Farmland Partners (FPI) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document and Entity Information
Entity Registrant Name	Farmland Partners Inc.
Entity Central Index Key	0001591670
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,603,077
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Land, at cost	$ 935,486	$ 957,516
Grain facilities	12,103	12,184
Groundwater	11,473	11,473
Irrigation improvements	53,398	53,458
Drainage improvements	12,311	12,271
Permanent plantings	52,905	52,989
Other	7,827	8,196
Construction in progress	10,217	10,262
Real estate, at cost	1,095,720	1,118,349
Less accumulated depreciation	(21,747)	(18,202)
Total real estate, net	1,073,973	1,100,147
Cash	22,359	16,891
Total notes and interest receivable	7,753	11,877
Right of use asset	135
Deferred offering costs	218	218
Deferred financing fees, net	217	261
Accounts receivable, net	4,579	6,136
Inventory	708	341
Prepaid and other assets	1,881	3,638
TOTAL ASSETS	1,111,823	1,139,509
LIABILITIES
Mortgage notes and bonds payable, net	512,469	523,641
Lease liability	135
Dividends payable	1,613	1,681
Derivative liability	1,735	865
Accrued interest	4,469	4,296
Accrued property taxes	2,013	1,666
Deferred revenue	5,254	238
Accrued expenses	3,554	3,581
Total liabilities	531,242	535,968
Commitments and contingencies (See Note 8)
Series B Participating Preferred Stock, $0.01 par value, 100,000,000 shares authorized; 5,973,959 shares issued and outstanding at June 30, 2019, and 6,013,587 December 31, 2018	145,154	143,758
Redeemable non-controlling interest in operating partnership, Series A preferred units	118,755	120,510
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 29,844,349 shares issued and outstanding at June 30, 2019, and 30,594,592 shares issued and outstanding at December 31, 2018	290	300
Additional paid in capital	335,256	332,996
Retained earnings	4,660	4,852
Cumulative dividends	(45,778)	(42,695)
Other comprehensive income	(1,735)	(865)
Non-controlling interests in operating partnership	23,979	44,685
Total equity	316,672	339,273
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$ 1,111,823	$ 1,139,509

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
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	5,973,959	6,013,587
Series B Participating Preferred Stock, shares outstanding	5,973,959	6,013,587
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	29,844,349	30,594,592
Common stock, shares outstanding	29,844,349	30,594,592

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
OPERATING REVENUES:
Rental income	$ 9,698	$ 10,057	$ 19,369	$ 19,998
Total operating revenues	10,948	11,419	21,836	22,627
OPERATING EXPENSES
Depreciation, depletion and amortization	2,092	2,126	4,207	4,256
Property operating expenses	2,188	2,109	4,120	3,797
Acquisition and due diligence costs	1		1	141
General and administrative expenses	1,419	1,701	2,793	3,665
Legal and accounting	1,293	284	2,016	747
Other operating expenses	1	11	224	11
Total operating expenses	6,994	6,231	13,361	12,617
OPERATING INCOME	3,954	5,188	8,475	10,010
OTHER (INCOME) EXPENSE:
Other income	(111)	(90)	(136)	(171)
(Gain) loss on disposition of assets	(7,491)	(143)	(7,909)	(135)
Interest expense	5,031	4,440	9,987	8,832
Total other expense	(2,571)	4,207	1,942	8,526
Net income before income tax expense	6,525	981	6,533	1,484
NET INCOME (LOSS)	6,525	981	6,533	1,484
Net (income) loss attributable to non-controlling interests in operating partnership	(473)	(121)	(474)	(183)
Net income (loss) attributable to the Company	6,052	860	6,059	1,301
Nonforfeitable distributions allocated to unvested restricted shares	(21)	(41)	(42)	(83)
Net loss available to common stockholders of Farmland Partners Inc.	$ 2,906	$ (2,323)	$ (234)	$ (5,065)
Basic and diluted per common share data:
Basic net (loss) available to common stockholders	$ 0.09	$ (0.07)	$ (0.01)	$ (0.15)
Diluted net (loss) available to common stockholders	$ 0.08	$ (0.07)	$ (0.01)	$ (0.15)
Basic weighted average common shares outstanding (in shares)	30,637	32,542	30,714	32,777
Diluted weighted average common shares outstanding (in shares)	48,370	32,542	30,714	32,777
Dividends declared per common share	$ 0.05	$ 0.1275	$ 0.1000	$ 0.2550
Tenant reimbursements
OPERATING REVENUES:
Revenue	$ 466	$ 774	$ 934	$ 1,542
Crop Sales
OPERATING REVENUES:
Revenue	484	331	933	410
Other revenue
OPERATING REVENUES:
Revenue	300	257	600	677
Preferred Units
OTHER (INCOME) EXPENSE:
Distributions on redeemable non-controlling interests in operating partnership	$ (3,125)	$ (3,142)	$ (6,251)	$ (6,283)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings	Cumulative Dividends	Other Comprehensive Income.	Non-controlling Interest in Operating Partnership	Total
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			1,301			183	1,484
Grant of unvested restricted stock (in shares)	160
Forfeiture of unvested restricted stock (in shares)	(3)
Stock based compensation		730					730
Dividends and distributions accrued or paid			(6,284)	(8,381)		(1,168)	(15,833)
Repurchase and cancellation of shares	$ (8)	(6,510)					(6,518)
Repurchase and cancellation of shares (in shares)	(780)
Conversion of Common units to shares of common stock	$ 2	1,543				(1,545)
Conversion of Common units to shares of common stock (in shares)	157
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		690				(690)
Balance at Jun. 30, 2018	$ 323	346,600	178	(39,580)	$ (495)	43,293	350,319
Balance (in shares) at Jun. 30, 2018	32,868
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
Increase (decrease) in shareholders' equity
Net income			6,059			474	6,533
Grant of unvested restricted stock (in shares)	224
Forfeiture of unvested restricted stock		(2)					(2)
Forfeiture of unvested restricted stock (in shares)	(1)
Stock based compensation		778					778
Dividends and distributions accrued or paid			(6,251)	(3,083)		(239)	(9,573)
Repurchase and cancellation of shares	$ (32)	(19,435)					(19,467)
Repurchase and cancellation of shares (in shares)	(3,158)
Conversion of Common units to shares of common stock	$ 22	21,292				(21,314)
Conversion of Common units to shares of common stock (in shares)	2,185
Net change associated with current period hedging transactions					(870)		(870)
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		(373)				373
Balance at Jun. 30, 2019	$ 290	$ 335,256	$ 4,660	$ (45,778)	$ (1,735)	$ 23,979	$ 316,672
Balance (in shares) at Jun. 30, 2019	29,844

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 6,533	$ 1,484
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,207	4,256
Amortization of deferred financing fees and discounts/premiums on debt	172	221
Amortization of net origination fees related to notes receivable		(5)
Stock based compensation	776	729
(Gain) loss on disposition of assets	(7,909)	(135)
Bad debt expense	339	556
Changes in operating assets and liabilities:
Increase in accounts receivable	1,661	2,108
(Increase) in interest receivable	(495)	(60)
Decrease in other assets	1,599	665
(Decrease) increase in inventory	(423)	(295)
Increase in accrued interest	173	966
(Decrease) increase in accrued expenses	58	(135)
Increase in deferred revenue	5,069	3,428
(Increase) decrease in accrued property taxes	367	320
Net cash provided by operating activities	12,127	14,103
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions		(26,820)
Real estate and other improvements	(4,240)	(8,970)
Principal receipts on notes receivable	5,633	3,469
Casualty loss insurance recovery		(2)
Issuance of note receivable	(1,456)	(6,113)
Proceeds from sale of property	34,172	2,000
Net cash provided by investing activities	34,109	(36,436)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable		21,000
Repayments on mortgage notes payable	(11,300)	(1,218)
Participating preferred stock repurchased	(851)
Common stock repurchased	(19,466)	(6,517)
Payment of offering costs		(152)
Payment of debt issuance costs		(235)
Dividends on common stock	(3,152)	(8,381)
Distributions to non-controlling interests in operating partnership, common	(240)	(1,248)
Net cash used in financing activities	(40,768)	(4,789)
NET INCREASE IN CASH	5,468	(27,122)
CASH, BEGINNING OF PERIOD	16,891	53,536
CASH, END OF PERIOD	22,359	26,414
Cash paid during period for interest	9,791	7,761
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Additions to real estate improvements included in accrued expenses	264	626
Property tax liability assumed in acquisitions		5
Right of Use Asset	135
Lease Liability	135
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable	1,492	4,191
Series A Preferred Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distribution on Preferred units	(3,510)	(3,510)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Distributions payable, preferred units	1,755	1,755
Series B Participating Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES
Distribution on Preferred units	(2,249)	$ (4,528)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Distributions payable, preferred units	$ 2,247

