Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 09, 2020 | Jun. 30, 2019 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | Farmland Partners Inc. | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 29,851,685 | ||
Entity Central Index Key | 0001591670 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 210,402,661 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land, at cost | $ 937,813 | $ 957,516 |
Grain facilities | 12,091 | 12,184 |
Groundwater | 11,473 | 11,473 |
Irrigation improvements | 53,871 | 53,458 |
Drainage improvements | 12,674 | 12,271 |
Permanent plantings | 52,089 | 52,989 |
Other | 7,827 | 8,196 |
Construction in progress | 11,911 | 10,262 |
Real estate, at cost | 1,099,749 | 1,118,349 |
Less accumulated depreciation | (25,277) | (18,202) |
Total real estate, net | 1,074,472 | 1,100,147 |
Deposits | 1 | |
Cash | 12,561 | 16,891 |
Notes and interest receivable, net | 4,767 | 11,877 |
Right of Use Asset | 73 | |
Deferred offering costs | 218 | |
Deferred financing fees, net | 174 | 261 |
Accounts receivable, net | 5,515 | 6,136 |
Inventory | 1,550 | 341 |
Prepaid expenses and other assets | 3,440 | 3,638 |
TOTAL ASSETS | 1,102,553 | 1,139,509 |
LIABILITIES | ||
Mortgage notes and bonds payable, net | 511,403 | 523,641 |
Lease Liability | 73 | |
Dividends payable | 1,593 | 1,681 |
Derivative liability | 1,644 | 865 |
Accrued interest | 3,111 | 4,296 |
Accrued property taxes | 1,873 | 1,666 |
Deferred revenue | 71 | 238 |
Accrued expenses | 5,868 | 3,581 |
Total liabilities | 525,636 | 535,968 |
Commitments and contingencies (See Note 8) | ||
Series B Participating Preferred Stock, $0.01 par value, 6,037,500 shares authorized; 5,972,059 shares issued and outstanding at December 31, 2019, and 6,013,587 shares issued and outstanding at December 31, 2018 | 142,861 | 143,758 |
Redeemable non-controlling interest in operating partnership, preferred units | 120,510 | 120,510 |
EQUITY | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 29,952,608 shares issued and outstanding at December 31, 2019, and 30,594,592 shares issued and outstanding at December 31, 2018 | 292 | 300 |
Additional paid in capital | 338,387 | 332,996 |
Retained earnings | 6,251 | 4,852 |
Cumulative dividends | (48,784) | (42,695) |
Other comprehensive income | (1,644) | (865) |
Non-controlling interests in operating partnership | 19,044 | 44,685 |
Total equity | 313,546 | 339,273 |
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND EQUITY | $ 1,102,553 | $ 1,139,509 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 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 | 6,037,500 | 6,037,500 |
Series B Participating Preferred Stock, shares issued | 5,972,059 | 6,013,587 |
Series B Participating Preferred Stock, shares outstanding | 5,972,059 | 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 | 29,952,608 | 30,594,592 |
Common stock, shares outstanding | 29,952,608 | 30,594,592 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING REVENUES | |||
Rental income | $ 48,119 | $ 51,185 | $ 42,956 |
Total operating revenues | 53,564 | 56,069 | 46,219 |
OPERATING EXPENSES | |||
Depreciation and depletion | 8,320 | 8,544 | 7,792 |
Property operating expenses | 7,897 | 7,834 | 5,897 |
Cost of goods sold | 927 | 125 | 361 |
Acquisition and due diligence costs | 6 | 180 | 930 |
General and administrative expenses | 6,102 | 7,352 | 7,258 |
Legal and accounting | 3,971 | 2,330 | 1,453 |
Other operating expenses | 4 | 11 | |
Total operating expenses | 27,227 | 26,376 | 23,691 |
OPERATING INCOME | 26,337 | 29,693 | 22,528 |
OTHER (INCOME) EXPENSE: | |||
Other income | (260) | (264) | (391) |
(Gain) loss on disposition of assets | (7,841) | (2,882) | 200 |
Interest expense | 19,588 | 18,799 | 13,561 |
Total other expense | 11,487 | 15,653 | 13,370 |
Net income before income tax expense | 14,850 | 14,040 | 9,158 |
NET INCOME | 14,850 | 14,040 | 9,158 |
Net income attributable to non-controlling interest in operating partnership | (964) | (1,786) | (1,244) |
Net income attributable to the Company | 13,886 | 12,254 | 7,914 |
Nonforfeitable distributions allocated to unvested restricted shares | (77) | (111) | (151) |
Net (loss) income available to common stockholders of Farmland Partners Inc. | $ 1,324 | $ (420) | $ 907 |
Basic and diluted per common share data: | |||
Basic net (loss) income available to common stockholders | $ 0.04 | $ (0.01) | $ 0.03 |
Diluted net (loss) income available to common stockholders | 0.04 | (0.01) | 0.03 |
Distributions declared per common share | $ 0.2000 | $ 0.3550 | $ 0.5100 |
Basic weighted average common shares outstanding (in shares) | 30,169 | 32,162 | 31,210 |
Diluted weighted average common shares outstanding (in shares) | 30,169 | 32,162 | 31,210 |
Tenant reimbursements | |||
OPERATING REVENUES | |||
Revenue | $ 3,146 | $ 3,158 | $ 1,909 |
Crop Sales | |||
OPERATING REVENUES | |||
Revenue | 978 | 410 | 799 |
Other revenue | |||
OPERATING REVENUES | |||
Revenue | 1,321 | 1,316 | 555 |
Preferred Unit | |||
OTHER (INCOME) EXPENSE: | |||
Distributions on redeemable non-controlling interests in operating partnership | $ (12,485) | $ (12,563) | $ (6,856) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Income (Loss) | |||
Net Income (loss) | $ 14,850 | $ 14,040 | $ 9,158 |
Net change associated with current period hedging activities | (779) | (865) | |
Comprehensive Income | 14,071 | 13,175 | 9,158 |
Comprehensive income attributable to non-controlling interests | (964) | (1,786) | (1,244) |
Net income (loss) attributable to Farmland Partners Inc. | $ 13,107 | $ 11,389 | $ 7,914 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Common stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Cumulative Dividends | Other Comprehensive Income. | Non-controlling Interest in Operating Partnership | Total |
Balance at Dec. 31, 2016 | $ 172 | $ 172,100 | $ 4,103 | $ (14,473) | $ 53,692 | $ 215,594 | |
Balance (in shares) at Dec. 31, 2016 | 17,351 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 7,914 | 1,244 | 9,158 | ||||
Costs in association with shelf offering, net of costs | (120) | (120) | |||||
Grant of unvested restricted stock (in shares) | 205 | ||||||
Forfeiture of unvested restricted stock | $ (1) | (16) | (17) | ||||
Forfeiture of unvested restricted stock (in shares) | (9) | ||||||
Stock based compensation | 1,409 | 1,409 | |||||
Dividends accrued or paid | (6,856) | (16,726) | (3,000) | (26,582) | |||
Issuance of common stock as partial consideration for asset acquisition and business combination | $ 148 | 168,835 | 168,983 | ||||
Issuance of common stock as partial consideration for asset acquisition and business combination (in shares) | 14,815 | ||||||
Issuance of Common units as partial consideration for business combination | 2,493 | 2,493 | |||||
Issuance of Common units as partial consideration for asset acquisitions | 10,033 | 10,033 | |||||
Conversion of Common units to shares of common stock | $ 21 | 20,620 | (20,641) | ||||
Conversion of Common units to shares of common stock (in shares) | 2,092 | ||||||
Repurchase and cancellation of shares | $ (11) | (9,989) | (10,000) | ||||
Repurchase and cancellation of shares (in shares) | (1,120) | ||||||
Adjustment to non-controlling interest resulting from changes in ownership of the Operating Partnership | (2,692) | 2,692 | |||||
Balance at Dec. 31, 2017 | $ 329 | 350,147 | 5,161 | (31,199) | 46,513 | 370,951 | |
Balance (in shares) at Dec. 31, 2017 | 33,334 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 12,254 | 1,786 | 14,040 | ||||
Costs in association with shelf offering, net of costs | (218) | (218) | |||||
Grant of unvested restricted stock (in shares) | 162 | ||||||
Forfeiture of unvested restricted stock | $ (1) | (4) | (5) | ||||
Forfeiture of unvested restricted stock (in shares) | (11) | ||||||
Stock based compensation | 1,653 | 1,653 | |||||
Dividends accrued or paid | (12,563) | (11,496) | (1,627) | (25,686) | |||
Conversion of Common units to shares of common stock | $ 2 | 1,542 | (1,544) | ||||
Conversion of Common units to shares of common stock (in shares) | 157 | ||||||
Net change associated with current period hedging transactions | $ (865) | (865) | |||||
Repurchase and cancellation of shares | $ (30) | (20,567) | (20,597) | ||||
Repurchase and cancellation of shares (in shares) | (3,048) | ||||||
Adjustment to non-controlling interest resulting from changes in ownership of the Operating Partnership | 443 | (443) | |||||
Balance at Dec. 31, 2018 | $ 300 | 332,996 | 4,852 | (42,695) | (865) | 44,685 | 339,273 |
Balance (in shares) at Dec. 31, 2018 | 30,594 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 13,885 | 965 | 14,850 | ||||
Issuance of stock (write off of deferred offering costs) | (218) | (218) | |||||
Grant of unvested restricted stock (in shares) | 226 | ||||||
Forfeiture of unvested restricted stock | (99) | (99) | |||||
Forfeiture of unvested restricted stock (in shares) | (25) | ||||||
Stock based compensation | 1,527 | 1,527 | |||||
Stock based compensation (in shares) | 2 | ||||||
Dividends accrued or paid | (12,486) | (6,089) | (430) | (19,005) | |||
Conversion of Common units to shares of common stock | $ 27 | 26,217 | (26,244) | ||||
Conversion of Common units to shares of common stock (in shares) | 2,678 | ||||||
Net change associated with current period hedging transactions | (779) | (779) | |||||
Repurchase and cancellation of shares | $ (35) | (21,968) | (22,003) | ||||
Repurchase and cancellation of shares (in shares) | (3,523) | ||||||
Adjustment to non-controlling interest resulting from changes in ownership of the Operating Partnership | (68) | 68 | |||||
Balance at Dec. 31, 2019 | $ 292 | $ 338,387 | $ 6,251 | $ (48,784) | $ (1,644) | $ 19,044 | $ 313,546 |
Balance (in shares) at Dec. 31, 2019 | 29,952 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (decrease) in shareholders' equity | ||
Issuance costs | $ 218 | $ 120 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 14,850 | $ 14,040 | $ 9,158 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and depletion | 8,320 | 8,544 | 7,792 |
Amortization of discounts/premiums on debt | 321 | 353 | 227 |
Amortization of net origination fees related to notes receivable | (1) | (5) | (16) |
Stock based compensation, net of forfeitures | 1,428 | 1,649 | 1,392 |
(Gain) loss on disposition of assets | (7,841) | (2,882) | 200 |
Bad debt expense | 542 | 876 | 300 |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | 1,260 | (422) | (1,105) |
Decrease (increase) in interest receivable | (806) | (484) | (331) |
Increase in other assets | (103) | (1,029) | (892) |
(Increase) decrease in inventory | (1,264) | (216) | 257 |
Increase in accrued interest payable | (1,242) | 1,103 | 1,655 |
(Increase) decrease in accrued expenses | 2,417 | 2,139 | (15,307) |
(Decrease) in deferred revenue | (114) | (3,881) | (2,164) |
(Increase) decrease in accrued property taxes | 227 | 218 | (237) |
Net cash provided by operating activities | 17,994 | 20,003 | 929 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate acquisitions | (1,403) | (33,154) | (206,166) |
Real estate improvements | (6,583) | (12,785) | (21,576) |
Principal receipts on notes receivable | 6,679 | 4,852 | |
Issuance of notes receivable | (1,781) | (6,662) | (6,570) |
Casualty loss insurance recovery | (8) | 205 | |
Proceeds from sale of property | 34,140 | 31,893 | |
Net cash used in investing activities | 31,052 | (15,864) | (234,107) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings from mortgage notes payable | 21,000 | 212,190 | |
Repayments on mortgage notes payable | (11,385) | (11,508) | (81,219) |
Proceeds from underwritten public offering | (157) | ||
Common stock repurchased | (22,003) | (20,598) | (10,000) |
Participating preferred stock repurchased | (896) | (465) | |
Payment of offering costs | (573) | ||
Payment of debt issuance costs | (204) | (1,293) | |
Proceeds from issuance of Series B participating preferred shares | 144,523 | ||
Dividends on common stock | (6,177) | (14,433) | (14,688) |
Dividends on Series A preferred units | (3,510) | (3,510) | (2,915) |
Dividends on Series B participating preferred stock | (8,975) | (9,053) | (3,346) |
Distributions to non-controlling interest in operating partnership | (430) | (1,856) | (3,131) |
Net cash provided by (used in) financing activities | (53,376) | (40,784) | 239,548 |
NET (DECREASE) INCREASE IN CASH | (4,330) | (36,645) | 6,370 |
CASH, BEGINNING OF PERIOD | 16,891 | 53,536 | 47,166 |
CASH, END OF PERIOD | 12,561 | 16,891 | 53,536 |
Cash paid during period for interest | 20,593 | 17,037 | 11,827 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Deferred offering costs amortized through equity in the period | 218 | 420 | |
Additions to real estate improvements included in accrued expenses | 350 | 1,375 | |
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interest in operating partnership in conjunction with acquisitions | 181,509 | ||
Right of use asset/lease liability | 197 | ||
Other assets acquired in business combination | 1,759 | ||
Accounts receivable acquired in acquisitions | 896 | ||
Property tax liability assumed in acquisitions | (15) | 596 | |
Deferred financing costs included in accrued expenses | 16 | ||
Offering costs included in accrued expenses | 13 | ||
Settlement of outstanding notes receivable | 802 | ||
Settlement of outstanding notes receivable with property acquisitions | 1,895 | ||
Common stock | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Dividends payable, common stock | 1,498 | 1,530 | 4,243 |
Preferred Share | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Preferred distributions accrued | 2,240 | ||
Common Unit Holders | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Distributions payable, common units | 95 | 229 | 604 |
Preferred Unit | |||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||
Preferred distributions accrued | $ 3,510 | $ 3,510 | $ 3,510 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Significant Accounting Policies | |
Organization and Significant Accounting Policies | Note 1–Organization and Significant Accounting Policies Organization Farmland Partners Inc., collectively with its subsidiaries (the “Company”), is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. The Company was incorporated in Maryland on September 27, 2013. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. As of December 31, 2019, the Company owned a portfolio of approximately 158,500 acres which are consolidated in these financial statements. All of the Company’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2019, the Company owned an 94.0% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units generally do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). The Company elected to be taxed as a real estate investment trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of December 31, 2019, the TRS performs these custom farming operations on 1,857 acres of farmland owned by the Company located in California, Florida, and Michigan. All references to numbers and percent of acres within this report are unaudited. AFCO Mergers On February 2, 2017, the Company completed a merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,535 Common units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million, net of $75.0 million in assumed debt. Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in 2019. Such reclassification had no effect on net income or total equity. The Company’s financial condition as of December 31, 2019 and 2018, and the results of operations for the years ended December 31, 2019, 2018 and 2017, reflect the financial condition and results of operations of the Company. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group of similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines, and perennial crops), and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired in a business acquisition, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. As of December 31, 2018, all below market leases had been fully amortized, with amortization totaling $0.0 million recorded in the twelve months ended December 31, 2019. As of December 31, 2019 and 2018, the Company had $1.3 million and $1.3 million, respectively, recorded for tenant relationship intangibles with total accumulated amortization and amortization expense of $1.2 million and $1.0 million, respectively. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired in a business acquisition, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time, and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset and will be amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate at the termination date. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of a 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. Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, relies on debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. As of December 31, 2019 the Company had liquidity requirements which were not anticipated to be funded from ongoing operating cash flows in the foreseeable future which were largely impacted by debt repayments which are coming due in 2020. When material debt repayments are due within the following 12 months, the Company works with current and new lenders and other potential sources of capital to ensure that all its obligations are timely satisfied. The Company has a history of being able to refinance its debt obligations to manage its debt maturities. Furthermore, the Company also has a deep portfolio of real estate assets which management believes could be readily liquidated if necessary to fund its immediate liquidity needs. Managements first course of action is to work with its lenders to refinance debt which is coming due on terms acceptable to the Company. In the event the Company is unsuccessful in refinancing its debt on terms acceptable to the Company, management would look to liquidate certain assets to fund its liquidity shortfall. Management believes its plans are sufficient to overcome the liquidity pressures which existed at December 31, 2019. Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below. Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements. Cash The Company’s cash at December 31, 2019 and 2018 was held in the custody of three financial institutions, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits. Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2019, the Company did not incur any costs in connection with the issuance of debt. During the year ended December 31, 2018, $0.2 million in costs were incurred in connection with the MetLife Term Loan 9, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $0.3 million for each of the years ended December 31, 2019, 2018 and 2017, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.0 million and $0.7 million as of December 31, 2019 and 2018, respectively. Notes and Interest Receivable Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each balance sheet date. As of December 31, 2019, the Company had issued six notes under the FPI Loan Program and have designated each of the notes receivable as loans. Loans are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization, including interest, is included in other revenue within our Consolidated Statements of Operations. See “Note 6—Notes Receivable.” Allowance for Notes and Interest Receivable A note is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether an allowance is necessary. Any uncollectible interest previously accrued is also charged off. As of December 31, 2019, we believe the value of the underlying collateral for each of the notes to be sufficient and in excess of the respective outstanding principal and accrued interest. Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offerings of securities. At the completion of the offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the abandonment occurs. The Company incurred $0.0 million and $0.1 million in offering costs during the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Company had $0.0 million and $0.2 million, respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offerings of securities. Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates 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 the Company’s 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. The allowance for doubtful accounts was $0.1 million and $0.2 million as of December 31, 2019 and 2018, respectively, which is recorded on the Consolidated Statement of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years. Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or net realizable value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2019 2018 Harvested crop $ 171 $ 100 Growing crop 1,379 122 General inventory — 119 $ 1,550 $ 341 Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term, including renewal options in the case of bargain renewal options. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying consolidated balance sheets, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Farm leases in place as of December 31, 2019 had terms ranging from one to twenty five years. As of December 31, 2019, the Company had 97 leases over 214 properties with rent escalations. The majority of the Company’s leases provide for a fixed annual or semi-annual cash rent payment. Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds (contingent rent). Revenue under leases providing for a payment equal to a percentage of the gross farm proceeds are recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain or packing facility that a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance. Contingent rent recognized for the years ended December 31, 2019, 2018 and 2017 totaled $11.4 million, $13.2 million, and $9.5 million, respectively. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statements of operations, as earned, and the related property tax as property operating expense, as incurred. Crop sales revenue The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain or packing facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain or packing facility and title has transferred. Other revenue The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017. Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2018, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $0.0 million for each of the years ended December 31, 2019, 2018, and 2017, respectively. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $(0.2) million in taxable income from the TRS for the year ended December 31, 2019, $(0.02) million at December 31, 2018, and $0.03 million for the year ended December 31, 2017. The Company did not have any deferred tax assets or liabilities for these years. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2019, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2018 and 2017 open tax years. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of the asset acquisitions that it undertook during the years ended December 31, 2019 and December 31, 2018. Derivatives and Hedge Accounting The Company enters into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. All contracts entered into during the year ended December 31, 2019 met the criteria to be exempt from derivative accounting and were designated as normal purchase and sales exceptions for hedge accounting. Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstan |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition | |
Revenue Recognition | Note 2—Revenue Recognition For the majority of its leases, the Company receives at least 50% of the annual lease payment from tenants either during the first quarter of the year or at the time of acquisition of the related farm, with the remaining 50% of the lease payment due in the second half of the year. Rental income is recorded on a straight-line basis over the lease term. The lease term generally includes periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that the Company considers material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned. As of December 31, 2019 and 2018, the Company had $0.1 million and $0.2 million, respectively, in deferred revenue. The Company did not have any unamortized below market leases as of December 31, 2019 and 2018, respectively. The following represents a summary of the rental income recognized during the three years ended December 31, 2019: Rental Income Recognized For the year ended December 31, ($ in thousands) 2019 2018 2017 Leases in effect at the beginning of the year $ 45,977 $ 37,434 $ 12,593 Leases entered into or amended during the year 2,142 13,751 30,363 $ 48,119 $ 51,185 $ 42,956 Future minimum lease payments from tenants under all non-cancelable leases in place as of December 31, 2019, including lease advances, when contractually due, but excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues, for each of the next five years and beyond as of December 31, 2019 are as follows: ($ in thousands) Future Rental Year Ending December 31, Payments 2020 $ 31,328 2021 19,774 2022 9,833 2023 5,171 2024 2,440 2025 and beyond 25,033 $ 93,579 Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2019 | |
Concentration Risk | |
Concentration Risk | Note 3—Concentration Risk Credit Risk For the years ended December 31, 2019, 2018 and 2017, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there would be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. The following is a summary of our significant tenants: Rental Income Recognized For the year ended December 31, ($ in thousands) 2019 2018 2017 Tenant A (1) $ 5,905 12.2 % $ 6,996 13.6 % $ 7,041 16.4 % Tenant B (1) $ 7,056 14.6 % $ 6,957 13.6 % $ — — % (1) The Company has numerous permanent crop leases with these major farming companies located in Califonia. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of December 31, 2019, 2018 and 2017 and straight line and crop share rental income recorded by the Company for the years then ended by location of the farm: Approximate % of Total Acres Rental Income As of December 31, For the year ended December 31, Location of Farm 2019 2018 2017 2019 2018 2017 Alabama % 0.3 % 0.4 % % 0.4 % 0.2 % Arkansas % 8.3 % 9.1 % % 4.0 % 4.7 % California % 7.2 % 7.2 % % 36.8 % 27.8 % Colorado % 14.9 % 15.1 % % 4.4 % 6.4 % Florida % 4.6 % 4.6 % % 1.7 % 3.1 % Georgia % 3.3 % 3.3 % % 2.1 % 4.0 % Illinois % 24.1 % 25.5 % % 24.3 % 28.8 % Kansas % 1.2 % 1.2 % % 0.3 % 0.4 % Louisiana % 5.2 % 5.9 % % 2.8 % 3.3 % Michigan % 1.4 % 1.4 % % 1.7 % 1.6 % Mississippi % 3.0 % 3.1 % % 1.7 % 2.0 % North Carolina % 10.3 % 6.9 % % 7.1 % 4.3 % Nebraska % 3.7 % 3.7 % % 3.0 % 3.6 % South Carolina % 9.4 % 9.1 % % 7.9 % 7.7 % South Dakota % 1.0 % 1.1 % % 0.7 % 0.6 % Texas % 1.3 % 1.7 % % 0.8 % 1.1 % Virginia % 0.8 % 0.7 % % 0.4 % 0.4 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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’s CEO. During the years ended December 31, 2019, 2018 and 2017, the Company incurred costs of $0.1 million, $0.1 million and $0.2 million, respectively, from American Ag Aviation for use of the aircraft in accordance with the lease agreement. These costs were recognized based on the nature of the associated use of the aircraft, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s Consolidated Statements of Operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s Consolidated Statements of Operations. As of December 31, 2019 and 2018 the Company had outstanding payables to American Agriculture Aviation LLC of $0.01 million and $0.00 million, respectively. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate | |
Real Estate | Note 5—Real Estate As of December 31, 2019, the Company owned approximately 158,500 acres. During the year ended December 31, 2019, the Company completed two acquisitions which were accounted for as asset acquisitions in Illinois and Colorado. Aggregate consideration for these acquisitions totaled $3.3 million and was comprised of $1.4 million in cash and a $1.9 million reduction in notes receivable and related interest to the seller through the acquisition of collateralized property. No intangible assets were acquired through these acquisitions. During the year ended December 31, 2019, the Company completed four dispositions consisting of seven farms in Illinois, Michigan, Florida, and Arkansas. Cash receipts totaled $34.1 million with a total gain on sale of $7.9 million. During the year ended December 31, 2018, the Company completed six acquisitions which were accounted for as asset acquisitions in Nebraska, North Carolina, South Carolina, and Illinois. Aggregate consideration for these acquisitions totaled $33.8 million and was comprised of cash. No intangible assets were acquired through these acquisitions. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 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. These loans are secured by farmland, properties related to farming, crops (growing or stored), and/or agricultural equipment, and are typically in principal amounts of $100,000 or more at fixed interest rates with maturities of up to three years. The Company expects the borrower to repay the loans in accordance with the applicable loan agreements based on farming operations and access to other forms of capital, as permitted. Notes receivable are stated at their unpaid principal balance, and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2019 and 2018, the Company held the following notes receivable: ($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2019 December 31, 2018 Maturity Mortgage Note (1) Principal & interest due at maturity $ 1,804 $ 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 12/31/2019 Mortgage Note Principal & interest due at maturity - 5,125 8/19/2020 Mortgage Note Principal & interest due at maturity 62 62 3/1/2020 Line of Credit Principal & interest due at maturity 369 106 3/1/2020 Total outstanding principal 4,614 11,159 Interest receivable (net prepaid interest) 565 947 Provision for loan receivable (412) (229) Total notes and interest receivable $ 4,767 $ 11,877 (1) (2) (3) A reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2019, 2018 and 2017 is set out below: Years ended December 31, 2019 2018 2017 ($ in thousands) Balance at beginning of year $ 11,159 $ 9,350 $ 2,780 Additions during year: New mortgage loans and additional advances on existing loans 1,781 6,662 7,372 Interest income added to principal - - - Amortization of discount - - - 12,940 16,012 10,152 Deductions during year: Collection of principal 8,285 4,853 802 Foreclosure 41 - - Balance at end of year $ 4,614 $ 11,159 $ 9,350 The collateral for the mortgage notes receivable consists of real estate and improvements present on such real estate. For income tax purposes the aggregate cost of the investment of the mortgage notes is the carrying amount per the table above. Fair Value FASB ASC 820-10 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: · Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable or can be substantially corroborated for the asset or liability, either directly or indirectly. · Level 3 —Inputs to the valuation methodology are unobservable, supported by little or no market activity. The fair value of notes receivable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on mortgage notes receivable with comparable terms and credit risk whenever the interest rates on the notes receivable are deemed not to be at market rates. As of December 31, 2019 and 2018, the fair value of the notes receivable was $4.6 million and $11.7 million, respectively. |
Mortgage Notes, Lines of Credit
Mortgage Notes, Lines of Credit and Bonds Payable | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Notes, Lines of Credit and Bonds Payable | |
