Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-36405 | ||
Entity Registrant Name | Farmland Partners Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-3769850 | ||
Entity Address, Address Line One | 4600 South Syracuse Street, Suite 1450 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80237 | ||
City Area Code | 720 | ||
Local Phone Number | 452-3100 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | FPI | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 45,670,398 | ||
Auditor Name | Plante & Moran, PLLC | ||
Auditor Firm ID | 166 | ||
Auditor Location | Denver, Colorado | ||
Entity Central Index Key | 0001591670 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 334,143,348 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land, at cost | $ 945,951 | $ 924,952 |
Grain facilities | 10,754 | 12,091 |
Groundwater | 10,214 | 10,214 |
Irrigation improvements | 52,693 | 53,887 |
Drainage improvements | 12,606 | 12,805 |
Permanent plantings | 53,698 | 54,374 |
Other | 6,848 | 8,167 |
Construction in progress | 10,647 | 9,284 |
Real estate, at cost | 1,103,411 | 1,085,774 |
Less accumulated depreciation | (38,303) | (32,654) |
Total real estate, net | 1,065,108 | 1,053,120 |
Deposits | 58 | |
Cash | 30,171 | 27,217 |
Assets held for sale | 530 | |
Notes and interest receivable, net | 6,112 | 2,348 |
Right of use asset | 107 | 93 |
Deferred offering costs | 40 | 0 |
Deferred financing fees, net | 87 | |
Accounts receivable, net | 4,900 | 4,120 |
Inventory | 3,059 | 1,117 |
Equity method investments | 3,427 | |
Intangible assets, net | 1,915 | |
Goodwill | 2,706 | |
Prepaid and other assets | 3,392 | 2,889 |
TOTAL ASSETS | 1,121,525 | 1,090,991 |
LIABILITIES | ||
Mortgage notes and bonds payable, net | 511,323 | 506,625 |
Lease liability | 107 | 93 |
Dividends payable | 2,342 | 1,612 |
Derivative liability | 785 | 2,899 |
Accrued interest | 3,011 | 3,446 |
Accrued property taxes | 1,762 | 1,817 |
Deferred revenue | 45 | 37 |
Accrued expenses | 9,564 | 8,272 |
Total liabilities | 528,939 | 524,801 |
Commitments and contingencies (See Note 8) | ||
Series B Participating Preferred Stock, $0.01 par value, 6,037,500 shares authorized; no shares issued and outstanding at December 31, 2021, and 5,831,870 at December 31, 2020 | 0 | 139,766 |
Redeemable non-controlling interest in operating partnership, Series A preferred units | 120,510 | 120,510 |
EQUITY | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 45,474,145 shares issued and outstanding at December 31, 2021, and 30,571,271 shares issued and outstanding at December 31, 2020 | 444 | 297 |
Additional paid in capital | 524,183 | 345,870 |
Retained earnings (deficit) | (4,739) | 1,037 |
Cumulative dividends | (61,853) | (54,751) |
Other comprehensive income | 279 | (2,380) |
Non-controlling interests in operating partnership | 13,762 | 15,841 |
Total equity | 472,076 | 305,914 |
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $ 1,121,525 | $ 1,090,991 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 0 | 5,831,870 |
Series B Participating Preferred Stock, shares outstanding | 0 | 5,831,870 |
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 | 45,474,145 | 30,571,271 |
Common stock, shares outstanding | 45,474,145 | 30,571,271 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING REVENUES: | ||
Rental income | $ 45,251 | $ 43,693 |
Total operating revenues | 51,739 | 50,689 |
OPERATING EXPENSES | ||
Depreciation, depletion and amortization | 7,629 | 7,972 |
Property operating expenses | 7,331 | 7,350 |
Cost of goods sold | 1,525 | 3,387 |
Acquisition and due diligence costs | 55 | 11 |
General and administrative expenses | 8,208 | 5,896 |
Legal and accounting | 10,147 | 3,742 |
Other operating expenses | 31 | 2 |
Total operating expenses | 34,926 | 28,360 |
OPERATING INCOME | 16,813 | 22,329 |
OTHER (INCOME) EXPENSE: | ||
Other (income) expense | (66) | 111 |
Income from equity method investment | (19) | |
Gain on disposition of assets | (9,290) | (2,989) |
Interest expense | 15,929 | 17,677 |
Total other expense | 6,554 | 14,799 |
Net income before income tax expense | 10,259 | 7,530 |
Income tax expense | 0 | 0 |
NET INCOME | 10,259 | 7,530 |
Net income attributable to non-controlling interests in operating partnership | (268) | (411) |
Net income attributable to the Company | 9,991 | 7,119 |
Nonforfeitable distributions allocated to unvested restricted shares | (57) | (64) |
Distributions on Series A Preferred Units and Series B Preferred Stock | (10,052) | (12,334) |
Redemption of Series B Participating Preferred Stock | (5,716) | |
Net loss available to common stockholders of Farmland Partners Inc. | $ (5,834) | $ (5,279) |
Basic and diluted per common share data: | ||
Basic net loss available to common stockholders | $ (0.17) | $ (0.18) |
Diluted net loss available to common stockholders | $ (0.17) | $ (0.18) |
Basic weighted average common shares outstanding (in shares) | 34,641 | 29,376 |
Diluted weighted average common shares outstanding (in shares) | 34,641 | 29,376 |
Dividends declared per common share | $ 0.20 | $ 0.20 |
Tenant reimbursements | ||
OPERATING REVENUES: | ||
Revenue | $ 3,450 | $ 3,637 |
Crop sales | ||
OPERATING REVENUES: | ||
Revenue | 880 | 1,902 |
Other revenue | ||
OPERATING REVENUES: | ||
Revenue | $ 2,158 | $ 1,457 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income | ||
Net income | $ 10,259 | $ 7,530 |
Amortization of OCI | 983 | 846 |
Net change associated with current period hedging activities | 1,676 | (1,582) |
Comprehensive income | 12,918 | 6,794 |
Comprehensive loss attributable to non-controlling interests | (268) | (411) |
Net income attributable to Farmland Partners Inc. | $ 12,650 | $ 6,383 |
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 (Loss) | Non-controlling Interests in Operating Partnership | Total |
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 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 7,118 | 411 | 7,529 | ||||
Issuance of stock | $ 12 | 9,988 | 10,000 | ||||
Issuance of stock (in shares) | 1,250 | ||||||
Grant of unvested restricted stock (in shares) | 139 | ||||||
Forfeiture of unvested restricted stock (in shares) | (1) | ||||||
Stock based compensation | 1,060 | 1,060 | |||||
Dividends accrued or paid | (12,332) | (5,967) | (368) | (18,667) | |||
Conversion of common units to shares of common stock | $ 3 | 2,974 | (2,976) | 1 | |||
Conversion of common units to shares of common stock (in shares) | 265 | ||||||
Net change associated with current period hedging transactions | (736) | (736) | |||||
Repurchase and cancellation of shares | $ (10) | (6,809) | (6,819) | ||||
Repurchase and cancellation of shares (in shares) | (1,034) | ||||||
Adjustments to non-controlling interest resulting from changes in ownership of the operating partnership | 270 | (270) | |||||
Balance at Dec. 31, 2020 | $ 297 | 345,870 | 1,037 | (54,751) | (2,380) | 15,841 | 305,914 |
Balance (in shares) at Dec. 31, 2020 | 30,571 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 9,991 | 268 | 10,259 | ||||
Issuance of stock | $ 21 | 27,135 | 27,156 | ||||
Issuance of stock (in shares) | 2,113 | ||||||
Grant of unvested restricted stock (in shares) | 143 | ||||||
Forfeiture of unvested restricted stock (in shares) | (3) | ||||||
Stock based compensation | 1,263 | 1,263 | |||||
Dividends accrued or paid | (10,051) | (7,102) | (284) | (17,437) | |||
Issuance of Operating Partnership units as partial consideration for business combination | $ 2 | 3,144 | 3,146 | ||||
Issuance of Operating Partnership units as partial consideration for business combination (in shares) | 249 | ||||||
Issuance of stock for redemption of Series B preferred stock | $ 121 | 144,711 | (5,716) | 139,116 | |||
Issuance of stock for redemption of Series B preferred stock (in shares) | 12,120 | ||||||
Conversion of common units to shares of common stock | $ 3 | 2,972 | (2,975) | ||||
