Farmland Partners (FPI) 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	Farmland Partners Inc.
Entity Central Index Key	0001591670
Document Type	10-K
Document Period End Date	Dec. 31, 2018
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			$ 289,236,790
Entity Common Stock, Shares Outstanding		31,899,291
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Land, at cost	$ 957,516	$ 947,899
Grain facilities	12,184	11,463
Groundwater	11,473	12,107
Irrigation improvements	53,458	51,678
Drainage improvements	12,271	9,964
Permanent plantings	52,989	52,870
Other	8,196	8,245
Construction in progress	10,262	8,137
Real estate, at cost	1,118,349	1,102,363
Less accumulated depreciation	(18,202)	(10,285)
Total real estate, net	1,100,147	1,092,078
Deposits		239
Cash	16,891	53,536
Notes and interest receivable, net	11,877	9,760
Deferred offering costs	218	292
Deferred financing fees, net	261	348
Accounts receivable, net (See Note 1)	6,136	6,650
Inventory	341	126
Prepaid expenses and other assets	3,638	3,057
TOTAL ASSETS	1,139,509	1,166,086
LIABILITIES
Mortgage notes and bonds payable, net	523,641	514,071
Dividends payable	1,681	4,847
Derivative liability	865
Accrued interest	4,296	3,193
Accrued property taxes	1,666	1,584
Deferred revenue (See Note 2)	238	3,907
Accrued expenses	3,581	2,800
Total liabilities	535,968	530,402
Commitments and contingencies (See Note 6 and Note 8)
Series B Participating Preferred Stock, $0.01 par value, 100,000,000 shares authorized; 6,013,587 shares issued and outstanding at December 31, 2018, and 6,037,500 shares issued and outstanding at December 31, 2017	143,758	144,223
Redeemable non-controlling interest in operating partnership, preferred units	120,510	120,510
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 30,594,592 shares issued and outstanding at December 31, 2018, and 33,334,849 shares issued and outstanding at December 31, 2017	300	329
Additional paid in capital	332,996	350,147
Retained earnings	4,852	5,161
Cumulative dividends	(42,695)	(31,199)
Other comprehensive income	(865)
Non-controlling interests in operating partnership	44,685	46,513
Total equity	339,273	370,951
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND EQUITY	$ 1,139,509	$ 1,166,086

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Consolidated Balance Sheets
Series B Participating Preferred Stock, par value	$ 0.01	$ 0.01
Series B Participating Preferred Stock, shares authorized	100,000,000	100,000,000
Series B Participating Preferred Stock, shares issued	6,013,587	6,037,500
Series B Participating Preferred Stock, shares outstanding	6,013,587	6,037,500
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	30,594,592	33,334,849
Common stock, shares outstanding	30,594,592	33,334,849

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING REVENUES
Rental income	$ 51,185	$ 42,956	$ 29,668
Total operating revenues	56,069	46,219	31,001
OPERATING EXPENSES
Depreciation and depletion	8,544	7,792	1,554
Property operating expenses	7,834	5,897	2,379
Acquisition and due diligence costs	180	930	2,521
General and administrative expenses	7,477	7,258	7,023
Legal and accounting	2,330	1,453	1,447
Other operating expenses	11	361	445
Total operating expenses	26,376	23,691	15,369
OPERATING INCOME	29,693	22,528	15,632
OTHER (INCOME) EXPENSE:
Other income	(264)	(391)	(337)
(Gain) loss on disposition of assets	(2,882)	200
Interest expense	18,799	13,561	9,959
Total other expense	15,653	13,370	9,622
Net income before income tax expense	14,040	9,158	6,010
Income tax expense			11
NET INCOME	14,040	9,158	5,999
Net income attributable to non-controlling interest in operating partnership	(1,786)	(1,244)	(1,761)
Net income attributable to redeemable non-controlling interest in operating partnership			64
Net income attributable to the Company	12,254	7,914	4,302
Nonforfeitable distributions allocated to unvested restricted shares	(111)	(151)	(96)
Net (loss) income available to common stockholders of Farmland Partners Inc.	$ (420)	$ 907	$ 1,178
Basic and diluted per common share data:
Basic net (loss) income available to common stockholders	$ (0.01)	$ 0.03	$ 0.09
Diluted net (loss) income available to common stockholders	(0.01)	0.03	0.09
Distributions declared per common share (in dollars per share)	$ 0.3550	$ 0.5100	$ 0.5100
Basic weighted average common shares outstanding (in shares)	32,162	31,210	13,204
Diluted weighted average common shares outstanding (in shares)	32,162	31,210	13,204
Tenant reimbursements
OPERATING REVENUES
Revenue	$ 3,158	$ 1,909	$ 263
Crop Sales
OPERATING REVENUES
Revenue	410	799	846
Other revenue
OPERATING REVENUES
Revenue	1,316	555	224
Redeemable Common Units
OTHER (INCOME) EXPENSE:
Distributions on redeemable non-controlling interests in operating partnership			(113)
Preferred Units
OTHER (INCOME) EXPENSE:
Distributions on redeemable non-controlling interests in operating partnership	$ (12,563)	$ (6,856)	$ (2,915)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Cumulative Dividends	Other Comprehensive Income	Non-controlling Interest in Operating Partnership	Public offering	Total
Balance at Dec. 31, 2015	$ 118	$ 114,783	$ 659	$ (7,188)		$ 30,162		$ 138,534
Balance (in shares) at Dec. 31, 2015	11,978
Increase (decrease) in shareholders' equity
Net income			4,302			1,761		6,063
Proceeds from underwritten public offering, net of offering costs and underwriting discount	$ 31	32,823						32,854
Proceeds from underwritten public offering, net of offering costs and underwriting discount (in shares)	3,100
Issuance of stock or costs incurred, at-the-market offering	$ 11	10,955						10,966
Issuance of stock or costs incurred, at-the-market offering (in shares)	995
Grant of unvested restricted stock (in shares)	119
Stock based compensation		1,228						1,228
Dividends accrued or paid		(2,057)	(858)	(7,285)		(2,958)		(13,158)
Costs in association with shelf offering, net of costs							$ (450)	(144)
Forfeiture of unvested restricted stock		(3)						(3)
Forfeiture of unvested restricted stock (in shares)	(5)
Issuance of Common units as partial consideration for asset acquisition						29,592		29,592
Conversion of Common units to shares of common stock	$ 12	10,946				(10,958)
Conversion of Common units to shares of common stock (in shares)	1,164
Conversion of redeemable units to Common units						9,518		9,518
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		3,425				(3,425)
Balance at Dec. 31, 2016	$ 172	172,100	4,103	(14,473)		53,692		215,594
Balance (in shares) at Dec. 31, 2016	17,351
Increase (decrease) in shareholders' equity
Net income			7,914			1,244		9,158
Grant of unvested restricted stock (in shares)	205
Stock based compensation		1,409						1,409
Dividends accrued or paid			(6,856)	(16,726)		(3,000)		(26,582)
Repurchase and cancellation of shares	$ (11)	(9,989)						(10,000)
Repurchase and cancellation of shares (in shares)	(1,120)
Costs in association with shelf offering, net of costs		(120)						(120)
Forfeiture of unvested restricted stock	$ (1)	(16)						(17)
Forfeiture of unvested restricted stock (in shares)	(9)
Issuance of common stock as partial consideration for asset acquisition and business combination	$ 148	168,835						168,983
Issuance of common stock as partial consideration for asset acquisition and business combination (in shares)	14,815
Issuance of Common units as partial consideration for business combination						2,493		2,493
Issuance of Common units as partial consideration for asset acquisition						10,033		10,033
Conversion of Common units to shares of common stock	$ 21	20,620				(20,641)
Conversion of Common units to shares of common stock (in shares)	2,092
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		(2,692)				2,692
Balance at Dec. 31, 2017	$ 329	350,147	5,161	(31,199)		46,513		370,951
Balance (in shares) at Dec. 31, 2017	33,334
Increase (decrease) in shareholders' equity
Net income			12,254			1,786		14,040
Grant of unvested restricted stock (in shares)	162
Stock based compensation		1,653						1,653
Dividends accrued or paid			(12,563)	(11,496)		(1,627)		(25,686)
Repurchase and cancellation of shares	$ (30)	(20,567)						(20,597)
Repurchase and cancellation of shares (in shares)	(3,048)
Costs in association with shelf offering, net of costs		(218)						(218)
Forfeiture of unvested restricted stock	$ (1)	(4)						(5)
Forfeiture of unvested restricted stock (in shares)	(11)
Conversion of Common units to shares of common stock	$ 2	1,542				(1,544)
Conversion of Common units to shares of common stock (in shares)	157
Net change associated with current period hedging transactions					$ (865)			(865)
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		443				(443)
Balance at Dec. 31, 2018	$ 300	$ 332,996	$ 4,852	$ (42,695)	$ (865)	$ 44,685		$ 339,273
Balance (in shares) at Dec. 31, 2018	30,594

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Increase (decrease) in shareholders' equity
Offering costs	$ 144
Public offering
Increase (decrease) in shareholders' equity
Offering costs	450
Underwriters discount	$ 1,569

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,040	$ 9,158	$ 5,999
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion	8,544	7,792	1,554
Amortization of discounts/premiums on debt	353	227	236
Amortization of net origination fees related to notes receivable	(5)	(16)	(3)
Amortization of below market leases			(72)
Stock based compensation	1,649	1,392	1,224
(Gain) loss on disposition of assets	(2,882)	200
Bad debt expense	876	300	150
Changes in operating assets and liabilities:
Increase in accounts receivable	(422)	(1,105)	(3,628)
Decrease (increase) in interest receivable	(484)	(331)	(79)
Increase in other assets	(1,029)	(892)	(306)
(Increase) decrease in inventory	(216)	257	(34)
Increase in accrued interest payable	1,103	1,655	856
(Increase) decrease in accrued expenses	2,139	(15,307)	2,598
(Decrease) in deferred revenue	(3,881)	(2,164)	(3,829)
(Increase) decrease in accrued property taxes	218	(237)	375
Net cash provided by operating activities	20,003	929	5,041
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions	(33,154)	(206,166)	(131,776)
Real estate improvements	(12,785)	(21,576)	(5,670)
Principal receipts on notes receivable	4,852		50
Issuance of notes receivable	(6,662)	(6,570)
Casualty loss insurance recovery	(8)	205
Proceeds from sale of property	31,893
Net cash used in investing activities	(15,864)	(234,107)	(137,396)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable	21,000	212,190	207,387
Repayments on mortgage notes payable	(11,508)	(81,219)	(84,750)
Proceeds from underwritten public offering	(157)		33,276
Proceeds from ATM offering			11,110
Common stock repurchased	(20,598)	(10,000)
Participating preferred stock repurchased	(465)
Payment of offering costs		(573)	(423)
Payment of debt issuance costs	(204)	(1,293)	(1,116)
Proceeds from issuance of Series B participating preferred shares		144,523
Dividends on common stock	(14,433)	(14,688)	(6,600)
Dividends on Series A preferred units	(3,510)	(2,915)
Dividends on Series B participating preferred stock	(9,053)	(3,346)
Distributions to non-controlling interest in operating partnership	(1,856)	(3,131)	(2,877)
Net cash provided by (used in) financing activities	(40,784)	239,548	156,007
NET (DECREASE) INCREASE IN CASH	(36,645)	6,370	23,652
CASH, BEGINNING OF PERIOD	53,536	47,166	23,514
CASH, END OF PERIOD	16,891	53,536	47,166
Cash paid during period for interest	17,037	11,827	8,865
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Deferred offering costs amortized through equity in the period		420	565
Additions to real estate improvements included in accrued expenses	350	1,375	956
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interest in operating partnership in conjunction with acquisitions		181,509	146,592
Below market lease acquisitions			29
Other assets acquired in business combination		1,759
Accounts receivable acquired in acquisitions		896
Property tax liability assumed in acquisitions	(15)	596	86
Deferred financing costs included in accrued expenses		16	54
Offering costs included in accrued expenses		13	90
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividends payable	1,530	4,243	2,212
Series A Preferred Units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividends payable	3,500
Common Unit Holders
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividends payable	229	604	726
Preferred Units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Preferred distributions accrued	$ 3,510	$ 3,510	$ 2,915

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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, 2018, the Company owned a portfolio of approximately 162,000 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, 2018, the Company owned an 87.0% 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 (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units generally do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). 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. 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, 2018, the TRS performs these custom farming operations on 625 acres of farmland owned by the Company located in Florida. All references to numbers and percent of acres within this report are unaudited. AFCO Mergers On February 2, 2017, the Company completed a 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 its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,535 Common 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, net of $75.0 million in assumed debt. 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, 2018 and 2017, and the results of operations for the years ended December 31, 2018, 2017 and 2016, reflect the financial condition and results of operations of the Company. 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 When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group of similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of 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 by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, 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, 2017, all below market leases had been fully amortized, with amortization totaling $0.0 million recorded in the twelve months ended December 31, 2018. As of December 31, 2018 and 2017, the Company had $1.3 million and $1.4 million respectively, recorded for tenant relationship intangibles with total accumulated amortization and amortization expense of $1.0 million and $0.6 million, respectively. 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. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued,the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of business combination, 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, drainage 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 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 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, 2018 and 2017 was held in the custody of two 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, lines of credit and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2018, $0.2 million in costs were incurred in connection with the MetLife Term Loan 9, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). During the year ended December 31, 2017, $1.4 million in costs were incurred in connection with MetLife Term Loan 5, MetLife Term Loan 6, MetLife Term Loan 7, MetLife Term Loan 8, Rutledge Credit Facility and the Rabobank Note (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). 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 $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2018, 2017 and 2016, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. The Company wrote off $0, $0 and $6,209 of debt issuance costs to interest expense in conjunction with the early repayment of debt during the year ended December 31, 2018, 2017 and 2016, respectively. Accumulated amortization of deferred financing fees was $0.7 million and $0.6 million as of December 31, 2018 and 2017, 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 balance sheet date. As of December 31, 2018, the Company had issued six notes under the FPI Loan Program and have designated each of the notes receivable as loans. Loans 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, 2018, 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 was one note receivable that was past due at December 31, 2018, this note is secured by farmland, the Company believes that note will be fully recoverable. 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 $0.1 million and $0.5 million in offering costs during the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the Company had $0.2 million and $0.3 million, 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 $0.2 million and $0.5 million as of December 31, 2018 and 2017, respectively, which is recorded on the Consolidated Statement of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years. Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2018 2017 Harvested crop $ 100 $ 126 Growing crop 122 — General inventory 119 — $ 341 $ 126 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, 2018 had terms ranging from one to twenty five years. As of December 31, 2018, the Company had 72 leases over 137 properties 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 (contingent rent). Revenue under leases providing for a payment equal to 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 or packing facility that 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 for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance. Contingent rent recognized for the years ended December 31, 2018, 2017 and 2016 totaled $13.2 million, $ 9.5 million, and $1.6 million, respectively. 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. Crop sales revenue The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing 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 or packing 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 or packing facility and title has transferred. Other revenue 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 as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016. 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 $0.0 million, $0.0 million, and $0.01 million for the years ended December 31, 2018, 2017, and 2016, respectively. 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 $(0.02) million in taxable income from the TRS for the year ended December 31, 2018, $0.03 million at December 31, 2017, and $0.03 million for the year ended December 31, 2016 the Company did not have any deferred tax assets or liabilities for these years. 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 when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2018, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2017 and 2016 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 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. The Company determined that no deferred tax asset or liability should be recorded as a result of the business combinations that it undertook during the years ended December 31, 2018 and December 31, 2017. 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, 2018 met the criteria to be exempt from derivative accounting and were 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 Common 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 Second 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

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2018
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. Rental income 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, 2018 and 2017, the Company had $0.2 million, and $3.9 million, respectively, in deferred revenue. The Company did not have any unamortized below market leases as of December 31, 2018 and 2017, respectively. The following represents a summary of the rental income recognized during the three years ended December 31, 2018: Rental Income Recognized For the year ended December 31, ($ in thousands) 2018 2017 2016 Leases in effect at the beginning of the year $ 37,434 $ 12,593 $ 2,609 Leases entered into or amended during the year 13,751 30,363 27,059 $ 51,185 $ 42,956 $ 29,668 Future minimum lease payments from tenants under all non-cancelable leases in place as of December 31, 2018, 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 and beyond as of December 31, 2018 are as follows: ($ in thousands) Future Rental Year Ending December 31, Payments 2019 $ 37,027 2020 25,012 2021 13,122 2022 2,371 2023 500 2024 and beyond 3,417 $ 81,449 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, 2018
Concentration Risk
Concentration Risk	Note 3—Concentration Risk Credit Risk For the years ended December 31, 2018, 2017 and 2016, 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. The following is a summary of our significant tenants: Rental Income Recognized For the year ended December 31, ($ in thousands) 2018 2017 2016 Tenant A (1) $ 6,996 13.6 % $ 7,041 16.4 % $ — — % Tenant B (1) $ 6,957 13.6 % $ — — % $ — — % (1) The Company has numerous permanent crop leases with these major farming companies located in Califonia. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of December 31, 2018, 2017 and 2016 and straight line and crop share 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 2018 2017 2016 2018 2017 2016 Alabama % 0.4 % — % % 0.2 % — % Arkansas % 9.1 % 10.0 % % 4.7 % 4.5 % California % 7.2 % — % % 27.8 % — % Colorado % 15.1 % 18.8 % % 6.4 % 9.3 % Florida % 4.6 % 2.1 % % 3.1 % 0.6 % Georgia % 3.3 % 2.9 % % 4.0 % 1.8 % Illinois % 25.5 % 24.8 % % 28.8 % 25.4 % Kansas % 1.2 % 1.6 % % 0.4 % 0.4 % Louisiana % 5.9 % 8.1 % % 3.3 % 1.4 % Michigan % 1.4 % 0.4 % % 1.6 % 0.4 % Mississippi % 3.1 % 4.3 % % 2.0 % 2.2 % North Carolina % 6.9 % 9.6 % % 4.3 % 39.1 % Nebraska % 3.7 % 5.1 % % 3.6 % 5.2 % South Carolina % 9.1 % 8.9 % % 7.7 % 8.3 % South Dakota % 1.1 % — % % 0.6 % — % Texas % 1.7 % 2.3 % % 1.1 % 1.4 % Virginia % 0.7 % 1.1 % % 0.4 % — % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions
Related Party Transactions	Note 4—Related Party Transactions 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, the Company’s CEO. During the years ended December 31, 2018, 2017 and 2016, the Company incurred costs of $0.1 million, $0.2 million and $0.2 million, 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. As of December 31, 2018 and 2017 the Company had outstanding payables to American Agriculture Aviation LLC of $0.00 million and $0.01 million, respectively.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2018
Real Estate
Real Estate	Note 5—Real Estate As of December 31, 2018, the Company owned approximately 162,000 acres. During the year ended December 31, 2018, the Company completed six acquisitions which were accounted for as asset acquisitions in Nebraska, North Carolina, South Carolina and Illinois. Consideration totaled $33.8 million and was comprised of cash. No intangible assets were acquired through these acquisitions. During the year ended December 31, 2018 the Company completed five dispositions in Texas, Illinois and Louisiana. Cash receipts totaled $31.9 million with a total gain of $3.1 million. During the year ended December 31, 2017, the Company completed 18 acquisitions which were accounted for as asset acquisitions in Illinois, South Carolina, Colorado, Georgia, Kansas, Michigan, California, South Dakota and Arkansas. Consideration totaled $225.9 million and was comprised of cash, shares of common stock and Common units. No intangible assets were acquired through these acquisitions. During 2017, the Company completed one acquisition (the AFCO Mergers) that was accounted for as a business combination. Subsequent adjustments to the preliminary purchase price allocation did not have a material impact to the Company’s consolidated financial statements. The following outlines the impact of the completion of the AFCO Mergers accounted for as a business combination as of December 31, 2017. During 2017, the Company recorded a measurement period adjustment in relation to property tax accruals in the amount of $0.6 million recognized in other liabilities. As the amount was recovered through tenant reimbursements, the Company also increased other assets by $0.6 million. The Company also recorded a measurement period adjustment of $1.1 million with a corresponding change in land of $0.8 million, irrigation improvements of $0.1 million and permanent plantings of $0.2 million. The statement of operations impact of this adjustment is immaterial to the year ended December 31, 2017. ($ in thousands) Land, at cost $ 181,072 Irrigation improvements 26,155 Permanent plantings 48,513 Buildings 1,499 In-place leases (1) 1,139 Lease origination costs 264 Cash 3,832 Other assets 1,831 Inventory 99 Deferred revenue (4,434) Other liabilities (13,826) Gross Total Consideration 246,144 Mortgage notes and bonds payable, net (75,000) Total Consideration $ 171,144 (1) Weighted average amortization period of the in-place lease liability is three years. The Company has included the results of operations for the acquired real estate in the Consolidated Statement of Operations from the dates of acquisition. The real estate acquired in business combinations during the year ended December 31, 2017 contributed $14.7 million to total revenue and $6.0 million to net income. The unaudited pro forma information presented below does not purport to represent what the actual results of operations of the Company would have been had the business combinations outlined above occurred as of the beginning of the periods presented, nor does it purport to predict the results of operations of future periods. The unaudited pro forma information is presented below as if the real estate acquired in the business combination during the year ended December 31, 2017 had been acquired on January 1, 2016. For the Year Ended ($ in thousands) December 31, Proforma 2017 2016 Revenue $ 46,219 $ 31,001 Pro forma estimate (1) 993 15,661 Total operating revenue $ 47,212 $ 46,662 Net income $ 9,158 $ 5,999 Pro forma estimate (367) 3,577 Total net income $ 8,791 $ 9,576 Net income available to common stockholders of Farmland Partners Inc. $ 411 $ 4,966 Earnings per share basic and diluted Income per basic share attributable to common stockholders $ 0.01 $ 0.18 Income per diluted share attributable to common stockholders $ 0.01 $ 0.18 Weighted-average number of common shares - basic 32,340 27,968 Weighted-average number of common shares - diluted 32,340 27,968 (1) Represents a linear extrapolation of revenues over the year ended December 31, 2017 and 2016 and therefore does not take into account the irregularity of certain of the Company’s revenue components, such as crop share lease payments. Prudential Termination Agreement On February 18, 2017, the Company entered into a Termination Agreement (the “Termination Agreement”) with Prudential Capital Mortgage Company (the “Prudential Sub-Advisor”) pursuant to which the Company and the Prudential Sub-Advisor agreed to terminate, effective as of March 31, 2017, the Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement”), dated as of October 23, 2015, by and among AFCO, American Farmland Advisors, AFCO OP and Prudential and certain related property management agreements (together with the Sub-Advisory Agreement, the “Prudential Agreements”). The Termination Agreement provided that, as of March 31, 2017, Prudential no longer provides services to the Company under the Prudential Agreements. The Company paid the Prudential Sub-Advisor $1.6 million in cash, which is equal to the fee that would have been owed to Prudential for services through the quarter ended March 31, 2017, plus a termination fee of approximately $0.2 million. The statement of operations impact to the Company for the year ended December 31, 2017 totaled $0.7 million, which is included in property operating expenses, with the remaining $0.9 million being included in the accruals as a component of the purchase accounting surrounding the AFCO Mergers as this represented the costs incurred by AFCO prior to the AFCO Mergers.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2018
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 secured by farmland, properties related to farming, crops (growing or stored), and/or agricultural equipment, and are typically in principal amounts of $100,000 or more at fixed interest rates with maturities of up to three years. The Company expects the borrower to repay the loans in accordance with the applicable loan agreements based on farming operations and access to other forms of capital, as permitted. Notes receivable are stated at their unpaid principal balance, and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2018 and 2017, the Company held the following notes receivable: ($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2018 December 31, 2017 Maturity Mortgage Note (1) Principal & interest due at maturity $ 1,840 $ 1,800 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 234 240 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due monthly 2,145 2,194 3/16/2022 Mortgage Note (3) Principal & interest due at maturity - 100 1/31/2018 Mortgage Note (4) Principal due at maturity & interest paid in advance - 669 2/15/2018 Mortgage Note (5) Principal due at maturity & interest paid in advance - 2,700 1/29/2018 Mortgage Note (6) Principal & interest due at maturity 1,647 1,647 3/1/2020 Mortgage Note Principal & interest due at maturity 5,125 - 8/19/2020 Mortgage Note (7) Principal & interest due at maturity 62 - 12/31/2018 Line of Credit (8) Principal & interest due at maturity 106 - 11/15/2018 Total outstanding principal 11,159 9,350 Points paid, net of direct issuance costs - (6) Interest receivable (net prepaid interest) 947 461 Provision for loan receivable (229) (45) Total notes and interest receivable $ 11,877 $ 9,760 (1) (2) (3) (4) (5) (6) (7) (8) A reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2018, 2017 and 2016 is set out below: Years ended December 31, 2018 2017 2016 ($ in thousands) Balance at beginning of year $ 9,350 $ 2,780 $ 2,830 Additions during year: New mortgage loans and additional advances on existing loans 6,662 7,372 - Interest income added to principal - - - Amortization of discount - - - 16,012 10,152 2,830 Deductions during year: Collection of principal 4,853 802 50 Foreclosure - - - Balance at end of year $ 11,159 $ 9,350 $ 2,780 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. 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, 2018 and 2017 the fair value of the notes receivable was $11.7 million and $9.4 million, respectively.

