 13,204 | 9,629 | 4,265 | ||||
Income (loss) per share attributable to common stockholders - basic | $ 0.26 | $ (0.06) | $ (0.15) | $ 0.09 | $ 0.08 | $ (0.15) | |||||
Income (loss) per share attributable to common stockholders - diluted | $ 0.18 | $ (0.06) | $ (0.15) | $ 0.09 | $ 0.08 | $ (0.15) | |||||
Redeemable OP units | |||||||||||
Numerator: | |||||||||||
Distributions on redeemable non-controlling interests in operating partnership | $ (113) | $ (338) | |||||||||
Redeemable Preferred OP Units | |||||||||||
Numerator: | |||||||||||
Distributions on redeemable non-controlling interests in operating partnership | $ (2,915) |
Stockholders' Equity and Non-46
Stockholders' Equity and Non-controlling Interests - OP units held by the non-controlling interest (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Excluded from diluted earnings per share calculation | ||
Anti-dilutive compensation-related shares outstanding | 200,000 | 0 |
Non-controlling Interest in Operating Partnership | Distributions in excess of earnings | OP units | ||
Excluded from diluted earnings per share calculation | ||
Weighted average number of OP units | 400,000 | 500,000 |
Operating Partnership | Non-controlling Interest in Operating Partnership | ||
Excluded from diluted earnings per share calculation | ||
Weighted average number of OP units | 5,400,000 | 2,800,000 |
Stockholders' Equity and Non-47
Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 23,043 | 16,157 | 9,676 |
Restricted shares | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 188 | 145 | 214 |
OP units | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 5,692 | 3,294 | 1,945 |
Redeemable OP units | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 884 | ||
Common stock | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 17,163 | 11,834 | 7,517 |
Quarterly Financial Informati48
Quarterly Financial InformationQuarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 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 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 13,332 | $ 6,946 | $ 6,031 | $ 4,692 | $ 4,599 | $ 4,170 | $ 2,884 | $ 2,103 | $ 31,001 | $ 13,756 | $ 4,218 |
Operating expenses | 5,020 | 4,756 | 2,797 | 2,796 | 2,327 | 2,015 | 1,670 | 1,527 | 15,369 | 7,539 | 3,661 |
Other (income) expenses | 1,886 | 1,993 | 1,917 | 3,826 | 1,383 | 1,293 | 1,069 | 773 | 9,622 | 4,518 | 1,228 |
Net (loss) income before income tax expense | 6,426 | 197 | 1,317 | (1,930) | 889 | 862 | 145 | (197) | 6,010 | 1,699 | (671) |
Income tax expense | (86) | 97 | 6 | 4 | 11 | 10 | |||||
NET INCOME (LOSS) | 6,512 | 100 | 1,317 | (1,930) | 883 | 858 | 145 | (197) | 5,999 | 1,689 | (671) |
Net (loss) income available to common stockholders of Farmland Partners Inc. | $ 3,837 | $ (841) | $ (38) | $ (1,780) | $ 522 | $ 492 | $ (24) | $ (181) | $ 1,178 | $ 809 | $ (638) |
Income (loss) per share attributable to common stockholders - basic | $ 0.26 | $ (0.06) | $ (0.15) | $ 0.09 | $ 0.08 | $ (0.15) | |||||
Income (loss) per share attributable to common stockholders - diluted | $ 0.18 | $ (0.06) | $ (0.15) | $ 0.09 | $ 0.08 | $ (0.15) | |||||
Basic weighted average common shares outstanding (in shares) | 14,817 | 13,683 | 12,452 | 11,834 | 13,204 | 9,619 | 4,265 | ||||
Diluted weighted average common shares outstanding (in shares) | 25,494 | 13,683 | 12,452 | 11,834 | 13,204 | 9,629 | 4,265 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 22, 2017USD ($) | Feb. 18, 2017USD ($) | Feb. 03, 2017USD ($) | Dec. 22, 2015USD ($) | Aug. 18, 2015USD ($) | Jan. 14, 2015USD ($) | Dec. 05, 2013USD ($) | Mar. 31, 2017item | Jun. 30, 2017USD ($)a | Dec. 31, 2016USD ($)aagreement | Dec. 31, 2015USD ($)a | Feb. 14, 2017USD ($) | Feb. 12, 2017USD ($)subsidiary |
Subsequent Events | |||||||||||||
Principal outstanding | $ 309,862,000 | $ 187,225,000 | |||||||||||
Area of real estate property | a | 41,069 | 27,782 | |||||||||||
Purchase price | $ 273,411,000 | $ 143,354,000 | |||||||||||
Expected | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 6,212 | ||||||||||||
Purchase price | $ 27,288,000 | ||||||||||||
Expected | Georgia | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 614 | ||||||||||||
Purchase price | $ 1,900,000 | ||||||||||||
Expected | Michigan | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 1,726 | ||||||||||||
Purchase price | $ 10,000,000 | ||||||||||||
Expected | Kansas | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 155 | ||||||||||||
Purchase price | $ 500,000 | ||||||||||||
Expected | South Dakota | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 1,690 | ||||||||||||
Purchase price | $ 6,760,000 | ||||||||||||
Expected | Colorado | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 1,083 | ||||||||||||
Purchase price | $ 5,450,000 | ||||||||||||
Expected | Farm one | South Carolina | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 300 | ||||||||||||
Purchase price | $ 1,200,000 | ||||||||||||
Expected | Farm two | South Carolina | |||||||||||||
Subsequent Events | |||||||||||||
Area of real estate property | a | 644 | ||||||||||||
Purchase price | $ 1,478,000 | ||||||||||||
Subsequent event | |||||||||||||
Subsequent Events | |||||||||||||
Agreement terminiation payment amount | $ 1,600,000 | ||||||||||||
Agreement termination fee | $ 160,000 | ||||||||||||
Subsequent event | Metlife Term Loan Notes Maturing In January 2017 [Member] | |||||||||||||
Subsequent Events | |||||||||||||
Number Of Subsidiaries | subsidiary | 5 | ||||||||||||
Principal outstanding | $ 8,400,000 | ||||||||||||
Interest Rate (as a percent) | 3.26% | ||||||||||||
Subsequent event | Metlife Term Loan Notes Maturing In Febraury 2017 [Member] | |||||||||||||
Subsequent Events | |||||||||||||
Principal outstanding | $ 27,200,000 | ||||||||||||
Interest Rate (as a percent) | 3.21% | ||||||||||||
Subsequent event | Illinois | |||||||||||||
Subsequent Events | |||||||||||||
Number of farms acquired | item | 2 | ||||||||||||
Subsequent event | Board of Directors | |||||||||||||
Subsequent Events | |||||||||||||
Cash dividend declared | $ 0.1275 | ||||||||||||
Rutledge Credit Facilities | Secured notes | |||||||||||||
Subsequent Events | |||||||||||||
Number of Loan Agreements | agreement | 4 | ||||||||||||
Maximum Borrowing Capacity | $ 15,000,000 | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||||||||
Period of Calculation of Non Usage Fee | 3 months | 3 months | 3 months | 3 months | |||||||||
Non usage fee (as a percent) | 0.25% | 0.25% | 0.25% | 0.25% | |||||||||
Rutledge Credit Facilities | Secured notes | LIBOR | |||||||||||||
Subsequent Events | |||||||||||||
Margin added to reference rate (as a percent) | 1.30% | 1.30% | 1.30% | 1.30% | |||||||||
Rutledge Credit Facilities | Secured notes | Subsequent event | |||||||||||||
Subsequent Events | |||||||||||||
Percentage of aggregate loan value may not exceed the appraised value of collateralized properties | 50.00% | ||||||||||||
Fifth Rutledge Loan Agreement | Subsequent event | Maximum | |||||||||||||
Subsequent Events | |||||||||||||
Percentage to maintain leverage ratio | 60.00% | ||||||||||||
Fifth Rutledge Loan Agreement | Secured notes | Subsequent event | |||||||||||||
Subsequent Events | |||||||||||||
Maximum Borrowing Capacity | $ 30,000,000 | ||||||||||||
Period of Calculation of Non Usage Fee | 3 months | ||||||||||||
Non usage fee (as a percent) | 0.25% | ||||||||||||
Fifth Rutledge Loan Agreement | Secured notes | Subsequent event | LIBOR | |||||||||||||
Subsequent Events | |||||||||||||
Margin added to reference rate (as a percent) | 1.30% |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Real estate and accumulated depreciation | ||||
Encumbrances | $ 309,862 | |||
Initial Cost to Company | ||||
Land | 550,664 | |||
Improvements | 29,367 | |||
Total | 580,031 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 14,848 | |||
Land Improvements | 719 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 551,383 | |||
Improvements | 44,215 | |||
Total | 595,598 | $ 317,589 | $ 166,493 | $ 38,806 |
Accumulated Depreciation | $ 3,215 | $ 1,668 | $ 777 | $ 450 |
Area of real estate property | a | 41,069 | 27,782 | ||
U.S. federal income tax basis | $ 534,459 | |||
Farmer Mac Bond #1 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 20,700 | |||
Farmer Mac Bond #2 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 5,460 | |||
Farmer Mac Bond #3 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 10,680 | |||
Farmer Mac Bond #4 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 13,400 | |||
Farmer Mac Bond #5 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 30,860 | |||
Farmer Mac Bond #6 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 14,915 | |||
Farmer Mac Bond #7 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 11,160 | |||
Farmer Mac Bond #8A | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 41,700 | |||
Farmer Mac Bond #9 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 6,600 | |||
Met Life Bond #1 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 90,000 | |||
Met Life Bond #2 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 16,000 | |||
Met Life Bond #3 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 21,000 | |||
Met Life Bond #4 | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 15,685 | |||
Farm Credit Bond | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 5,102 | |||
Prudential Bond | ||||
Real estate and accumulated depreciation | ||||
Encumbrances | 6,600 | |||
North Carolina | Farm one | ||||
Initial Cost to Company | ||||
Land | 41,906 | |||
Total | 41,906 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 41,906 | |||
Total | $ 41,906 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
North Carolina | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 7,239 | |||
Total | 7,239 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,239 | |||
Total | $ 7,239 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
North Carolina | Farm three | ||||
Initial Cost to Company | ||||
Land | $ 5,750 | |||
Total | 5,750 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,750 | |||
Total | $ 5,750 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 21 years | |||
North Carolina | Farm four | ||||
Initial Cost to Company | ||||
Land | $ 4,242 | |||
Total | 4,242 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,242 | |||
Total | $ 4,242 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