Mortgage Notes, Lines of Credit and Bonds Payable | Note 7—Mortgage Notes, Lines of Credit and Bonds Payable As of December 31, 2019 and 2018, the Company had the following indebtedness outstanding: Annual Interest Book Value of Rate as of Principal Outstanding as of Collateral ($ in thousands) December 31, December 31, as of December 31, Loan Payment Terms Interest Rate Terms 2019 2019 2018 Maturity 2019 2018 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 13,827 14,915 April 2025 $ 21,441 $ 22,076 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,570 18,561 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 74,310 80,989 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,940 7,828 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 87,942 89,913 March 2026 195,615 199,584 MetLife Term Loan #2 Semi-annual interest only 4.27% adjusted every three years 4.27% 16,000 16,000 March 2026 32,199 32,189 MetLife Term Loan #3 Semi-annual interest only 4.27% adjusted every three years 4.27% 21,000 21,000 March 2026 27,817 27,525 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,266 31,124 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 14,281 13,964 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,087 58,058 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 17,153 21,253 June 2027 39,126 48,963 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 21,000 May 2028 41,223 40,981 Farm Credit of Central Florida (2) LIBOR + 2.6875% adjusted monthly 4.44% 4,890 5,060 September 2023 14,745 13,263 Prudential (3) 3.20% 3.20% - 5,144 July 2019 — 10,583 Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 3.39% 64,358 64,359 March 2028 135,432 134,901 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 17,000 17,000 January 2022 29,820 29,576 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 25,000 25,000 January 2022 39,468 39,749 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 25,000 25,000 January 2022 45,764 58,006 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 15,000 15,000 January 2022 29,170 29,170 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 30,000 30,000 January 2022 85,287 85,707 Total outstanding principal 512,852 525,326 $ 1,051,603 $ 1,092,841 Debt issuance costs (1,449) (1,685) Unamortized premium - - Total mortgage notes and bonds payable, net $ 511,403 $ 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 Bonds As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $73.3 million and $ 74.4 million outstanding, respectively, under the Farmer Mac bonds. The Farmer Mac bonds are subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including: a maximum leverage ratio of not more than 60%; a minimum fixed charge coverage ratio of 1.50 to 1.00; and a minimum tangible net worth requirement. The Company was in compliance with all applicable covenants at December 31, 2019. MetLife Term Loans As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $258.3 million and $ 264.4 million outstanding, respectively, under the MetLife loans. 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 loans as of December 31, 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 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 loans. Farm Credit of Central Florida Mortgage Note As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $4.9 million and $5.1 million outstanding, respectively, and approximately $5.1 million had been drawn down under the Farm Credit mortgage note facility . Proceeds from the Farm Credit mortgage note were used for the development of additional properties. The Farm Credit mortgage note facility contains a number of customary affirmative and negative covenants, as well as a covenant requiring the Company to maintain a debt service coverage ratio of 1.25 to 1.00 beginning on December 31, 2019. The Company was in compliance with all covenants under the Farm Credit mortgage note as of December 31, 2019. Prudential Note As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $0.0 million and $5.1 million outstanding, respectively, under the Prudential facility. On June 28, 2019 the Company fully repaid all outstanding amounts under this note. Rutledge Credit Facility As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $112.0 million and $112.0 million outstanding, respectively, under the Rutledge facility. As of December 31, 2019, $0 remains available under this facility and the Company was in compliance with all covenants under the Rutledge loan agreements. Rabobank Mortgage Note As of December 31, 2019 and December 31, 2018, the Company and the Operating Partnership had $64.4 million and $64.4 million outstanding, respectively, under the Rabobank mortgage note. The Company was in compliance with all covenants under the Rabobank mortgage note as of December 31, 2019. LIBOR LIBOR is expected to be discontinued after 2021. As of December 31, 2019, the Company had $181.3 million of variable- rate debt outstanding with interest rates tied to LIBOR and maturity dates beyond 2021. There can be no assurances as to what the alternative base rate will be in the event that LIBOR is discontinued, and the Company can provide no assurances whether that base rate will be more or less favorable than LIBOR. The Company intends to monitor the developments with respect to the phasing out of LIBOR after 2021 and work with its lenders to ensure that any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of LIBOR discontinuation. Aggregate Maturities As of December 31, 2019, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2020 $ 48,574 2021 274 2022 112,274 2023 4,067 2024 2,100 Thereafter 345,563 $ 512,852 Fair Value The fair value of the mortgage notes payable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on long-term debt with comparable terms whenever the interest rates on the mortgage notes payable are deemed not to be at market rates. As of December 31, 2019 and 2018, the fair value of the mortgage notes payable was $518.9 million and $518.6 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies. | |
Commitments and Contingencies | Note 8—Commitments and Contingencies The Company is not currently subject to any known material contingencies arising from its business operations, nor to any material known or threatened litigation other than as discussed below. In April 2015, the Company entered into a lease agreement for office space. The lease expires July 31, 2020. The lease commenced June 1, 2015 and had an initial monthly payment of $10,032, which increased to $10,200 in June 2016, $10,366 in June 2017, $10,534 in June 2018, and $10,701 in June 2019. Beginning in 2019, the Company recognized right of use assets and related lease liabilities in the consolidated balance sheets. The Company estimated the value of the lease liabilities using a discount rate equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Options to extend the lease in our minimum lease terms unless the option is reasonably certain to be exercised are excluded. Our total lease cost for the years ended December 31, 2019, 2018, and 2017 was $0.1 million, $0.1 million, and $0.1 million, respectively. As of December 31, 2019, the lease has a remaining term of seven months, and discount rate of 3.35%. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future Rental Year Ending December 31, Payments 2020 $ 75 2021 — 2022 — 2023 — 2024 and beyond — $ 75 Litigation The Company may become party to legal proceedings that are considered to be either ordinary, routine litigation On July 11, 2018, a purported class action lawsuit, captioned Kachmar v. Farmland Partners, Inc. (the Kachmar Action”), was filed in the United States District Court for the District of Colorado against the Company and certain of our officers by a purported Company stockholder. The complaint alleges, among other things, that our disclosure related to the FPI Loan Program was materially false and misleading in violation of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. On August 17, 2018, a second purported class action, captioned Mariconda v. Farmland Partners Inc. (the “Mariconda Action”) was filed in the United States District Court for the District of Colorado, alleging substantially identical claims as the Kachmar Action. Several purported shareholders moved to consolidate the Kachmar Action and the Mariconda Action and for appointment as Lead Plaintiff. On November 13, 2018, the plaintiff in the Kachmar action voluntarily dismissed the Kachmar Action. On December 3, 2018, the court appointed two purported stockholders of the Company, the Turner Insurance Agency, Inc. and Cecilia Turner (the “Turners”), as lead plaintiffs in the Mariconda Action. On March 11, 2019, the court-appointed lead plaintiffs and additional plaintiff Obelisk Capital Management filed an amended complaint in the Turner Action. On April 15, 2019, the defendants moved to dismiss the amended complaint in the Turner Action. On June 18, 2019, the court denied the defendants’ motion to dismiss the amended complaint in the Turner Action. The defendants answered the amended complaint on July 2, 2019. On December 6, 2019, plaintiffs voluntarily dismissed Obelisk Capital Management from the case. In connection with Obelisk Capital Management’s dismissal from the case, defendants filed a motion for judgment on the pleadings on December 10, 2019, which automatically stayed discovery in the action pending the court’s determination of the motion. On December 16, 2019, plaintiffs filed a motion for class certification. On December 27, 2019, plaintiffs filed a motion for leave to file a second amended complaint. Defendants filed a response opposing the motion for leave to file a second amended complaint on January 17, 2020, and filed a motion to adjourn the class certification briefing schedule in light of the discovery stay on January 29, 2020. These motions remain pending and discovery remains stayed pending decision on defendants’ motion for judgment on the pleadings. At this time, no class has been certified in the Turner Action and we do not know the amount of damages or other remedies being sought by the plaintiffs. The Company can provide no assurances as to the outcome of this litigation or provide an estimate of related expenses at this time. On December 18, 2018, a purported stockholder of the Company, Jack Winter, filed a complaint in the Circuit Court for Montgomery County, Maryland (the “Winter Action”), purporting to assert breach of fiduciary duty claims derivatively on the Company’s behalf against the Company’s directors and certain of the Company’s officers. The Winter Action alleges, among other things, that the Company’s directors and certain of the Company’s officers breached their fiduciary duties to the Company by allowing the Company to make allegedly false and misleading disclosures related to the FPI Loan Program, as alleged in the Turner Action. On April 26, 2019, Winter voluntarily dismissed his complaint in the Circuit Court for Montgomery County Maryland. On May 14, 2019, Winter re-filed his complaint in the United States District Court for the District of Colorado. The Winter Action has been stayed pending further proceedings in the Turner Action. On November 25, 2019, another purported shareholder, Shawn Luger, filed a complaint derivatively on behalf of the Company and against certain of our officers in the Circuit Court for Baltimore City, Maryland (the “Luger Action”). The Luger Action complaint makes similar claims to those in the Turner and Winter Actions. The parties to the Luger Action stipulated to a stay of the case pending further proceedings in the Turner Action and filed a joint motion to stay on February 7, 2020. On November 26, 2019, another purported shareholder, Anna Barber, filed a complaint derivatively on behalf of the Company and against certain of our officers in the United States District Court for the District of Colorado (the “Barber Action”). The Barber Action complaint makes similar claims to those in the Turner, Winter, and Luger Actions. The Barber Action has been stayed pending further proceedings in the Turner Action. On February 14, 2020, another purported shareholder, Brent Hustedde, filed a complaint derivatively on behalf of the Company and against certain of our officers in Maryland state court (the “Hustedde Action”). The Hustedde Action complaint makes similar claims to those in the Turner, Winter, Luger, and Barber Actions. None of the defendants have yet been served in the Hustedde Action. The Company believes that costs associated with the Turner, Winter, Luger, Barber, and Hustedde Actions in excess of $0.35 million will be covered by insurance. On July 24, 2018, we filed a lawsuit in the District Court, Denver County, Colorado, against “Rota Fortunae” (a pseudonym) and numerous co-conspirators (collectively, “Wheel of Fortune”) in response to an article posted on Seeking Alpha that makes numerous allegations about the Company that we believe to be false or materially misleading. We believe that as a consequence of Wheel of Fortune’s internet posting and related postings on social media, the trading price of our common stock declined by approximately 40%. We believe that Wheel of Fortune’s internet posting was made in connection with a “short and distort” scheme to profit from a decline in our stock price based on false and misleading information. The lawsuit that we filed alleges that Wheel of Fortune disseminated material false, misleading and defamatory information about us that has harmed us and our stockholders. The Company does not expect insurance proceeds to cover a substantial portion of the costs related to the lawsuit we filed against Wheel of Fortune. The case is currently in the discovery phase with numerous motions pending before the court. |
Stockholders' Equity and Non-co
Stockholders' Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders’ Equity and Non-controlling Interests | |
Stockholders’ Equity and Non-controlling Interests | Note 9—Stockholders’ Equity and Non-controlling Interests Non-controlling Interest in Operating Partnership The Company consolidates its Operating Partnership, a majority-owned partnership. As of December 31, 2019, the Company owned 94.0% of the outstanding Common units and the remaining 6.0% of the Common units are included in non-controlling interest in Operating Partnership on the consolidated balance sheets. 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 years ended December 31, 2019 and 2018, the Company issued 2,678,187 and 157,393, respectively, of shares of common stock upon redemption of 2,678,187 and 157,393, respectively, Common units that had been tendered for redemption. There were 1.9 million and 4.6 million outstanding Common units eligible to be tendered for redemption as of December 31, 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 the Common units for shares of common stock. When a Common unit is redeemed, non-controlling interest in the Operating Partnership is reduced and controlling interest stockholders’ equity is increased. The Operating Partnership intends to make distributions on each Common unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the Common units held by the Company being utilized to make distributions to the Company’s common stockholders. Pursuant to the consolidation accounting standard with respect to the accounting and reporting for non-controlling interest changes and changes in ownership interest of a subsidiary, changes in parent’s ownership interest when the parent retains controlling interest in the subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. As a result of equity transactions including and subsequent to the IPO, changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership occurred during each of the three years ended December 31, 2019. To reflect these changes, adjustments were made to increase / (decrease) the non-controlling interest in the Operating Partnership by $0.1 million, ($0.4) million, and $2.7 million during the years ended December 31, 2019, 2018 and 2017 respectively, with the corresponding offsets to additional paid-in capital. Redeemable Non-controlling Interests in Operating Partnership, Series A preferred units On March 2, 2016, the sole general partner of the Operating Partnership entered into Amendment No. 1 (the “Amendment”) to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of the Series A preferred units. Under the Amendment, among other things, each Series A preferred unit has a $1,000 liquidation preference and is entitled to receive cumulative preferential cash distributions at a rate of 3.00% per annum of the $1,000 liquidation preference, which is payable annually in arrears on January 15 of each year or the next succeeding business day. The cash distributions are accrued ratably over the year and credited to redeemable non-controlling interest in operating partnership, Series A preferred units on the balance sheet with the offset recorded to additional paid-in capital. On March 2, 2016, 0.1 million Series A preferred units were issued as partial consideration in the Forsythe farm acquisition (See “Note 5—Real Estate”). Upon any voluntary or involuntary liquidation or dissolution, the Series A preferred units are entitled to a priority distribution ahead of Common units in an amount equal to the liquidation preference plus an amount equal to all distributions accumulated and unpaid to the date of such cash distribution. Total liquidation value of such preferred units as of December 31, 2019 and December 31, 2018 was $120.5 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, at the Company’s option, for shares of common stock on a one-for-one basis, subject to the terms and conditions set forth in the Partnership Agreement. Prior to the Conversion Right Date, the Series A preferred units may not be tendered for redemption by the Holder. On or after March 2, 2021, the fifth anniversary of the closing of the Forsythe acquisition, but prior to the Conversion Right Date, the Operating Partnership has the right to redeem some or all of the Series A preferred units, at any time and from time to time, for cash in an amount per unit equal to the $1,000 liquidation preference plus all accrued and unpaid distributions. In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Series A preferred units generally have the right to receive the same consideration as holders of Common units and common stock, on an as-converted basis. Holders of the Series A preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Series A preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Series A preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Series A preferred units. The Series A preferred units 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 our redeemable non-controlling interest in the Operating Partnership for the years ended December 31, 2019 and 2018: Preferred (in thousands) Redeemable OP Units Redeemable Non-controlling Interests Balance at December 31, 2017 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2018 117 $ 120,510 Balance at December 31, 2018 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2019 117 $ 120,510 Series B Participating Preferred Stock On August 17, 2017, the Company and the Operating Partnership entered into an underwriting agreement with Raymond James & Associates, Inc. and Jefferies LLC, as representatives of the underwriters, pursuant to which the Company sold 6,037,500 shares of its newly designated Series B Participating Preferred Stock, at a public offering price of $25.00 per share, which is the Initial Liquidation Preference (as defined below) of the Series B Participating Preferred Stock. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation. Each preferred share of Series B Participating Preferred Stock is entitled to receive cumulative preferential cash dividends at a rate of 6.00% per annum of the $25 liquidation preference, which is payable quarterly in arrears on the last day of each March, June, September and December (the “Initial Liquidation Preference”). Upon liquidation, before any payment or distribution of the assets of the Company is made to or set apart for the holders of equity securities ranking junior to the Series B Participating Preferred Stock, the holders of the Series B Participating Preferred Stock will be entitled to receive the sum of: (i) the Initial Liquidation Preference, (ii) adjusted by an amount equal to 50% of the cumulative change in the estimated value of farmland in the states in which the Company owned farmland as of June 30, 2017 (measured by reference to a publicly available report released annually by the National Agricultural Statistics Board, the Agricultural Statistics Board and the U.S. Department of Agriculture) (the “FVA Adjustment”), and (iii) all accrued and unpaid dividends, subject to a 9.0% cap on total return (the “Final Liquidation Preference”). After September 30, 2021, but prior to September 30, 2024, the Company at its option, may redeem all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at any time, for cash or for shares of common stock at a price equal to the Final Liquidation Preference plus an amount equal to the product of: (i) the Final Liquidation Preference, and (ii) the average change in land values in states in which the Company owned farmland as of June 30, 2017 over the immediately preceding four years and multiplied by a constant percentage of 50% and prorated for the number of days between the most recent release of the publicly available land value report used to calculate the FVA Adjustment (if such amount is positive) (the “Premium Amount”) . At any time on or after September 30, 2024, the Company, at its option, may redeem or convert to shares of common stock all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at the redemption price per share equal to: (i) the Initial Liquidation Preference, plus (ii) the FVA Amount, plus (iii) any accrued and unpaid dividends. The total rate of return on shares of the Series B Participating Preferred Stock is subject to a cap such that the total rate of return, when considering the Initial Liquidation Preference, the FVA Adjustment and the Premium Amount plus accrued and unpaid dividends, will not exceed 9.0%. Based on the data released by the USDA in August 2019 in their land values 2019 summary, the FVA Amount as of 2019 was determined to be $0.69 per share of Series B Participating Preferred Stock. In connection with the issuance of the Series B Participating Preferred Stock, the sole general partner of the Operating Partnership entered into Amendment No. 2 to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of newly classified 6.00% Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”), the economic terms of which are identical to those of the Series B Participating Preferred Stock. The Company contributed the net proceeds from the offering of the Series B Participating Preferred Stock to the Operating Partnership in exchange for 6,037,500 Series B participating preferred units. The shares of Series B Participating Preferred Stock are accounted for as mezzanine equity on the consolidated balance sheet as the Series B Participating Preferred Stock is convertible and redeemable for common shares at a determinable price and date at the option of the Company but upon the occurrence of an event not solely within the control of the Company. During the year ended December 31, 2019 and 2018, the balance recorded in mezzanine equity relating to the Series B Participating Preferred Stock was $142.9 million and $ 143.8 million, respectively. During the year ended December 31, 2019, and December 31, 2018 the Company declared and paid dividends relating to the Series B Participating Preferred Stock of $9.0 million and $9.1 million, respectively. Distributions The Company’s Board of Directors declared and and the Company paid the following distributions to common stockholders and holders of Common units for the years ended December 31, 2019, 2018 and 2017: Fiscal Year Declaration Date Record Date Payment Date Distributions 2019 February 7, 2019 April 1, 2019 April 15, 2019 0.0500 May 8, 2019 July 1, 2019 July 15, 2019 0.0500 August 6, 2019 October 1, 2019 October 15, 2019 $ 0.0500 November 11, 2019 January 1, 2020 January 15, 2020 0.0500 $ 0.2000 2018 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 August 8, 2018 October 1, 2018 October 15, 2018 $ 0.0500 November 5, 2018 January 1, 2019 January 15, 2019 0.0500 $ 0.3550 2017 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 May 8, 2017 June 30, 2017 July 14, 2017 0.1275 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 November 8, 2017 January 2, 2018 January 16, 2018 0.1275 $ 0.5100 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company accrued $3.5 million in distributions payable as of December 31, 2019 which was paid on January 15, 2020. The distributions are payable annually in arrears on January 15 or the next business day, of each year. In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. From time to time, a portion of the Company’s dividends may be characterized as capital gains or return of capital. During the years ended December 31, 2019, 2018 and 2017 2%, 13% and 52% respectively, of the income distributed in the form of dividends was characterized as ordinary income. Share Repurchase Program On March 15, 2017, the Board of Directors approved a program to repurchase up to $25 million in shares of the Company’s common stock. Subsequently on August 1, 2018, our Board of Directors increased the authority under the share repurchase program by an aggregate of $30 million such that the amount of shares of our common stock and Series B Participating Preferred Stock that may be repurchased is now approximately $38.5 million. Repurchases under this program may be made from time to time, in amounts and prices as the Company deems appropriate. Repurchases may be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. In November 2017, the Board of Directors approved repurchases of the Company’s Series B Participating Preferred Stock from time to time under the share repurchase program. This share repurchase program does not obligate the Company to acquire any particular amount of common stock or Series B Preferred Stock and it may be modified or suspended at any time at the Company’s discretion. The Company funds repurchases under the program using cash on its balance sheet. During 2019, the Company had repurchased 3,523,509 shares at an average price per share of $6.24 for a total cost of approximately $22.0 million and 41,528 shares of its Series B preferred stock for $0.9 million at an average price of $21.60 per share. As of December 31, 2019, the Company had approximately $1.0 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 2014 Equity Incentive Plan (as amended and restated, the “Plan”), which increased the aggregate number of shares of the Company’s common stock reserved for issuance under the Plan to approximately 1.3 million shares. As of December 31, 2019, there were 0.3 million of shares available for future grants under the Plan. The Company may issue equity-based awards to officers, employees, independent contractors and other eligible persons under the Plan. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity based awards, including LTIP units, which are convertible on a one-for-one basis into Common units. The Plan provides for a maximum of 1.3 million shares of common stock for issuance. The terms of each grant are determined by the Compensation Committee of the Board of Directors. During 2019 the Company granted 0.2 million restricted shares of common stock, with an aggregate grant date fair value of $1.4 million, to employees and directors. The restricted shares vest ratably over a one, three or five-year vesting period, subject to continued service. During 2018 the Company granted 0.2 million restricted shares of common stock, with an aggregate grant date fair value of $1.2 million, to employees and directors. The restricted shares vest ratably over a one, three or five-year vesting period, subject to continued service. During 2019, 25,423 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $28,046 in stock based compensation and paid $3,688 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $5,249 in previously recorded compensation expense, net of the dividends paid. During 2018, 11,270 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $33,896 in stock based compensation and paid $6,472 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $2,519 in previously recorded compensation expense, net of the dividends paid. During 2017, 8,848 restricted shares of common stock were forfeited by independent directors and employees. The Company had recorded $30,078 in stock based compensation and paid $3,659 in dividends with respect to such restricted shares. In connection with the forfeiture of restricted shares, the Company reversed $16,771 in previously recorded compensation expense, net of the dividends paid. A summary of the non-vested restricted shares as of December 31, 2019, 2018 and 2017 is as follows: Weighted Number of Average Grant ( shares in thousands) Shares Date Fair Value Unvested at January 1, 2017 189 $ 11.98 Granted 205 $ 11.30 Vested (108) $ 12.84 Forfeited (9) $ 11.00 Unvested at December 31, 2017 277 $ 11.16 Granted 162 $ 7.67 Vested (129) $ 8.54 Forfeited (11) $ 8.11 Unvested at December 31, 2018 299 $ 9.49 Granted 226 $ 6.07 Vested (155) $ 9.63 Forfeited (25) $ 6.32 Unvested at December 31, 2019 345 $ 7.42 For the years ended December 31, 2019, 2018 and 2017, the Company recognized $ 1.4 million, $ 1.7 million and $1.4 million , respectively, of stock-based compensation expense related to these restricted stock awards. As of December 31, 2019, 2018 and 2017, there was $1.4 million, $1.6 million and $2.1 million , respectively, of total unrecognized compensation costs related to non-vested stock awards which are expected to be recognized over weighted-average periods of 1.7 years. Earnings per Share The computation of basic and diluted earnings (loss) per share is as follows: For the year ended December 31, ($ in thousands except per share data) 2019 2018 2017 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 13,886 $ 12,254 $ 7,914 Less: Nonforfeitable distributions allocated to unvested restricted shares (77) (111) (151) Less: Distributions on redeemable non-controlling interersts in operating partnership, Common units — — — Less: Distributions on redeemable non-controlling interests in operating partnership, Series A Preferred units (3,510) (3,510) (3,510) Less: Dividends on Series B Participating Preferred Stock (8,975) (9,053) (3,346) Net (loss) income attributable to common stockholders $ 1,324 $ (420) $ 907 Denominator: Weighted-average number of common shares - basic 30,169 32,162 31,210 Conversion of Series A preferred units (1) — — — Conversion of Series B participating preferred stock — — — Unvested restricted shares (1) — — — Weighted-average number of common shares - diluted 30,169 32,162 31,210 Income (loss) per share attributable to common stockholders - basic $ 0.04 $ (0.01) $ 0.03 Income (loss) per share attributable to common stockholders - diluted $ 0.04 $ (0.01) $ 0.03 (1) Anti-dilutive for the year ended December 31, 2019, 2018 and 2017. The limited partners’ outstanding Common units (which may be redeemed for shares of common stock) and Excess Units have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) have been excluded, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of non-controlling interests in the earnings per share calculations. The weighted average number of Common units held by the non-controlling interest was 2.4 million and 4.6 million for the years ended December 31, 2019 and 2018, respectively. The weighted average number of Excess Units held by the non-controlling interest was 0.0 million for each of the years ended December 31, 2019 and 2018. For the years ended December 31, 2019, 2018, and 2017, diluted weighted average common shares do not include the impact of 0.3 million of unvested compensation-related shares because the effect of these items on diluted earnings per share would be anti-dilutive. The following equity awards and units are outstanding as of December 31, 2019, 2018 and 2017, respectively. (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Shares 29,607 30,295 33,058 OP Units 1,904 4,582 4,739 Unvested Restricted Stock Awards 345 299 276 31,856 35,176 38,073 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (unaudited) | |
Quarterly Financial Information (unaudited) | Note 10—Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2019 and 2018. Quarter Ended ($ in thousands except per share data) March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Operating revenues $ 10,889 10,948 9,848 21,879 Operating expenses 6,366 6,994 6,622 7,245 Other expenses 4,514 (2,571) 4,689 4,855 Net (loss) income before income tax 9 6,525 (1,463) 9,779 Income tax expense — — — — Net (loss) income $ 9 $ 6,525 $ (1,463) $ 9,779 Net (loss) available to common stockholders of Farmland Partners Inc. $ (3,140) $ 2,906 $ (4,499) $ 6,057 Basic net (loss) per share available to common stockholders (1) $ (0.10) $ 0.09 $ (0.15) $ 0.20 Diluted net (loss) per share available to common stockholders (1) $ (0.10) $ 0.08 $ (0.15) $ 0.09 Basic weighted average common shares outstanding 30,791 30,637 29,497 29,723 Diluted weighted average common shares outstanding 30,791 48,370 29,497 69,874 (1) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding. Quarter Ended ($ in thousands) March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating revenues $ 11,207 11,419 12,549 20,894 Operating expenses 6,386 6,231 6,394 7,365 Other expenses 4,318 4,207 1,998 5,130 Net (loss) income before income tax 503 981 4,157 8,399 State income tax expense — — — — Net (loss) income $ 503 $ 981 $ 4,157 $ 8,399 Net (loss) income available to common stockholders of Farmland Partners Inc. $ (2,744) $ (2,323) $ 484 $ 4,163 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | Note 11—Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through March 13, 2020, the day the financial statements were issued. On February 27, 2020 the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock. The dividend is payable to the Company’s stockholders of record as of April 1, 2020, and is expected to be paid on April 15, 20 On February 27, 2020 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 March 31, 2020 to stockholders of record as of March 13, 2020. On February 19, 2020, the Company entered into an agreement to extend the current office lease that was set to expire on July 31, 2020. The lease extension has a term of 13 months and will expire on August 31, 2021. Subsequent to December 31, 2020, the Company repurchased 127,269 shares of common stock at a weighted average price of $6.83 per share for an aggregate purchase price of $0.9 million. |