Conversion of common units to shares of common stock (in shares) | 281 | ||||||
Net change associated with current period hedging transactions | 2,659 | 2,659 | |||||
Adjustments to non-controlling interest resulting from changes in ownership of the operating partnership | (912) | 912 | |||||
Balance at Dec. 31, 2021 | $ 444 | $ 524,183 | $ (4,739) | $ (61,853) | $ 279 | $ 13,762 | $ 472,076 |
Balance (in shares) at Dec. 31, 2021 | 45,474 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 10,259 | $ 7,530 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 7,629 | 7,972 |
Amortization of deferred financing fees and discounts/premiums on debt | 384 | 308 |
Amortization of net origination fees related to notes receivable | (3) | |
Stock-based compensation | 1,263 | 1,060 |
Gain on disposition of assets | (9,290) | (2,989) |
(Income) loss from equity method investment | (19) | |
Proceeds from litigation insurance | 500 | |
Proceeds from litigation settlement | 550 | |
Bad debt expense | 16 | 233 |
Amortization of dedesignated interest rate swap | 874 | 846 |
Changes in operating assets and liabilities: | ||
(Increase) Decrease in accounts receivable | (974) | 1,203 |
(Increase) Decrease in interest receivable | (100) | 61 |
(Increase) Decrease in other assets | (639) | 294 |
(Increase) Decrease in inventory | (1,715) | 433 |
Increase (Decrease) in accrued interest | (471) | 204 |
Increase (Decrease) in accrued expenses | 146 | 1,962 |
Increase (Decrease) in deferred revenue | (58) | 138 |
Increase (Decrease) in accrued property taxes | 4 | (29) |
Net cash provided by operating activities | 7,856 | 19,726 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Real estate acquisitions | (81,179) | (919) |
Real estate and other improvements | (2,713) | (2,655) |
MWA acquisition, net of cash acquired | (856) | |
Investment in equity method investees | (991) | |
Principal receipts on notes receivable | 37 | 1,772 |
Issuance of note receivable | (3,702) | (8) |
Proceeds from sale of property | 70,635 | 20,478 |
Net cash provided by (used in) investing activities | (18,769) | 18,668 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings from mortgage notes payable | 41,109 | 54,361 |
Repayments on mortgage notes payable | (35,908) | (59,027) |
Proceeds from ATM offering | 27,156 | |
Participating preferred stock repurchased | (650) | (3,095) |
Common stock repurchased | (6,819) | |
Payment of debt issuance costs | (841) | (332) |
Payment of swap fees | (291) | (182) |
Proceeds from issuance of common stock | 10,000 | |
Dividends on common stock | (6,360) | (5,942) |
Distributions to non-controlling interests in operating partnership, common | (296) | (368) |
Net cash provided by (used in) financing activities | 13,867 | (23,738) |
NET INCREASE IN CASH | 2,954 | 14,656 |
CASH, BEGINNING OF PERIOD | 27,217 | 12,561 |
CASH, END OF PERIOD | 30,171 | 27,217 |
Cash paid during period for interest | 14,704 | 15,477 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Additions to real estate improvements included in accrued expenses | 424 | 163 |
Settlement of outstanding notes receivable with property acquisitions | 487 | |
Swap fees payable included in accrued interest | 146 | 146 |
Prepaid property tax liability acquired in acquisitions | 40 | |
Deferred offering costs amortized through equity in the period | 157 | |
Right of Use Asset | 107 | 93 |
Lease Liability | 107 | 93 |
Conversion of Convertible Notes into Investment in equity method investee | 2,417 | |
Common stock | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common stock | 2,274 | 1,530 |
Common Unit Holders | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common units | 68 | 82 |
Series A Preferred Units | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distribution on preferred units/stock | (3,510) | (3,510) |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common units | 3,500 | |
Distributions payable, Series A preferred units | 3,510 | 3,510 |
Series B Participating Preferred Stock | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distribution on preferred units/stock | $ (6,542) | $ (8,824) |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Significant Accounting Policies | |
Organization and Significant Accounting Policies | Note 1–Organization and Significant Accounting Policies Organization Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI 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. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’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, 2021, FPI owned a 97.0% 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 FPI’s common stock, holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2021, the Operating Partnership owns a 9.97% equity interest in an unconsolidated equity method investment that holds 10 properties (see “Note 1, Convertible Notes Receivable” and “Note 1, Equity Method Investments”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2021, the Company owned a portfolio of approximately 160,200 acres which are consolidated in these financial statements. In addition, the Company serves as property manager over approximately 26,300 acres (see “Note 4—Related Party Transactions”). 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. On October 4, 2021, the Company converted all 5,806,797 shares of the outstanding Series B Participating Preferred Stock into shares of common stock. (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock.) 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 directly operate farms under certain circumstances. As of December 31, 2021, the TRS performed direct farming operations on 2,973 acres of farmland owned by the Company located in California and Michigan. All references to numbers and percent of acres within this report are unaudited. 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 FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. 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, including the impacts of the ongoing coronavirus (“COVID-19”) pandemic and its effects on the domestic and global economies. We are unable to quantify the ultimate impact of the pandemic on our business. Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or, group of similar identifiable assets, it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset, or a group of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines and perennial crops) and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs are expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. During the years ended December 31, 2021 and 2020, the company incurred an immaterial amount of costs related to acquisition and due diligence. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the price per share of the Company’s common stock on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. Real Estate Sales The Company recognizes gains from the sales of real estate assets, generally at the time the title is transferred, consideration is received and the Company no longer has substantial continuing involvement with the real estate sold, aside from properties sold to and subsequently managed for Promised Land Opportunity Zone Farms I, LLC (the "OZ Fund"), as described below. 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. 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 any immediate liquidity needs. We also have an effective shelf registration statement with approximately $200 million of capacity whereby we could issue additional equity or debt securities, and during 2021 we raised $27.3 million of equity capital from our ATM Programs as mentioned above. 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, 2021 and 2020 was held in the custody of six 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, 2020, the Company incurred $0.3 million in connection with the payoff of Farmer Mac Notes 8A and 9, the Farm Credit of Central Florida Note, with the related issuance of MetLife 10, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). During the year ended December 31, 2021, the Company incurred $0.8 million in connection with the issuance of the Jefferson Bank Bridge Loan, MetLife 11, MetLife 12, refinance of the Rutledge debt, substitution of collateral on MetLife 2. 