North Carolina | Farm five | ||||
Initial Cost to Company | ||||
Land | $ 3,864 | |||
Total | 3,864 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,864 | |||
Total | $ 3,864 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
North Carolina | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 1,770 | |||
Total | 1,770 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,770 | |||
Total | $ 1,770 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years | |||
Georgia | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 3,306 | |||
Improvements | 368 | |||
Total | 3,674 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,306 | |||
Improvements | 368 | |||
Total | 3,674 | |||
Accumulated Depreciation | $ 20 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Georgia | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 1,330 | |||
Improvements | 72 | |||
Total | 1,402 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,330 | |||
Improvements | 72 | |||
Total | 1,402 | |||
Accumulated Depreciation | 1 | |||
Georgia | Farm three | ||||
Initial Cost to Company | ||||
Land | 756 | |||
Improvements | 202 | |||
Total | 958 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 756 | |||
Improvements | 202 | |||
Total | 958 | |||
Accumulated Depreciation | 4 | |||
Georgia | Farm four | ||||
Initial Cost to Company | ||||
Land | 718 | |||
Improvements | 144 | |||
Total | 862 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 718 | |||
Improvements | 144 | |||
Total | 862 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Georgia | Farm five | ||||
Initial Cost to Company | ||||
Land | $ 795 | |||
Improvements | 65 | |||
Total | 860 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 795 | |||
Improvements | 65 | |||
Total | 860 | |||
Accumulated Depreciation | 3 | |||
Georgia | Farm six | ||||
Initial Cost to Company | ||||
Land | 555 | |||
Improvements | 106 | |||
Total | 661 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 555 | |||
Improvements | 106 | |||
Total | 661 | |||
Accumulated Depreciation | 4 | |||
Georgia | Farm seven | ||||
Initial Cost to Company | ||||
Land | 482 | |||
Improvements | 142 | |||
Total | 624 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 482 | |||
Improvements | 142 | |||
Total | 624 | |||
Accumulated Depreciation | 4 | |||
Georgia | Farm eight | ||||
Initial Cost to Company | ||||
Land | 469 | |||
Improvements | 108 | |||
Total | 577 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 469 | |||
Improvements | 108 | |||
Total | 577 | |||
Accumulated Depreciation | $ 2 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Georgia | Farm nine | ||||
Initial Cost to Company | ||||
Land | $ 475 | |||
Improvements | 53 | |||
Total | 528 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 475 | |||
Improvements | 53 | |||
Total | 528 | |||
Accumulated Depreciation | 3 | |||
Michigan | Farm one | ||||
Initial Cost to Company | ||||
Land | 904 | |||
Improvements | 1,654 | |||
Total | 2,558 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 904 | |||
Improvements | 1,654 | |||
Total | 2,558 | |||
Accumulated Depreciation | 94 | |||
Michigan | Farm two | ||||
Initial Cost to Company | ||||
Land | 779 | |||
Improvements | 851 | |||
Total | 1,630 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 779 | |||
Improvements | 851 | |||
Total | 1,630 | |||
Accumulated Depreciation | 62 | |||
Texas | Farm one | ||||
Initial Cost to Company | ||||
Land | 4,188 | |||
Improvements | 1,929 | |||
Total | 6,117 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 323 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,188 | |||
Improvements | 2,252 | |||
Total | 6,440 | |||
Accumulated Depreciation | 95 | |||
Texas | Farm two | ||||
Initial Cost to Company | ||||
Land | 925 | |||
Improvements | 875 | |||
Total | 1,800 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 925 | |||
Improvements | 875 | |||
Total | 1,800 | |||
Accumulated Depreciation | $ 27 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Illinois | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 9,689 | |||
Improvements | 420 | |||
Total | 10,109 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,689 | |||
Improvements | 420 | |||
Total | 10,109 | |||
Accumulated Depreciation | $ 19 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
Illinois | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 6,086 | |||
Total | 6,086 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,086 | |||
Total | $ 6,086 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Illinois | Farm three | ||||
Initial Cost to Company | ||||
Land | $ 5,453 | |||
Improvements | 105 | |||
Total | 5,558 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,453 | |||
Improvements | 105 | |||
Total | 5,558 | |||
Accumulated Depreciation | 4 | |||
Illinois | Farm four | ||||
Initial Cost to Company | ||||
Land | 5,493 | |||
Total | 5,493 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,493 | |||
Total | 5,493 | |||
Illinois | Farm five | ||||
Initial Cost to Company | ||||
Land | 4,920 | |||
Improvements | 4 | |||
Total | 4,924 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,920 | |||
Improvements | 4 | |||
Total | $ 4,924 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 16 years | |||
Illinois | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 4,522 | |||
Improvements | 4 | |||
Total | 4,526 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,522 | |||
Improvements | 4 | |||
Total | 4,526 | |||
Illinois | Farm seven | ||||
Initial Cost to Company | ||||
Land | 4,350 | |||
Total | 4,350 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,350 | |||
Total | $ 4,350 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
Illinois | Farm eight | ||||
Initial Cost to Company | ||||
Land | $ 3,821 | |||
Total | 3,821 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,821 | |||
Total | 3,821 | |||
Illinois | Farm nine | ||||
Initial Cost to Company | ||||
Land | 3,541 | |||
Total | 3,541 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,541 | |||
Total | 3,541 | |||
Illinois | Farm ten | ||||
Initial Cost to Company | ||||
Land | 3,500 | |||
Improvements | 28 | |||
Total | 3,528 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,500 | |||
Improvements | 28 | |||
Total | 3,528 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm eleven | ||||
Initial Cost to Company | ||||
Land | 2,981 | |||
Total | 2,981 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 507 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,981 | |||
Improvements | 507 | |||
Total | 3,488 | |||
Accumulated Depreciation | $ 142 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 12 years | |||
Illinois | Farm twelve | ||||
Initial Cost to Company | ||||
Land | $ 3,470 | |||
Total | 3,470 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,470 | |||
Total | $ 3,470 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 14 years | |||
Illinois | Farm thirteen | ||||
Initial Cost to Company | ||||
Land | $ 1,290 | |||
Total | 1,290 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2,054 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,290 | |||
Improvements | 2,054 | |||
Total | 3,344 | |||
Accumulated Depreciation | $ 215 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 14 years | |||
Illinois | Farm fourteen | ||||
Initial Cost to Company | ||||
Land | $ 2,997 | |||
Improvements | 68 | |||
Total | 3,065 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 234 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,997 | |||
Improvements | 302 | |||
Total | 3,299 | |||
Accumulated Depreciation | 11 | |||
Illinois | Farm fifteen | ||||
Initial Cost to Company | ||||
Land | 3,277 | |||
Total | 3,277 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,277 | |||
Total | $ 3,277 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 11 years | |||
Illinois | Farm sixteen | ||||
Initial Cost to Company | ||||
Land | $ 3,232 | |||
Total | 3,232 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,232 | |||
Total | $ 3,232 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 11 years | |||
Illinois | Farm seventeen | ||||
Initial Cost to Company | ||||
Land | $ 3,212 | |||
Total | 3,212 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,212 | |||
Total | $ 3,212 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 8 years | |||
Illinois | Farm eighteen | ||||
Initial Cost to Company | ||||
Land | $ 3,186 | |||
Total | 3,186 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,186 | |||
Total | 3,186 | |||
Illinois | Farm nineteen | ||||
Initial Cost to Company | ||||
Land | 3,058 | |||
Total | 3,058 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,058 | |||
Total | $ 3,058 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 14 years | |||
Illinois | Farm twenty | ||||
Initial Cost to Company | ||||
Land | $ 3,030 | |||
Total | 3,030 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,030 | |||
Total | 3,030 | |||
Illinois | Farm twenty one | ||||
Initial Cost to Company | ||||
Land | 2,882 | |||
Improvements | 42 | |||
Total | 2,924 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,882 | |||
Improvements | 42 | |||
Total | 2,924 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 9 years | |||
Illinois | Farm twenty two | ||||
Initial Cost to Company | ||||
Land | $ 2,847 | |||
Improvements | 42 | |||
Total | 2,889 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,847 | |||
Improvements | 42 | |||
Total | 2,889 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm twenty three | ||||
Initial Cost to Company | ||||
Land | 2,718 | |||
Total | 2,718 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,718 | |||
Total | $ 2,718 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 14 years | |||
Illinois | Farm twenty four | ||||
Initial Cost to Company | ||||
Land | $ 2,682 | |||
Total | 2,682 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,682 | |||
Total | $ 2,682 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Illinois | Farm twenty five | ||||
Initial Cost to Company | ||||
Land | $ 2,573 | |||
Total | 2,573 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,573 | |||
Total | $ 2,573 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
Illinois | Farm twenty six | ||||
Initial Cost to Company | ||||
Land | $ 2,542 | |||
Total | 2,542 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,542 | |||
Total | $ 2,542 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years | |||