Hedge Accounting
Hedge Accounting | 12 Months Ended |
Dec. 31, 2019 | |
Hedge Accounting | |
Hedge Accounting | Note 12—Hedge Accounting Cash Flow Hedging Strategy For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets. The Company has entered into an interest rate swap agreement to manage interest rate risk exposure. An interest rate swap agreement utilized by the Company effectively modifies the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next five years on 50% of the currently outstanding amount to Rabobank, thus reducing the impact of interest rate changes on future interest expense. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. 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 cannot be concluded is more likely than not highly effective, the Company performs a regression analysis. As of the date of this report, the Company concluded the hedge was highly effective. As of December 31, 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 $ 1,644 Other Comprehensive Income (1,644) The effect of derivative instruments on the consolidated statements of operations for the period ended December 31, 2019 is set out below: ($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) reclassified Location of Gain (Loss) reclassified from Interest rate contracts (39) 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 at December 31, 2019 and December 31, 2018: ($ in thousands) December 31, 2019 December 31, 2018 Beginning accumulated derivative instrument gain or loss $ (865) $ — Net change associated with current period hedging transactions (779) (865) Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ (1,644) $ (865) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III-Real Estate and Accumulated Depreciation | |
Schedule III-Real Estate and Accumulated Depreciation | Farmland Partners Inc. Schedule III – Real Estate and Accumulated Depreciation December 31, 2019 ($ In Thousands) Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Description Encumbrances Land Improvements Total Improvements Land Land Improvements Total Accumulated Date of Date Acquired Depreciation in California (m) 44,994 - 44,994 - - 44,994 - 44,994 - 2017 - North Carolina (d) 41,906 - 41,906 5 578 42,484 5 42,489 0 2015 - California (m) 33,482 - 33,482 - - 33,482 - 33,482 - 2017 - Illinois (k) 29,627 431 30,058 2,267 50 29,677 2,699 32,376 236 2017, 2018 2017 14 Louisiana (g) 30,584 1,180 31,764 181 254 30,838 1,361 32,199 174 2018, 2019 2016 30 California (m) 31,567 - 31,567 - - 31,567 - 31,567 - 2017 - California (p), (s) 19,925 11,521 31,445 (561) - 19,925 10,960 30,884 2,816 2017 2017 12 Illinois (k) 22,937 1,484 24,421 1,301 (11) 22,926 2,786 25,711 221 2017, 2018, 2019 2017 23 South Carolina (t) 12,057 1,474 13,531 5,840 53 12,110 7,314 19,424 626 2014, 2017, 2018, 2019 2014 24 California (r) 7,647 11,518 19,164 207 - 7,647 11,725 19,371 1,409 2017, 2018 2017 20 California (s) 9,998 8,116 18,114 - - 9,998 8,116 18,114 1,597 2017 2017 14 California (s) 10,947 6,878 17,825 64 - 10,947 6,942 17,889 1,167 2017 2017 21 North Carolina (v) 17,627 - 17,627 - 0 17,627 - 17,627 - 2018 2018 - South Carolina (l) 14,866 906 15,772 239 - 14,866 1,145 16,011 110 2017, 2018 2017 29 California (s) 11,888 3,398 15,286 (58) - 11,888 3,340 15,228 715 2017 2017 15 Florida (a) 9,295 202 9,497 2,212 3,036 12,331 2,414 14,745 94 2016, 2017, 2019 2016 38 Illinois (f) 9,689 420 10,109 (5) 4,497 14,186 415 14,601 70 2016, 2017, 2018 2016 21 California (q) 8,326 6,075 14,401 41 - 8,326 6,117 14,443 657 2017, 2018, 2019 2017 25 California (p) 9,043 4,546 13,589 2 - 9,043 4,549 13,592 803 2017, 2018 2017 17 California (q), (s) 10,167 2,902 13,069 421 - 10,167 3,323 13,490 725 2017 2017 13 California (p) 7,492 2,889 10,380 434 - 7,492 3,322 10,814 636 2017, 2019 2017 12 Colorado (t) 10,716 70 10,786 - (0) 10,716 70 10,786 5 2014 2014 39 California (r) 9,534 263 9,796 2 - 9,534 265 9,799 76 2017 2017 14 California (s) 6,191 2,772 8,963 - - 6,191 2,772 8,963 488 2017 2017 11 South Carolina (d) 8,633 133 8,766 130 5 8,638 263 8,901 26 2015, 2017 2015 25 California (q) 4,710 3,317 8,027 - - 4,710 3,317 8,027 415 2017 2017 15 Virginia (d) 7,277 - 7,277 - 0 7,277 - 7,277 - 2015 - Florida (o) 6,402 593 6,995 269 - 6,402 862 7,264 152 2017, 2019 2017 12 Arkansas (t) 6,914 287 7,201 22 16 6,930 309 7,239 39 2014, 2017, 2018 2014 24 North Carolina (d) 7,239 - 7,239 - (16) 7,223 - 7,223 - 2015 - South Carolina (t) 4,679 25 4,704 2,348 4 4,683 2,373 7,056 292 2017, 2016, 2015 2014 33 Mississippi (t) 6,654 133 6,787 3 (0) 6,654 136 6,790 16 2014, 2015 2014 25 South Dakota (l) 6,731 - 6,731 - - 6,731 - 6,731 - 2017 - Illinois (f) 5,453 105 5,558 7 1,022 6,475 112 6,587 13 2016 2016 23 Georgia (q) 3,574 2,922 6,496 46 - 3,574 2,968 6,542 1,417 2017, 2019 2017 11 Texas 4,188 1,929 6,117 343 (0) 4,188 2,272 6,460 311 2016, 2018 2016 27 Florida (q) 2,674 3,565 6,239 - - 2,674 3,565 6,239 702 2017 2017 12 Arkansas (i) 5,924 244 6,168 0 (0) 5,924 244 6,168 37 2015 2015 21 North Carolina (d) 5,750 - 5,750 - 4 5,754 - 5,754 - 2015 - Arkansas (o) 5,532 101 5,633 10 3 5,535 110 5,645 29 2017, 2019 2017 9 Illinois (f) 6,086 - 6,086 450 (909) 5,177 450 5,627 22 2018 2016 40 Colorado (j) 792 4,731 5,523 84 1 793 4,815 5,608 240 2016, 2017, 2019 2016 16 Mississippi (i) 5,338 238 5,576 0 (0) 5,338 238 5,576 47 2015 2015 15 Colorado (l) 4,156 1,280 5,436 (3) - 4,156 1,277 5,433 146 2017 2017 26 Arkansas (v) 5,169 185 5,354 - - 5,169 185 5,354 39 2017 2017 15 Louisiana (t) 5,100 52 5,152 154 (0) 5,100 206 5,306 37 2017, 2016, 2015 2014 17 Illinois (f) 5,493 - 5,493 338 (801) 4,692 338 5,030 102 2017 2016 10 Arkansas (t) 4,536 50 4,586 81 27 4,563 131 4,693 21 2014, 2017 2014 17 Illinois (o) 4,575 - 4,575 - - 4,575 - 4,575 - 2017 - California (v) 2,461 1,974 4,435 - - 2,461 1,974 4,435 262 2017 2017 17 South Carolina (t) 2,235 - 2,235 1,557 519 2,754 1,557 4,311 181 2017, 2016, 2015 2014 28 Arkansas (j) 4,035 38 4,073 188 (0) 4,035 226 4,260 14 2016, 2017, 2018, 2019 2016 28 North Carolina (d) 4,242 - 4,242 - 4 4,246 - 4,246 - 2015 - Illinois (f) 4,920 4 4,924 148 (1,025) 3,895 152 4,047 8 2017 2016 50 Colorado (t) 3,566 359 3,925 67 0 3,566 426 3,992 45 2014, 2017, 2018 2014 21 North Carolina (d) 3,864 - 3,864 - 8 3,872 - 3,872 - 2015 - Illinois (f) 4,350 - 4,350 - (572) 3,778 - 3,778 - 2016 - Illinois (f) 3,821 - 3,821 - (97) 3,724 - 3,724 - 2016 - Georgia (i) 3,306 368 3,674 18 (0) 3,306 386 3,692 51 2015, 2016, 2017, 2018 2015 22 Illinois (h) 2,981 - 2,981 634 (0) 2,981 634 3,615 65 2017, 2009 2007 & 2010 38 Alabama (q) 1,719 1,883 3,602 (7) - 1,719 1,875 3,595 245 2017 2017 16 Illinois (f) 3,186 - 3,186 - 407 3,593 - 3,593 - 2016 - Illinois (f) 4,522 4 4,526 (0) (950) 3,572 4 3,576 1 2016 2016 10 Mississippi (b) 3,471 41 3,512 63 (0) 3,471 104 3,575 9 2015, 2017 2015 34 Arkansas (t) 3,277 145 3,422 44 27 3,304 189 3,493 27 2014, 2015, 2018, 2019 2014 21 Illinois (f) 3,232 - 3,232 - 261 3,493 - 3,493 - 2016 - Illinois (h) 1,290 - 1,290 2,199 (0) 1,290 2,199 3,488 210 2017, 2015, 2011 2007 38 Nebraska (t) 1,881 55 1,936 1,476 1 1,882 1,531 3,413 172 2017, 2015, 2012 2012 30 South Carolina (b) 1,959 344 2,303 970 0 1,959 1,314 3,273 95 2017, 2015 2015 35 Illinois (f) 3,500 28 3,528 361 (699) 2,801 389 3,190 23 2016, 2018 2016 15 Illinois (o) 3,163 - 3,163 - - 3,163 - 3,163 - 2017 - Illinois (f) 3,541 - 3,541 - (478) 3,063 - 3,063 - 2016 - Arkansas (e) 2,808 184 2,992 58 7 2,815 242 3,057 44 2015, 2017, 2018 2015 18 Arkansas (t) 2,985 156 3,141 8 (96) 2,889 164 3,053 35 2014, 2016 2014 16 Arkansas (b) 3,264 165 3,429 191 (590) 2,674 356 3,030 58 2014, 2015, 2016, 2017 2014 27 South Carolina (t) 2,199 138 2,337 665 22 2,221 803 3,024 64 2014, 2015, 2017, 2019 2014 30 Colorado (t) 3,099 - 3,099 - (133) 2,966 - 2,966 - 2014 - Illinois (f) 2,997 68 3,065 253 (388) 2,609 321 2,930 92 2018, 2016 2016 10 Illinois (f) 3,470 - 3,470 4 (582) 2,888 4 2,891 1 2016 2016 12 Illinois (f) 2,015 - 2,015 216 636 2,651 216 2,867 6 2016, 2019 2016 34 Nebraska (c) 2,601 114 2,715 131 (0) 2,601 245 2,845 15 2015, 2016, 2018 2015 27 Illinois (f) 2,882 42 2,924 (0) (98) 2,784 42 2,826 9 2016 2016 12 Georgia (l) 1,905 - 1,905 779 125 2,030 779 2,810 54 2017 2017 32 Illinois (h) 2,573 - 2,573 236 (1) 2,572 236 2,809 14 2017 2010 50 North Carolina (v) 2,768 - 2,768 - 0 2,768 - 2,768 - 2018 2018 - Illinois (f) 3,277 - 3,277 - (517) 2,760 - 2,760 - 2016 - Arkansas (t) 2,645 40 2,685 42 21 2,666 82 2,748 6 2014, 2018, 2019 2014 10 Illinois (f) 3,058 - 3,058 - (353) 2,705 - 2,705 - 2016 - California (s) 967 1,357 2,324 375 - 967 1,732 2,699 244 2017, 2018 2017 16 Nebraska (c) 2,539 78 2,617 (23) 0 2,539 55 2,594 8 2016 2015 20 Nebraska (e) 693 1,785 2,478 90 (0) 693 1,875 2,567 168 2014, 2016, 2018, 2019 2014 19 Michigan (i) 904 1,654 2,558 (0) (0) 904 1,654 2,558 219 2015 2015 23 Colorado (b) 1,995 84 2,079 466 (0) 1,995 550 2,545 83 2017, 2016 2015 18 Illinois (l) 2,525 - 2,525 - - 2,525 - 2,525 - 2017 - Illinois (f) 1,956 - 1,956 - 557 2,513 - 2,513 - 2016 - Arkansas (t) 2,262 82 2,344 4 96 2,358 86 2,444 9 2014, 2015 2014 27 Illinois (f) 3,030 - 3,030 - (600) 2,430 - 2,430 - 2016 - Illinois (f) 2,103 105 2,208 (0) 218 2,321 105 2,426 13 2016 2016 25 Nebraska (c) 2,280 44 2,324 95 0 2,280 139 2,419 19 2017, 2016, 2015 2015 22 Illinois (f) 1,945 - 1,945 - 473 2,418 - 2,418 - 2016 - Illinois (f) 2,718 - 2,718 - (332) 2,386 - 2,386 - 2016 - South Carolina (l) 1,321 91 1,412 691 247 1,567 782 2,349 51 2017, 2018 2017 31 South Carolina (v) 1,406 806 2,212 128 (0) 1,406 934 2,341 100 2017, 2018, 2019 2017 31 Mississippi 2,321 15 2,336 - (1) 2,320 15 2,335 4 2016 2016 10 Colorado (t) 2,328 - 2,328 - (0) 2,328 - 2,328 - 2014 - Illinois (f) 2,075 - 2,075 - 252 2,327 - 2,327 - 2016 - South Carolina (t) 1,803 158 1,961 364 (0) 1,803 522 2,325 45 2014, 2015 2014 26 Arkansas (t) 2,316 - 2,316 3 0 2,316 3 2,319 - 2014 - Nebraska (c) 2,316 126 2,442 (126) (0) 2,316 - 2,316 - 2015 - Illinois (f) 3,212 - 3,212 95 (996) 2,216 95 2,311 5 2018 2016 40 Colorado 637 1,604 2,241 0 1 637 1,604 2,241 226 2017 2017 50 North Carolina (v) 2,177 - 2,177 - (0) 2,177 - 2,177 - 2018 2018 - Illinois (f) 1,614 94 1,708 (0) 456 2,070 94 2,163 12 2016 2016 23 Illinois (f) 2,682 - 2,682 204 (725) 1,957 204 2,161 11 2017 2016 50 Illinois (f) 2,423 - 2,423 - (276) 2,147 - 2,147 - 2016 - Illinois (f) 1,769 - 1,769 - 371 2,140 - 2,140 - 2016 - Colorado (b) 1,365 663 2,028 101 0 1,365 764 2,129 61 2015 2015 21 Arkansas (t) 2,014 96 2,110 0 (8) 2,006 96 2,102 16 2014 2014 21 Illinois (f) 1,643 88 1,731 0 344 1,987 88 2,075 11 2016 2016 23 Colorado (e) 1,301 699 2,000 70 (0) 1,301 769 2,070 53 2015, 2016, 2017, 2019 2015 24 South Carolina (t) 1,568 - 1,568 433 64 1,632 433 2,065 37 2015, 2017, 2019 2014 30 Illinois (h) 1,700 - 1,700 346 - 1,700 346 2,046 27 2017 2012 35 Illinois (f) 2,402 - 2,402 - (372) 2,030 - 2,030 - 2016 - Colorado (t) 1,817 210 2,027 1 (7) 1,810 211 2,021 52 2014, 2016 2014 14 South Carolina (v) 1,090 - 1,090 776 144 1,234 776 2,011 30 2018, 2019 2018 40 Colorado (j) 1,760 - 1,760 239 0 1,760 239 1,999 23 2017 2016 24 Illinois (f) 1,996 - 1,996 - (50) 1,946 - 1,946 - 2016 - Illinois (f) 1,972 - 1,972 - (43) 1,929 - 1,929 - 2016 - Illinois (f) 2,542 - 2,542 - (617) 1,925 - 1,925 - 2016 - Illinois (j) 1,905 - 1,905 - (0) 1,905 - 1,905 - 2016 - Colorado (t) 1,079 812 1,891 (0) 0 1,079 812 1,891 54 2014 2014 31 Illinois (f) 2,100 - 2,100 98 (309) 1,791 98 1,889 5 2018 2016 40 Illinois (f) 1,590 - 1,590 - 280 1,870 - 1,870 - 2016 - Illinois (f) 1,891 - 1,891 - (56) 1,835 - 1,835 - 2016 - Illinois (f) 1,603 - 1,603 - 228 1,831 - 1,831 - 2016 - Illinois (o) 1,825 - 1,825 - (0) 1,825 - 1,825 - 2018 2018 - North Carolina (d) 1,770 - 1,770 - 0 1,770 - 1,770 - 2015 - Illinois (f) 1,256 - 1,256 - 511 1,767 - 1,767 - 2016 - Illinois (h) 1,750 - 1,750 - - 1,750 - 1,750 - 2009 - Illinois (o) 1,735 - 1,735 - - 1,735 - 1,735 - 2017 - Nebraska (t) 1,610 32 1,642 81 (2) 1,608 113 1,720 12 2014, 2015 2014 24 Nebraska (t) 1,639 46 1,685 10 (2) 1,637 56 1,694 6 2014, 2015 2014 22 Colorado (t) 1,305 376 1,681 10 (0) 1,305 386 1,691 107 2014, 2016 2014 16 Illinois (f) 1,439 - 1,439 - 240 1,679 - 1,679 - 2016 - Michigan (i) 779 851 1,630 39 (0) 779 890 1,669 187 2016, 2019 2016 19 South Carolina 1,303 225 1,528 132 0 1,303 357 1,661 35 2016, 2017 2016 34 Illinois (f) 1,859 - 1,859 - (209) 1,650 - 1,650 - 2016 - South Carolina (t) 1,078 - 1,078 548 21 1,099 548 1,647 50 2015, 2017 2014 28 Colorado 1,622 - 1,622 - - 1,622 - 1,622 - 2019 - Nebraska (c) 1,314 65 1,379 242 (0) 1,314 307 1,621 42 2015 2015 20 Nebraska (t) 1,539 - 1,539 70 (1) 1,539 70 1,608 5 2015 2012 45 Illinois (f) 1,718 - 1,718 - (120) 1,598 - 1,598 - 2016 - Nebraska (b) 1,244 69 1,313 269 0 1,244 338 1,582 29 2014, 2015 2014 22 Georgia (j) 1,330 72 1,402 180 (0) 1,330 252 1,581 17 2016, 2019 2016 18 Illinois (h) 1,423 60 1,483 68 - 1,423 128 1,551 20 2013 2007 27 Illinois (f) 1,130 35 1,165 (0) 379 1,509 35 1,544 6 2016 2016 23 Illinois (f) 729 - 729 - 815 1,544 - 1,544 - 2016 - Illinois (f) 1,853 - 1,853 - (313) 1,540 - 1,540 - 2016 - Colorado (t) 1,353 184 1,537 0 (0) 1,353 184 1,537 67 2014 2014 9 Illinois (t) 1,500 - 1,500 26 - 1,500 26 1,526 2 2015 2008 50 Kansas (i) 1,915 - 1,915 - (395) 1,520 - 1,520 - 2015 - Illinois (f) 1,693 - 1,693 109 (317) 1,376 109 1,485 6 2017 2016 50 Illinois (o) 1,471 - 1,471 - (0) 1,471 - 1,471 - 2018 2018 - Illinois (f) 1,115 28 1,143 9 318 1,433 37 1,470 6 2016, 2018 2016 23 Mississippi (e) 1,437 33 1,470 (0) (0) 1,437 33 1,470 2 2015, 2017 2015 29 Illinois (f) 1,620 - 1,620 - (167) 1,453 - 1,453 - 2016 - Illinois (f) 1,063 27 1,090 0 348 1,411 27 1,438 7 2016 2016 22 Illinois (f) 1,675 4 1,679 (4) (244) 1,431 - 1,431 - 2016 2016 - Illinois (f) 1,083 - 1,083 - 336 1,419 - 1,419 - 2016 - Illinois 1,403 - 1,403 - - 1,403 - 1,403 - 2019 - South Carolina (l) 1,032 170 1,203 183 13 1,045 353 1,398 37 2017, 2018 2017 31 Nebraska (b) 1,100 28 1,128 248 0 1,100 276 1,376 16 2014, 2015, 2018 2014 18 Illinois (f) 1,523 - 1,523 126 (277) 1,246 126 1,372 7 2017 2016 50 Nebraska (v) 1,149 - 1,149 202 (0) 1,149 202 1,350 11 2018 2018 40 Nebraska (c) 1,346 34 1,380 (34) 0 1,346 - 1,346 - 2015 - Illinois (f) 1,254 - 1,254 - 83 1,337 - 1,337 - 2016 - Nebraska (i) 1,232 56 1,288 (0) 31 1,263 56 1,319 6 2015 2015 24 Illinois (f) 1,126 44 1,170 0 146 1,272 44 1,316 4 2016 2016 31 Nebraska (c) 1,279 23 1,302 6 0 1,279 29 1,308 6 2015, 2017 2015 12 Colorado (t) 1,238 - 1,238 - 45 1,283 - 1,283 - 2014 - Nebraska (c) 1,242 37 1,279 (5) (0) 1,242 32 1,273 4 2015 2015 23 Illinois (b) 1,120 - 1,120 138 - 1,120 138 1,258 8 2016 2008 50 Colorado (t) 1,030 170 1,200 31 0 1,030 201 1,231 86 2014, 2016, 2017 2014 11 Illinois (f) 1,435 - 1,435 - (204) 1,231 - 1,231 - 2016 - Illinois (f) 1,481 - 1,481 - (254) 1,227 - 1,227 - 2016 - Illinois (f) 1,731 - 1,731 - (515) 1,216 - 1,216 - 2016 - Illinois (t) 1,147 - 1,147 60 0 1,147 60 1,207 4 2016 2013 50 Illinois (h) 1,003 - 1,003 198 (0) 1,003 198 1,201 4 2015, 2017 2008 45 Illinois (f) 844 - 844 112 242 1,086 112 1,198 0 2016 - Illinois (f) 1,219 - 1,219 - (23) 1,196 - 1,196 - 2016 - Nebraska (c) 1,077 33 1,110 80 (0) 1,077 113 1,189 5 2015 2015 28 Colorado (t) 579 513 1,092 18 65 644 531 1,175 139 2014, 2015, 2016 2014 14 Illinois (f) 1,320 - 1,320 - (147) 1,173 - 1,173 - 2016 - North Carolina (v) 1,161 - 1,161 - 0 1,161 - 1,161 - 2018 2018 - Illinois (f) 617 - 617 - 535 1,152 - 1,152 - 2016 - Nebraska (h) 1,109 40 1,149 - - 1,109 40 1,149 6 2012 2012 20 Illinois (f) 845 63 908 0 241 1,086 63 1,149 10 2016 2016 22 Nebraska (c) 1,136 11 1,147 0 (0) 1,136 11 1,147 6 2015 2015 6 Colorado (t) 747 393 1,140 (0) 0 747 393 1,140 35 2014 2014 26 Illinois (f) $ 1,229 $ - $ 1,229 $ 116 $ (219) $ 1,010 $ 116 $ 1,126 $ 6 2018 2016 40 Colorado (t) 1,128 68 1,196 (32) (45) 1,083 36 1,119 3 2017 2014 3 Illinois (f) 774 47 821 0 293 1,067 47 1,115 6 2016 2016 25 Illinois (f) 1,058 - 1,058 - 49 1,107 - 1,107 - 2016 - Colorado (t) 1,105 - 1,105 - (0) 1,105 - 1,105 - 2014 - Colorado (t) 773 323 1,096 (0) 0 773 323 1,096 34 2014 2014 21 Illinois (f) 855 55 910 (12) 198 1,053 43 1,096 5 2016 2016 28 Illinois (f) 708 - 708 - 387 1,095 - 1,095 - 2016 - Illinois (f) 854 - 854 - 221 1,075 - 1,075 - 2016 - Nebraska (i) 848 197 1,045 22 0 848 219 1,067 25 2014, 2015, 2017 2014 25 Colorado (t) 554 443 997 70 (3) 551 513 1,064 40 2014, 2015, 2017 2014 23 Nebraska (t) 994 20 1,014 41 (2) 992 61 1,052 8 2014, 2015 2014 27 Illinois (t) 801 97 898 152 - 801 249 1,050 15 2016 2004, 2006, 2016 50 Illinois (f) 950 40 990 (0) 46 996 40 1,036 4 2016 2016 32 Colorado (h) 819 94 913 113 - 819 207 1,026 22 2014, 2017, 2018 2010 22 Illinois (f) 727 - 727 - 299 1,026 - 1,026 - 2016 - Colorado (e) 809 141 950 64 (0) 809 205 1,014 22 2015 2015 26 Illinois (f) 1,171 - 1,171 - (158) 1,013 - 1,013 - 2016 - Georgia (i) 795 65 860 105 31 826 170 997 15 2016, 2017 2016 31 Illinois (h) 991 - 991 - - 991 - 991 - 2012 - Illinois (f) 800 130 930 (0) 59 859 130 989 15 2016 2016 27 Illinois (f) 1,259 - 1,259 - (273) 986 - 986 - 2016 - Illinois (f) 1,119 - 1,119 - (133) 986 - 986 - 2016 - Illinois (f) 775 - 775 3 186 961 3 964 0 2016 - Georgia 756 202 958 0 (1) 755 202 958 17 2016 2016 36 Illinois (h) 923 53 976 (29) - 923 24 947 1 2011 2011 50 Kansas (t) 805 178 983 (0) (38) 767 178 945 53 2014 2014 14 Illinois (t) 902 34 936 - - 902 34 936 5 2008 2008 21 Illinois (f) 1,075 - 1,075 70 (230) 845 70 915 3 2018 2016 40 Illinois (f) 1,080 - 1,080 - (175) 905 - 905 - 2016 - Illinois (f) 864 - 864 - 41 905 - 905 - 2016 - Colorado (t) 481 373 854 2 46 527 375 902 103 2014, 2016 2014 15 Illinois (f) 989 - 989 77 (178) 811 77 888 4 2018 2016 40 Illinois (f) 995 - 995 58 (177) 818 58 875 3 2017 2016 50 Illinois (f) 975 - 975 - (100) 875 - 875 - 2016 - Illinois (i) 815 - 815 60 0 815 60 875 4 2017 2015 50 Georgia (j) 718 144 862 10 0 718 154 872 19 2016 2016 25 Nebraska (b) 862 - 862 - (0) 862 - 862 - 2015 - Illinois (f) 972 - 972 - (114) 858 - 858 - 2016 - Illinois (f) 671 96 767 (54) 143 814 42 856 4 2016 2016 28 Illinois (h) 644 93 737 107 - 644 200 844 12 2015 2000 50 Illinois (i) 762 - 762 75 (0) 762 75 837 11 2016 2015 20 Nebraska (t) 742 - 742 94 0 742 94 836 11 2013 2012 25 Illinois (b) 700 110 810 20 - 700 130 830 8 2006, 2015 2004 50 Illinois (f) 1,005 - 1,005 - (180) 825 - 825 - 2016 - Illinois (f) 980 - 980 - (155) 825 - 825 - 2016 - Illinois (l) 825 - 825 - - 825 - 825 - 2017 - Illinois (o) 805 - 805 - - 805 - 805 - 2017 - Colorado (t) 803 - 803 - (0) 803 - 803 - 2014 - Illinois (f) 732 - 732 - 64 796 - 796 - 2016 - Illinois (f) 762 - 762 - 20 782 - 782 - 2016 - Illinois (f) 630 - 630 - 145 775 - 775 - 2016 2016 - Nebraska (t) 702 72 774 0 (2) 700 72 772 6 2014 2014 35 Illinois (o) 748 - 748 - - 748 - 748 - 2017 - Illinois (f) 421 - 421 43 280 701 43 743 3 2016 2016 50 Kansas (t) 737 - 737 - (0) 737 - 737 - 2014 - Nebraska (i) 711 22 733 0 (0) 711 22 733 3 2015 2015 20 Illinois (f) 857 - 857 - (125) 732 - 732 - 2016 - Illinois (f) 879 - 879 4 (155) 724 4 727 1 2016 2016 20 Illinois (f) 552 - 552 31 143 695 31 725 0 2016 - Illinois (h) 725 - 725 - - 725 - 725 - 2010 - Illinois (h) 668 - 668 51 1 669 51 720 3 2015 2007 50 Illinois (o) 717 - 717 - (0) 717 - 717 - 2018 2018 - Illinois (f) 612 38 650 0 51 663 38 701 4 2016 2016 29 Illinois (v) 701 - 701 - - 701 - 701 - 2017 - Illinois (f) 968 - 968 - (269) 699 - 699 - 2016 - Illinois (j) 667 30 697 (0) 0 667 30 697 4 2016 2016 24 Illinois (h) 693 - 693 - - 693 - 693 - 2008 - Georgia (i) 555 106 661 9 18 573 115 687 11 2015, 2018, 2019 2015 30 Illinois (h) 684 - 684 - 0 684 - 684 - 2007 - South Carolina (l) 477 57 534 148 - 477 205 682 16 2017 2017 32 Illinois (i) 681 - 681 - 0 681 - 681 - 2015 - Illinois (f) 505 - 505 - 173 678 - 678 - 2016 - Illinois (i) 667 - 667 - 1 668 - 668 - 2016 - Illinois (h) 448 100 548 110 - 448 210 658 13 2006, 2015 2003 50 Illinois (o) 652 - 652 - (0) 652 - 652 - 2018 2018 - Illinois (f) 507 - 507 - 142 649 - 649 - 2016 - Illinois (f) 466 - 466 - 178 644 - 644 - 2016 - Georgia (i) 482 142 624 (0) 10 492 142 634 14 2016, 2017 2016 27 Illinois (f) 746 - 746 - (127) 619 - 619 - 2016 - Illinois (f) 939 - 939 - (326) 613 - 613 - 2016 - Illinois (h) 610 - 610 - (0) 610 - 610 - 2012 - Illinois (f) 744 - 744 - (136) 608 - 608 - 2016 - Colorado (t) 374 201 575 2 30 404 203 608 54 2014, 2016, 2017 2014 11 Nebraska (b) 607 - 607 - (0) 607 - 607 - 2015 - Georgia 469 108 577 25 0 469 133 603 9 2016 2016 36 Nebraska (b) 561 - 561 - 41 602 - 602 - 2014 - Illinois (t) 527 37 564 16 - 527 53 580 3 2011 2011 50 Illinois (j) 563 - 563 - 0 563 - 563 - 2016 - North Carolina (v) 554 - 554 - 0 554 - 554 - 2018 2018 - Illinois (f) 534 - 534 - 11 545 - 545 - 2016 - Georgia (i) 475 53 528 16 0 475 69 545 10 2015, 2018 2015 21 Illinois (f) 536 - 536 - (15) 521 - 521 - 2016 - Illinois (f) 447 - 447 - 74 521 - 521 - 2016 - Nebraska (c) 500 10 510 0 0 500 10 510 5 2015 2015 5 South Carolina 460 - 460 40 (0) 460 40 500 1 2019 2018 20 Kansas (l) 319 181 500 - - 319 181 500 26 2017, 2019 2017 20 Illinois (h) 442 38 480 0 - 442 38 480 5 2009 2009 24 Illinois (f) 601 - 601 - (158) 443 - 443 - 2016 - Illinois (f) 362 - 362 - 76 438 - 438 - 2016 - Illinois (f) 499 22 521 25 (112) 387 47 434 3 2016, 2018 2016 29 South Carolina (v) 354 - 354 79 0 354 79 433 5 2018, 2019 2018 40 Illinois (f) 487 - 487 41 (96) 391 41 432 2 2017 2016 50 Illinois (f) 576 - 576 - (144) 432 - 432 - 2016 - Illinois (f) 254 - 254 - 174 428 - 428 - 2016 - Illinois (o) 428 - 428 - 0 428 - 428 - 2018 2018 - Illinois (f) 170 - 170 - 250 420 - 420 - 2016 - Colorado (t) 419 - 419 - 0 419 - 419 - 2014 - Illinois (h) 290 38 328 87 - 290 125 415 7 2006, 2015 2006 50 Illinois (i) 371 - 371 38 (0) 371 38 409 2 2017 2016 50 Illinois (f) 296 - 296 39 66 362 39 401 0 2016 - Illinois (f) 370 - 370 - 28 398 - 398 - 2016 - Illinois (b) 398 - 398 - - 398 - 398 - 2008 - Colorado (i) - - - - 395 395 - 395 - 2015 - Illinois (f) 359 - 359 - 35 394 - 394 - 2016 - Illinois (h) 322 36 358 22 - 322 58 380 3 2006, 2017, 2018 2006 47 Illinois (o) 363 - 363 - 0 363 - 363 - 2018 2018 - Illinois (t) 102 59 161 201 - 102 260 362 15 2006, 2017 2003 50 Illinois (h) 271 73 344 16 0 271 89 360 5 2006, 2015 2001 50 Illinois (f) 291 - 291 - 63 354 - 354 - 2016 - Illinois (f) 360 - 360 - (9) 351 - 351 - 2016 - Nebraska (t) 342 4 346 (1) (2) 341 4 344 0 2017 2014 27 Illinois (f) 282 - 282 - 58 340 - 340 - 2016 - Illinois (t) 321 24 345 (8) - 321 16 337 1 2011 2011 50 Kansas (j) 235 90 325 3 (0) 235 93 328 13 2016, 2017 2016 21 Illinois (f) 320 - 320 - (2) 318 - 318 - 2016 - Illinois (f) 286 - 286 - 29 315 - 315 - 2016 - North Carolina (v) 310 - 310 - 0 310 - 310 - 2018 2018 - Illinois (f) 353 - 353 - (44) 309 - 309 - 2016 - Colorado (t) 224 - 224 46 39 263 46 309 - 2014 - Colorado (t) 276 - 276 - 0 276 - 276 - 2014 - Illinois (f) 216 - 216 - 50 266 - 266 - 2016 - Illinois (f) 233 - 233 - 28 261 - 261 - 2016 - Illinois (h) 252 - 252 - (0) 252 - 252 - 2012 - Illinois (f) 240 - 240 - 7 247 - 247 - 2016 - Colorado (i) 236 - 236 - (0) 236 - 236 - 2015 - Illinois (o) 233 - 233 - (0) 233 - 233 - 2018 2018 - Illinois (f) 157 - 157 - 75 232 - 232 - 2016 - Illinois (h) 203 44 247 (24) - 203 20 223 1 2006 2006 50 Illinois (f) 153 - 153 20 28 181 20 201 0 2016 - Illinois (h) 200 16 216 (16) - 200 - 200 - 2011 - Illinois (f) 179 - 179 - 18 197 - 197 - 2016 - Illinois (o) 196 - 196 - (0) 196 - 196 - 2018 2018 - Georgia 142 39 180 3 - 142 41 183 3 2017 2017 30 Colorado - - - 69 - - 69 69 4 2017 2017 40 Illinois 34 86 120 (86) (0) 34 - 34 (3) 2017 2016 7 Colorado - - - - - - - - - 2017 - Adjustments - 896 896 3,425 Other (u) 45,187 1,726 46,913 1,049 1,076 46,264 2,775 49,039 254 Farm Credit Bond $ 4,890 Farmer Mac Bond #6 $ 13,827 Farmer Mac Bond #7 $ 11,160 Farmer Mac Bond #8A $ 41,700 Farmer Mac Bond #9 $ 6,600 Met Life Bond #1 $ 87,942 Met Life Bond #2 $ 16,000 Met Life Bond #3 $ 21,000 Met Life Bond #4 $ 15,685 Met Life Bond #5 $ 8,379 Met Life Bond #6 $ 27,158 Met Life Bond #7 $ 17,153 Met Life Bond #8 $ 44,000 Met Life Bond #9 $ 21,000 Prudential Bond $ - Rutledge Credit Facility #1 $ 17,000 Rutledge Credit Facility #2 $ 25,000 Rutledge Credit Facility #3 $ 25,000 Rutledge Credit Facility #4 $ 15,000 Rutledge Credit Facility #5 $ 30,000 Rabo Agrifinance Note $ 64,359 Totals $ 512,853 $ 933,131 $ 112,184 $ 1,045,315 $ 36,944 $ 4,682 $ 937,812 $ 150,024 $ 1,087,836 $ 25,276 (a) is part of a collateral pool for the $4.9 million First Farm Credit of Central Florida Bond (b) is part of a collateral pool for the $13.8. million Farmer Mac Bond #6 (c) is part of a collateral pool for the $11.2 million Farmer Mac Bond #7 (d) is part of a collateral pool for the $41.7 milllion Farmer Mac Bond #8A (e) is part of a collateral pool for the $6.6 million Farmer Mac Bond #9 (f) is part of a collateral pool for the $87.9 million Met Life Bond #1 (g) is part of a collateral pool for the $16.0 million Met Life Bond #2 (h) is part of a collateral pool for the $21.0 million Met Life Bond #3 (i) is part of a collateral pool for the $15.7 million Met Life Bond #4 (j) is part of a collateral pool for the $8.4 million Met Life Bond #5 (k) is part of a collateral pool for the $27.2 million Met Life Bond #6 (l) is part of a collateral pool for the $17.2 million Met Life Bond #7 (m) is part of a collateral pool for the $44.0 million Met Life Bond #8 (n) is part of a collateral pool for the $0.0 million Prudential Loan (o) is part of a collateral pool for the $17.0 million Rutledge Credit Facility 1 (p) is part of a collateral pool for the $25.0 million Rutledge Credit Facility 2 (q) is part of a collateral pool for the $25.0 million Rutledge Credit Facility 3 (r) is part of a collateral pool for the $15.0 million Rutledge Credit Facility 4 (s) is part of a collateral pool for the $30.0 million Rutledge Credit Facility 5 (t) is part of a collateral pool for the $66.4 million Agrifinance Note (u) Other category is comprised of 100 farms in 7 states that on an individual basis make up less than 5% of gross total land plus improvements as of December 31, 2019. Approximately $1,606 is part of a collateral pool for the $13,827 Farmer Mac Bond #6, $510 is part of a collateral pool for the $11,160 Farmer Mac Bond #7, $19,689 is part of a collateral pool for the $87,942 Met Life Bond #1, $6,399 is part of a collateral pool for the $21,000 Met Life Bond #3, $4,988 is part of a collateral pool for the $15,685 Met Life Bond #4, $1,588 is part of a collateral pool for the $8,379 Met Life Bond #5, $1,182 is part of a collateral pool for the $17,153 Met Life Bond #7, $4,142 is part of a collateral pool for the $25,000 Rutledge Credit Facility 1, $5,546 is part of a collateral pool for the $66,400 Rabo Agrifinance Note, and $1,999 is part of a collateral pool for the $21,000 Met Life Bond #9 (v) is part of a collateral pool for the $21.0 million Met Life Bond #9 (w) all of the above properties listed in Schedule III are farms. Farmland Partners Inc. Schedule III – Real Estate and Accumulated Depreciation Reconciliation of “Real Estate and Accumulated Depreciation” (In Thousands) Years ended December 31, 2019 2018 2017 Real Estate: Balance at beginning of year $ 1,108,016 $ 1,094,155 $ 595,598 Additions during period Additions through construction of improvements 5,326 9,874 15,549 Disposition of property and improvements (62,468) (29,573) (671) Non cash acquisitions - Acquisitions through business combinations and/or asset acquisitions 36,893 33,560 483,679 Balance at end of year $ 1,087,767 $ 1,108,016 $ 1,094,155 Accumulated Depreciation: Balance at beginning of year $ 18,148 $ 10,261 $ 3,215 Disposition of improvements (947) (190) (80) Additions charged to costs and expenses 8,022 8,077 7,126 Balance at end of year $ 25,223 $ 18,148 $ 10,261 Real Estate balance per schedule $ 1,087,767 $ 1,108,016 $ 1,094,155 Construction in progress 11,911 10,262 8,137 Other non-real estate 71 71 71 Balance per consolidated balance sheet $ 1,099,749 $ 1,118,349 $ 1,102,363 Accumulated depreciation per schedule $ 25,223 $ 18,148 $ 10,261 Other non-real estate 54 54 24 Balance per consolidated balance sheet $ 25,277 $ 18,202 $ 10,285 |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 December 31, 2019, the Company owned a portfolio of approximately 158,500 acres which are consolidated in these financial statements. All of the Company’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2019, the Company owned an 94.0% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units generally do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). The Company elected to be taxed as a real estate investment trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of December 31, 2019, the TRS performs these custom farming operations on 1,857 acres of farmland owned by the Company located in California, Florida, and Michigan. All references to numbers and percent of acres within this report are unaudited. |
AFCO Mergers | AFCO Mergers On February 2, 2017, the Company completed a merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,535 Common units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million, net of $75.0 million in assumed debt. |
Principles of Consolidation | Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in 2019. Such reclassification had no effect on net income or total equity. The Company’s financial condition as of December 31, 2019 and 2018, and the results of operations for the years ended December 31, 2019, 2018 and 2017, reflect the financial condition and results of operations of the Company. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Real Estate Acquisitions | Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group of similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines, and perennial crops), and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired in a business acquisition, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. As of December 31, 2018, all below market leases had been fully amortized, with amortization totaling $0.0 million recorded in the twelve months ended December 31, 2019. As of December 31, 2019 and 2018, the Company had $1.3 million and $1.3 million, respectively, recorded for tenant relationship intangibles with total accumulated amortization and amortization expense of $1.2 million and $1.0 million, respectively. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired in a business acquisition, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time, and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset and will be amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate at the termination date. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of a 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. |
Liquidity Policy | Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, relies on debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. As of December 31, 2019 the Company had liquidity requirements which were not anticipated to be funded from ongoing operating cash flows in the foreseeable future which were largely impacted by debt repayments which are coming due in 2020. When material debt repayments are due within the following 12 months, the Company works with current and new lenders and other potential sources of capital to ensure that all its obligations are timely satisfied. The Company has a history of being able to refinance its debt obligations to manage its debt maturities. Furthermore, the Company also has a deep portfolio of real estate assets which management believes could be readily liquidated if necessary to fund its immediate liquidity needs. Managements first course of action is to work with its lenders to refinance debt which is coming due on terms acceptable to the Company. In the event the Company is unsuccessful in refinancing its debt on terms acceptable to the Company, management would look to liquidate certain assets to fund its liquidity shortfall. Management believes its plans are sufficient to overcome the liquidity pressures which existed at December 31, 2019. |
Real Estate | Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements. |
Cash | Cash The Company’s cash at December 31, 2019 and 2018 was held in the custody of three financial institutions, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits. |