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 $0.4 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.7 million and $1.3 million as of December 31, 2021 and 2020, 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, 2021 and 2020, the Company had issued four and three notes, respectively 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.” Convertible Notes Receivable approximately 7.6% upon conversion and increased to 9.97% as of December 31, 2021 after subsequent capital contributions. Please refer to “Note 4 – Related Party Transactions.” The OZ Fund has the option to purchase additional properties from the Company. 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, 2021, 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 related to regulatory, legal, accounting and professional service costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the offering is abandoned. The Company incurred $0.2 and $0.0 in offering costs during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company had $0.04 and $0.00, respectively, in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet. 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 creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was $0.0 million and $0.0 million as of December 31, 2021 and 2020, 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 crops on farms under direct operations are accumulated until the time of harvest at the lower of cost or net realizable value and are included in inventory in the consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold and is included in other operating expenses. The cost of harvested crop sold was $1.5 million and $3.4 million for the years ended December 31, 2021 and 2020, respectively. Harvested crop inventory on farms under direct operations includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value. As of December 31, 2021 and 2020, inventory consisted of the following: (in thousands) December 31, 2021 December 31, 2020 Harvested crop $ 164 $ 47 Growing crop 2,895 1,070 $ 3,059 $ 1,117 Equity Method Investments As partial consideration for certain transactions with the OZ Fund, the Company received the OZ Convertible Notes, which on July 16, 2021, were converted into a 7.6% equity interest upon conversion and increased to 9.97% as of December 31, 2021 after subsequent capital contributions of $1.0 million. As of December 31, 2021, the aggregate balance of our Equity Method Investment in the OZ Fund was approximately $3.4 million. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the Manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $20.0 million. Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the Members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest. Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values as of date of acquisition, with any difference recorded as goodwill. Management engages an independent valuation specialist, as applicable, to assist with the determination of fair value of the assets acquired, liabilities assumed, and goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the acquisition date. An adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition and due diligence costs that arise as a result of a business combination are expensed as incurred. On November 15, 2021, we acquired 100% of the membership interests of Murray Wise Associates, LLC (“MWA”), an agricultural asset management, brokerage and auction company, for total transaction value of $8.1 million, comprised of $5.3 million of consideration paid at closing. net of $2.8 million of closing adjustments. The consideration paid at closing was comprised of $2.2 million in cash and $3.1 million in shares of our common stock. The primary reason for the acquisition was to increase the Company’s breadth of activities in the farmland sector, while adding additional sources of revenue and market insight without raising public equity. As a result of the acquisition, MWA became a wholly owned subsidiary of the TRS. The Company issued an aggregate of 248,734 shares of common stock at a price of $12.61 per share. Two The Company recorded goodwill of $2.7 million, trade names and trademarks of $1.9 million, and customer relationships of $0.1 million, as part of the purchase of MWA. Goodwill represents the difference between the purchase consideration and the net assets acquired, including identifiable intangible assets. The factors giving rise to goodwill are primarily related to a) entry into new lines of business which are complimentary to FPI’s existing business operations, and b) acquired workforce-in-place, including Murray Wise who has extensive experience in the industry, and became a Director on the board of FPI in connection with the transaction. The following table presents a summary of the Company's purchase accounting entries: ($ in thousands) Consideration: Cash consideration $ 2,161 Stock consideration 3,147 Total consideration $ 5,308 Amounts recognized for fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 1,305 Fixed Assets 110 Goodwill 2,706 Intangible assets 1,915 Net Liabilities (728) Total Fair Value $ 5,308 Net cash used in the transaction: Cash used in transaction $ (2,161) Cash provided by transaction 1,305 Net cash used in the transaction $ (856) The following unaudited, pro forma results of operations are provided for the year ended December 31, 2021 and 2020. The supplemental pro forma results of operations are provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved for the periods presented, or that may be achieved in the future. Future results may vary significantly from the results reflected in this pro forma financial information because of future events and transactions, as well as other factors. The pro forma information is based on the Company’s consolidated results of operations for the year ended December 31, 2021, and MWA’s historical results of operations. The pro forma results of operations have been prepared by adjusting, and quantifying, the historical results of the Company to include the historical results of MWA based on information provided by MWA and the impact of the purchase price allocation. As reported Proforma (unaudited) For the years ended For the years ended December 31, December 31, ($ in thousands) 2021 2020 2021 2020 Operating revenues $ 51,739 $ 50,689 $ 54,479 $ 52,795 Net income $ 10,259 $ 7,530 $ 10,589 $ 7,428 Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future net operating margins, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. During the year ended December 31, 2021, the Company did not incur any impairment charges related to goodwill. Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization. Customer relationships are subject to amortization and are amortized over a period of 12 years. During the year ended December 31, 2021, the Company recorded amortization of customer relationships of less than $0.1 million. Revenue Recognition Fixed rent: Variable rent: Fixed rent and variable rent: Tenant reimbursements: Crop sales: Other revenue: 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 2019, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $0.0 million and $0.0 million, respectively, for the years ended December 31, 2021 and 2020. 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 $(2.1) million and $(1.9) million in taxable income (loss) from the TRS for the years ended December 31, 2021 and 2020, respectively. The Company did not have any deferred tax assets or liabilities for these years. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition | |
Revenue Recognition | Note 2—Revenue Recognition Leases in place as of December 31, 2021 have terms ranging from one two one The following sets forth a summary of rental income recognized during the years ended December 31, 2021 and 2020: Rental income recognized For the years ended December 31, (in thousands) 2021 2020 Leases in effect at the beginning of the year $ 38,757 $ 39,138 Leases entered into during the year 6,494 4,555 $ 45,251 $ 43,693 Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of December 31, 2021, including lease advances when contractually due, but excluding crop share and tenant reimbursement of expenses, for each of the next five years and thereafter as of December 31, 2021 are as follows: (in thousands) Future rental Year Ending December 31, payments 2022 $ 31,410 2023 20,416 2024 11,618 2025 2,959 2026 1,722 Thereafter 21,784 $ 89,909 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, 2021 | |
Concentration Risk | |
Concentration Risk | Note 3—Concentration Risk Credit Risk For the years ended December 31, 2021 and 2020, 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 years ended December 31, ($ in thousands) 2021 2020 Tenant A (1) $ 9,436 20.2 % $ 7,924 17.8 % (1) The Company has numerous permanent crop leases with major farming companies located in California. Geographic Risk Approximate % Rental Income of total acres For the years ended As of December 31, December 31, Location of Farm 2021 2020 2021 2020 Alabama 0.4 % 0.4 % 0.2 % 0.2 % Arkansas 7.9 % 8.9 % 3.7 % 4.2 % California 7.3 % 7.5 % 36.9 % 32.6 % Colorado 16.1 % 15.8 % 6.3 % 5.7 % Florida 3.0 % 3.0 % 2.5 % 2.5 % Georgia 2.9 % 3.4 % 1.6 % 2.3 % Illinois 23.8 % 24.7 % 25.5 % 26.7 % Kansas 1.2 % 1.3 % 0.3 % 0.4 % Louisiana 10.9 % 5.5 % 4.0 % 3.1 % Michigan 0.3 % 0.4 % 0.5 % 0.4 % Mississippi 1.8 % 2.8 % 1.0 % 1.8 % Missouri 0.5 % 0.0 % 0.1 % 0.0 % Nebraska 3.7 % 3.8 % 3.2 % 3.3 % North Carolina 10.3 % 10.7 % 6.9 % 7.8 % South Carolina 8.4 % 9.9 % 6.6 % 8.0 % South Dakota 1.1 % 1.1 % 0.4 % 0.4 % Texas 0.0 % 0.0 % 0.0 % 0.2 % Virginia 0.3 % 0.8 % 0.3 % 0.4 % 100.0 % 100.0 % 100.0 % 100.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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 Paul A. Pittman, the Company’s Chairman and Chief Executive Officer. The private plane is generally utilized when commercial air travel is not readily available or practical to and from a particular location. The Company paid costs of $0.16 million and $0.10 million during the years ended December 31, 2021 and 2020, respectively, to American Ag Aviation for use of the aircraft in accordance with the lease agreement. These costs were recognized based on the nature of the associated use of the aircraft, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s consolidated statements of operations. On January 20, 2021, the Company entered into property sale and long-term management agreements with the OZ Fund. The OZ Fund is a Delaware limited liability company whose manager is the brother of one of the Company's independent directors. That independent director has an indirect investment in the OZ Fund. On March 5, 2021, the Company sold nine farms to the OZ Fund. On March 31, 2021, the Company sold an additional property to the OZ Fund. As consideration for the 10 farms sold to the OZ Fund, the Company received approximately $19.1 million in cash and approximately $2.4 million in convertible notes receivable (the “OZ Convertible Notes”), resulting in a gain on disposition of assets totaling $2.4 million. On July 16, 2021, the OZ Convertible Notes were converted into a 7.6% equity interest in the OZ Fund. As of December 31, 2021, the Company had a 9.97% interest in the OZ Fund. Under the terms of the long-term management agreement, the Company earns a quarterly management fee equal to (i) 0.2125% times gross book value per quarter if the gross book value is less than $50 million or (ii) 0.2000% times gross book value per quarter if the gross book value is $50 million or more. The Company earned management fees of $0.15 million during the year ended December 31, 2021. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate | |
Real Estate | Note 5—Real Estate The Company completed 12 acquisitions, consisting of 12 properties, in the Corn Belt, Delta and South, High Plains, Southeast and West Coast regions during the year ended December 31, 2021. Aggregate consideration for these acquisitions totaled $81.2 million of which $28.4 million was paid through the issuance of notes payable. No intangible assets were acquired through these acquisitions. The Company completed three acquisitions, consisting of 3 properties, in Illinois and Michigan during the year ended December 31, 2020. Aggregate consideration for these acquisitions totaled $1.4 million and was comprised of $0.9 million in cash and $0.5 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, 2021, the Company completed 12 dispositions consisting of 20 properties in the Corn Belt, Delta and South and Southeast regions. The Company received cash consideration for these dispositions totaling $70.6 million and $2.4 million of convertible notes receivable (which was subsequently converted to membership interests in the OZ Fund on July 16, 2021), and recognized an aggregate gain on sale of $9.3 million. During the year ended December 31, 2020, the Company completed seven dispositions, consisting of eleven farms, in Texas, Illinois, Nebraska, Arkansas, and Mississippi. Cash receipts totaled $20.1 million with a total gain on sale of $3.2 million. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes Receivable | |
Notes Receivable | Note 6—Notes Receivable The Company offers an agricultural lending product (the “FPI Loan Program”) focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming and agricultural real estate related projects. The Company seeks to make loans that are collateralized by farm real estate or growing crops and in principal amounts of $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower. Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. The Company monitors its receivables based upon historical collection experience, collateral values and current trends. Accrued interest write-offs are recognized as credit loss expense. The Company’s estimate of expected credit losses on its notes receivable principal balance is $0.0 million and $0.0 million, respectively, as of December 31, 2021 and 2020. The Company recorded credit loss expense related to interest receivables of $0.00 million and $0.05 million during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company held the following notes receivable: ($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms December 31, 2021 December 31, 2020 Date Mortgage Note (1) Principal & interest due at maturity $ 223 $ 229 12/7/2028 Mortgage Note (1) Principal due at maturity & interest due monthly 2,135 2,135 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due quarterly 1,571 — 6/23/2023 Mortgage Note (3) Principal due at maturity & interest due semi-annually 2,100 — 8/18/2023 Total outstanding principal 6,029 2,364 Interest receivable (net prepaid interest and points) 83 277 Provision for interest receivable — (293) Total notes and interest receivable $ 6,112 $ 2,348 (1) The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable by the buyer between the third and fifth anniversary of the issuance of the notes and expire on March 16, 2022. (2) On July 27, 2021, the Company entered into a loan secured against farmland. (3) On August 18, 2021, the Company entered into a loan secured against farmland and farm equipment. A reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2021 and 2020 is set out below: Years ended December 31, ($ in thousands) 2021 2020 Balance at beginning of year $ 2,364 $ 4,614 Additions during year: New mortgage loans and additional advances on existing loans 3,702 8 Interest income added to principal — — Amortization of discount — — 6,066 4,622 Deductions during year: Collection of principal 37 451 Foreclosure — 1,807 Balance at end of year $ 6,029 $ 2,364 The collateral for the mortgage notes receivable consists of real estate, personal property and growing crops. 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, 2021 and 2020, the fair value of the notes receivable was $6.0 million and $2.4 million, respectively. |