Mortgage Notes, Lines of Credit

Mortgage Notes, Lines of Credit and Bonds Payable	12 Months Ended
	Dec. 31, 2018
Mortgage Notes, Lines of Credit and Bonds Payable
Mortgage Notes, Lines of Credit and Bonds Payable	Note 7—Mortgage Notes, Lines of Credit and Bonds Payable As of December 31, 2018 and 2017, 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 2018 2018 2017 Maturity 2018 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 14,915 14,915 April 2025 $ 22,076 $ 21,688 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,561 18,436 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 80,989 80,936 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,828 7,723 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 89,913 90,000 March 2026 199,584 198,309 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 32,189 31,633 MetLife Term Loan #3 Semi-annual interest only 2.66% adjusted every three years 2.66% 21,000 21,000 March 2026 27,525 27,202 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,124 30,671 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 13,964 17,245 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,058 56,199 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 21,253 21,253 June 2027 48,963 48,247 MetLife Term Loan #8 Semi-annual interest only 4.12% adjusted every three years 4.12% 44,000 44,000 December 2042 110,042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 - May 2028 40,981 — Farm Credit of Central Florida (2) LIBOR + 2.9375% adjusted monthly (4) 5.44% 5,060 5,102 September 2023 13,263 10,212 Prudential (3) 3.20% 3.20% 5,144 6,481 July 2019 10,583 11,622 Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 4.08% 64,359 66,400 March 2028 134,901 137,788 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 17,000 25,000 January 2022 29,576 46,259 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 25,000 25,000 January 2022 39,749 49,454 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 25,000 25,000 January 2022 58,006 59,339 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 15,000 15,000 January 2022 29,170 28,535 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 30,000 30,000 January 2022 85,707 69,818 Total outstanding principal 525,326 515,833 $ 1,092,841 $ 1,061,358 Debt issuance costs (1,685) (1,762) Unamortized premium - - Total mortgage notes and bonds payable, net $ 523,641 $ 514,071 (1) During the year ended December 31, 2017 the Company converted the interest rate on Metlife Term Loans 1 and 4 from variable to fixed rates for a term of three years. Once the term expires the new rate will be determined based on the loan agreements. (2) 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. (3) 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. (4) Interest rate changed as of 12/31/18 from LIBOR + 2.6875% to LIBOR + 2.9375% 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 of up to 60%. Prepayment of each bond issuance is not permitted unless otherwise agreed upon by all parties to the Bond Purchase Agreement. On September 5, October 23, November 24, December 15, 2017 the Company repaid $20.7 million, $5.5 million, $10.7 million and $44.3 million, respectively, in principal which was due and payable on that date, and as a result these facilities have been fully repaid. As of December 31, 2018 and December 31, 2017, the Company and the Operating Partnership had $74.4 million and $ 74.4 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 requirement. The Company was in compliance with all applicable covenants at December 31, 2018. 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. 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, Fifth MetLife Loan Agreement, Sixth MetLife Loan Agreement, Seventh MetLife Loan Agreement and Eigth MetLife Loan Agreement (described below), the “MetLife Loan Agreements” )) with Metropolitan Life Insurance Company (“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, Term Loan 5, Term Loan 6 and Term Loan 7 (described below), 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 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 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 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 or (b) to an interest rate 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 bore 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. Effective March 29, 2017, the Company exercised its option to convert the interest rate on Term Loan 4 from a floating rate to an adjustable rate. The new adjustable rate is 3.48% which may be adjusted by MetLife on each of March 29, 2020 and March 29, 2023. Proceeds from Term Loan 4 were used to acquire additional properties and for general corporate purposes. Interest on Term Loan 1 is payable 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. Effective March 29, 2017, the Company exercised its option to convert the interest rate on Term Loan 4 from a floating rate to an adjustable rate. The new adjustable rate is 3.48%, which may be adjusted by MetLife on each of March 29, 2020 and March 29, 2023. 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 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”) 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. 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 semi-annually and accrues at a 3.26% per annum fixed rate, and may be adjusted by MetLife on each of January 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 into a separate guaranty (the “Term Loan 5 Guaranties”) 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 semi-annually and accrues at a 3.21% per annum fixed rate, and 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 a separate guaranty (the “Term Loan 6 Guaranties) 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. On June 7, 2017, a wholly owned subsidiary of the Operating Partnership, entered into a loan agreement (the “Seventh MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $21.3 million to the Company with a maturity date of June 7, 2027 (“Term Loan 7”). Interest on Term Loan 7 is payable semi-annually and accrues at a 3.45% per annum fixed rate, and may be adjusted by MetLife on each of June 7, 2020, June 7, 2023 and June 7, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 7 were used to acquire additional properties. In connection with the Term Loan 7, on June 7, 2017, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 7 Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Seventh MetLife Loan Agreement. On November 30, 2017, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “Eighth MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $44.0 million to the Company with a maturity date of December 5, 2042 (“Term Loan 8”). Interest on Term Loan 8 is payable semi-annually and accrues at a 4.12% per annum fixed rate, and may be adjusted by MetLife on each of December 5, 2027 and December 5, 2037 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 8 were used to acquire additional properties. In connection with the Term Loan 8, on December 5, 2017, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 8 Guaranties” and, together with the Initial MetLife Guaranties, the Term Loan 4 Guaranties, the Term Loan 5 Guaranties, the Term Loan 6 Guaranties and the Term Loan 7 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 Eighth MetLife Loan Agreement. In connection with the Term Loan 9, on June 6, 2018, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 9 Guaranties” and together with the Initial MetLife Guaranties, the Term Loan 4 Guaranties, the Term Loan 5 Guaranties, the Term Loan 6 Guaranties, the Term Loan 7 Guaranties and the Term Loan 8 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 Ninth 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 Guaranties also contain a number of customary affirmative and negative covenants. The Company was in compliance with all covenants under the MetLife Term Loans as of December 31, 2018. 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 collateralize 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, 2017 and December 31, 2016, approximately $5.1 million had been drawn down under the Farm Credit Mortgage Note . Interest on Farm Credit Mortgage Note is payable 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%, which is 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 the Farm Credit Mortgage Note are to be used for the development of additional properties. 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. The Company was in compliance with all covenants under the Farm Credit of Central Florida Mortgage Notes as of December 31, 2018. Prudential Note 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 the Prudential Note were used for the acquisition of additional properties. Beginning on December 21, 2017, the Prudential Note requires the Company to maintain a loan to value no greater than 60%. The Company was in compliance with all covenants under the Prudential Note as of December 31, 2018. Rutledge Credit Facilities Upon closing of the AFCO Mergers, by virtue of AFCO OP becoming a subsidiary of the Company, the Company assumed 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 million senior secured credit facility bearing interest at an annual rate of 3 month 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% per annum 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 million senior secured credit facility bearing interest at an annual rate of 3 month 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% per annum 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 million senior secured credit facility bearing interest at an annual rate of 3 month 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% per annum 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 million senior secured credit facility bearing interest at an annual rate of 3 month 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% per annum 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 AFCO 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 “Rutledge Amendment”) to the Existing Rutledge Loan Agreements. Pursuant to the Rutledge 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 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 unconditionally guarantee the obligations of AFCO OP under the Existing Rutledge Loan Agreements. In addition, in connection with the closing of the AFCO 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 $30.0 million, with a maturity date of January 1, 2022 and an annual interest rate of the 3 month 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 Loan Agreements may not exceed 50% of the aggregate appraised value of the properties serving as collateral under the Rutledge Loan Agreements. On February 3, 2017, 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. As of December 31, 2018 $0 remains available under this facility. As of December 31, 2018, the Company was in compliance with all covenants under the Rutledge Loan Agreements. Rabobank Mortgage Note On December 15, 2017, the Company, the Operating Partnership and five wholly owned subsidiaries of the operating partnership entered into a loan agreement (the “Rabobank Mortgage Note”) with Rabo Agrifinance LLS (“Rabo”) which provides for a loan of approximately $66.4 million to the Company with a maturity date of March 1, 2028. Interest on the Rabobank Mortgage Note is payable semi annually and accrues at a floating rate that will be adjusted monthly to a rate per annum equal to the six-month LIBOR plus 1.70% which is subject to adjustment on the first day of March 2020, 2022, 2024 and 2026. Principal is payable annually commencing on March 1, 2024, with all remaining principal and outstanding interest due at maturity. Proceeds from the Rabobank Mortgage Note were used for the retirement of debt under the Farmer Mac Bonds. The Company was in compliance with all covenants under the Rabobank Mortgage Note as of December 31, 2018. The Rabobank Mortgage Note 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 Rabobank, among other things, to accelerate payment of all amounts outstanding under the Rabobank Term Loans and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the Company’s properties that collateralize the Rabobank Term Loans. 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 $2,120,000, or 4.0%, of the Bridge Loan's principal amount, was con sidered additional interest paid on issuance . The Bridge Loan was paid in full, including accrued interest, and without prepayment penalty, on March 29, 2016 using proceeds from the MetLife Term Loans. Aggregate Maturities As of December 31, 2018, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2019 $ 5,418 2020 48,574 2021 274 2022 112,274 2023 3,962 Thereafter 354,823 $ 525,327 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, 2018 and 2017, the fair value of the mortgage notes payable was $518.6 million and $512.8 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
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, $10,366 in June 2017, and $10,534 in June 2018. As of December 31, 2018, future minimum lease payments are as follows: ($ in thousands) Future Rental Year Ending December 31, Payments 2019 $ 74 2020 — 2021 — 2022 — 2023 and beyond — $ 74 Subsequent to December 31, 2018, the Company entered into an extension of their lease agreement for office space through to July 31, 2020.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	12 Months Ended
	Dec. 31, 2018
Stockholders’ Equity and Non-controlling Interests
Stockholders’ Equity and Non-controlling Interests	Note 9—Stockholders’ Equity and Non-controlling Interests 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, 2018 and 2017, the Company had 35.2 million and 38.0 million, respectively, fully diluted outstanding shares, including Common 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, 2018, the Company owned 87.0% of the outstanding Common units and the remaining 13.0% of the Common 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 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 Common unit (subject to anti-dilution adjustments provided in the partnership agreement). As of December 31, 2018, there were 4.6 million outstanding Common 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 Common units for redemption, regardless of the length of time such limited partner has held its Common 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 Common units for shares of common stock. When a Common 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 Common unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the Common units held by the Company being utilized to make distributions to the Company’s common stockholders. 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, 2018. To reflect these changes, adjustments were made to increase / (decrease) the non-controlling interest in the Operating Partnership by ($0.4) million, $2.7 million, and ($3.4) million during the years ended December 31, 2018, 2017 and 2016 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 Common units in conjunction with an asset acquisition. Beginning on June 2, 2016, the Common 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 Common 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, Series A 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 Series A preferred units. Under the Amendment, among other things, each Series A 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, Series A preferred units on the balance sheet with the offset recorded to additional paid-in capital. On March 2, 2016, 0.1 million Series A 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 Series A preferred units are entitled to a priority distribution ahead of Common 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 Series A preferred units as of December 31, 2018 was $120.5 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 Series A preferred units have the right to convert each Series A preferred unit into a number of Common 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 Common 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 Series A 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 Series A preferred units, at any time and from time to time, for cash in an amount per unit equal to the $1,000 liquidation preference plus all accrued and unpaid distributions. In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Series A preferred units generally have the right to receive the same consideration as holders of Common units and common stock, on an as-converted basis. Holders of the Series A preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Series A preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Series A preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Series A preferred units. The Series A preferred units will convert into a variable number of Common Shares and the Company does not control whether it will have enough shares authorized to issue shares at the time of conversion. Therefore, the Series A preferred units are accounted for as mezzanine equity on the consolidated balance sheet. The following table summarizes the changes in our redeemable non-controlling interest in the Operating Partnership for the years ended December 31, 2018 and 2017: Common Preferred ($ in thousands) Redeemable OP Units Redeemable Non-controlling Interests Redeemable OP Units Redeemable Non-controlling Interests Balance at December 31, 2016 — $ — 117 $ 119,915 Distribution paid to non-controlling interest — — — (2,915) Accrued distributions to non-controlling interest — — — 3,510 Balance at December 31, 2017 — $ — 117 $ 120,510 Balance at December 31, 2017 — $ — 117 $ 120,510 Distribution paid to non-controlling interest — — — (3,510) Accrued distributions to non-controlling interest — — — 3,510 Balance at December 31, 2018 — $ — 117 $ 120,510 Series B Participating Preferred Stock On August 17, 2017, the Company and the Operating Partnership entered into an underwriting agreement with Raymond James & Associates, Inc. and Jefferies LLC, as representatives of the underwriters, pursuant to which the Company sold 6,037,500 shares of its newly designated Series B Participating Preferred Stock, at a public offering price of $25.00 per share, which is the Initial Liquidation Preference (as defined below) of the Series B Participating Preferred Stock. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation. Each preferred share of Series B Participating Preferred Stock is entitled to receive cumulative preferential cash dividends at a rate of 6.00% per annum of the $25 liquidation preference, which is payable quarterly in arrears on the last day of each March, June, September and December (the “Initial Liquidation Preference”). Upon liquidation, before any payment or distribution of the assets of the Company is made to or set apart for the holders of equity securities ranking junior to the Series B Participating Preferred Stock, the holders of the Series B Participating Preferred Stock will be entitled to receive the sum of: (i) the Initial Liquidation Preference, (ii) adjusted by an amount equal to 50% of the cumulative change in the estimated value of farmland in the states in which the Company owned farmland as of June 30, 2017 (measured by reference to a publicly available report released annually by the National Agricultural Statistics Board, the Agricultural Statistics Board and the U.S. Department of Agriculture) (the “FVA Adjustment”), and (iii) all accrued and unpaid dividends, subject to a 9.0% cap on total return (the “Final Liquidation Preference”). After September 30, 2021, but prior to September 30, 2024, the Company at its option, may redeem all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at any time, for cash or for shares of common stock at a price equal to the Final Liquidation Preference plus an amount equal to the product of: (i) the Final Liquidation Preference, and (ii) the average change in land values in states in which the Company owned farmland as of June 30, 2017 over the immediately preceding four years and multiplied by a constant percentage of 50% and prorated for the number of days between the most recent release of the publicly available land value report used to calculate the FVA Adjustment (if such amount is positive) (the “Premium Amount”) . At any time on or after September 30, 2024, the Company, at its option, may redeem or convert to shares of common stock all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at the redemption price per share equal to: (i) the Initial Liquidation Preference, plus (ii) the FVA Amount, plus (iii) any accrued and unpaid dividends. The total rate of return on shares of the Series B Participating Preferred Stock is subject to a cap such that the total rate of return, when considering the Initial Liquidation Preference, the FVA Adjustment and the Premium Amount plus accrued and unpaid dividends, will not exceed 9.0%. Based on the data released by the USDA in August 2018 in their land values 2018 summary, the FVA adjustment for 2018 was determined to be $0.21 per share of Series B Participating Preferred Stock. In connection with the issuance of the Series B Participating Preferred Stock, the sole general partner of the Operating Partnership entered into Amendment No. 2 to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of newly classified 6.00% Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”), the economic terms of which are identical to those of the Series B Participating Preferred Stock. The Company contributed the net proceeds from the offering of the Series B Participating Preferred Stock to the Operating Partnership in exchange for 6,037,500 Series B participating preferred units. The shares of Series B Participating Preferred Stock are accounted for as mezzanine equity on the consolidated balance sheet as the Series B Participating Preferred Stock is convertible and redeemable for common shares at a determinable price and date at the option of the Company but upon the occurrence of an event not solely within the control of the Company. During the year ended December 31, 2018 and 2017, the balance recorded in mezzanine equity relating to the Series B Participating Preferred Stock was $143.8 million and $ 144.2 million, respectively. During the year ended December 31, 2018, and December 31, 2017 the Company declared and paid dividends relating to the Series B Participating Preferred Stock of $9.1 million and $3.3 million, respectively. Distributions The Company’s Board of Directors declared and and the Company paid the following distributions to common stockholders and holders of Common units for the years ended December 31, 2018, 2017 and 2016: Fiscal Year Declaration Date Record Date Payment Date Distributions 2018 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 August 8, 2018 October 1, 2018 October 15, 2018 $ 0.0500 November 5, 2018 January 1, 2019 January 15, 2019 0.0500 $ 0.3550 2017 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 May 8, 2017 June 30, 2017 July 14, 2017 0.1275 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 November 8, 2017 January 2, 2018 January 16, 2018 0.1275 $ 0.5100 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ 0.1275 May 9, 2016 July 1, 2016 July 15, 2016 0.1275 August 3, 2016 September 30, 2016 October 14, 2016 0.1275 November 3, 2016 January 2, 2017 January 13, 2017 0.1275 $ 0.5100 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company accrued $3.5 million in distributions payable as of December 31, 2018 which was paid on January 15, 2019. The distributions are payable annually in arrears on January 15 or the next business day, 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 years ended December 31, 2018, 2017 and 2016 13%, 52% and 100% respectively, of the income distributed in the form of dividends was characterized as ordinary income. Share Repurchase Program On March 15, 2017, the Board of Directors approved a program to repurchase up to $25 million in shares of the Company’s common stock. Subsequently on August 1, 2018, our Board of Directors increased the authority under the share repurchase program by an aggregate of $30 million such that the amount of shares of our common stock and Series B participating preferred stock that may be repurchased is now approximately $38.5 million. 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. In November 2017, the Board of Directors approved repurchases of the Company’s Series B Participating Preferred Stock from time to time under the share repurchase program. This share repurchase program does not obligate the Company to acquire any particular amount of common stock or Series B Preferred 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 its balance sheet. During 2018, the Company had repurchased 3,048,147 shares at an average price per share of $6.76 for a total cost of approximately $20.6 million. Equity Incentive Plan On May 3, 2017, the Company’s stockholders approved the Second 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 approximately 1.3 million shares. As of December 31, 2018, there were 0.6 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 Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity based awards, including LTIP units, which are convertible on a one-for-one basis into Common units. The Plan provides for a maximum of 1.3 million shares of common stock for issuance. The terms of each grant are determined by the Compensation Committee of the Board of Directors. During 2018 the Company granted 0.2 million restricted shares of common stock, with an aggregate grant date fair value of $1.2 million, to employees and directors. The restricted shares vest ratably over a one, three or five-year vesting period, subject to continued service. During 2017 the Company granted 0.2 million restricted shares of common stock, with an aggregate grant date fair value of $2.3 million, to employees and newly appointed directors. The restricted shares vest ratably over a one, three or five year vesting period, subject to continued service. 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 vesting period, subject to continued service. During 2018, 11,270 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $33,896 in stock based compensation and paid $6,472 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $2,519 in previously recorded compensation expense, net of the dividends paid. During 2017, 8,848 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $30,078 in stock based compensation and paid $3,659 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $16,771 in previously recorded compensation expense, net of the dividends paid. 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. A summary of the non-vested restricted shares as of December 31, 2018, 2017 and 2016 is as follows: Weighted Number of Average Grant Shares Date Fair Value Unvested at January 1, 2016 145 13.87 Granted 119 10.78 Vested (70) 13.96 Forfeited (5) 11.09 Unvested at December 31, 2016 189 11.98 Granted 205 11.30 Vested (108) 12.84 Forfeited (9) 11.00 Unvested at December 31, 2017 277 11.16 Granted 162 7.67 Vested (129) 8.54 Forfeited (11) 8.11 Unvested at December 31, 2018 299 $ 9.49 For the years ended December 31, 2018, 2017 and 2016, the Company recognized $ 1.7 million, $ 1.4 million and $1.2 million , respectively, of stock-based compensation expense related to these restricted stock awards. As of December 31, 2018, 2017 and 2016, there was $1.6 million, $2.1 million and $1.2 million , respectively, of total unrecognized compensation costs related to non-vested stock awards which are expected to be recognized over weighted-average periods of 1.2 years. Earnings per Share The computation of basic and diluted earnings (loss) per share is as follows: For the year ended December 31, ($ in thousands) 2018 2017 2016 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 12,254 $ 7,914 $ 4,302 Less: Nonforfeitable distributions allocated to unvested restricted shares (111) (151) (96) Less: Distributions on redeemable non-controlling interersts in operating partnership, Common units — — (113) Less: Distributions on redeemable non-controlling interests in operating partnership, Series A Preferred units (3,510) (3,510) (2,915) Less: Dividends on Series B Participating Preferred Stock (9,053) (3,346) — Net (loss) income attributable to common stockholders $ (420) $ 907 $ 1,178 Denominator: Weighted-average number of common shares - basic 32,162 31,210 13,204 Conversion of Series A preferred units (1) — — — Conversion of Series B participating preferred stock — — — Unvested restricted shares (1) — — — Weighted-average number of common shares - diluted 32,162 31,210 13,204 Income (loss) per share attributable to common stockholders - basic $ (0.01) $ 0.03 $ 0.09 Income (loss) per share attributable to common stockholders - diluted $ (0.01) $ 0.03 $ 0.09 (1) Anti-dilutive for the year ended December 31, 2018, 2017 and 2016. The limited partners’ outstanding Common 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 Common units held by the non-controlling interest was 4.6 million and 5.9 million for the years ended December 31, 2018 and 2017, respectively. The weighted average number of Excess Units held by the non-controlling interest was 0.0 million for the year ended December 31, 2018. There were 0.0 million Excess Units outstanding during the year ended December 31, 2017. For the year ended December 31, 2018, diluted weighted average common shares do not include the impact of 0.3 million shares of unvested compensation-related shares because the effect of these items on diluted earnings per share would be anti-dilutive. For the year ended December 31, 2017, diluted weighted average common shares do not include the impact of 0. 3 million shares of unvested compensation-related shares because the effect of these items on diluted earnings per share would be anti-dilutive. The following equity awards and units are outstanding as of December 31, 2018, 2017 and 2016, respectively. (in thousands) December 31, 2018 December 31, 2017 December 31, 2016 Shares 30,295 33,058 17,163 OP Units 4,582 4,739 5,692 Redeemable OP Units — — — Unvested Restricted Stock Awards 299 276 188 35,176 38,073 23,043

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017. Quarter Ended ($ in thousands) March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating revenues $ 11,207 11,419 12,549 20,894 Operating expenses 6,386 6,231 6,394 7,365 Other expenses 4,318 4,207 1,998 5,130 Net (loss) income before income tax 503 981 4,157 8,399 Income tax expense — — — — Net (loss) income $ 503 $ 981 $ 4,157 $ 8,399 Net (loss) available to common stockholders of Farmland Partners Inc. $ (2,744) $ (2,323) $ 484 $ 4,163 Basic net (loss) per share available to common stockholders (1) $ (0.08) $ (0.07) $ 0.02 $ 0.12 Diluted net (loss) per share available to common stockholders (1) $ (0.08) $ (0.07) $ 0.02 $ 0.09 Basic weighted average common shares outstanding 33,014 32,542 32,222 30,889 Diluted weighted average common shares outstanding 33,014 32,542 32,222 86,025 (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, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating revenues $ 7,150 $ 11,460 $ 12,046 $ 15,563 Operating expenses 6,442 5,909 5,932 5,408 Other expenses 2,709 3,530 3,504 3,627 Net (loss) income before income tax (2,001) 2,021 2,610 6,528 State income tax expense — — — — Net (loss) income $ (2,001) $ 2,021 $ 2,610 $ 6,528 Net (loss) income available to common stockholders of Farmland Partners Inc. $ (2,547) $ 772 $ 221 $ 2,461

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
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 March 8, 2019, the day the financial statements were issued. See “Note 8—Commitments and Contingencies” for real estate acquisitions that occurred subsequent to December 31, 2018. On February 7, 2019 the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock. The dividend is payable to the Company’s stockholders of record as of April 1, 2019, and is expected to be paid on April 15, 201 On February 7, 2019 the Company’s board of directors declared a quarterly cash dividend of $0.375 per share of 6.00% Series B Participating Preferred Stock payable on April 1, 2019 to stockholders of record as of March 15, 2019. On February 19, 2019 the Company sold four farms in Illinois for $4.7 million and a booked gain of $0.4 million. Subsequent to December 31, 2018, the Company entered into an extension of their lease agreement for office space through to July 31, 2020. Subsequent to December 31, 2018, two holders of our Operating Partnership Common Units redeemed and converted approximately 2.2 million shares of their Common Units to common stock in a one for one transaction.

Hedge Accounting

Hedge Accounting	12 Months Ended
	Dec. 31, 2018
Hedge Accounting
Derivative Contracts	Note 12—Hedge Accounting Cash Flow Hedging Strategy For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets. The Company has entered into an interest rate swap agreement to manage interest rate risk exposure. An interest rate swap agreement utilized by the Company effectively modifies the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next five years on 50% of the currently outstanding amount to Rabobank, thus reducing the impact of interest rate changes on future interest expense. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. In determining hedge effectiveness of the interest rate swap the Company has utilized regression analysis and concluded the hedge was highly effective. On an ongoing basis the Company reviews hedge effectiveness, through regression analysis as well as assessing the hedge relationship by comparing the current terms of the swap and the associated debt to ensure they continue to coincide through the continued ability of the Counterparty to the swap to honor its obligations under the swap contract. As of December 31, 2018, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swaps was $33.2 million. The fair value of the Company’s derivative instrument is set out below: ($ in thousands) Instrument Balance sheet location Fair Value Interest rate swap Derivative liability $ (865) Other Comprehensive Income 865 The effect of derivative instruments on the consolidated statements of operations for the period ended December 31, 2018 is set out below: ($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) recognized Location of Gain (Loss) Interest rate contracts 84 Interest expense As the interest rate swap was entered into during the 2018 financial year, there was no impact on the year ended December 31, 2017. 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 values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table outlines the movements in the other comprehensive income account as at December 31, 2018 and December 31, 2017: ($ in thousands) December 31, 2018 December 31, 2017 Beginning accumulated derivative instrument gain or loss $ — $ — Net change associated with current period hedging transactions 865 — Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 865 $ —