Debt issuance costs | Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2019, the Company did not incur any costs in connection with the issuance of debt. During the year ended December 31, 2018, $0.2 million in costs were incurred in connection with the MetLife Term Loan 9, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $0.3 million for each of the years ended December 31, 2019, 2018 and 2017, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.0 million and $0.7 million as of December 31, 2019 and 2018, respectively. |
Notes and Interest Receivable | Notes and Interest Receivable Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each balance sheet date. As of December 31, 2019, the Company had issued six notes under the FPI Loan Program and have designated each of the notes receivable as loans. Loans are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization, including interest, is included in other revenue within our Consolidated Statements of Operations. See “Note 6—Notes Receivable.” |
Allowance for Note and Interest Receivable | Allowance for Notes and Interest Receivable A note is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether an allowance is necessary. Any uncollectible interest previously accrued is also charged off. As of December 31, 2019, we believe the value of the underlying collateral for each of the notes to be sufficient and in excess of the respective outstanding principal and accrued interest. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offerings of securities. At the completion of the offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the abandonment occurs. The Company incurred $0.0 million and $0.1 million in offering costs during the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Company had $0.0 million and $0.2 million, respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offerings of securities. |
Accounts Receivable | Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates 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 the Company’s 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. The allowance for doubtful accounts was $0.1 million and $0.2 million as of December 31, 2019 and 2018, respectively, which is recorded on the Consolidated Statement of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years. |
Inventory | Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or net realizable value and are included in inventory in our consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. Inventory consisted of the following: December 31, ($ in thousands) 2019 2018 Harvested crop $ 171 $ 100 Growing crop 1,379 122 General inventory — 119 $ 1,550 $ 341 |
Revenue Recognition | Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term, including renewal options in the case of bargain renewal options. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying consolidated balance sheets, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Farm leases in place as of December 31, 2019 had terms ranging from one to twenty five years. As of December 31, 2019, the Company had 97 leases over 214 properties with rent escalations. The majority of the Company’s leases provide for a fixed annual or semi-annual cash rent payment. Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds (contingent rent). Revenue under leases providing for a payment equal to a percentage of the gross farm proceeds are recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain or packing facility that a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance. Contingent rent recognized for the years ended December 31, 2019, 2018 and 2017 totaled $11.4 million, $13.2 million, and $9.5 million, respectively. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statements of operations, as earned, and the related property tax as property operating expense, as incurred. Crop sales revenue The Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain or packing facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain or packing facility and title has transferred. Other revenue The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017. |
Income Taxes | Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2018, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $0.0 million for each of the years ended December 31, 2019, 2018, and 2017, respectively. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $(0.2) million in taxable income from the TRS for the year ended December 31, 2019, $(0.02) million at December 31, 2018, and $0.03 million for the year ended December 31, 2017. The Company did not have any deferred tax assets or liabilities for these years. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2019, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2018 and 2017 open tax years. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of the asset acquisitions that it undertook during the years ended December 31, 2019 and December 31, 2018. |
Derivatives and Hedge Accounting | Derivatives and Hedge Accounting The Company enters into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. All contracts entered into during the year ended December 31, 2019 met the criteria to be exempt from derivative accounting and were designated as normal purchase and sales exceptions for hedge accounting. |
Segment Reporting | Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that Common units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period. |
Non-controlling Interests | Non-controlling Interests The Company’s non-controlling interests are interests in the Operating Partnership not owned by the Company. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s Consolidated Statements of Operations represent the portion of income or losses not attributable to the Company. |
Stock Based Compensation | Stock Based Compensation From time to time, the Company may award non-vested shares under the Company’s Second Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requisite service period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received. |
New or Revised Accounting Standards | New or Revised Accounting Standards Recently adopted In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718), which sets out and seeks to simplify principles for share-based payment transactions for acquiring goods and services from nonemployees. The Company has adopted the standard, completed its assessment of the impact of this guidance, and has determined it to be immaterial to the consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (Topic 220), which was issued to address the effects of the Tax Cuts and Jobs Act on deferred taxes as they related to Other Comprehensive Income. The Company has adopted the standard, completed its assessment of the impact of this guidance, and has determined it to be immaterial to the consolidated financial statements. 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. 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 guidance did not have a material impact as there are only two operating leases for office space and for subleased property in Nebraska. Both of these leases have terms less than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The Company recorded a right-of-use asset and a lease liability for the third lease that has a term greater than 12 months, which did not have a significant impact on the consolidated financial statements; (ii) For leases in which the Company is the lessor, the guidance did not have a material impact as the majority of the Company’s leases do not contain a non-lease component. Under the new guidance, lease procurement costs that were previously capitalized are now 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 was 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. The Company adopted this standard effective January 1, 2019. The Company recorded a right of use asset and lease liability in the amount of $0.2 million. Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the method and timing of the recognition of credit losses on financial assets. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowance for losses. This credit loss standard is required to be applied using a modified-retrospective approach and requires a cumulative-effect adjustment to retained earnings be recorded as of the date of adoption. The Company adopted the new standard on January 1, 2020. The adoption of the standard is not expected to have a material impact on its financial position or results of operations. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Significant Accounting Policies | |
Schedule of estimated useful lives of assets classified as improvements | Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 |
Schedule of Inventory | December 31, ($ in thousands) 2019 2018 Harvested crop $ 171 $ 100 Growing crop 1,379 122 General inventory — 119 $ 1,550 $ 341 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition | |
Summary of rental income recognized | Rental Income Recognized For the year ended December 31, ($ in thousands) 2019 2018 2017 Leases in effect at the beginning of the year $ 45,977 $ 37,434 $ 12,593 Leases entered into or amended during the year 2,142 13,751 30,363 $ 48,119 $ 51,185 $ 42,956 |
Schedule of future minimum lease payments from tenants under all non-cancelable leases in place | ($ in thousands) Future Rental Year Ending December 31, Payments 2020 $ 31,328 2021 19,774 2022 9,833 2023 5,171 2024 2,440 2025 and beyond 25,033 $ 93,579 |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tenant concentration | |
Concentration Risk | |
Summary of concentrations | Rental Income Recognized For the year ended December 31, ($ in thousands) 2019 2018 2017 Tenant A (1) $ 5,905 12.2 % $ 6,996 13.6 % $ 7,041 16.4 % Tenant B (1) $ 7,056 14.6 % $ 6,957 13.6 % $ — — % (1) The Company has numerous permanent crop leases with these major farming companies located in Califonia. |
Geographic concentration | |
Concentration Risk | |
Summary of concentrations | Approximate % of Total Acres Rental Income As of December 31, For the year ended December 31, Location of Farm 2019 2018 2017 2019 2018 2017 Alabama % 0.3 % 0.4 % % 0.4 % 0.2 % Arkansas % 8.3 % 9.1 % % 4.0 % 4.7 % California % 7.2 % 7.2 % % 36.8 % 27.8 % Colorado % 14.9 % 15.1 % % 4.4 % 6.4 % Florida % 4.6 % 4.6 % % 1.7 % 3.1 % Georgia % 3.3 % 3.3 % % 2.1 % 4.0 % Illinois % 24.1 % 25.5 % % 24.3 % 28.8 % Kansas % 1.2 % 1.2 % % 0.3 % 0.4 % Louisiana % 5.2 % 5.9 % % 2.8 % 3.3 % Michigan % 1.4 % 1.4 % % 1.7 % 1.6 % Mississippi % 3.0 % 3.1 % % 1.7 % 2.0 % North Carolina % 10.3 % 6.9 % % 7.1 % 4.3 % Nebraska % 3.7 % 3.7 % % 3.0 % 3.6 % South Carolina % 9.4 % 9.1 % % 7.9 % 7.7 % South Dakota % 1.0 % 1.1 % % 0.7 % 0.6 % Texas % 1.3 % 1.7 % % 0.8 % 1.1 % Virginia % 0.8 % 0.7 % % 0.4 % 0.4 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable | |
Schedule of notes receivable held by the company | ($ in thousands) Principal Outstanding as of Loan Payment Terms December 31, 2019 December 31, 2018 Maturity Mortgage Note (1) Principal & interest due at maturity $ 1,804 $ 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 12/31/2019 Mortgage Note Principal & interest due at maturity - 5,125 8/19/2020 Mortgage Note Principal & interest due at maturity 62 62 3/1/2020 Line of Credit Principal & interest due at maturity 369 106 3/1/2020 Total outstanding principal 4,614 11,159 Interest receivable (net prepaid interest) 565 947 Provision for loan receivable (412) (229) Total notes and interest receivable $ 4,767 $ 11,877 (1) (2) (3) |
Reconciliation of carrying amount of mortgage loans | Years ended December 31, 2019 2018 2017 ($ in thousands) Balance at beginning of year $ 11,159 $ 9,350 $ 2,780 Additions during year: New mortgage loans and additional advances on existing loans 1,781 6,662 7,372 Interest income added to principal - - - Amortization of discount - - - 12,940 16,012 10,152 Deductions during year: Collection of principal 8,285 4,853 802 Foreclosure 41 - - Balance at end of year $ 4,614 $ 11,159 $ 9,350 |
Mortgage Notes, Lines of Cred_2
Mortgage Notes, Lines of Credit and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Notes, Lines of Credit and Bonds Payable | |
Schedule of indebtedness outstanding | Annual Interest Book Value of Rate as of Principal Outstanding as of Collateral ($ in thousands) December 31, December 31, as of December 31, Loan Payment Terms Interest Rate Terms 2019 2019 2018 Maturity 2019 2018 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 13,827 14,915 April 2025 $ 21,441 $ 22,076 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,570 18,561 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 74,310 80,989 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,940 7,828 MetLife Term Loan #1 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 87,942 89,913 March 2026 195,615 199,584 MetLife Term Loan #2 Semi-annual interest only 4.27% adjusted every three years 4.27% 16,000 16,000 March 2026 32,199 32,189 MetLife Term Loan #3 Semi-annual interest only 4.27% adjusted every three years 4.27% 21,000 21,000 March 2026 27,817 27,525 MetLife Term Loan #4 (1) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 31,266 31,124 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 8,379 January 2027 14,281 13,964 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,158 27,158 February 2027 58,087 58,058 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 17,153 21,253 June 2027 39,126 48,963 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 110,042 MetLife Term Loan #9 Semi-annual interest only 4.19% adjusted every three years 4.19% 21,000 21,000 May 2028 41,223 40,981 Farm Credit of Central Florida (2) LIBOR + 2.6875% adjusted monthly 4.44% 4,890 5,060 September 2023 14,745 13,263 Prudential (3) 3.20% 3.20% - 5,144 July 2019 — 10,583 Rabobank Semi-annual interest only LIBOR + 1.70% adjustable every three years 3.39% 64,358 64,359 March 2028 135,432 134,901 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 17,000 17,000 January 2022 29,820 29,576 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 25,000 25,000 January 2022 39,468 39,749 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 25,000 25,000 January 2022 45,764 58,006 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 15,000 15,000 January 2022 29,170 29,170 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 3.44% 30,000 30,000 January 2022 85,287 85,707 Total outstanding principal 512,852 525,326 $ 1,051,603 $ 1,092,841 Debt issuance costs (1,449) (1,685) Unamortized premium - - Total mortgage notes and bonds payable, net $ 511,403 $ 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. |
Schedule of aggregate maturities of long-term debt | ($ in thousands) Year Ending December 31, Future Maturities 2020 $ 48,574 2021 274 2022 112,274 2023 4,067 2024 2,100 Thereafter 345,563 $ 512,852 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies. | |
Schedule of future minimum lease payments | Minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future Rental Year Ending December 31, Payments 2020 $ 75 2021 — 2022 — 2023 — 2024 and beyond — $ 75 |
Stockholders' Equity and Non-_2
Stockholders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders’ Equity and Non-controlling Interests | |
Schedule of changes in redeemable non-controlling interest in operating partnership | Preferred (in thousands) Redeemable OP Units Redeemable Non-controlling Interests Balance at December 31, 2017 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2018 117 $ 120,510 Balance at December 31, 2018 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2019 117 $ 120,510 |
Schedule of declaration and payment of distribution | Fiscal Year Declaration Date Record Date Payment Date Distributions 2019 February 7, 2019 April 1, 2019 April 15, 2019 0.0500 May 8, 2019 July 1, 2019 July 15, 2019 0.0500 August 6, 2019 October 1, 2019 October 15, 2019 $ 0.0500 November 11, 2019 January 1, 2020 January 15, 2020 0.0500 $ 0.2000 2018 February 13, 2018 April 2, 2018 April 16, 2018 0.1275 May 1, 2018 July 2, 2018 July 16, 2018 0.1275 August 8, 2018 October 1, 2018 October 15, 2018 $ 0.0500 November 5, 2018 January 1, 2019 January 15, 2019 0.0500 $ 0.3550 2017 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 May 8, 2017 June 30, 2017 July 14, 2017 0.1275 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 November 8, 2017 January 2, 2018 January 16, 2018 0.1275 $ 0.5100 |
Summary of non-vested shares | Weighted Number of Average Grant ( shares in thousands) Shares Date Fair Value Unvested at January 1, 2017 189 $ 11.98 Granted 205 $ 11.30 Vested (108) $ 12.84 Forfeited (9) $ 11.00 Unvested at December 31, 2017 277 $ 11.16 Granted 162 $ 7.67 Vested (129) $ 8.54 Forfeited (11) $ 8.11 Unvested at December 31, 2018 299 $ 9.49 Granted 226 $ 6.07 Vested (155) $ 9.63 Forfeited (25) $ 6.32 Unvested at December 31, 2019 345 $ 7.42 |
Schedule of computation of basic and diluted earnings (loss) per share | For the year ended December 31, ($ in thousands except per share data) 2019 2018 2017 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ 13,886 $ 12,254 $ 7,914 Less: Nonforfeitable distributions allocated to unvested restricted shares (77) (111) (151) Less: Distributions on redeemable non-controlling interersts in operating partnership, Common units — — — Less: Distributions on redeemable non-controlling interests in operating partnership, Series A Preferred units (3,510) (3,510) (3,510) Less: Dividends on Series B Participating Preferred Stock (8,975) (9,053) (3,346) Net (loss) income attributable to common stockholders $ 1,324 $ (420) $ 907 Denominator: Weighted-average number of common shares - basic 30,169 32,162 31,210 Conversion of Series A preferred units (1) — — — Conversion of Series B participating preferred stock — — — Unvested restricted shares (1) — — — Weighted-average number of common shares - diluted 30,169 32,162 31,210 Income (loss) per share attributable to common stockholders - basic $ 0.04 $ (0.01) $ 0.03 Income (loss) per share attributable to common stockholders - diluted $ 0.04 $ (0.01) $ 0.03 (1) Anti-dilutive for the year ended December 31, 2019, 2018 and 2017. |
Schedule of equity awards and units outstanding | (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Shares 29,607 30,295 33,058 OP Units 1,904 4,582 4,739 Unvested Restricted Stock Awards 345 299 276 31,856 35,176 38,073 |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (unaudited) | |
Quarterly results of operations | Quarter Ended ($ in thousands except per share data) March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Operating revenues $ 10,889 10,948 9,848 21,879 Operating expenses 6,366 6,994 6,622 7,245 Other expenses 4,514 (2,571) 4,689 4,855 Net (loss) income before income tax 9 6,525 (1,463) 9,779 Income tax expense — — — — Net (loss) income $ 9 $ 6,525 $ (1,463) $ 9,779 Net (loss) available to common stockholders of Farmland Partners Inc. $ (3,140) $ 2,906 $ (4,499) $ 6,057 Basic net (loss) per share available to common stockholders (1) $ (0.10) $ 0.09 $ (0.15) $ 0.20 Diluted net (loss) per share available to common stockholders (1) $ (0.10) $ 0.08 $ (0.15) $ 0.09 Basic weighted average common shares outstanding 30,791 30,637 29,497 29,723 Diluted weighted average common shares outstanding 30,791 48,370 29,497 69,874 (1) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding. Quarter Ended ($ in thousands) March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating revenues $ 11,207 11,419 12,549 20,894 Operating expenses 6,386 6,231 6,394 7,365 Other expenses 4,318 4,207 1,998 5,130 Net (loss) income before income tax 503 981 4,157 8,399 State income tax expense — — — — Net (loss) income $ 503 $ 981 $ 4,157 $ 8,399 Net (loss) income available to common stockholders of Farmland Partners Inc. $ (2,744) $ (2,323) $ 484 $ 4,163 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Contracts | |
Schedule of fair value of derivative instruments | ($ in thousands) Instrument Balance sheet location Fair Value Interest rate swap Derivative liability $ 1,644 Other Comprehensive Income (1,644) |
Schedule of effect of derivative instruments on the consolidated statement of operations | ($ in thousands) Cash flow hedging relationships Amount of Gain / (Loss) reclassified Location of Gain (Loss) reclassified from Interest rate contracts (39) Interest expense |
Schedule of movement in other comprehensive income | ($ in thousands) December 31, 2019 December 31, 2018 Beginning accumulated derivative instrument gain or loss $ (865) $ — Net change associated with current period hedging transactions (779) (865) Net amount of reclassification into earnings — — Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ (1,644) $ (865) |
Organization and Significant _4
Organization and Significant Accounting Policies (Details) $ / shares in Units, $ in Millions | Aug. 17, 2017$ / sharesshares | Feb. 02, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)alease$ / shares | Dec. 31, 2018USD ($)$ / shares |
Organization and Significant Accounting Policies | ||||
Area of real estate property | a | 158,500 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Number of operating leases | lease | 2 | |||
Below Market Lease | ||||
Below market lease, accumulated amortization | $ | $ 0 | |||
Tenant relationship intangibles | $ | 1.3 | $ 1.3 | ||
Tenant relationship intangibles, accumulated amortization | $ | $ 1.2 | $ 1 | ||
Common Units | Operating Partnership | ||||
Organization and Significant Accounting Policies | ||||
Ownership interest (as a percent) | 94.00% | |||
American Farmland Company | ||||
Organization and Significant Accounting Policies | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Consideration share price | $ / shares | $ 11.41 | |||
Units issued | shares | 14,763,604 | |||
Consideration amount | $ | $ 171.1 | |||
Acquired debt | $ | $ 75 | |||
American Farmland Company | Restricted stock units | ||||
Organization and Significant Accounting Policies | ||||
Units issued | shares | 17,373 | |||
American Farmland Company | Common Units | ||||
Organization and Significant Accounting Policies | ||||
Consideration share price | $ / shares | $ 0.7417 | |||
Units issued | shares | 218,535 | |||
TRS | ||||
Organization and Significant Accounting Policies | ||||
Area of real estate property | a | 1,857 | |||
Operating Partnership | Operating Partnership | ||||
Organization and Significant Accounting Policies | ||||
Ownership interest (as a percent) | 94.00% | |||
Series B Participating Preferred Stock | ||||
Organization and Significant Accounting Policies | ||||
Shares issued under underwriting agreement | shares | 6,037,500 | |||
Preference dividend (as a percent) | 6.00% | |||
Par value | $ / shares | $ 0.01 |
Organization and Significant _5
Organization and Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Grain facilities | Minimum | |
Real Estate | |
Estimated useful lives | 10 years |
Grain facilities | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Irrigation improvements | Minimum | |
Real Estate | |
Estimated useful lives | 2 years |
Irrigation improvements | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Drainage improvements | Minimum | |
Real Estate | |
Estimated useful lives | 20 years |
Drainage improvements | Maximum | |
Real Estate | |
Estimated useful lives | 65 years |
Groundwater | Minimum | |
Real Estate | |
Estimated useful lives | 3 years |
Groundwater | Maximum | |
Real Estate | |
Estimated useful lives | 50 years |
Permanent plantings | Minimum | |
Real Estate | |
Estimated useful lives | 13 years |
Permanent plantings | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Other | Minimum | |
Real Estate | |
Estimated useful lives | 5 years |
Other | Maximum | |
Real Estate | |
Estimated useful lives | 40 years |
Organization and Significant _6
Organization and Significant Accounting Policies - Additional disclosures (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)leaseInstitutionpropertyitem | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Impairment | |||
Impairments recognized on real estate assets | $ 0 | ||
Cash | |||
Number of financial institutions in which custody of cash was held | Institution | 3 | ||
Deferred Financing Fees | |||
Financing fees capitalized | $ 200,000 | ||
Accumulated amortization of deferred financing fees | $ 1,000,000 | 700,000 | |
Deferred offering costs incurred | 0 | 100,000 | |
Deferred offering costs | 218,000 | ||
Accounts Receivable | |||
Allowance for doubtful accounts | 100,000 | 200,000 | |
Inventory | |||
Harvested crop | 171,000 | 100,000 | |
Growing crop | 1,379,000 | 122,000 | |
General inventory | 119,000 | ||
Total inventory | $ 1,550,000 | 341,000 | |
Revenue Recognition | |||
Number of leases with rent escalations | lease | 97 | ||
Number of properties with rent escalations | property | 214 | ||
Variable Lease, Cost | $ 11,400,000 | ||
Contingent rent recognized | 13,200,000 | $ 9,500,000 | |
Income tax | |||
Deferred tax assets | 0 | 0 | |
Deferred tax liabilities | $ 0 | 0 | |
Required holding period | 5 years | ||
Deferred tax liability, built in gain | $ 0 | ||
Minimum | |||
Revenue Recognition | |||
Terms of farm leases | 1 year | ||
Maximum | |||
Revenue Recognition | |||
Terms of farm leases | 25 years | ||
Interest Expense | |||
Deferred Financing Fees | |||
Amortization expense | $ 300,000 | 300,000 | 300,000 |
TRS | |||
Income tax | |||
Taxable income attributable to TRS | $ (200,000) | $ (20,000) | $ 30,000 |
FPI Loan Program | |||
Deferred Financing Fees | |||
Number of notes issued | item | 6 |
Organization and Significant _7
Organization and Significant Accounting Policies - Stock based compensation and new or revised accounting standards (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Significant Accounting Policies | |
Non controlling interest holding period | 1 year |
Organization and Significant _8
Organization and Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of Use Asset | $ 73 | |
Lease Liability | $ 73 | |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition, Milestone Method [Line Items] | |||
Contingent rent recognized | $ 11,400 | ||
Deferred Revenue Lease Assets And Lease Liabilities | 71 | $ 238 | |
Leases in effect at the beginning of the year | 45,977 | 37,434 | $ 12,593 |
Leases entered into or amended during the year | 2,142 | 13,751 | 30,363 |
Rental income recognized | 48,119 | $ 51,185 | $ 42,956 |
Future minimum lease payments | |||
2020 | 31,328 | ||
2021 | 19,774 | ||
2022 | 9,833 | ||
2023 | 5,171 | ||
2024 | 2,440 | ||
2025 and beyond | 25,033 | ||
Total future minimum lease payments | $ 93,579 | ||
Minimum | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Percentage of rent received during first quarter or second half of the year | 50.00% |
Concentration Risk (Details)
Concentration Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk | |||
Rental income recognized | $ 48,119 | $ 51,185 | $ 42,956 |
Approximate total acres | Geographic concentration | |||
Concentration Risk | |||
Concentration risk (as a percent) | 100.00% | 100.00% | 100.00% |
Approximate total acres | Geographic concentration | Alabama | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.40% | 0.30% | 0.40% |
Approximate total acres | Geographic concentration | Arkansas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 9.10% | 8.30% | 9.10% |
Approximate total acres | Geographic concentration | California | |||
Concentration Risk | |||
Concentration risk (as a percent) | 7.30% | 7.20% | 7.20% |
Approximate total acres | Geographic concentration | Colorado | |||
Concentration Risk | |||
Concentration risk (as a percent) | 15.50% | 14.90% | 15.10% |
Approximate total acres | Geographic concentration | Florida | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.00% | 4.60% | 4.60% |
Approximate total acres | Geographic concentration | Georgia | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.40% | 3.30% | 3.30% |
Approximate total acres | Geographic concentration | Illinois | |||
Concentration Risk | |||
Concentration risk (as a percent) | 24.50% | 24.10% | 25.50% |
Approximate total acres | Geographic concentration | Kansas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 1.20% | 1.20% | 1.20% |
Approximate total acres | Geographic concentration | Louisiana | |||
Concentration Risk | |||
Concentration risk (as a percent) | 5.30% | 5.20% | 5.90% |
Approximate total acres | Geographic concentration | Michigan | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.30% | 1.40% | 1.40% |
Approximate total acres | Geographic concentration | Mississippi | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.10% | 3.00% | 3.10% |
Approximate total acres | Geographic concentration | North Carolina | |||
Concentration Risk | |||
Concentration risk (as a percent) | 10.50% | 10.30% | 6.90% |
Approximate total acres | Geographic concentration | Nebraska | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.80% | 3.70% | 3.70% |
Approximate total acres | Geographic concentration | South Carolina | |||
Concentration Risk | |||
Concentration risk (as a percent) | 9.50% | 9.40% | 9.10% |
Approximate total acres | Geographic concentration | South Dakota | |||
Concentration Risk | |||
Concentration risk (as a percent) | 1.00% | 1.00% | 1.10% |
Approximate total acres | Geographic concentration | Texas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 1.30% | 1.30% | 1.70% |
Approximate total acres | Geographic concentration | Virginia | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.80% | 0.80% | 0.70% |
Rental income | Tenant concentration | Tenant A | |||
Concentration Risk | |||
Rental income recognized | $ 5,905 | $ 6,996 | $ 7,041 |
Concentration risk (as a percent) | 12.20% | 13.60% | 16.40% |
Rental income | Tenant concentration | Tenant B | |||
Concentration Risk | |||
Rental income recognized | $ 7,056 | $ 6,957 | |
Concentration risk (as a percent) | 14.60% | 13.60% | |
Rental income | Geographic concentration | |||
Concentration Risk | |||
Concentration risk (as a percent) | 100.00% | 100.00% | 100.00% |
Rental income | Geographic concentration | Alabama | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.20% | 0.40% | 0.20% |
Rental income | Geographic concentration | Arkansas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 4.40% | 4.00% | 4.70% |
Rental income | Geographic concentration | California | |||
Concentration Risk | |||
Concentration risk (as a percent) | 34.60% | 36.80% | 27.80% |
Rental income | Geographic concentration | Colorado | |||
Concentration Risk | |||
Concentration risk (as a percent) | 5.40% | 4.40% | 6.40% |
Rental income | Geographic concentration | Florida | |||
Concentration Risk | |||
Concentration risk (as a percent) | 2.10% | 1.70% | 3.10% |
Rental income | Geographic concentration | Georgia | |||
Concentration Risk | |||
Concentration risk (as a percent) | 2.10% | 2.10% | 4.00% |
Rental income | Geographic concentration | Illinois | |||
Concentration Risk | |||
Concentration risk (as a percent) | 24.50% | 24.30% | 28.80% |
Rental income | Geographic concentration | Kansas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.30% | 0.30% | 0.40% |
Rental income | Geographic concentration | Louisiana | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.10% | 2.80% | 3.30% |
Rental income | Geographic concentration | Michigan | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.80% | 1.70% | 1.60% |
Rental income | Geographic concentration | Mississippi | |||
Concentration Risk | |||
Concentration risk (as a percent) | 1.70% | 1.70% | 2.00% |
Rental income | Geographic concentration | North Carolina | |||
Concentration Risk | |||
Concentration risk (as a percent) | 7.40% | 7.10% | 4.30% |
Rental income | Geographic concentration | Nebraska | |||
Concentration Risk | |||
Concentration risk (as a percent) | 3.30% | 3.00% | 3.60% |
Rental income | Geographic concentration | South Carolina | |||
Concentration Risk | |||
Concentration risk (as a percent) | 8.20% | 7.90% | 7.70% |
Rental income | Geographic concentration | South Dakota | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.80% | 0.70% | 0.60% |
Rental income | Geographic concentration | Texas | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.70% | 0.80% | 1.10% |
Rental income | Geographic concentration | Virginia | |||
Concentration Risk | |||
Concentration risk (as a percent) | 0.40% | 0.40% | 0.40% |
Related Party Transactions (Det
Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 21, 2015 | |
Related Party Transactions | ||||
Outstanding payables | $ 10 | $ 0 | ||
Lease origination costs | ||||
Related Party Transactions | ||||
Related party, transaction amount | $ 100 | $ 100 | $ 200 | |
Paul A. Pittman | ||||
Related Party Transactions | ||||
Related party transaction, percentage of ownership interest held by related party | 100.00% |
Real Estate (Details)
Real Estate (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)aitem | Dec. 31, 2018USD ($)item | |
Farms acquired and allocation of purchase price | ||