Mortgage Notes, Lines of Credit
Mortgage Notes, Lines of Credit and Bonds Payable | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Notes, Lines of Credit and Bonds Payable | |
Mortgage Notes, Lines of Credit and Bonds Payable | Note 7—Mortgage Notes, Lines of Credit and Bonds Payable As of December 31, 2021 and 2020, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of December 31, December 31, December 31, Maturity December 31, Loan Payment Terms Interest Rate Terms 2021 2021 2020 Date 2021 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% $ 13,827 $ 13,827 April 2025 $ 21,438 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,595 MetLife Term Loan #1 Semi-annual interest only 3.30% fixed until 2023 3.30% 83,206 85,188 March 2026 186,795 MetLife Term Loan #2 Semi-annual interest only 4.27% fixed until 2022 4.27% 16,000 16,000 March 2026 17,694 MetLife Term Loan #3 Semi-annual interest only 4.27% fixed until 2022 4.27% 16,800 21,000 March 2026 26,141 MetLife Term Loan #4 Semi-annual interest only 3.30% fixed until 2023 3.30% 13,017 15,685 June 2026 25,694 MetLife Term Loan #5 Semi-annual interest only 3.50% fixed until 2022 3.50% 6,779 8,379 January 2027 9,985 MetLife Term Loan #6 Semi-annual interest only 3.45% fixed until 2023 3.45% 27,158 27,158 February 2027 58,087 MetLife Term Loan #7 Semi-annual interest only 3.20% fixed until 2023 3.20% 16,198 17,153 June 2027 36,391 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual interest only 3.20% fixed until 2024 3.20% 16,800 21,000 May 2028 33,652 MetLife Term Loan #10 Semi-annual interest only 3.00% fixed until 2023 3.00% 49,874 53,277 October 2030 105,675 MetLife Term Loan #11 Semi-annual interest only 2.85% fixed until 2024 2.85% 12,750 — October 2031 26,890 MetLife Term Loan #12 Semi-annual interest only 3.11% fixed until 2024 3.11% 14,359 — December 2031 28,777 Rabobank (1) Semi-annual interest only LIBOR + 1.70% adjustable every three years 1.80% 59,500 62,358 March 2028 128,974 Rutledge Note Payable #1 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 17,000 17,000 April 2022 29,869 Rutledge Note Payable #2 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 25,000 25,000 April 2022 39,859 Rutledge Note Payable #3 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 25,000 25,000 April 2022 48,040 Rutledge Note Payable #4 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 15,000 15,000 April 2022 29,302 Rutledge Note Payable #5 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 30,000 30,000 April 2022 84,681 Total outstanding principal 513,428 508,185 $ 1,066,581 Debt issuance costs (2,105) (1,560) Unamortized premium — — Total mortgage notes and bonds payable, net $ 511,323 $ 506,625 (1) The Company has an interest rate swap agreement with Rabobank to add stability to interest expense and to manage our exposure to interest rate movements (see Note 10 – “Hedge Accounting”). (2) On February 18, 2022, the Rutledge Facility (as defined below) maturity was extended to March 1, 2027. Farmer Mac Facility As of December 31, 2021 and 2020, the Company had approximately $25.0 million outstanding under the Farmer Mac facility. The Farmer Mac facility is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including: a maximum leverage ratio of not more than 60%; a minimum fixed charge coverage ratio of 1.50 to 1.00; and a minimum tangible net worth requirement. The Company was in compliance with all applicable covenants at December 31, 2021. MetLife Term Loans As of December 31, 2021 and 2020, the Company had $316.9 million and $308.8 million outstanding, respectively (the “MetLife loans”), under the loan agreements between certain of the Company’s subsidiaries and Metropolitan Life Insurance Company (“MetLife”) (together, the “MetLife loan agreements”). 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%. In connection with each of the MetLife loan agreements, FPI and the Operating Partnership each entered into separate guarantees whereby FPI and the Operating Partnership jointly and severally agree to unconditionally guarantee the obligations under the MetLife loan agreements (the “MetLife guarantees”). The MetLife guarantees contain a number of customary affirmative and negative covenants. The Company was in compliance with all covenants under the MetLife loan agreements and MetLife guarantees as of December 31, 2021. 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, FPI 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. Rutledge Credit Facility As of December 31, 2021 and 2020, the Company and the Operating Partnership had $112.0 million and $112.0 million, respectively, outstanding under the credit facility with Rutledge Investment Company (the “Rutledge Facility”). As of December 31, 2021, $0.0 remains available under this facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility. In connection with each of the loan agreements relating to the Rutledge Facility, the Company and the Operating Partnership each entered into separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee the obligations under the loan agreements related to the Rutledge Facility (the “Rutledge guarantees”). The Rutledge guarantees contain a number of customary affirmative and negative covenants. On February 18, 2022, the Company entered into an agreement with Farm Credit Mid-America to extend the maturities on our $112.0 million of outstanding debt maturing on April 1, 2022 to March 1, 2027 (the "Maturity Date" and collectively, the "Consolidated Rutledge Loan"). The interest rate for the Consolidated Rutledge Loan is based on the Secured Overnight Financing Rate, plus an applicable margin. The applicable margin for the Consolidated Rutledge Loan will be 1.80% to 2.25%, depending on the applicable pricing level in effect. The Company previously paid a commitment fee to Rutledge Investment Company equal to 0.50% of the aggregate principal amount of the Consolidated Loan. Generally, the Consolidated Loan Agreement contains terms consistent with the Rutledge Facility, including, among others, the representations and warranties, affirmative, negative and financial covenants and events of default. The Company will owe no prepayment penalty if it elects to repay the Consolidated Rutledge Loan in full before the Maturity Date. Rabobank Mortgage Note As of December 31, 2021 and 2020, the Company and the Operating Partnership had $59.5 million and $62.4 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, 2021. Jefferson Bank Bridge Loan On May 28, 2021, the Company entered into a loan agreement with Jefferson Bank in connection with the acquisition of property. The loan was due September 2021 and was collateralized by the property acquired. In accordance with the terms of the applicable real estate purchase agreement, the seller agreed to reimburse the Company for a 3.0% interest rate on a maximum of $13.5 million in loan principal for the first 90 days following the closing. In September 2021, the loan was refinanced through the issuance of a MetLife loan. LIBOR Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the respective terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the balance sheet upon maturity or repayment of the underlying debt. Accumulated amortization of deferred financing fees was $1.7 million and $1.3 million as of December 31, 2021 and 2020, respectively. Aggregate Maturities As of December 31, 2021, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2022 $ 112,000 2023 — 2024 2,100 2025 27,087 2026 129,023 Thereafter 243,218 $ 513,428 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, 2021 and 2020, the fair value of the mortgage notes payable was $522.7 million and $535.1 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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 which the Company extended in March 2020 through July 31, 2021 and in May 2021 through September 2022. 