Organization and Significant Ac

Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	Note 1—Organization and Significant Accounting Policie 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 June 30, 2019, the Company owned a portfolio of approximately 158,000 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 June 30, 2019, the Company owned a 92.6% 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 June 30, 2019, the TRS performed these custom farming operations on 1,857 acres of farmland owned by the Company located in California, Michigan and Florida. Principles of Consolidation The accompanying consolidated financial statements for the periods ended June 30, 2019 and 2018 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. Interim Financial Information The information in the Company’s consolidated financial statements for the three months ended June 30, 2019 and 2018 is unaudited. The accompanying financial statements for the three months ended June 30, 2019 and 2018 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2019. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of actual operating results for the entire year ending December 31, 2019. The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. 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 and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. 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 both June 30, 2019 and December 31, 2018, the Company had $1.3 million, in for tenant relationship intangibles, net of accumulated amortization of $1.1 million. 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 are 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 are 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. During the three and six months ended June 30, 2019, the company expensed an immaterial amount of costs in relation to business combinations during the periods. 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 price per share of the Company’s common stock 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 Sales The Company recognizes gains from the sales of real estate assets, generally at the time the title is transferred, consideration is received and the Company no longer has substantial continuing involvement with the real estate sold. Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. As of June 30, 2019 and December 31, 2018, the Company had an allowance of $0.2 million and $0.2 million, respectively. Inventory The costs of growing crops are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in the 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 period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold and is included in other operating expenses. The cost of harvested crop was $0.0 million and $0.2 million and $0.0 million and $0.0 million for the three and six months ended June 30, 2019 and 2018, respectively. 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. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or market. As of June 30, 2019 and December 31, 2018, inventory consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Harvested crop $ — $ 100 Growing crop 708 122 General inventory — 119 $ 708 $ 341 Hedge Accounting ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the period. The Company uses derivative instruments to manage certain interest rate risks. More specifically, interest rate swaps are entered into to manage the risk associated with the Company’s floating-rate borrowings when such risk management is deemed appropriate by the Company’s management and a fixed interest rate is not available or not economical, or when it is contractually required by a lender. In accordance with ASC 815, the Company designates interest rate swaps as cash flow hedges of said floating-rate borrowings. The Company entered into an interest rate swap effective April 1, 2018 and chose to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities, (“ASU 2017-12”) effective on that date. As a result of the adoption of ASU 2017-12, 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. As of June 30, 2019, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $33.2 million. For a summary of the fair value and related disclosures in relation to hedge accounting, please refer to “Note 10 – Hedge Accounting.” New or Revised Accounting Standards Adopted In August 2017, the FASB issued ASU No. 2017-12, which, is intended to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 with early application permitted in any interim period after the issuance of the updated guidance. The Company entered into an interest rate swap effective April 1, 2018 and as such chose to early adopt the new guidance effective April 1, 2018. The impact on the Company is set out in the accounting policies above and in “Note 10 – Hedge Accounting.” 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. The Company has completed its assessment of the impact of this guidance and the following reflects 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. Once of these leases has terms less than 12 months, and the Company will elect not to apply the recognition requirements of ASU 2016-02. The Company will record a right-of-use asset and a lease liability for the second 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 that 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 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 adopted this standard effective January 1, 2019, the impact on adoption was that the company recognized a right of use asset and a lease liability in the amount of $0.2 million.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Revenue Recognition	Note 2—Revenue Recognition For the majority of our 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. 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. 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. Most of our farming leases range from two to three years for row crops and one to seven years for permanent crops. Leases in place as of June 30, 2019 have terms ranging from one to 40 years. Payments received in advance are included in deferred revenue until they are earned. As of June 30, 2019 and December 31, 2018, the Company had $5.3 million and $0.2 million , respectively, in deferred revenue. The following sets forth a summary of rental income recognized for the three and six months ended June 30, 2019 and 2018: Rental income recognized For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Leases in effect at the beginning of the year $ 9,367 $ 5,487 $ 18,881 $ 13,680 Leases entered into during the year 331 4,570 488 6,318 $ 9,698 $ 10,057 $ 19,369 $ 19,998 Future minimum lease payments from tenants under all non-cancelable leases in place as of June 30, 2019, including lease advances when contractually due, but excluding crop share and tenant reimbursement of expenses, for the remainder of 2019 and each of the next four years and thereafter as of June 30, 2019 are as follows: (in thousands) Future rental Year Ending December 31, payments 2019 (remaining six months) $ 17,775 2020 22,830 2021 10,711 2022 2,265 2023 472 Thereafter 7,591 $ 61,644 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. 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. Revenues from the sale of harvested crops totaling $ 0.9 million and $0.5 million and $0.3 million and $ 0.4 million were recognized for the three and six months ended June 30, 2019 and 2018, respectively. 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.

Concentration Risk

Concentration Risk	6 Months Ended
	Jun. 30, 2019
Concentration Risk
Concentration Risk	Note 3—Concentration Risk Credit Risk For the three months ended June 30, 2019, the Company had one significant tenant representing a tenant concentration as presented in the table below. If the Company’s significant tenant 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 could be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. Rental income received is recorded on a straight-line basis over the applicable lease term. The following table presents the amount of the rental income and percentage of the Company’s total rental income received from the Company’s significant tenant. Rental income recognized Rental income recognized For the three months ended June 30, For the six months ended ($ in thousands) 2019 2018 2019 2018 Tenant A $ 1,094 11.2 % $ 1,111 11.0 % $ 2,322 11.9 % $ 2,215 11.1 % (1) Tenant A is a tenant who is currently leasing a number of permanent crop farms in California . Geographic Risk The following table summarizes the percentage of approximate total acres owned as of June 30, 2019 and 2018 and the percentage of rental income recorded by the Company for the three and six months ended June 30, 2019 and 2018 by region: Approximate % Rental Income (1) of total acres For the three months ended For the six months ended As of June 30, June 30, June 30, Location of Farm (2) 2019 2018 2019 2018 2019 2018 Corn Belt 27.6 % 28.7 % 33.9 % 36.6 % 35.1 % 36.8 % Delta and South 17.8 % 17.6 % 11.2 % 10.3 % 11.3 % 10.4 % High Plains 19.8 % 19.0 % 11.0 % 8.6 % 9.1 % 8.5 % Southeast 27.5 % 27.7 % 25.4 % 24.1 % 25.3 % 24.5 % West Coast 7.3 % 7.0 % 18.5 % 20.4 % 19.2 % 19.8 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with crop share components and seasonal variations in the recognition of crop share revenue, regional comparisons by rental income are not fully representative of each region’s income producing capacity until a full year is taken into account. (2) Corn Belt includes farms located in Illinois, Michigan and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana and Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, South Dakota and Texas. Southeast includes farms located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. West Coast includes farms located in California.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
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 paid costs of $0.02 million and $0.03 million and $0.04 million and $0.07 million, respectively, during the three and six months ended June 30, 2019 and 2018 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.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2019
Real Estate
Real Estate	Note 5—Real Estate During the six months ended June 30, 2019, the Company completed no acquisitions. During the six months ended June 30, 2019, the Company completed three dispositions, consisting of six properties, in the Corn Belt and Southeast regions for aggregate proceeds of $34.2 million and recognized an aggregate gain on sale of $7.6 million. During the six months ended June 30, 2018, the Company completed four acquisitions that were accounted for as asset acquisitions in Nebraska, South Carolina and North Carolina. Consideration totaled $26.8 million and consisted of cash. No intangible assets were acquired through these acquisitions. During the six months ended June 30, 2018, no acquisitions were accounted for as business combinations.

Notes Receivable

Notes Receivable	6 Months Ended
	Jun. 30, 2019
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. The Company seeks to make loans that are collateralized by farm real estate and in principal amounts of $0.1 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower. Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of June 30, 2019 and December 31, 2018, the Company had the following notes receivable: ($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms June 30, 2019 December 31, 2018 Date Mortgage Note (1) Principal & interest due at maturity $ 1,800 $ 1,840 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 234 234 12/7/2028 Mortgage Note (2) Principal due at maturity & interest due monthly 2,145 2,145 3/16/2022 Mortgage Note (3) Principal & interest due at maturity 1,647 1,647 3/1/2020 Mortgage Note (4) Principal & interest due at maturity - 5,125 8/19/2020 Mortgage Note (5) Principal & interest due at maturity 62 62 12/31/2018 Line of Credit (6) Principal & interest due at maturity - 106 11/15/2018 Line of Credit (7) Principal & interest due at maturity 1,094 - 11/15/2019 Total outstanding principal 6,982 11,159 Points paid, net of direct issuance costs - - Interest receivable (net prepaid interest) 1,091 947 Provision for interest receivable (320) (229) Total notes and interest receivable $ 7,753 $ 11,877 (1) In January 2016, the maturity date of the note was extended to January 15, 2017 with year one interest received at the time of the extension and principal and remaining interest due at maturity. On July 28, 2017, the Company notified the borrower of default under the Promissory Note. The Company currently believes that collectability is reasonably assured as the fair value of the mortgaged farm is greater than the amount owed under the loan. As of the date of this report a portion of the collateral under this note is under contract to sell for approximately $2.5 million. The Company cannot guarantee that the sale of this property will close. (2) The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the second and fifth anniversary of the notes by the borrower. (3) On April 17, 2018, the Company amended the loan to extend the term of the loan through March 1, 2020 and increased the interest rate to 7.5% per annum. (4) During the three months ended June 30, 2019 the outstanding amount on this loan was fully repaid. (5) On April 2, 2018, the Company entered into a loan secured against farm equipment. As the borrower is working through bankruptcy proceedings the Company will settle this balance through the bankruptcy process. The Company does not expect to incur any material losses. (6) During the three months ended June 30, 2019 the outstanding amount on this loan was fully repaid. (7) In 2019, the Company entered into a line of credit relationship with a tenant farmer with this line of credit secured against growing crops on the farms farmed by the tenant. The Company is awaiting bankruptcy court approval of the related documentation. The collateral for the mortgage notes receivable consists of real estate, personal property and improvements present on such real estate. Fair Value FASB ASC 820-10 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: · Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable or can be substantially corroborated for the asset or liability, either directly or indirectly. · Level 3 —Inputs to the valuation methodology are unobservable, supported by little or no market activity and are significant to the fair value measurement. The fair value of notes receivable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on mortgage notes receivable with comparable terms whenever the interest rates on the notes receivable are deemed not to be at market rates. As of June 30, 2019 and December 31, 2018, the fair value of the notes receivable was $7.1 million and $11.7 million, respectively.