Area of real estate property | a | 158,500 | |
Number of acquisitions | item | 2 | 6 |
Aggregate purchase price | $ 3.3 | $ 33.8 |
Consideration paid in cash | 1.4 | |
Reduction in notes receivable and related interest through the acquisition of collateralized property. | 1.9 | |
Intangible assets acquired | $ 0 | $ 0 |
Number of dispositions | item | 4 | |
Number of farms sold | item | 7 | |
Proceeds from sale of real estate | $ 34.1 | |
Gain on sale | $ 7.9 |
Notes Receivable (Details)
Notes Receivable (Details) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2018 | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018 | Aug. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 4,614,000 | $ 11,159,000 | ||||
Interest receivable (net prepaid interest) | 565,000 | 947,000 | ||||
Provision for loan receivable | (412,000) | (229,000) | ||||
Total notes and interest receivable | 4,767,000 | 11,877,000 | ||||
Notes receivable | 4,600,000 | 11,700,000 | ||||
Mortgage loan | ||||||
Balance at beginning of year | 11,159,000 | 9,350,000 | $ 2,780,000 | |||
New mortgage loans and additional advances on existing loans | 1,781,000 | 6,662,000 | 7,372,000 | |||
Additions during year | 12,940,000 | 16,012,000 | 10,152,000 | |||
Collection of principal | 8,285,000 | 4,853,000 | 802,000 | |||
Foreclosure | 41,000 | |||||
Balance at end of year | 4,614,000 | 11,159,000 | $ 9,350,000 | |||
Mortgage Note Maturing on 1/15/2017 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 1,804,000 | 1,840,000 | ||||
Note Receivable Maturing on 3/16/2022 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 234,000 | 234,000 | ||||
Note Receivable Maturing on 3/16/2022 | Colorado | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of additional properties | property | 2 | |||||
Mortgage Note Maturing on 3/16/2022 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 2,145,000 | 2,145,000 | ||||
Interest rate (as a percent) | 7.50% | 6.50% | ||||
Loan fee | 1.00% | |||||
Mortgage Note Maturing on 3/16/2022 | Colorado | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of additional properties | property | 2 | |||||
Mortgage Note Maturing on 3/1/2020 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 1,647,000 | |||||
Mortgage Note Maturing on 8/19/2020 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 5,125,000 | |||||
Mortgage Note Maturing on 12/31/2018 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 62,000 | 62,000 | ||||
Line of Credit Maturing on 11/15/2018 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 369,000 | $ 106,000 | ||||
FPI Loan Program | Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | $ 100,000 | |||||
FPI Loan Program | Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 3 years |
Mortgage Notes, Lines of Cred_3
Mortgage Notes, Lines of Credit and Bonds Payable (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Mortgage notes payable | |||
Mortgage notes and bonds payable, net | $ 511,403 | $ 523,641 | |
Debt issuance costs | (1,449) | (1,685) | |
Payment of debt issuance costs | 204 | $ 1,293 | |
Principal outstanding | 512,852 | 525,326 | |
Book value of collateral | 1,051,603 | 1,092,841 | |
Accumulated amortization of deferred financing fees | 1,000 | 700 | |
Farmer Mac Bonds | Secured notes | |||
Mortgage notes payable | |||
Outstanding debt | $ 73,300 | 74,400 | |
Farmer Mac Bonds | Secured notes | Minimum | |||
Mortgage notes payable | |||
Leverage ratio (as a percent) | 60.00% | ||
Fixed charge coverage ratio | 1.50 | ||
MetLife | Term Loan | |||
Mortgage notes payable | |||
Outstanding debt | $ 258,300 | 264,400 | |
Maximum loan to value ratio | 60.00% | ||
Rutledge Credit Facilities | |||
Mortgage notes payable | |||
Remaining borrowing capacity | $ 0 | ||
Outstanding debt | 112,000 | 112,000 | |
LIBOR | |||
Mortgage notes payable | |||
Principal outstanding | 181,300 | ||
Farmer Mac Bond #6 | |||
Mortgage notes payable | |||
Principal outstanding | $ 13,827 | 14,915 | |
Interest rate (as a percent) | 3.69% | ||
Interest Rate (as a percent) | 3.69% | ||
Book value of collateral | $ 21,441 | 22,076 | |
Farmer Mac Bond #7 | |||
Mortgage notes payable | |||
Principal outstanding | $ 11,160 | 11,160 | |
Interest rate (as a percent) | 3.68% | ||
Interest Rate (as a percent) | 3.68% | ||
Book value of collateral | $ 18,570 | 18,561 | |
Farmer Mac Bond #8A | |||
Mortgage notes payable | |||
Principal outstanding | $ 41,700 | 41,700 | |
Interest rate (as a percent) | 3.20% | ||
Interest Rate (as a percent) | 3.20% | ||
Book value of collateral | $ 74,310 | 80,989 | |
Farmer Mac Bond #9 | |||
Mortgage notes payable | |||
Principal outstanding | $ 6,600 | 6,600 | |
Interest rate (as a percent) | 3.35% | ||
Interest Rate (as a percent) | 3.35% | ||
Book value of collateral | $ 7,940 | 7,828 | |
MetLife Term Loan #1 | |||
Mortgage notes payable | |||
Principal outstanding | $ 87,942 | 89,913 | |
Interest rate (as a percent) | 3.48% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 3.48% | ||
Book value of collateral | $ 195,615 | 199,584 | |
MetLife Term Loan #2 | |||
Mortgage notes payable | |||
Principal outstanding | $ 16,000 | 16,000 | |
Interest rate (as a percent) | 4.27% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 4.27% | ||
Book value of collateral | $ 32,199 | 32,189 | |
MetLife Term Loan #3 | |||
Mortgage notes payable | |||
Principal outstanding | $ 21,000 | 21,000 | |
Interest rate (as a percent) | 4.27% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 4.27% | ||
Book value of collateral | $ 27,817 | 27,525 | |
MetLife Term Loan #4 | |||
Mortgage notes payable | |||
Principal outstanding | $ 15,685 | 15,685 | |
Interest rate (as a percent) | 3.48% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 3.48% | ||
Book value of collateral | $ 31,266 | 31,124 | |
MetLife Term Loan #5 | |||
Mortgage notes payable | |||
Principal outstanding | $ 8,379 | 8,379 | |
Interest rate (as a percent) | 3.26% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 3.26% | ||
Book value of collateral | $ 14,281 | 13,964 | |
MetLife Term Loan #6 | |||
Mortgage notes payable | |||
Principal outstanding | $ 27,158 | 27,158 | |
Interest rate (as a percent) | 3.21% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 3.21% | ||
Book value of collateral | $ 58,087 | 58,058 | |
MetLife Term Loan #7 | |||
Mortgage notes payable | |||
Principal outstanding | $ 17,153 | 21,253 | |
Interest rate (as a percent) | 3.45% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 3.45% | ||
Book value of collateral | $ 39,126 | 48,963 | |
MetLife Term Loan #8 | |||
Mortgage notes payable | |||
Principal outstanding | $ 44,000 | 44,000 | |
Interest rate (as a percent) | 4.12% | ||
Adjustment term for the interest rate on the debt instrument | 2027 years | ||
Interest Rate (as a percent) | 4.12% | ||
Book value of collateral | $ 110,042 | 110,042 | |
Metlife Term Loan #9 | |||
Mortgage notes payable | |||
Principal outstanding | $ 21,000 | 21,000 | |
Interest rate (as a percent) | 4.19% | ||
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Interest Rate (as a percent) | 4.19% | ||
Book value of collateral | $ 41,223 | 40,981 | |
Farm Credit of Central Florida | |||
Mortgage notes payable | |||
Principal outstanding | $ 4,890 | 5,060 | |
Margin added to reference rate (as a percent) | 2.6875% | ||
Interest Rate (as a percent) | 4.44% | ||
Book value of collateral | $ 14,745 | 13,263 | |
Coverage ratio | 1.25 | ||
Farm Credit of Central Florida | Secured notes | |||
Mortgage notes payable | |||
Amount drawn down | $ 5,100 | 5,100 | |
Outstanding debt | $ 4,900 | 5,100 | |
Prudential | |||
Mortgage notes payable | |||
Principal outstanding | 5,144 | ||
Interest rate (as a percent) | 3.20% | ||
Interest Rate (as a percent) | 3.20% | ||
Book value of collateral | 10,583 | ||
Prudential | Secured notes | |||
Mortgage notes payable | |||
Outstanding debt | $ 0 | 5,100 | |
Rabobank | |||
Mortgage notes payable | |||
Principal outstanding | $ 64,358 | 64,359 | |
Adjustment term for the interest rate on the debt instrument | 3 years | ||
Margin added to reference rate (as a percent) | 1.70% | ||
Interest Rate (as a percent) | 3.39% | ||
Book value of collateral | $ 135,432 | 134,901 | |
Rabobank | Secured notes | |||
Mortgage notes payable | |||
Outstanding debt | $ 64,400 | 64,400 | |
Rabobank | LIBOR | |||
Mortgage notes payable | |||
Margin added to reference rate (as a percent) | 1.70% | ||
Rutledge Note Payable#1 | |||
Mortgage notes payable | |||
Principal outstanding | $ 17,000 | 17,000 | |
Margin added to reference rate (as a percent) | 1.30% | ||
Interest Rate (as a percent) | 3.44% | ||
Book value of collateral | $ 29,820 | 29,576 | |
Rutledge Note Payable#1 | 3 month LIBOR | |||
Mortgage notes payable | |||
Margin added to reference rate (as a percent) | 1.30% | ||
Rutledge Note Payable#2 | |||
Mortgage notes payable | |||
Principal outstanding | $ 25,000 | 25,000 | |
Margin added to reference rate (as a percent) | 1.30% | ||
Interest Rate (as a percent) | 3.44% | ||
Book value of collateral | $ 39,468 | 39,749 | |
Rutledge Note Payable#2 | 3 month LIBOR | |||
Mortgage notes payable | |||
Margin added to reference rate (as a percent) | 1.30% | ||
Rutledge Note Payable#3 | |||
Mortgage notes payable | |||
Principal outstanding | $ 25,000 | 25,000 | |
Margin added to reference rate (as a percent) | 1.30% | ||
Interest Rate (as a percent) | 3.44% | ||
Book value of collateral | $ 45,764 | 58,006 | |
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 | 15,000 | |
Margin added to reference rate (as a percent) | 1.30% | ||
Interest Rate (as a percent) | 3.44% | ||
Book value of collateral | $ 29,170 | 29,170 | |
Rutledge Note Payable#5 | |||
Mortgage notes payable | |||
Principal outstanding | $ 30,000 | 30,000 | |
Margin added to reference rate (as a percent) | 1.30% | ||
Interest Rate (as a percent) | 3.44% | ||
Book value of collateral | $ 85,287 | $ 85,707 | |
Rutledge Note Payable#5 | 3 month LIBOR | |||
Mortgage notes payable | |||
Adjustment term for the interest rate on the debt instrument | 3 months | ||
Margin added to reference rate (as a percent) | 1.30% |
Mortgage Notes, Lines of Cred_4
Mortgage Notes, Lines of Credit and Bonds Payable – Aggregate Maturities and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Aggregate maturities of long-term debt | ||
2020 | $ 48,574 | |
2021 | 274 | |
2022 | 112,274 | |
2023 | 4,067 | |
2024 | 2,100 | |
Thereafter | 345,563 | |
Total | 512,852 | |
Level 3 | Mortgage notes payable | ||
Aggregate maturities of long-term debt | ||
Fair value of debt | $ 518,900 | $ 518,600 |
Mortgage Notes, Lines of Cred_5
Mortgage Notes, Lines of Credit and Bonds Payable - Credit Facilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Rutledge Credit Facilities | |
Mortgage notes payable | |
Remaining borrowing capacity | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Dec. 03, 2018plaintiff | Jun. 01, 2015USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||||||||
Monthly payment amount | $ 10,032 | $ 10,701 | $ 10,534 | $ 10,366 | $ 10,200 | ||||
Options to extend | true | ||||||||
Total Lease Cost | $ 100,000 | $ 100,000 | $ 100,000 | ||||||
Remaining lease term of operating lease | 7 months | ||||||||
Operating lease discount rate | 3.35% | ||||||||
2020 | $ 75,000 | ||||||||
Total future minimum lease payments | 75,000 | ||||||||
Number of shareholders appointed as lead plaintiffs | plaintiff | 2 | ||||||||
Insurance deductible | $ 350,000 | ||||||||
Approximate percentage of prior decline in common stock price | 40.00% |
Stockholders' Equity and Non-_3
Stockholders' Equity and Non-controlling Interests - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shareholders' Equity | ||||
Percent of dividend distributed - ordinary income | 2.00% | 13.00% | 52.00% | |
Subsequent event | ||||
Shareholders' Equity | ||||
Shares repurchased (in shares) | 127,269 | |||
Shares repurchased, weighted average price (in dollars per share) | $ 6.830 | |||
Common stock | ||||
Shareholders' Equity | ||||
Common stock upon redemption (in shares) | 2,678,187 | 157,393 | ||
Non-controlling Interest in Operating Partnership | ||||
Shareholders' Equity | ||||
Increase (decrease) to non-controlling interest in the Operating Partnership | $ 68 | $ (443) | $ 2,692 | |
Redeemable Common Units | Common Units | ||||
Shareholders' Equity | ||||
OP units outstanding for redemption | 1,900,000 | 4,600,000 |
Stockholders' Equity and Non-_4
Stockholders' Equity and Non-controlling Interests - Issuance of shares (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares | |
Shareholders' Equity | ||||
Shares issued | 29,952,608 | 30,594,592 | ||
Restricted Stock Awards | ||||
Shareholders' Equity | ||||
Unvested restricted shares outstanding | 345,000 | 299,000 | 277,000 | 189,000 |
Operating Partnership | Common Units | ||||
Shareholders' Equity | ||||
Parent ownership interest (as a percent) | 94.00% | |||
Operating Partnership | Operating Partnership | ||||
Shareholders' Equity | ||||
Parent ownership interest (as a percent) | 94.00% | |||
Non-controlling Interest in Operating Partnership | ||||
Shareholders' Equity | ||||
Increase (decrease) to non-controlling interest in the Operating Partnership | $ | $ 68 | $ (443) | $ 2,692 | |
Pittman Hough Farms | Operating Partnership | Common Units | ||||
Shareholders' Equity | ||||
Noncontrolling ownership interest (as a percent) | 6.00% | |||
Ratio for conversion into common shares | 1 | |||
Redeemable Common Units | Common Units | ||||
Shareholders' Equity | ||||
OP units outstanding for redemption | 1,900,000 | 4,600,000 |
Stockholders' Equity and Non-_5
Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 27, 2020 | Jan. 15, 2020 | Nov. 11, 2019 | Oct. 15, 2019 | Aug. 06, 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 | Feb. 13, 2018 | Jan. 16, 2018 | Nov. 08, 2017 | Oct. 13, 2017 | Aug. 17, 2017 | Jul. 19, 2017 | Jul. 14, 2017 | May 08, 2017 | Apr. 14, 2017 | Feb. 22, 2017 | Mar. 02, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Opening balance | $ 120,510 | |||||||||||||||||||||||||||||
Ending balance | 120,510 | $ 120,510 | ||||||||||||||||||||||||||||
Series B Participating Preferred Stock, $0.01 par value, 6,037,500 shares authorized; 5,972,059 shares issued and outstanding at December 31, 2019, and 6,013,587 shares issued and outstanding at December 31, 2018 | $ 142,861 | 143,758 | ||||||||||||||||||||||||||||
USDA FVA annual adjustment amount per share of Series B Participating Preferred Stock | $ 0.69 | |||||||||||||||||||||||||||||
Series B Participating Preferred Stock | $ 142,861 | $ 143,758 | ||||||||||||||||||||||||||||
Dividend paid (in dollars per share) | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.2000 | $ 0.3550 | $ 0.5100 | |||||||||||||||
Distributions declared per common share | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.1275 | $ 0.2000 | $ 0.3550 | $ 0.5100 | |||||||||||||||
Repayment of principal | $ 11,385 | $ 11,508 | $ 81,219 | |||||||||||||||||||||||||||
Percent of dividend distributed - ordinary income | 2.00% | 13.00% | 52.00% | |||||||||||||||||||||||||||
Redeemable Preferred OP Units | Preferred Share | ||||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Opening balance | $ 120,510 | $ 120,510 | ||||||||||||||||||||||||||||
Opening balance (in shares) | 117,000 | 117,000 | ||||||||||||||||||||||||||||
Distributions paid to non-controlling interest | $ (3,510) | $ (3,510) | ||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | 3,510 | 3,510 | ||||||||||||||||||||||||||||
Ending balance | $ 120,510 | $ 120,510 | $ 120,510 | |||||||||||||||||||||||||||
Ending balance (in shares) | 117,000 | 117,000 | 117,000 | |||||||||||||||||||||||||||
Series A Preferred Units | ||||||||||||||||||||||||||||||
Stockholders’ Equity and Non-controlling Interests | ||||||||||||||||||||||||||||||
Ratio of OP units redeemable into common stock | 1 | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | $ (3,510) | $ (3,510) | $ (3,510) | |||||||||||||||||||||||||||
Percentage of preferential cash distribution | 3.00% | |||||||||||||||||||||||||||||
Liquidation preference | $ 1,000 | |||||||||||||||||||||||||||||
Number of trading days | 20 days | |||||||||||||||||||||||||||||
Percentage of cumulative preferential dividends | 3.00% | |||||||||||||||||||||||||||||
Distributions payable | $ 3,500 | |||||||||||||||||||||||||||||
Series A Preferred Units | Forsythe | Asset acquisition | ||||||||||||||||||||||||||||||
Stockholders’ Equity and Non-controlling Interests | ||||||||||||||||||||||||||||||
Issuance of Common units as partial consideration for asset acquisition (in shares) | 100,000 | |||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Liquidation value | 120,500 | 120,500 | ||||||||||||||||||||||||||||
Series B Participating Preferred Stock | ||||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | (8,975) | (9,053) | $ (3,346) | |||||||||||||||||||||||||||
Declaration of dividend on Series B Participating Preferred Stock | $ 9,000 | $ 9,100 | ||||||||||||||||||||||||||||
Percentage of cumulative change in the estimated value of farmland | 50.00% | |||||||||||||||||||||||||||||
Final liquidation preference, percentage cap on total return | 9.00% | |||||||||||||||||||||||||||||
Number of preceding years considered in redemption price calculation | 4 years | |||||||||||||||||||||||||||||
Constant percentage | 50.00% | |||||||||||||||||||||||||||||
Shares issued under underwriting agreement | 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 | |||||||||||||||||||||||||||||
Series B Participating Preferred Stock | Subsequent event | ||||||||||||||||||||||||||||||
Change in redeemable non-controlling interest | ||||||||||||||||||||||||||||||
Preference dividend (as a percent) | 6.00% |
Stockholders' Equity and Non-_6
Stockholders' Equity and Non-controlling Interests - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 15, 2015 |
Stockholders’ Equity and Non-controlling Interests | |||||
Increase in number of authorized shares | 30,000,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 38,500,000 | ||||
Payments for repurchase of shares | $ 22,003 | $ 20,598 | $ 10,000 | ||
Share repurchase | |||||
Stockholders’ Equity and Non-controlling Interests | |||||
Shares repurchased (in shares) | 3,523,509 | ||||
Shares repurchased, weighted average price (in dollars per share) | $ 6.24 | ||||
Payments for repurchase of shares | $ 22,000 | ||||
Number of shares that can be repurchased (in shares) | 1,000,000 | ||||
Share repurchase | Series B Preferred Stock [Member] | |||||
Stockholders’ Equity and Non-controlling Interests | |||||
Shares repurchased (in shares) | 41,528 | ||||
Shares repurchased, weighted average price (in dollars per share) | $ 21.60 | ||||
Payments for repurchase of shares | $ 900 | ||||
Maximum | Share repurchase | |||||
Stockholders’ Equity and Non-controlling Interests | |||||
Amount approved for share repurchase program | $ 25,000 |
Stockholders' Equity and Non-_7
Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 03, 2017 | |
Restricted Stock Awards | ||||
Shareholders' Equity | ||||
Forfeited (in shares) | 25,000 | 11,000 | 9,000 | |
Share-based compensation expense | $ 1,400,000 | $ 1,700,000 | $ 1,400,000 | |
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 299,000 | 277,000 | 189,000 | |
Granted (in shares) | 226,000 | 162,000 | 205,000 | |
Vested (in shares) | (155,000) | (129,000) | (108,000) | |
Forfeited (in shares) | (25,000) | (11,000) | (9,000) | |
Unvested at the end of the period (in shares) | 345,000 | 299,000 | 277,000 | |
Weighted Average Grant Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 9.49 | $ 11.16 | $ 11.98 | |
Granted (in dollars per share) | 6.07 | 7.67 | 11.30 | |
Vested (in dollars per share) | 9.63 | 8.54 | 12.84 | |
Forfeited (in dollars per share) | 6.32 | 8.11 | 11 | |
Unvested at the end of the period (in dollars per share) | $ 7.42 | $ 9.49 | $ 11.16 | |
Total unrecognized compensation costs related to non-vested stock awards | $ 1,400,000 | $ 1,600,000 | $ 2,100,000 | |
Weighted average period over which unrecognized compensation costs is expected to be recognized | 1 year 8 months 12 days | |||
Restricted Stock Awards | Employees and directors | ||||
Shareholders' Equity | ||||
Aggregate grant date fair value of shares issued | $ 1,400,000 | $ 1,200,000 | ||
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 200,000 | |||
Unvested at the end of the period (in shares) | 200,000 | 200,000 | ||
Restricted Stock Awards | Employees and directors | Maximum | ||||
Shareholders' Equity | ||||
Vesting period | 5 years | 5 years | ||
Restricted Stock Awards | Employees and directors | Weighted Average | ||||
Shareholders' Equity | ||||
Vesting period | 3 years | 3 years | ||
Restricted Stock Awards | Employees and directors | Minimum | ||||
Shareholders' Equity | ||||
Vesting period | 1 year | 1 year | ||
Common stock | Employees and directors | ||||
Shareholders' Equity | ||||
Forfeited (in shares) | 25,423 | 11,270 | 8,848 | |
Share-based compensation expense | $ 28,046 | $ 33,896 | $ 30,078 | |
Dividend paid | 3,688 | 6,472 | 3,659 | |
Share-based compensation reversed | $ 5,249 | $ 2,519 | $ 16,771 | |
Number of Shares | ||||
Forfeited (in shares) | (25,423) | (11,270) | (8,848) | |
Second Amended Plan | Restricted Stock Awards | ||||
Shareholders' Equity | ||||
Maximum shares of common stock to be issued | 1,300,000 | |||
Number of shares available for future grant | 300,000 |
Stockholders' Equity and Non-_8
Stockholders' Equity and Non-controlling Interests - Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income (loss) attributable to Farmland Partners Inc. | $ 13,886 | $ 12,254 | $ 7,914 | ||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | (77) | (111) | (151) | ||||||||
Net (loss) income available to common stockholders of Farmland Partners Inc. | $ 6,057 | $ (4,499) | $ 2,906 | $ (3,140) | $ 4,163 | $ 484 | $ (2,323) | $ (2,744) | $ 1,324 | $ (420) | $ 907 |
Denominator: | |||||||||||
Weighted-average number of common shares - basic (in shares) | 29,723 | 29,497 | 30,637 | 30,791 | 30,169 | 32,162 | 31,210 | ||||
Weighted-average number of common shares - diluted (in shares) | 69,874 | 29,497 | 48,370 | 30,791 | 30,169 | 32,162 | 31,210 | ||||
Income (loss) per share attributable to common stockholders - basic | $ 0.20 | $ (0.15) | $ 0.09 | $ (0.10) | $ 0.04 | $ (0.01) | $ 0.03 | ||||
Preferred Unit | |||||||||||
Numerator: | |||||||||||
Less: Distributions and dividends | $ (12,485) | $ (12,563) | $ (6,856) | ||||||||
Series A Preferred Units | |||||||||||
Numerator: | |||||||||||
Less: Distributions and dividends | (3,510) | (3,510) | (3,510) | ||||||||
Series B Participating Preferred Stock | |||||||||||
Numerator: | |||||||||||
Less: Distributions and dividends | $ (8,975) | $ (9,053) | $ (3,346) |
Stockholders' Equity and Non-_9
Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Excluded from diluted earnings per share calculation | |||
Anti-dilutive compensation-related shares outstanding | 0.3 | 0.3 | 0.3 |
Non-controlling Interest in Operating Partnership | Distributions in Excess of Earnings | Common Units | |||
Excluded from diluted earnings per share calculation | |||
Weighted average number of OP units | 0 | 0 | |
Operating Partnership | Non-controlling Interest in Operating Partnership | |||
Excluded from diluted earnings per share calculation | |||
Weighted average number of OP units | 2.4 | 4.6 |
Stockholders' Equity and Non_10
Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 31,856 | 35,176 | 38,073 |
Restricted Stock Awards | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 345 | 299 | 276 |
Common Units | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 1,904 | 4,582 | 4,739 |
Common stock | |||
Class of Stock [Line Items] | |||
Equity awards and units outstanding | 29,607 | 30,295 | 33,058 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 21,879 | $ 9,848 | $ 10,948 | $ 10,889 | $ 20,894 | $ 12,549 | $ 11,419 | $ 11,207 | $ 53,564 | $ 56,069 | $ 46,219 |
Operating expenses | 7,245 | 6,622 | 6,994 | 6,366 | 7,365 | 6,394 | 6,231 | 6,386 | 27,227 | 26,376 | 23,691 |
Other (income) expenses | 4,855 | 4,689 | (2,571) | 4,514 | 5,130 | 1,998 | 4,207 | 4,318 | 11,487 | 15,653 | 13,370 |
Net (loss) income before income tax expense | 9,779 | (1,463) | 6,525 | 9 | 8,399 | 4,157 | 981 | 503 | 14,850 | 14,040 | 9,158 |
NET INCOME | 9,779 | (1,463) | 6,525 | 9 | 8,399 | 4,157 | 981 | 503 | 14,850 | 14,040 | 9,158 |
Net (loss) income available to common stockholders of Farmland Partners Inc. | $ 6,057 | $ (4,499) | $ 2,906 | $ (3,140) | $ 4,163 | $ 484 | $ (2,323) | $ (2,744) | $ 1,324 | $ (420) | $ 907 |
Basic net (loss) income available to common stockholders | $ 0.20 | $ (0.15) | $ 0.09 | $ (0.10) | $ 0.04 | $ (0.01) | $ 0.03 | ||||
Diluted net (loss) income available to common stockholders | $ 0.09 | $ (0.15) | $ 0.08 | $ (0.10) | $ 0.04 | $ (0.01) | $ 0.03 | ||||
Basic weighted average common shares outstanding (in shares) | 29,723 | 29,497 | 30,637 | 30,791 | 30,169 | 32,162 | 31,210 | ||||
Diluted weighted average common shares outstanding (in shares) | 69,874 | 29,497 | 48,370 | 30,791 | 30,169 | 32,162 | 31,210 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 27, 2020 | Aug. 17, 2017 | Feb. 19, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Events | |||||||
Payments for Repurchase of Common Stock | $ 22,003 | $ 20,598 | $ 10,000 | ||||
Subsequent event | |||||||
Subsequent Events | |||||||
Dividend declared (per share) | $ 0.05 | ||||||
Current office lease to extend | true | ||||||
Lease term | 13 months | ||||||
Shares repurchased | 127,269 | ||||||
Shares repurchased, weighted average price (in dollars per share) | $ 6.830 | ||||||
Payments for Repurchase of Common Stock | $ 900 | ||||||
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) | $ 0.375 | ||||||
Preference dividend (as a percent) | 6.00% |
Hedge Accounting (Details)
Hedge Accounting (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Contracts | ||
Fair value of derivative instruments | $ 1,644 | $ 865 |
Movements in other comprehensive income | ||
Beginning accumulated derivative instrument gain or loss | (865) | |
Net change associated with current period hedging activities | (779) | (865) |
Closing accumulated derivative instrument gain or loss | (1,644) | $ (865) |
Interest Rate Swap | ||
Derivative Contracts | ||
Amount of Gain / (Loss) reclassified in OCI on derivative | (39) | |
Designated as Hedging Instrument | Cash Flow Hedging | Other Comprehensive Income | ||
Derivative Contracts | ||
Fair value of derivative instruments | $ (1,644) | |
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% | |
Notional amount | $ 33,200 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Derivative liability | ||
Derivative Contracts | ||
Fair value of derivative instruments | $ 1,644 |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)aitem | |
Real estate and accumulated depreciation | |
Encumbrances | $ 512,853,000 |
Initial Cost to Company | |
Land | 933,131,000 |
Improvements | 112,184,000 |
Total | 1,045,315,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 36,944,000 |
Land Improvements | 4,682,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 937,812,000 |
Improvements | 150,024,000 |
Total | 1,087,836,000 |
Accumulated depreciation | $ 25,276,000 |
Area of real estate property | a | 158,500 |
Adjustments | |
Gross Amount at Which Carried at Close of Period | |
Improvements | $ 896,000 |
Total | 896,000 |
Accumulated depreciation | 3,425,000 |
Other | |
Initial Cost to Company | |
Land | 45,187,000 |
Improvements | 1,726,000 |
Total | 46,913,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1,049,000 |
Land Improvements | 1,076,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 46,264,000 |
Improvements | 2,775,000 |
Total | 49,039,000 |
Accumulated depreciation | $ 254,000 |
SEC Schedule III Real Estate Number of Farms | item | 100 |
SEC Schedule III Real Estate Number of States | item | 7 |
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements | 5.00% |
Farm Credit Bond | |
Real estate and accumulated depreciation | |
Encumbrances | $ 4,890,000 |
Farmer Mac Bond #6 | |
Real estate and accumulated depreciation | |
Encumbrances | 13,827,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 1,606 |
Farmer Mac Bond #7 | |
Real estate and accumulated depreciation | |
Encumbrances | 11,160,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 510 |
Farmer Mac Bond #8A | |
Real estate and accumulated depreciation | |
Encumbrances | 41,700,000 |
Farmer Mac Bond #9 | |
Real estate and accumulated depreciation | |
Encumbrances | 6,600,000 |
Met Life Bond #1 | |
Real estate and accumulated depreciation | |
Encumbrances | 87,942,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 19,689 |
Met Life Bond #2 | |
Real estate and accumulated depreciation | |
Encumbrances | 16,000,000 |
Met Life Bond #3 | |
Real estate and accumulated depreciation | |
Encumbrances | 21,000,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 6,399 |
Met Life Bond #4 | |
Real estate and accumulated depreciation | |
Encumbrances | 15,685,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 4,988 |
Met Life Bond #5 | |
Real estate and accumulated depreciation | |
Encumbrances | 8,379,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 1,588 |
Met Life Bond #6 | |
Real estate and accumulated depreciation | |
Encumbrances | 27,158,000 |
Met Life Bond #7 | |
Real estate and accumulated depreciation | |
Encumbrances | 17,153,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 1,182 |
Met Life Bond #8 | |
Real estate and accumulated depreciation | |
Encumbrances | 44,000,000 |
Met Life Bond #9 | |
Real estate and accumulated depreciation | |
Encumbrances | 21,000,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 1,999 |
Rutledge Credit Facility #1 | |
Real estate and accumulated depreciation | |
Encumbrances | 17,000,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 4,142 |
Rutledge Credit Facility #2 | |
Real estate and accumulated depreciation | |
Encumbrances | 25,000,000 |
Rutledge Credit Facility #3 | |
Real estate and accumulated depreciation | |
Encumbrances | 25,000,000 |
Rutledge Credit Facility #4 | |
Real estate and accumulated depreciation | |
Encumbrances | 15,000,000 |
Rutledge Credit Facility #5 | |
Real estate and accumulated depreciation | |
Encumbrances | 30,000,000 |
Rabo Agrifinance Note | |
Real estate and accumulated depreciation | |
Encumbrances | 64,359,000 |
Gross Amount at Which Carried at Close of Period | |
Total | 5,546 |
North Carolina | Farm one | |
Initial Cost to Company | |
Land | 41,906,000 |
Total | 41,906,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 5,000 |
Land Improvements | 578,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 42,484,000 |
Improvements | 5,000 |
Total | 42,489,000 |
Accumulated depreciation | 0 |
North Carolina | Farm two | |
Initial Cost to Company | |
Land | 17,627,000 |
Total | 17,627,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 17,627,000 |
Total | 17,627,000 |
North Carolina | Farm three | |
Initial Cost to Company | |
Land | 7,239,000 |
Total | 7,239,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (16,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 7,223,000 |
Total | 7,223,000 |
North Carolina | Farm four | |
Initial Cost to Company | |
Land | 5,750,000 |
Total | 5,750,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 4,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,754,000 |
Total | 5,754,000 |
North Carolina | Farm five | |
Initial Cost to Company | |
Land | 4,242,000 |
Total | 4,242,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 4,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,246,000 |
Total | 4,246,000 |
North Carolina | Farm six | |
Initial Cost to Company | |
Land | 3,864,000 |
Total | 3,864,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 8,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,872,000 |
Total | 3,872,000 |
North Carolina | Farm seven | |
Initial Cost to Company | |
Land | 2,768,000 |
Total | 2,768,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,768,000 |
Total | 2,768,000 |
North Carolina | Farm eight | |
Initial Cost to Company | |
Land | 2,177,000 |
Total | 2,177,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,177,000 |
Total | 2,177,000 |
North Carolina | Farm nine | |
Initial Cost to Company | |
Land | 1,770,000 |
Total | 1,770,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,770,000 |
Total | 1,770,000 |
North Carolina | Farm ten | |
Initial Cost to Company | |
Land | 1,161,000 |
Total | 1,161,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,161,000 |
Total | 1,161,000 |
North Carolina | Farm eleven | |
Initial Cost to Company | |
Land | 554,000 |
Total | 554,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 554,000 |
Total | 554,000 |
North Carolina | Farm twelve | |
Initial Cost to Company | |
Land | 310,000 |
Total | 310,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 310,000 |