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	Farmland Partners Inc. Schedule III – Real Estate and Accumulated Depreciation December 31, 2018 ($ 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 California (m) 44,994 - 44,994 - - 44,994 - 44,994 - 2017 - North Carolina (d) 41,906 - 41,906 5 23 41,929 5 41,934 - 2015 - California (m) 33,482 - 33,482 - - 33,482 - 33,482 - 2017 - Illinois (k) 29,627 431 30,058 2,267 - 29,677 2,699 32,376 128 2017 2017 14 Louisiana (g) 30,584 1,180 31,764 172 254 30,838 1,352 32,189 151 2017 2016 30 California (p), (s) 19,925 11,521 31,445 255 - 19,925 11,776 31,700 2,160 2017 2017 12 California (m) 31,567 - 31,567 - - 31,567 - 31,567 - 2017 - Illinois (k) 22,937 1,484 24,421 1,322 (11) 22,926 2,780 25,706 136 2017 2017 23 California (r) 7,647 11,518 19,164 207 - 7,647 11,725 19,371 922 2017 2017 20 South Carolina (t) 12,057 1,474 13,531 5,767 53 12,110 7,251 19,360 500 2017 2014 24 California (s) 9,998 8,116 18,114 - - 9,998 8,116 18,114 1,053 2017 2017 14 California (s) 10,947 6,878 17,825 64 - 10,947 6,942 17,889 766 2017 2017 21 North Carolina (v) 17,627 - 17,627 - - 17,627 - 17,627 - 2018 2018 - South Carolina (l) 14,866 906 15,772 239 - 14,866 1,145 16,011 69 2017 2017 29 California (s) 11,888 3,398 15,286 (58) - 11,888 3,340 15,228 470 2017 2017 15 Illinois (f) 9,689 420 10,109 (5) 4,497 14,186 415 14,601 65 2016 21 California (q) 8,326 6,075 14,401 16 - 8,326 6,091 14,417 430 2017 2017 25 California (p) 9,043 4,546 13,589 2 - 9,043 4,549 13,592 528 2017 2017 17 California (q), (s) 10,167 2,902 13,069 421 - 10,167 3,323 13,490 473 2017 2017 13 Florida (a) 9,295 202 9,497 730 3,036 12,331 932 13,263 39 2017 2016 38 Florida (q) 10,715 1,508 12,223 84 - 10,715 1,591 12,306 225 2017 2017 16 Colorado (t) 10,716 70 10,786 - - 10,716 70 10,786 9 2014 39 California (p) 7,492 2,889 10,380 318 - 7,492 3,207 10,698 414 2017 2017 12 Michigan (l) 7,800 2,051 9,851 9 - 7,800 2,060 9,860 151 2017 2017 25 California (r) 9,534 263 9,796 2 - 9,534 265 9,799 50 2017 2017 14 California (s) 6,191 2,772 8,963 - - 6,191 2,772 8,963 320 2017 2017 11 South Carolina (d) 8,633 133 8,766 130 - 8,633 263 8,896 26 2017 2015 25 California (q) 4,710 3,317 8,027 - - 4,710 3,317 8,027 273 2017 2017 15 Virginia (d) 7,277 - 7,277 - - 7,277 - 7,277 - 2015 - Arkansas (t) 6,914 287 7,201 22 16 6,930 309 7,239 50 2017 2014 24 North Carolina (d) 7,239 - 7,239 - - 7,239 - 7,239 - 2015 - South Carolina (t) 4,679 25 4,704 2,323 4 4,683 2,373 7,056 278 2017, 2016, 2015 2014 33 Florida (o) 6,402 593 6,995 35 - 6,402 628 7,030 123 2017 2017 12 Mississippi (t) 6,654 133 6,787 3 - 6,654 136 6,790 21 2014 25 South Dakota (l) 6,731 - 6,731 - - 6,731 - 6,731 - 2017 - Illinois (f) 5,453 105 5,558 7 1,022 6,475 112 6,587 12 2016 23 Alabama (q) 1,719 1,883 3,602 1,047 1,854 3,574 2,930 6,504 930 2017 2017 16 Texas (n) 4,188 1,929 6,117 343 - 4,188 2,272 6,460 302 2016 2016 27 Florida (q) 2,674 3,565 6,239 - - 2,674 3,565 6,239 497 2017 2017 12 Arkansas (i) 5,924 244 6,168 - - 5,924 244 6,168 43 2015 21 North Carolina (d) 5,750 - 5,750 - 4 5,754 - 5,754 - 2015 - Arkansas (o) 5,532 101 5,633 - 3 5,535 100 5,635 19 2017 2017 9 Illinois (f) 6,086 - 6,086 450 (909) 5,177 450 5,627 11 2016 - Mississippi (i) 5,338 238 5,576 - - 5,338 238 5,576 56 2015 15 Colorado (j) 792 4,731 5,523 - 1 793 4,731 5,524 198 2017 2016 16 Colorado (l) 4,156 1,280 5,436 (3) - 4,156 1,277 5,433 93 2017 2017 26 Arkansas 5,169 185 5,354 27 - 5,169 185 5,354 23 2017 2017 15 Louisiana (t) 5,100 52 5,152 154 - 5,100 206 5,306 52 2017, 2016, 2015 2014 17 Illinois (f) 5,493 - 5,493 338 (801) 4,692 338 5,030 68 2017 2016 10 Arkansas (t) 4,536 50 4,586 81 - 4,536 131 4,666 16 2017 2014 17 Illinois (o) 4,575 - 4,575 - - 4,575 - 4,575 - 2017 - California 2,461 1,974 4,435 - - 2,461 1,974 4,435 167 2017 2017 17 South Carolina (t) 2,235 - 2,235 1,557 519 2,754 1,557 4,311 174 2017, 2016, 2015 2014 28 North Carolina (d) 4,242 - 4,242 - 4 4,246 - 4,246 - 2015 - Arkansas (j) 4,035 38 4,073 134 - 4,035 172 4,207 9 2017 2016 28 Illinois (f) 4,920 4 4,924 148 (1,025) 3,895 152 4,047 5 2017 2016 50 Colorado (t) 3,566 359 3,925 67 - 3,566 426 3,992 63 2017 2014 21 North Carolina (d) 3,864 - 3,864 - 8 3,872 - 3,872 - 2015 - Illinois (f) 4,350 - 4,350 - (572) 3,778 - 3,778 - 2016 - Arkansas (b) 3,264 165 3,429 201 97 3,361 364 3,725 60 2017, 2016 2014 27 Illinois (f) 3,821 - 3,821 - (97) 3,724 - 3,724 - 2016 - Georgia (i) 3,306 368 3,674 18 - 3,306 386 3,692 53 2017 2015 22 Illinois (h) 2,981 - 2,981 634 - 2,981 634 3,615 186 2017, 2009 2007 & 2010 38 Georgia (q) 3,574 2,922 6,496 (1,047) (1,854) 1,719 1,875 3,595 161 2017 2017 11 Illinois (f) 3,186 - 3,186 - 407 3,593 - 3,593 - 2016 - Illinois (f) 4,522 4 4,526 - (950) 3,572 4 3,576 - 2016 10 Mississippi (b) 3,471 41 3,512 63 - 3,471 104 3,575 9 2017 2015 34 Illinois (f) 3,232 - 3,232 - 261 3,493 - 3,493 - 2016 - Illinois (h) 1,290 - 1,290 2,199 - 1,290 2,199 3,488 355 2017, 2015, 2011 2007 38 Arkansas (t) 3,277 145 3,422 37 27 3,304 182 3,487 34 2017 2014 21 Nebraska (t) 1,881 55 1,936 1,428 1 1,882 1,531 3,413 339 2017, 2015, 2012 2012 30 South Carolina (b) 1,959 344 2,303 1,012 - 1,959 1,314 3,273 99 2017, 2015 2015 35 Illinois (f) 3,500 28 3,528 361 (699) 2,801 389 3,190 15 2016 15 Illinois (o) 3,163 - 3,163 - - 3,163 - 3,163 - 2017 - Illinois (f) 3,541 - 3,541 - (478) 3,063 - 3,063 - 2016 - Arkansas (e) 2,808 184 2,992 58 7 2,815 242 3,057 50 2017 2015 18 Arkansas (t) 2,985 156 3,141 8 (96) 2,889 164 3,053 43 2014 16 South Carolina (t) 2,199 138 2,337 667 22 2,221 803 3,024 61 2017 2014 30 Colorado (t) 3,099 - 3,099 - (133) 2,966 - 2,966 - 2014 - Illinois (f) 2,997 68 3,065 253 (388) 2,609 321 2,930 72 2017, 2016 2016 10 Illinois (f) 3,470 - 3,470 4 (582) 2,888 4 2,891 - 2016 - Nebraska (c) 2,601 114 2,715 122 - 2,601 236 2,837 17 2017, 2016 2015 27 Illinois (f) 2,882 42 2,924 - (98) 2,784 42 2,826 9 2016 12 Georgia (l) 1,905 - 1,905 779 125 2,030 779 2,810 32 2017 2017 32 Illinois (h) 2,573 - 2,573 236 (1) 2,572 236 2,809 9 2017 2010 50 North Carolina (v) 2,768 - 2,768 - - 2,768 - 2,768 - 2018 2018 - Illinois (f) 3,277 - 3,277 - (517) 2,760 - 2,760 - 2016 - Arkansas (t) 2,645 40 2,685 3 21 2,666 43 2,709 11 2014 10 Illinois (f) 2,015 - 2,015 55 636 2,651 55 2,705 4 2017 2016 - Illinois (f) 3,058 - 3,058 - (353) 2,705 - 2,705 - 2016 - California (s) 967 1,357 2,324 375 - 967 1,732 2,699 159 2017 2017 16 Nebraska (c) 2,539 78 2,617 (23) - 2,539 55 2,594 16 2015 20 Illinois (f) 2,847 42 2,889 - (295) 2,552 42 2,594 8 2016 15 Michigan (i) 904 1,654 2,558 (69) - 904 1,654 2,558 240 2017 2015 23 Colorado (b) 1,995 84 2,079 466 - 1,995 550 2,545 77 2017, 2016 2015 18 Illinois (l) 2,525 - 2,525 - - 2,525 - 2,525 - 2017 - Illinois (f) 1,956 - 1,956 - 557 2,513 - 2,513 - 2016 - Nebraska (e) 693 1,785 2,478 7 - 693 1,792 2,484 220 2014 19 Arkansas (t) 2,262 82 2,344 4 96 2,358 86 2,444 16 2014 27 Illinois (f) 3,030 - 3,030 - (600) 2,430 - 2,430 - 2016 - Illinois (f) 2,103 105 2,208 - 218 2,321 105 2,426 11 2017 2016 25 Nebraska (c) 2,280 44 2,324 95 - 2,280 139 2,419 19 2017, 2016 2015 22 Illinois (f) 1,945 - 1,945 - 473 2,418 - 2,418 - 2016 - Illinois (f) 2,718 - 2,718 - (332) 2,386 - 2,386 - 2016 - South Carolina (l) 1,321 91 1,412 691 247 1,567 782 2,349 31 2017 2017 31 Mississippi (n) 2,321 15 2,336 - (1) 2,320 15 2,335 3 2016 10 Colorado (t) 2,328 - 2,328 - - 2,328 - 2,328 - 2014 - Illinois (f) 2,075 - 2,075 - 252 2,327 - 2,327 - 2016 - South Carolina (t) 1,803 158 1,961 290 - 1,803 522 2,325 56 2014 26 Arkansas (t) 2,316 - 2,316 3 - 2,316 3 2,319 - 2014 - Nebraska (c) 2,316 126 2,442 (126) - 2,316 - 2,316 9 2015 - Illinois (f) 3,212 - 3,212 95 (996) 2,216 95 2,311 2 2016 - Colorado 637 1,604 2,241 2 1 637 1,604 2,241 116 2017 2017 50 South Carolina 1,406 806 2,212 12 - 1,406 818 2,224 52 2017 2017 31 North Carolina (v) 2,177 - 2,177 - - 2,177 - 2,177 - 2018 2018 - Illinois (f) 1,614 94 1,708 - 456 2,070 94 2,163 11 2017 2016 23 Illinois (f) 2,682 - 2,682 204 (725) 1,957 204 2,161 7 2017 2016 50 Illinois (f) 2,423 - 2,423 - (276) 2,147 - 2,147 - 2016 - Illinois (f) 1,769 - 1,769 - 371 2,140 - 2,140 - 2016 - Colorado (b) 1,365 663 2,028 101 - 1,365 764 2,129 77 2015 21 Arkansas (t) 2,014 96 2,110 - (8) 2,006 96 2,102 21 2014 21 Illinois (f) 1,643 88 1,731 - 344 1,987 88 2,075 11 2017 2016 23 Illinois (h) 1,700 - 1,700 225 - 1,700 346 2,046 33 2017 2012 35 Colorado (e) 1,301 699 2,000 41 - 1,301 740 2,041 64 2017 2015 24 Illinois (f) 2,402 - 2,402 - (372) 2,030 - 2,030 - 2016 - Colorado (t) 1,817 210 2,027 1 (7) 1,810 211 2,021 81 2014 14 South Carolina (t) 1,568 - 1,568 371 64 1,632 371 2,003 49 2014 30 Colorado (j) 1,760 - 1,760 239 - 1,760 239 1,999 14 2017 2016 24 Illinois (f) 1,996 - 1,996 - (50) 1,946 - 1,946 - 2016 - Illinois (f) 1,972 - 1,972 - (43) 1,929 - 1,929 - 2016 - Illinois (f) 968 - 968 - 957 1,925 - 1,925 - 2016 - Illinois (j) 1,905 - 1,905 - - 1,905 - 1,905 - 2016 - Colorado (t) 1,079 812 1,891 - - 1,079 812 1,891 73 2014 31 Illinois (f) 2,100 - 2,100 98 (309) 1,791 98 1,889 2 2016 - Illinois (f) 1,590 - 1,590 - 280 1,870 - 1,870 - 2016 - South Carolina (v) 1,090 - 1,090 758 18 1,108 758 1,866 9 2018 2018 40 Illinois (f) 1,891 - 1,891 - (56) 1,835 - 1,835 - 2016 - Illinois (f) 1,603 - 1,603 - 228 1,831 - 1,831 - 2016 - Illinois (o) 1,825 - 1,825 - - 1,825 - 1,825 - 2018 2018 - North Carolina (d) 1,770 - 1,770 - - 1,770 - 1,770 - 2015 - Illinois (f) 1,256 - 1,256 - 511 1,767 - 1,767 - 2016 - Illinois (h) 1,750 - 1,750 - - 1,750 - 1,750 - 2009 - Illinois (o) 1,735 - 1,735 - - 1,735 - 1,735 - 2017 - Nebraska (t) 1,610 32 1,642 81 (2) 1,608 113 1,720 16 2014 24 Nebraska (t) 1,639 46 1,685 10 (2) 1,637 56 1,694 8 2014 22 Colorado (t) 1,305 376 1,681 10 - 1,305 386 1,691 163 2014 16 Illinois (f) 1,439 - 1,439 - 240 1,679 - 1,679 - 2016 - South Carolina (n) 1,303 225 1,528 132 - 1,303 357 1,661 29 2017 2016 34 Illinois (f) 1,859 - 1,859 - (209) 1,650 - 1,650 - 2016 - South Carolina (t) 1,078 - 1,078 548 21 1,099 548 1,647 51 2017 2014 28 Michigan (i) 779 851 1,630 - - 779 851 1,630 186 2017 2016 19 Nebraska (c) 1,314 65 1,379 242 - 1,314 307 1,621 33 2015 20 Nebraska (t) 1,539 - 1,539 70 (1) 1,539 70 1,608 5 2017 2012 45 Illinois (f) 1,718 - 1,718 - (120) 1,598 - 1,598 - 2016 - Nebraska (b) 1,244 69 1,313 269 - 1,244 338 1,582 34 2015 2014 22 Illinois (h) 1,423 60 1,483 (22) - 1,423 128 1,551 68 2017 2007 27 Illinois (f) 1,130 35 1,165 - 379 1,509 35 1,544 6 2016 23 Illinois (f) 729 - 729 - 815 1,544 - 1,544 - 2016 - Illinois (f) 1,853 - 1,853 - (313) 1,540 - 1,540 - 2016 - Colorado (t) 1,353 184 1,537 - - 1,353 184 1,537 102 2014 9 Illinois (t) 1,500 - 1,500 26 - 1,500 26 1,526 2 2017 2008 50 Kansas (i) 1,915 - 1,915 - (395) 1,520 - 1,520 - 2015 - Illinois (f) 1,693 - 1,693 109 (317) 1,376 109 1,485 4 2017 2016 50 Illinois (o) 1,471 - 1,471 - - 1,471 - 1,471 - 2018 2018 - Illinois (f) 1,115 28 1,143 9 318 1,433 37 1,470 5 2016 23 Mississippi (e) 1,437 33 1,470 - - 1,437 33 1,470 3 2015 29 Illinois (f) 1,620 - 1,620 - (167) 1,453 - 1,453 - 2016 - Illinois (f) 1,063 27 1,090 17 348 1,411 27 1,438 6 2016 2016 22 Illinois (f) 1,675 4 1,679 (4) (244) 1,431 - 1,431 9 2016 2016 - Illinois (f) 1,083 - 1,083 - 336 1,419 - 1,419 - 2016 - Georgia (j) 1,330 72 1,402 - - 1,330 72 1,402 9 2016 18 Nebraska (b) 1,100 28 1,128 144 - 1,100 276 1,376 19 2014 18 South Carolina (l) 1,032 170 1,203 159 13 1,045 330 1,374 20 2017 2017 31 Illinois (f) 1,523 - 1,523 126 (277) 1,246 126 1,372 5 2017 2016 50 Nebraska (v) 1,149 - 1,149 202 - 1,149 202 1,350 6 2018 2018 40 Nebraska (c) 1,346 34 1,380 (34) - 1,346 - 1,346 2 2015 - Illinois (f) 1,254 - 1,254 - 83 1,337 - 1,337 - 2016 - Nebraska (i) 1,232 56 1,288 - 31 1,263 56 1,319 6 2015 24 Illinois (f) 1,126 44 1,170 - 146 1,272 44 1,316 3 2016 31 Nebraska (c) 1,279 23 1,302 6 - 1,279 29 1,308 11 2017 2015 12 Colorado (t) 1,238 - 1,238 - 45 1,283 - 1,283 - 2014 - Nebraska (c) 1,242 37 1,279 (5) - 1,242 32 1,273 5 2015 23 Illinois (b) 1,120 - 1,120 138 - 1,120 138 1,258 9 2017 2008 50 Colorado (t) 1,030 170 1,200 31 - 1,030 201 1,231 124 2014 11 Illinois (f) 1,435 - 1,435 - (204) 1,231 - 1,231 - 2016 - Illinois (f) 1,481 - 1,481 - (254) 1,227 - 1,227 - 2016 - Illinois (f) 1,731 - 1,731 - (515) 1,216 - 1,216 - 2016 - Illinois (t) 1,147 - 1,147 60 - 1,147 60 1,207 3 2017 2013 50 Illinois (h) 1,003 - 1,003 198 - 1,003 198 1,201 42 2017 2008 45 Illinois (f) 1,219 - 1,219 - (23) 1,196 - 1,196 - 2016 - Nebraska (c) 1,077 33 1,110 80 - 1,077 113 1,189 9 2016 2015 28 Colorado (t) 579 513 1,092 16 65 644 531 1,175 215 2014 14 Illinois (f) 1,320 - 1,320 - (147) 1,173 - 1,173 - 2016 - North Carolina (v) 1,161 - 1,161 - - 1,161 - 1,161 - 2018 2018 - Illinois (f) 617 - 617 - 535 1,152 - 1,152 - 2016 - Nebraska (h) 1,109 40 1,149 (40) - 1,109 40 1,149 12 2012 20 Illinois (f) 845 63 908 - 241 1,086 63 1,149 9 2017 2016 22 Nebraska (c) 1,136 11 1,147 - - 1,136 11 1,147 7 2015 6 Colorado (t) 747 393 1,140 - - 747 393 1,140 48 2014 26 Illinois (f) $ 1,229 $ - $ 1,229 $ 116 $ (219) $ 1,010 $ 116 $ 1,126 $ 3 2016 - Colorado (t) 1,128 68 1,196 (32) (45) 1,083 36 1,119 35 2014 3 Illinois (f) 774 47 821 - 293 1,067 47 1,115 6 2017 2016 25 Illinois (f) 1,058 - 1,058 - 49 1,107 - 1,107 - 2016 - Colorado (t) 1,105 - 1,105 - - 1,105 - 1,105 - 2014 - Colorado (t) 773 323 1,096 - - 773 323 1,096 46 2014 21 Illinois (f) 855 55 910 (12) 198 1,053 43 1,096 6 2016 28 Illinois (f) 708 - 708 - 387 1,095 - 1,095 - 2016 - Illinois (f) 844 - 844 - 242 1,086 - 1,086 - 2016 - Illinois (f) 854 - 854 - 221 1,075 - 1,075 - 2016 - Nebraska (i) 848 197 1,045 4 - 848 219 1,067 38 2014 25 Colorado (t) 554 443 997 70 (3) 551 513 1,064 51 2017 2014 23 Nebraska (t) 994 20 1,014 41 (2) 992 61 1,052 11 2014 27 Illinois (t) 801 97 898 152 - 801 249 1,050 30 2017 2004, 2006, 2016 50 Illinois (f) 950 40 990 - 46 996 40 1,036 3 2016 32 Colorado (h) 819 94 913 113 - 819 207 1,026 40 2017 2010 22 Illinois (f) 727 - 727 - 299 1,026 - 1,026 - 2016 - Colorado (e) 809 141 950 64 - 809 205 1,014 26 2015 26 Illinois (f) 1,171 - 1,171 - (158) 1,013 - 1,013 - 2016 - Georgia (i) 795 65 860 105 31 826 170 997 13 2017 2016 31 Illinois (h) 991 - 991 - - 991 - 991 - 2012 - Kansas (t) 805 178 983 - (38) 767 224 990 82 2014 14 Illinois (f) 800 130 930 - 59 859 130 989 13 2017 2016 27 Illinois (f) 1,259 - 1,259 - (273) 986 - 986 - 2016 - Illinois (f) 1,119 - 1,119 - (133) 986 - 986 - 2016 - Illinois (f) 775 - 775 3 186 961 3 964 - 2016 - Georgia (n) 756 202 958 - (1) 755 202 958 16 2016 36 Illinois (h) 923 53 976 (29) - 923 24 947 2 2017 2011 50 Illinois (t) 902 34 936 (34) - 902 34 936 20 2008 21 Illinois (f) 1,075 - 1,075 70 (230) 845 70 915 2 2016 - Illinois (f) 1,080 - 1,080 - (175) 905 - 905 - 2016 - Illinois (f) 864 - 864 - 41 905 - 905 - 2016 - Colorado (t) 481 373 854 2 46 527 375 902 160 2014 15 Illinois (f) 989 - 989 77 (178) 811 77 888 2 2016 - Illinois (f) 995 - 995 58 (177) 818 58 875 2 2017 2016 50 Illinois (f) 975 - 975 - (100) 875 - 875 - 2016 - Illinois (i) 815 - 815 60 - 815 60 875 2 2017 2015 50 Georgia (j) 718 144 862 10 - 718 154 872 15 2016 25 Nebraska (b) 862 - 862 - - 862 - 862 - 2015 - Illinois (f) 972 - 972 - (114) 858 - 858 - 2016 - Illinois (f) 671 96 767 (54) 143 814 42 856 5 2017 2016 28 Illinois (h) 644 93 737 107 - 644 200 844 30 2017 2000 50 Illinois (i) 762 - 762 75 - 762 75 837 11 2017 2015 20 Nebraska (t) 742 - 742 - - 742 94 836 22 2012 25 Illinois (b) 700 110 810 20 - 700 130 830 30 2017 2004 50 Illinois (f) 1,005 - 1,005 - (180) 825 - 825 - 2016 - Illinois (f) 980 - 980 - (155) 825 - 825 - 2016 - Illinois (l) 825 - 825 - - 825 - 825 - 2017 - Illinois (o) 805 - 805 - - 805 - 805 - 2017 - Colorado (t) 803 - 803 - - 803 - 803 - 2014 - Illinois (f) 732 - 732 - 64 796 - 796 - 2016 - Illinois (f) 762 - 762 - 20 782 - 782 - 2016 - Illinois (f) 630 - 630 - 145 775 - 775 1 2016 2016 - Nebraska (t) 702 72 774 - (2) 700 72 772 8 2014 35 Illinois (o) 748 - 748 - - 748 - 748 - 2017 - Illinois (f) 421 - 421 43 280 701 43 743 2 2017 2016 50 Kansas (t) 737 - 737 - - 737 - 737 - 2014 - Nebraska (i) 711 22 733 - - 711 22 733 3 2015 20 Illinois (f) 857 - 857 - (125) 732 - 732 - 2016 - Illinois (f) 879 - 879 4 (155) 724 4 727 - 2017 2016 - Illinois (h) 725 - 725 - - 725 - 725 - 2010 - Illinois (f) 823 - 823 - (99) 724 - 724 - 2016 - Illinois (h) 668 - 668 51 1 669 51 720 33 2017 2007 50 Illinois (o) 717 - 717 - - 717 - 717 - 2018 2018 - Illinois (f) 612 38 650 - 51 663 38 701 3 2017 2016 29 Illinois 701 - 701 - - 701 - 701 - 2017 - Illinois (f) 2,542 - 2,542 - (1,843) 699 - 699 - 2016 - Illinois (j) 667 30 697 - - 667 30 697 3 2017 2016 24 Illinois (f) 552 - 552 - 143 695 - 695 - 2016 - Illinois (h) 693 - 693 - - 693 - 693 - 2008 - Illinois (h) 684 - 684 - - 684 - 684 - 2007 - South Carolina (l) 477 57 534 148 - 477 205 682 10 2017 2017 32 Illinois (i) 681 - 681 - - 681 - 681 - 2015 - Georgia (i) 555 106 661 1 18 573 107 680 11 2015 30 Illinois (f) 505 - 505 - 173 678 - 678 - 2016 - Illinois (i) 667 - 667 - 1 668 - 668 - 2016 - Illinois (h) 448 100 548 110 - 448 210 658 33 2017 2003 50 Illinois (o) 652 - 652 - - 652 - 652 - 2018 2018 - Illinois (f) 507 - 507 - 142 649 - 649 - 2016 - Illinois (f) 466 - 466 - 178 644 - 644 - 2016 - Georgia (i) 482 142 624 - 3 485 142 626 13 2016 27 Illinois (f) 746 - 746 - (127) 619 - 619 - 2016 - Illinois (f) 939 - 939 - (326) 613 - 613 - 2016 - Illinois (h) 610 - 610 - - 610 - 610 - 2012 - Illinois (f) 744 - 744 - (136) 608 - 608 - 2016 - Illinois (f) 442 - 442 - 166 608 - 608 - 2016 - Colorado (t) 374 201 575 2 30 404 203 608 85 2014 11 Nebraska (b) 607 - 607 - - 607 - 607 - 2015 - Georgia (n) 469 108 577 25 - 469 133 603 8 2016 36 Nebraska (b) 561 - 561 - 41 602 - 602 - 2014 - Illinois (t) 527 37 564 16 - 527 53 580 6 2017 2011 50 Illinois (j) 563 - 563 - - 563 - 563 - 2016 - North Carolina (v) 554 - 554 - - 554 - 554 - 2018 2018 - Illinois (f) 534 - 534 - 11 545 - 545 - 2016 - Georgia (i) 475 53 528 16 - 475 69 545 9 2015 21 Illinois (f) 536 - 536 - (15) 521 - 521 - 2016 - Illinois (f) 447 - 447 - 74 521 - 521 - 2016 - Nebraska (c) 500 10 510 - - 500 10 510 7 2015 5 Kansas (l) 319 181 500 - - 319 181 500 18 2017 2017 20 Illinois (h) 442 38 480 (38) - 442 38 480 17 2009 24 South Carolina 460 - 460 - - 460 - 460 - 2018 2018 - Illinois (f) 601 - 601 - (158) 443 - 443 - 2016 - Illinois (f) 362 - 362 - 76 438 - 438 - 2016 - Illinois (f) 499 22 521 25 (112) 387 47 434 3 2017 2016 29 Illinois (f) 487 - 487 41 (96) 391 41 432 2 2017 2016 50 Illinois (f) 576 - 576 - (144) 432 - 432 - 2016 - Illinois (f) 254 - 254 - 174 428 - 428 - 2016 - Illinois (o) 428 - 428 - - 428 - 428 - 2018 2018 - South Carolina (v) 354 - 354 72 - 354 72 426 2 2018 2018 40 Illinois (f) 170 - 170 - 250 420 - 420 - 2016 - Colorado (t) 419 - 419 - - 419 - 419 - 2014 - Illinois (h) 290 38 328 87 - 290 125 415 16 2017 2006 50 Illinois (i) 371 - 371 38 - 371 38 409 2 2017 2016 50 Illinois (f) 370 - 370 - 28 398 - 398 - 2016 - Illinois (b) 398 - 398 - - 398 - 398 - 2008 - Colorado (i) - - - - 395 395 - 395 - 2015 - Illinois (f) 359 - 359 - 35 394 - 394 - 2016 - Illinois (h) 322 36 358 22 - 322 58 380 10 2017 2006 47 Illinois (o) 363 - 363 - - 363 - 363 - 2018 2018 - Illinois (t) 102 59 161 201 - 102 260 362 23 2017 2003 50 Illinois (f) 296 - 296 - 66 362 - 362 - 2016 - Illinois (h) 271 73 344 16 - 271 89 360 20 2017 2001 50 Illinois (f) 291 - 291 - 63 354 - 354 - 2016 - Illinois (f) 360 - 360 - (9) 351 - 351 - 2016 - Illinois (f) 317 - 317 - 30 347 - 347 - 2016 - Nebraska (t) 342 4 346 (1) (2) 341 4 344 - 2017 2014 27 Illinois (f) 282 - 282 - 58 340 - 340 - 2016 - Illinois (t) 321 24 345 (8) - 321 16 337 2 2017 2011 50 Kansas (j) 235 90 325 3 - 235 93 328 10 2017 2016 21 Illinois (f) 320 - 320 - (2) 318 - 318 - 2016 - Illinois (f) 286 - 286 - 29 315 - 315 - 2016 - North Carolina (v) 310 - 310 - - 310 - 310 - 2018 2018 - Illinois (f) 353 - 353 - (44) 309 - 309 - 2016 - Colorado (t) 276 - 276 - - 276 - 276 - 2014 - Illinois (f) 216 - 216 - 50 266 - 266 - 2016 - Colorado (t) 224 - 224 - 39 263 - 263 - 2014 - Illinois (f) 233 - 233 - 28 261 - 261 - 2016 - Illinois (h) 252 - 252 - - 252 - 252 - 2012 - Illinois (f) 240 - 240 - 7 247 - 247 - 2016 - Colorado (i) 236 - 236 - - 236 - 236 - 2015 - Illinois (o) 233 - 233 - - 233 - 233 - 2018 2018 - Illinois (f) 157 - 157 - 75 232 - 232 - 2016 - Illinois (h) 203 44 247 (24) - 203 20 223 4 2017 2006 50 Illinois (h) 200 16 216 (16) - 200 - 200 - 2011 - Illinois (f) 179 - 179 - 18 197 - 197 - 2016 - Illinois (o) 196 - 196 - - 196 - 196 - 2018 2018 - Georgia 142 39 180 3 - 142 41 183 2 2017 2017 30 Illinois (f) 153 - 153 - 28 181 - 181 - 2016 - Colorado - - - 69 - - 69 69 3 2017 2017 40 Illinois 34 86 120 (86) - 34 - 34 1 2016 7 Colorado - - - - - - - - - 2017 - Adjustments - - - - - - - 1 89 Other (u) 51,853 1,836 53,689 840 (744) 51,110 2,714 53,824 401 Farm Credit Bond 5,060 Farmer Mac Bond #6 $ 14,915 Farmer Mac Bond #7 $ 11,160 Farmer Mac Bond #8A $ 41,700 Farmer Mac Bond #8B $ - Farmer Mac Bond #9 $ 6,600 Met Life Bond #1 $ 89,914 Met Life Bond #2 $ 16,000 Met Life Bond #3 $ 21,000 Met Life Bond #4 $ 15,685 Met Life Bond #5 $ 8,379 Met Life Bond #6 $ 27,158 Met Life Bond #7 $ 21,253 Met Life Bond #8 $ 44,000 Met Life Bond #9 $ 21,000 Prudential Bond $ 5,144 Rutledge Credit Facility #1 $ 17,000 Rutledge Credit Facility #2 $ 25,000 Rutledge Credit Facility #3 $ 25,000 Rutledge Credit Facility #4 $ 15,000 Rutledge Credit Facility #5 $ 30,000 Rabo Agrifinance Note $ 64,359 Totals $ 525,327 $ 953,050 $ 115,785 $ 1,068,835 $ 34,016 $ 4,420 $ 957,516 $ 150,500 $ 1,108,016 $ 18,148 (a) is part of a collateral pool for the $5.1 million First Farm Credit of Central Florida Bond (b) is part of a collateral pool for the $14.9 million Farmer Mac Bond #6 (c) is part of a collateral pool for the $11.2 million Farmer Mac Bond #7 (d) is part of a collateral pool for the $41.7 milllion Farmer Mac Bond #8A (e) is part of a collateral pool for the $6.6 million Farmer Mac Bond #9 (f) is part of a collateral pool for the $90.0 million Met Life Bond #1 (g) is part of a collateral pool for the $16.0 million Met Life Bond #2 (h) is part of a collateral pool for the $21.0 million Met Life Bond #3 (i) is part of a collateral pool for the $15.7 million Met Life Bond #4 (j) is part of a collateral pool for the $8.4 million Met Life Bond #5 (k) is part of a collateral pool for the $27.2 million Met Life Bond #6 (l) is part of a collateral pool for the $21.3 million Met Life Bond #7 (m) is part of a collateral pool for the $44.0 million Met Life Bond #8 (n) is part of a collateral pool for the $6.6 million Prudential Loan (o) is part of a collateral pool for the $25.0 million Rutledge Credit Facility 1 (p) is part of a collateral pool for the $25.0 million Rutledge Credit Facility 2 (q) is part of a collateral pool for the $25.0 million Rutledge Credit Facility 3 (r) is part of a collateral pool for the $15.0 million Rutledge Credit Facility 4 (s) is part of a collateral pool for the $30.0 million Rutledge Credit Facility 5 (t) is part of a collateral pool for the $66.4 million Agrifinance Note (u) Other category is comprised of 95 farms in 6 states that on an individual basis make up less than 5% of gross total land plus improvements as of December 31, 2017. Approximately $2,417 is part of a collateral pool for the $14,915 Farmer Mac Bond #6, $510 is part of a collateral pool for the $11,160 Farmer Mac Bond #7, $20,464 is part of a collateral pool for the $90,000 Met Life Bond #1, $6,494 is part of a collateral pool for the $21,000 Met Life Bond #3, $4,542 is part of a collateral pool for the $15,685 Met Life Bond #4, $1,588 is part of a collateral pool for the $8,379 Met Life Bond #5, $1,182 is part of a collateral pool for the $21,253 Met Life Bond #7, $577 is part of a collateral pool for the $6,600 Prudential Loan, $1,553 is part of a collateral pool for the $25,000 Rutledge Credit Facility 1, and $5,427 is part of a collateral pool for the $66,400 Rabo Agrifinance Note. (v) the aggregate basis for U.S. federal income tax purposes is $534,459.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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, 2018, the Company owned a portfolio of approximately 162,000 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, 2018, the Company owned an 87.0% 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 (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units generally do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). 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. 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, 2018, the TRS performs these custom farming operations on 625 acres of farmland owned by the Company located in Florida. All references to numbers and percent of acres within this report are unaudited.
AFCO Mergers	AFCO Mergers On February 2, 2017, the Company completed a 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 its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,535 Common 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, net of $75.0 million in assumed debt.
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, 2018 and 2017, and the results of operations for the years ended December 31, 2018, 2017 and 2016, reflect the financial condition and results of operations of the Company.
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 When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group of similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of 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 by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, 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, 2017, all below market leases had been fully amortized, with amortization totaling $0.0 million recorded in the twelve months ended December 31, 2018. As of December 31, 2018 and 2017, the Company had $1.3 million and $1.4 million respectively, recorded for tenant relationship intangibles with total accumulated amortization and amortization expense of $1.0 million and $0.6 million, respectively. 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. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued,the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of business combination, 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, drainage 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 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 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, 2018 and 2017 was held in the custody of two 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, lines of credit and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2018, $0.2 million in costs were incurred in connection with the MetLife Term Loan 9, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). During the year ended December 31, 2017, $1.4 million in costs were incurred in connection with MetLife Term Loan 5, MetLife Term Loan 6, MetLife Term Loan 7, MetLife Term Loan 8, Rutledge Credit Facility and the Rabobank Note (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). 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 $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2018, 2017 and 2016, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. The Company wrote off $0, $0 and $6,209 of debt issuance costs to interest expense in conjunction with the early repayment of debt during the year ended December 31, 2018, 2017 and 2016, respectively. Accumulated amortization of deferred financing fees was $0.7 million and $0.6 million as of December 31, 2018 and 2017, 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 balance sheet date. As of December 31, 2018, the Company had issued six notes under the FPI Loan Program and have designated each of the notes receivable as loans. Loans 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, 2018, 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 was one note receivable that was past due at December 31, 2018, this note is secured by farmland, the Company believes that note will be fully recoverable.
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 $0.1 million and $0.5 million in offering costs during the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the Company had $0.2 million and $0.3 million, 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 $0.2 million and $0.5 million as of December 31, 2018 and 2017, respectively, which is recorded on the Consolidated Statement of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years.
Inventory	Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2018 2017 Harvested crop $ 100 $ 126 Growing crop 122 — General inventory 119 — $ 341 $ 126
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, 2018 had terms ranging from one to twenty five years. As of December 31, 2018, the Company had 72 leases over 137 properties 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 (contingent rent). Revenue under leases providing for a payment equal to 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 or packing facility that 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 for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance. Contingent rent recognized for the years ended December 31, 2018, 2017 and 2016 totaled $13.2 million, $ 9.5 million, and $1.6 million, respectively. 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. Crop sales revenue The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing 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 or packing 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 or packing facility and title has transferred. Other revenue 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 as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016.
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 $0.0 million, $0.0 million, and $0.01 million for the years ended December 31, 2018, 2017, and 2016, respectively. 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 $(0.02) million in taxable income from the TRS for the year ended December 31, 2018, $0.03 million at December 31, 2017, and $0.03 million for the year ended December 31, 2016 the Company did not have any deferred tax assets or liabilities for these years. 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 when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2018, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2017 and 2016 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 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. The Company determined that no deferred tax asset or liability should be recorded as a result of the business combinations that it undertook during the years ended December 31, 2018 and December 31, 2017.
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, 2018 met the criteria to be exempt from derivative accounting and were 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 Common 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 Second 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.
New or Revised Accounting Standards	New or Revised Accounting Standards Recently adopted 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. The Company completed its assessment of the impact of this guidance and determined that the primary impact relates to reporting crop sales revenue separately from other revenue the Company records in relation to interest income received from the Company’s loan program on the Consolidated Statement of Operations. There was no cumulative effect to retained earnings upon adoption. The majority of the Company’s contracts with customers relate to leases that fall within the scope of ASU 840. Not Yet Adopted 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 Company’s 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 are only two operating leases for office space and for subleased property in Nebraska. Both of these leases have terms less than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The Company will record a right-of-use asset and a lease liability for the third lease that has a term greater than 12 months, but the Company does not expect it to have a significant impact on 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. Under the new guidance lease procurement costs which were previously capitalized will be expensed as incurred. 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, the Company has two farm purchases that have previously been recorded as financial receivables, the adoption of Topic 842 does not affect this accounting. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, with modified retrospective restatement for each reporting period presented at the time of adoption. Early adoption is permitted. The Company will not early adopt this guidance. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption being allowed as of the fiscal years beginning after December 15, 2018. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements; however, the Company does not expect the new accounting guidance to have a material impact on its consolidated financial statements.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Organization and Significant Accounting Policies
Schedule of estimated useful lives of assets classified as improvements	Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40
Schedule of Inventory	December 31, ($ in thousands) 2018 2017 Harvested crop $ 100 $ 126 Growing crop 122 — General inventory 119 — $ 341 $ 126

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue Recognition
Summary of rental income recognized	Rental Income Recognized For the year ended December 31, ($ in thousands) 2018 2017 2016 Leases in effect at the beginning of the year $ 37,434 $ 12,593 $ 2,609 Leases entered into or amended during the year 13,751 30,363 27,059 $ 51,185 $ 42,956 $ 29,668
Schedule of future minimum lease payments from tenants under all non-cancelable leases in place	($ in thousands) Future Rental Year Ending December 31, Payments 2019 $ 37,027 2020 25,012 2021 13,122 2022 2,371 2023 500 2024 and beyond 3,417 $ 81,449

Concentration Risk (Tables)

Concentration Risk (Tables)	12 Months Ended
	Dec. 31, 2018
Tenant concentration
Concentration Risk
Summary of concentrations	Rental Income Recognized For the year ended December 31, ($ in thousands) 2018 2017 2016 Tenant A (1) $ 6,996 13.6 % $ 7,041 16.4 % $ — — % Tenant B (1) $ 6,957 13.6 % $ — — % $ — — % (1) The Company has numerous permanent crop leases with these major farming companies located in Califonia.
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 2018 2017 2016 2018 2017 2016 Alabama % 0.4 % — % % 0.2 % — % Arkansas % 9.1 % 10.0 % % 4.7 % 4.5 % California % 7.2 % — % % 27.8 % — % Colorado % 15.1 % 18.8 % % 6.4 % 9.3 % Florida % 4.6 % 2.1 % % 3.1 % 0.6 % Georgia % 3.3 % 2.9 % % 4.0 % 1.8 % Illinois % 25.5 % 24.8 % % 28.8 % 25.4 % Kansas % 1.2 % 1.6 % % 0.4 % 0.4 % Louisiana % 5.9 % 8.1 % % 3.3 % 1.4 % Michigan % 1.4 % 0.4 % % 1.6 % 0.4 % Mississippi % 3.1 % 4.3 % % 2.0 % 2.2 % North Carolina % 6.9 % 9.6 % % 4.3 % 39.1 % Nebraska % 3.7 % 5.1 % % 3.6 % 5.2 % South Carolina % 9.1 % 8.9 % % 7.7 % 8.3 % South Dakota % 1.1 % — % % 0.6 % — % Texas % 1.7 % 2.3 % % 1.1 % 1.4 % Virginia % 0.7 % 1.1 % % 0.4 % — % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Real Estate (Tables)

Real Estate (Tables) - American Farmland Company	12 Months Ended
	Dec. 31, 2018
Real Estate
Schedule of allocation of purchase price for farms acquired	($ in thousands) Land, at cost $ 181,072 Irrigation improvements 26,155 Permanent plantings 48,513 Buildings 1,499 In-place leases (1) 1,139 Lease origination costs 264 Cash 3,832 Other assets 1,831 Inventory 99 Deferred revenue (4,434) Other liabilities (13,826) Gross Total Consideration 246,144 Mortgage notes and bonds payable, net (75,000) Total Consideration $ 171,144 (1) Weighted average amortization period of the in-place lease liability is three years.
Schedule of unaudited pro forma financial information	For the Year Ended ($ in thousands) December 31, Proforma 2017 2016 Revenue $ 46,219 $ 31,001 Pro forma estimate (1) 993 15,661 Total operating revenue $ 47,212 $ 46,662 Net income $ 9,158 $ 5,999 Pro forma estimate (367) 3,577 Total net income $ 8,791 $ 9,576 Net income available to common stockholders of Farmland Partners Inc. $ 411 $ 4,966 Earnings per share basic and diluted Income per basic share attributable to common stockholders $ 0.01 $ 0.18 Income per diluted share attributable to common stockholders $ 0.01 $ 0.18 Weighted-average number of common shares - basic 32,340 27,968 Weighted-average number of common shares - diluted 32,340 27,968 (1) Represents a linear extrapolation of revenues over the year ended December 31, 2017 and 2016 and therefore does not take into account the irregularity of certain of the Company’s revenue components, such as crop share lease payments.