Mortgage Notes, Lines of Credit

Mortgage Notes, Lines of Credit and Bonds Payable	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of June 30, June 30, December 31, Maturity June 30, Loan Payment Terms Interest Rate Terms 2019 2019 2018 Date 2019 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% $ 14,915 $ 14,915 April 2025 $ 22,136 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,570 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 81,544 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,911 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 87,942 89,913 March 2026 195,252 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 32,189 MetLife Term Loan #3 Semi-annual interest only 4.27% adjusted every three years 4.27% 21,000 21,000 March 2026 27,816 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,227 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 14,146 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,087 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 17,153 21,253 June 2027 39,126 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 21,000 May 2028 41,197 Farm Credit of Central Florida (2) LIBOR + 2.6875% adjusted monthly 5.19% 4,975 5,060 September 2023 14,745 Prudential (3) 3.20% 3.20% — 5,144 July 2019 — Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 4.18% 64,359 64,359 March 2028 135,386 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 17,000 17,000 January 2022 29,806 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 25,000 25,000 January 2022 39,749 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 25,000 25,000 January 2022 45,700 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 15,000 15,000 January 2022 29,170 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 30,000 30,000 January 2022 85,707 Total outstanding principal 514,026 525,326 $ 1,059,506 Debt issuance costs (1,557) (1,685) Unamortized premium — — Total mortgage notes and bonds payable, net $ 512,469 $ 523,641 (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 was repaid in full on June 28, 2019 and was 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. 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 and 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 those dates, and as a result these facilities have been fully repaid. As of June 30, 2019 and December 31, 2018, the Operating Partnership had approximately $74.4 million and approximately $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 June 30, 2019. 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, 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) 2.00% 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 and Term Loan 4 is payable semi-annually and accrues at an adjustable rate of 3.48%, which may be adjusted by MetLife on each of March 29, 2020, and March 29, 2023 for Term Loan 1 and Term Loan 4, and March 29, 2026 for Term Loan 4, 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 and Term Loan 4. Effective March 29, 2017, the Company exercised its option to convert the interest rate on Term Loan 1 and Term Loan 4 from a floating rate to an adjustable rate. Interest on Term Loan 2 and Term Loan 3 is payable semi-annually and accrues at an updated rate of 4.27% per annum (initially 2.66%), which may be adjusted by MetLife on each of 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 it 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 it 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 it 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 it 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”) 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. On June 6, 2018, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “Ninth MetLife Loan Agreement”) with MetLife, which provides for a loan of approximately $21.0 million to the Company with a maturity date of May 21, 2028 (“Term Loan 9”). Interest on Term Loan 9 is payable semi-annually and accrues at a 4.19% per annum fixed rate, and it may be adjusted by MetLife on each of May 5, 2021, May 5, 2024 and May 5, 2027 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 9 were used to acquire additional properties and for general corporate purposes. 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 June 30, 2019. 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 June 30, 2019 and December 31, 2018, approximately $5.1 million had been drawn down under this facility. Interest on the 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 acquisition and 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 applicable covenants at June 30, 2019. 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. On June 28, 2019 the Company fully repaid all outstanding amounts under this note. Rutledge Credit Facilities Upon closing of the Company’s acquisition of American Farmland Company and related transactions (the “AFCO Mergers”), by virtue of American Farmland Company L.P. (“AFCP 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 $25,000,000 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 $25,000,000 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 $25,000,000 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 $15,000,000 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 AFCO 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 Loan Agreements. In addition, in connection with the completion 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 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 Loans 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 June 30, 2019, $0 remains available under this facility. As of June 30, 2019, 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 June 30, 2019. Effective April 1, 2018, the Company entered into an interest rate swap with Rabobank to fix the interest rate on $33.2 million of the loan for five years (see “Note 10 – Hedge Accounting”). LIBOR is expected to be discontinued after 2021. As of June 30, 2019, the Company had $181.3 million of variable- rate debt outstanding with interest rates tied to LIBOR and maturity dates beyond 2021. There can be no assurances as to what the alternative base rate will be in the event that LIBOR is discontinued, and the Company can provide no assurances whether that base rate will be more or less favorable than LIBOR. The Company intends to monitor the developments with respect to the phasing out of LIBOR after 2021 and work with its lenders to ensure that any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of LIBOR discontinuation. Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the three months ended June 30, 2019, $0.0 million in costs were incurred in conjunction with the Rabobank Mortgage Note and MetLife Term Loan 9. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the respective 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 balance sheet upon maturity or repayment of the underlying debt. Accumulated amortization of deferred financing fees was $0.9 million and $ 0.7 million as of June 30, 2019 and December 31, 2018, respectively. Aggregate Maturities As of June 30, 2019, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2019 (remaining six months) $ 189 2020 48,574 2021 274 2022 112,274 2023 3,962 Thereafter 348,751 $ 514,024 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 June 30, 2019 and December 31, 2018, the fair value of the mortgage notes payable was $524.4 million and $518.6 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	Note 8—Commitments and Contingencies In April 2015, the Company entered into a lease agreement for office space which the Company extended in January 2019 through July 31, 2020. The lease commenced on June 1, 2015 and had an initial monthly payment of $10,032, which increased to $10,200 in June 2016 and $10,366 in June 2017, with annual increases thereafter. As of June 30, 2019, future minimum lease payments are as follows: ($ in thousands) Future rental Year Ending December 31, payments 2019 (remaining six months) $ 64 2020 75 2021 — 2022 — 2023 — Thereafter — $ 139