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, $10,701 in June 2020, $12,373 in August 2020 and $13,042 in October 2021. Beginning in 2020, 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 of 3.35%, equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Options to extend the lease are excluded in our minimum lease terms unless the option is reasonably certain to be exercised. Our total lease cost for the years ended December 31, 2021 and 2020 was $0.15 million and $0.13 million, respectively. As of December 31, 2021, the lease has a remaining term of nine months. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future rental Year Ending December 31, payments 2022 $ 107 2023 — 2024 — 2025 — 2026 — Thereafter — $ 107 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. was filed in the United States District Court for the District of Colorado (the “Brokop Action”). As discussed below, the current named plaintiff in that action is a purported FPI shareholder named Don Brokop. The complaint filed in the Brokop Action alleged substantially identical claims to those alleged in the Kachmar Action. Several purported shareholders moved to consolidate the Kachmar Action and the Brokop 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 Brokop Action. On March 11, 2019, the Turners and additional plaintiff Obelisk Capital Management filed an amended complaint in the Brokop Action. On June 18, 2019, the court denied the defendants’ motion to dismiss the amended complaint in the Brokop 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, seeking to certify the case as a class action on behalf of purchasers of Farmland Partners’ common stock between November 12, 2015 and July 10, 2018 and to have the Turners and purported stockholder Don Brokop appointed as class representatives. On December 27, 2019, plaintiffs filed a motion for leave to file a second amended complaint to add Brokop as an additional plaintiff in place of Obelisk Capital Management. On December 8, 2020, the court granted the Turners’ motion to amend to add Brokop as an additional plaintiff and denied the Company’s motion for judgment on the pleadings. As a result, the automatic discovery stay was lifted and the court entered a schedule for proceedings going forward. The Company, Mr. Pittman, and Mr. Fabbri filed an opposition to plaintiffs’ motion for class certification on February 8, 2021. On February 17, 2021, plaintiffs filed a motion to withdraw the Turners as lead plaintiffs and to substitute Brokop as lead plaintiff. On June 7, 2021, the court granted the motion to withdraw the Turners and substitute Brokop as lead plaintiff. The parties completed fact discovery on June 29, 2021. On July 23, 2021, Magistrate Judge Nina Wang issued a Report and Recommendation to the district court recommending that Brokop’s motion for class certification be granted in part and denied in part. Specifically, the magistrate judge recommended that the district court deny the motion as to purchasers of Farmland Partners common stock between November 12, 2015 and December 14, 2016 and grant the motion as to purchasers between December 14, 2016 and July 11, 2018. On September 30, 2021, the district court issued an order adopting in part the magistrate judge’s recommendation and certifying a plaintiff class of purchasers of FPI stock between February 23, 2017 and July 11, 2018. Discovery concluded in the Brokop Action on October 1, 2021. On November 16, 2021, the Company, Mr. Pittman, and Mr. Fabbri moved for summary judgment dismissing Brokop’s claims and Brokop moved for partial summary judgment. Those motions were fully briefed on February 17, 2022. 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 Brokop 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 Brokop 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 made similar claims to those in the Brokop and Winter Actions. 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 made similar claims to those in the Brokop, Winter, Luger, and Barber Actions. On September 23, 2020, the Court consolidated the Luger and Hustedde action under the caption In re Farmland Partners Inc. Stockholder Litigation (the “Stockholder Litigation”). Luger and Hustedde (the “Derivative Plaintiffs”), the plaintiffs in the Stockholder Litigation, filed a consolidated amended complaint on October 30, 2020. The Company moved to dismiss the complaint in the Stockholder Litigation on December 15, 2020. On June 3, 2021, the court granted the Company’s motion to dismiss and dismissed the consolidated amended complaint in the Stockholder Litigation as to all defendants. On July 7, 2021, the Derivative Plaintiffs filed a notice of appeal, appealing the order dismissing their consolidated amended complaint to the Maryland Court of Special Appeals. The Derivative Plaintiffs filed their opening appeal brief on December 17, 2021. On July 24, 2018, we filed a lawsuit in the District Court, Denver County, Colorado, against “Rota Fortunae” (a pseudonym for Quinton Mathews, the individual behind Rota Fortunae) 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, which we alleged was published in connection with a “short and distort” scheme to profit from an artificial decline in our stock price, the trading price of our common stock declined by approximately 40%. 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. On May 15, 2020, United States District Court for the District of Colorado to which this case was removed issued orders (i) denying Rota Fortunae’s motion to dismiss our claims; and (ii) requiring him to disclose his identity. On July 28, 2020, the Court granted our motion to amend the complaint to add Quinton Mathews’ name as well as the following alleged co-conspirators: QKM, L.L.C., Sabrepoint Capital Management, LP, Donald Marchiony and George Baxter. On February 26, 2021 the Court granted the motion of Sabrepoint Capital Management, LP, Donald Marchiony, and George Baxter to dismiss them solely on personal jurisdiction grounds. On June 20, 2021, Quinton Mathews (a.k.a. “Rota Fortunae”) entered into a settlement agreement with the Company in which he agreed to pay the Company a multiple of the profits he made when the Company’s common stock price fell in connection with the Wheel of Fortune article. The Company has long believed the Wheel of Fortune article was part of a short and distort attack on the Company. This was confirmed when Quinton Mathews issued a press release admitting he and his advisory clients shorted the Company in advance of the article and profited from the decline it caused, and further admitted that many of the key statements in that article – which he acknowledged led to the stock’s decline - were false. Following the parties’ settlement, the Court granted a joint stipulated motion to dismiss the case on June 29, 2021. On July 2, 2021, the Company filed a complaint against First Sabrepoint Capital Management, LP, Sabrepoint Capital Partners, LP, Sabrepoint Capital Participation, LP, George Baxter, and Donald Marchiony (collectively, “Sabrepoint”) in the Civil District Courts of Dallas County, Texas seeking relief for their role, as alleged in the complaint, in the short and distort scheme. On December 17, 2021, the Company's claims against Sabrepoint were dismissed by the court. Farmland Partners is pursuing an appeal of that order and is confident it will be overturned and the litigation will be allowed to proceed. On January 26, 2022, Sabrepoint filed a motion for attorney's fees relating to the defense of that action. The Company has opposed Sabrepoint's