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Receivable
Schedule of notes receivable held by the company	($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2018 December 31, 2017 Maturity Mortgage Note (1) Principal & interest due at maturity $ 1,840 $ 1,800 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 234 240 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due monthly 2,145 2,194 3/16/2022 Mortgage Note (3) Principal & interest due at maturity - 100 1/31/2018 Mortgage Note (4) Principal due at maturity & interest paid in advance - 669 2/15/2018 Mortgage Note (5) Principal due at maturity & interest paid in advance - 2,700 1/29/2018 Mortgage Note (6) Principal & interest due at maturity 1,647 1,647 3/1/2020 Mortgage Note Principal & interest due at maturity 5,125 - 8/19/2020 Mortgage Note (7) Principal & interest due at maturity 62 - 12/31/2018 Line of Credit (8) Principal & interest due at maturity 106 - 11/15/2018 Total outstanding principal 11,159 9,350 Points paid, net of direct issuance costs - (6) Interest receivable (net prepaid interest) 947 461 Provision for loan receivable (229) (45) Total notes and interest receivable $ 11,877 $ 9,760 (1) (2) (3) (4) (5) (6) (7) (8)
Reconciliation of carrying amount of mortgage loans	Years ended December 31, 2018 2017 2016 ($ in thousands) Balance at beginning of year $ 9,350 $ 2,780 $ 2,830 Additions during year: New mortgage loans and additional advances on existing loans 6,662 7,372 - Interest income added to principal - - - Amortization of discount - - - 16,012 10,152 2,830 Deductions during year: Collection of principal 4,853 802 50 Foreclosure - - - Balance at end of year $ 11,159 $ 9,350 $ 2,780

Mortgage Notes, Lines of Cred_2

Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	12 Months Ended
	Dec. 31, 2018
Mortgage Notes, Lines of Credit 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 2018 2018 2017 Maturity 2018 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 14,915 14,915 April 2025 $ 22,076 $ 21,688 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,561 18,436 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 80,989 80,936 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,828 7,723 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 89,913 90,000 March 2026 199,584 198,309 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 32,189 31,633 MetLife Term Loan #3 Semi-annual interest only 2.66% adjusted every three years 2.66% 21,000 21,000 March 2026 27,525 27,202 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,124 30,671 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 13,964 17,245 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,058 56,199 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 21,253 21,253 June 2027 48,963 48,247 MetLife Term Loan #8 Semi-annual interest only 4.12% adjusted every three years 4.12% 44,000 44,000 December 2042 110,042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 - May 2028 40,981 — Farm Credit of Central Florida (2) LIBOR + 2.9375% adjusted monthly (4) 5.44% 5,060 5,102 September 2023 13,263 10,212 Prudential (3) 3.20% 3.20% 5,144 6,481 July 2019 10,583 11,622 Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 4.08% 64,359 66,400 March 2028 134,901 137,788 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 17,000 25,000 January 2022 29,576 46,259 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 25,000 25,000 January 2022 39,749 49,454 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 25,000 25,000 January 2022 58,006 59,339 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 15,000 15,000 January 2022 29,170 28,535 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.63% 30,000 30,000 January 2022 85,707 69,818 Total outstanding principal 525,326 515,833 $ 1,092,841 $ 1,061,358 Debt issuance costs (1,685) (1,762) Unamortized premium - - Total mortgage notes and bonds payable, net $ 523,641 $ 514,071 (1) During the year ended December 31, 2017 the Company converted the interest rate on Metlife Term Loans 1 and 4 from variable to fixed rates for a term of three years. Once the term expires the new rate will be determined based on the loan agreements. (2) 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. (3) 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. (4) Interest rate changed as of 12/31/18 from LIBOR + 2.6875% to LIBOR + 2.9375%
Schedule of aggregate maturities of long-term debt	($ in thousands) Year Ending December 31, Future Maturities 2019 $ 5,418 2020 48,574 2021 274 2022 112,274 2023 3,962 Thereafter 354,823 $ 525,327

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies.
Schedule of future minimum lease payments	($ in thousands) Future Rental Year Ending December 31, Payments 2019 $ 74 2020 — 2021 — 2022 — 2023 and beyond — $ 74

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2016 — $ — 117 $ 119,915 Distribution paid to non-controlling interest — — — (2,915) Accrued distributions to non-controlling interest — — — 3,510 Balance at December 31, 2017 — $ — 117 $ 120,510 Balance at December 31, 2017 — $ — 117 $ 120,510 Distribution paid to non-controlling interest — — — (3,510) Accrued distributions to non-controlling interest — — — 3,510 Balance at December 31, 2018 — $ — 117 $ 120,510
Schedule of declaration and payment of distribution	Fiscal Year Declaration Date Record Date Payment Date Distributions 2018 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 August 8, 2018 October 1, 2018 October 15, 2018 $ 0.0500 November 5, 2018 January 1, 2019 January 15, 2019 0.0500 $ 0.3550 2017 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 May 8, 2017 June 30, 2017 July 14, 2017 0.1275 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 November 8, 2017 January 2, 2018 January 16, 2018 0.1275 $ 0.5100 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ 0.1275 May 9, 2016 July 1, 2016 July 15, 2016 0.1275 August 3, 2016 September 30, 2016 October 14, 2016 0.1275 November 3, 2016 January 2, 2017 January 13, 2017 0.1275 $ 0.5100
Summary of non-vested shares	Weighted Number of Average Grant Shares Date Fair Value Unvested at January 1, 2016 145 13.87 Granted 119 10.78 Vested (70) 13.96 Forfeited (5) 11.09 Unvested at December 31, 2016 189 11.98 Granted 205 11.30 Vested (108) 12.84 Forfeited (9) 11.00 Unvested at December 31, 2017 277 11.16 Granted 162 7.67 Vested (129) 8.54 Forfeited (11) 8.11 Unvested at December 31, 2018 299 $ 9.49
Schedule of computation of basic and diluted earnings (loss) per share	For the year ended December 31, ($ in thousands) 2018 2017 2016 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 12,254 $ 7,914 $ 4,302 Less: Nonforfeitable distributions allocated to unvested restricted shares (111) (151) (96) Less: Distributions on redeemable non-controlling interersts in operating partnership, Common units — — (113) Less: Distributions on redeemable non-controlling interests in operating partnership, Series A Preferred units (3,510) (3,510) (2,915) Less: Dividends on Series B Participating Preferred Stock (9,053) (3,346) — Net (loss) income attributable to common stockholders $ (420) $ 907 $ 1,178 Denominator: Weighted-average number of common shares - basic 32,162 31,210 13,204 Conversion of Series A preferred units (1) — — — Conversion of Series B participating preferred stock — — — Unvested restricted shares (1) — — — Weighted-average number of common shares - diluted 32,162 31,210 13,204 Income (loss) per share attributable to common stockholders - basic $ (0.01) $ 0.03 $ 0.09 Income (loss) per share attributable to common stockholders - diluted $ (0.01) $ 0.03 $ 0.09 (1) Anti-dilutive for the year ended December 31, 2018, 2017 and 2016.
Schedule of equity awards and units outstanding	(in thousands) December 31, 2018 December 31, 2017 December 31, 2016 Shares 30,295 33,058 17,163 OP Units 4,582 4,739 5,692 Redeemable OP Units — — — Unvested Restricted Stock Awards 299 276 188 35,176 38,073 23,043

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information (unaudited)
Quarterly results of operations	Quarter Ended ($ in thousands) March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating revenues $ 11,207 11,419 12,549 20,894 Operating expenses 6,386 6,231 6,394 7,365 Other expenses 4,318 4,207 1,998 5,130 Net (loss) income before income tax 503 981 4,157 8,399 Income tax expense — — — — Net (loss) income $ 503 $ 981 $ 4,157 $ 8,399 Net (loss) available to common stockholders of Farmland Partners Inc. $ (2,744) $ (2,323) $ 484 $ 4,163 Basic net (loss) per share available to common stockholders (1) $ (0.08) $ (0.07) $ 0.02 $ 0.12 Diluted net (loss) per share available to common stockholders (1) $ (0.08) $ (0.07) $ 0.02 $ 0.09 Basic weighted average common shares outstanding 33,014 32,542 32,222 30,889 Diluted weighted average common shares outstanding 33,014 32,542 32,222 86,025 (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, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Operating revenues $ 7,150 $ 11,460 $ 12,046 $ 15,563 Operating expenses 6,442 5,909 5,932 5,408 Other expenses 2,709 3,530 3,504 3,627 Net (loss) income before income tax (2,001) 2,021 2,610 6,528 State income tax expense — — — — Net (loss) income $ (2,001) $ 2,021 $ 2,610 $ 6,528 Net (loss) income available to common stockholders of Farmland Partners Inc. $ (2,547) $ 772 $ 221 $ 2,461

Hedge Accounting (Tables)

Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging	12 Months Ended
	Dec. 31, 2018
Derivative Contracts
Schedule of fair value of derivative instruments	($ in thousands) Instrument Balance sheet location Fair Value Interest rate swap Derivative liability $ (865) Other Comprehensive Income 865
Schedule of effect of derivative instruments on the consolidated statement of operations	($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) recognized Location of Gain (Loss) Interest rate contracts 84 Interest expense
Schedule of movement in other comprehensive income	($ in thousands) December 31, 2018 December 31, 2017 Beginning accumulated derivative instrument gain or loss $ — $ — Net change associated with current period hedging transactions 865 — Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 865 $ —

Organization and Significant _4

Organization and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Aug. 17, 2017$ / sharesshares	Feb. 02, 2017USD ($)$ / sharesshares	Dec. 31, 2018USD ($)alease$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)
Organization and Significant Accounting Policies
Area of real estate property | a			162,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Acquired debt				$ 75,000
Rental revenue			$ 51,185	42,956	$ 29,668
Retained earnings			4,852	5,161
Accounts receivable, net (See Note 1)			$ 6,136	6,650
Number of operating leases | lease			2
Below Market Lease
Below market lease, accumulated amortization			$ 0
Tenant relationship intangibles			1,300	1,400
Tenant relationship intangibles, accumulated amortization			$ 1,000	$ 600
Common Units | Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			87.00%
American Farmland Company
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
Acquired debt			$ 75,000
American Farmland Company | Restricted stock units
Organization and Significant Accounting Policies
Units issued | shares		17,373
American Farmland Company | Common Units
Organization and Significant Accounting Policies
Consideration share price | $ / shares		$ 0.7417
Units issued | shares		218,535
TRS
Organization and Significant Accounting Policies
Area of real estate property | a			625
Operating Partnership | Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			87.00%
Series B Participating Preferred Stock
Organization and Significant Accounting Policies
Shares issued under underwriting agreement | shares	6,037,500
Preference dividend (as a percent)	6.00%
Par value | $ / shares	$ 0.01

Organization and Significant _5

Organization and Significant Accounting Policies - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2018
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	20 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	40 years
Other | Minimum
Real Estate
Estimated useful lives	5 years
Other | Maximum
Real Estate
Estimated useful lives	40 years

Organization and Significant _6

Organization and Significant Accounting Policies - Additional disclosures (Details)	12 Months Ended
	Dec. 31, 2018USD ($)leaseInstitutionpropertyitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Impairment
Impairments recognized on real estate assets	$ 0
Cash
Number of financial institutions in which custody of cash was held	2	2
Deferred Financing Fees
Financing fees capitalized	$ 200,000	$ 1,400,000
Deferred financing fees written off	0	0	$ 6,209
Accumulated amortization of deferred financing fees	700,000	600,000
Notes receivable past due	1,000
Deferred offering costs incurred	100,000	500,000
Deferred offering costs	218,000	292,000
Accounts Receivable
Allowance for doubtful accounts	200,000	500,000
Inventory
Harvested crop	100,000	126,000
Growing crop	122,000
General inventory	119,000
Total inventory	$ 341,000	126,000
Revenue Recognition
Number of leases with rent escalations | lease	72
Number of properties with rent escalations | property	137
Contingent rent recognized	$ 13,200,000	9,500,000	1,600,000
Income tax
Income tax expense			11,000
Deferred tax assets	0	0
Deferred tax liabilities	$ 0	0
Required holding period	5 years
Deferred tax liability, built in gain	$ 0
Minimum
Revenue Recognition
Terms of leases	1 year
Maximum
Revenue Recognition
Terms of leases	25 years
Interest Expense
Deferred Financing Fees
Amortization expense	$ 300,000	300,000	400,000
TRS
Income tax
Taxable income attributable to TRS	$ (20,000)	$ 30,000	$ 30,000
FPI Loan Program
Deferred Financing Fees
Number of notes issued | item	6

Organization and Significant _7

Organization and Significant Accounting Policies - Stock based compensation and new or revised accounting standards (Details)	12 Months Ended
	Dec. 31, 2018
Organization and Significant Accounting Policies
Non controlling interest holding period	1 year

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue Recognition
Contingent rent recognized	$ 13,200	$ 9,500	$ 1,600
Rental income	51,185	42,956	29,668
Future Rental Payments
2019	37,027
2020	25,012
2021	13,122
2022	2,371
2023	500
2024 and beyond	3,417
Total	81,449
Leases in effect at the beginning of the year
Revenue Recognition
Rental income		37,434	12,593	$ 2,609
Leases entered into or amended during the year
Revenue Recognition
Rental income	$ 13,751	$ 30,363	$ 27,059
Minimum
Revenue Recognition
Percentage of rent received during first quarter or second half of the year	50.00%
Terms of leases	1 year
Maximum
Revenue Recognition
Terms of leases	25 years

Concentration Risk (Details)

Concentration Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk
Rental income	$ 51,185	$ 42,956	$ 29,668
Approximate total acres | Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100.00%	100.00%	100.00%
Approximate total acres | Geographic concentration | Alabama
Concentration Risk
Concentration risk (as a percent)	0.30%	0.40%
Approximate total acres | Geographic concentration | Arkansas
Concentration Risk
Concentration risk (as a percent)	8.30%	9.10%	10.00%
Approximate total acres | Geographic concentration | California
Concentration Risk
Concentration risk (as a percent)	7.20%	7.20%
Approximate total acres | Geographic concentration | Colorado
Concentration Risk
Concentration risk (as a percent)	14.90%	15.10%	18.80%
Approximate total acres | Geographic concentration | Florida
Concentration Risk
Concentration risk (as a percent)	4.60%	4.60%	2.10%
Approximate total acres | Geographic concentration | Georgia
Concentration Risk
Concentration risk (as a percent)	3.30%	3.30%	2.90%
Approximate total acres | Geographic concentration | Illinois
Concentration Risk
Concentration risk (as a percent)	24.10%	25.50%	24.80%
Approximate total acres | Geographic concentration | Kansas
Concentration Risk
Concentration risk (as a percent)	1.20%	1.20%	1.60%
Approximate total acres | Geographic concentration | Louisiana
Concentration Risk
Concentration risk (as a percent)	5.20%	5.90%	8.10%
Approximate total acres | Geographic concentration | Michigan
Concentration Risk
Concentration risk (as a percent)	1.40%	1.40%	0.40%
Approximate total acres | Geographic concentration | Mississippi
Concentration Risk
Concentration risk (as a percent)	3.00%	3.10%	4.30%
Approximate total acres | Geographic concentration | North Carolina
Concentration Risk
Concentration risk (as a percent)	10.30%	6.90%	9.60%
Approximate total acres | Geographic concentration | Nebraska
Concentration Risk
Concentration risk (as a percent)	3.70%	3.70%	5.10%
Approximate total acres | Geographic concentration | South Carolina
Concentration Risk
Concentration risk (as a percent)	9.40%	9.10%	8.90%
Approximate total acres | Geographic concentration | South Dakota
Concentration Risk
Concentration risk (as a percent)	1.00%	1.10%
Approximate total acres | Geographic concentration | Texas
Concentration Risk
Concentration risk (as a percent)	1.30%	1.70%	2.30%
Approximate total acres | Geographic concentration | Virginia
Concentration Risk
Concentration risk (as a percent)	0.80%	0.70%	1.10%
Rental income | Tenant concentration | Tenant A
Concentration Risk
Rental income	$ 6,996	$ 7,041
Concentration risk (as a percent)	13.60%	16.40%
Rental income | Tenant concentration | Tenant B
Concentration Risk
Rental income	$ 6,957
Concentration risk (as a percent)	13.60%
Rental income | Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100.00%	100.00%	100.00%
Rental income | Geographic concentration | Alabama
Concentration Risk
Concentration risk (as a percent)	0.40%	0.20%
Rental income | Geographic concentration | Arkansas
Concentration Risk
Concentration risk (as a percent)	4.00%	4.70%	4.50%
Rental income | Geographic concentration | California
Concentration Risk
Concentration risk (as a percent)	36.80%	27.80%
Rental income | Geographic concentration | Colorado
Concentration Risk
Concentration risk (as a percent)	4.40%	6.40%	9.30%
Rental income | Geographic concentration | Florida
Concentration Risk
Concentration risk (as a percent)	1.70%	3.10%	0.60%
Rental income | Geographic concentration | Georgia
Concentration Risk
Concentration risk (as a percent)	2.10%	4.00%	1.80%
Rental income | Geographic concentration | Illinois
Concentration Risk
Concentration risk (as a percent)	24.30%	28.80%	25.40%
Rental income | Geographic concentration | Kansas
Concentration Risk
Concentration risk (as a percent)	0.30%	0.40%	0.40%
Rental income | Geographic concentration | Louisiana
Concentration Risk
Concentration risk (as a percent)	2.80%	3.30%	1.40%
Rental income | Geographic concentration | Michigan
Concentration Risk
Concentration risk (as a percent)	1.70%	1.60%	0.40%
Rental income | Geographic concentration | Mississippi
Concentration Risk
Concentration risk (as a percent)	1.70%	2.00%	2.20%
Rental income | Geographic concentration | North Carolina
Concentration Risk
Concentration risk (as a percent)	7.10%	4.30%	39.10%
Rental income | Geographic concentration | Nebraska
Concentration Risk
Concentration risk (as a percent)	3.00%	3.60%	5.20%
Rental income | Geographic concentration | South Carolina
Concentration Risk
Concentration risk (as a percent)	7.90%	7.70%	8.30%
Rental income | Geographic concentration | South Dakota
Concentration Risk
Concentration risk (as a percent)	0.70%	0.60%
Rental income | Geographic concentration | Texas
Concentration Risk
Concentration risk (as a percent)	0.80%	1.10%	1.40%
Rental income | Geographic concentration | Virginia
Concentration Risk
Concentration risk (as a percent)	0.40%	0.40%

Related Party Transactions (Det

Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 21, 2015
Related Party Transactions
Outstanding payables	$ 0	$ 10
Lease origination costs
Related Party Transactions
Related party, transaction amount	$ 100	$ 200	$ 200
Paul A. Pittman
Related Party Transactions
Related party transaction, percentage of ownership interest held by related party				100.00%

Real Estate (Details)

Real Estate (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)a	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)aitem	Dec. 31, 2017USD ($)$ / sharesitemshares	Dec. 31, 2016USD ($)$ / sharesshares
Farms acquired and allocation of purchase price
Number of dispositions | item									5
Proceeds from sale of real estate									$ 31,900	$ 3,100
Total approximate acres | a	162,000								162,000
Cash					$ 3,832					3,832
Other assets					1,831					1,831
Inventory					99					99
Deferred revenue					(4,434)					(4,434)
Other liabilities					(13,826)					(13,826)
Gross Total Consideration					246,144					246,144
Mortgage notes and bonds payable, net					(75,000)					(75,000)
Total Consideration					171,144					171,144
Rental revenue									$ 51,185	42,956	$ 29,668
Acquisition related costs									180	930	2,521
Agreement termination payment amount								$ 1,600
Agreement termination payment amount, income statement impact										700
Agreement termination payment amount, cost incurred prior to mergers										900
Agreement termination fee								200
Pro forma financial information
Revenue	$ 20,894	$ 12,549	$ 11,419	$ 11,207	15,563	$ 12,046	$ 11,460	7,150	56,069	46,219	31,001
Total operating revenue										47,212	46,662
Net income	8,399	$ 4,157	$ 981	$ 503	6,528	$ 2,610	$ 2,021	$ (2,001)	14,040	9,158	5,999
Total net income (loss)										8,791	9,576
Net income available to common stockholders of Farmland Partners Inc.										$ 411	$ 4,966
Income per basic share attributable to common stockholders | $ / shares										$ 0.01	$ 0.18
Income per diluted share attributable to common stockholders | $ / shares										$ 0.01	$ 0.18
Weighted-average number of common shares - basic | shares										32,340	27,968
Weighted-average number of common shares - diluted | shares										32,340	27,968
Leases in place
Farms acquired and allocation of purchase price
Real estate					1,139					$ 1,139
Weighted average amortization period										3 years
Land
Farms acquired and allocation of purchase price
Real estate					181,072					$ 181,072
Irrigation improvements
Farms acquired and allocation of purchase price
Real estate					26,155					26,155
Permanent plantings
Farms acquired and allocation of purchase price
Real estate					48,513					48,513
Buildings
Farms acquired and allocation of purchase price
Real estate					1,499					1,499
Lease origination costs
Farms acquired and allocation of purchase price
Real estate					264					$ 264
American Farmland Company
Farms acquired and allocation of purchase price
Mortgage notes and bonds payable, net	$ (75,000)								$ (75,000)
Asset acquisition
Farms acquired and allocation of purchase price
Number of acquisitions | item									6	18
Aggregate purchase price									$ 33,800	$ 225,900
Intangible assets acquired					0					0
Total revenue from date of acquisition										14,700
Net income (loss) from date of acquisition										$ 6,000
Business combination
Farms acquired and allocation of purchase price
Number of acquisitions | item										1
Pro forma
Pro forma financial information
Revenue										$ 993	$ 15,661
Net income										(367)	$ 3,577
Adjustment
Farms acquired and allocation of purchase price
Real estate					(1,100)					(1,100)
Other assets					600					600
Other liabilities					600					600
Adjustment | Land
Farms acquired and allocation of purchase price
Real estate					(800)					(800)
Adjustment | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate					(100)					(100)
Adjustment | Permanent plantings
Farms acquired and allocation of purchase price
Real estate					$ (200)					$ (200)

Notes Receivable (Details)

Notes Receivable (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2018	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2018	Aug. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		$ 11,159,000	$ 9,350,000
Points paid, net of direct issuance costs			(6,000)
Interest receivable (net prepaid interest)		947,000	461,000
Provision for loan receivable		(229,000)	(45,000)
Total notes and interest receivable		11,877,000	9,760,000
Notes receivable		11,700,000	9,400,000
Mortgage loan
Balance at beginning of year		9,350,000	2,780,000	$ 2,830,000
New mortgage loans and additional advances on existing loans		6,662,000	7,372,000
Additions during year		16,012,000	10,152,000	2,830,000
Collections of principal		4,853,000	802,000	50,000
Balance at end of year		11,159,000	9,350,000	$ 2,780,000
Mortgage Note Maturing on 1/15/2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		1,840,000	1,800,000
Mortgage Note Maturing on 3/16/2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		$ 234,000	240,000
Mortgage Note Maturing on 3/16/2022 | Colorado
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of additional properties | property		2
Mortgage Note Maturing on 3/16/2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		$ 2,145,000	2,194,000
Interest rate (as a percent)	7.50%				6.50%
Loan fee	1.00%
Mortgage Note Maturing on 3/16/2022 | Colorado
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of additional properties | property		2
Mortgage Note Maturing on 1/31/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal			100,000
Mortgage Note Maturing on 2/15/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal			669,000
Mortgage Note Maturing on 1/29/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal			2,700,000
Mortgage Note Maturing on 3/1/2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		$ 1,647,000	$ 1,647,000
Mortgage Note Maturing on 8/19/2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		5,125,000
Mortgage Note Maturing on 12/31/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		62,000
Line of Credit Maturing on 11/15/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal		$ 106,000
FPI Loan Program | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts						$ 100,000
FPI Loan Program | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, term		3 years