Total | 310,000 |
Georgia | Farm one | |
Initial Cost to Company | |
Land | 3,574,000 |
Improvements | 2,922,000 |
Total | 6,496,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 46,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,574,000 |
Improvements | 2,968,000 |
Total | 6,542,000 |
Accumulated depreciation | $ 1,417,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
Georgia | Farm two | |
Initial Cost to Company | |
Land | $ 3,306,000 |
Improvements | 368,000 |
Total | 3,674,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 18,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,306,000 |
Improvements | 386,000 |
Total | 3,692,000 |
Accumulated depreciation | $ 51,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Georgia | Farm three | |
Initial Cost to Company | |
Land | $ 1,905,000 |
Total | 1,905,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 779,000 |
Land Improvements | 125,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,030,000 |
Improvements | 779,000 |
Total | 2,810,000 |
Accumulated depreciation | $ 54,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
Georgia | Farm four | |
Initial Cost to Company | |
Land | $ 1,330,000 |
Improvements | 72,000 |
Total | 1,402,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 180,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,330,000 |
Improvements | 252,000 |
Total | 1,581,000 |
Accumulated depreciation | $ 17,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Georgia | Farm five | |
Initial Cost to Company | |
Land | $ 795,000 |
Improvements | 65,000 |
Total | 860,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 105,000 |
Land Improvements | 31,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 826,000 |
Improvements | 170,000 |
Total | 997,000 |
Accumulated depreciation | $ 15,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Georgia | Farm six | |
Initial Cost to Company | |
Land | $ 756,000 |
Improvements | 202,000 |
Total | 958,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (1,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 755,000 |
Improvements | 202,000 |
Total | 958,000 |
Accumulated depreciation | $ 17,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 36 years |
Georgia | Farm seven | |
Initial Cost to Company | |
Land | $ 718,000 |
Improvements | 144,000 |
Total | 862,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 718,000 |
Improvements | 154,000 |
Total | 872,000 |
Accumulated depreciation | $ 19,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Georgia | Farm eight | |
Initial Cost to Company | |
Land | $ 555,000 |
Improvements | 106,000 |
Total | 661,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 9,000 |
Land Improvements | 18,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 573,000 |
Improvements | 115,000 |
Total | 687,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Georgia | Farm nine | |
Initial Cost to Company | |
Land | $ 482,000 |
Improvements | 142,000 |
Total | 624,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 10,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 492,000 |
Improvements | 142,000 |
Total | 634,000 |
Accumulated depreciation | $ 14,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Georgia | Farm ten | |
Initial Cost to Company | |
Land | $ 469,000 |
Improvements | 108,000 |
Total | 577,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 25,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 469,000 |
Improvements | 133,000 |
Total | 603,000 |
Accumulated depreciation | $ 9,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 36 years |
Georgia | Farm eleven | |
Initial Cost to Company | |
Land | $ 475,000 |
Improvements | 53,000 |
Total | 528,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 16,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 475,000 |
Improvements | 69,000 |
Total | 545,000 |
Accumulated depreciation | $ 10,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Georgia | Farm twelve | |
Initial Cost to Company | |
Land | $ 142,000 |
Improvements | 39,000 |
Total | 180,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 142,000 |
Improvements | 41,000 |
Total | 183,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Michigan | Farm one | |
Initial Cost to Company | |
Land | $ 904,000 |
Improvements | 1,654,000 |
Total | 2,558,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 904,000 |
Improvements | 1,654,000 |
Total | 2,558,000 |
Accumulated depreciation | $ 219,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Michigan | Farm two | |
Initial Cost to Company | |
Land | $ 779,000 |
Improvements | 851,000 |
Total | 1,630,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 39,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 779,000 |
Improvements | 890,000 |
Total | 1,669,000 |
Accumulated depreciation | $ 187,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Texas | Farm one | |
Initial Cost to Company | |
Land | $ 4,188,000 |
Improvements | 1,929,000 |
Total | 6,117,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 343,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,188,000 |
Improvements | 2,272,000 |
Total | 6,460,000 |
Accumulated depreciation | $ 311,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm one | |
Initial Cost to Company | |
Land | $ 29,627,000 |
Improvements | 431,000 |
Total | 30,058,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,267,000 |
Land Improvements | 50,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 29,677,000 |
Improvements | 2,699,000 |
Total | 32,376,000 |
Accumulated depreciation | $ 236,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Illinois | Farm two | |
Initial Cost to Company | |
Land | $ 22,937,000 |
Improvements | 1,484,000 |
Total | 24,421,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1,301,000 |
Land Improvements | (11,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 22,926,000 |
Improvements | 2,786,000 |
Total | 25,711,000 |
Accumulated depreciation | $ 221,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm three | |
Initial Cost to Company | |
Land | $ 9,689,000 |
Improvements | 420,000 |
Total | 10,109,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (5,000) |
Land Improvements | 4,497,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 14,186,000 |
Improvements | 415,000 |
Total | 14,601,000 |
Accumulated depreciation | $ 70,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Illinois | Farm four | |
Initial Cost to Company | |
Land | $ 5,453,000 |
Improvements | 105,000 |
Total | 5,558,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 7,000 |
Land Improvements | 1,022,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,475,000 |
Improvements | 112,000 |
Total | 6,587,000 |
Accumulated depreciation | $ 13,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm five | |
Initial Cost to Company | |
Land | $ 6,086,000 |
Total | 6,086,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 450,000 |
Land Improvements | (909,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 5,177,000 |
Improvements | 450,000 |
Total | 5,627,000 |
Accumulated depreciation | $ 22,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm six | |
Initial Cost to Company | |
Land | $ 5,493,000 |
Total | 5,493,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 338,000 |
Land Improvements | (801,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 4,692,000 |
Improvements | 338,000 |
Total | 5,030,000 |
Accumulated depreciation | $ 102,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm seven | |
Initial Cost to Company | |
Land | $ 4,575,000 |
Total | 4,575,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,575,000 |
Total | 4,575,000 |
Illinois | Farm eight | |
Initial Cost to Company | |
Land | 4,920,000 |
Improvements | 4,000 |
Total | 4,924,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 148,000 |
Land Improvements | (1,025,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,895,000 |
Improvements | 152,000 |
Total | 4,047,000 |
Accumulated depreciation | $ 8,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm nine | |
Initial Cost to Company | |
Land | $ 4,350,000 |
Total | 4,350,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (572,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,778,000 |
Total | 3,778,000 |
Illinois | Farm ten | |
Initial Cost to Company | |
Land | 3,821,000 |
Total | 3,821,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (97,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,724,000 |
Total | 3,724,000 |
Illinois | Farm eleven | |
Initial Cost to Company | |
Land | 2,981,000 |
Total | 2,981,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 634,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,981,000 |
Improvements | 634,000 |
Total | 3,615,000 |
Accumulated depreciation | $ 65,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Illinois | Farm twelve | |
Initial Cost to Company | |
Land | $ 3,186,000 |
Total | 3,186,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 407,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,593,000 |
Total | 3,593,000 |
Illinois | Farm thirteen | |
Initial Cost to Company | |
Land | 4,522,000 |
Improvements | 4,000 |
Total | 4,526,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (950,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,572,000 |
Improvements | 4,000 |
Total | 3,576,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm fourteen | |
Initial Cost to Company | |
Land | $ 3,232,000 |
Total | 3,232,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 261,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,493,000 |
Total | 3,493,000 |
Illinois | Farm fifteen | |
Initial Cost to Company | |
Land | 1,290,000 |
Total | 1,290,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,199,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,290,000 |
Improvements | 2,199,000 |
Total | 3,488,000 |
Accumulated depreciation | $ 210,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Illinois | Farm sixteen | |
Initial Cost to Company | |
Land | $ 3,500,000 |
Improvements | 28,000 |
Total | 3,528,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 361,000 |
Land Improvements | (699,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,801,000 |
Improvements | 389,000 |
Total | 3,190,000 |
Accumulated depreciation | $ 23,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Illinois | Farm seventeen | |
Initial Cost to Company | |
Land | $ 3,163,000 |
Total | 3,163,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,163,000 |
Total | 3,163,000 |
Illinois | Farm eighteen | |
Initial Cost to Company | |
Land | 3,541,000 |
Total | 3,541,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (478,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,063,000 |
Total | 3,063,000 |
Illinois | Farm nineteen | |
Initial Cost to Company | |
Land | 2,997,000 |
Improvements | 68,000 |
Total | 3,065,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 253,000 |
Land Improvements | (388,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,609,000 |
Improvements | 321,000 |
Total | 2,930,000 |
Accumulated depreciation | $ 92,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm twenty | |
Initial Cost to Company | |
Land | $ 3,470,000 |
Total | 3,470,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 4,000 |
Land Improvements | (582,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,888,000 |
Improvements | 4,000 |
Total | 2,891,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Illinois | Farm twenty one | |
Initial Cost to Company | |
Land | $ 2,015,000 |
Total | 2,015,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 216,000 |
Land Improvements | 636,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,651,000 |
Improvements | 216,000 |
Total | 2,867,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 years |
Illinois | Farm twenty two | |
Initial Cost to Company | |
Land | $ 2,882,000 |
Improvements | 42,000 |
Total | 2,924,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (98,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,784,000 |
Improvements | 42,000 |
Total | 2,826,000 |
Accumulated depreciation | $ 9,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Illinois | Farm twenty three | |
Initial Cost to Company | |
Land | $ 2,573,000 |
Total | 2,573,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 236,000 |
Land Improvements | (1,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,572,000 |
Improvements | 236,000 |
Total | 2,809,000 |
Accumulated depreciation | $ 14,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm twenty four | |
Initial Cost to Company | |
Land | $ 3,277,000 |
Total | 3,277,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (517,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,760,000 |
Total | 2,760,000 |
Illinois | Farm twenty five | |
Initial Cost to Company | |
Land | 3,058,000 |
Total | 3,058,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (353,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,705,000 |
Total | 2,705,000 |
Illinois | Farm twenty six | |
Initial Cost to Company | |
Land | 2,525,000 |
Total | 2,525,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,525,000 |
Total | 2,525,000 |
Illinois | Farm twenty seven | |
Initial Cost to Company | |
Land | 1,956,000 |
Total | 1,956,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 557,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,513,000 |
Total | 2,513,000 |
Illinois | Farm twenty eight | |
Initial Cost to Company | |
Land | 3,030,000 |
Total | 3,030,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (600,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,430,000 |
Total | 2,430,000 |
Illinois | Farm twenty nine | |
Initial Cost to Company | |
Land | 2,103,000 |
Improvements | 105,000 |
Total | 2,208,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 218,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,321,000 |
Improvements | 105,000 |
Total | 2,426,000 |
Accumulated depreciation | $ 13,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Illinois | Farm thirty | |
Initial Cost to Company | |
Land | $ 1,945,000 |
Total | 1,945,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 473,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,418,000 |
Total | 2,418,000 |
Illinois | Farm thirty one | |
Initial Cost to Company | |
Land | 2,718,000 |
Total | 2,718,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (332,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,386,000 |
Total | 2,386,000 |
Illinois | Farm thirty two | |
Initial Cost to Company | |
Land | 2,075,000 |
Total | 2,075,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 252,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,327,000 |
Total | 2,327,000 |
Illinois | Farm thirty three | |
Initial Cost to Company | |
Land | 3,212,000 |
Total | 3,212,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 95,000 |
Land Improvements | (996,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,216,000 |
Improvements | 95,000 |
Total | 2,311,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm thirty four | |
Initial Cost to Company | |
Land | $ 1,614,000 |
Improvements | 94,000 |
Total | 1,708,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 456,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,070,000 |
Improvements | 94,000 |
Total | 2,163,000 |
Accumulated depreciation | $ 12,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm thirty five | |
Initial Cost to Company | |
Land | $ 2,682,000 |
Total | 2,682,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 204,000 |
Land Improvements | (725,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,957,000 |
Improvements | 204,000 |
Total | 2,161,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm thirty six | |
Initial Cost to Company | |
Land | $ 2,423,000 |
Total | 2,423,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (276,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,147,000 |
Total | 2,147,000 |
Illinois | Farm thirty seven | |
Initial Cost to Company | |
Land | 1,769,000 |
Total | 1,769,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 371,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,140,000 |
Total | 2,140,000 |
Illinois | Farm thirty eight | |
Initial Cost to Company | |
Land | 1,643,000 |
Improvements | 88,000 |
Total | 1,731,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 344,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,987,000 |
Improvements | 88,000 |
Total | 2,075,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm thirty nine | |
Initial Cost to Company | |
Land | $ 1,700,000 |
Total | 1,700,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 346,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,700,000 |
Improvements | 346,000 |
Total | 2,046,000 |
Accumulated depreciation | $ 27,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
Illinois | Farm forty | |
Initial Cost to Company | |
Land | $ 2,402,000 |
Total | 2,402,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (372,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,030,000 |
Total | 2,030,000 |
Illinois | Farm forty one | |
Initial Cost to Company | |
Land | 1,996,000 |
Total | 1,996,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (50,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,946,000 |
Total | 1,946,000 |
Illinois | Farm forty two | |
Initial Cost to Company | |
Land | 1,972,000 |
Total | 1,972,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (43,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,929,000 |
Total | 1,929,000 |
Illinois | Farm forty three | |
Initial Cost to Company | |
Land | 2,542,000 |
Total | 2,542,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (617,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,925,000 |
Total | 1,925,000 |
Illinois | Farm forty four | |
Initial Cost to Company | |
Land | 1,905,000 |
Total | 1,905,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,905,000 |
Total | 1,905,000 |
Illinois | Farm forty five | |
Initial Cost to Company | |
Land | 2,100,000 |
Total | 2,100,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 98,000 |
Land Improvements | (309,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,791,000 |
Improvements | 98,000 |
Total | 1,889,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm forty six | |
Initial Cost to Company | |
Land | $ 1,590,000 |
Total | 1,590,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 280,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,870,000 |
Total | 1,870,000 |
Illinois | Farm forty seven | |
Initial Cost to Company | |
Land | 1,891,000 |
Total | 1,891,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (56,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,835,000 |
Total | 1,835,000 |
Illinois | Farm forty eight | |
Initial Cost to Company | |
Land | 1,603,000 |
Total | 1,603,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 228,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,831,000 |
Total | 1,831,000 |
Illinois | Farm forty nine | |
Initial Cost to Company | |
Land | 1,825,000 |
Total | 1,825,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,825,000 |
Total | 1,825,000 |
Illinois | Farm fifty | |
Initial Cost to Company | |
Land | 1,256,000 |
Total | 1,256,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 511,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,767,000 |
Total | 1,767,000 |
Illinois | Farm fifty one | |
Initial Cost to Company | |
Land | 1,750,000 |
Total | 1,750,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,750,000 |
Total | 1,750,000 |
Illinois | Farm fifty two | |
Initial Cost to Company | |
Land | 1,735,000 |
Total | 1,735,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,735,000 |
Total | 1,735,000 |
Illinois | Farm fifty three | |
Initial Cost to Company | |
Land | 1,439,000 |
Total | 1,439,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 240,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,679,000 |
Total | 1,679,000 |
Illinois | Farm fifty four | |
Initial Cost to Company | |
Land | 1,859,000 |
Total | 1,859,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (209,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,650,000 |
Total | 1,650,000 |
Illinois | Farm fifty five | |
Initial Cost to Company | |
Land | 1,718,000 |
Total | 1,718,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (120,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,598,000 |
Total | 1,598,000 |
Illinois | Farm fifty six | |
Initial Cost to Company | |
Land | 1,423,000 |
Improvements | 60,000 |
Total | 1,483,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 68,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,423,000 |
Improvements | 128,000 |
Total | 1,551,000 |
Accumulated depreciation | $ 20,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm fifty seven | |
Initial Cost to Company | |
Land | $ 1,130,000 |
Improvements | 35,000 |
Total | 1,165,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 379,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,509,000 |
Improvements | 35,000 |
Total | 1,544,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm fifty eight | |
Initial Cost to Company | |
Land | $ 729,000 |
Total | 729,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 815,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,544,000 |
Total | 1,544,000 |
Illinois | Farm fifty nine | |
Initial Cost to Company | |
Land | 1,853,000 |
Total | 1,853,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (313,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,540,000 |
Total | 1,540,000 |
Illinois | Farm sixty | |
Initial Cost to Company | |
Land | 1,500,000 |
Total | 1,500,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 26,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,500,000 |
Improvements | 26,000 |
Total | 1,526,000 |
Accumulated depreciation | $ 2,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm sixty one | |
Initial Cost to Company | |
Land | $ 1,693,000 |
Total | 1,693,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 109,000 |
Land Improvements | (317,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,376,000 |
Improvements | 109,000 |
Total | 1,485,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm sixty two | |
Initial Cost to Company | |
Land | $ 1,471,000 |
Total | 1,471,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,471,000 |
Total | 1,471,000 |
Illinois | Farm sixty three | |
Initial Cost to Company | |
Land | 1,115,000 |
Improvements | 28,000 |
Total | 1,143,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 9,000 |
Land Improvements | 318,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,433,000 |
Improvements | 37,000 |
Total | 1,470,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm sixty four | |
Initial Cost to Company | |
Land | $ 1,620,000 |
Total | 1,620,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (167,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,453,000 |
Total | 1,453,000 |
Illinois | Farm sixty five | |
Initial Cost to Company | |
Land | 1,063,000 |
Improvements | 27,000 |
Total | 1,090,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 348,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,411,000 |
Improvements | 27,000 |
Total | 1,438,000 |
Accumulated depreciation | $ 7,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Illinois | Farm sixty six | |
Initial Cost to Company | |
Land | $ 1,675,000 |
Improvements | 4,000 |
Total | 1,679,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (4,000) |
Land Improvements | (244,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,431,000 |
Total | 1,431,000 |
Illinois | Farm sixty seven | |
Initial Cost to Company | |
Land | 1,083,000 |
Total | 1,083,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 336,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,419,000 |
Total | 1,419,000 |
Illinois | Farm sixty eight | |
Initial Cost to Company | |
Land | 1,403,000 |
Total | 1,403,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,403,000 |
Total | 1,403,000 |
Illinois | Farm sixty nine | |
Initial Cost to Company | |
Land | 1,523,000 |
Total | 1,523,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 126,000 |
Land Improvements | (277,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,246,000 |
Improvements | 126,000 |
Total | 1,372,000 |
Accumulated depreciation | $ 7,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy | |
Initial Cost to Company | |
Land | $ 1,254,000 |
Total | 1,254,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 83,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,337,000 |
Total | 1,337,000 |
Illinois | Farm seventy one | |
Initial Cost to Company | |
Land | 1,126,000 |
Improvements | 44,000 |
Total | 1,170,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 146,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,272,000 |
Improvements | 44,000 |
Total | 1,316,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Illinois | Farm seventy two | |
Initial Cost to Company | |
Land | $ 1,120,000 |
Total | 1,120,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 138,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,120,000 |
Improvements | 138,000 |
Total | 1,258,000 |
Accumulated depreciation | $ 8,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy three | |
Initial Cost to Company | |
Land | $ 1,435,000 |
Total | 1,435,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (204,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,231,000 |
Total | 1,231,000 |
Illinois | Farm seventy four | |
Initial Cost to Company | |
Land | 1,481,000 |
Total | 1,481,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (254,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,227,000 |
Total | 1,227,000 |
Illinois | Farm seventy five | |
Initial Cost to Company | |
Land | 1,731,000 |
Total | 1,731,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (515,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,216,000 |
Total | 1,216,000 |
Illinois | Farm seventy six | |
Initial Cost to Company | |
Land | 1,147,000 |
Total | 1,147,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 60,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,147,000 |
Improvements | 60,000 |
Total | 1,207,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy seven | |
Initial Cost to Company | |
Land | $ 1,003,000 |
Total | 1,003,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 198,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,003,000 |
Improvements | 198,000 |
Total | 1,201,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 45 years |
Illinois | Farm seventy eight | |
Initial Cost to Company | |
Land | $ 844,000 |
Total | 844,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 112,000 |
Land Improvements | 242,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,086,000 |
Improvements | 112,000 |
Total | 1,198,000 |
Accumulated depreciation | 0 |
Illinois | Farm seventy nine | |
Initial Cost to Company | |
Land | 1,219,000 |
Total | 1,219,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (23,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,196,000 |
Total | 1,196,000 |
Illinois | Farm eighty | |
Initial Cost to Company | |
Land | 1,320,000 |
Total | 1,320,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (147,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,173,000 |
Total | 1,173,000 |
Illinois | Farm eighty one | |
Initial Cost to Company | |
Land | 617,000 |
Total | 617,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 535,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,152,000 |
Total | 1,152,000 |
Illinois | Farm eighty two | |
Initial Cost to Company | |
Land | 845,000 |
Improvements | 63,000 |
Total | 908,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 241,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,086,000 |
Improvements | 63,000 |
Total | 1,149,000 |
Accumulated depreciation | $ 10,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Illinois | Farm eighty three | |
Initial Cost to Company | |
Land | $ 1,229,000 |
Total | 1,229,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 116,000 |
Land Improvements | (219,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,010,000 |
Improvements | 116,000 |
Total | 1,126,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm eighty four | |
Initial Cost to Company | |
Land | $ 774,000 |
Improvements | 47,000 |
Total | 821,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 293,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,067,000 |
Improvements | 47,000 |
Total | 1,115,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Illinois | Farm eighty five | |
Initial Cost to Company | |
Land | $ 1,058,000 |
Total | 1,058,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 49,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,107,000 |
Total | 1,107,000 |
Illinois | Farm eighty six | |
Initial Cost to Company | |
Land | 855,000 |
Improvements | 55,000 |
Total | 910,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (12,000) |
Land Improvements | 198,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,053,000 |
Improvements | 43,000 |
Total | 1,096,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Illinois | Farm eighty seven | |
Initial Cost to Company | |
Land | $ 708,000 |
Total | 708,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 387,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,095,000 |
Total | 1,095,000 |
Illinois | Farm eighty eight | |
Initial Cost to Company | |
Land | 854,000 |
Total | 854,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 221,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,075,000 |
Total | 1,075,000 |
Illinois | Farm eighty nine | |
Initial Cost to Company | |
Land | 801,000 |
Improvements | 97,000 |
Total | 898,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 152,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 801,000 |
Improvements | 249,000 |
Total | 1,050,000 |
Accumulated depreciation | $ 15,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm ninety | |
Initial Cost to Company | |
Land | $ 950,000 |
Improvements | 40,000 |
Total | 990,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 46,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 996,000 |
Improvements | 40,000 |
Total | 1,036,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
Illinois | Farm ninety one | |
Initial Cost to Company | |
Land | $ 727,000 |
Total | 727,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 299,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,026,000 |
Total | 1,026,000 |
Illinois | Farm ninety two | |
Initial Cost to Company | |
Land | 1,171,000 |
Total | 1,171,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (158,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,013,000 |
Total | 1,013,000 |
Illinois | Farm ninety three | |
Initial Cost to Company | |
Land | 991,000 |
Total | 991,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 991,000 |
Total | 991,000 |
Illinois | Farm ninety four | |
Initial Cost to Company | |
Land | 800,000 |
Improvements | 130,000 |
Total | 930,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 59,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 859,000 |
Improvements | 130,000 |
Total | 989,000 |
Accumulated depreciation | $ 15,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm ninety five | |
Initial Cost to Company | |
Land | $ 1,259,000 |
Total | 1,259,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (273,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 986,000 |
Total | 986,000 |
Illinois | Farm ninety six | |
Initial Cost to Company | |
Land | 1,119,000 |
Total | 1,119,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (133,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 986,000 |
Total | 986,000 |
Illinois | Farm ninety seven | |
Initial Cost to Company | |
Land | 775,000 |
Total | 775,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3,000 |
Land Improvements | 186,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 961,000 |
Improvements | 3,000 |
Total | 964,000 |
Accumulated depreciation | 0 |
Illinois | Farm ninety eight | |
Initial Cost to Company | |
Land | 923,000 |
Improvements | 53,000 |
Total | 976,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (29,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 923,000 |
Improvements | 24,000 |
Total | 947,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm ninety nine | |
Initial Cost to Company | |
Land | $ 902,000 |
Improvements | 34,000 |
Total | 936,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 902,000 |
Improvements | 34,000 |
Total | 936,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Illinois | Farm one hundred | |
Initial Cost to Company | |
Land | $ 1,075,000 |
Total | 1,075,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70,000 |
Land Improvements | (230,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 845,000 |
Improvements | 70,000 |
Total | 915,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm one hundred and one | |
Initial Cost to Company | |