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	6 Months Ended
	Jun. 30, 2019
Stockholders’ Equity and Non-controlling Interests
Stockholders’ Equity and Non-controlling Interests	Note 9—Stockholders’ Equity and Non-controlling Interests Non-controlling Interests in Operating Partnership The Company consolidates its Operating Partnership. As of June 30, 2019 and December 31, 2018, the Company owned 92.6% and 87.0% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 7.4% and 13.0% interests, respectively, are included in non-controlling interests in Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership are held in the form of Common units and Series A preferred units. On or after 12 months of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Company’s sole discretion, for shares of the Company’s common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount will be equal to the number of tendered units multiplied by the fair market value per share of the Company’s common stock on the date of the redemption notice (determined in accordance with, and subject to adjustment under, the terms of the Partnership Agreement). Any redemption request must be satisfied by the Company on or before the close of business on the tenth business day after the Company receives a notice of redemption. During the six months ended June 30, 2019 and the year ended December 31, 2018, the Company issued 2,185,468, and 157,393, respectively, of shares of common stock upon redemption of 2,185,468, and 157,393, respectively, Common units that had been tendered for redemption. There were 2.4 million and 4.6 million outstanding Common units eligible to be tendered for redemption as of June 30, 2019 and December 31, 2018, respectively. 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 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 continue 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 pay dividends 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 issuances 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 six months ended June 30, 2019 and June 30, 2018. During the six months ended June 30, 2019, the Company increased the non-controlling interest in the Operating Partnership and decreased additional paid in capital by $0.4 million . During the six months ended June 30, 2018, the Company increased the non-controlling interest in the Operating Partnership and decreased additional paid in capital by $0.7 million. 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. Pursuant to 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, preferred units on the balance sheet with the offset recorded to retained earnings. Dividends on Series A preferred units have been recorded through retained earnings in 2017 as opposed to additional paid in capital in 2016 due to the Company generating retained earnings during 2017. On March 2, 2016, 117,000 Series A preferred units were issued as partial consideration in the March 2, 2016 Illinois farm acquisition. 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 preferred units as of June 30, 2019 and December 31, 2018 was $118.8 million and $120.5 million, respecti vely, 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, in the Company’s sole discretion, 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 $1,000 liquidation preference plus all accrued and unpaid distributions. In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Series A preferred units generally have the right to receive the same consideration as holders of Common units and common stock, on an as-converted basis. Holders of the Series A preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Series A preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Series A preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Series A preferred units. The Series A preferred units are accounted for as mezzanine equity on the consolidated balance sheet as the units are convertible and redeemable for shares at a determinable price and date at the option of the holder upon the occurrence of an event not solely within the control of the Company. The following table summarizes the changes in the Company’s redeemable non-controlling interest in the Operating Partnership for the three months ended June 30, 2019 and 2018: Series A Preferred Units ($ in thousands) Redeemable Redeemable Balance at December 31, 2017 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 1,755 Balance at June 30, 2018 117 $ 118,755 Balance at December 31, 2018 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 1,755 Balance at June 30, 2019 117 $ 118,755 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 and upon the occurrence of an event not solely within the control of the Company. The balance recorded in mezzanine equity relating to the Series B Participating Preferred Stock as of June 30, 2019 and December 31, 2018 was $145.2 million and $143.8 million, respectively. Distributions The Company’s board of directors declared and paid the following distributions to common stockholders and holders of Common units for the six months ended June 30, 2019 and the year ended December 31, 2018: Fiscal Year Declaration Date Record Date Payment Date Distributions 2019 May 8, 2019 July 1, 2019 July 15, 2019 $ 0.0500 February 7, 2019 April 1, 2019 April 15, 2019 0.0500 $ 0.1000 2018 November 5, 2018 January 1, 2019 January 15, 2019 $ 0.0500 August 8, 2018 October 1, 2018 October 15, 2018 0.0500 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 $ 0.3550 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company has accrued $0.9 million in distributions payable as of June 30, 2019. The distributions are payable annually in arrears on January 15 of each year. In connection with the Series B Participating Preferred Stock, the Company paid $2.3 million in distributions on April 1, 2019 to stockholders of record as of March 15, 2019. As long as shares of Series B Participating Preferred Stock are outstanding, distributions on such shares are payable on the last day of March, June, September and December of each year to stockholders of record on the 15th day of such months. 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 qualified dividends, capital gains or return of capital. Stock Repurchase Plan On March 15, 2017, the Company’s board of directors approved a program to repurchase up to $25 million in shares of the Company’s common stock. On August 1, 2018, the Company’s board of directors approved a $30 million increase to the stock repurchase plan such that the Company may now repurchase up to an aggregate of $30.7 million in shares of its common stock and Series B preferred stock. Repurchases under this program may be made from time to time, in amounts and prices as the Company deems appropriate. Repurchases may be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. This stock repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to continue to fund repurchases under the program using cash on hand. The Company repurchased 3,157,911 shares for $19.5 million at an average price of $6.15 per share during the six months ended June 30, 2019. As of June 30, 2019, the Company had approximately $3.6 million in shares that it can repurchase under the stock repurchase plan. Equity Incentive Plan On May 3, 2017, the Company’s stockholders approved the Second Amended and Restated Farmland Partners Inc. 2014 Equity Incentive Plan (the “Second Amended Plan”). The Second Amended Plan, among other things, increased the aggregate number of shares of the Company’s common stock reserved for issuance from approximately 0.6 million, which was available under the First Amended and Restated Farmland Partners Inc. Equity Incentive Plan (together with the Second Amended Plan, the “Plan”), to approximately 1.3 million (including the approximate 0.5 million shares of restricted common stock that have been issued under the Plan and approximately 0.8 million shares reserved for future issuance). As of June 30, 2019, there were 0.4 million shares available for future grant under the Plan. The Company may issue equity-based awards to officers, non-employee directors, 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 terms of each grant are determined by the compensation committee of the board of directors. From time to time, the Company may award restricted shares of its common stock under the Plan, as compensation to officers, employees, non-employee directors and non-employee consultants. The shares of restricted stock vest over a period of time as determined by the compensation committee of the Company’s board of directors at the date of grant. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for restricted shares of common stock on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company recognizes compensation expense for awards issued to non-employee consultants in the same period and in the same manner as if the Company paid cash for the underlying services. A summary of the nonvested shares as of June 30, 2019 is as follows: Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2018 299 $ 9.49 Granted 224 6.06 Vested (132) 8.58 Forfeited (1) 8.12 Unvested at June 30, 2019 390 $ 7.64 For the six months ended June 30, 2019 and 2018, the Company recognized $0.8 million and $0.7 million , respectively, of stock-based compensation expense related to restricted stock awards. As of June 30, 2019 and December 31, 2018, there were $2.1 million and $1.6 million , respectively, of total unrecognized compensation costs related to nonvested stock awards, which are expected to be recognized over weighted-average periods of 1.26 years. The change in fair value of the shares issued to non-employees to be issued upon vesting is remeasured at the end of each reporting period and is recorded in general and administrative expenses on the consolidated statements of operations. The remaining restricted stock awards issued to non-employees vested during the year ended December 31, 2018, resulting in no change in fair value for the six months ended June 30, 2019. Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities 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 offering is abandoned. The Company incurred $0.0 million and $0.1 million in offering costs during the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019 and December 31, 2018, the Company had $0. 2 million and $0.2 million, respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or completed offerings of securities. Earnings (Loss) per Share The computation of basic and diluted loss per share is as follows: For the three months ended For the six months ended June 30, June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 6,052 $ 860 $ 6,059 $ 1,301 Less: Nonforfeitable distributions allocated to unvested restricted shares (21) (41) (42) (83) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (3,125) (3,142) (6,251) (6,283) Net loss attributable to common stockholders $ 2,906 $ (2,323) $ (234) $ (5,065) Denominator: Weighted-average number of common shares - basic 30,637 32,542 30,714 32,777 Conversion of preferred units (1) 17,733 — — — Unvested restricted shares (2) — — — — Redeemable non-controlling interest (2) — — — — Weighted-average number of common shares - diluted 48,370 32,542 30,714 32,777 Loss per share attributable to common stockholders - basic $ 0.09 $ (0.07) $ (0.01) $ (0.15) (1) Anti-dilutive for the three and six months ended June 30, 2018 and for the six months ended June 30, 2019. (2) Anti-dilutive for the three and six months ended June 30, 2019 and 2018. Unvested shares of the Company’s restricted common stock are considered participating securities, which requires the use of the two-class method for the computation of basic and diluted earnings per share. As of June 30, 2019, the Company no longer has any Common units included as redeemable non-controlling interests outstanding in the mezzanine section of the consolidated balance sheets. The limited partners’ outstanding Common units (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the 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 2.4 million and 4.6 million for the six months ended June 30, 2019 and 2018, respectively. The outstanding Series A preferred units are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis. Any anti-dilutive shares are excluded from the diluted earnings per share calculation. For the three and six months ended June 30, 2019 and 2018, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. The outstanding shares of Series B Participating Preferred Stock are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis. Any anti-dilutive shares are excluded from the diluted earnings per share calculation. For the three and six months ended June 30, 2019, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. For the six months ended June 30, 2019 and 2018, diluted weighted average common shares do not include the impact of 0.4 million and 0.3 million, respectively, unvested compensation-related shares as they would have been anti-dilutive. The following equity awards and units were outstanding as of June 30, 2019 and December 31, 2018, respectively. June 30, 2019 December 31, 2018 Shares 29,454 30,295 Common Units 2,397 4,582 Unvested Restricted Stock Awards 390 299 32,241 35,176

Hedge Accounting

Hedge Accounting	6 Months Ended
	Jun. 30, 2019
Hedge Accounting
Hedge Accounting	Note 10—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. The Company determines the hedge effectiveness of its interest rate swaps at inception using regression analysis. On an ongoing basis the Company reviews hedge effectiveness through 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. If the qualitative assessment indicates that the hedge relationship is ineffective, the Company performs a regression analysis. As of the date of this report, the Company concluded the hedge was highly effective. As of June 30, 2019, 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 $ 1,735 Other Comprehensive Income (1,735) The effect of derivative instruments on the consolidated statements of operations for the periods ended June 30, 2019 and 2018 is set out below: ($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) recognized in OCI on derivative Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts 59 Interest expense 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 of June 30, 2019 and December 31, 2018: ($ in thousands) June 30, 2019 December 31, 2018 Beginning accumulated derivative instrument gain or loss $ (865) $ — Net change associated with current period hedging transactions (870) (865) Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ (1,735) $ (865)