Mortgage Notes, Lines of Cred_3

Mortgage Notes, Lines of Credit and Bonds Payable (Details)	Dec. 31, 2018USD ($)	Dec. 30, 2018	Dec. 15, 2017USD ($)	Nov. 24, 2017USD ($)	Oct. 23, 2017USD ($)	Sep. 05, 2017USD ($)	Sep. 29, 2016	Sep. 26, 2016	Mar. 01, 2015	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 30, 2017USD ($)	Jun. 07, 2017USD ($)	Mar. 29, 2017	Feb. 14, 2017USD ($)	Jan. 12, 2017USD ($)subsidiary	Dec. 21, 2016USD ($)	Aug. 31, 2016USD ($)	Jun. 29, 2016USD ($)subsidiary	Mar. 29, 2016USD ($)subsidiary	Aug. 03, 2015USD ($)
Mortgage notes payable
Mortgage notes and bonds payable, net	$ 523,641,000									$ 523,641,000	$ 514,071,000
Debt issuance costs	(1,685,000)									(1,685,000)	(1,762,000)
Principal outstanding	525,326,000									525,326,000	515,833,000
Book value of collateral	1,092,841,000									1,092,841,000	1,061,358,000
Debt repayment										11,508,000	81,219,000	$ 84,750,000
Accumulated amortization of deferred financing fees	$ 700,000									$ 700,000	600,000
Minimum
Mortgage notes payable
Margin added to reference rate (as a percent)		2.6875%
Maximum
Mortgage notes payable
Margin added to reference rate (as a percent)	2.9375%
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	$ 74,400,000									$ 74,400,000	74,400,000
Farmer Mac Facility | Secured notes | Minimum
Mortgage notes payable
Leverage ratio (as a percent)										60.00%
Fixed charge coverage ratio										1.50
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%
MetLife
Mortgage notes payable
Interest rate (as a percent)															3.48%
Number of subsidiaries | subsidiary																				5	5
Principal amount of loan																				$ 15,700,000
MetLife | Term Loan
Mortgage notes payable
Principal amount of loan																					$ 127
Maximum loan to value ratio										60.00%
MetLife | Term Loan One
Mortgage notes payable
Interest Rate (as a percent)	2.00%									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%									2.66%
Percentage of conditional prepayment of loan without penalty										1.00%
MetLife | Term Loan Two and Three | Maximum
Mortgage notes payable
Minimum prepayment premium										20.00%
MetLife | Term Loan Four
Mortgage notes payable
Interest rate (as a percent)							2.40%													2.39%
Interest Rate (as a percent)							2.60%
3 month LIBOR | MetLife
Mortgage notes payable
Margin added to reference rate (as a percent)										1.75%
Farmer Mac Bond #1
Mortgage notes payable
Debt repayment						$ 20,700,000
Farmer Mac Bond #2
Mortgage notes payable
Debt repayment					$ 5,500,000
Farmer Mac Bond #3
Mortgage notes payable
Debt repayment				$ 10,700,000
Farmer Mac Bond #4
Mortgage notes payable
Debt repayment			$ 44,300,000
Farmer Mac Bond #6
Mortgage notes payable
Principal outstanding	$ 14,915,000									$ 14,915,000	14,915,000
Interest rate (as a percent)	3.69%									3.69%
Interest Rate (as a percent)	3.69%									3.69%
Book value of collateral	$ 22,076,000									$ 22,076,000	21,688,000
Farmer Mac Bond #7
Mortgage notes payable
Principal outstanding	$ 11,160,000									$ 11,160,000	11,160,000
Interest rate (as a percent)	3.68%									3.68%
Interest Rate (as a percent)	3.68%									3.68%
Book value of collateral	$ 18,561,000									$ 18,561,000	18,436,000
Farmer Mac Bond #8
Mortgage notes payable
Principal outstanding													$ 44,000,000
Interest rate (as a percent)													4.12%
Farmer Mac Bond #8A
Mortgage notes payable
Principal outstanding	$ 41,700,000									$ 41,700,000	41,700,000
Interest rate (as a percent)	3.20%									3.20%
Interest Rate (as a percent)	3.20%									3.20%
Book value of collateral	$ 80,989,000									$ 80,989,000	80,936,000
Farmer Mac Bond #9
Mortgage notes payable
Principal outstanding	$ 6,600,000									$ 6,600,000	6,600,000
Interest rate (as a percent)	3.35%									3.35%
Interest Rate (as a percent)	3.35%									3.35%
Book value of collateral	$ 7,828,000									$ 7,828,000	7,723,000
MetLife Term Loan #1
Mortgage notes payable
Principal outstanding	$ 89,913,000									$ 89,913,000	90,000,000
Interest rate (as a percent)	3.48%									3.48%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	3.48%									3.48%
Book value of collateral	$ 199,584,000									$ 199,584,000	198,309,000
MetLife Term Loan #1 | Term Loan Four
Mortgage notes payable
Interest rate (as a percent)							2.60%
MetLife Term Loan #2
Mortgage notes payable
Principal outstanding	$ 16,000,000									$ 16,000,000	16,000,000
Interest rate (as a percent)	2.66%									2.66%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	2.66%									2.66%
Book value of collateral	$ 32,189,000									$ 32,189,000	31,633,000
MetLife Term Loan #3
Mortgage notes payable
Principal outstanding	$ 21,000,000									$ 21,000,000	21,000,000
Interest rate (as a percent)	2.66%									2.66%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	2.66%									2.66%
Book value of collateral	$ 27,525,000									$ 27,525,000	27,202,000
MetLife Term Loan #4
Mortgage notes payable
Principal outstanding	$ 15,685,000									$ 15,685,000	15,685,000
Interest rate (as a percent)	3.48%									3.48%
Adjustment term for the interest rate on the debt instrument										3 years
Margin added to reference rate (as a percent)							3.48%
Interest Rate (as a percent)	3.48%									3.48%
Book value of collateral	$ 31,124,000									$ 31,124,000	30,671,000
MetLife Term Loan #4 | MetLife | Minimum
Mortgage notes payable
Margin added to reference rate (as a percent)								2.00%
MetLife Term Loan #5
Mortgage notes payable
Principal outstanding	$ 8,379,000									$ 8,379,000	8,379,000						$ 8,400,000
Interest rate (as a percent)	3.26%									3.26%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	3.26%									3.26%
Number of subsidiaries | subsidiary																	5
Book value of collateral	$ 13,964,000									$ 13,964,000	17,245,000
MetLife Term Loan #5 | Term Loan Five
Mortgage notes payable
Interest rate (as a percent)																	3.26%
MetLife Term Loan #6
Mortgage notes payable
Principal outstanding	$ 27,158,000									$ 27,158,000	27,158,000					$ 27,200,000
Interest rate (as a percent)	3.21%									3.21%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	3.21%									3.21%
Book value of collateral	$ 58,058,000									$ 58,058,000	56,199,000
MetLife Term Loan #6 | Term Loan Six
Mortgage notes payable
Interest rate (as a percent)																3.21%
MetLife Term Loan #6 | Term Loan Seven
Mortgage notes payable
Interest rate (as a percent)														3.45%
MetLife Term Loan #7
Mortgage notes payable
Principal outstanding	$ 21,253,000									$ 21,253,000	21,253,000			$ 21,300,000
Interest rate (as a percent)	3.45%									3.45%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	3.45%									3.45%
Book value of collateral	$ 48,963,000									$ 48,963,000	48,247,000
MetLife Term Loan #8
Mortgage notes payable
Principal outstanding	$ 44,000,000									$ 44,000,000	44,000,000
Interest rate (as a percent)	4.12%									4.12%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	4.12%									4.12%
Book value of collateral	$ 110,042,000									$ 110,042,000	110,042,000
Metlife Term Loan #9
Mortgage notes payable
Principal outstanding	$ 21,000,000									$ 21,000,000
Interest rate (as a percent)	4.19%									4.19%
Adjustment term for the interest rate on the debt instrument										3 years
Interest Rate (as a percent)	4.19%									4.19%
Book value of collateral	$ 40,981,000									$ 40,981,000
Farm Credit of Central Florida
Mortgage notes payable
Principal outstanding	$ 5,060,000									$ 5,060,000	5,102,000								$ 8,200,000
Margin added to reference rate (as a percent)										2.9375%
Interest Rate (as a percent)	5.44%									5.44%
Book value of collateral	$ 13,263,000									$ 13,263,000	10,212,000
Coverage ratio										1.25
Farm Credit of Central Florida | LIBOR
Mortgage notes payable
Interest rate (as a percent)	2.6875%									2.6875%
Prudential
Mortgage notes payable
Principal outstanding	$ 5,144,000									$ 5,144,000	6,481,000							$ 6,600,000
Interest rate (as a percent)	3.20%									3.20%
Interest Rate (as a percent)	3.20%									3.20%
Book value of collateral	$ 10,583,000									$ 10,583,000	11,622,000
Prudential | Maximum
Mortgage notes payable
Leverage ratio (as a percent)										60.00%
Rutledge Note Payable#1
Mortgage notes payable
Principal outstanding	$ 17,000,000									$ 17,000,000	25,000,000
Margin added to reference rate (as a percent)										1.30%
Interest Rate (as a percent)	3.63%									3.63%
Book value of collateral	$ 29,576,000									$ 29,576,000	46,259,000
Rutledge Note Payable#1 | 3 month LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.30%
Rutledge Note Payable#2
Mortgage notes payable
Principal outstanding	$ 25,000,000									$ 25,000,000	25,000,000
Margin added to reference rate (as a percent)										1.30%
Interest Rate (as a percent)	3.63%									3.63%
Book value of collateral	$ 39,749,000									$ 39,749,000	49,454,000
Rutledge Note Payable#2 | 3 month LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.30%
Rutledge Note Payable#3
Mortgage notes payable
Principal outstanding	$ 25,000,000									$ 25,000,000	25,000,000
Margin added to reference rate (as a percent)										1.30%
Interest Rate (as a percent)	3.63%									3.63%
Book value of collateral	$ 58,006,000									$ 58,006,000	59,339,000
Rutledge Note Payable#3 | 3 month LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.30%
Rutledge Note Payable#4
Mortgage notes payable
Principal outstanding	$ 15,000,000									$ 15,000,000	15,000,000
Margin added to reference rate (as a percent)										1.30%
Interest Rate (as a percent)	3.63%									3.63%
Book value of collateral	$ 29,170,000									$ 29,170,000	28,535,000
Rutledge Note Payable#5
Mortgage notes payable
Principal outstanding	$ 30,000,000									$ 30,000,000	30,000,000
Margin added to reference rate (as a percent)										1.30%
Interest Rate (as a percent)	3.63%									3.63%
Book value of collateral	$ 85,707,000									$ 85,707,000	69,818,000
Rutledge Note Payable#5 | 3 month LIBOR
Mortgage notes payable
Adjustment term for the interest rate on the debt instrument										3 months
Margin added to reference rate (as a percent)										1.30%
Rabobank
Mortgage notes payable
Principal outstanding	$ 64,359,000									$ 64,359,000	66,400,000
Adjustment term for the interest rate on the debt instrument										3 years
Margin added to reference rate (as a percent)										1.70%
Interest Rate (as a percent)	4.08%									4.08%
Book value of collateral	$ 134,901,000									$ 134,901,000	$ 137,788,000
Rabobank | LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.70%

Mortgage Notes, Lines of Cred_4

Mortgage Notes, Lines of Credit and Bonds Payable - Credit Facilities (Details) $ in Millions	Dec. 31, 2018agreement	Dec. 30, 2018	Feb. 03, 2017USD ($)	Dec. 22, 2015USD ($)	Aug. 18, 2015USD ($)	Jan. 14, 2015USD ($)	Dec. 05, 2013USD ($)	Sep. 30, 2018USD ($)
Minimum
Mortgage notes payable
Margin added to reference rate (as a percent)		2.6875%
Maximum
Mortgage notes payable
Margin added to reference rate (as a percent)	2.9375%
Rutledge Credit Facilities | Secured notes
Mortgage notes payable
Number of loan agreements | agreement	4
Credit facility amount				$ 15	$ 25	$ 25	$ 25
Non usage fee (as a percent)				0.25%	0.25%	0.25%	0.25%
Period of calculation of non usage fee				3 months	3 months	3 months	3 months
Percentage of aggregate loan value that may not exceed the appraised value of collateralized properties			50.00%
Fifth Rutledge Loan Agreement | Secured notes
Mortgage notes payable
Credit facility amount			$ 30
Non usage fee (as a percent)			0.25%
Period of calculation of non usage fee			3 months
Remaining borrowing capacity								$ 0
Fifth Rutledge Loan Agreement | Secured notes | Maximum
Mortgage notes payable
Percentage to maintain leverage ratio			60.00%
3 month LIBOR | Rutledge Credit Facilities | Secured notes
Mortgage notes payable
Margin added to reference rate (as a percent)				1.30%	1.30%	1.30%	1.30%
3 month LIBOR | Fifth Rutledge Loan Agreement | Secured notes
Mortgage notes payable
Margin added to reference rate (as a percent)			1.30%

Mortgage Notes, Lines of Cred_5

Mortgage Notes, Lines of Credit and Bonds Payable – Mortgage Note and Bridge Loan (Details)	Dec. 15, 2017USD ($)subsidiary	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 29, 2016USD ($)subsidiary
Mortgage notes payable
Payment of debt issuance costs		$ 204,000	$ 1,293,000	$ 1,116,000
Cash paid during period for interest		$ 17,037,000	11,827,000	$ 8,865,000
Rabo | Rabobank Mortgage Note
Mortgage notes payable
Number of subsidiaries | subsidiary	5
Maximum borrowing capacity	$ 66,400,000
Bridge Lender | Bridge Loan
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%
Six-month LIBOR | Rabo | Rabobank Mortgage Note
Mortgage notes payable
Margin added to reference rate (as a percent)	1.70%

Mortgage Notes, Lines of Cred_6

Mortgage Notes, Lines of Credit and Bonds Payable – Aggregate Maturities and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Aggregate maturities of long-term debt
2019	$ 5,418
2020	48,574
2021	274
2022	112,274
2023	3,962
Thereafter	354,823
Total	525,327
Level 3 | Mortgage notes payable
Aggregate maturities of long-term debt
Fair value of debt	$ 518,600	$ 512,800

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2016	May 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Future minimum lease payments
Monthly payment amount	$ 10,366	$ 10,534	$ 10,200	$ 10,032
2019					$ 74,000
Total future minimum lease payments					74,000
Farms acquired and allocation of purchase price
Payment to acquire property					$ 33,154,000	$ 206,166,000	$ 131,776,000

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-controlling Interests - Issuance of shares (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares
Shareholders' Equity
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.01	$ 0.01
Shares issued		30,594,592	33,334,849
Number of fully diluted outstanding shares including OP units and restricted stock (in shares)		35,200,000	38,000,000
Restricted Stock Awards
Shareholders' Equity
Unvested restricted shares outstanding		299,000	277,000	189,000	145,000
Operating Partnership | Common Units
Shareholders' Equity
Parent ownership interest (as a percent)		87.00%
Operating Partnership | Operating Partnership
Shareholders' Equity
Parent ownership interest (as a percent)		87.00%
Common stock
Shareholders' Equity
Common stock issued (in shares)				3,100,000
Common stock | Operating Partnership | Common 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 | $		$ (443)	$ 2,692	$ (3,425)
Non-controlling Interest in Operating Partnership | Common Units
Shareholders' Equity
Period after becoming holder of OP Units each limited partner has right to require redemption of units		12 months
Public offering | Common stock
Shareholders' Equity
Common stock issued (in shares)	3,100,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Common stock, issue price (in dollars per share) | $ / shares	$ 11.25
Gross proceeds | $	$ 33,300
Aggregate net proceeds after deducting the underwriting discount and commissions and expenses payable | $	$ 32,900
Underwritten public offering | Common stock
Shareholders' Equity
Threshold days to purchase options	30 days
Shares issued	500,000
Pittman Hough Farms | Operating Partnership | Common Units
Shareholders' Equity
Noncontrolling ownership interest (as a percent)		13.00%
Redeemable Common Units
Shareholders' Equity
OP units outstanding for redemption		4,600,000

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) $ / shares in Units, $ in Thousands	Feb. 07, 2019	Jan. 15, 2019$ / shares	Nov. 05, 2018$ / shares	Oct. 15, 2018$ / shares	Aug. 08, 2018$ / shares	Jul. 16, 2018$ / shares	May 01, 2018$ / shares	Apr. 16, 2018$ / shares	Feb. 13, 2018$ / shares	Jan. 16, 2018$ / shares	Nov. 08, 2017$ / shares	Oct. 13, 2017$ / shares	Aug. 17, 2017$ / sharesshares	Jul. 19, 2017$ / shares	Jul. 14, 2017$ / shares	May 08, 2017$ / shares	Apr. 14, 2017$ / shares	Feb. 22, 2017$ / shares	Jan. 13, 2017$ / shares	Nov. 03, 2016$ / shares	Oct. 14, 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	Jun. 02, 2015shares	Mar. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Change in redeemable non-controlling interest
Opening balance																															$ 120,510	$ 120,510
Ending balance																																$ 120,510	$ 120,510
USDA FVA annual adjustment amount per share of Series B Participating Preferred Stock | $ / shares																																$ 0.21
Series B Participating Preferred Stock																																$ 143,758	$ 144,223
Cash dividend paid (in dollars per share) | $ / shares		$ 0.0500		$ 0.0500		$ 0.1275		$ 0.1275		$ 0.1275		$ 0.1275			$ 0.1275		$ 0.1275		$ 0.1275		$ 0.1275		$ 0.1275				$ 0.1275					$ 0.3550	$ 0.5100	$ 0.5100
Distributions declared per common share (in dollars per share) | $ / shares			$ 0.0500		$ 0.0500		$ 0.1275		$ 0.1275		$ 0.1275			$ 0.1275		$ 0.1275		$ 0.1275		$ 0.1275		$ 0.1275				$ 0.1275		$ 0.1275				$ 0.3550	$ 0.5100	$ 0.5100
Repayment of principal																																$ 11,508	$ 81,219	$ 84,750
Percent of dividend distributed - ordinary income																																13.00%	52.00%	100.00%
Common stock
Change in redeemable non-controlling interest
Distributions payable																																$ 1,530	$ 4,243	$ 2,212
Redeemable Common Units
Change in redeemable non-controlling interest
Accrued distributions to non-controlling interest																																		(113)
Redeemable Preferred OP Units | Preferred stock
Change in redeemable non-controlling interest
Opening balance																															$ 120,510	$ 120,510	$ 119,915
Opening balance (in shares) | shares																															117,000	117,000	117,000
Distributions paid to non-controlling interest																																$ (3,510)	$ (2,915)
Accrued distributions to non-controlling interest																																3,510	3,510
Ending balance																																$ 120,510	$ 120,510	$ 119,915
Ending balance (in shares) | shares																																117,000	117,000	117,000
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
Accrued distributions to non-controlling interest																																$ (3,510)	$ (3,510)	$ (2,915)
Percentage of preferential cash distribution																													3.00%
Liquidation preference | $ / shares																													$ 1,000
Number of trading days																																20 days
Percentage of cumulative preferential dividends																																3.00%
Distributions payable																																$ 3,500
Series A Preferred Units | Asset acquisition
Change in redeemable non-controlling interest
Liquidation value																																120,500
Series B Participating Preferred Stock
Change in redeemable non-controlling interest
Accrued distributions to non-controlling interest																																(9,053)	(3,346)
Declaration of dividend on Series B Participating Preferred Stock																																$ 9,100	$ 3,300
Percentage of cumulative change in the estimated value of farmland													50.00%
Final liquidation preference, percentage cap on total return													9.00%
Number of preceding years considered in redemption price calculation																																4 years
Constant percentage																																50.00%
Shares issued under underwriting agreement | shares													6,037,500
Preference dividend (as a percent)													6.00%
Par value | $ / shares													$ 0.01
Common stock, issue price (in dollars per share) | $ / shares													25
Liquidation preference | $ / shares													$ 25
Series B Participating Preferred Stock | Subsequent event
Change in redeemable non-controlling interest
Preference dividend (as a percent)	6.00%
Common Units | Subsequent event
Stockholders’ Equity and Non-controlling Interests
Ratio of OP units redeemable into common stock																															1
Change in redeemable non-controlling interest
Redemption of units for common stock (in shares) | shares																															(2,200,000)
Common Units | Redeemable Class A common OP Units
Stockholders’ Equity and Non-controlling Interests
Issuance of Common units as partial consideration for asset acquisition (in shares) | shares																									900,000					2,000,000
Ratio of OP units redeemable into common stock																								1

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Mar. 15, 2015
Stockholders’ Equity and Non-controlling Interests
Increase in number of authorized shares	30,000,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	38,500,000
Payments for repurchase of shares		$ 20,598	$ 10,000
Share repurchase
Stockholders’ Equity and Non-controlling Interests
Shares repurchased (in shares)		3,048,147
Shares repurchased, average price (in dollars per share)		$ 6.76
Maximum | Share repurchase
Stockholders’ Equity and Non-controlling Interests
Amount approved for share repurchase program				$ 25,000

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 03, 2017
Shareholders' Equity
Forfeited (in shares)			5,032
Number of Shares
Forfeited (in shares)			(5,032)
Restricted Stock Awards
Shareholders' Equity
Forfeited (in shares)	11,000	9,000	5,000
Share-based compensation expense	$ 1,700,000	$ 1,400,000	$ 1,200,000
Number of Shares
Unvested at the beginning of the period (in shares)	277,000	189,000	145,000
Granted (in shares)	162,000	205,000	119,000
Vested (in shares)	(129,000)	(108,000)	(70,000)
Forfeited (in shares)	(11,000)	(9,000)	(5,000)
Unvested at the end of the period (in shares)	299,000	277,000	189,000
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 11.16	$ 11.98	$ 13.87
Granted (in dollars per share)	7.67	11.30	10.78
Vested (in dollars per share)	8.54	12.84	13.96
Forfeited (in dollars per share)	8.11	11	11.09
Unvested at the end of the period (in dollars per share)	$ 9.49	$ 11.16	$ 11.98
Total unrecognized compensation costs related to non-vested stock awards	$ 1,600,000	$ 2,100,000	$ 1,200,000
Weighted average period over which unrecognized compensation costs is expected to be recognized	1 year 2 months 12 days
Restricted Stock Awards | Maximum
Shareholders' Equity
Vesting period		5 years
Directors | Restricted Stock Awards
Shareholders' Equity
Aggregate grant date fair value of shares issued	$ 1,200,000	$ 2,300,000	$ 1,300,000
Vesting period			3 years
Number of Shares
Unvested at the beginning of the period (in shares)	200,000	100,000
Unvested at the end of the period (in shares)	200,000	200,000	100,000
Directors | Restricted Stock Awards | Maximum
Shareholders' Equity
Vesting period	5 years
Directors | Restricted Stock Awards | Weighted Average
Shareholders' Equity
Vesting period	3 years
Directors | Restricted Stock Awards | Minimum
Shareholders' Equity
Vesting period	1 year	3 years
Directors | Common stock
Shareholders' Equity
Forfeited (in shares)	11,270	8,848
Share-based compensation expense	$ 33,896	$ 30,078	$ 4,167
Dividend paid	6,472	3,659	815
Share-based compensation reversed	$ 2,519	$ 16,771	$ 3,352
Number of Shares
Forfeited (in shares)	(11,270)	(8,848)
Second Amended Plan | Restricted Stock Awards
Shareholders' Equity
Maximum shares of common stock to be issued				1,300,000
Number of shares available for future grant				600,000

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-controlling Interests - Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss) attributable to Farmland Partners Inc.									$ 12,254	$ 7,914	$ 4,302
Less: Nonforfeitable distributions allocated to unvested restricted shares									(111)	(151)	(96)
Net (loss) income available to common stockholders of Farmland Partners Inc.	$ 4,163	$ 484	$ (2,323)	$ (2,744)	$ 2,461	$ 221	$ 772	$ (2,547)	$ (420)	$ 907	$ 1,178
Denominator:
Weighted-average number of common shares - basic (in shares)	30,889	32,222	32,542	33,014					32,162	31,210	13,204
Weighted-average number of common shares - diluted (in shares)	86,025	32,222	32,542	33,014					32,162	31,210	13,204
Income (loss) per share attributable to common stockholders - basic	$ 0.12	$ 0.02	$ (0.07)	$ (0.08)					$ (0.01)	$ 0.03	$ 0.09
Income (loss) per share attributable to common stockholders - diluted	$ 0.09	$ 0.02	$ (0.07)	$ (0.08)					$ (0.01)	$ 0.03	$ 0.09
Redeemable Common Units
Numerator:
Less: Distributions and dividends											$ (113)
Series A Preferred Units
Numerator:
Less: Distributions and dividends									$ (3,510)	$ (3,510)	$ (2,915)
Series B Participating Preferred Stock
Numerator:
Less: Distributions and dividends									$ (9,053)	$ (3,346)

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding	0.3	0.3
Non-controlling Interest in Operating Partnership | Distributions in Excess of Earnings | Common Units
Excluded from diluted earnings per share calculation
Weighted average number of OP units	0	0
Operating Partnership | Non-controlling Interest in Operating Partnership
Excluded from diluted earnings per share calculation
Weighted average number of OP units	4.6	5.9

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares shares in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Equity awards and units outstanding	35,176	38,073	23,043
Restricted Stock Awards
Class of Stock [Line Items]
Equity awards and units outstanding	299	276	188
Common Units
Class of Stock [Line Items]
Equity awards and units outstanding	4,582	4,739	5,692
Common stock
Class of Stock [Line Items]
Equity awards and units outstanding	30,295	33,058	17,163

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Operating revenues	$ 20,894	$ 12,549	$ 11,419	$ 11,207	$ 15,563	$ 12,046	$ 11,460	$ 7,150	$ 56,069	$ 46,219	$ 31,001
Operating expenses	7,365	6,394	6,231	6,386	5,408	5,932	5,909	6,442	26,376	23,691	15,369
Other (income) expenses	5,130	1,998	4,207	4,318	3,627	3,504	3,530	2,709	15,653	13,370	9,622
Net (loss) income before income tax expense	8,399	4,157	981	503	6,528	2,610	2,021	(2,001)	14,040	9,158	6,010
Income tax expense											11
NET INCOME	8,399	4,157	981	503	6,528	2,610	2,021	(2,001)	14,040	9,158	5,999
Net (loss) income available to common stockholders of Farmland Partners Inc.	$ 4,163	$ 484	$ (2,323)	$ (2,744)	$ 2,461	$ 221	$ 772	$ (2,547)	$ (420)	$ 907	$ 1,178
Basic net (loss) income available to common stockholders	$ 0.12	$ 0.02	$ (0.07)	$ (0.08)					$ (0.01)	$ 0.03	$ 0.09
Diluted net (loss) income available to common stockholders	$ 0.09	$ 0.02	$ (0.07)	$ (0.08)					$ (0.01)	$ 0.03	$ 0.09
Basic weighted average common shares outstanding (in shares)	30,889	32,222	32,542	33,014					32,162	31,210	13,204
Diluted weighted average common shares outstanding (in shares)	86,025	32,222	32,542	33,014					32,162	31,210	13,204

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Millions, $ in Millions	Feb. 19, 2019USD ($)property	Feb. 07, 2019$ / shares	Aug. 17, 2017	Mar. 31, 2019itemshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Events
Proceeds from sale of real estate					$ 31.9	$ 3.1
Subsequent event
Subsequent Events
Dividend declared (per share) | $ / shares		$ 0.05
Subsequent event | Illinois
Subsequent Events
Number of farms | property	4
Proceeds from sale of real estate	$ 4.7
Gain on sale	$ 0.4
Series B Participating Preferred Stock
Subsequent Events
Preference dividend (as a percent)			6.00%
Series B Participating Preferred Stock | Subsequent event
Subsequent Events
Dividend declared (per share) | $ / shares		$ 0.375
Preference dividend (as a percent)		6.00%
Series A Preferred Units
Subsequent Events
Ratio of Operating Partnership Common Units redeemable into common stock					1
Common Units | Subsequent event
Subsequent Events
Number of holders of operating partnership common units redeeming and converting shares | item				2
Operating Partnership Common Units redeemed and converted | shares				2.2
Ratio of Operating Partnership Common Units redeemable into common stock				1

Hedge Accounting (Details)

Hedge Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative Contracts
Fair value of derivative instruments	$ 865
Amount of Gain / (Loss) recognized in OCI on derivative (effective portion)	(865)
Movements in other comprehensive income
Beginning accumulated derivative instrument gain or loss
Net change associated with current period hedging transactions	865
Closing accumulated derivative instrument gain or loss	865
Interest rate contract
Derivative Contracts
Amount of Gain / (Loss) recognized in OCI on derivative (effective portion)	84	84
Movements in other comprehensive income
Net change associated with current period hedging transactions	(84)	$ (84)
Designated as Hedging Instrument | Cash Flow Hedging | Other Comprehensive Income (Loss)
Derivative Contracts
Fair value of derivative instruments	$ 865
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Contracts
Derivative term of contract	5 years
Percentage of debt outstanding amount covered by hedging	50.00%
Derivative, Notional Amount	$ 33,200
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Derivative liability
Derivative Contracts
Fair value of derivative instruments	$ (865)