Land | $ 1,080,000 |
Total | 1,080,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (175,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 905,000 |
Total | 905,000 |
Illinois | Farm one hundred and two | |
Initial Cost to Company | |
Land | 864,000 |
Total | 864,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 41,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 905,000 |
Total | 905,000 |
Illinois | Farm one hundred and three | |
Initial Cost to Company | |
Land | 989,000 |
Total | 989,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 77,000 |
Land Improvements | (178,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 811,000 |
Improvements | 77,000 |
Total | 888,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm one hundred and four | |
Initial Cost to Company | |
Land | $ 995,000 |
Total | 995,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 58,000 |
Land Improvements | (177,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 818,000 |
Improvements | 58,000 |
Total | 875,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and five | |
Initial Cost to Company | |
Land | $ 975,000 |
Total | 975,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (100,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 875,000 |
Total | 875,000 |
Illinois | Farm one hundred and six | |
Initial Cost to Company | |
Land | 815,000 |
Total | 815,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 60,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 815,000 |
Improvements | 60,000 |
Total | 875,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and seven | |
Initial Cost to Company | |
Land | $ 972,000 |
Total | 972,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (114,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 858,000 |
Total | 858,000 |
Illinois | Farm one hundred and eight | |
Initial Cost to Company | |
Land | 671,000 |
Improvements | 96,000 |
Total | 767,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (54,000) |
Land Improvements | 143,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 814,000 |
Improvements | 42,000 |
Total | 856,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Illinois | Farm one hundred and nine | |
Initial Cost to Company | |
Land | $ 644,000 |
Improvements | 93,000 |
Total | 737,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 107,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 644,000 |
Improvements | 200,000 |
Total | 844,000 |
Accumulated depreciation | $ 12,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and ten | |
Initial Cost to Company | |
Land | $ 762,000 |
Total | 762,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 75,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 762,000 |
Improvements | 75,000 |
Total | 837,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm one hundred and eleven | |
Initial Cost to Company | |
Land | $ 700,000 |
Improvements | 110,000 |
Total | 810,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 20,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 700,000 |
Improvements | 130,000 |
Total | 830,000 |
Accumulated depreciation | $ 8,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and twelve | |
Initial Cost to Company | |
Land | $ 1,005,000 |
Total | 1,005,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (180,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 825,000 |
Total | 825,000 |
Illinois | Farm one hundred and thirteen | |
Initial Cost to Company | |
Land | 980,000 |
Total | 980,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (155,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 825,000 |
Total | 825,000 |
Illinois | Farm one hundred and fourteen | |
Initial Cost to Company | |
Land | 825,000 |
Total | 825,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 825,000 |
Total | 825,000 |
Illinois | Farm one hundred and fifteen | |
Initial Cost to Company | |
Land | 805,000 |
Total | 805,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 805,000 |
Total | 805,000 |
Illinois | Farm one hundred and sixteen | |
Initial Cost to Company | |
Land | 732,000 |
Total | 732,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 64,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 796,000 |
Total | 796,000 |
Illinois | Farm one hundred and seventeen | |
Initial Cost to Company | |
Land | 762,000 |
Total | 762,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 20,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 782,000 |
Total | 782,000 |
Illinois | Farm one hundred and eighteen | |
Initial Cost to Company | |
Land | 630,000 |
Total | 630,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 145,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 775,000 |
Total | 775,000 |
Illinois | Farm one hundred and nineteen | |
Initial Cost to Company | |
Land | 748,000 |
Total | 748,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 748,000 |
Total | 748,000 |
Illinois | Farm one hundred and twenty | |
Initial Cost to Company | |
Land | 421,000 |
Total | 421,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 43,000 |
Land Improvements | 280,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 701,000 |
Improvements | 43,000 |
Total | 743,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and twenty one | |
Initial Cost to Company | |
Land | $ 857,000 |
Total | 857,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (125,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 732,000 |
Total | 732,000 |
Illinois | Farm one hundred and twenty two | |
Initial Cost to Company | |
Land | 879,000 |
Total | 879,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 4,000 |
Land Improvements | (155,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 724,000 |
Improvements | 4,000 |
Total | 727,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm one hundred and twenty three | |
Initial Cost to Company | |
Land | $ 552,000 |
Total | 552,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 31,000 |
Land Improvements | 143,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 695,000 |
Improvements | 31,000 |
Total | 725,000 |
Accumulated depreciation | 0 |
Illinois | Farm one hundred and twenty four | |
Initial Cost to Company | |
Land | 725,000 |
Total | 725,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 725,000 |
Total | 725,000 |
Illinois | Farm one hundred and twenty five | |
Initial Cost to Company | |
Land | 668,000 |
Total | 668,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 51,000 |
Land Improvements | 1,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 669,000 |
Improvements | 51,000 |
Total | 720,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and twenty six | |
Initial Cost to Company | |
Land | $ 717,000 |
Total | 717,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 717,000 |
Total | 717,000 |
Illinois | Farm one hundred and twenty seven | |
Initial Cost to Company | |
Land | 612,000 |
Improvements | 38,000 |
Total | 650,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 51,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 663,000 |
Improvements | 38,000 |
Total | 701,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 29 years |
Illinois | Farm one hundred and twenty eight | |
Initial Cost to Company | |
Land | $ 701,000 |
Total | 701,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 701,000 |
Total | 701,000 |
Illinois | Farm one hundred and twenty nine | |
Initial Cost to Company | |
Land | 968,000 |
Total | 968,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (269,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 699,000 |
Total | 699,000 |
Illinois | Farm one hundred and thirty | |
Initial Cost to Company | |
Land | 667,000 |
Improvements | 30,000 |
Total | 697,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 667,000 |
Improvements | 30,000 |
Total | 697,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Illinois | Farm one hundred and thirty one | |
Initial Cost to Company | |
Land | $ 693,000 |
Total | 693,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 693,000 |
Total | 693,000 |
Illinois | Farm one hundred and thirty two | |
Initial Cost to Company | |
Land | 684,000 |
Total | 684,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 684,000 |
Total | 684,000 |
Illinois | Farm one hundred and thirty three | |
Initial Cost to Company | |
Land | 681,000 |
Total | 681,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 681,000 |
Total | 681,000 |
Illinois | Farm one hundred and thirty four | |
Initial Cost to Company | |
Land | 505,000 |
Total | 505,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 173,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 678,000 |
Total | 678,000 |
Illinois | Farm one hundred and thirty five | |
Initial Cost to Company | |
Land | 667,000 |
Total | 667,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 1,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 668,000 |
Total | 668,000 |
Illinois | Farm one hundred and thirty six | |
Initial Cost to Company | |
Land | 448,000 |
Improvements | 100,000 |
Total | 548,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 110,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 448,000 |
Improvements | 210,000 |
Total | 658,000 |
Accumulated depreciation | $ 13,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and thirty seven | |
Initial Cost to Company | |
Land | $ 652,000 |
Total | 652,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 652,000 |
Total | 652,000 |
Illinois | Farm one hundred and thirty eight | |
Initial Cost to Company | |
Land | 507,000 |
Total | 507,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 142,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 649,000 |
Total | 649,000 |
Illinois | Farm one hundred and thirty nine | |
Initial Cost to Company | |
Land | 466,000 |
Total | 466,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 178,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 644,000 |
Total | 644,000 |
Illinois | Farm one hundred and forty | |
Initial Cost to Company | |
Land | 746,000 |
Total | 746,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (127,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 619,000 |
Total | 619,000 |
Illinois | Farm one hundred and forty one | |
Initial Cost to Company | |
Land | 939,000 |
Total | 939,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (326,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 613,000 |
Total | 613,000 |
Illinois | Farm one hundred and forty two | |
Initial Cost to Company | |
Land | 610,000 |
Total | 610,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 610,000 |
Total | 610,000 |
Illinois | Farm one hundred and forty three | |
Initial Cost to Company | |
Land | 744,000 |
Total | 744,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (136,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 608,000 |
Total | 608,000 |
Illinois | Farm one hundred and forty four | |
Initial Cost to Company | |
Land | 527,000 |
Improvements | 37,000 |
Total | 564,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 16,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 527,000 |
Improvements | 53,000 |
Total | 580,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and forty five | |
Initial Cost to Company | |
Land | $ 563,000 |
Total | 563,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 563,000 |
Total | 563,000 |
Illinois | Farm one hundred and forty six | |
Initial Cost to Company | |
Land | 534,000 |
Total | 534,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 11,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 545,000 |
Total | 545,000 |
Illinois | Farm one hundred and forty seven | |
Initial Cost to Company | |
Land | 536,000 |
Total | 536,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (15,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 521,000 |
Total | 521,000 |
Illinois | Farm one hundred and forty eight | |
Initial Cost to Company | |
Land | 447,000 |
Total | 447,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 74,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 521,000 |
Total | 521,000 |
Illinois | Farm one hundred and forty nine | |
Initial Cost to Company | |
Land | 442,000 |
Improvements | 38,000 |
Total | 480,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 442,000 |
Improvements | 38,000 |
Total | 480,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Illinois | Farm one hundred and fifty | |
Initial Cost to Company | |
Land | $ 601,000 |
Total | 601,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (158,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 443,000 |
Total | 443,000 |
Illinois | Farm one hundred and fifty one | |
Initial Cost to Company | |
Land | 362,000 |
Total | 362,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 76,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 438,000 |
Total | 438,000 |
Illinois | Farm one hundred and fifty two | |
Initial Cost to Company | |
Land | 499,000 |
Improvements | 22,000 |
Total | 521,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 25,000 |
Land Improvements | (112,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 387,000 |
Improvements | 47,000 |
Total | 434,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 29 years |
Illinois | Farm one hundred and fifty three | |
Initial Cost to Company | |
Land | $ 487,000 |
Total | 487,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 41,000 |
Land Improvements | (96,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 391,000 |
Improvements | 41,000 |
Total | 432,000 |
Accumulated depreciation | $ 2,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and fifty four | |
Initial Cost to Company | |
Land | $ 576,000 |
Total | 576,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (144,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 432,000 |
Total | 432,000 |
Illinois | Farm one hundred and fifty five | |
Initial Cost to Company | |
Land | 254,000 |
Total | 254,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 174,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 428,000 |
Total | 428,000 |
Illinois | Farm one hundred and fifty six | |
Initial Cost to Company | |
Land | 428,000 |
Total | 428,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 428,000 |
Total | 428,000 |
Illinois | Farm one hundred and fifty seven | |
Initial Cost to Company | |
Land | 170,000 |
Total | 170,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 250,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 420,000 |
Total | 420,000 |
Illinois | Farm one hundred and fifty eight | |
Initial Cost to Company | |
Land | 290,000 |
Improvements | 38,000 |
Total | 328,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 87,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 290,000 |
Improvements | 125,000 |
Total | 415,000 |
Accumulated depreciation | $ 7,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and fifty nine | |
Initial Cost to Company | |
Land | $ 371,000 |
Total | 371,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 38,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 371,000 |
Improvements | 38,000 |
Total | 409,000 |
Accumulated depreciation | $ 2,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and sixty | |
Initial Cost to Company | |
Land | $ 296,000 |
Total | 296,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 39,000 |
Land Improvements | 66,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 362,000 |
Improvements | 39,000 |
Total | 401,000 |
Accumulated depreciation | 0 |
Illinois | Farm one hundred and sixty one | |
Initial Cost to Company | |
Land | 370,000 |
Total | 370,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 28,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 398,000 |
Total | 398,000 |
Illinois | Farm one hundred and sixty two | |
Initial Cost to Company | |
Land | 398,000 |
Total | 398,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 398,000 |
Total | 398,000 |
Illinois | Farm one hundred and sixty three | |
Initial Cost to Company | |
Land | 359,000 |
Total | 359,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 35,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 394,000 |
Total | 394,000 |
Illinois | Farm one hundred and sixty four | |
Initial Cost to Company | |
Land | 322,000 |
Improvements | 36,000 |
Total | 358,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 22,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 322,000 |
Improvements | 58,000 |
Total | 380,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 47 years |
Illinois | Farm one hundred and sixty five | |
Initial Cost to Company | |
Land | $ 363,000 |
Total | 363,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 363,000 |
Total | 363,000 |
Illinois | Farm one hundred and sixty six | |
Initial Cost to Company | |
Land | 102,000 |
Improvements | 59,000 |
Total | 161,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 201,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 102,000 |
Improvements | 260,000 |
Total | 362,000 |
Accumulated depreciation | $ 15,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and sixty seven | |
Initial Cost to Company | |
Land | $ 271,000 |
Improvements | 73,000 |
Total | 344,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 16,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 271,000 |
Improvements | 89,000 |
Total | 360,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and sixty eight | |
Initial Cost to Company | |
Land | $ 291,000 |
Total | 291,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 63,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 354,000 |
Total | 354,000 |
Illinois | Farm one hundred and sixty nine | |
Initial Cost to Company | |
Land | 360,000 |
Total | 360,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (9,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 351,000 |
Total | 351,000 |
Illinois | Farm one hundred and seventy | |
Initial Cost to Company | |
Land | 282,000 |
Total | 282,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 58,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 340,000 |
Total | 340,000 |
Illinois | Farm one hundred and seventy one | |
Initial Cost to Company | |
Land | 321,000 |
Improvements | 24,000 |
Total | 345,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (8,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 321,000 |
Improvements | 16,000 |
Total | 337,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm One Hundred And Seventy Two | |
Initial Cost to Company | |
Land | $ 320,000 |
Total | 320,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 318,000 |
Total | 318,000 |
Illinois | Farm One Hundred And Seventy Three | |
Initial Cost to Company | |
Land | 286,000 |
Total | 286,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 29,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 315,000 |
Total | 315,000 |
Illinois | Farm One Hundred And Seventy Four | |
Initial Cost to Company | |
Land | 353,000 |
Total | 353,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (44,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 309,000 |
Total | 309,000 |
Illinois | Farm One Hundred And Seventy Five | |
Initial Cost to Company | |
Land | 216,000 |
Total | 216,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 50,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 266,000 |
Total | 266,000 |
Illinois | Farm One Hundred And Seventy Six | |
Initial Cost to Company | |
Land | 233,000 |
Total | 233,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 28,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 261,000 |
Total | 261,000 |
Illinois | Farm One Hundred And Seventy Seven | |
Initial Cost to Company | |
Land | 252,000 |
Total | 252,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 252,000 |
Total | 252,000 |
Illinois | Farm One Hundred And Seventy Eight | |
Initial Cost to Company | |
Land | 240,000 |
Total | 240,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 7,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 247,000 |
Total | 247,000 |
Illinois | Farm One Hundred And Seventy Nine | |
Initial Cost to Company | |
Land | 233,000 |
Total | 233,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 233,000 |
Total | 233,000 |
Illinois | Farm One Hundred And Eighty | |
Initial Cost to Company | |
Land | 157,000 |
Total | 157,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 75,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 232,000 |
Total | 232,000 |
Illinois | Farm One Hundred And Eighty One | |
Initial Cost to Company | |
Land | 203,000 |
Improvements | 44,000 |
Total | 247,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (24,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 203,000 |
Improvements | 20,000 |
Total | 223,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm One Hundred And Eighty Two | |
Initial Cost to Company | |
Land | $ 153,000 |
Total | 153,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 20,000 |
Land Improvements | 28,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 181,000 |
Improvements | 20,000 |
Total | 201,000 |
Accumulated depreciation | 0 |
Illinois | Farm One Hundred And Eighty Three | |
Initial Cost to Company | |
Land | 200,000 |
Improvements | 16,000 |
Total | 216,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (16,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 200,000 |
Total | 200,000 |
Illinois | Farm One Hundred And Eighty Four | |
Initial Cost to Company | |
Land | 179,000 |
Total | 179,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 18,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 197,000 |
Total | 197,000 |
Illinois | Farm One Hundred And Eighty Five | |
Initial Cost to Company | |
Land | 196,000 |
Total | 196,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 196,000 |
Total | 196,000 |
Illinois | Farm One Hundred And Eighty Six | |
Initial Cost to Company | |
Land | 34,000 |
Improvements | 86,000 |
Total | 120,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (86,000) |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 34,000 |
Total | 34,000 |
Accumulated depreciation | $ (3,000) |
Life on Which Depreciation in Latest Income Statements is Computed | 7 years |
Louisiana | Farm one | |
Initial Cost to Company | |
Land | $ 30,584,000 |
Improvements | 1,180,000 |
Total | 31,764,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 181,000 |
Land Improvements | 254,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 30,838,000 |
Improvements | 1,361,000 |
Total | 32,199,000 |
Accumulated depreciation | $ 174,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Louisiana | Farm two | |
Initial Cost to Company | |
Land | $ 5,100,000 |
Improvements | 52,000 |
Total | 5,152,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 154,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,100,000 |
Improvements | 206,000 |
Total | 5,306,000 |
Accumulated depreciation | $ 37,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Mississippi | Farm one | |
Initial Cost to Company | |
Land | $ 6,654,000 |
Improvements | 133,000 |
Total | 6,787,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,654,000 |
Improvements | 136,000 |
Total | 6,790,000 |
Accumulated depreciation | $ 16,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Mississippi | Farm two | |
Initial Cost to Company | |
Land | $ 5,338,000 |
Improvements | 238,000 |
Total | 5,576,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,338,000 |
Improvements | 238,000 |
Total | 5,576,000 |
Accumulated depreciation | $ 47,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Mississippi | Farm three | |
Initial Cost to Company | |
Land | $ 3,471,000 |
Improvements | 41,000 |
Total | 3,512,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 63,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,471,000 |
Improvements | 104,000 |
Total | 3,575,000 |
Accumulated depreciation | $ 9,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 years |
Mississippi | Farm four | |
Initial Cost to Company | |
Land | $ 2,321,000 |
Improvements | 15,000 |
Total | 2,336,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (1,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,320,000 |
Improvements | 15,000 |
Total | 2,335,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Mississippi | Farm five | |
Initial Cost to Company | |
Land | $ 1,437,000 |
Improvements | 33,000 |
Total | 1,470,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,437,000 |
Improvements | 33,000 |
Total | 1,470,000 |
Accumulated depreciation | $ 2,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 29 years |
South Carolina | Farm one | |
Initial Cost to Company | |
Land | $ 12,057,000 |
Improvements | 1,474,000 |
Total | 13,531,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 5,840,000 |
Land Improvements | 53,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 12,110,000 |
Improvements | 7,314,000 |
Total | 19,424,000 |
Accumulated depreciation | $ 626,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
South Carolina | Farm two | |
Initial Cost to Company | |
Land | $ 14,866,000 |
Improvements | 906,000 |
Total | 15,772,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 239,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 14,866,000 |
Improvements | 1,145,000 |
Total | 16,011,000 |
Accumulated depreciation | $ 110,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 29 years |
South Carolina | Farm three | |
Initial Cost to Company | |
Land | $ 8,633,000 |
Improvements | 133,000 |
Total | 8,766,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 130,000 |
Land Improvements | 5,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 8,638,000 |
Improvements | 263,000 |
Total | 8,901,000 |
Accumulated depreciation | $ 26,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
South Carolina | Farm four | |
Initial Cost to Company | |
Land | $ 4,679,000 |
Improvements | 25,000 |
Total | 4,704,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,348,000 |
Land Improvements | 4,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,683,000 |
Improvements | 2,373,000 |
Total | 7,056,000 |
Accumulated depreciation | $ 292,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 33 years |
South Carolina | Farm five | |
Initial Cost to Company | |
Land | $ 2,235,000 |
Total | 2,235,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1,557,000 |
Land Improvements | 519,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,754,000 |
Improvements | 1,557,000 |
Total | 4,311,000 |
Accumulated depreciation | $ 181,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
South Carolina | Farm six | |
Initial Cost to Company | |
Land | $ 1,959,000 |
Improvements | 344,000 |
Total | 2,303,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 970,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,959,000 |
Improvements | 1,314,000 |
Total | 3,273,000 |
Accumulated depreciation | $ 95,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
South Carolina | Farm seven | |
Initial Cost to Company | |
Land | $ 2,199,000 |
Improvements | 138,000 |
Total | 2,337,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 665,000 |
Land Improvements | 22,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,221,000 |
Improvements | 803,000 |
Total | 3,024,000 |
Accumulated depreciation | $ 64,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
South Carolina | Farm eight | |
Initial Cost to Company | |
Land | $ 1,321,000 |
Improvements | 91,000 |
Total | 1,412,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 691,000 |
Land Improvements | 247,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,567,000 |
Improvements | 782,000 |
Total | 2,349,000 |
Accumulated depreciation | $ 51,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
South Carolina | Farm nine | |
Initial Cost to Company | |
Land | $ 1,406,000 |
Improvements | 806,000 |
Total | 2,212,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 128,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,406,000 |
Improvements | 934,000 |
Total | 2,341,000 |
Accumulated depreciation | $ 100,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
South Carolina | Farm ten | |
Initial Cost to Company | |
Land | $ 1,803,000 |
Improvements | 158,000 |
Total | 1,961,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 364,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,803,000 |
Improvements | 522,000 |
Total | 2,325,000 |
Accumulated depreciation | $ 45,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
South Carolina | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,568,000 |
Total | 1,568,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 433,000 |
Land Improvements | 64,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,632,000 |
Improvements | 433,000 |
Total | 2,065,000 |
Accumulated depreciation | $ 37,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
South Carolina | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,090,000 |
Total | 1,090,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 776,000 |
Land Improvements | 144,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,234,000 |
Improvements | 776,000 |
Total | 2,011,000 |
Accumulated depreciation | $ 30,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
South Carolina | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,303,000 |
Improvements | 225,000 |
Total | 1,528,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 132,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,303,000 |
Improvements | 357,000 |
Total | 1,661,000 |
Accumulated depreciation | $ 35,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 years |
South Carolina | Farm fourteen | |
Initial Cost to Company | |
Land | $ 1,078,000 |
Total | 1,078,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 548,000 |
Land Improvements | 21,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,099,000 |
Improvements | 548,000 |
Total | 1,647,000 |
Accumulated depreciation | $ 50,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
South Carolina | Farm fifteen | |
Initial Cost to Company | |
Land | $ 1,032,000 |
Improvements | 170,000 |
Total | 1,203,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 183,000 |
Land Improvements | 13,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,045,000 |
Improvements | 353,000 |
Total | 1,398,000 |
Accumulated depreciation | $ 37,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
South Carolina | Farm sixteen | |
Initial Cost to Company | |
Land | $ 477,000 |
Improvements | 57,000 |
Total | 534,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 148,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 477,000 |
Improvements | 205,000 |
Total | 682,000 |
Accumulated depreciation | $ 16,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
South Carolina | Farm seventeen | |
Initial Cost to Company | |
Land | $ 460,000 |
Total | 460,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 40,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 460,000 |
Improvements | 40,000 |
Total | 500,000 |
Accumulated depreciation | $ 1,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
South Carolina | Farm eighteen | |
Initial Cost to Company | |
Land | $ 354,000 |
Total | 354,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 79,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 354,000 |
Improvements | 79,000 |
Total | 433,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Colorado | Farm one | |
Initial Cost to Company | |
Land | $ 10,716,000 |
Improvements | 70,000 |
Total | 10,786,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,716,000 |
Improvements | 70,000 |
Total | 10,786,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 39 years |
Colorado | Farm two | |
Initial Cost to Company | |
Land | $ 792,000 |
Improvements | 4,731,000 |
Total | 5,523,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 84,000 |
Land Improvements | 1,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 793,000 |
Improvements | 4,815,000 |
Total | 5,608,000 |
Accumulated depreciation | $ 240,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Colorado | Farm three | |
Initial Cost to Company | |
Land | $ 4,156,000 |
Improvements | 1,280,000 |
Total | 5,436,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (3,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 4,156,000 |
Improvements | 1,277,000 |
Total | 5,433,000 |
Accumulated depreciation | $ 146,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm four | |
Initial Cost to Company | |
Land | $ 3,566,000 |
Improvements | 359,000 |
Total | 3,925,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 67,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,566,000 |
Improvements | 426,000 |
Total | 3,992,000 |
Accumulated depreciation | $ 45,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm five | |
Initial Cost to Company | |
Land | $ 3,099,000 |
Total | 3,099,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (133,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,966,000 |
Total | 2,966,000 |
Colorado | Farm six | |
Initial Cost to Company | |
Land | 1,995,000 |
Improvements | 84,000 |