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events
Subsequent Events	Note 11—Subsequent Events Subsequent to quarter end, the Company repurchased 243,541 shares of common stock for an aggregate of $1.7 million at a weighted average price of $7.04 per share, and 1,900 shares of Series B Participating Preferred stock for an aggregate of $0.05 million at a weighted average price of $23.82 per share. On August 1, 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 September 30 , 2019 to stockholders of record as of September 16, 2019 . On August 1, 2019, the Company’s board of directors declared a quarterly cash dividend of $0.05 per share of common stock and Common units payable on October 15, 2019 to stockholders and unitholders of record as of October 1, 2019 . On July 23, 2019, the Company completed the sale of a portion of a farm in the Delta and South region. The sale generated gross proceeds of $1.1 million for the Company and a net gain of $0.4 million upon sale.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019, the Company owned a portfolio of approximately 158,000 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 June 30, 2019, the Company owned a 92.6% 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 June 30, 2019, the TRS performed these custom farming operations on 1,857 acres of farmland owned by the Company located in California, Michigan and Florida.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements for the periods ended June 30, 2019 and 2018 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.
Interim Financial Information	Interim Financial Information The information in the Company’s consolidated financial statements for the three months ended June 30, 2019 and 2018 is unaudited. The accompanying financial statements for the three months ended June 30, 2019 and 2018 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2019. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of actual operating results for the entire year ending December 31, 2019. The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
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 and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. 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 both June 30, 2019 and December 31, 2018, the Company had $1.3 million, in for tenant relationship intangibles, net of accumulated amortization of $1.1 million. 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 are 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 are 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. During the three and six months ended June 30, 2019, the company expensed an immaterial amount of costs in relation to business combinations during the periods. 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 price per share of the Company’s common stock 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 Sales	Real Estate Sales The Company recognizes gains from the sales of real estate assets, generally at the time the title is transferred, consideration is received and the Company no longer has substantial continuing involvement with the real estate sold.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. As of June 30, 2019 and December 31, 2018, the Company had an allowance of $0.2 million and $0.2 million, respectively.
Inventory	Inventory The costs of growing crops are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in the 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 period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold and is included in other operating expenses. The cost of harvested crop was $0.0 million and $0.2 million and $0.0 million and $0.0 million for the three and six months ended June 30, 2019 and 2018, respectively. 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. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or market. As of June 30, 2019 and December 31, 2018, inventory consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Harvested crop $ — $ 100 Growing crop 708 122 General inventory — 119 $ 708 $ 341
Hedge Accounting	(in thousands) June 30, 2019 December 31, 2018 Harvested crop $ — $ 100 Growing crop 708 122 General inventory — 119 $ 708 $ 341 Hedge Accounting ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the period. The Company uses derivative instruments to manage certain interest rate risks. More specifically, interest rate swaps are entered into to manage the risk associated with the Company’s floating-rate borrowings when such risk management is deemed appropriate by the Company’s management and a fixed interest rate is not available or not economical, or when it is contractually required by a lender. In accordance with ASC 815, the Company designates interest rate swaps as cash flow hedges of said floating-rate borrowings. The Company entered into an interest rate swap effective April 1, 2018 and chose to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities, (“ASU 2017-12”) effective on that date. As a result of the adoption of ASU 2017-12, 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. As of June 30, 2019, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $33.2 million. For a summary of the fair value and related disclosures in relation to hedge accounting, please refer to “Note 10 – Hedge Accounting.”
New or Revised Accounting Standards	New or Revised Accounting Standards Adopted In August 2017, the FASB issued ASU No. 2017-12, which, is intended to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 with early application permitted in any interim period after the issuance of the updated guidance. The Company entered into an interest rate swap effective April 1, 2018 and as such chose to early adopt the new guidance effective April 1, 2018. The impact on the Company is set out in the accounting policies above and in “Note 10 – Hedge Accounting.” 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. The Company has completed its assessment of the impact of this guidance and the following reflects 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. Once of these leases has terms less than 12 months, and the Company will elect not to apply the recognition requirements of ASU 2016-02. The Company will record a right-of-use asset and a lease liability for the second 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 that 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 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 adopted this standard effective January 1, 2019, the impact on adoption was that the company recognized a right of use asset and a lease liability in the amount of $0.2 million.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Organization and Significant Accounting Policies
Schedule of Inventory	(in thousands) June 30, 2019 December 31, 2018 Harvested crop $ — $ 100 Growing crop 708 122 General inventory — 119 $ 708 $ 341

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Summary of rental income recognized	Rental income recognized For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Leases in effect at the beginning of the year $ 9,367 $ 5,487 $ 18,881 $ 13,680 Leases entered into during the year 331 4,570 488 6,318 $ 9,698 $ 10,057 $ 19,369 $ 19,998
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 (remaining six months) $ 17,775 2020 22,830 2021 10,711 2022 2,265 2023 472 Thereafter 7,591 $ 61,644

Concentration Risk (Tables)

Concentration Risk (Tables)	6 Months Ended
	Jun. 30, 2019
Tenant concentration
Concentration Risk
Summary of concentrations	Rental income recognized Rental income recognized For the three months ended June 30, For the six months ended ($ in thousands) 2019 2018 2019 2018 Tenant A $ 1,094 11.2 % $ 1,111 11.0 % $ 2,322 11.9 % $ 2,215 11.1 % (1) Tenant A is a tenant who is currently leasing a number of permanent crop farms in California .
Geographic concentration
Concentration Risk
Summary of concentrations	Approximate % Rental Income (1) of total acres For the three months ended For the six months ended As of June 30, June 30, June 30, Location of Farm (2) 2019 2018 2019 2018 2019 2018 Corn Belt 27.6 % 28.7 % 33.9 % 36.6 % 35.1 % 36.8 % Delta and South 17.8 % 17.6 % 11.2 % 10.3 % 11.3 % 10.4 % High Plains 19.8 % 19.0 % 11.0 % 8.6 % 9.1 % 8.5 % Southeast 27.5 % 27.7 % 25.4 % 24.1 % 25.3 % 24.5 % West Coast 7.3 % 7.0 % 18.5 % 20.4 % 19.2 % 19.8 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with crop share components and seasonal variations in the recognition of crop share revenue, regional comparisons by rental income are not fully representative of each region’s income producing capacity until a full year is taken into account. (2) Corn Belt includes farms located in Illinois, Michigan and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana and Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, South Dakota and Texas. Southeast includes farms located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. West Coast includes farms located in California.

Notes Receivable (Tables)

Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Receivable
Schedule of notes receivable held by the company	($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms June 30, 2019 December 31, 2018 Date Mortgage Note (1) Principal & interest due at maturity $ 1,800 $ 1,840 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 234 234 12/7/2028 Mortgage Note (2) Principal due at maturity & interest due monthly 2,145 2,145 3/16/2022 Mortgage Note (3) Principal & interest due at maturity 1,647 1,647 3/1/2020 Mortgage Note (4) Principal & interest due at maturity - 5,125 8/19/2020 Mortgage Note (5) Principal & interest due at maturity 62 62 12/31/2018 Line of Credit (6) Principal & interest due at maturity - 106 11/15/2018 Line of Credit (7) Principal & interest due at maturity 1,094 - 11/15/2019 Total outstanding principal 6,982 11,159 Points paid, net of direct issuance costs - - Interest receivable (net prepaid interest) 1,091 947 Provision for interest receivable (320) (229) Total notes and interest receivable $ 7,753 $ 11,877 (1) In January 2016, the maturity date of the note was extended to January 15, 2017 with year one interest received at the time of the extension and principal and remaining interest due at maturity. On July 28, 2017, the Company notified the borrower of default under the Promissory Note. The Company currently believes that collectability is reasonably assured as the fair value of the mortgaged farm is greater than the amount owed under the loan. As of the date of this report a portion of the collateral under this note is under contract to sell for approximately $2.5 million. The Company cannot guarantee that the sale of this property will close. (2) The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the second and fifth anniversary of the notes by the borrower. (3) On April 17, 2018, the Company amended the loan to extend the term of the loan through March 1, 2020 and increased the interest rate to 7.5% per annum. (4) During the three months ended June 30, 2019 the outstanding amount on this loan was fully repaid. (5) On April 2, 2018, the Company entered into a loan secured against farm equipment. As the borrower is working through bankruptcy proceedings the Company will settle this balance through the bankruptcy process. The Company does not expect to incur any material losses. (6) During the three months ended June 30, 2019 the outstanding amount on this loan was fully repaid. (7) In 2019, the Company entered into a line of credit relationship with a tenant farmer with this line of credit secured against growing crops on the farms farmed by the tenant. The Company is awaiting bankruptcy court approval of the related documentation.

Mortgage Notes, Lines of Cred_2

Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Mortgage Notes, Lines of Credit and Bonds Payable
Schedule of indebtedness outstanding	Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of June 30, June 30, December 31, Maturity June 30, Loan Payment Terms Interest Rate Terms 2019 2019 2018 Date 2019 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% $ 14,915 $ 14,915 April 2025 $ 22,136 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,570 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 81,544 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,911 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 87,942 89,913 March 2026 195,252 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 32,189 MetLife Term Loan #3 Semi-annual interest only 4.27% adjusted every three years 4.27% 21,000 21,000 March 2026 27,816 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,227 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 14,146 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,087 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 17,153 21,253 June 2027 39,126 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 21,000 May 2028 41,197 Farm Credit of Central Florida (2) LIBOR + 2.6875% adjusted monthly 5.19% 4,975 5,060 September 2023 14,745 Prudential (3) 3.20% 3.20% — 5,144 July 2019 — Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 4.18% 64,359 64,359 March 2028 135,386 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 17,000 17,000 January 2022 29,806 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 25,000 25,000 January 2022 39,749 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 25,000 25,000 January 2022 45,700 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 15,000 15,000 January 2022 29,170 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.90% 30,000 30,000 January 2022 85,707 Total outstanding principal 514,026 525,326 $ 1,059,506 Debt issuance costs (1,557) (1,685) Unamortized premium — — Total mortgage notes and bonds payable, net $ 512,469 $ 523,641 (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 was repaid in full on June 28, 2019 and was an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017, with all remaining principal and outstanding interest due at maturity.
Schedule of aggregate maturities of long-term debt	($ in thousands) Year Ending December 31, Future Maturities 2019 (remaining six months) $ 189 2020 48,574 2021 274 2022 112,274 2023 3,962 Thereafter 348,751 $ 514,024

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies.
Schedule of future minimum lease payments	($ in thousands) Future rental Year Ending December 31, payments 2019 (remaining six months) $ 64 2020 75 2021 — 2022 — 2023 — Thereafter — $ 139