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details)	12 Months Ended
	Dec. 31, 2018USD ($)aitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real estate and accumulated depreciation
Encumbrances	$ 525,327,000
Initial Cost to Company
Land	953,050,000
Improvements	115,785,000
Total	1,068,835,000
Cost Capitalized Subsequent to Acquisition
Improvements	34,016,000
Land Improvements	4,420,000
Gross Amount at Which Carried at Close of Period
Land	957,516,000
Improvements	150,500,000
Total	1,108,016,000	$ 1,094,155,000	$ 595,598,000	$ 317,589,000
Accumulated Depreciation	$ 18,148,000	$ 10,261,000	$ 3,215,000	$ 1,668,000
Area of real estate property | a	162,000
U.S. federal income tax basis	$ 534,459
Adjustments
Gross Amount at Which Carried at Close of Period
Total	1,000
Accumulated Depreciation	89,000
Other
Initial Cost to Company
Land	51,853,000
Improvements	1,836,000
Total	53,689,000
Cost Capitalized Subsequent to Acquisition
Improvements	840,000
Land Improvements	(744,000)
Gross Amount at Which Carried at Close of Period
Land	51,110,000
Improvements	2,714,000
Total	53,824,000
Accumulated Depreciation	$ 401,000
SEC Schedule III Real Estate Number of Farms | item	95
SEC Schedule III Real Estate Number of State | item	6
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements	5.00%
Farm Credit Bond
Real estate and accumulated depreciation
Encumbrances	$ 5,060
Farmer Mac Bond #6
Real estate and accumulated depreciation
Encumbrances	14,915
Gross Amount at Which Carried at Close of Period
Total	2,417
Farmer Mac Bond #7
Real estate and accumulated depreciation
Encumbrances	11,160
Gross Amount at Which Carried at Close of Period
Total	510
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	89,914
Gross Amount at Which Carried at Close of Period
Total	20,464
Met Life Bond #2
Real estate and accumulated depreciation
Encumbrances	16,000
Met Life Bond #3
Real estate and accumulated depreciation
Encumbrances	21,000
Gross Amount at Which Carried at Close of Period
Total	6,494
Met Life Bond #4
Real estate and accumulated depreciation
Encumbrances	15,685
Gross Amount at Which Carried at Close of Period
Total	4,542
Met Life Bond #5
Real estate and accumulated depreciation
Encumbrances	8,379
Gross Amount at Which Carried at Close of Period
Total	1,588
Met Life Bond #6
Real estate and accumulated depreciation
Encumbrances	27,158
Met Life Bond #7
Real estate and accumulated depreciation
Encumbrances	21,253
Gross Amount at Which Carried at Close of Period
Total	1,182
Met Life Bond #8
Real estate and accumulated depreciation
Encumbrances	44,000
Met Life Bond #9
Real estate and accumulated depreciation
Encumbrances	21,000
Prudential Bond
Real estate and accumulated depreciation
Encumbrances	5,144
Gross Amount at Which Carried at Close of Period
Total	577
Rutledge Credit Facility #1
Real estate and accumulated depreciation
Encumbrances	17,000
Gross Amount at Which Carried at Close of Period
Total	1,553
Rutledge Credit Facility #2
Real estate and accumulated depreciation
Encumbrances	25,000
Rutledge Credit Facility #3
Real estate and accumulated depreciation
Encumbrances	25,000
Rutledge Credit Facility #4
Real estate and accumulated depreciation
Encumbrances	15,000
Rutledge Credit Facility #5
Real estate and accumulated depreciation
Encumbrances	30,000
Rabo Agrifinance Note
Real estate and accumulated depreciation
Encumbrances	64,359
Gross Amount at Which Carried at Close of Period
Total	5,427
North Carolina | Farm one
Initial Cost to Company
Land	41,906,000
Total	41,906,000
Cost Capitalized Subsequent to Acquisition
Improvements	5,000
Land Improvements	23,000
Gross Amount at Which Carried at Close of Period
Land	41,929,000
Improvements	5,000
Total	41,934,000
North Carolina | Farm two
Initial Cost to Company
Land	17,627,000
Total	17,627,000
Gross Amount at Which Carried at Close of Period
Land	17,627,000
Total	17,627,000
North Carolina | Farm three
Initial Cost to Company
Land	7,239,000
Total	7,239,000
Gross Amount at Which Carried at Close of Period
Land	7,239,000
Total	7,239,000
North Carolina | Farm four
Initial Cost to Company
Land	5,750,000
Total	5,750,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	4,000
Gross Amount at Which Carried at Close of Period
Land	5,754,000
Total	5,754,000
North Carolina | Farm five
Initial Cost to Company
Land	4,242,000
Total	4,242,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	4,000
Gross Amount at Which Carried at Close of Period
Land	4,246,000
Total	4,246,000
North Carolina | Farm six
Initial Cost to Company
Land	3,864,000
Total	3,864,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	8,000
Gross Amount at Which Carried at Close of Period
Land	3,872,000
Total	3,872,000
North Carolina | Farm seven
Initial Cost to Company
Land	2,768,000
Total	2,768,000
Gross Amount at Which Carried at Close of Period
Land	2,768,000
Total	2,768,000
North Carolina | Farm eight
Initial Cost to Company
Land	2,177,000
Total	2,177,000
Gross Amount at Which Carried at Close of Period
Land	2,177,000
Total	2,177,000
North Carolina | Farm nine
Initial Cost to Company
Land	1,770,000
Total	1,770,000
Gross Amount at Which Carried at Close of Period
Land	1,770,000
Total	1,770,000
North Carolina | Farm ten
Initial Cost to Company
Land	1,161,000
Total	1,161,000
Gross Amount at Which Carried at Close of Period
Land	1,161,000
Total	1,161,000
North Carolina | Farm eleven
Initial Cost to Company
Land	554,000
Total	554,000
Gross Amount at Which Carried at Close of Period
Land	554,000
Total	554,000
North Carolina | Farm twelve
Initial Cost to Company
Land	310,000
Total	310,000
Gross Amount at Which Carried at Close of Period
Land	310,000
Total	310,000
Georgia | Farm one
Initial Cost to Company
Land	3,306,000
Improvements	368,000
Total	3,674,000
Cost Capitalized Subsequent to Acquisition
Improvements	18,000
Gross Amount at Which Carried at Close of Period
Land	3,306,000
Improvements	386,000
Total	3,692,000
Accumulated Depreciation	$ 53,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Georgia | Farm two
Initial Cost to Company
Land	$ 3,574,000
Improvements	2,922,000
Total	6,496,000
Cost Capitalized Subsequent to Acquisition
Improvements	(1,047,000)
Land Improvements	(1,854,000)
Gross Amount at Which Carried at Close of Period
Land	1,719,000
Improvements	1,875,000
Total	3,595,000
Accumulated Depreciation	$ 161,000
Life on Which Depreciation in Latest Income Statements is Computed	11 years
Georgia | Farm three
Initial Cost to Company
Land	$ 1,905,000
Total	1,905,000
Cost Capitalized Subsequent to Acquisition
Improvements	779,000
Land Improvements	125,000
Gross Amount at Which Carried at Close of Period
Land	2,030,000
Improvements	779,000
Total	2,810,000
Accumulated Depreciation	$ 32,000
Life on Which Depreciation in Latest Income Statements is Computed	32 years
Georgia | Farm four
Initial Cost to Company
Land	$ 1,330,000
Improvements	72,000
Total	1,402,000
Gross Amount at Which Carried at Close of Period
Land	1,330,000
Improvements	72,000
Total	1,402,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	18 years
Georgia | Farm five
Initial Cost to Company
Land	$ 795,000
Improvements	65,000
Total	860,000
Cost Capitalized Subsequent to Acquisition
Improvements	105,000
Land Improvements	31,000
Gross Amount at Which Carried at Close of Period
Land	826,000
Improvements	170,000
Total	997,000
Accumulated Depreciation	$ 13,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Georgia | Farm six
Initial Cost to Company
Land	$ 756,000
Improvements	202,000
Total	958,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(1,000)
Gross Amount at Which Carried at Close of Period
Land	755,000
Improvements	202,000
Total	958,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	36 years
Georgia | Farm seven
Initial Cost to Company
Land	$ 718,000
Improvements	144,000
Total	862,000
Cost Capitalized Subsequent to Acquisition
Improvements	10,000
Gross Amount at Which Carried at Close of Period
Land	718,000
Improvements	154,000
Total	872,000
Accumulated Depreciation	$ 15,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Georgia | Farm eight
Initial Cost to Company
Land	$ 555,000
Improvements	106,000
Total	661,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,000
Land Improvements	18,000
Gross Amount at Which Carried at Close of Period
Land	573,000
Improvements	107,000
Total	680,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Georgia | Farm nine
Initial Cost to Company
Land	$ 482,000
Improvements	142,000
Total	624,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	485,000
Improvements	142,000
Total	626,000
Accumulated Depreciation	$ 13,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Georgia | Farm ten
Initial Cost to Company
Land	$ 469,000
Improvements	108,000
Total	577,000
Cost Capitalized Subsequent to Acquisition
Improvements	25,000
Gross Amount at Which Carried at Close of Period
Land	469,000
Improvements	133,000
Total	603,000
Accumulated Depreciation	$ 8,000
Life on Which Depreciation in Latest Income Statements is Computed	36 years
Georgia | Farm eleven
Initial Cost to Company
Land	$ 475,000
Improvements	53,000
Total	528,000
Cost Capitalized Subsequent to Acquisition
Improvements	16,000
Gross Amount at Which Carried at Close of Period
Land	475,000
Improvements	69,000
Total	545,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Georgia | Farm twelve
Initial Cost to Company
Land	$ 142,000
Improvements	39,000
Total	180,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	142,000
Improvements	41,000
Total	183,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Michigan | Farm one
Initial Cost to Company
Land	$ 7,800,000
Improvements	2,051,000
Total	9,851,000
Cost Capitalized Subsequent to Acquisition
Improvements	9,000
Gross Amount at Which Carried at Close of Period
Land	7,800,000
Improvements	2,060,000
Total	9,860,000
Accumulated Depreciation	$ 151,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Michigan | Farm two
Initial Cost to Company
Land	$ 904,000
Improvements	1,654,000
Total	2,558,000
Cost Capitalized Subsequent to Acquisition
Improvements	(69,000)
Gross Amount at Which Carried at Close of Period
Land	904,000
Improvements	1,654,000
Total	2,558,000
Accumulated Depreciation	$ 240,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Michigan | Farm three
Initial Cost to Company
Land	$ 779,000
Improvements	851,000
Total	1,630,000
Gross Amount at Which Carried at Close of Period
Land	779,000
Improvements	851,000
Total	1,630,000
Accumulated Depreciation	$ 186,000
Life on Which Depreciation in Latest Income Statements is Computed	19 years
Texas | Farm one
Initial Cost to Company
Land	$ 4,188,000
Improvements	1,929,000
Total	6,117,000
Cost Capitalized Subsequent to Acquisition
Improvements	343,000
Gross Amount at Which Carried at Close of Period
Land	4,188,000
Improvements	2,272,000
Total	6,460,000
Accumulated Depreciation	$ 302,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Illinois | Farm one
Initial Cost to Company
Land	$ 29,627,000
Improvements	431,000
Total	30,058,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,267,000
Gross Amount at Which Carried at Close of Period
Land	29,677,000
Improvements	2,699,000
Total	32,376,000
Accumulated Depreciation	$ 128,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
Illinois | Farm two
Initial Cost to Company
Land	$ 22,937,000
Improvements	1,484,000
Total	24,421,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,322,000
Land Improvements	(11,000)
Gross Amount at Which Carried at Close of Period
Land	22,926,000
Improvements	2,780,000
Total	25,706,000
Accumulated Depreciation	$ 136,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm three
Initial Cost to Company
Land	$ 9,689,000
Improvements	420,000
Total	10,109,000
Cost Capitalized Subsequent to Acquisition
Improvements	(5,000)
Land Improvements	4,497,000
Gross Amount at Which Carried at Close of Period
Land	14,186,000
Improvements	415,000
Total	14,601,000
Accumulated Depreciation	$ 65,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Illinois | Farm four
Initial Cost to Company
Land	$ 5,453,000
Improvements	105,000
Total	5,558,000
Cost Capitalized Subsequent to Acquisition
Improvements	7,000
Land Improvements	1,022,000
Gross Amount at Which Carried at Close of Period
Land	6,475,000
Improvements	112,000
Total	6,587,000
Accumulated Depreciation	$ 12,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm five
Initial Cost to Company
Land	$ 6,086,000
Total	6,086,000
Cost Capitalized Subsequent to Acquisition
Improvements	450,000
Land Improvements	(909,000)
Gross Amount at Which Carried at Close of Period
Land	5,177,000
Improvements	450,000
Total	5,627,000
Accumulated Depreciation	11,000
Illinois | Farm six
Initial Cost to Company
Land	5,493,000
Total	5,493,000
Cost Capitalized Subsequent to Acquisition
Improvements	338,000
Land Improvements	(801,000)
Gross Amount at Which Carried at Close of Period
Land	4,692,000
Improvements	338,000
Total	5,030,000
Accumulated Depreciation	$ 68,000
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois | Farm seven
Initial Cost to Company
Land	$ 4,575,000
Total	4,575,000
Gross Amount at Which Carried at Close of Period
Land	4,575,000
Total	4,575,000
Illinois | Farm eight
Initial Cost to Company
Land	4,920,000
Improvements	4,000
Total	4,924,000
Cost Capitalized Subsequent to Acquisition
Improvements	148,000
Land Improvements	(1,025,000)
Gross Amount at Which Carried at Close of Period
Land	3,895,000
Improvements	152,000
Total	4,047,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm nine
Initial Cost to Company
Land	$ 4,350,000
Total	4,350,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(572,000)
Gross Amount at Which Carried at Close of Period
Land	3,778,000
Total	3,778,000
Illinois | Farm ten
Initial Cost to Company
Land	3,821,000
Total	3,821,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(97,000)
Gross Amount at Which Carried at Close of Period
Land	3,724,000
Total	3,724,000
Illinois | Farm eleven
Initial Cost to Company
Land	2,981,000
Total	2,981,000
Cost Capitalized Subsequent to Acquisition
Improvements	634,000
Gross Amount at Which Carried at Close of Period
Land	2,981,000
Improvements	634,000
Total	3,615,000
Accumulated Depreciation	$ 186,000
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois | Farm twelve
Initial Cost to Company
Land	$ 3,186,000
Total	3,186,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	407,000
Gross Amount at Which Carried at Close of Period
Land	3,593,000
Total	3,593,000
Illinois | Farm thirteen
Initial Cost to Company
Land	4,522,000
Improvements	4,000
Total	4,526,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(950,000)
Gross Amount at Which Carried at Close of Period
Land	3,572,000
Improvements	4,000
Total	$ 3,576,000
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois | Farm fourteen
Initial Cost to Company
Land	$ 3,232,000
Total	3,232,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	261,000
Gross Amount at Which Carried at Close of Period
Land	3,493,000
Total	3,493,000
Illinois | Farm fifteen
Initial Cost to Company
Land	1,290,000
Total	1,290,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,199,000
Gross Amount at Which Carried at Close of Period
Land	1,290,000
Improvements	2,199,000
Total	3,488,000
Accumulated Depreciation	$ 355,000
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois | Farm sixteen
Initial Cost to Company
Land	$ 3,500,000
Improvements	28,000
Total	3,528,000
Cost Capitalized Subsequent to Acquisition
Improvements	361,000
Land Improvements	(699,000)
Gross Amount at Which Carried at Close of Period
Land	2,801,000
Improvements	389,000
Total	3,190,000
Accumulated Depreciation	$ 15,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Illinois | Farm seventeen
Initial Cost to Company
Land	$ 3,163,000
Total	3,163,000
Gross Amount at Which Carried at Close of Period
Land	3,163,000
Total	3,163,000
Illinois | Farm eighteen
Initial Cost to Company
Land	3,541,000
Total	3,541,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(478,000)
Gross Amount at Which Carried at Close of Period
Land	3,063,000
Total	3,063,000
Illinois | Farm nineteen
Initial Cost to Company
Land	2,997,000
Improvements	68,000
Total	3,065,000
Cost Capitalized Subsequent to Acquisition
Improvements	253,000
Land Improvements	(388,000)
Gross Amount at Which Carried at Close of Period
Land	2,609,000
Improvements	321,000
Total	2,930,000
Accumulated Depreciation	$ 72,000
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois | Farm twenty
Initial Cost to Company
Land	$ 3,470,000
Total	3,470,000
Cost Capitalized Subsequent to Acquisition
Improvements	4,000
Land Improvements	(582,000)
Gross Amount at Which Carried at Close of Period
Land	2,888,000
Improvements	4,000
Total	2,891,000
Illinois | Farm twenty one
Initial Cost to Company
Land	2,882,000
Improvements	42,000
Total	2,924,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(98,000)
Gross Amount at Which Carried at Close of Period
Land	2,784,000
Improvements	42,000
Total	2,826,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Illinois | Farm twenty two
Initial Cost to Company
Land	$ 2,573,000
Total	2,573,000
Cost Capitalized Subsequent to Acquisition
Improvements	236,000
Land Improvements	(1,000)
Gross Amount at Which Carried at Close of Period
Land	2,572,000
Improvements	236,000
Total	2,809,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm twenty three
Initial Cost to Company
Land	$ 3,277,000
Total	3,277,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(517,000)
Gross Amount at Which Carried at Close of Period
Land	2,760,000
Total	2,760,000
Illinois | Farm twenty four
Initial Cost to Company
Land	2,015,000
Total	2,015,000
Cost Capitalized Subsequent to Acquisition
Improvements	55,000
Land Improvements	636,000
Gross Amount at Which Carried at Close of Period
Land	2,651,000
Improvements	55,000
Total	2,705,000
Accumulated Depreciation	4,000
Illinois | Farm twenty five
Initial Cost to Company
Land	3,058,000
Total	3,058,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(353,000)
Gross Amount at Which Carried at Close of Period
Land	2,705,000
Total	2,705,000
Illinois | Farm twenty six
Initial Cost to Company
Land	2,847,000
Improvements	42,000
Total	2,889,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(295,000)
Gross Amount at Which Carried at Close of Period
Land	2,552,000
Improvements	42,000
Total	2,594,000
Accumulated Depreciation	$ 8,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Illinois | Farm twenty seven
Initial Cost to Company
Land	$ 2,525,000
Total	2,525,000
Gross Amount at Which Carried at Close of Period
Land	2,525,000
Total	2,525,000
Illinois | Farm twenty eight
Initial Cost to Company
Land	1,956,000
Total	1,956,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	557,000
Gross Amount at Which Carried at Close of Period
Land	2,513,000
Total	2,513,000
Illinois | Farm twenty nine
Initial Cost to Company
Land	3,030,000
Total	3,030,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(600,000)
Gross Amount at Which Carried at Close of Period
Land	2,430,000
Total	2,430,000
Illinois | Farm thirty
Initial Cost to Company
Land	2,103,000
Improvements	105,000
Total	2,208,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	218,000
Gross Amount at Which Carried at Close of Period
Land	2,321,000
Improvements	105,000
Total	2,426,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Illinois | Farm thirty one
Initial Cost to Company
Land	$ 1,945,000
Total	1,945,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	473,000
Gross Amount at Which Carried at Close of Period
Land	2,418,000
Total	2,418,000
Illinois | Farm thirty two
Initial Cost to Company
Land	2,718,000
Total	2,718,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(332,000)
Gross Amount at Which Carried at Close of Period
Land	2,386,000
Total	2,386,000
Illinois | Farm thirty three
Initial Cost to Company
Land	2,075,000
Total	2,075,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	252,000
Gross Amount at Which Carried at Close of Period
Land	2,327,000
Total	2,327,000
Illinois | Farm thirty four
Initial Cost to Company
Land	3,212,000
Total	3,212,000
Cost Capitalized Subsequent to Acquisition
Improvements	95,000
Land Improvements	(996,000)
Gross Amount at Which Carried at Close of Period
Land	2,216,000
Improvements	95,000
Total	2,311,000
Accumulated Depreciation	2,000
Illinois | Farm thirty five
Initial Cost to Company
Land	1,614,000
Improvements	94,000
Total	1,708,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	456,000
Gross Amount at Which Carried at Close of Period
Land	2,070,000
Improvements	94,000
Total	2,163,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm thirty six
Initial Cost to Company
Land	$ 2,682,000
Total	2,682,000
Cost Capitalized Subsequent to Acquisition
Improvements	204,000
Land Improvements	(725,000)
Gross Amount at Which Carried at Close of Period
Land	1,957,000
Improvements	204,000
Total	2,161,000
Accumulated Depreciation	$ 7,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm thirty seven
Initial Cost to Company
Land	$ 2,423,000
Total	2,423,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(276,000)
Gross Amount at Which Carried at Close of Period
Land	2,147,000
Total	2,147,000
Illinois | Farm thirty eight
Initial Cost to Company
Land	1,769,000
Total	1,769,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	371,000
Gross Amount at Which Carried at Close of Period
Land	2,140,000
Total	2,140,000
Illinois | Farm thirty nine
Initial Cost to Company
Land	1,643,000
Improvements	88,000
Total	1,731,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	344,000
Gross Amount at Which Carried at Close of Period
Land	1,987,000
Improvements	88,000
Total	2,075,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm forty
Initial Cost to Company
Land	$ 1,700,000
Total	1,700,000
Cost Capitalized Subsequent to Acquisition
Improvements	225,000
Gross Amount at Which Carried at Close of Period
Land	1,700,000
Improvements	346,000
Total	2,046,000
Accumulated Depreciation	$ 33,000
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Illinois | Farm forty one
Initial Cost to Company
Land	$ 2,402,000
Total	2,402,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(372,000)
Gross Amount at Which Carried at Close of Period
Land	2,030,000
Total	2,030,000
Illinois | Farm forty two
Initial Cost to Company
Land	1,996,000
Total	1,996,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(50,000)
Gross Amount at Which Carried at Close of Period
Land	1,946,000
Total	1,946,000
Illinois | Farm forty three
Initial Cost to Company
Land	1,972,000
Total	1,972,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(43,000)
Gross Amount at Which Carried at Close of Period
Land	1,929,000
Total	1,929,000
Illinois | Farm forty four
Initial Cost to Company
Land	968,000
Total	968,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	957,000
Gross Amount at Which Carried at Close of Period
Land	1,925,000
Total	1,925,000
Illinois | Farm forty five
Initial Cost to Company
Land	1,905,000
Total	1,905,000
Gross Amount at Which Carried at Close of Period
Land	1,905,000
Total	1,905,000
Illinois | Farm forty six
Initial Cost to Company
Land	2,100,000
Total	2,100,000
Cost Capitalized Subsequent to Acquisition
Improvements	98,000
Land Improvements	(309,000)
Gross Amount at Which Carried at Close of Period
Land	1,791,000
Improvements	98,000
Total	1,889,000
Accumulated Depreciation	2,000
Illinois | Farm forty seven
Initial Cost to Company
Land	1,590,000
Total	1,590,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	280,000
Gross Amount at Which Carried at Close of Period
Land	1,870,000
Total	1,870,000
Illinois | Farm forty eight
Initial Cost to Company
Land	1,891,000
Total	1,891,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(56,000)
Gross Amount at Which Carried at Close of Period
Land	1,835,000
Total	1,835,000
Illinois | Farm forty nine
Initial Cost to Company
Land	1,603,000
Total	1,603,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	228,000
Gross Amount at Which Carried at Close of Period
Land	1,831,000
Total	1,831,000
Illinois | Farm fifty
Initial Cost to Company
Land	1,825,000
Total	1,825,000
Gross Amount at Which Carried at Close of Period
Land	1,825,000
Total	1,825,000
Illinois | Farm fifty one
Initial Cost to Company
Land	1,256,000
Total	1,256,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	511,000
Gross Amount at Which Carried at Close of Period
Land	1,767,000
Total	1,767,000
Illinois | Farm fifty two
Initial Cost to Company
Land	1,750,000
Total	1,750,000
Gross Amount at Which Carried at Close of Period
Land	1,750,000
Total	1,750,000
Illinois | Farm fifty three
Initial Cost to Company
Land	1,735,000
Total	1,735,000
Gross Amount at Which Carried at Close of Period
Land	1,735,000
Total	1,735,000
Illinois | Farm fifty four
Initial Cost to Company
Land	1,439,000
Total	1,439,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	240,000
Gross Amount at Which Carried at Close of Period
Land	1,679,000
Total	1,679,000
Illinois | Farm fifty five
Initial Cost to Company
Land	1,859,000
Total	1,859,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(209,000)
Gross Amount at Which Carried at Close of Period
Land	1,650,000
Total	1,650,000
Illinois | Farm fifty six
Initial Cost to Company
Land	1,718,000
Total	1,718,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(120,000)
Gross Amount at Which Carried at Close of Period
Land	1,598,000
Total	1,598,000
Illinois | Farm fifty seven
Initial Cost to Company
Land	1,423,000
Improvements	60,000
Total	1,483,000
Cost Capitalized Subsequent to Acquisition
Improvements	(22,000)
Gross Amount at Which Carried at Close of Period
Land	1,423,000
Improvements	128,000
Total	1,551,000
Accumulated Depreciation	$ 68,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Illinois | Farm fifty eight
Initial Cost to Company
Land	$ 1,130,000
Improvements	35,000
Total	1,165,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	379,000
Gross Amount at Which Carried at Close of Period
Land	1,509,000
Improvements	35,000
Total	1,544,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm fifty nine
Initial Cost to Company
Land	$ 729,000
Total	729,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	815,000
Gross Amount at Which Carried at Close of Period
Land	1,544,000
Total	1,544,000
Illinois | Farm sixty
Initial Cost to Company
Land	1,853,000
Total	1,853,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(313,000)
Gross Amount at Which Carried at Close of Period
Land	1,540,000
Total	1,540,000
Illinois | Farm sixty one
Initial Cost to Company
Land	1,500,000
Total	1,500,000
Cost Capitalized Subsequent to Acquisition
Improvements	26,000
Gross Amount at Which Carried at Close of Period
Land	1,500,000
Improvements	26,000
Total	1,526,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm sixty two
Initial Cost to Company
Land	$ 1,693,000
Total	1,693,000
Cost Capitalized Subsequent to Acquisition
Improvements	109,000
Land Improvements	(317,000)
Gross Amount at Which Carried at Close of Period
Land	1,376,000
Improvements	109,000
Total	1,485,000
Accumulated Depreciation	$ 4,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm sixty three
Initial Cost to Company
Land	$ 1,471,000
Total	1,471,000
Gross Amount at Which Carried at Close of Period
Land	1,471,000
Total	1,471,000
Illinois | Farm sixty four
Initial Cost to Company
Land	1,115,000
Improvements	28,000
Total	1,143,000
Cost Capitalized Subsequent to Acquisition
Improvements	9,000
Land Improvements	318,000
Gross Amount at Which Carried at Close of Period
Land	1,433,000
Improvements	37,000
Total	1,470,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm sixty five
Initial Cost to Company
Land	$ 1,620,000
Total	1,620,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(167,000)
Gross Amount at Which Carried at Close of Period
Land	1,453,000
Total	1,453,000
Illinois | Farm sixty six
Initial Cost to Company
Land	1,063,000
Improvements	27,000
Total	1,090,000
Cost Capitalized Subsequent to Acquisition
Improvements	17,000
Land Improvements	348,000
Gross Amount at Which Carried at Close of Period
Land	1,411,000
Improvements	27,000
Total	1,438,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Illinois | Farm sixty seven
Initial Cost to Company
Land	$ 1,675,000
Improvements	4,000
Total	1,679,000
Cost Capitalized Subsequent to Acquisition
Improvements	(4,000)
Land Improvements	(244,000)
Gross Amount at Which Carried at Close of Period
Land	1,431,000
Total	1,431,000
Accumulated Depreciation	9,000
Illinois | Farm sixty eight
Initial Cost to Company
Land	1,083,000
Total	1,083,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	336,000
Gross Amount at Which Carried at Close of Period
Land	1,419,000
Total	1,419,000
Illinois | Farm sixty nine
Initial Cost to Company
Land	1,523,000
Total	1,523,000
Cost Capitalized Subsequent to Acquisition
Improvements	126,000
Land Improvements	(277,000)
Gross Amount at Which Carried at Close of Period
Land	1,246,000
Improvements	126,000
Total	1,372,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm seventy
Initial Cost to Company
Land	$ 1,254,000
Total	1,254,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	83,000
Gross Amount at Which Carried at Close of Period
Land	1,337,000
Total	1,337,000
Illinois | Farm seventy one
Initial Cost to Company
Land	1,126,000
Improvements	44,000
Total	1,170,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	146,000
Gross Amount at Which Carried at Close of Period
Land	1,272,000
Improvements	44,000
Total	1,316,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Illinois | Farm seventy two
Initial Cost to Company
Land	$ 1,120,000
Total	1,120,000
Cost Capitalized Subsequent to Acquisition
Improvements	138,000
Gross Amount at Which Carried at Close of Period
Land	1,120,000
Improvements	138,000
Total	1,258,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm seventy three
Initial Cost to Company
Land	$ 1,435,000
Total	1,435,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(204,000)
Gross Amount at Which Carried at Close of Period
Land	1,231,000
Total	1,231,000
Illinois | Farm seventy four
Initial Cost to Company
Land	1,481,000
Total	1,481,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(254,000)
Gross Amount at Which Carried at Close of Period
Land	1,227,000
Total	1,227,000
Illinois | Farm seventy five
Initial Cost to Company
Land	1,731,000
Total	1,731,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(515,000)
Gross Amount at Which Carried at Close of Period
Land	1,216,000
Total	1,216,000
Illinois | Farm seventy six
Initial Cost to Company
Land	1,147,000
Total	1,147,000
Cost Capitalized Subsequent to Acquisition
Improvements	60,000
Gross Amount at Which Carried at Close of Period
Land	1,147,000
Improvements	60,000
Total	1,207,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm seventy seven
Initial Cost to Company
Land	$ 1,003,000
Total	1,003,000
Cost Capitalized Subsequent to Acquisition
Improvements	198,000
Gross Amount at Which Carried at Close of Period
Land	1,003,000
Improvements	198,000
Total	1,201,000
Accumulated Depreciation	$ 42,000
Life on Which Depreciation in Latest Income Statements is Computed	45 years
Illinois | Farm seventy eight
Initial Cost to Company
Land	$ 1,219,000
Total	1,219,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(23,000)
Gross Amount at Which Carried at Close of Period
Land	1,196,000
Total	1,196,000
Illinois | Farm seventy nine
Initial Cost to Company
Land	1,320,000
Total	1,320,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(147,000)
Gross Amount at Which Carried at Close of Period
Land	1,173,000
Total	1,173,000
Illinois | Farm eighty
Initial Cost to Company
Land	617,000
Total	617,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	535,000
Gross Amount at Which Carried at Close of Period
Land	1,152,000
Total	1,152,000
Illinois | Farm eighty one
Initial Cost to Company
Land	845,000
Improvements	63,000
Total	908,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	241,000
Gross Amount at Which Carried at Close of Period
Land	1,086,000
Improvements	63,000
Total	1,149,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Illinois | Farm eighty two
Initial Cost to Company
Land	$ 1,229,000
Total	1,229,000
Cost Capitalized Subsequent to Acquisition
Improvements	116,000
Land Improvements	(219,000)
Gross Amount at Which Carried at Close of Period
Land	1,010,000
Improvements	116,000
Total	1,126,000
Accumulated Depreciation	3,000
Illinois | Farm eighty three
Initial Cost to Company
Land	774,000
Improvements	47,000
Total	821,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	293,000
Gross Amount at Which Carried at Close of Period
Land	1,067,000
Improvements	47,000
Total	1,115,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Illinois | Farm eighty four
Initial Cost to Company
Land	$ 1,058,000
Total	1,058,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	49,000
Gross Amount at Which Carried at Close of Period
Land	1,107,000
Total	1,107,000
Illinois | Farm eighty five
Initial Cost to Company
Land	855,000
Improvements	55,000
Total	910,000
Cost Capitalized Subsequent to Acquisition
Improvements	(12,000)
Land Improvements	198,000
Gross Amount at Which Carried at Close of Period
Land	1,053,000
Improvements	43,000
Total	1,096,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Illinois | Farm eighty six
Initial Cost to Company
Land	$ 708,000
Total	708,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	387,000
Gross Amount at Which Carried at Close of Period
Land	1,095,000
Total	1,095,000
Illinois | Farm eighty seven
Initial Cost to Company
Land	844,000
Total	844,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	242,000