attorney's fees application, which is currently pending before Judge Wysocki. Repurchase Options For certain of the Company’s acquisitions, the seller retains the option to repurchase the property at a future date for a price, which is calculated based on an appreciation factor over the original purchase price plus the value of improvements on the property, that, at the time of the acquisition, the Company expected would be at or above the property’s fair market value at the exercise date. As of December 31, 2021, the Company has an approximate aggregate net book value of $8.4 million related to assets with unexercised repurchase options, and $15.8 million related to assets with exercised repurchase options. On September 4, 2020, the seller of one such property exercised its right to repurchase approximately 2,860 acres in South Carolina. The Company received a non-refundable initial payment of $2.9 million upon exercise, plus additional payments of $0.3 million in February 2021 and $0.1 million in February 2022. The Company is scheduled to receive a series of non-refundable payments until the closing date, which is currently scheduled to take place on or before January 15, 2025. |
Stockholders' Equity and Non-co
Stockholders' Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2021 | |
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 FPI consolidates the Operating Partnership. As of December 31, 2021 and 2020, FPI owned 97.0% and 94.9% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 3.0% and 5.1% interests, respectively, are included in non-controlling interests in Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership are held in the form of Common units and Series A preferred units. On or after 12 months of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Company’s sole discretion, for shares of the Company’s common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount will be equal to the number of tendered units multiplied by the fair market value per share of the Company’s common stock on the date of the redemption notice (determined in accordance with, and subject to adjustment under, the terms of the Partnership Agreement). Any redemption request must be satisfied by the Company on or before the close of business on the tenth business day after the Company receives a notice of redemption. During the years ended December 31, 2021 and 2020, the Company issued 281,453 and 265,000, respectively, of shares of common stock upon redemption of 281,453 and 265,000, respectively, of Common units that had been tendered for redemption. There were 1.4 million and 1.6 million outstanding Common units eligible to be tendered for redemption as of December 31, 2021 and 2020, respectively. If the Company gives the limited partners notice of its intention to make an extraordinary distribution of cash or property to its stockholders or effect a merger, a sale of all or substantially all of its assets or any other similar extraordinary transaction, each limited partner may exercise its right to tender its Common units for redemption, regardless of the length of time such limited partner has held its Common units. Regardless of the rights described above, the Operating Partnership will not have an obligation to issue cash to a unitholder upon a redemption request if the Company elects to redeem Common units for shares of common stock. When a Common unit is redeemed, non-controlling interest in the Operating Partnership is reduced, and stockholders’ equity is increased. The Operating Partnership intends to continue to make distributions on each Common unit in the same amount as those paid on each share of FPI’s common stock, with the distributions on the Common units held by FPI being utilized to pay dividends to FPI’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. Changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership resulted in an increase/(decrease) the non-controlling interest in the Operating Partnership by $2.7 million and ($0.7) million during the years ended December 31, 2021 and 2020 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. Pursuant to the Amendment, among other things, each Series A preferred unit has a $1,000 liquidation preference and is entitled to receive cumulative preferential cash distributions at a rate of 3.00% per annum of the $1,000 liquidation preference, which is payable annually in arrears on January 15 of each year or the next succeeding business day. The cash distributions are accrued ratably over the year and credited to redeemable non-controlling interest in Operating Partnership, preferred units on the balance sheet with the offset recorded to retained earnings. On March 2, 2016, 117,000 Series A preferred units were issued as partial consideration in the March 2, 2016 Illinois farm acquisition. Upon any voluntary or involuntary liquidation or dissolution, the Series A preferred units are entitled to a priority distribution ahead of Common units in an amount equal to the liquidation preference plus an amount equal to all distributions accumulated and unpaid to the date of such cash distribution. Total liquidation value of such preferred units as of December 31, 2021 and 2020 was $120.5 million and $120.5 million, respectively, including accrued distributions. On or after February 10, 2026 (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 February 10, 2021, 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. 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, 2021 and 2020: Series A Preferred Units (in thousands) Redeemable Preferred units Redeemable non-controlling interests Balance at December 31, 2019 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2020 117 $ 120,510 Balance at December 31, 2020 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2021 117 $ 120,510 Series B Participating Preferred Stock On August 17, 2017, the Company 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. 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 was convertible and redeemable for common shares at a determinable price and date at the option of the Company and upon the occurrence of an event not solely within the control of the Company. The balance recorded in mezzanine equity relating to the Series B Participating Preferred Stock as of December 31, 2021 and 2020 was $0.0 million and $139.8 million, respectively. On October 4, 2021, the Company converted all 5,806,797 shares of the outstanding Series B Participating Preferred Stock into shares of common stock. Each share of Series B Participating Preferred Stock was converted into 2.0871798 shares of common stock, or 12,119,829 shares of common stock in total, less any fractional shares. Holders of the Series B Participating Preferred Stock received cash in lieu of fractional shares. As a result of the conversion, the Company recorded a $5.7 million deemed dividend to the Series B Participating Preferred stockholders, which represents the conversion value as of the conversion date less the carrying value as of October 4, 2021. Distributions The Company’s board of directors declared and paid the following distributions to common stockholders and holders of Common units for the years ended December 31, 2021 and 2020: Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2021 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 August 4, 2021 October 1, 2021 October 15, 2021 $ 0.0500 May 7, 2021 July 1, 2021 July 15, 2021 $ 0.0500 February 11, 2021 April 1, 2021 April 15, 2021 $ 0.0500 $ 0.2000 2020 November 3, 2020 January 1, 2021 January 15, 2021 $ 0.0500 August 4, 2020 October 1, 2020 October 15, 2020 $ 0.0500 May 6, 2020 July 1, 2020 July 15, 2020 $ 0.0500 March 11, 2020 April 1, 2020 April 15, 2020 $ 0.0500 $ 0.2000 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company has accrued $3.5 million in distributions payable as of December 31, 2021. The distributions are payable annually in arrears on January 15 of each year. In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. From time to time, a portion of the Company’s dividends may be characterized as qualified dividends, capital gains or return of capital. Share Repurchase Program On March 15, 2017, the Company’s Board of Directors approved a program to repurchase up to $25 million in shares of the Company’s common stock. 