Illinois | Farm twenty seven | ||||
Initial Cost to Company | ||||
Land | $ 2,423 | |||
Total | 2,423 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,423 | |||
Total | $ 2,423 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Illinois | Farm twenty eight | ||||
Initial Cost to Company | ||||
Land | $ 2,402 | |||
Total | 2,402 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,402 | |||
Total | $ 2,402 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Illinois | Farm twenty nine | ||||
Initial Cost to Company | ||||
Land | $ 2,103 | |||
Improvements | 105 | |||
Total | 2,208 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,103 | |||
Improvements | 105 | |||
Total | 2,208 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 34 years | |||
Illinois | Farm thirty | ||||
Initial Cost to Company | ||||
Land | $ 2,100 | |||
Total | 2,100 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,100 | |||
Total | 2,100 | |||
Illinois | Farm thirty one | ||||
Initial Cost to Company | ||||
Land | 2,075 | |||
Total | 2,075 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,075 | |||
Total | $ 2,075 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
Illinois | Farm thirty two | ||||
Initial Cost to Company | ||||
Land | $ 2,015 | |||
Total | 2,015 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,015 | |||
Total | $ 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Illinois | Farm thirty three | ||||
Initial Cost to Company | ||||
Land | $ 1,675 | |||
Improvements | 4 | |||
Total | 1,679 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 335 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,675 | |||
Improvements | 339 | |||
Total | 2,014 | |||
Accumulated Depreciation | $ 9 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Illinois | Farm thirty four | ||||
Initial Cost to Company | ||||
Land | $ 1,996 | |||
Total | 1,996 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,996 | |||
Total | $ 1,996 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 34 years | |||
Illinois | Farm thirty five | ||||
Initial Cost to Company | ||||
Land | $ 1,972 | |||
Total | 1,972 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,972 | |||
Total | $ 1,972 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
Illinois | Farm thirty six | ||||
Initial Cost to Company | ||||
Land | $ 1,956 | |||
Total | 1,956 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,956 | |||
Total | $ 1,956 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Illinois | Farm thirty seven | ||||
Initial Cost to Company | ||||
Land | $ 1,945 | |||
Total | 1,945 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,945 | |||
Total | $ 1,945 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 19 years | |||
Illinois | Farm thirty eight | ||||
Initial Cost to Company | ||||
Land | $ 1,905 | |||
Total | 1,905 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,905 | |||
Total | 1,905 | |||
Illinois | Farm thirty nine | ||||
Initial Cost to Company | ||||
Land | 1,891 | |||
Total | 1,891 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,891 | |||
Total | $ 1,891 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 38 years | |||
Illinois | Farm forty | ||||
Initial Cost to Company | ||||
Land | $ 1,859 | |||
Total | 1,859 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,859 | |||
Total | $ 1,859 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 21 years | |||
Illinois | Farm forty one | ||||
Initial Cost to Company | ||||
Land | $ 1,853 | |||
Total | 1,853 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,853 | |||
Total | $ 1,853 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 15 years | |||
Illinois | Farm forty two | ||||
Initial Cost to Company | ||||
Land | $ 1,700 | |||
Total | 1,700 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 122 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,700 | |||
Improvements | 122 | |||
Total | 1,822 | |||
Accumulated Depreciation | $ 17 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Illinois | Farm forty three | ||||
Initial Cost to Company | ||||
Land | $ 1,769 | |||
Total | 1,769 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,769 | |||
Total | $ 1,769 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 6 years | |||
Illinois | Farm forty four | ||||
Initial Cost to Company | ||||
Land | $ 1,750 | |||
Total | 1,750 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,750 | |||
Total | $ 1,750 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 32 years | |||
Illinois | Farm forty five | ||||
Initial Cost to Company | ||||
Land | $ 1,731 | |||
Total | 1,731 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,731 | |||
Total | $ 1,731 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Illinois | Farm forty six | ||||
Initial Cost to Company | ||||
Land | $ 1,643 | |||
Improvements | 88 | |||
Total | 1,731 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,643 | |||
Improvements | 88 | |||
Total | 1,731 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 14 years | |||
Illinois | Farm forty seven | ||||
Initial Cost to Company | ||||
Land | $ 1,718 | |||
Total | 1,718 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,718 | |||
Total | $ 1,718 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 46 years | |||
Illinois | Farm forty eight | ||||
Initial Cost to Company | ||||
Land | $ 1,614 | |||
Improvements | 94 | |||
Total | 1,708 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,614 | |||
Improvements | 94 | |||
Total | 1,708 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 19 years | |||
Illinois | Farm forty nine | ||||
Initial Cost to Company | ||||
Land | $ 1,693 | |||
Total | 1,693 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,693 | |||
Total | 1,693 | |||
Illinois | Farm fifty | ||||
Initial Cost to Company | ||||
Land | 1,620 | |||
Total | 1,620 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,620 | |||
Total | 1,620 | |||
Illinois | Farm fifty one | ||||
Initial Cost to Company | ||||
Land | 1,500 | |||
Total | 1,500 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 108 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,500 | |||
Improvements | 108 | |||
Total | 1,608 | |||
Illinois | Farm fifty two | ||||
Initial Cost to Company | ||||
Land | 1,603 | |||
Total | 1,603 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,603 | |||
Total | 1,603 | |||
Illinois | Farm fifty three | ||||
Initial Cost to Company | ||||
Land | 1,590 | |||
Total | 1,590 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,590 | |||
Total | 1,590 | |||
Illinois | Farm fifty four | ||||
Initial Cost to Company | ||||
Land | 1,523 | |||
Total | 1,523 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,523 | |||
Total | $ 1,523 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 15 years | |||
Illinois | Farm fifty five | ||||
Initial Cost to Company | ||||
Land | $ 1,423 | |||
Improvements | 60 | |||
Total | 1,483 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 30 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,423 | |||
Improvements | 90 | |||
Total | 1,513 | |||
Accumulated Depreciation | $ 54 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 24 years | |||
Illinois | Farm fifty six | ||||
Initial Cost to Company | ||||
Land | $ 1,481 | |||
Total | 1,481 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,481 | |||
Total | $ 1,481 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Illinois | Farm fifty seven | ||||
Initial Cost to Company | ||||
Land | $ 1,439 | |||
Total | 1,439 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,439 | |||
Total | 1,439 | |||
Illinois | Farm fifty eight | ||||
Initial Cost to Company | ||||
Land | 1,435 | |||
Total | 1,435 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,435 | |||
Total | 1,435 | |||
Illinois | Farm fifty nine | ||||
Initial Cost to Company | ||||
Land | 1,320 | |||
Total | 1,320 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,320 | |||
Total | 1,320 | |||
Illinois | Farm sixty | ||||
Initial Cost to Company | ||||
Land | 1,003 | |||
Total | 1,003 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 289 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,003 | |||
Improvements | 289 | |||
Total | 1,292 | |||
Accumulated Depreciation | $ 45 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 19 years | |||
Illinois | Farm sixty one | ||||
Initial Cost to Company | ||||
Land | $ 1,259 | |||
Total | 1,259 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,259 | |||
Total | 1,259 | |||
Illinois | Farm sixty two | ||||
Initial Cost to Company | ||||
Land | 1,120 | |||
Total | 1,120 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 138 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,120 | |||
Improvements | 138 | |||
Total | 1,258 | |||
Accumulated Depreciation | 3 | |||
Illinois | Farm sixty three | ||||
Initial Cost to Company | ||||
Land | 1,256 | |||
Total | 1,256 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,256 | |||
Total | $ 1,256 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm sixty four | ||||
Initial Cost to Company | ||||
Land | $ 1,254 | |||
Total | 1,254 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,254 | |||
Total | 1,254 | |||
Illinois | Farm sixty five | ||||
Initial Cost to Company | ||||
Land | 1,229 | |||
Total | 1,229 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,229 | |||
Total | 1,229 | |||
Illinois | Farm sixty six | ||||
Initial Cost to Company | ||||
Land | 1,219 | |||
Total | 1,219 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,219 | |||
Total | 1,219 | |||
Illinois | Farm sixty seven | ||||
Initial Cost to Company | ||||
Land | 1,147 | |||
Total | 1,147 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 59 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,147 | |||
Improvements | 59 | |||
Total | 1,206 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm sixty eight | ||||
Initial Cost to Company | ||||
Land | 1,171 | |||
Total | 1,171 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,171 | |||
Total | 1,171 | |||
Illinois | Farm sixty nine | ||||
Initial Cost to Company | ||||
Land | 1,126 | |||
Improvements | 44 | |||
Total | 1,170 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,126 | |||
Improvements | 44 | |||
Total | 1,170 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm seventy | ||||
Initial Cost to Company | ||||
Land | 1,130 | |||
Improvements | 35 | |||
Total | 1,165 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,130 | |||