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders’ Equity and Non-controlling Interests
Schedule of changes in redeemable non-controlling interest in operating partnership	Series A Preferred Units ($ in thousands) Redeemable Redeemable Balance at December 31, 2017 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 1,755 Balance at June 30, 2018 117 $ 118,755 Balance at December 31, 2018 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 1,755 Balance at June 30, 2019 117 $ 118,755
Schedule of declaration and payment of distribution	Fiscal Year Declaration Date Record Date Payment Date Distributions 2019 May 8, 2019 July 1, 2019 July 15, 2019 $ 0.0500 February 7, 2019 April 1, 2019 April 15, 2019 0.0500 $ 0.1000 2018 November 5, 2018 January 1, 2019 January 15, 2019 $ 0.0500 August 8, 2018 October 1, 2018 October 15, 2018 0.0500 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 $ 0.3550
Summary of non-vested shares	Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2018 299 $ 9.49 Granted 224 6.06 Vested (132) 8.58 Forfeited (1) 8.12 Unvested at June 30, 2019 390 $ 7.64
Schedule of computation of basic and diluted earnings (loss) per share	For the three months ended For the six months ended June 30, June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 6,052 $ 860 $ 6,059 $ 1,301 Less: Nonforfeitable distributions allocated to unvested restricted shares (21) (41) (42) (83) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (3,125) (3,142) (6,251) (6,283) Net loss attributable to common stockholders $ 2,906 $ (2,323) $ (234) $ (5,065) Denominator: Weighted-average number of common shares - basic 30,637 32,542 30,714 32,777 Conversion of preferred units (1) 17,733 — — — Unvested restricted shares (2) — — — — Redeemable non-controlling interest (2) — — — — Weighted-average number of common shares - diluted 48,370 32,542 30,714 32,777 Loss per share attributable to common stockholders - basic $ 0.09 $ (0.07) $ (0.01) $ (0.15) (1) Anti-dilutive for the three and six months ended June 30, 2018 and for the six months ended June 30, 2019. (2) Anti-dilutive for the three and six months ended June 30, 2019 and 2018.
Schedule of equity awards and units outstanding	June 30, 2019 December 31, 2018 Shares 29,454 30,295 Common Units 2,397 4,582 Unvested Restricted Stock Awards 390 299 32,241 35,176

Hedge Accounting (Tables)

Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging	6 Months Ended
	Jun. 30, 2019
Derivative Contracts
Schedule of fair value of derivative instruments	($ in thousands) Instrument Balance sheet location Fair Value Interest rate swap Derivative liability $ 1,735 Other Comprehensive Income (1,735)
Schedule of effect of derivative instruments on the consolidated statement of operations	The effect of derivative instruments on the consolidated statements of operations for the periods ended June 30, 2019 and 2018 is set out below: ($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) recognized in OCI on derivative Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts 59 Interest expense
Schedule of movement in other comprehensive income	($ in thousands) June 30, 2019 December 31, 2018 Beginning accumulated derivative instrument gain or loss $ (865) $ — Net change associated with current period hedging transactions (870) (865) Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ (1,735) $ (865)

Organization and Significant _4

Organization and Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	Aug. 17, 2017$ / sharesshares	Jun. 30, 2019USD ($)alease$ / shares	Dec. 31, 2018USD ($)$ / shares	Aug. 10, 2017shares
Organization and Significant Accounting Policies
Area of real estate property | a		158,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Number of operating leases | lease		2
Below Market Lease
Tenant relationship intangibles | $		$ 1.3	$ 1.3
Tenant relationship intangibles, accumulated amortization | $		$ 1.1	$ 1.1
Term less than 12 months
Organization and Significant Accounting Policies
Number of operating leases | lease		1
Common Units | Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)		92.60%
TRS
Organization and Significant Accounting Policies
Area of real estate property | a		1,857
Series B Participating Preferred Stock
Organization and Significant Accounting Policies
Shares issued under underwriting agreement | shares	6,037,500			6,037,500
Preference dividend (as a percent)	6.00%
Par value | $ / shares	$ 0.01

Organization and Significant _5

Organization and Significant Accounting Policies - Additional disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Deferred Financing Fees
Deferred offering costs	$ 218		$ 218		$ 218
Accounts Receivable
Allowance for doubtful accounts	200		200		200
Inventory
Cost of harvested crop included in property operating expenses	0	$ 0	200	$ 0
Harvested crop					100
Growing crop	708		708		122
General inventory					119
Total inventory	708		$ 708		$ 341
Interest Rate Swap
Cash flow hedging strategy:
Derivative term of contract			5 years
Interest rate swap agreement on percentage of outstanding amount to Rabobank			50.00%
Notional amount	$ 33,200		$ 33,200

Organization and Significant _6

Organization and Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset	$ 135
Lease liability	$ 135
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset		$ 200
Lease liability		$ 200

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenue Recognition
Deferred revenue	$ 5,254		$ 5,254		$ 238
Rental income	9,698	$ 10,057	19,369	$ 19,998
Revenues from the sale of harvested crops	900	300	500	400
Future minimum lease payments
2019 (remaining six months)	17,775		17,775
2020	22,830		22,830
2021	10,711		10,711
2022	2,265		2,265
2023	472		472
Thereafter	7,591		7,591
Total future minimum lease payments	61,644		61,644
Leases in effect at the beginning of the year
Revenue Recognition
Rental income	9,367	5,487	18,881	13,680
Leases entered into or amended during the year
Revenue Recognition
Rental income	$ 331	$ 4,570	$ 488	$ 6,318
Minimum
Revenue Recognition
Percentage of rent received during first quarter or second half of the year			50.00%
Row crops, term			2 years
Permanent crops, term			1 year
Maximum
Revenue Recognition
Row crops, term			3 years
Permanent crops, term			7 years
Lease in place | Minimum
Revenue Recognition
Terms of leases	1 year		1 year
Lease in place | Maximum
Revenue Recognition
Terms of leases	40 years		40 years

Concentration Risk (Details)

Concentration Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)tenant	Jun. 30, 2018USD ($)
Concentration Risk
Number of significant tenants | tenant			1
Rental income	$ 9,698	$ 10,057	$ 19,369	$ 19,998
Approximate total acres | Geographic concentration
Concentration Risk
Concentration risk (as a percent)			100.00%	100.00%
Approximate total acres | Geographic concentration | Cornbelt
Concentration Risk
Concentration risk (as a percent)			27.60%	28.70%
Approximate total acres | Geographic concentration | Delta and South
Concentration Risk
Concentration risk (as a percent)			17.80%	17.60%
Approximate total acres | Geographic concentration | High Plains
Concentration Risk
Concentration risk (as a percent)			19.80%	19.00%
Approximate total acres | Geographic concentration | Southeast
Concentration Risk
Concentration risk (as a percent)			27.50%	27.70%
Approximate total acres | Geographic concentration | West Coast
Concentration Risk
Concentration risk (as a percent)			7.30%	7.00%
Rental income | Tenant concentration | Tenant A
Concentration Risk
Rental income	$ 1,094	$ 1,111	$ 2,322	$ 2,215
Concentration risk (as a percent)	11.20%	11.00%	11.90%	11.10%
Rental income | Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Rental income | Geographic concentration | Cornbelt
Concentration Risk
Concentration risk (as a percent)	33.90%	36.60%	35.10%	36.80%
Rental income | Geographic concentration | Delta and South
Concentration Risk
Concentration risk (as a percent)	11.20%	10.30%	11.30%	10.40%
Rental income | Geographic concentration | High Plains
Concentration Risk
Concentration risk (as a percent)	11.00%	8.60%	9.10%	8.50%
Rental income | Geographic concentration | Southeast
Concentration Risk
Concentration risk (as a percent)	25.40%	24.10%	25.30%	24.50%
Rental income | Geographic concentration | West Coast
Concentration Risk
Concentration risk (as a percent)	18.50%	20.40%	19.20%	19.80%

Related Party Transactions (Det

Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 21, 2015
Lease origination costs
Related Party Transactions
Related party, transaction amount	$ 20	$ 40	$ 30	$ 70
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) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)item
Farms acquired and allocation of purchase price
Number of acquisitions | item	0	4
Number of dispositions | item	3
Number of real estate property sold | item	6
Proceeds from sale of real estate | $	$ 34.2
Aggregate purchase price | $		$ 26.8
Intangible assets acquired | $		$ 0
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $	$ 7.6
Business combination
Farms acquired and allocation of purchase price
Number of acquisitions | item		0

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)	Aug. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	$ 6,982	$ 11,159
Interest receivable (net prepaid interest)	1,091	947
Provision for interest receivable	(320)	(229)
Total notes and interest receivable	7,753	11,877
Notes receivable sale value	$ 2,500
Interest rate	7.5
Notes receivable	$ 7,100	11,700
Mortgage Note Maturing on 1/15/2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	1,800	1,840
Mortgage Note Maturing on 3/16/2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	$ 234	234
Number of additional properties | item	2
Mortgage Note Maturing on 3/16/2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	$ 2,145	2,145
Number of additional properties | item	2
Mortgage Note Maturing on 3/1/2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts	$ 1,647	1,647
Mortgage Note Maturing on 8/19/2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts		5,125
Mortgage Note Maturing on 12/31/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts	62	62
Line of Credit Maturing on 11/15/2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts		$ 106
Line of Credit Maturing on 11/15/2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts	$ 1,094
FPI Loan Program | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts			$ 100
FPI Loan Program | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, term	6 years