Total | 2,079,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 466,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,995,000 |
Improvements | 550,000 |
Total | 2,545,000 |
Accumulated depreciation | $ 83,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Colorado | Farm seven | |
Initial Cost to Company | |
Land | $ 2,328,000 |
Total | 2,328,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,328,000 |
Total | 2,328,000 |
Colorado | Farm eight | |
Initial Cost to Company | |
Land | 637,000 |
Improvements | 1,604,000 |
Total | 2,241,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 1,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 637,000 |
Improvements | 1,604,000 |
Total | 2,241,000 |
Accumulated depreciation | $ 226,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Colorado | Farm nine | |
Initial Cost to Company | |
Land | $ 1,365,000 |
Improvements | 663,000 |
Total | 2,028,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 101,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,365,000 |
Improvements | 764,000 |
Total | 2,129,000 |
Accumulated depreciation | $ 61,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm ten | |
Initial Cost to Company | |
Land | $ 1,301,000 |
Improvements | 699,000 |
Total | 2,000,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,301,000 |
Improvements | 769,000 |
Total | 2,070,000 |
Accumulated depreciation | $ 53,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Colorado | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,817,000 |
Improvements | 210,000 |
Total | 2,027,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1,000 |
Land Improvements | (7,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,810,000 |
Improvements | 211,000 |
Total | 2,021,000 |
Accumulated depreciation | $ 52,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Colorado | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,760,000 |
Total | 1,760,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 239,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,760,000 |
Improvements | 239,000 |
Total | 1,999,000 |
Accumulated depreciation | $ 23,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Colorado | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,079,000 |
Improvements | 812,000 |
Total | 1,891,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,079,000 |
Improvements | 812,000 |
Total | 1,891,000 |
Accumulated depreciation | $ 54,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Colorado | Farm fourteen | |
Initial Cost to Company | |
Land | $ 1,305,000 |
Improvements | 376,000 |
Total | 1,681,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,305,000 |
Improvements | 386,000 |
Total | 1,691,000 |
Accumulated depreciation | $ 107,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Colorado | Farm fifteen | |
Initial Cost to Company | |
Land | $ 1,622,000 |
Total | 1,622,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,622,000 |
Total | 1,622,000 |
Colorado | Farm sixteen | |
Initial Cost to Company | |
Land | 1,353,000 |
Improvements | 184,000 |
Total | 1,537,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,353,000 |
Improvements | 184,000 |
Total | 1,537,000 |
Accumulated depreciation | $ 67,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 9 years |
Colorado | Farm seventeen | |
Initial Cost to Company | |
Land | $ 1,238,000 |
Total | 1,238,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 45,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,283,000 |
Total | 1,283,000 |
Colorado | Farm eighteen | |
Initial Cost to Company | |
Land | 1,030,000 |
Improvements | 170,000 |
Total | 1,200,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 31,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,030,000 |
Improvements | 201,000 |
Total | 1,231,000 |
Accumulated depreciation | $ 86,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
Colorado | Farm nineteen | |
Initial Cost to Company | |
Land | $ 579,000 |
Improvements | 513,000 |
Total | 1,092,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 18,000 |
Land Improvements | 65,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 644,000 |
Improvements | 531,000 |
Total | 1,175,000 |
Accumulated depreciation | $ 139,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Colorado | Farm twenty | |
Initial Cost to Company | |
Land | $ 747,000 |
Improvements | 393,000 |
Total | 1,140,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 747,000 |
Improvements | 393,000 |
Total | 1,140,000 |
Accumulated depreciation | $ 35,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm twenty one | |
Initial Cost to Company | |
Land | $ 1,128,000 |
Improvements | 68,000 |
Total | 1,196,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (32,000) |
Land Improvements | (45,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,083,000 |
Improvements | 36,000 |
Total | 1,119,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 3 years |
Colorado | Farm twenty two | |
Initial Cost to Company | |
Land | $ 1,105,000 |
Total | 1,105,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,105,000 |
Total | 1,105,000 |
Colorado | Farm twenty three | |
Initial Cost to Company | |
Land | 773,000 |
Improvements | 323,000 |
Total | 1,096,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 773,000 |
Improvements | 323,000 |
Total | 1,096,000 |
Accumulated depreciation | $ 34,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm twenty four | |
Initial Cost to Company | |
Land | $ 554,000 |
Improvements | 443,000 |
Total | 997,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70,000 |
Land Improvements | (3,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 551,000 |
Improvements | 513,000 |
Total | 1,064,000 |
Accumulated depreciation | $ 40,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Colorado | Farm twenty five | |
Initial Cost to Company | |
Land | $ 819,000 |
Improvements | 94,000 |
Total | 913,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 113,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 819,000 |
Improvements | 207,000 |
Total | 1,026,000 |
Accumulated depreciation | $ 22,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Colorado | Farm twenty six | |
Initial Cost to Company | |
Land | $ 809,000 |
Improvements | 141,000 |
Total | 950,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 64,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 809,000 |
Improvements | 205,000 |
Total | 1,014,000 |
Accumulated depreciation | $ 22,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm twenty seven | |
Initial Cost to Company | |
Land | $ 481,000 |
Improvements | 373,000 |
Total | 854,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,000 |
Land Improvements | 46,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 527,000 |
Improvements | 375,000 |
Total | 902,000 |
Accumulated depreciation | $ 103,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Colorado | Farm twenty eight | |
Initial Cost to Company | |
Land | $ 803,000 |
Total | 803,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 803,000 |
Total | 803,000 |
Colorado | Farm twenty nine | |
Initial Cost to Company | |
Land | 374,000 |
Improvements | 201,000 |
Total | 575,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,000 |
Land Improvements | 30,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 404,000 |
Improvements | 203,000 |
Total | 608,000 |
Accumulated depreciation | $ 54,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
Colorado | Farm thirty | |
Initial Cost to Company | |
Land | $ 419,000 |
Total | 419,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 419,000 |
Total | 419,000 |
Colorado | Farm thirty one | |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 395,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 395,000 |
Total | 395,000 |
Colorado | Farm thirty two | |
Initial Cost to Company | |
Land | 224,000 |
Total | 224,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 46,000 |
Land Improvements | 39,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 263,000 |
Improvements | 46,000 |
Total | 309,000 |
Colorado | Farm thirty three | |
Initial Cost to Company | |
Land | 276,000 |
Total | 276,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 276,000 |
Total | 276,000 |
Colorado | Farm thirty four | |
Initial Cost to Company | |
Land | 236,000 |
Total | 236,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 236,000 |
Total | 236,000 |
Colorado | Farm thirty five | |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 69,000 |
Gross Amount at Which Carried at Close of Period | |
Improvements | 69,000 |
Total | 69,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Kansas | Farm one | |
Initial Cost to Company | |
Land | $ 1,915,000 |
Total | 1,915,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | (395,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,520,000 |
Total | 1,520,000 |
Kansas | Farm two | |
Initial Cost to Company | |
Land | 805,000 |
Improvements | 178,000 |
Total | 983,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (38,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 767,000 |
Improvements | 178,000 |
Total | 945,000 |
Accumulated depreciation | $ 53,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Kansas | Farm three | |
Initial Cost to Company | |
Land | $ 737,000 |
Total | 737,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 737,000 |
Total | 737,000 |
Kansas | Farm four | |
Initial Cost to Company | |
Land | 319,000 |
Improvements | 181,000 |
Total | 500,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 319,000 |
Improvements | 181,000 |
Total | 500,000 |
Accumulated depreciation | $ 26,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Kansas | Farm five | |
Initial Cost to Company | |
Land | $ 235,000 |
Improvements | 90,000 |
Total | 325,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 235,000 |
Improvements | 93,000 |
Total | 328,000 |
Accumulated depreciation | $ 13,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Virginia | Farm one | |
Initial Cost to Company | |
Land | $ 7,277,000 |
Total | 7,277,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,277,000 |
Total | 7,277,000 |
Florida | Farm one | |
Initial Cost to Company | |
Land | 9,295,000 |
Improvements | 202,000 |
Total | 9,497,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,212,000 |
Land Improvements | 3,036,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 12,331,000 |
Improvements | 2,414,000 |
Total | 14,745,000 |
Accumulated depreciation | $ 94,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Florida | Farm two | |
Initial Cost to Company | |
Land | $ 6,402,000 |
Improvements | 593,000 |
Total | 6,995,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 269,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,402,000 |
Improvements | 862,000 |
Total | 7,264,000 |
Accumulated depreciation | $ 152,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Florida | Farm three | |
Initial Cost to Company | |
Land | $ 2,674,000 |
Improvements | 3,565,000 |
Total | 6,239,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,674,000 |
Improvements | 3,565,000 |
Total | 6,239,000 |
Accumulated depreciation | $ 702,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Arkansas | Farm one | |
Initial Cost to Company | |
Land | $ 6,914,000 |
Improvements | 287,000 |
Total | 7,201,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 22,000 |
Land Improvements | 16,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,930,000 |
Improvements | 309,000 |
Total | 7,239,000 |
Accumulated depreciation | $ 39,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Arkansas | Farm two | |
Initial Cost to Company | |
Land | $ 5,924,000 |
Improvements | 244,000 |
Total | 6,168,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,924,000 |
Improvements | 244,000 |
Total | 6,168,000 |
Accumulated depreciation | $ 37,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Arkansas | Farm three | |
Initial Cost to Company | |
Land | $ 5,532,000 |
Improvements | 101,000 |
Total | 5,633,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10,000 |
Land Improvements | 3,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,535,000 |
Improvements | 110,000 |
Total | 5,645,000 |
Accumulated depreciation | $ 29,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 9 years |
Arkansas | Farm four | |
Initial Cost to Company | |
Land | $ 5,169,000 |
Improvements | 185,000 |
Total | 5,354,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,169,000 |
Improvements | 185,000 |
Total | 5,354,000 |
Accumulated depreciation | $ 39,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Arkansas | Farm five | |
Initial Cost to Company | |
Land | $ 4,536,000 |
Improvements | 50,000 |
Total | 4,586,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 81,000 |
Land Improvements | 27,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,563,000 |
Improvements | 131,000 |
Total | 4,693,000 |
Accumulated depreciation | $ 21,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Arkansas | Farm six | |
Initial Cost to Company | |
Land | $ 4,035,000 |
Improvements | 38,000 |
Total | 4,073,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 188,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,035,000 |
Improvements | 226,000 |
Total | 4,260,000 |
Accumulated depreciation | $ 14,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Arkansas | Farm seven | |
Initial Cost to Company | |
Land | $ 3,277,000 |
Improvements | 145,000 |
Total | 3,422,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 44,000 |
Land Improvements | 27,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,304,000 |
Improvements | 189,000 |
Total | 3,493,000 |
Accumulated depreciation | $ 27,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Arkansas | Farm eight | |
Initial Cost to Company | |
Land | $ 2,808,000 |
Improvements | 184,000 |
Total | 2,992,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 58,000 |
Land Improvements | 7,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,815,000 |
Improvements | 242,000 |
Total | 3,057,000 |
Accumulated depreciation | $ 44,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Arkansas | Farm nine | |
Initial Cost to Company | |
Land | $ 2,985,000 |
Improvements | 156,000 |
Total | 3,141,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 8,000 |
Land Improvements | (96,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,889,000 |
Improvements | 164,000 |
Total | 3,053,000 |
Accumulated depreciation | $ 35,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Arkansas | Farm ten | |
Initial Cost to Company | |
Land | $ 3,264,000 |
Improvements | 165,000 |
Total | 3,429,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 191,000 |
Land Improvements | (590,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,674,000 |
Improvements | 356,000 |
Total | 3,030,000 |
Accumulated depreciation | $ 58,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm eleven | |
Initial Cost to Company | |
Land | $ 2,645,000 |
Improvements | 40,000 |
Total | 2,685,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 42,000 |
Land Improvements | 21,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,666,000 |
Improvements | 82,000 |
Total | 2,748,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Arkansas | Farm twelve | |
Initial Cost to Company | |
Land | $ 2,262,000 |
Improvements | 82,000 |
Total | 2,344,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 4,000 |
Land Improvements | 96,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,358,000 |
Improvements | 86,000 |
Total | 2,444,000 |
Accumulated depreciation | $ 9,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm thirteen | |
Initial Cost to Company | |
Land | $ 2,316,000 |
Total | 2,316,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,316,000 |
Improvements | 3,000 |
Total | 2,319,000 |
Arkansas | Farm fourteen | |
Initial Cost to Company | |
Land | 2,014,000 |
Improvements | 96,000 |
Total | 2,110,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (8,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,006,000 |
Improvements | 96,000 |
Total | 2,102,000 |
Accumulated depreciation | $ 16,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
California | Farm one | |
Initial Cost to Company | |
Land | $ 44,994,000 |
Total | 44,994,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 44,994,000 |
Total | 44,994,000 |
California | Farm two | |
Initial Cost to Company | |
Land | 33,482,000 |
Total | 33,482,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 33,482,000 |
Total | 33,482,000 |
California | Farm three | |
Initial Cost to Company | |
Land | 31,567,000 |
Total | 31,567,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 31,567,000 |
Total | 31,567,000 |
California | Farm four | |
Initial Cost to Company | |
Land | 19,925,000 |
Improvements | 11,521,000 |
Total | 31,445,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (561,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 19,925,000 |
Improvements | 10,960,000 |
Total | 30,884,000 |
Accumulated depreciation | $ 2,816,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
California | Farm five | |
Initial Cost to Company | |
Land | $ 7,647,000 |
Improvements | 11,518,000 |
Total | 19,164,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 207,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,647,000 |
Improvements | 11,725,000 |
Total | 19,371,000 |
Accumulated depreciation | $ 1,409,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
California | Farm six | |
Initial Cost to Company | |
Land | $ 9,998,000 |
Improvements | 8,116,000 |
Total | 18,114,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,998,000 |
Improvements | 8,116,000 |
Total | 18,114,000 |
Accumulated depreciation | $ 1,597,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm seven | |
Initial Cost to Company | |
Land | $ 10,947,000 |
Improvements | 6,878,000 |
Total | 17,825,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 64,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,947,000 |
Improvements | 6,942,000 |
Total | 17,889,000 |
Accumulated depreciation | $ 1,167,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
California | Farm eight | |
Initial Cost to Company | |
Land | $ 11,888,000 |
Improvements | 3,398,000 |
Total | 15,286,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (58,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 11,888,000 |
Improvements | 3,340,000 |
Total | 15,228,000 |
Accumulated depreciation | $ 715,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm nine | |
Initial Cost to Company | |
Land | $ 8,326,000 |
Improvements | 6,075,000 |
Total | 14,401,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 41,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 8,326,000 |
Improvements | 6,117,000 |
Total | 14,443,000 |
Accumulated depreciation | $ 657,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
California | Farm ten | |
Initial Cost to Company | |
Land | $ 9,043,000 |
Improvements | 4,546,000 |
Total | 13,589,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,043,000 |
Improvements | 4,549,000 |
Total | 13,592,000 |
Accumulated depreciation | $ 803,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
California | Farm eleven | |
Initial Cost to Company | |
Land | $ 10,167,000 |
Improvements | 2,902,000 |
Total | 13,069,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 421,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,167,000 |
Improvements | 3,323,000 |
Total | 13,490,000 |
Accumulated depreciation | $ 725,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
California | Farm twelve | |
Initial Cost to Company | |
Land | $ 7,492,000 |
Improvements | 2,889,000 |
Total | 10,380,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 434,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,492,000 |
Improvements | 3,322,000 |
Total | 10,814,000 |
Accumulated depreciation | $ 636,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
California | Farm thirteen | |
Initial Cost to Company | |
Land | $ 9,534,000 |
Improvements | 263,000 |
Total | 9,796,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,534,000 |
Improvements | 265,000 |
Total | 9,799,000 |
Accumulated depreciation | $ 76,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm fourteen | |
Initial Cost to Company | |
Land | $ 6,191,000 |
Improvements | 2,772,000 |
Total | 8,963,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,191,000 |
Improvements | 2,772,000 |
Total | 8,963,000 |
Accumulated depreciation | $ 488,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
California | Farm fifteen | |
Initial Cost to Company | |
Land | $ 4,710,000 |
Improvements | 3,317,000 |
Total | 8,027,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,710,000 |
Improvements | 3,317,000 |
Total | 8,027,000 |
Accumulated depreciation | $ 415,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm sixteen | |
Initial Cost to Company | |
Land | $ 2,461,000 |
Improvements | 1,974,000 |
Total | 4,435,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,461,000 |
Improvements | 1,974,000 |
Total | 4,435,000 |
Accumulated depreciation | $ 262,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
California | Farm seventeen | |
Initial Cost to Company | |
Land | $ 967,000 |
Improvements | 1,357,000 |
Total | 2,324,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 375,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 967,000 |
Improvements | 1,732,000 |
Total | 2,699,000 |
Accumulated depreciation | $ 244,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Nebraska | Farm one | |
Initial Cost to Company | |
Land | $ 1,881,000 |
Improvements | 55,000 |
Total | 1,936,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1,476,000 |
Land Improvements | 1,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,882,000 |
Improvements | 1,531,000 |
Total | 3,413,000 |
Accumulated depreciation | $ 172,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Nebraska | Farm two | |
Initial Cost to Company | |
Land | $ 2,601,000 |
Improvements | 114,000 |
Total | 2,715,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 131,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,601,000 |
Improvements | 245,000 |
Total | 2,845,000 |
Accumulated depreciation | $ 15,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Nebraska | Farm three | |
Initial Cost to Company | |
Land | $ 2,539,000 |
Improvements | 78,000 |
Total | 2,617,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (23,000) |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,539,000 |
Improvements | 55,000 |
Total | 2,594,000 |
Accumulated depreciation | $ 8,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm four | |
Initial Cost to Company | |
Land | $ 693,000 |
Improvements | 1,785,000 |
Total | 2,478,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 90,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 693,000 |
Improvements | 1,875,000 |
Total | 2,567,000 |
Accumulated depreciation | $ 168,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Nebraska | Farm five | |
Initial Cost to Company | |
Land | $ 2,280,000 |
Improvements | 44,000 |
Total | 2,324,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 95,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,280,000 |
Improvements | 139,000 |
Total | 2,419,000 |
Accumulated depreciation | $ 19,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm six | |
Initial Cost to Company | |
Land | $ 2,316,000 |
Improvements | 126,000 |
Total | 2,442,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (126,000) |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,316,000 |
Total | 2,316,000 |
Nebraska | Farm seven | |
Initial Cost to Company | |
Land | 1,610,000 |
Improvements | 32,000 |
Total | 1,642,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 81,000 |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,608,000 |
Improvements | 113,000 |
Total | 1,720,000 |
Accumulated depreciation | $ 12,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Nebraska | Farm eight | |
Initial Cost to Company | |
Land | $ 1,639,000 |
Improvements | 46,000 |
Total | 1,685,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10,000 |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,637,000 |
Improvements | 56,000 |
Total | 1,694,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm nine | |
Initial Cost to Company | |
Land | $ 1,314,000 |
Improvements | 65,000 |
Total | 1,379,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 242,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,314,000 |
Improvements | 307,000 |
Total | 1,621,000 |
Accumulated depreciation | $ 42,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm ten | |
Initial Cost to Company | |
Land | $ 1,539,000 |
Total | 1,539,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70,000 |
Land Improvements | (1,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,539,000 |
Improvements | 70,000 |
Total | 1,608,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 45 years |
Nebraska | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,244,000 |
Improvements | 69,000 |
Total | 1,313,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 269,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,244,000 |
Improvements | 338,000 |
Total | 1,582,000 |
Accumulated depreciation | $ 29,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,100,000 |
Improvements | 28,000 |
Total | 1,128,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 248,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,100,000 |
Improvements | 276,000 |
Total | 1,376,000 |
Accumulated depreciation | $ 16,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Nebraska | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,149,000 |
Total | 1,149,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 202,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,149,000 |
Improvements | 202,000 |
Total | 1,350,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Nebraska | Farm fourteen | |
Initial Cost to Company | |
Land | $ 1,346,000 |
Improvements | 34,000 |
Total | 1,380,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (34,000) |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,346,000 |
Total | 1,346,000 |
Nebraska | Farm fifteen | |
Initial Cost to Company | |
Land | 1,232,000 |
Improvements | 56,000 |
Total | 1,288,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 31,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,263,000 |
Improvements | 56,000 |
Total | 1,319,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Nebraska | Farm sixteen | |
Initial Cost to Company | |
Land | $ 1,279,000 |
Improvements | 23,000 |
Total | 1,302,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 6,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,279,000 |
Improvements | 29,000 |
Total | 1,308,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Nebraska | Farm seventeen | |
Initial Cost to Company | |
Land | $ 1,242,000 |
Improvements | 37,000 |
Total | 1,279,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (5,000) |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,242,000 |
Improvements | 32,000 |
Total | 1,273,000 |
Accumulated depreciation | $ 4,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm eighteen | |
Initial Cost to Company | |
Land | $ 1,077,000 |
Improvements | 33,000 |
Total | 1,110,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 80,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,077,000 |
Improvements | 113,000 |
Total | 1,189,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Nebraska | Farm nineteen | |
Initial Cost to Company | |
Land | $ 1,109,000 |
Improvements | 40,000 |
Total | 1,149,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,109,000 |
Improvements | 40,000 |
Total | 1,149,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm twenty | |
Initial Cost to Company | |
Land | $ 1,136,000 |
Improvements | 11,000 |
Total | 1,147,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,136,000 |
Improvements | 11,000 |
Total | 1,147,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 6 years |
Nebraska | Farm twenty one | |
Initial Cost to Company | |
Land | $ 848,000 |
Improvements | 197,000 |
Total | 1,045,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 22,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 848,000 |
Improvements | 219,000 |
Total | 1,067,000 |
Accumulated depreciation | $ 25,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Nebraska | Farm twenty two | |
Initial Cost to Company | |
Land | $ 994,000 |
Improvements | 20,000 |
Total | 1,014,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 41,000 |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 992,000 |
Improvements | 61,000 |
Total | 1,052,000 |
Accumulated depreciation | $ 8,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Nebraska | Farm twenty three | |
Initial Cost to Company | |
Land | $ 862,000 |
Total | 862,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 862,000 |
Total | 862,000 |
Nebraska | Farm twenty four | |
Initial Cost to Company | |
Land | 742,000 |
Total | 742,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 94,000 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 742,000 |
Improvements | 94,000 |
Total | 836,000 |
Accumulated depreciation | $ 11,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Nebraska | Farm twenty five | |
Initial Cost to Company | |
Land | $ 702,000 |
Improvements | 72,000 |
Total | 774,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 700,000 |
Improvements | 72,000 |
Total | 772,000 |
Accumulated depreciation | $ 6,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
Nebraska | Farm twenty six | |
Initial Cost to Company | |
Land | $ 711,000 |
Improvements | 22,000 |
Total | 733,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 711,000 |
Improvements | 22,000 |
Total | 733,000 |
Accumulated depreciation | $ 3,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm twenty seven | |
Initial Cost to Company | |
Land | $ 607,000 |
Total | 607,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 607,000 |
Total | 607,000 |
Nebraska | Farm twenty eight | |
Initial Cost to Company | |
Land | 561,000 |
Total | 561,000 |
Cost Capitalized Subsequent to Acquisition | |
Land Improvements | 41,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 602,000 |
Total | 602,000 |
Nebraska | Farm twenty nine | |
Initial Cost to Company | |
Land | 500,000 |
Improvements | 10,000 |
Total | 510,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 0 |
Land Improvements | 0 |
Gross Amount at Which Carried at Close of Period | |
Land | 500,000 |
Improvements | 10,000 |
Total | 510,000 |
Accumulated depreciation | $ 5,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 5 years |
Nebraska | Farm thirty | |
Initial Cost to Company | |
Land | $ 342,000 |
Improvements | 4,000 |
Total | 346,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (1,000) |
Land Improvements | (2,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 341,000 |
Improvements | 4,000 |
Total | 344,000 |
Accumulated depreciation | $ 0 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
South Dakota | Farm one | |
Initial Cost to Company | |
Land | $ 6,731,000 |
Total | 6,731,000 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,731,000 |
Total | 6,731,000 |
Alabama | Farm one | |
Initial Cost to Company | |
Land | 1,719,000 |
Improvements | 1,883,000 |
Total | 3,602,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (7,000) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,719,000 |
Improvements | 1,875,000 |
Total | 3,595,000 |
Accumulated depreciation | $ 245,000 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate: | ||||||
Balance at beginning of year | $ 1,108,016 | $ 1,094,155 | $ 595,598 | |||
Additions during period | ||||||
Additions through construction of improvements | 5,326 | 9,874 | 15,549 | |||
Disposition of property and improvements | (62,468) | (29,573) | (671) | |||
Acquisitions through business combinations and/or asset acquisitions | 36,893 | 33,560 | 483,679 | |||
Balance at end of year | 1,087,767 | 1,108,016 | 1,094,155 | |||
Accumulated depreciation: | ||||||
Balance at beginning of year | 18,148 | 10,261 | 3,215 | |||
Dispositions of improvements | (947) | (190) | (80) | |||
Additions charged to costs and expenses | 8,022 | 8,077 | 7,126 | |||
Balance at end of year | 25,223 | 18,148 | 10,261 | |||
Real Estate and Accumulated Depreciation balance per consolidated balance sheet | ||||||
Real Estate balance per schedule | 1,087,767 | 1,108,016 | 1,094,155 | $ 1,087,767 | $ 1,108,016 | $ 1,094,155 |
Construction in progress | 11,911 | 10,262 | 8,137 | |||
Other non-real estate | 71 | 71 | 71 | |||
Balance per consolidated balance sheet | 1,099,749 | 1,118,349 | 1,102,363 | |||
Accumulated depreciation per schedule | 25,223 | 18,148 | 10,261 | 25,223 | 18,148 | 10,261 |
Other non-real estate | $ 54 | $ 54 | $ 24 | |||
Balance per consolidated balance sheet | $ 25,277 | $ 18,202 | $ 10,285 |