Improvements | 35 | |||
Total | 1,165 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm seventy one | ||||
Initial Cost to Company | ||||
Land | 1,115 | |||
Improvements | 28 | |||
Total | 1,143 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,115 | |||
Improvements | 28 | |||
Total | 1,143 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm seventy two | ||||
Initial Cost to Company | ||||
Land | 1,119 | |||
Total | 1,119 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,119 | |||
Total | 1,119 | |||
Illinois | Farm seventy three | ||||
Initial Cost to Company | ||||
Land | 1,063 | |||
Improvements | 27 | |||
Total | 1,090 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 17 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,063 | |||
Improvements | 44 | |||
Total | 1,107 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm seventy four | ||||
Initial Cost to Company | ||||
Land | 1,083 | |||
Total | 1,083 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,083 | |||
Total | 1,083 | |||
Illinois | Farm seventy five | ||||
Initial Cost to Company | ||||
Land | 1,080 | |||
Total | 1,080 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,080 | |||
Total | 1,080 | |||
Illinois | Farm seventy six | ||||
Initial Cost to Company | ||||
Land | 1,075 | |||
Total | 1,075 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,075 | |||
Total | $ 1,075 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm seventy seven | ||||
Initial Cost to Company | ||||
Land | $ 801 | |||
Improvements | 97 | |||
Total | 898 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 172 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 801 | |||
Improvements | 269 | |||
Total | 1,070 | |||
Accumulated Depreciation | 20 | |||
Illinois | Farm seventy eight | ||||
Initial Cost to Company | ||||
Land | 1,058 | |||
Total | 1,058 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,058 | |||
Total | 1,058 | |||
Illinois | Farm seventy nine | ||||
Initial Cost to Company | ||||
Land | 1,005 | |||
Total | 1,005 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,005 | |||
Total | 1,005 | |||
Illinois | Farm eighty | ||||
Initial Cost to Company | ||||
Land | 995 | |||
Total | 995 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 995 | |||
Total | $ 995 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm eighty one | ||||
Initial Cost to Company | ||||
Land | $ 991 | |||
Total | 991 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 991 | |||
Total | $ 991 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm eighty two | ||||
Initial Cost to Company | ||||
Land | $ 950 | |||
Improvements | 40 | |||
Total | 990 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 950 | |||
Improvements | 40 | |||
Total | 990 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm eighty three | ||||
Initial Cost to Company | ||||
Land | 989 | |||
Total | 989 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 989 | |||
Total | $ 989 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm eighty four | ||||
Initial Cost to Company | ||||
Land | $ 980 | |||
Total | 980 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 980 | |||
Total | 980 | |||
Illinois | Farm eighty five | ||||
Initial Cost to Company | ||||
Land | 923 | |||
Improvements | 53 | |||
Total | 976 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 923 | |||
Improvements | 53 | |||
Total | 976 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm eighty six | ||||
Initial Cost to Company | ||||
Land | 975 | |||
Total | 975 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 975 | |||
Total | $ 975 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm eighty seven | ||||
Initial Cost to Company | ||||
Land | $ 972 | |||
Total | 972 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 972 | |||
Total | $ 972 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm eighty eight | ||||
Initial Cost to Company | ||||
Land | $ 968 | |||
Total | 968 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 968 | |||
Total | 968 | |||
Illinois | Farm eighty nine | ||||
Initial Cost to Company | ||||
Land | 939 | |||
Total | 939 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 939 | |||
Total | 939 | |||
Illinois | Farm ninety | ||||
Initial Cost to Company | ||||
Land | 902 | |||
Improvements | 34 | |||
Total | 936 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 902 | |||
Improvements | 34 | |||
Total | 936 | |||
Accumulated Depreciation | 16 | |||
Illinois | Farm ninety one | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Improvements | 130 | |||
Total | 930 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 800 | |||
Improvements | 130 | |||
Total | 930 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm ninety two | ||||
Initial Cost to Company | ||||
Land | $ 855 | |||
Improvements | 55 | |||
Total | 910 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 855 | |||
Improvements | 55 | |||
Total | 910 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm ninety three | ||||
Initial Cost to Company | ||||
Land | 845 | |||
Improvements | 63 | |||
Total | 908 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 845 | |||
Improvements | 63 | |||
Total | 908 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm ninety four | ||||
Initial Cost to Company | ||||
Land | $ 879 | |||
Total | 879 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 879 | |||
Total | 879 | |||
Illinois | Farm ninety five | ||||
Initial Cost to Company | ||||
Land | 864 | |||
Total | 864 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 864 | |||
Total | $ 864 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm ninety six | ||||
Initial Cost to Company | ||||
Land | $ 857 | |||
Total | 857 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 857 | |||
Total | $ 857 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm ninety seven | ||||
Initial Cost to Company | ||||
Land | $ 854 | |||
Total | 854 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 854 | |||
Total | 854 | |||
Illinois | Farm ninety eight | ||||
Initial Cost to Company | ||||
Land | 668 | |||
Total | 668 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 178 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 668 | |||
Improvements | 178 | |||
Total | 846 | |||
Accumulated Depreciation | 31 | |||
Illinois | Farm ninety nine | ||||
Initial Cost to Company | ||||
Land | 844 | |||
Total | 844 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 844 | |||
Total | 844 | |||
Illinois | Farm one hundred | ||||
Initial Cost to Company | ||||
Land | 762 | |||
Total | 762 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 75 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 762 | |||
Improvements | 75 | |||
Total | 837 | |||
Accumulated Depreciation | $ 3 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and one | ||||
Initial Cost to Company | ||||
Land | $ 823 | |||
Total | 823 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 823 | |||
Total | 823 | |||
Illinois | Farm one hundred and two | ||||
Initial Cost to Company | ||||
Land | 774 | |||
Improvements | 47 | |||
Total | 821 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 774 | |||
Improvements | 47 | |||
Total | 821 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm one hundred and three | ||||
Initial Cost to Company | ||||
Land | 815 | |||
Total | 815 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 815 | |||
Total | 815 | |||
Illinois | Farm one hundred and four | ||||
Initial Cost to Company | ||||
Land | 700 | |||
Improvements | 110 | |||
Total | 810 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 700 | |||
Improvements | 110 | |||
Total | 810 | |||
Accumulated Depreciation | $ 24 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and five | ||||
Initial Cost to Company | ||||
Land | $ 644 | |||
Improvements | 93 | |||
Total | 737 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 61 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 644 | |||
Improvements | 154 | |||
Total | 798 | |||
Accumulated Depreciation | 22 | |||
Illinois | Farm one hundred and six | ||||
Initial Cost to Company | ||||
Land | 775 | |||
Total | 775 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 775 | |||
Total | 775 | |||
Illinois | Farm one hundred and seven | ||||
Initial Cost to Company | ||||
Land | 671 | |||
Improvements | 96 | |||
Total | 767 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 671 | |||
Improvements | 96 | |||
Total | 767 | |||
Accumulated Depreciation | 3 | |||
Illinois | Farm one hundred and eight | ||||
Initial Cost to Company | ||||
Land | 762 | |||
Total | 762 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 762 | |||
Total | 762 | |||
Illinois | Farm one hundred and nine | ||||
Initial Cost to Company | ||||
Land | 746 | |||
Total | 746 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 746 | |||
Total | 746 | |||
Illinois | Farm one hundred and ten | ||||
Initial Cost to Company | ||||
Land | 744 | |||
Total | 744 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 744 | |||
Total | 744 | |||
Illinois | Farm one hundred and eleven | ||||
Initial Cost to Company | ||||
Land | 732 | |||
Total | 732 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 732 | |||
Total | 732 | |||
Illinois | Farm one hundred and twelve | ||||
Initial Cost to Company | ||||
Land | 729 | |||
Total | 729 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 729 | |||
Total | 729 | |||
Illinois | Farm one hundred and thirteen | ||||
Initial Cost to Company | ||||
Land | 727 | |||
Total | 727 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 727 | |||
Total | 727 | |||
Illinois | Farm one hundred and fourteen | ||||
Initial Cost to Company | ||||
Land | 725 | |||
Total | 725 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 725 | |||
Total | 725 | |||
Illinois | Farm one hundred and fifteen | ||||
Initial Cost to Company | ||||
Land | 708 | |||
Total | 708 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 708 | |||
Total | 708 | |||
Illinois | Farm one hundred and sixteen | ||||
Initial Cost to Company | ||||
Land | 667 | |||
Improvements | 30 | |||
Total | 697 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 667 | |||
Improvements | 30 | |||
Total | 697 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm one hundred and seventeen | ||||
Initial Cost to Company | ||||
Land | 693 | |||
Total | 693 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 693 | |||