Mortgage Notes, Lines of Cred_3

Mortgage Notes, Lines of Credit and Bonds Payable (Details)	Dec. 15, 2017USD ($)subsidiary	Nov. 24, 2017USD ($)	Oct. 23, 2017USD ($)	Sep. 05, 2017USD ($)	Dec. 22, 2015USD ($)	Aug. 18, 2015USD ($)	Mar. 01, 2015	Jan. 14, 2015USD ($)	Dec. 05, 2013USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2019	Dec. 31, 2018USD ($)	Mar. 29, 2017	Feb. 14, 2017USD ($)	Jan. 12, 2017subsidiary	Aug. 31, 2016USD ($)	Jun. 29, 2016USD ($)subsidiary	Mar. 29, 2016USD ($)subsidiary	Aug. 03, 2015USD ($)
Mortgage notes payable
Mortgage notes and bonds payable, net										$ 512,469,000			$ 523,641,000
Debt issuance costs										(1,557,000)			(1,685,000)
Payment of debt issuance costs											$ 235,000
Principal outstanding										514,026,000			525,326,000
Book value of collateral										1,059,506,000
Debt repayment										11,300,000	$ 1,218,000
Accumulated amortization of deferred financing fees										900,000			700,000
Interest Rate Swap
Mortgage notes payable
Notional amount										$ 33,200,000
Derivative term of contract										5 years
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
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
Payment of debt issuance costs										$ 0
Interest rate (as a percent)														3.48%
Number of subsidiaries | subsidiary																		5	5
MetLife | Term Loan
Mortgage notes payable
Principal amount of loan																			$ 127,000,000
Maximum loan to value ratio										60.00%
MetLife | Term Loan One
Mortgage notes payable
Interest rate (as a percent)										3.48%
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)										4.27%		2.66%
Minimum prepayment premium										20.00%
Percentage of conditional prepayment of loan without penalty										1.00%
Rutledge Credit Facilities | Secured notes
Mortgage notes payable
Maximum aggregate principal amount					$ 15,000,000	$ 25,000,000		$ 25,000,000	$ 25,000,000
LIBOR
Mortgage notes payable
Principal outstanding										$ 181,300,000
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%
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
Interest rate (as a percent)										3.69%
Interest Rate (as a percent)										3.69%
Book value of collateral										$ 22,136,000
Farmer Mac Bond #7
Mortgage notes payable
Principal outstanding										$ 11,160,000			11,160,000
Interest rate (as a percent)										3.68%
Interest Rate (as a percent)										3.68%
Book value of collateral										$ 18,570,000
Farmer Mac Bond #8A
Mortgage notes payable
Principal outstanding										$ 41,700,000			41,700,000
Interest rate (as a percent)										3.20%
Interest Rate (as a percent)										3.20%
Book value of collateral										$ 81,544,000
Farmer Mac Bond #9
Mortgage notes payable
Principal outstanding										$ 6,600,000			6,600,000
Interest rate (as a percent)										3.35%
Interest Rate (as a percent)										3.35%
Book value of collateral										$ 7,911,000
MetLife Term Loan #1
Mortgage notes payable
Principal outstanding										$ 87,942,000			89,913,000
Interest rate (as a percent)										3.48%
Interest Rate (as a percent)										3.48%
Book value of collateral										$ 195,252,000
MetLife Term Loan #2
Mortgage notes payable
Principal outstanding										$ 16,000,000			16,000,000
Interest rate (as a percent)										2.66%
Interest Rate (as a percent)										2.66%
Book value of collateral										$ 32,189,000
MetLife Term Loan #3
Mortgage notes payable
Principal outstanding										$ 21,000,000			21,000,000
Interest rate (as a percent)										4.27%
Interest Rate (as a percent)										4.27%
Book value of collateral										$ 27,816,000
MetLife Term Loan #4
Mortgage notes payable
Principal outstanding										$ 15,685,000			15,685,000					$ 15,700,000
Interest rate (as a percent)										3.48%
Interest Rate (as a percent)										3.48%
Book value of collateral										$ 31,227,000
MetLife Term Loan #4 | Minimum
Mortgage notes payable
Interest rate (as a percent)										2.00%
MetLife Term Loan #4 | 3 month LIBOR | Minimum
Mortgage notes payable
Margin added to reference rate (as a percent)										1.75%
MetLife Term Loan #5
Mortgage notes payable
Principal outstanding										$ 8,379,000			8,379,000
Interest rate (as a percent)										3.26%
Interest Rate (as a percent)										3.26%
Number of subsidiaries | subsidiary																5
Book value of collateral										$ 14,146,000
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		$ 27,200,000
Interest rate (as a percent)										3.21%
Interest Rate (as a percent)										3.21%
Book value of collateral										$ 58,087,000
MetLife Term Loan #6 | Term Loan Six
Mortgage notes payable
Interest rate (as a percent)															3.21%
MetLife Term Loan #7
Mortgage notes payable
Principal outstanding										$ 17,153,000			21,253,000
Interest rate (as a percent)										3.45%
Interest Rate (as a percent)										3.45%
Book value of collateral										$ 39,126,000
MetLife Term Loan #8
Mortgage notes payable
Principal outstanding										$ 44,000,000			44,000,000
Interest Rate (as a percent)										4.12%
Book value of collateral										$ 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%
Interest Rate (as a percent)										4.19%
Book value of collateral										$ 41,197,000
Farm Credit of Central Florida
Mortgage notes payable
Principal outstanding										$ 4,975,000			5,060,000				$ 8,200,000
Interest rate (as a percent)										2.6875%
Interest Rate (as a percent)										5.19%
Book value of collateral										$ 14,745,000
Coverage ratio										1.25
Farm Credit of Central Florida | LIBOR
Mortgage notes payable
Interest rate (as a percent)										2.6875%
Margin added to reference rate (as a percent)										2.6875%
Prudential
Mortgage notes payable
Principal outstanding													5,144,000
Interest Rate (as a percent)										3.20%
Rabobank
Mortgage notes payable
Principal outstanding										$ 64,359,000			64,359,000
Interest rate (as a percent)										1.70%
Interest Rate (as a percent)										4.18%
Number of subsidiaries | subsidiary	5
Book value of collateral										$ 135,386,000
Rutledge Note Payable#1
Mortgage notes payable
Principal outstanding										$ 17,000,000			17,000,000
Interest Rate (as a percent)										3.90%
Book value of collateral										$ 29,806,000
Rutledge Note Payable#2
Mortgage notes payable
Principal outstanding										$ 25,000,000			25,000,000
Interest Rate (as a percent)										3.90%
Book value of collateral										$ 39,749,000
Rutledge Note Payable#3
Mortgage notes payable
Principal outstanding										$ 25,000,000			25,000,000
Interest Rate (as a percent)										3.90%
Book value of collateral										$ 45,700,000
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
Interest Rate (as a percent)										3.90%
Book value of collateral										$ 29,170,000
Rutledge Note Payable#4 | 3 month LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.30%
Rutledge Note Payable#5
Mortgage notes payable
Principal outstanding										$ 30,000,000			$ 30,000,000
Interest Rate (as a percent)										3.90%
Book value of collateral										$ 85,707,000
Rutledge Note Payable#5 | 3 month LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)										1.30%

Mortgage Notes, Lines of Cred_4

Mortgage Notes, Lines of Credit and Bonds Payable - Credit Facilities (Details)	Feb. 03, 2017USD ($)	Dec. 22, 2015USD ($)	Aug. 18, 2015USD ($)	Jan. 14, 2015USD ($)	Dec. 05, 2013USD ($)	Jun. 30, 2019USD ($)agreement
Mortgage notes payable
Remaining borrowing capacity						$ 0
Rutledge Credit Facilities | Secured notes
Mortgage notes payable
Number of loan agreements | agreement						4
Maximum borrowing capacity		$ 15,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
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
Maximum borrowing capacity	$ 30
Margin added to reference rate (as a percent)	1.30%
Non usage fee (as a percent)	0.25%
Period of calculation of non usage fee	3 months
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%

Mortgage Notes, Lines of Cred_5

Mortgage Notes, Lines of Credit and Bonds Payable – Mortgage Note and Bridge Loan (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 15, 2017subsidiary
Mortgage notes payable
Payment of debt issuance costs		$ 235
Cash paid during period for interest	$ 9,791	$ 7,761
Rabobank
Mortgage notes payable
Number of subsidiaries | subsidiary			5

Mortgage Notes, Lines of Cred_6

Mortgage Notes, Lines of Credit and Bonds Payable – Aggregate Maturities and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Aggregate maturities of long-term debt
2019 (remaining six months)	$ 189
2020	48,574
2021	274
2022	112,274
2023	3,962
Thereafter	348,751
Total	514,024
Level 3 | Mortgage notes payable | Fair value
Aggregate maturities of long-term debt
Fair value of debt	$ 524,400	$ 518,600

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Jun. 01, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2019
Operating Lease Liabilities, Payments Due [Abstract]
Monthly payment amount	$ 10,032	$ 10,366	$ 10,200
2019 (remaining six months)				$ 64,000
2020				75,000
Total future minimum lease payments				$ 139,000

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-controlling Interests - Distributions (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
The Operating Partnership
Shareholders' Equity
Parent ownership interest (as a percent)	92.60%		87.00%
Common stock
Shareholders' Equity
Common stock upon redemption (in shares)	2,185,468		157,393
Common stock issued (in shares)	2,185,468		157,393
Non-controlling Interest in Operating Partnership
Shareholders' Equity
Increase (decrease) to non-controlling interest in the Operating Partnership	$ 373	$ (690)
Non-controlling Interest in Operating Partnership | Operating Partnership
Shareholders' Equity
Increase (decrease) to non-controlling interest in the Operating Partnership	$ 400	$ 700
Pittman Hough Farms | The Operating Partnership
Shareholders' Equity
Noncontrolling ownership interest (as a percent)	7.40%		13.00%
Redeemable Common Units | Common Units
Shareholders' Equity
OP units outstanding for redemption	2,400,000		4,600,000