Gross Amount at Which Carried at Close of Period
Land	1,086,000
Total	1,086,000
Illinois | Farm eighty eight
Initial Cost to Company
Land	854,000
Total	854,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	221,000
Gross Amount at Which Carried at Close of Period
Land	1,075,000
Total	1,075,000
Illinois | Farm eighty nine
Initial Cost to Company
Land	801,000
Improvements	97,000
Total	898,000
Cost Capitalized Subsequent to Acquisition
Improvements	152,000
Gross Amount at Which Carried at Close of Period
Land	801,000
Improvements	249,000
Total	1,050,000
Accumulated Depreciation	$ 30,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm ninety
Initial Cost to Company
Land	$ 950,000
Improvements	40,000
Total	990,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	46,000
Gross Amount at Which Carried at Close of Period
Land	996,000
Improvements	40,000
Total	1,036,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	32 years
Illinois | Farm ninety one
Initial Cost to Company
Land	$ 727,000
Total	727,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	299,000
Gross Amount at Which Carried at Close of Period
Land	1,026,000
Total	1,026,000
Illinois | Farm ninety two
Initial Cost to Company
Land	1,171,000
Total	1,171,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(158,000)
Gross Amount at Which Carried at Close of Period
Land	1,013,000
Total	1,013,000
Illinois | Farm ninety three
Initial Cost to Company
Land	991,000
Total	991,000
Gross Amount at Which Carried at Close of Period
Land	991,000
Total	991,000
Illinois | Farm ninety four
Initial Cost to Company
Land	800,000
Improvements	130,000
Total	930,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	59,000
Gross Amount at Which Carried at Close of Period
Land	859,000
Improvements	130,000
Total	989,000
Accumulated Depreciation	$ 13,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Illinois | Farm ninety five
Initial Cost to Company
Land	$ 1,259,000
Total	1,259,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(273,000)
Gross Amount at Which Carried at Close of Period
Land	986,000
Total	986,000
Illinois | Farm ninety six
Initial Cost to Company
Land	1,119,000
Total	1,119,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(133,000)
Gross Amount at Which Carried at Close of Period
Land	986,000
Total	986,000
Illinois | Farm ninety seven
Initial Cost to Company
Land	775,000
Total	775,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Land Improvements	186,000
Gross Amount at Which Carried at Close of Period
Land	961,000
Improvements	3,000
Total	964,000
Illinois | Farm ninety eight
Initial Cost to Company
Land	923,000
Improvements	53,000
Total	976,000
Cost Capitalized Subsequent to Acquisition
Improvements	(29,000)
Gross Amount at Which Carried at Close of Period
Land	923,000
Improvements	24,000
Total	947,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm ninety nine
Initial Cost to Company
Land	$ 902,000
Improvements	34,000
Total	936,000
Cost Capitalized Subsequent to Acquisition
Improvements	(34,000)
Gross Amount at Which Carried at Close of Period
Land	902,000
Improvements	34,000
Total	936,000
Accumulated Depreciation	$ 20,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Illinois | Farm one hundred
Initial Cost to Company
Land	$ 1,075,000
Total	1,075,000
Cost Capitalized Subsequent to Acquisition
Improvements	70,000
Land Improvements	(230,000)
Gross Amount at Which Carried at Close of Period
Land	845,000
Improvements	70,000
Total	915,000
Accumulated Depreciation	2,000
Illinois | Farm one hundred and one
Initial Cost to Company
Land	1,080,000
Total	1,080,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(175,000)
Gross Amount at Which Carried at Close of Period
Land	905,000
Total	905,000
Illinois | Farm one hundred and two
Initial Cost to Company
Land	864,000
Total	864,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	41,000
Gross Amount at Which Carried at Close of Period
Land	905,000
Total	905,000
Illinois | Farm one hundred and three
Initial Cost to Company
Land	989,000
Total	989,000
Cost Capitalized Subsequent to Acquisition
Improvements	77,000
Land Improvements	(178,000)
Gross Amount at Which Carried at Close of Period
Land	811,000
Improvements	77,000
Total	888,000
Accumulated Depreciation	2,000
Illinois | Farm one hundred and four
Initial Cost to Company
Land	995,000
Total	995,000
Cost Capitalized Subsequent to Acquisition
Improvements	58,000
Land Improvements	(177,000)
Gross Amount at Which Carried at Close of Period
Land	818,000
Improvements	58,000
Total	875,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and five
Initial Cost to Company
Land	$ 975,000
Total	975,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(100,000)
Gross Amount at Which Carried at Close of Period
Land	875,000
Total	875,000
Illinois | Farm one hundred and six
Initial Cost to Company
Land	815,000
Total	815,000
Cost Capitalized Subsequent to Acquisition
Improvements	60,000
Gross Amount at Which Carried at Close of Period
Land	815,000
Improvements	60,000
Total	875,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and seven
Initial Cost to Company
Land	$ 972,000
Total	972,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(114,000)
Gross Amount at Which Carried at Close of Period
Land	858,000
Total	858,000
Illinois | Farm one hundred and eight
Initial Cost to Company
Land	671,000
Improvements	96,000
Total	767,000
Cost Capitalized Subsequent to Acquisition
Improvements	(54,000)
Land Improvements	143,000
Gross Amount at Which Carried at Close of Period
Land	814,000
Improvements	42,000
Total	856,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Illinois | Farm one hundred and nine
Initial Cost to Company
Land	$ 644,000
Improvements	93,000
Total	737,000
Cost Capitalized Subsequent to Acquisition
Improvements	107,000
Gross Amount at Which Carried at Close of Period
Land	644,000
Improvements	200,000
Total	844,000
Accumulated Depreciation	$ 30,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and ten
Initial Cost to Company
Land	$ 762,000
Total	762,000
Cost Capitalized Subsequent to Acquisition
Improvements	75,000
Gross Amount at Which Carried at Close of Period
Land	762,000
Improvements	75,000
Total	837,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois | Farm one hundred and eleven
Initial Cost to Company
Land	$ 700,000
Improvements	110,000
Total	810,000
Cost Capitalized Subsequent to Acquisition
Improvements	20,000
Gross Amount at Which Carried at Close of Period
Land	700,000
Improvements	130,000
Total	830,000
Accumulated Depreciation	$ 30,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and twelve
Initial Cost to Company
Land	$ 1,005,000
Total	1,005,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(180,000)
Gross Amount at Which Carried at Close of Period
Land	825,000
Total	825,000
Illinois | Farm one hundred and thirteen
Initial Cost to Company
Land	980,000
Total	980,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(155,000)
Gross Amount at Which Carried at Close of Period
Land	825,000
Total	825,000
Illinois | Farm one hundred and fourteen
Initial Cost to Company
Land	825,000
Total	825,000
Gross Amount at Which Carried at Close of Period
Land	825,000
Total	825,000
Illinois | Farm one hundred and fifteen
Initial Cost to Company
Land	805,000
Total	805,000
Gross Amount at Which Carried at Close of Period
Land	805,000
Total	805,000
Illinois | Farm one hundred and sixteen
Initial Cost to Company
Land	732,000
Total	732,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	64,000
Gross Amount at Which Carried at Close of Period
Land	796,000
Total	796,000
Illinois | Farm one hundred and seventeen
Initial Cost to Company
Land	762,000
Total	762,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	20,000
Gross Amount at Which Carried at Close of Period
Land	782,000
Total	782,000
Illinois | Farm one hundred and eighteen
Initial Cost to Company
Land	630,000
Total	630,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	145,000
Gross Amount at Which Carried at Close of Period
Land	775,000
Total	775,000
Accumulated Depreciation	1,000
Illinois | Farm one hundred and nineteen
Initial Cost to Company
Land	748,000
Total	748,000
Gross Amount at Which Carried at Close of Period
Land	748,000
Total	748,000
Illinois | Farm one hundred and twenty
Initial Cost to Company
Land	421,000
Total	421,000
Cost Capitalized Subsequent to Acquisition
Improvements	43,000
Land Improvements	280,000
Gross Amount at Which Carried at Close of Period
Land	701,000
Improvements	43,000
Total	743,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and twenty one
Initial Cost to Company
Land	$ 857,000
Total	857,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(125,000)
Gross Amount at Which Carried at Close of Period
Land	732,000
Total	732,000
Illinois | Farm one hundred and twenty two
Initial Cost to Company
Land	879,000
Total	879,000
Cost Capitalized Subsequent to Acquisition
Improvements	4,000
Land Improvements	(155,000)
Gross Amount at Which Carried at Close of Period
Land	724,000
Improvements	4,000
Total	727,000
Illinois | Farm one hundred and twenty three
Initial Cost to Company
Land	725,000
Total	725,000
Gross Amount at Which Carried at Close of Period
Land	725,000
Total	725,000
Illinois | Farm one hundred and twenty four
Initial Cost to Company
Land	823,000
Total	823,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(99,000)
Gross Amount at Which Carried at Close of Period
Land	724,000
Total	724,000
Illinois | Farm one hundred and twenty five
Initial Cost to Company
Land	668,000
Total	668,000
Cost Capitalized Subsequent to Acquisition
Improvements	51,000
Land Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	669,000
Improvements	51,000
Total	720,000
Accumulated Depreciation	$ 33,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and twenty six
Initial Cost to Company
Land	$ 717,000
Total	717,000
Gross Amount at Which Carried at Close of Period
Land	717,000
Total	717,000
Illinois | Farm one hundred and twenty seven
Initial Cost to Company
Land	612,000
Improvements	38,000
Total	650,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	51,000
Gross Amount at Which Carried at Close of Period
Land	663,000
Improvements	38,000
Total	701,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	29 years
Illinois | Farm one hundred and twenty eight
Initial Cost to Company
Land	$ 701,000
Total	701,000
Gross Amount at Which Carried at Close of Period
Land	701,000
Total	701,000
Illinois | Farm one hundred and twenty nine
Initial Cost to Company
Land	2,542,000
Total	2,542,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(1,843,000)
Gross Amount at Which Carried at Close of Period
Land	699,000
Total	699,000
Illinois | Farm one hundred and thirty
Initial Cost to Company
Land	667,000
Improvements	30,000
Total	697,000
Gross Amount at Which Carried at Close of Period
Land	667,000
Improvements	30,000
Total	697,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Illinois | Farm one hundred and thirty one
Initial Cost to Company
Land	$ 552,000
Total	552,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	143,000
Gross Amount at Which Carried at Close of Period
Land	695,000
Total	695,000
Illinois | Farm one hundred and thirty two
Initial Cost to Company
Land	693,000
Total	693,000
Gross Amount at Which Carried at Close of Period
Land	693,000
Total	693,000
Illinois | Farm one hundred and thirty three
Initial Cost to Company
Land	684,000
Total	684,000
Gross Amount at Which Carried at Close of Period
Land	684,000
Total	684,000
Illinois | Farm one hundred and thirty four
Initial Cost to Company
Land	681,000
Total	681,000
Gross Amount at Which Carried at Close of Period
Land	681,000
Total	681,000
Illinois | Farm one hundred and thirty five
Initial Cost to Company
Land	505,000
Total	505,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	173,000
Gross Amount at Which Carried at Close of Period
Land	678,000
Total	678,000
Illinois | Farm one hundred and thirty six
Initial Cost to Company
Land	667,000
Total	667,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	668,000
Total	668,000
Illinois | Farm one hundred and thirty seven
Initial Cost to Company
Land	448,000
Improvements	100,000
Total	548,000
Cost Capitalized Subsequent to Acquisition
Improvements	110,000
Gross Amount at Which Carried at Close of Period
Land	448,000
Improvements	210,000
Total	658,000
Accumulated Depreciation	$ 33,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and thirty eight
Initial Cost to Company
Land	$ 652,000
Total	652,000
Gross Amount at Which Carried at Close of Period
Land	652,000
Total	652,000
Illinois | Farm one hundred and thirty nine
Initial Cost to Company
Land	507,000
Total	507,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	142,000
Gross Amount at Which Carried at Close of Period
Land	649,000
Total	649,000
Illinois | Farm one hundred and forty
Initial Cost to Company
Land	466,000
Total	466,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	178,000
Gross Amount at Which Carried at Close of Period
Land	644,000
Total	644,000
Illinois | Farm one hundred and forty one
Initial Cost to Company
Land	746,000
Total	746,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(127,000)
Gross Amount at Which Carried at Close of Period
Land	619,000
Total	619,000
Illinois | Farm one hundred and forty two
Initial Cost to Company
Land	939,000
Total	939,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(326,000)
Gross Amount at Which Carried at Close of Period
Land	613,000
Total	613,000
Illinois | Farm one hundred and forty three
Initial Cost to Company
Land	610,000
Total	610,000
Gross Amount at Which Carried at Close of Period
Land	610,000
Total	610,000
Illinois | Farm one hundred and forty four
Initial Cost to Company
Land	744,000
Total	744,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(136,000)
Gross Amount at Which Carried at Close of Period
Land	608,000
Total	608,000
Illinois | Farm one hundred and forty five
Initial Cost to Company
Land	442,000
Total	442,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	166,000
Gross Amount at Which Carried at Close of Period
Land	608,000
Total	608,000
Illinois | Farm one hundred and forty six
Initial Cost to Company
Land	527,000
Improvements	37,000
Total	564,000
Cost Capitalized Subsequent to Acquisition
Improvements	16,000
Gross Amount at Which Carried at Close of Period
Land	527,000
Improvements	53,000
Total	580,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and forty seven
Initial Cost to Company
Land	$ 563,000
Total	563,000
Gross Amount at Which Carried at Close of Period
Land	563,000
Total	563,000
Illinois | Farm one hundred and forty eight
Initial Cost to Company
Land	534,000
Total	534,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	11,000
Gross Amount at Which Carried at Close of Period
Land	545,000
Total	545,000
Illinois | Farm one hundred and forty nine
Initial Cost to Company
Land	536,000
Total	536,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(15,000)
Gross Amount at Which Carried at Close of Period
Land	521,000
Total	521,000
Illinois | Farm one hundred and fifty
Initial Cost to Company
Land	447,000
Total	447,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	74,000
Gross Amount at Which Carried at Close of Period
Land	521,000
Total	521,000
Illinois | Farm one hundred and fifty one
Initial Cost to Company
Land	442,000
Improvements	38,000
Total	480,000
Cost Capitalized Subsequent to Acquisition
Improvements	(38,000)
Gross Amount at Which Carried at Close of Period
Land	442,000
Improvements	38,000
Total	480,000
Accumulated Depreciation	$ 17,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Illinois | Farm one hundred and fifty two
Initial Cost to Company
Land	$ 601,000
Total	601,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(158,000)
Gross Amount at Which Carried at Close of Period
Land	443,000
Total	443,000
Illinois | Farm one hundred and fifty three
Initial Cost to Company
Land	362,000
Total	362,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	76,000
Gross Amount at Which Carried at Close of Period
Land	438,000
Total	438,000
Illinois | Farm one hundred and fifty four
Initial Cost to Company
Land	499,000
Improvements	22,000
Total	521,000
Cost Capitalized Subsequent to Acquisition
Improvements	25,000
Land Improvements	(112,000)
Gross Amount at Which Carried at Close of Period
Land	387,000
Improvements	47,000
Total	434,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	29 years
Illinois | Farm one hundred and fifty five
Initial Cost to Company
Land	$ 487,000
Total	487,000
Cost Capitalized Subsequent to Acquisition
Improvements	41,000
Land Improvements	(96,000)
Gross Amount at Which Carried at Close of Period
Land	391,000
Improvements	41,000
Total	432,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and fifty six
Initial Cost to Company
Land	$ 576,000
Total	576,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(144,000)
Gross Amount at Which Carried at Close of Period
Land	432,000
Total	432,000
Illinois | Farm one hundred and fifty seven
Initial Cost to Company
Land	254,000
Total	254,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	174,000
Gross Amount at Which Carried at Close of Period
Land	428,000
Total	428,000
Illinois | Farm one hundred and fifty eight
Initial Cost to Company
Land	428,000
Total	428,000
Gross Amount at Which Carried at Close of Period
Land	428,000
Total	428,000
Illinois | Farm one hundred and fifty nine
Initial Cost to Company
Land	170,000
Total	170,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	250,000
Gross Amount at Which Carried at Close of Period
Land	420,000
Total	420,000
Illinois | Farm one hundred and sixty
Initial Cost to Company
Land	290,000
Improvements	38,000
Total	328,000
Cost Capitalized Subsequent to Acquisition
Improvements	87,000
Gross Amount at Which Carried at Close of Period
Land	290,000
Improvements	125,000
Total	415,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and sixty one
Initial Cost to Company
Land	$ 371,000
Total	371,000
Cost Capitalized Subsequent to Acquisition
Improvements	38,000
Gross Amount at Which Carried at Close of Period
Land	371,000
Improvements	38,000
Total	409,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and sixty two
Initial Cost to Company
Land	$ 370,000
Total	370,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	28,000
Gross Amount at Which Carried at Close of Period
Land	398,000
Total	398,000
Illinois | Farm one hundred and sixty three
Initial Cost to Company
Land	398,000
Total	398,000
Gross Amount at Which Carried at Close of Period
Land	398,000
Total	398,000
Illinois | Farm one hundred and sixty four
Initial Cost to Company
Land	359,000
Total	359,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	35,000
Gross Amount at Which Carried at Close of Period
Land	394,000
Total	394,000
Illinois | Farm one hundred and sixty five
Initial Cost to Company
Land	322,000
Improvements	36,000
Total	358,000
Cost Capitalized Subsequent to Acquisition
Improvements	22,000
Gross Amount at Which Carried at Close of Period
Land	322,000
Improvements	58,000
Total	380,000
Accumulated Depreciation	$ 10,000
Life on Which Depreciation in Latest Income Statements is Computed	47 years
Illinois | Farm one hundred and sixty six
Initial Cost to Company
Land	$ 363,000
Total	363,000
Gross Amount at Which Carried at Close of Period
Land	363,000
Total	363,000
Illinois | Farm one hundred and sixty seven
Initial Cost to Company
Land	102,000
Improvements	59,000
Total	161,000
Cost Capitalized Subsequent to Acquisition
Improvements	201,000
Gross Amount at Which Carried at Close of Period
Land	102,000
Improvements	260,000
Total	362,000
Accumulated Depreciation	$ 23,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and sixty eight
Initial Cost to Company
Land	$ 296,000
Total	296,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	66,000
Gross Amount at Which Carried at Close of Period
Land	362,000
Total	362,000
Illinois | Farm one hundred and sixty nine
Initial Cost to Company
Land	271,000
Improvements	73,000
Total	344,000
Cost Capitalized Subsequent to Acquisition
Improvements	16,000
Gross Amount at Which Carried at Close of Period
Land	271,000
Improvements	89,000
Total	360,000
Accumulated Depreciation	$ 20,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and seventy
Initial Cost to Company
Land	$ 291,000
Total	291,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	63,000
Gross Amount at Which Carried at Close of Period
Land	354,000
Total	354,000
Illinois | Farm one hundred and seventy one
Initial Cost to Company
Land	360,000
Total	360,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(9,000)
Gross Amount at Which Carried at Close of Period
Land	351,000
Total	351,000
Illinois | Farm One Hundred And Seventy Two
Initial Cost to Company
Land	317,000
Total	317,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	30,000
Gross Amount at Which Carried at Close of Period
Land	347,000
Total	347,000
Illinois | Farm One Hundred And Seventy Three
Initial Cost to Company
Land	282,000
Total	282,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	58,000
Gross Amount at Which Carried at Close of Period
Land	340,000
Total	340,000
Illinois | Farm One Hundred And Seventy Four
Initial Cost to Company
Land	321,000
Improvements	24,000
Total	345,000
Cost Capitalized Subsequent to Acquisition
Improvements	(8,000)
Gross Amount at Which Carried at Close of Period
Land	321,000
Improvements	16,000
Total	337,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm One Hundred And Seventy Five
Initial Cost to Company
Land	$ 320,000
Total	320,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	318,000
Total	318,000
Illinois | Farm One Hundred And Seventy Six
Initial Cost to Company
Land	286,000
Total	286,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	29,000
Gross Amount at Which Carried at Close of Period
Land	315,000
Total	315,000
Illinois | Farm One Hundred And Seventy Eight
Initial Cost to Company
Land	353,000
Total	353,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(44,000)
Gross Amount at Which Carried at Close of Period
Land	309,000
Total	309,000
Illinois | Farm One Hundred And Seventy Nine
Initial Cost to Company
Land	216,000
Total	216,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	50,000
Gross Amount at Which Carried at Close of Period
Land	266,000
Total	266,000
Illinois | Farm One Hundred And Eighty
Initial Cost to Company
Land	233,000
Total	233,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	28,000
Gross Amount at Which Carried at Close of Period
Land	261,000
Total	261,000
Illinois | Farm One Hundred And Eighty One
Initial Cost to Company
Land	252,000
Total	252,000
Gross Amount at Which Carried at Close of Period
Land	252,000
Total	252,000
Illinois | Farm One Hundred And Eighty Two
Initial Cost to Company
Land	240,000
Total	240,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	7,000
Gross Amount at Which Carried at Close of Period
Land	247,000
Total	247,000
Illinois | Farm One Hundred And Eighty Three
Initial Cost to Company
Land	233,000
Total	233,000
Gross Amount at Which Carried at Close of Period
Land	233,000
Total	233,000
Illinois | Farm One Hundred And Eighty Four
Initial Cost to Company
Land	157,000
Total	157,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	75,000
Gross Amount at Which Carried at Close of Period
Land	232,000
Total	232,000
Illinois | Farm One Hundred And Eighty Five
Initial Cost to Company
Land	203,000
Improvements	44,000
Total	247,000
Cost Capitalized Subsequent to Acquisition
Improvements	(24,000)
Gross Amount at Which Carried at Close of Period
Land	203,000
Improvements	20,000
Total	223,000
Accumulated Depreciation	$ 4,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm One Hundred And Eighty Six
Initial Cost to Company
Land	$ 200,000
Improvements	16,000
Total	216,000
Cost Capitalized Subsequent to Acquisition
Improvements	(16,000)
Gross Amount at Which Carried at Close of Period
Land	200,000
Total	200,000
Illinois | Farm One Hundred And Eighty Seven
Initial Cost to Company
Land	179,000
Total	179,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	18,000
Gross Amount at Which Carried at Close of Period
Land	197,000
Total	197,000
Illinois | Farm One Hundred And Eighty Eight
Initial Cost to Company
Land	196,000
Total	196,000
Gross Amount at Which Carried at Close of Period
Land	196,000
Total	196,000
Illinois | Farm One Hundred And Eighty Nine
Initial Cost to Company
Land	153,000
Total	153,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	28,000
Gross Amount at Which Carried at Close of Period
Land	181,000
Total	181,000
Illinois | Farm One Hundred And Ninety
Initial Cost to Company
Land	34,000
Improvements	86,000
Total	120,000
Cost Capitalized Subsequent to Acquisition
Improvements	(86,000)
Gross Amount at Which Carried at Close of Period
Land	34,000
Total	34,000
Accumulated Depreciation	$ 1,000
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Louisiana | Farm one
Initial Cost to Company
Land	$ 30,584,000
Improvements	1,180,000
Total	31,764,000
Cost Capitalized Subsequent to Acquisition
Improvements	172,000
Land Improvements	254,000
Gross Amount at Which Carried at Close of Period
Land	30,838,000
Improvements	1,352,000
Total	32,189,000
Accumulated Depreciation	$ 151,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Louisiana | Farm two
Initial Cost to Company
Land	$ 5,100,000
Improvements	52,000
Total	5,152,000
Cost Capitalized Subsequent to Acquisition
Improvements	154,000
Gross Amount at Which Carried at Close of Period
Land	5,100,000
Improvements	206,000
Total	5,306,000
Accumulated Depreciation	$ 52,000
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Mississippi | Farm one
Initial Cost to Company
Land	$ 6,654,000
Improvements	133,000
Total	6,787,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	6,654,000
Improvements	136,000
Total	6,790,000
Accumulated Depreciation	$ 21,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Mississippi | Farm two
Initial Cost to Company
Land	$ 5,338,000
Improvements	238,000
Total	5,576,000
Gross Amount at Which Carried at Close of Period
Land	5,338,000
Improvements	238,000
Total	5,576,000
Accumulated Depreciation	$ 56,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Mississippi | Farm three
Initial Cost to Company
Land	$ 3,471,000
Improvements	41,000
Total	3,512,000
Cost Capitalized Subsequent to Acquisition
Improvements	63,000
Gross Amount at Which Carried at Close of Period
Land	3,471,000
Improvements	104,000
Total	3,575,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	34 years
Mississippi | Farm four
Initial Cost to Company
Land	$ 2,321,000
Improvements	15,000
Total	2,336,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(1,000)
Gross Amount at Which Carried at Close of Period
Land	2,320,000
Improvements	15,000
Total	2,335,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Mississippi | Farm five
Initial Cost to Company
Land	$ 1,437,000
Improvements	33,000
Total	1,470,000
Gross Amount at Which Carried at Close of Period
Land	1,437,000
Improvements	33,000
Total	1,470,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	29 years
South Carolina | Farm one
Initial Cost to Company
Land	$ 12,057,000
Improvements	1,474,000
Total	13,531,000
Cost Capitalized Subsequent to Acquisition
Improvements	5,767,000
Land Improvements	53,000
Gross Amount at Which Carried at Close of Period
Land	12,110,000
Improvements	7,251,000
Total	19,360,000
Accumulated Depreciation	$ 500,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
South Carolina | Farm two
Initial Cost to Company
Land	$ 14,866,000
Improvements	906,000
Total	15,772,000
Cost Capitalized Subsequent to Acquisition
Improvements	239,000
Gross Amount at Which Carried at Close of Period
Land	14,866,000
Improvements	1,145,000
Total	16,011,000
Accumulated Depreciation	$ 69,000
Life on Which Depreciation in Latest Income Statements is Computed	29 years
South Carolina | Farm three
Initial Cost to Company
Land	$ 8,633,000
Improvements	133,000
Total	8,766,000
Cost Capitalized Subsequent to Acquisition
Improvements	130,000
Gross Amount at Which Carried at Close of Period
Land	8,633,000
Improvements	263,000
Total	8,896,000
Accumulated Depreciation	$ 26,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
South Carolina | Farm four
Initial Cost to Company
Land	$ 4,679,000
Improvements	25,000
Total	4,704,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,323,000
Land Improvements	4,000
Gross Amount at Which Carried at Close of Period
Land	4,683,000
Improvements	2,373,000
Total	7,056,000
Accumulated Depreciation	$ 278,000
Life on Which Depreciation in Latest Income Statements is Computed	33 years
South Carolina | Farm five
Initial Cost to Company
Land	$ 2,235,000
Total	2,235,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,557,000
Land Improvements	519,000
Gross Amount at Which Carried at Close of Period
Land	2,754,000
Improvements	1,557,000
Total	4,311,000
Accumulated Depreciation	$ 174,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
South Carolina | Farm six
Initial Cost to Company
Land	$ 1,959,000
Improvements	344,000
Total	2,303,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,012,000
Gross Amount at Which Carried at Close of Period
Land	1,959,000
Improvements	1,314,000
Total	3,273,000
Accumulated Depreciation	$ 99,000
Life on Which Depreciation in Latest Income Statements is Computed	35 years
South Carolina | Farm seven
Initial Cost to Company
Land	$ 2,199,000
Improvements	138,000
Total	2,337,000
Cost Capitalized Subsequent to Acquisition
Improvements	667,000
Land Improvements	22,000
Gross Amount at Which Carried at Close of Period
Land	2,221,000
Improvements	803,000
Total	3,024,000
Accumulated Depreciation	$ 61,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
South Carolina | Farm eight
Initial Cost to Company
Land	$ 1,321,000
Improvements	91,000
Total	1,412,000
Cost Capitalized Subsequent to Acquisition
Improvements	691,000
Land Improvements	247,000
Gross Amount at Which Carried at Close of Period
Land	1,567,000
Improvements	782,000
Total	2,349,000
Accumulated Depreciation	$ 31,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
South Carolina | Farm nine
Initial Cost to Company
Land	$ 1,803,000
Improvements	158,000
Total	1,961,000
Cost Capitalized Subsequent to Acquisition
Improvements	290,000
Gross Amount at Which Carried at Close of Period
Land	1,803,000
Improvements	522,000
Total	2,325,000
Accumulated Depreciation	$ 56,000
Life on Which Depreciation in Latest Income Statements is Computed	26 years
South Carolina | Farm ten
Initial Cost to Company
Land	$ 1,406,000
Improvements	806,000
Total	2,212,000
Cost Capitalized Subsequent to Acquisition
Improvements	12,000
Gross Amount at Which Carried at Close of Period
Land	1,406,000
Improvements	818,000
Total	2,224,000
Accumulated Depreciation	$ 52,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
South Carolina | Farm eleven
Initial Cost to Company
Land	$ 1,568,000
Total	1,568,000
Cost Capitalized Subsequent to Acquisition
Improvements	371,000
Land Improvements	64,000
Gross Amount at Which Carried at Close of Period
Land	1,632,000
Improvements	371,000
Total	2,003,000
Accumulated Depreciation	$ 49,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
South Carolina | Farm twelve
Initial Cost to Company
Land	$ 1,090,000
Total	1,090,000
Cost Capitalized Subsequent to Acquisition
Improvements	758,000
Land Improvements	18,000
Gross Amount at Which Carried at Close of Period
Land	1,108,000
Improvements	758,000
Total	1,866,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	40 years
South Carolina | Farm thirteen
Initial Cost to Company
Land	$ 1,303,000
Improvements	225,000
Total	1,528,000
Cost Capitalized Subsequent to Acquisition
Improvements	132,000
Gross Amount at Which Carried at Close of Period
Land	1,303,000
Improvements	357,000
Total	1,661,000
Accumulated Depreciation	$ 29,000
Life on Which Depreciation in Latest Income Statements is Computed	34 years
South Carolina | Farm fourteen
Initial Cost to Company
Land	$ 1,078,000
Total	1,078,000
Cost Capitalized Subsequent to Acquisition
Improvements	548,000
Land Improvements	21,000
Gross Amount at Which Carried at Close of Period
Land	1,099,000
Improvements	548,000
Total	1,647,000
Accumulated Depreciation	$ 51,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
South Carolina | Farm fifteen
Initial Cost to Company
Land	$ 1,032,000
Improvements	170,000
Total	1,203,000
Cost Capitalized Subsequent to Acquisition
Improvements	159,000
Land Improvements	13,000
Gross Amount at Which Carried at Close of Period
Land	1,045,000
Improvements	330,000
Total	1,374,000
Accumulated Depreciation	$ 20,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
South Carolina | Farm sixteen
Initial Cost to Company
Land	$ 477,000
Improvements	57,000
Total	534,000
Cost Capitalized Subsequent to Acquisition
Improvements	148,000
Gross Amount at Which Carried at Close of Period
Land	477,000
Improvements	205,000
Total	682,000
Accumulated Depreciation	$ 10,000
Life on Which Depreciation in Latest Income Statements is Computed	32 years
South Carolina | Farm seventeen
Initial Cost to Company
Land	$ 460,000
Total	460,000
Gross Amount at Which Carried at Close of Period
Land	460,000
Total	460,000
South Carolina | Farm eighteen
Initial Cost to Company
Land	354,000
Total	354,000
Cost Capitalized Subsequent to Acquisition
Improvements	72,000
Gross Amount at Which Carried at Close of Period
Land	354,000
Improvements	72,000
Total	426,000
Accumulated Depreciation	$ 2,000
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Colorado | Farm one
Initial Cost to Company
Land	$ 10,716,000
Improvements	70,000
Total	10,786,000