Total | 693 | |||
Illinois | Farm one hundred and eighteen | ||||
Initial Cost to Company | ||||
Land | 684 | |||
Total | 684 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 684 | |||
Total | 684 | |||
Illinois | Farm one hundred and nineteen | ||||
Initial Cost to Company | ||||
Land | 681 | |||
Total | 681 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 681 | |||
Total | 681 | |||
Illinois | Farm one hundred and twenty | ||||
Initial Cost to Company | ||||
Land | 630 | |||
Total | 630 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 43 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 630 | |||
Improvements | 43 | |||
Total | 673 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm one hundred and twenty one | ||||
Initial Cost to Company | ||||
Land | 667 | |||
Total | 667 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 667 | |||
Total | 667 | |||
Illinois | Farm one hundred and twenty two | ||||
Initial Cost to Company | ||||
Land | 448 | |||
Improvements | 100 | |||
Total | 548 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 110 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 448 | |||
Improvements | 210 | |||
Total | 658 | |||
Accumulated Depreciation | 25 | |||
Illinois | Farm one hundred and twenty three | ||||
Initial Cost to Company | ||||
Land | 612 | |||
Improvements | 38 | |||
Total | 650 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 612 | |||
Improvements | 38 | |||
Total | 650 | |||
Accumulated Depreciation | $ 1 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and twenty four | ||||
Initial Cost to Company | ||||
Land | $ 617 | |||
Total | 617 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 617 | |||
Total | 617 | |||
Illinois | Farm one hundred and twenty five | ||||
Initial Cost to Company | ||||
Land | 610 | |||
Total | 610 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 610 | |||
Total | 610 | |||
Illinois | Farm one hundred and twenty six | ||||
Initial Cost to Company | ||||
Land | 601 | |||
Total | 601 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 601 | |||
Total | 601 | |||
Illinois | Farm one hundred and twenty seven | ||||
Initial Cost to Company | ||||
Land | 576 | |||
Total | 576 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 576 | |||
Total | 576 | |||
Illinois | Farm one hundred and twenty eight | ||||
Initial Cost to Company | ||||
Land | 527 | |||
Improvements | 37 | |||
Total | 564 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 527 | |||
Improvements | 37 | |||
Total | 564 | |||
Accumulated Depreciation | $ 4 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and twenty nine | ||||
Initial Cost to Company | ||||
Land | $ 563 | |||
Total | 563 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 563 | |||
Total | 563 | |||
Illinois | Farm one hundred and thirty | ||||
Initial Cost to Company | ||||
Land | 552 | |||
Total | 552 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 552 | |||
Total | 552 | |||
Illinois | Farm one hundred and thirty one | ||||
Initial Cost to Company | ||||
Land | 536 | |||
Total | 536 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 536 | |||
Total | 536 | |||
Illinois | Farm one hundred and thirty two | ||||
Initial Cost to Company | ||||
Land | 534 | |||
Total | 534 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 534 | |||
Total | $ 534 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and thirty three | ||||
Initial Cost to Company | ||||
Land | $ 499 | |||
Improvements | 22 | |||
Total | 521 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 499 | |||
Improvements | 22 | |||
Total | 521 | |||
Accumulated Depreciation | 1 | |||
Illinois | Farm one hundred and thirty four | ||||
Initial Cost to Company | ||||
Land | 507 | |||
Total | 507 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 507 | |||
Total | 507 | |||
Illinois | Farm one hundred and thirty five | ||||
Initial Cost to Company | ||||
Land | 505 | |||
Total | 505 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 505 | |||
Total | 505 | |||
Illinois | Farm one hundred and thirty six | ||||
Initial Cost to Company | ||||
Land | 487 | |||
Total | 487 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 487 | |||
Total | 487 | |||
Illinois | Farm one hundred and thirty seven | ||||
Initial Cost to Company | ||||
Land | 442 | |||
Improvements | 38 | |||
Total | 480 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 442 | |||
Improvements | 38 | |||
Total | 480 | |||
Accumulated Depreciation | 13 | |||
Illinois | Farm one hundred and thirty eight | ||||
Initial Cost to Company | ||||
Land | 466 | |||
Total | 466 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 466 | |||
Total | 466 | |||
Illinois | Farm one hundred and thirty nine | ||||
Initial Cost to Company | ||||
Land | 447 | |||
Total | 447 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 447 | |||
Total | 447 | |||
Illinois | Farm one hundred and forty | ||||
Initial Cost to Company | ||||
Land | 442 | |||
Total | 442 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 442 | |||
Total | 442 | |||
Illinois | Farm one hundred and forty one | ||||
Initial Cost to Company | ||||
Land | 421 | |||
Total | 421 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 421 | |||
Total | 421 | |||
Illinois | Farm one hundred and forty two | ||||
Initial Cost to Company | ||||
Land | 290 | |||
Improvements | 38 | |||
Total | 328 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 81 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 290 | |||
Improvements | 119 | |||
Total | 409 | |||
Accumulated Depreciation | 12 | |||
Illinois | Farm one hundred and forty three | ||||
Initial Cost to Company | ||||
Land | 398 | |||
Total | 398 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 398 | |||
Total | 398 | |||
Illinois | Farm one hundred and forty four | ||||
Initial Cost to Company | ||||
Land | 371 | |||
Total | 371 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 371 | |||
Total | 371 | |||
Illinois | Farm one hundred and forty five | ||||
Initial Cost to Company | ||||
Land | 370 | |||
Total | 370 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 370 | |||
Total | 370 | |||
Illinois | Farm one hundred and forty six | ||||
Initial Cost to Company | ||||
Land | 362 | |||
Total | 362 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 362 | |||
Total | 362 | |||
Illinois | Farm one hundred and forty seven | ||||
Initial Cost to Company | ||||
Land | 360 | |||
Total | 360 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 360 | |||
Total | 360 | |||
Illinois | Farm one hundred and forty eight | ||||
Initial Cost to Company | ||||
Land | 359 | |||
Total | 359 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 359 | |||
Total | 359 | |||
Illinois | Farm one hundred and forty nine | ||||
Initial Cost to Company | ||||
Land | 322 | |||
Improvements | 36 | |||
Total | 358 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 322 | |||
Improvements | 36 | |||
Total | 358 | |||
Accumulated Depreciation | $ 8 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and fifty | ||||
Initial Cost to Company | ||||
Land | $ 353 | |||
Total | 353 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 353 | |||
Total | $ 353 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Illinois | Farm one hundred and fifty one | ||||
Initial Cost to Company | ||||
Land | $ 321 | |||
Improvements | 24 | |||
Total | 345 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 321 | |||
Improvements | 24 | |||
Total | 345 | |||
Accumulated Depreciation | 2 | |||
Illinois | Farm one hundred and fifty two | ||||
Initial Cost to Company | ||||
Land | 271 | |||
Improvements | 73 | |||
Total | 344 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 271 | |||
Improvements | 73 | |||
Total | 344 | |||
Accumulated Depreciation | 16 | |||
Illinois | Farm one hundred and fifty three | ||||
Initial Cost to Company | ||||
Land | 320 | |||
Total | 320 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 320 | |||
Total | 320 | |||
Illinois | Farm one hundred and fifty four | ||||
Initial Cost to Company | ||||
Land | 317 | |||
Total | 317 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 317 | |||
Total | 317 | |||
Illinois | Farm one hundred and fifty five | ||||
Initial Cost to Company | ||||
Land | 296 | |||
Total | 296 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 296 | |||
Total | $ 296 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Illinois | Farm one hundred and fifty six | ||||
Initial Cost to Company | ||||
Land | $ 291 | |||
Total | 291 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 291 | |||
Total | 291 | |||
Illinois | Farm one hundred and fifty seven | ||||
Initial Cost to Company | ||||
Land | 286 | |||
Total | 286 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 286 | |||
Total | $ 286 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Illinois | Farm one hundred and fifty eight | ||||
Initial Cost to Company | ||||
Land | $ 282 | |||
Total | 282 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 282 | |||
Total | $ 282 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 10 years | |||
Illinois | Farm one hundred and fifty nine | ||||
Initial Cost to Company | ||||
Land | $ 254 | |||
Total | 254 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 254 | |||
Total | $ 254 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 36 years | |||
Illinois | Farm one hundred and sixty | ||||
Initial Cost to Company | ||||
Land | $ 252 | |||
Total | 252 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 252 | |||
Total | 252 | |||
Illinois | Farm one hundred and sixty one | ||||
Initial Cost to Company | ||||
Land | 203 | |||
Improvements | 44 | |||
Total | 247 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 203 | |||
Improvements | 44 | |||
Total | 247 | |||
Accumulated Depreciation | $ 4 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Illinois | Farm one hundred and sixty two | ||||
Initial Cost to Company | ||||
Land | $ 240 | |||
Total | 240 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 240 | |||
Total | $ 240 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Illinois | Farm one hundred and sixty three | ||||
Initial Cost to Company | ||||
Land | $ 233 | |||
Total | 233 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 233 | |||
Total | 233 | |||
Illinois | Farm one hundred and sixty four | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Improvements | 16 | |||