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2019	Jul. 15, 2019	May 08, 2019	Apr. 15, 2019	Feb. 07, 2019	Jan. 15, 2019	Nov. 05, 2018	Oct. 15, 2018	Aug. 08, 2018	Jul. 16, 2018	May 01, 2018	Apr. 16, 2018	Apr. 02, 2018	Feb. 13, 2018	Aug. 17, 2017	Mar. 02, 2016	Aug. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Aug. 10, 2017
Change in redeemable non-controlling interest
Opening balance																				$ 120,510
Ending balance																		$ 118,755		118,755		$ 120,510
Series B Participating Preferred Stock																		$ 145,154		$ 145,154		$ 143,758
Cash dividend paid (in dollars per share)		$ 0.0500		$ 0.0500		$ 0.0500		$ 0.0500		$ 0.1275		$ 0.1275										$ 0.3550
Dividends declared per common share			$ 0.0500		$ 0.0500		$ 0.0500		$ 0.0500		$ 0.1275			$ 0.1275				$ 0.05	$ 0.1275	$ 0.1000	$ 0.2550	$ 0.3550
Repayment of principal																				$ 11,300	$ 1,218
Common stock
Change in redeemable non-controlling interest
Distributions payable																				$ 1,492	4,191
Redeemable Preferred OP Units
Change in redeemable non-controlling interest
Percentage of cumulative preferential dividends																				3.00%
Redeemable Preferred OP Units | Preferred stock
Change in redeemable non-controlling interest
Opening balance																				$ 120,510	$ 120,510	$ 120,510
Opening balance (in shares)																				117,000	117,000	117,000
Distributions paid to non-controlling interest																				$ (3,510)	$ (3,510)
Accrued distributions to non-controlling interest																				1,755	1,755
Ending balance																		$ 118,755	$ 118,755	$ 118,755	$ 118,755	$ 120,510
Ending balance (in shares)																		117,000	117,000	117,000	117,000	117,000
Series A Preferred Units
Change in redeemable non-controlling interest
Percentage of preferential cash distribution																3.00%
Liquidation preference																$ 1,000
Number of trading days																				20 days
Preferred Distributions Accrued																				$ 1,755	$ 1,755
Series A Preferred Units | Asset acquisition
Change in redeemable non-controlling interest
Liquidation value																		$ 118,800		$ 118,800		$ 120,500
Series A Preferred Units | Asset acquisition | Illinois
Stockholders’ Equity and Non-controlling Interests
Issuance of Common units as partial consideration for asset acquisition (in shares)																117,000
Series B Participating Preferred Stock
Change in redeemable non-controlling interest
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%
USDA FVA annual adjustment amount per share of Series B Participating Preferred Stock																	$ 0.21
Preferred Distributions Accrued																				$ 2,247
Shares issued under underwriting agreement															6,037,500								6,037,500
Preference dividend (as a percent)															6.00%
Par value															$ 0.01
Common stock, issue price (in dollars per share)															25
Liquidation preference															$ 25
Distributions paid													$ 2,300
Series B Participating Preferred Stock | Subsequent event
Change in redeemable non-controlling interest
Preference dividend (as a percent)	6.00%

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-controlling Interests - Stock Repurchase Program (Details) - USD ($)	Aug. 01, 2018	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Mar. 15, 2017
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	30,700,000
Payments for repurchase of shares			$ 19,466,000	$ 6,517,000
Share repurchase
Stockholders’ Equity and Non-controlling Interests
Shares repurchased (in shares)		3,157,911
Shares repurchased, average price (in dollars per share)		$ 6.15
Payments for repurchase of shares		$ 19,500,000
Number of shares that can be repurchased (in shares)			3,600,000
Maximum | Share repurchase
Stockholders’ Equity and Non-controlling Interests
Amount approved for share repurchase program					$ 25

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-controlling Interests - Summary of the non-vested Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	May 03, 2017	May 02, 2017
Weighted Average Grant Date Fair Value
Shares issued	29,844,349		30,594,592
Increase (decrease) in share-based compensation	$ 0
Deferred offering costs incurred	0	$ 100
Deferred offering costs	$ 218		$ 218
Second Amended Plan
Shareholders' Equity
Number of shares available for future grant	400,000
Weighted Average Grant Date Fair Value
Number of shares available for future grant	400,000
Restricted Stock Awards
Number of Shares
Unvested at the beginning of the period (in shares)	299,000
Granted (in shares)	224,000
Vested (in shares)	(132,000)
Forfeited (in shares)	(1,000)
Unvested at the end of the period (in shares)	390,000		299,000
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 9.49
Granted (in dollars per share)	6.06
Vested (in dollars per share)	8.58
Forfeited (in dollars per share)	8.12
Unvested at the end of the period (in dollars per share)	$ 7.64		$ 9.49
Share-based compensation expense	$ 800	$ 700
Total unrecognized compensation costs related to non-vested stock awards	$ 2,100		$ 1,600
Weighted average period over which unrecognized compensation costs is expected to be recognized	1 year 3 months 4 days
Restricted Stock Awards | Second Amended Plan
Weighted Average Grant Date Fair Value
Maximum shares of common stock to be issued				500,000
Common stock | First Amended Plan
Weighted Average Grant Date Fair Value
Maximum shares of common stock to be issued					600,000
Common stock | Second Amended Plan
Shareholders' Equity
Number of shares available for future grant				800,000
Weighted Average Grant Date Fair Value
Maximum shares of common stock to be issued				1,300,000
Number of shares available for future grant				800,000

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss) attributable to Farmland Partners Inc.	$ 6,052	$ 860	$ 6,059	$ 1,301
Less: Nonforfeitable distributions allocated to unvested restricted shares	(21)	(41)	(42)	(83)
Net loss available to common stockholders of Farmland Partners Inc.	$ 2,906	$ (2,323)	$ (234)	$ (5,065)
Denominator:
Weighted-average number of common shares - basic (in shares)	30,637	32,542	30,714	32,777
Conversion of preferred units/stock	17,733
Weighted-average number of common shares - diluted (in shares)	48,370	32,542	30,714	32,777
Income (loss) per share attributable to common stockholders - basic	$ 0.09	$ (0.07)	$ (0.01)	$ (0.15)
Preferred Units
Numerator:
Less: Distributions and dividends	$ (3,125)	$ (3,142)	$ (6,251)	$ (6,283)

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding			0
Compensation-related shares
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding	0.4	0.3
Operating Partnership
Excluded from diluted earnings per share calculation
Weighted average number of OP units	2.4	4.6

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Equity awards and units outstanding	32,241	35,176
Restricted Stock Awards
Class of Stock [Line Items]
Equity awards and units outstanding	390	299
Common Units
Class of Stock [Line Items]
Equity awards and units outstanding	2,397	4,582
Common stock
Class of Stock [Line Items]
Equity awards and units outstanding	29,454	30,295

Hedge Accounting (Details)

Hedge Accounting (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivative Contracts
Fair value of derivative instruments	$ 1,735	$ 865
Amount of Gain / (Loss) recognized in OCI on derivative (effective portion)	870	865
Movements in other comprehensive income
Beginning accumulated derivative instrument gain or loss	(865)
Net change associated with current period hedging transactions	(870)	(865)
Closing accumulated derivative instrument gain or loss	$ (1,735)	$ (865)
Interest Rate Swap
Derivative Contracts
Derivative term of contract	5 years
Derivative, Notional Amount	$ 33,200
Amount of Gain / (Loss) recognized in OCI on derivative (effective portion)	59
Movements in other comprehensive income
Net change associated with current period hedging transactions	(59)
Cash Flow Hedging | Interest Rate Swap | Other Comprehensive Income
Derivative Contracts
Fair value of derivative instruments	$ (1,735)
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	$ 1,735

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Aug. 01, 2019$ / shares	Jul. 23, 2019USD ($)	Aug. 17, 2017	Sep. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)
Subsequent Events
Payments for repurchase of shares						$ 19,466	$ 6,517
Payments for repurchase of Preferred stock						851
Proceeds from Sale of Real Estate						34,200
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes						$ 7,600
Number of real estate property sold | item						6
Share repurchase
Subsequent Events
Shares repurchased | shares					3,157,911
Payments for repurchase of shares					$ 19,500
Shares repurchased, average price (in dollars per share) | $ / shares					$ 6.15
Subsequent event | Share repurchase
Subsequent Events
Shares repurchased | shares				243,541
Payments for repurchase of shares				$ 1,700
Shares repurchased, average price (in dollars per share) | $ / shares				$ 7.04
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 B Participating Preferred Stock | Subsequent event | Share repurchase
Subsequent Events
Shares repurchased | shares				1,900
Payments for repurchase of Preferred stock				$ 50
Shares repurchased, average price (in dollars per share) | $ / shares				$ 23.82
Farm In Delta And South Region | Subsequent event
Subsequent Events
Proceeds from Sale of Real Estate		$ 1,100
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes		$ 400
Common Units | Subsequent event
Subsequent Events
Dividend declared (per share) | $ / shares	$ 0.05