Gross Amount at Which Carried at Close of Period
Land	10,716,000
Improvements	70,000
Total	10,786,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	39 years
Colorado | Farm two
Initial Cost to Company
Land	$ 792,000
Improvements	4,731,000
Total	5,523,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	793,000
Improvements	4,731,000
Total	5,524,000
Accumulated Depreciation	$ 198,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Colorado | Farm three
Initial Cost to Company
Land	$ 4,156,000
Improvements	1,280,000
Total	5,436,000
Cost Capitalized Subsequent to Acquisition
Improvements	(3,000)
Gross Amount at Which Carried at Close of Period
Land	4,156,000
Improvements	1,277,000
Total	5,433,000
Accumulated Depreciation	$ 93,000
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Colorado | Farm four
Initial Cost to Company
Land	$ 3,566,000
Improvements	359,000
Total	3,925,000
Cost Capitalized Subsequent to Acquisition
Improvements	67,000
Gross Amount at Which Carried at Close of Period
Land	3,566,000
Improvements	426,000
Total	3,992,000
Accumulated Depreciation	$ 63,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado | Farm five
Initial Cost to Company
Land	$ 3,099,000
Total	3,099,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(133,000)
Gross Amount at Which Carried at Close of Period
Land	2,966,000
Total	2,966,000
Colorado | Farm six
Initial Cost to Company
Land	1,995,000
Improvements	84,000
Total	2,079,000
Cost Capitalized Subsequent to Acquisition
Improvements	466,000
Gross Amount at Which Carried at Close of Period
Land	1,995,000
Improvements	550,000
Total	2,545,000
Accumulated Depreciation	$ 77,000
Life on Which Depreciation in Latest Income Statements is Computed	18 years
Colorado | Farm seven
Initial Cost to Company
Land	$ 2,328,000
Total	2,328,000
Gross Amount at Which Carried at Close of Period
Land	2,328,000
Total	2,328,000
Colorado | Farm eight
Initial Cost to Company
Land	637,000
Improvements	1,604,000
Total	2,241,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,000
Land Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	637,000
Improvements	1,604,000
Total	2,241,000
Accumulated Depreciation	$ 116,000
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Colorado | Farm nine
Initial Cost to Company
Land	$ 1,365,000
Improvements	663,000
Total	2,028,000
Cost Capitalized Subsequent to Acquisition
Improvements	101,000
Gross Amount at Which Carried at Close of Period
Land	1,365,000
Improvements	764,000
Total	2,129,000
Accumulated Depreciation	$ 77,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado | Farm ten
Initial Cost to Company
Land	$ 1,301,000
Improvements	699,000
Total	2,000,000
Cost Capitalized Subsequent to Acquisition
Improvements	41,000
Gross Amount at Which Carried at Close of Period
Land	1,301,000
Improvements	740,000
Total	2,041,000
Accumulated Depreciation	$ 64,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Colorado | Farm eleven
Initial Cost to Company
Land	$ 1,817,000
Improvements	210,000
Total	2,027,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,000
Land Improvements	(7,000)
Gross Amount at Which Carried at Close of Period
Land	1,810,000
Improvements	211,000
Total	2,021,000
Accumulated Depreciation	$ 81,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
Colorado | Farm twelve
Initial Cost to Company
Land	$ 1,760,000
Total	1,760,000
Cost Capitalized Subsequent to Acquisition
Improvements	239,000
Gross Amount at Which Carried at Close of Period
Land	1,760,000
Improvements	239,000
Total	1,999,000
Accumulated Depreciation	$ 14,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Colorado | Farm thirteen
Initial Cost to Company
Land	$ 1,079,000
Improvements	812,000
Total	1,891,000
Gross Amount at Which Carried at Close of Period
Land	1,079,000
Improvements	812,000
Total	1,891,000
Accumulated Depreciation	$ 73,000
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Colorado | Farm fourteen
Initial Cost to Company
Land	$ 1,305,000
Improvements	376,000
Total	1,681,000
Cost Capitalized Subsequent to Acquisition
Improvements	10,000
Gross Amount at Which Carried at Close of Period
Land	1,305,000
Improvements	386,000
Total	1,691,000
Accumulated Depreciation	$ 163,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Colorado | Farm fifteen
Initial Cost to Company
Land	$ 1,353,000
Improvements	184,000
Total	1,537,000
Gross Amount at Which Carried at Close of Period
Land	1,353,000
Improvements	184,000
Total	1,537,000
Accumulated Depreciation	$ 102,000
Life on Which Depreciation in Latest Income Statements is Computed	9 years
Colorado | Farm sixteen
Initial Cost to Company
Land	$ 1,238,000
Total	1,238,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	45,000
Gross Amount at Which Carried at Close of Period
Land	1,283,000
Total	1,283,000
Colorado | Farm seventeen
Initial Cost to Company
Land	1,030,000
Improvements	170,000
Total	1,200,000
Cost Capitalized Subsequent to Acquisition
Improvements	31,000
Gross Amount at Which Carried at Close of Period
Land	1,030,000
Improvements	201,000
Total	1,231,000
Accumulated Depreciation	$ 124,000
Life on Which Depreciation in Latest Income Statements is Computed	11 years
Colorado | Farm eighteen
Initial Cost to Company
Land	$ 579,000
Improvements	513,000
Total	1,092,000
Cost Capitalized Subsequent to Acquisition
Improvements	16,000
Land Improvements	65,000
Gross Amount at Which Carried at Close of Period
Land	644,000
Improvements	531,000
Total	1,175,000
Accumulated Depreciation	$ 215,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
Colorado | Farm nineteen
Initial Cost to Company
Land	$ 747,000
Improvements	393,000
Total	1,140,000
Gross Amount at Which Carried at Close of Period
Land	747,000
Improvements	393,000
Total	1,140,000
Accumulated Depreciation	$ 48,000
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Colorado | Farm twenty
Initial Cost to Company
Land	$ 1,128,000
Improvements	68,000
Total	1,196,000
Cost Capitalized Subsequent to Acquisition
Improvements	(32,000)
Land Improvements	(45,000)
Gross Amount at Which Carried at Close of Period
Land	1,083,000
Improvements	36,000
Total	1,119,000
Accumulated Depreciation	$ 35,000
Life on Which Depreciation in Latest Income Statements is Computed	3 years
Colorado | Farm twenty one
Initial Cost to Company
Land	$ 1,105,000
Total	1,105,000
Gross Amount at Which Carried at Close of Period
Land	1,105,000
Total	1,105,000
Colorado | Farm twenty two
Initial Cost to Company
Land	773,000
Improvements	323,000
Total	1,096,000
Gross Amount at Which Carried at Close of Period
Land	773,000
Improvements	323,000
Total	1,096,000
Accumulated Depreciation	$ 46,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado | Farm twenty three
Initial Cost to Company
Land	$ 554,000
Improvements	443,000
Total	997,000
Cost Capitalized Subsequent to Acquisition
Improvements	70,000
Land Improvements	(3,000)
Gross Amount at Which Carried at Close of Period
Land	551,000
Improvements	513,000
Total	1,064,000
Accumulated Depreciation	$ 51,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Colorado | Farm twenty four
Initial Cost to Company
Land	$ 819,000
Improvements	94,000
Total	913,000
Cost Capitalized Subsequent to Acquisition
Improvements	113,000
Gross Amount at Which Carried at Close of Period
Land	819,000
Improvements	207,000
Total	1,026,000
Accumulated Depreciation	$ 40,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Colorado | Farm twenty five
Initial Cost to Company
Land	$ 809,000
Improvements	141,000
Total	950,000
Cost Capitalized Subsequent to Acquisition
Improvements	64,000
Gross Amount at Which Carried at Close of Period
Land	809,000
Improvements	205,000
Total	1,014,000
Accumulated Depreciation	$ 26,000
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Colorado | Farm twenty six
Initial Cost to Company
Land	$ 481,000
Improvements	373,000
Total	854,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,000
Land Improvements	46,000
Gross Amount at Which Carried at Close of Period
Land	527,000
Improvements	375,000
Total	902,000
Accumulated Depreciation	$ 160,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Colorado | Farm twenty seven
Initial Cost to Company
Land	$ 803,000
Total	803,000
Gross Amount at Which Carried at Close of Period
Land	803,000
Total	803,000
Colorado | Farm twenty eight
Initial Cost to Company
Land	374,000
Improvements	201,000
Total	575,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,000
Land Improvements	30,000
Gross Amount at Which Carried at Close of Period
Land	404,000
Improvements	203,000
Total	608,000
Accumulated Depreciation	$ 85,000
Life on Which Depreciation in Latest Income Statements is Computed	11 years
Colorado | Farm twenty nine
Initial Cost to Company
Land	$ 419,000
Total	419,000
Gross Amount at Which Carried at Close of Period
Land	419,000
Total	419,000
Colorado | Farm thirty
Cost Capitalized Subsequent to Acquisition
Land Improvements	395,000
Gross Amount at Which Carried at Close of Period
Land	395,000
Total	395,000
Colorado | Farm thirty one
Initial Cost to Company
Land	276,000
Total	276,000
Gross Amount at Which Carried at Close of Period
Land	276,000
Total	276,000
Colorado | Farm thirty two
Initial Cost to Company
Land	224,000
Total	224,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	39,000
Gross Amount at Which Carried at Close of Period
Land	263,000
Total	263,000
Colorado | Farm thirty three
Initial Cost to Company
Land	236,000
Total	236,000
Gross Amount at Which Carried at Close of Period
Land	236,000
Total	236,000
Colorado | Farm thirty four
Cost Capitalized Subsequent to Acquisition
Improvements	69,000
Gross Amount at Which Carried at Close of Period
Improvements	69,000
Total	69,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Kansas | Farm one
Initial Cost to Company
Land	$ 1,915,000
Total	1,915,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(395,000)
Gross Amount at Which Carried at Close of Period
Land	1,520,000
Total	1,520,000
Kansas | Farm two
Initial Cost to Company
Land	805,000
Improvements	178,000
Total	983,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(38,000)
Gross Amount at Which Carried at Close of Period
Land	767,000
Improvements	224,000
Total	990,000
Accumulated Depreciation	$ 82,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
Kansas | Farm three
Initial Cost to Company
Land	$ 737,000
Total	737,000
Gross Amount at Which Carried at Close of Period
Land	737,000
Total	737,000
Kansas | Farm four
Initial Cost to Company
Land	319,000
Improvements	181,000
Total	500,000
Gross Amount at Which Carried at Close of Period
Land	319,000
Improvements	181,000
Total	500,000
Accumulated Depreciation	$ 18,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Kansas | Farm five
Initial Cost to Company
Land	$ 235,000
Improvements	90,000
Total	325,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	235,000
Improvements	93,000
Total	328,000
Accumulated Depreciation	$ 10,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Virginia | Farm one
Initial Cost to Company
Land	$ 7,277,000
Total	7,277,000
Gross Amount at Which Carried at Close of Period
Land	7,277,000
Total	7,277,000
Florida | Farm one
Initial Cost to Company
Land	9,295,000
Improvements	202,000
Total	9,497,000
Cost Capitalized Subsequent to Acquisition
Improvements	730,000
Land Improvements	3,036,000
Gross Amount at Which Carried at Close of Period
Land	12,331,000
Improvements	932,000
Total	13,263,000
Accumulated Depreciation	$ 39,000
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Florida | Farm two
Initial Cost to Company
Land	$ 10,715,000
Improvements	1,508,000
Total	12,223,000
Cost Capitalized Subsequent to Acquisition
Improvements	84,000
Gross Amount at Which Carried at Close of Period
Land	10,715,000
Improvements	1,591,000
Total	12,306,000
Accumulated Depreciation	$ 225,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Florida | Farm three
Initial Cost to Company
Land	$ 6,402,000
Improvements	593,000
Total	6,995,000
Cost Capitalized Subsequent to Acquisition
Improvements	35,000
Gross Amount at Which Carried at Close of Period
Land	6,402,000
Improvements	628,000
Total	7,030,000
Accumulated Depreciation	$ 123,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Florida | Farm four
Initial Cost to Company
Land	$ 2,674,000
Improvements	3,565,000
Total	6,239,000
Gross Amount at Which Carried at Close of Period
Land	2,674,000
Improvements	3,565,000
Total	6,239,000
Accumulated Depreciation	$ 497,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Arkansas | Farm one
Initial Cost to Company
Land	$ 6,914,000
Improvements	287,000
Total	7,201,000
Cost Capitalized Subsequent to Acquisition
Improvements	22,000
Land Improvements	16,000
Gross Amount at Which Carried at Close of Period
Land	6,930,000
Improvements	309,000
Total	7,239,000
Accumulated Depreciation	$ 50,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Arkansas | Farm two
Initial Cost to Company
Land	$ 5,924,000
Improvements	244,000
Total	6,168,000
Gross Amount at Which Carried at Close of Period
Land	5,924,000
Improvements	244,000
Total	6,168,000
Accumulated Depreciation	$ 43,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Arkansas | Farm three
Initial Cost to Company
Land	$ 5,532,000
Improvements	101,000
Total	5,633,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	5,535,000
Improvements	100,000
Total	5,635,000
Accumulated Depreciation	$ 19,000
Life on Which Depreciation in Latest Income Statements is Computed	9 years
Arkansas | Farm four
Initial Cost to Company
Land	$ 5,169,000
Improvements	185,000
Total	5,354,000
Cost Capitalized Subsequent to Acquisition
Improvements	27,000
Gross Amount at Which Carried at Close of Period
Land	5,169,000
Improvements	185,000
Total	5,354,000
Accumulated Depreciation	$ 23,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Arkansas | Farm five
Initial Cost to Company
Land	$ 4,536,000
Improvements	50,000
Total	4,586,000
Cost Capitalized Subsequent to Acquisition
Improvements	81,000
Gross Amount at Which Carried at Close of Period
Land	4,536,000
Improvements	131,000
Total	4,666,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Arkansas | Farm six
Initial Cost to Company
Land	$ 4,035,000
Improvements	38,000
Total	4,073,000
Cost Capitalized Subsequent to Acquisition
Improvements	134,000
Gross Amount at Which Carried at Close of Period
Land	4,035,000
Improvements	172,000
Total	4,207,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Arkansas | Farm seven
Initial Cost to Company
Land	$ 3,264,000
Improvements	165,000
Total	3,429,000
Cost Capitalized Subsequent to Acquisition
Improvements	201,000
Land Improvements	97,000
Gross Amount at Which Carried at Close of Period
Land	3,361,000
Improvements	364,000
Total	3,725,000
Accumulated Depreciation	$ 60,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Arkansas | Farm eight
Initial Cost to Company
Land	$ 3,277,000
Improvements	145,000
Total	3,422,000
Cost Capitalized Subsequent to Acquisition
Improvements	37,000
Land Improvements	27,000
Gross Amount at Which Carried at Close of Period
Land	3,304,000
Improvements	182,000
Total	3,487,000
Accumulated Depreciation	$ 34,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Arkansas | Farm nine
Initial Cost to Company
Land	$ 2,808,000
Improvements	184,000
Total	2,992,000
Cost Capitalized Subsequent to Acquisition
Improvements	58,000
Land Improvements	7,000
Gross Amount at Which Carried at Close of Period
Land	2,815,000
Improvements	242,000
Total	3,057,000
Accumulated Depreciation	$ 50,000
Life on Which Depreciation in Latest Income Statements is Computed	18 years
Arkansas | Farm ten
Initial Cost to Company
Land	$ 2,985,000
Improvements	156,000
Total	3,141,000
Cost Capitalized Subsequent to Acquisition
Improvements	8,000
Land Improvements	(96,000)
Gross Amount at Which Carried at Close of Period
Land	2,889,000
Improvements	164,000
Total	3,053,000
Accumulated Depreciation	$ 43,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Arkansas | Farm eleven
Initial Cost to Company
Land	$ 2,645,000
Improvements	40,000
Total	2,685,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Land Improvements	21,000
Gross Amount at Which Carried at Close of Period
Land	2,666,000
Improvements	43,000
Total	2,709,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Arkansas | Farm twelve
Initial Cost to Company
Land	$ 2,262,000
Improvements	82,000
Total	2,344,000
Cost Capitalized Subsequent to Acquisition
Improvements	4,000
Land Improvements	96,000
Gross Amount at Which Carried at Close of Period
Land	2,358,000
Improvements	86,000
Total	2,444,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Arkansas | Farm thirteen
Initial Cost to Company
Land	$ 2,316,000
Total	2,316,000
Cost Capitalized Subsequent to Acquisition
Improvements	3,000
Gross Amount at Which Carried at Close of Period
Land	2,316,000
Improvements	3,000
Total	2,319,000
Arkansas | Farm fourteen
Initial Cost to Company
Land	2,014,000
Improvements	96,000
Total	2,110,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(8,000)
Gross Amount at Which Carried at Close of Period
Land	2,006,000
Improvements	96,000
Total	2,102,000
Accumulated Depreciation	$ 21,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
California | Farm one
Initial Cost to Company
Land	$ 44,994,000
Total	44,994,000
Gross Amount at Which Carried at Close of Period
Land	44,994,000
Total	44,994,000
California | Farm two
Initial Cost to Company
Land	33,482,000
Total	33,482,000
Gross Amount at Which Carried at Close of Period
Land	33,482,000
Total	33,482,000
California | Farm three
Initial Cost to Company
Land	19,925,000
Improvements	11,521,000
Total	31,445,000
Cost Capitalized Subsequent to Acquisition
Improvements	255,000
Gross Amount at Which Carried at Close of Period
Land	19,925,000
Improvements	11,776,000
Total	31,700,000
Accumulated Depreciation	$ 2,160,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
California | Farm four
Initial Cost to Company
Land	$ 31,567,000
Total	31,567,000
Gross Amount at Which Carried at Close of Period
Land	31,567,000
Total	31,567,000
California | Farm five
Initial Cost to Company
Land	7,647,000
Improvements	11,518,000
Total	19,164,000
Cost Capitalized Subsequent to Acquisition
Improvements	207,000
Gross Amount at Which Carried at Close of Period
Land	7,647,000
Improvements	11,725,000
Total	19,371,000
Accumulated Depreciation	$ 922,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
California | Farm six
Initial Cost to Company
Land	$ 9,998,000
Improvements	8,116,000
Total	18,114,000
Gross Amount at Which Carried at Close of Period
Land	9,998,000
Improvements	8,116,000
Total	18,114,000
Accumulated Depreciation	$ 1,053,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
California | Farm seven
Initial Cost to Company
Land	$ 10,947,000
Improvements	6,878,000
Total	17,825,000
Cost Capitalized Subsequent to Acquisition
Improvements	64,000
Gross Amount at Which Carried at Close of Period
Land	10,947,000
Improvements	6,942,000
Total	17,889,000
Accumulated Depreciation	$ 766,000
Life on Which Depreciation in Latest Income Statements is Computed	21 years
California | Farm eight
Initial Cost to Company
Land	$ 11,888,000
Improvements	3,398,000
Total	15,286,000
Cost Capitalized Subsequent to Acquisition
Improvements	(58,000)
Gross Amount at Which Carried at Close of Period
Land	11,888,000
Improvements	3,340,000
Total	15,228,000
Accumulated Depreciation	$ 470,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
California | Farm nine
Initial Cost to Company
Land	$ 8,326,000
Improvements	6,075,000
Total	14,401,000
Cost Capitalized Subsequent to Acquisition
Improvements	16,000
Gross Amount at Which Carried at Close of Period
Land	8,326,000
Improvements	6,091,000
Total	14,417,000
Accumulated Depreciation	$ 430,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
California | Farm ten
Initial Cost to Company
Land	$ 9,043,000
Improvements	4,546,000
Total	13,589,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,000
Gross Amount at Which Carried at Close of Period
Land	9,043,000
Improvements	4,549,000
Total	13,592,000
Accumulated Depreciation	$ 528,000
Life on Which Depreciation in Latest Income Statements is Computed	17 years
California | Farm eleven
Initial Cost to Company
Land	$ 10,167,000
Improvements	2,902,000
Total	13,069,000
Cost Capitalized Subsequent to Acquisition
Improvements	421,000
Gross Amount at Which Carried at Close of Period
Land	10,167,000
Improvements	3,323,000
Total	13,490,000
Accumulated Depreciation	$ 473,000
Life on Which Depreciation in Latest Income Statements is Computed	13 years
California | Farm twelve
Initial Cost to Company
Land	$ 7,492,000
Improvements	2,889,000
Total	10,380,000
Cost Capitalized Subsequent to Acquisition
Improvements	318,000
Gross Amount at Which Carried at Close of Period
Land	7,492,000
Improvements	3,207,000
Total	10,698,000
Accumulated Depreciation	$ 414,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
California | Farm thirteen
Initial Cost to Company
Land	$ 9,534,000
Improvements	263,000
Total	9,796,000
Cost Capitalized Subsequent to Acquisition
Improvements	2,000
Gross Amount at Which Carried at Close of Period
Land	9,534,000
Improvements	265,000
Total	9,799,000
Accumulated Depreciation	$ 50,000
Life on Which Depreciation in Latest Income Statements is Computed	14 years
California | Farm fourteen
Initial Cost to Company
Land	$ 6,191,000
Improvements	2,772,000
Total	8,963,000
Gross Amount at Which Carried at Close of Period
Land	6,191,000
Improvements	2,772,000
Total	8,963,000
Accumulated Depreciation	$ 320,000
Life on Which Depreciation in Latest Income Statements is Computed	11 years
California | Farm fifteen
Initial Cost to Company
Land	$ 4,710,000
Improvements	3,317,000
Total	8,027,000
Gross Amount at Which Carried at Close of Period
Land	4,710,000
Improvements	3,317,000
Total	8,027,000
Accumulated Depreciation	$ 273,000
Life on Which Depreciation in Latest Income Statements is Computed	15 years
California | Farm sixteen
Initial Cost to Company
Land	$ 2,461,000
Improvements	1,974,000
Total	4,435,000
Gross Amount at Which Carried at Close of Period
Land	2,461,000
Improvements	1,974,000
Total	4,435,000
Accumulated Depreciation	$ 167,000
Life on Which Depreciation in Latest Income Statements is Computed	17 years
California | Farm seventeen
Initial Cost to Company
Land	$ 967,000
Improvements	1,357,000
Total	2,324,000
Cost Capitalized Subsequent to Acquisition
Improvements	375,000
Gross Amount at Which Carried at Close of Period
Land	967,000
Improvements	1,732,000
Total	2,699,000
Accumulated Depreciation	$ 159,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Nebraska | Farm one
Initial Cost to Company
Land	$ 1,881,000
Improvements	55,000
Total	1,936,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,428,000
Land Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	1,882,000
Improvements	1,531,000
Total	3,413,000
Accumulated Depreciation	$ 339,000
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Nebraska | Farm two
Initial Cost to Company
Land	$ 2,601,000
Improvements	114,000
Total	2,715,000
Cost Capitalized Subsequent to Acquisition
Improvements	122,000
Gross Amount at Which Carried at Close of Period
Land	2,601,000
Improvements	236,000
Total	2,837,000
Accumulated Depreciation	$ 17,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Nebraska | Farm three
Initial Cost to Company
Land	$ 2,539,000
Improvements	78,000
Total	2,617,000
Cost Capitalized Subsequent to Acquisition
Improvements	(23,000)
Gross Amount at Which Carried at Close of Period
Land	2,539,000
Improvements	55,000
Total	2,594,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Nebraska | Farm four
Initial Cost to Company
Land	$ 693,000
Improvements	1,785,000
Total	2,478,000
Cost Capitalized Subsequent to Acquisition
Improvements	7,000
Gross Amount at Which Carried at Close of Period
Land	693,000
Improvements	1,792,000
Total	2,484,000
Accumulated Depreciation	$ 220,000
Life on Which Depreciation in Latest Income Statements is Computed	19 years
Nebraska | Farm five
Initial Cost to Company
Land	$ 2,280,000
Improvements	44,000
Total	2,324,000
Cost Capitalized Subsequent to Acquisition
Improvements	95,000
Gross Amount at Which Carried at Close of Period
Land	2,280,000
Improvements	139,000
Total	2,419,000
Accumulated Depreciation	$ 19,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Nebraska | Farm six
Initial Cost to Company
Land	$ 2,316,000
Improvements	126,000
Total	2,442,000
Cost Capitalized Subsequent to Acquisition
Improvements	(126,000)
Gross Amount at Which Carried at Close of Period
Land	2,316,000
Total	2,316,000
Accumulated Depreciation	9,000
Nebraska | Farm seven
Initial Cost to Company
Land	1,610,000
Improvements	32,000
Total	1,642,000
Cost Capitalized Subsequent to Acquisition
Improvements	81,000
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	1,608,000
Improvements	113,000
Total	1,720,000
Accumulated Depreciation	$ 16,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Nebraska | Farm eight
Initial Cost to Company
Land	$ 1,639,000
Improvements	46,000
Total	1,685,000
Cost Capitalized Subsequent to Acquisition
Improvements	10,000
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	1,637,000
Improvements	56,000
Total	1,694,000
Accumulated Depreciation	$ 8,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Nebraska | Farm nine
Initial Cost to Company
Land	$ 1,314,000
Improvements	65,000
Total	1,379,000
Cost Capitalized Subsequent to Acquisition
Improvements	242,000
Gross Amount at Which Carried at Close of Period
Land	1,314,000
Improvements	307,000
Total	1,621,000
Accumulated Depreciation	$ 33,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Nebraska | Farm ten
Initial Cost to Company
Land	$ 1,539,000
Total	1,539,000
Cost Capitalized Subsequent to Acquisition
Improvements	70,000
Land Improvements	(1,000)
Gross Amount at Which Carried at Close of Period
Land	1,539,000
Improvements	70,000
Total	1,608,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	45 years
Nebraska | Farm eleven
Initial Cost to Company
Land	$ 1,244,000
Improvements	69,000
Total	1,313,000
Cost Capitalized Subsequent to Acquisition
Improvements	269,000
Gross Amount at Which Carried at Close of Period
Land	1,244,000
Improvements	338,000
Total	1,582,000
Accumulated Depreciation	$ 34,000
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Nebraska | Farm twelve
Initial Cost to Company
Land	$ 1,100,000
Improvements	28,000
Total	1,128,000
Cost Capitalized Subsequent to Acquisition
Improvements	144,000
Gross Amount at Which Carried at Close of Period
Land	1,100,000
Improvements	276,000
Total	1,376,000
Accumulated Depreciation	$ 19,000
Life on Which Depreciation in Latest Income Statements is Computed	18 years
Nebraska | Farm thirteen
Initial Cost to Company
Land	$ 1,149,000
Total	1,149,000
Cost Capitalized Subsequent to Acquisition
Improvements	202,000
Gross Amount at Which Carried at Close of Period
Land	1,149,000
Improvements	202,000
Total	1,350,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Nebraska | Farm fourteen
Initial Cost to Company
Land	$ 1,346,000
Improvements	34,000
Total	1,380,000
Cost Capitalized Subsequent to Acquisition
Improvements	(34,000)
Gross Amount at Which Carried at Close of Period
Land	1,346,000
Total	1,346,000
Accumulated Depreciation	2,000
Nebraska | Farm fifteen
Initial Cost to Company
Land	1,232,000
Improvements	56,000
Total	1,288,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	31,000
Gross Amount at Which Carried at Close of Period
Land	1,263,000
Improvements	56,000
Total	1,319,000
Accumulated Depreciation	$ 6,000
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Nebraska | Farm sixteen
Initial Cost to Company
Land	$ 1,279,000
Improvements	23,000
Total	1,302,000
Cost Capitalized Subsequent to Acquisition
Improvements	6,000
Gross Amount at Which Carried at Close of Period
Land	1,279,000
Improvements	29,000
Total	1,308,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Nebraska | Farm seventeen
Initial Cost to Company
Land	$ 1,242,000
Improvements	37,000
Total	1,279,000
Cost Capitalized Subsequent to Acquisition
Improvements	(5,000)
Gross Amount at Which Carried at Close of Period
Land	1,242,000
Improvements	32,000
Total	1,273,000
Accumulated Depreciation	$ 5,000
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Nebraska | Farm eighteen
Initial Cost to Company
Land	$ 1,077,000
Improvements	33,000
Total	1,110,000
Cost Capitalized Subsequent to Acquisition
Improvements	80,000
Gross Amount at Which Carried at Close of Period
Land	1,077,000
Improvements	113,000
Total	1,189,000
Accumulated Depreciation	$ 9,000
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Nebraska | Farm nineteen
Initial Cost to Company
Land	$ 1,109,000
Improvements	40,000
Total	1,149,000
Cost Capitalized Subsequent to Acquisition
Improvements	(40,000)
Gross Amount at Which Carried at Close of Period
Land	1,109,000
Improvements	40,000
Total	1,149,000
Accumulated Depreciation	$ 12,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Nebraska | Farm twenty
Initial Cost to Company
Land	$ 1,136,000
Improvements	11,000
Total	1,147,000
Gross Amount at Which Carried at Close of Period
Land	1,136,000
Improvements	11,000
Total	1,147,000
Accumulated Depreciation	$ 7,000
Life on Which Depreciation in Latest Income Statements is Computed	6 years
Nebraska | Farm twenty one
Initial Cost to Company
Land	$ 848,000
Improvements	197,000
Total	1,045,000
Cost Capitalized Subsequent to Acquisition
Improvements	4,000
Gross Amount at Which Carried at Close of Period
Land	848,000
Improvements	219,000
Total	1,067,000
Accumulated Depreciation	$ 38,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Nebraska | Farm twenty two
Initial Cost to Company
Land	$ 994,000
Improvements	20,000
Total	1,014,000
Cost Capitalized Subsequent to Acquisition
Improvements	41,000
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	992,000
Improvements	61,000
Total	1,052,000
Accumulated Depreciation	$ 11,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Nebraska | Farm twenty three
Initial Cost to Company
Land	$ 862,000
Total	862,000
Gross Amount at Which Carried at Close of Period
Land	862,000
Total	862,000
Nebraska | Farm twenty four
Initial Cost to Company
Land	742,000
Total	742,000
Gross Amount at Which Carried at Close of Period
Land	742,000
Improvements	94,000
Total	836,000
Accumulated Depreciation	$ 22,000
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Nebraska | Farm twenty five
Initial Cost to Company
Land	$ 702,000
Improvements	72,000
Total	774,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	700,000
Improvements	72,000
Total	772,000
Accumulated Depreciation	$ 8,000
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Nebraska | Farm twenty six
Initial Cost to Company
Land	$ 711,000
Improvements	22,000
Total	733,000
Gross Amount at Which Carried at Close of Period
Land	711,000
Improvements	22,000
Total	733,000
Accumulated Depreciation	$ 3,000
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Nebraska | Farm twenty seven
Initial Cost to Company
Land	$ 607,000
Total	607,000
Gross Amount at Which Carried at Close of Period
Land	607,000
Total	607,000
Nebraska | Farm twenty eight
Initial Cost to Company
Land	561,000
Total	561,000
Cost Capitalized Subsequent to Acquisition
Land Improvements	41,000
Gross Amount at Which Carried at Close of Period
Land	602,000
Total	602,000
Nebraska | Farm twenty nine
Initial Cost to Company
Land	500,000
Improvements	10,000
Total	510,000
Gross Amount at Which Carried at Close of Period
Land	500,000
Improvements	10,000
Total	510,000
Accumulated Depreciation	$ 7,000
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Nebraska | Farm thirty
Initial Cost to Company
Land	$ 342,000
Improvements	4,000
Total	346,000
Cost Capitalized Subsequent to Acquisition
Improvements	(1,000)
Land Improvements	(2,000)
Gross Amount at Which Carried at Close of Period
Land	341,000
Improvements	4,000
Total	$ 344,000
Life on Which Depreciation in Latest Income Statements is Computed	27 years
South Dakota | Farm one
Initial Cost to Company
Land	$ 6,731,000
Total	6,731,000
Gross Amount at Which Carried at Close of Period
Land	6,731,000
Total	6,731,000
Alabama | Farm one
Initial Cost to Company
Land	1,719,000
Improvements	1,883,000
Total	3,602,000
Cost Capitalized Subsequent to Acquisition
Improvements	1,047,000
Land Improvements	1,854,000
Gross Amount at Which Carried at Close of Period
Land	3,574,000
Improvements	2,930,000
Total	6,504,000
Accumulated Depreciation	$ 930,000
Life on Which Depreciation in Latest Income Statements is Computed	16 years

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real estate:
Balance at beginning of year	$ 1,094,155	$ 595,598	$ 317,589
Additions during period
Additions through construction of improvements	9,874	15,549	4,866
Dispositions of improvements	(29,573)	(671)	(40)
Acquisitions through asset acquisitions / business combinations	33,560	483,679	273,183
Balance at end of year	1,108,016	1,094,155	595,598
Accumulated depreciation:
Balance at beginning of year	10,261	3,215	1,668
Dispositions of improvements	(190)	(80)	(8)
Additions charged to costs and expenses	8,077	7,126	1,555
Balance at end of year	18,148	10,261	3,215
Real Estate and Accumulated Depreciation balance per consolidated balance sheet
Real Estate balance per schedule	1,094,155	595,598	317,589	$ 1,108,016	$ 1,094,155	$ 595,598
Construction in progress	10,262	8,137	1,615
Other non-real estate	71	71	74
Balance per consolidated balance sheet				1,118,349	1,102,363	597,287
Accumulated depreciation per schedule	10,261	3,215	1,668	18,148	10,261	3,215
Other non-real estate	$ 54	$ 24	$ 9
Balance per consolidated balance sheet				$ 18,202	$ 10,285	$ 3,224