Total | 216 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 200 | |||
Improvements | 16 | |||
Total | 216 | |||
Illinois | Farm one hundred and sixty five | ||||
Initial Cost to Company | ||||
Land | 216 | |||
Total | 216 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 216 | |||
Total | $ 216 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Illinois | Farm one hundred and sixty six | ||||
Initial Cost to Company | ||||
Land | $ 179 | |||
Total | 179 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 179 | |||
Total | $ 179 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 16 years | |||
Illinois | Farm one hundred and sixty seven | ||||
Initial Cost to Company | ||||
Land | $ 170 | |||
Total | 170 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 170 | |||
Total | $ 170 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 17 years | |||
Illinois | Farm one hundred and sixty eight | ||||
Initial Cost to Company | ||||
Land | $ 102 | |||
Improvements | 59 | |||
Total | 161 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 102 | |||
Improvements | 59 | |||
Total | 161 | |||
Accumulated Depreciation | $ 13 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Illinois | Farm one hundred and sixty nine | ||||
Initial Cost to Company | ||||
Land | $ 157 | |||
Total | 157 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 157 | |||
Total | $ 157 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 18 years | |||
Illinois | Farm one hundred and seventy | ||||
Initial Cost to Company | ||||
Land | $ 153 | |||
Total | 153 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 153 | |||
Total | $ 153 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 7 years | |||
Illinois | Farm one hundred and seventy one | ||||
Initial Cost to Company | ||||
Land | $ 34 | |||
Improvements | 86 | |||
Total | 120 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 34 | |||
Improvements | 86 | |||
Total | 120 | |||
Accumulated Depreciation | 4 | |||
Louisiana | ||||
Initial Cost to Company | ||||
Land | 30,584 | |||
Improvements | 1,180 | |||
Total | 31,764 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 30,584 | |||
Improvements | 1,180 | |||
Total | 31,764 | |||
Accumulated Depreciation | $ 46 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
Louisiana | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 5,100 | |||
Improvements | 52 | |||
Total | 5,152 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 152 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,100 | |||
Improvements | 204 | |||
Total | 5,304 | |||
Accumulated Depreciation | $ 29 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 24 years | |||
Louisiana | Farm three | ||||
Initial Cost to Company | ||||
Land | $ 3,781 | |||
Improvements | 87 | |||
Total | 3,868 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 449 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,781 | |||
Improvements | 536 | |||
Total | 4,317 | |||
Accumulated Depreciation | $ 19 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
Mississippi | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 6,654 | |||
Improvements | 133 | |||
Total | 6,787 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,654 | |||
Improvements | 136 | |||
Total | 6,790 | |||
Accumulated Depreciation | $ 11 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Mississippi | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 5,338 | |||
Improvements | 238 | |||
Total | 5,576 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,338 | |||
Improvements | 238 | |||
Total | 5,576 | |||
Accumulated Depreciation | 24 | |||
Mississippi | Farm three | ||||
Initial Cost to Company | ||||
Land | 3,471 | |||
Improvements | 41 | |||
Total | 3,512 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 24 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,471 | |||
Improvements | 65 | |||
Total | 3,536 | |||
Accumulated Depreciation | $ 4 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Mississippi | Farm four | ||||
Initial Cost to Company | ||||
Land | $ 2,321 | |||
Improvements | 15 | |||
Total | 2,336 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,321 | |||
Improvements | 15 | |||
Total | 2,336 | |||
Accumulated Depreciation | $ 1 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 34 years | |||
Mississippi | Farm five | ||||
Initial Cost to Company | ||||
Land | $ 1,437 | |||
Improvements | 33 | |||
Total | 1,470 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,437 | |||
Improvements | 33 | |||
Total | 1,470 | |||
Accumulated Depreciation | $ 2 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years | |||
South Carolina | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 12,057 | |||
Improvements | 1,474 | |||
Total | 13,531 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,057 | |||
Improvements | 1,474 | |||
Total | 13,531 | |||
Accumulated Depreciation | $ 124 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
South Carolina | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 8,633 | |||
Improvements | 133 | |||
Total | 8,766 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 8,633 | |||
Improvements | 133 | |||
Total | 8,766 | |||
Accumulated Depreciation | $ 9 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
South Carolina | Farm three | ||||
Initial Cost to Company | ||||
Land | $ 4,679 | |||
Improvements | 25 | |||
Total | 4,704 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2,356 | |||
Land Improvements | 103 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,782 | |||
Improvements | 2,381 | |||
Total | 7,163 | |||
Accumulated Depreciation | $ 86 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
South Carolina | Farm four | ||||
Initial Cost to Company | ||||
Land | $ 2,235 | |||
Total | 2,235 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1,551 | |||
Land Improvements | 244 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,479 | |||
Improvements | 1,551 | |||
Total | 4,030 | |||
Accumulated Depreciation | 54 | |||
South Carolina | Farm five | ||||
Initial Cost to Company | ||||
Land | 1,959 | |||
Improvements | 344 | |||
Total | 2,303 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 538 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,959 | |||
Improvements | 882 | |||
Total | 2,841 | |||
Accumulated Depreciation | $ 37 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years | |||
South Carolina | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 2,199 | |||
Improvements | 138 | |||
Total | 2,337 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 277 | |||
Land Improvements | 55 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,254 | |||
Improvements | 415 | |||
Total | 2,669 | |||
Accumulated Depreciation | $ 21 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
South Carolina | Farm seven | ||||
Initial Cost to Company | ||||
Land | $ 1,803 | |||
Improvements | 158 | |||
Total | 1,961 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 290 | |||
Land Improvements | 23 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,826 | |||
Improvements | 448 | |||
Total | 2,274 | |||
Accumulated Depreciation | $ 26 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
South Carolina | Farm eight | ||||
Initial Cost to Company | ||||
Land | $ 1,568 | |||
Total | 1,568 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 367 | |||
Land Improvements | 64 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,632 | |||
Improvements | 367 | |||
Total | 1,999 | |||
Accumulated Depreciation | $ 18 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 34 years | |||
South Carolina | Farm nine | ||||
Initial Cost to Company | ||||
Land | $ 1,078 | |||
Total | 1,078 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 552 | |||
Land Improvements | 138 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,216 | |||
Improvements | 552 | |||
Total | 1,768 | |||
Accumulated Depreciation | $ 26 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 6 years | |||
South Carolina | Farm ten | ||||
Initial Cost to Company | ||||
Land | $ 1,303 | |||
Improvements | 225 | |||
Total | 1,528 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,303 | |||
Improvements | 225 | |||
Total | 1,528 | |||
Accumulated Depreciation | $ 6 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Colorado | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 10,716 | |||
Improvements | 70 | |||
Total | 10,786 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,716 | |||
Improvements | 70 | |||
Total | 10,786 | |||
Accumulated Depreciation | $ 5 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
Colorado | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 792 | |||
Improvements | 4,731 | |||
Total | 5,523 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 792 | |||
Improvements | 4,731 | |||
Total | 5,523 | |||
Accumulated Depreciation | 40 | |||
Colorado | Farm three | ||||
Initial Cost to Company | ||||
Land | 3,566 | |||
Improvements | 359 | |||
Total | 3,925 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 4 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,566 | |||
Improvements | 363 | |||
Total | 3,929 | |||
Accumulated Depreciation | $ 35 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Colorado | Farm four | ||||
Initial Cost to Company | ||||
Land | $ 3,099 | |||
Total | 3,099 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,099 | |||
Total | 3,099 | |||
Colorado | Farm five | ||||
Initial Cost to Company | ||||
Land | 1,995 | |||
Improvements | 84 | |||
Total | 2,079 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 455 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,995 | |||
Improvements | 539 | |||
Total | 2,534 | |||
Accumulated Depreciation | $ 21 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years | |||
Colorado | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 2,366 | |||
Improvements | 68 | |||
Total | 2,434 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,366 | |||
Improvements | 70 | |||
Total | 2,436 | |||
Accumulated Depreciation | $ 33 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years | |||
Colorado | Farm seven | ||||
Initial Cost to Company | ||||
Land | $ 2,328 | |||
Total | 2,328 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,328 | |||
Total | $ 2,328 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 47 years | |||
Colorado | Farm eight | ||||
Initial Cost to Company | ||||
Land | $ 1,365 | |||
Improvements | 663 | |||
Total | 2,028 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 101 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,365 | |||
Improvements | 764 | |||
Total | 2,129 | |||
Accumulated Depreciation | $ 37 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Colorado | Farm nine | ||||
Initial Cost to Company | ||||
Land | $ 1,301 | |||
Improvements | 699 | |||
Total | 2,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 36 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,301 | |||
Improvements | 735 | |||
Total | 2,036 | |||
Accumulated Depreciation | $ 29 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Colorado | Farm ten | ||||
Initial Cost to Company | ||||
Land | $ 1,817 | |||
Improvements | 210 | |||
Total | 2,027 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,817 | |||
Improvements | 211 | |||
Total | 2,028 | |||
Accumulated Depreciation | $ 47 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Colorado | Farm eleven | ||||
Initial Cost to Company | ||||
Land | $ 1,079 | |||
Improvements | 812 | |||
Total | 1,891 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,079 | |||
Improvements | 812 | |||
Total | 1,891 | |||
Accumulated Depreciation | $ 37 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 45 years | |||
Colorado | Farm twelve | ||||
Initial Cost to Company | ||||
Land | $ 1,760 | |||
Total | 1,760 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,760 | |||
Total | $ 1,760 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 24 years | |||
Colorado | Farm thirteen | ||||
Initial Cost to Company | ||||
Land | $ 1,305 | |||
Improvements | 376 | |||
Total | 1,681 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 10 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,305 | |||
Improvements | 386 | |||
Total | 1,691 | |||
Accumulated Depreciation | $ 91 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 23 years | |||
Colorado | Farm fourteen | ||||
Initial Cost to Company | ||||
Land | $ 1,353 | |||
Improvements | 184 | |||
Total | 1,537 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,353 | |||
Improvements | 184 | |||
Total | 1,537 | |||
Accumulated Depreciation | 58 | |||
Colorado | Farm fifteen | ||||
Initial Cost to Company | ||||
Land | 1,381 | |||
Total | 1,381 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,381 | |||
Total | $ 1,381 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 21 years | |||
Colorado | Farm sixteen | ||||
Initial Cost to Company | ||||
Land | $ 1,030 | |||
Improvements | 170 | |||
Total | 1,200 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 31 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,030 | |||
Improvements | 201 | |||
Total | 1,231 | |||
Accumulated Depreciation | 67 | |||
Colorado | Farm seventeen | ||||
Initial Cost to Company | ||||
Land | 747 | |||
Improvements | 393 | |||
Total | 1,140 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 747 | |||
Improvements | 393 | |||
Total | 1,140 | |||
Accumulated Depreciation | $ 24 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Colorado | Farm eighteen | ||||
Initial Cost to Company | ||||
Land | $ 773 | |||
Improvements | 323 | |||
Total | 1,096 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 773 | |||
Improvements | 323 | |||
Total | 1,096 | |||
Accumulated Depreciation | 24 | |||
Colorado | Farm nineteen | ||||
Initial Cost to Company | ||||
Land | 579 | |||
Improvements | 513 | |||
Total | 1,092 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 579 | |||
Improvements | 515 | |||
Total | 1,094 | |||
Accumulated Depreciation | 123 | |||
Colorado | Farm twenty | ||||
Initial Cost to Company | ||||
Land | 554 | |||
Improvements | 443 | |||
Total | 997 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 58 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 554 | |||
Improvements | 501 | |||
Total | 1,055 | |||
Accumulated Depreciation | $ 25 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Colorado | Farm twenty one | ||||
Initial Cost to Company | ||||
Land | $ 809 | |||
Improvements | 141 | |||
Total | 950 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 64 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 809 | |||
Improvements | 205 | |||
Total | 1,014 | |||
Accumulated Depreciation | 12 | |||
Colorado | Farm twenty two | ||||
Initial Cost to Company | ||||
Land | 819 | |||
Improvements | 94 | |||
Total | 913 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 91 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 819 | |||
Improvements | 185 | |||
Total | 1,004 | |||
Accumulated Depreciation | $ 33 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Colorado | Farm twenty three | ||||
Initial Cost to Company | ||||
Land | $ 481 | |||
Improvements | 373 | |||
Total | 854 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 15 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 481 | |||
Improvements | 388 | |||
Total | 869 | |||
Accumulated Depreciation | 92 | |||
Colorado | Farm twenty four | ||||
Initial Cost to Company | ||||
Land | 803 | |||
Total | 803 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 803 | |||
Total | 803 | |||
Colorado | Farm twenty five | ||||
Initial Cost to Company | ||||
Land | 374 | |||
Improvements | 201 | |||
Total | 575 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 374 | |||
Improvements | 203 | |||
Total | 577 | |||
Accumulated Depreciation | 49 | |||
Colorado | Farm twenty six | ||||
Initial Cost to Company | ||||
Land | 419 | |||
Total | 419 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 419 | |||
Total | 419 | |||
Colorado | Farm twenty seven | ||||
Initial Cost to Company | ||||
Land | 236 | |||
Total | 236 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 236 | |||
Total | $ 236 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 24 years | |||
Colorado | Farm twenty eight | ||||
Gross Amount at Which Carried at Close of Period | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Kansas | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 1,915 | |||
Total | 1,915 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,915 | |||
Total | 1,915 | |||
Kansas | Farm two | ||||
Initial Cost to Company | ||||
Land | 1,029 | |||
Improvements | 178 | |||
Total | 1,207 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,029 | |||
Improvements | 178 | |||
Total | 1,207 | |||
Accumulated Depreciation | 46 | |||
Kansas | Farm three | ||||
Initial Cost to Company | ||||
Land | 737 | |||
Total | 737 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 737 | |||
Total | 737 | |||
Kansas | Farm four | ||||
Initial Cost to Company | ||||
Land | 235 | |||
Improvements | 90 | |||
Total | 325 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 235 | |||
Improvements | 90 | |||
Total | 325 | |||
Accumulated Depreciation | 2 | |||
Virginia | ||||
Initial Cost to Company | ||||
Land | 7,277 | |||
Total | 7,277 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,277 | |||
Total | $ 7,277 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
Florida | ||||
Initial Cost to Company | ||||
Land | $ 9,295 | |||
Improvements | 202 | |||
Total | 9,497 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,295 | |||
Improvements | 202 | |||
Total | 9,497 | |||
Accumulated Depreciation | $ 2 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 65 years | |||
Arkansas | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 6,914 | |||
Improvements | 287 | |||
Total | 7,201 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,914 | |||
Improvements | 287 | |||
Total | 7,201 | |||
Accumulated Depreciation | $ 26 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
Arkansas | Farm two | ||||
Initial Cost to Company | ||||
Land | $ 5,924 | |||
Improvements | 244 | |||
Total | 6,168 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,924 | |||
Improvements | 244 | |||
Total | 6,168 | |||
Accumulated Depreciation | 19 | |||
Arkansas | Farm three | ||||
Initial Cost to Company | ||||
Land | 5,247 | |||
Improvements | 238 | |||
Total | 5,485 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 7 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,247 | |||
Improvements | 245 | |||
Total | 5,492 | |||
Accumulated Depreciation | 29 | |||
Arkansas | Farm four | ||||
Initial Cost to Company | ||||
Land | 4,536 | |||
Improvements | 50 | |||
Total | 4,586 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,536 | |||
Improvements | 50 | |||
Total | 4,586 | |||
Accumulated Depreciation | 3 | |||
Arkansas | Farm five | ||||
Initial Cost to Company | ||||
Land | 4,035 | |||
Improvements | 38 | |||
Total | 4,073 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,035 | |||
Improvements | 38 | |||
Total | $ 4,073 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 50 years | |||
Arkansas | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 3,264 | |||
Improvements | 165 | |||
Total | 3,429 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 118 | |||
Land Improvements | 45 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,309 | |||
Improvements | 283 | |||
Total | 3,592 | |||
Accumulated Depreciation | 20 | |||
Arkansas | Farm seven | ||||
Initial Cost to Company | ||||
Land | 3,277 | |||
Improvements | 145 | |||
Total | 3,422 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 14 | |||
Land Improvements | 6 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,283 | |||
Improvements | 159 | |||
Total | 3,442 | |||
Accumulated Depreciation | $ 17 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 12 years | |||
Arkansas | Farm eight | ||||
Initial Cost to Company | ||||
Land | $ 2,808 | |||
Improvements | 184 | |||
Total | 2,992 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 39 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,808 | |||
Improvements | 223 | |||
Total | 3,031 | |||
Accumulated Depreciation | $ 21 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Arkansas | Farm nine | ||||
Initial Cost to Company | ||||
Land | $ 2,645 | |||
Improvements | 40 | |||
Total | 2,685 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,645 | |||
Improvements | 40 | |||
Total | 2,685 | |||
Accumulated Depreciation | $ 9 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 18 years | |||
Arkansas | Farm ten | ||||
Initial Cost to Company | ||||
Land | $ 2,316 | |||
Total | 2,316 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,316 | |||
Total | $ 2,316 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 19 years | |||
Arkansas | Farm eleven | ||||
Initial Cost to Company | ||||
Land | $ 2,014 | |||
Improvements | 96 | |||
Total | 2,110 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 7 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,014 | |||
Improvements | 103 | |||
Total | 2,117 | |||
Accumulated Depreciation | $ 11 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 46 years | |||
Nebraska | Farm one | ||||
Initial Cost to Company | ||||
Land | $ 1,881 | |||
Improvements | 55 | |||
Total | 1,936 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1,342 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,881 | |||
Improvements | 1,397 | |||
Total | 3,278 | |||
Accumulated Depreciation | 225 | |||
Nebraska | Farm two | ||||
Initial Cost to Company | ||||
Land | 2,601 | |||
Improvements | 114 | |||
Total | 2,715 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 76 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,601 | |||
Improvements | 190 | |||
Total | 2,791 | |||
Accumulated Depreciation | $ 8 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 10 years | |||
Nebraska | Farm three | ||||
Initial Cost to Company | ||||
Land | $ 2,539 | |||
Improvements | 78 | |||
Total | 2,617 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 55 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,539 | |||
Improvements | 133 | |||
Total | 2,672 | |||
Accumulated Depreciation | $ 10 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years | |||
Nebraska | Farm four | ||||
Initial Cost to Company | ||||
Land | $ 693 | |||
Improvements | 1,785 | |||
Total | 2,478 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 7 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 693 | |||
Improvements | 1,792 | |||
Total | 2,485 | |||
Accumulated Depreciation | $ 110 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 37 years | |||
Nebraska | Farm five | ||||
Initial Cost to Company | ||||
Land | $ 2,280 | |||
Improvements | 44 | |||
Total | 2,324 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 119 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,280 | |||
Improvements | 163 | |||
Total | 2,443 | |||
Accumulated Depreciation | $ 7 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Nebraska | Farm six | ||||
Initial Cost to Company | ||||
Land | $ 2,316 | |||
Improvements | 126 | |||
Total | 2,442 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,316 | |||
Improvements | 126 | |||
Total | 2,442 | |||
Accumulated Depreciation | $ 9 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 38 years | |||
Nebraska | Farm seven | ||||
Initial Cost to Company | ||||
Land | $ 1,610 | |||
Improvements | 32 | |||
Total | 1,642 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 81 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,610 | |||
Improvements | 113 | |||
Total | 1,723 | |||
Accumulated Depreciation | $ 8 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Nebraska | Farm eight | ||||
Initial Cost to Company | ||||
Land | $ 1,639 | |||
Improvements | 46 | |||
Total | 1,685 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 10 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,639 | |||
Improvements | 56 | |||
Total | 1,695 | |||
Accumulated Depreciation | $ 4 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Nebraska | Farm nine | ||||
Initial Cost to Company | ||||
Land | $ 1,244 | |||
Improvements | 69 | |||
Total | 1,313 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 269 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,244 | |||
Improvements | 338 | |||
Total | 1,582 | |||
Accumulated Depreciation | 14 | |||
Nebraska | Farm ten | ||||
Initial Cost to Company | ||||
Land | 1,539 | |||
Total | 1,539 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 33 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,539 | |||
Improvements | 33 | |||
Total | 1,572 | |||
Accumulated Depreciation | 1 | |||
Nebraska | Farm eleven | ||||
Initial Cost to Company | ||||
Land | 1,346 | |||
Improvements | 34 | |||
Total | 1,380 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,346 | |||
Improvements | 34 | |||
Total | 1,380 | |||
Accumulated Depreciation | $ 2 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Nebraska | Farm twelve | ||||
Initial Cost to Company | ||||
Land | $ 1,314 | |||
Improvements | 65 | |||
Total | 1,379 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,314 | |||
Improvements | 65 | |||
Total | 1,379 | |||
Accumulated Depreciation | $ 5 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
Nebraska | Farm thirteen | ||||
Initial Cost to Company | ||||
Land | $ 1,279 | |||
Improvements | 23 | |||
Total | 1,302 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,279 | |||
Improvements | 23 | |||
Total | 1,302 | |||
Accumulated Depreciation | $ 4 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Nebraska | Farm fourteen | ||||
Initial Cost to Company | ||||
Land | $ 1,232 | |||
Improvements | 56 | |||
Total | 1,288 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,232 | |||
Improvements | 56 | |||
Total | 1,288 | |||
Accumulated Depreciation | $ 2 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 27 years | |||
Nebraska | Farm fifteen | ||||
Initial Cost to Company | ||||
Land | $ 1,242 | |||
Improvements | 37 | |||
Total | 1,279 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,242 | |||
Improvements | 37 | |||
Total | 1,279 | |||
Accumulated Depreciation | 3 | |||
Nebraska | Farm sixteen | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Improvements | 28 | |||
Total | 1,128 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 73 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,100 | |||
Improvements | 101 | |||
Total | 1,201 | |||
Accumulated Depreciation | 8 | |||
Nebraska | Farm seventeen | ||||
Initial Cost to Company | ||||
Land | 1,077 | |||
Improvements | 33 | |||
Total | 1,110 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 74 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,077 | |||
Improvements | 107 | |||
Total | 1,184 | |||
Accumulated Depreciation | 5 | |||
Nebraska | Farm eighteen | ||||
Initial Cost to Company | ||||
Land | 1,109 | |||
Improvements | 40 | |||
Total | 1,149 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,109 | |||
Improvements | 40 | |||
Total | 1,149 | |||
Accumulated Depreciation | 8 | |||
Nebraska | Farm nineteen | ||||
Initial Cost to Company | ||||
Land | 1,136 | |||
Improvements | 11 | |||
Total | 1,147 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,136 | |||
Improvements | 11 | |||
Total | 1,147 | |||
Accumulated Depreciation | 3 | |||
Nebraska | Farm twenty | ||||
Initial Cost to Company | ||||
Land | 848 | |||
Improvements | 197 | |||
Total | 1,045 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 22 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 848 | |||
Improvements | 219 | |||
Total | 1,067 | |||
Accumulated Depreciation | $ 21 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Nebraska | Farm twenty one | ||||
Initial Cost to Company | ||||
Land | $ 994 | |||
Improvements | 20 | |||
Total | 1,014 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 41 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 994 | |||
Improvements | 61 | |||
Total | 1,055 | |||
Accumulated Depreciation | 5 | |||
Nebraska | Farm twenty two | ||||
Initial Cost to Company | ||||
Land | 862 | |||
Total | 862 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 862 | |||
Total | 862 | |||
Nebraska | Farm twenty three | ||||
Initial Cost to Company | ||||
Land | 742 | |||
Total | 742 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 94 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 742 | |||
Improvements | 94 | |||
Total | 836 | |||
Accumulated Depreciation | 14 | |||
Nebraska | Farm twenty four | ||||
Initial Cost to Company | ||||
Land | 702 | |||
Improvements | 72 | |||
Total | 774 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 702 | |||
Improvements | 72 | |||
Total | 774 | |||
Accumulated Depreciation | 4 | |||
Nebraska | Farm twenty five | ||||
Initial Cost to Company | ||||
Land | 711 | |||
Improvements | 22 | |||
Total | 733 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 711 | |||
Improvements | 22 | |||
Total | 733 | |||
Accumulated Depreciation | 1 | |||
Nebraska | Farm twenty six | ||||
Initial Cost to Company | ||||
Land | 607 | |||
Total | 607 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 607 | |||
Total | $ 607 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Nebraska | Farm twenty seven | ||||
Initial Cost to Company | ||||
Land | $ 561 | |||
Total | 561 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land Improvements | 41 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 602 | |||
Total | 602 | |||
Nebraska | Farm twenty eight | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Improvements | 10 | |||
Total | 510 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 500 | |||
Improvements | 10 | |||
Total | 510 | |||
Accumulated Depreciation | 3 | |||
Nebraska | Farm twenty nine | ||||
Initial Cost to Company | ||||
Land | 342 | |||
Improvements | 4 | |||
Total | 346 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 342 | |||
Improvements | 4 | |||
Total | $ 346 |
Schedule III-Real Estate and 51
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate: | |||||
Balance at beginning of year | $ 317,589 | $ 166,493 | $ 38,806 | ||
Additions during period | |||||
Additions through construction of improvements | 4,866 | 7,722 | 46 | ||
Dispositions of improvements | (40) | (6) | (9) | ||
Acquisitions through business combinations | 273,183 | 143,380 | 127,650 | ||
Balance at end of year | 595,598 | 317,589 | 166,493 | ||
Accumulated depreciation: | |||||
Balance at beginning of year | 1,668 | 777 | 450 | ||
Dispositions of improvements | (8) | (1) | (2) | ||
Additions charged to costs and expenses | 1,555 | 892 | 329 | ||
Balance at end of year | 3,215 | 1,668 | 777 | ||
Real Estate and Accumulated Depreciation balance per consolidated balance sheet | |||||
Real Estate balance per schedule | 317,589 | 166,493 | 38,806 | $ 595,598 | $ 317,589 |
Construction in progress | 1,615 | 286 | |||
Other non-real estate | 74 | 33 | |||
Balance per consolidated balance sheet | 597,287 | 317,908 | |||
Accumulated depreciation per schedule | 1,668 | 777 | $ 450 | 3,215 | 1,668 |
Other non-real estate | $ 9 | $ 3 | |||
Balance per consolidated balance sheet | $ 3,224 | $ 1,671 |