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. Subsequently on August 1, 2018, the Board of Directors increased the authority under the share repurchase program by an aggregate of $30 million. On November 7, 2019, the Board of Directors increased the authority under the program by an additional $50 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. This share repurchase program does not obligate the Company to acquire any particular amount of common stock and it may be modified or suspended at any time at the Company’s discretion. The Company funds repurchases under the program using cash on its balance sheet. During the year ended December 31, 2021, the Company repurchased no shares of its common stock and 25,073 shares of its Series B Participating Preferred Stock for $0.7 million at an average price of $25.92 per share. As of December 31, 2021, the Company had approximately $40.5 million in shares that it can repurchase under the stock repurchase plan. Equity Incentive Plan On May 7, 2021, the Company’s stockholders approved the Third 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 1.9 million shares. As of December 31, 2021, there were 0.8 million shares available for future grants under the Plan. The Company may issue equity-based awards to officers, non-employee directors, employees, independent contractors and other eligible persons under the Plan. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity- based awards, including LTIP units, which are convertible on a one-for-one basis into Common units. The terms of each grant are determined by the compensation committee of the Board of Directors. From time to time, the Company may award restricted shares of its common stock under the Plan, as compensation to officers, employees, non-employee directors and non-employee consultants. The shares of restricted stock vest over a period of time as determined by the compensation committee of the Company’s Board of Directors at the date of grant. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for restricted shares of common stock on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company recognizes compensation expense for awards issued to non-employee consultants in the same period and in the same manner as if the Company paid cash for the underlying services. A summary of the non-vested restricted shares as of December 31, 2021 and 2020 is as follows: Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2019 345 $ 9.49 Granted 139 6.23 Vested (168) 8.24 Forfeited — — Unvested at December 31, 2020 316 $ 6.46 Granted 143 11.72 Vested (162) 6.68 Forfeited — — Unvested at December 31, 2021 297 $ 8.87 The Company recognized stock-based compensation expense related to restricted stock awards of $1.3 million and $1.1 million, f or At-the-Market Offering Program (the “ATM Program”) On October 29, 2021, the Company entered into equity distribution agreements under which the Company may issue and sell from time to time, through sales agents, shares of its common stock having an aggregate gross sales price of up to $75 million (the " $75 million ATM Program”). the Company During the year ended December 31, 2021, $1.9 million $27.6 million and Earnings per Share The computation of basic and diluted earnings (loss) per share is as follows: For the years ended December 31, (in thousands, except per share amounts) 2021 2020 Numerator: Net income attributable to Farmland Partners Inc. $ 9,991 $ 7,119 Less: Nonforfeitable distributions allocated to unvested restricted shares (57) (64) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (10,052) (12,334) Less: Dividends on Series B Participating Preferred Stock (5,716) — Net loss attributable to common stockholders $ (5,834) $ (5,279) Denominator: Weighted-average number of common shares - basic 34,641 29,376 Conversion of preferred units (1) — — Unvested restricted shares (1) — — Redeemable non-controlling interest (1) — — Weighted-average number of common shares - diluted 34,641 29,376 Loss per share attributable to common stockholders - basic $ (0.17) $ (0.18) Loss per share attributable to common stockholders - diluted $ (0.17) $ (0.18) (1) Anti-dilutive for the years ended December 31, 2021 and 2020. Numerator: Unvested shares of the Company’s restricted common stock are considered participating securities, which requires the use of the two-class method for the computation of basic and diluted earnings per share. 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 subtracted, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. Distributions on preferred interests in the Operating Partnership have been subtracted from net income or loss attributable to common stockholders. Denominator: Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. The outstanding Series A preferred units are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis, if they are dilutive. For the years ended December 31, 2021 and 2020, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. The outstanding shares of Series B Participating Preferred Stock are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis, if they are dilutive. For the years ended December 31, 2021 and 2020, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. For the years ended December 31, 2021 and 2020, diluted weighted average common shares do not include the impact of 0.5 million and 0.3 million, respectively, unvested compensation-related shares as they would have been anti-dilutive. The limited partners’ outstanding Common units, or the non-controlling interests, (which may be redeemed for shares of common stock) have not been included in 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, therefore increasing both net income and shares. The weighted average number of Common units held by the non-controlling interest was 1.5 million and 1.8 million for the years ended December 31, 2021 and 2020, respectively. Outstanding Equity Awards and Units The following equity awards and units were outstanding as of December 31, 2021 and 2020, respectively. December 31, 2021 December 31, 2020 Shares 45,177 30,255 Common Units 1,357 1,639 Redeemable Common Units — — Unvested Restricted Stock Awards 297 316 46,831 32,210 |
Hedge Accounting
Hedge Accounting | 12 Months Ended |
Dec. 31, 2021 | |
Hedge Accounting | |
Hedge Accounting | Note 10—Hedge Accounting Cash Flow Hedging Strategy The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its financing sources. The Company may also use interest rate derivative financial instruments, primarily interest rate swaps. As of December 31, 2021, the Company was a party to one interest rate swap, designated as a hedging instrument, to add stability to interest expense and to manage its exposure to adverse interest rate movements. 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. On March 26, 2020, the Company terminated its existing swap agreement and entered into a new interest rate swap agreement to obtain a more favorable interest rate and to manage interest rate risk exposure, which was effective April 1, 2020. An interest rate swap agreement utilized by the Company effectively modified the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next six years on 50% of the outstanding amount to Rabobank at the time of the agreement, 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 fair value of the de-designated swap was $2.6 million on the termination date. The Company is amortizing the de-designated swap over the original term utilizing a forward curve analysis of determining monthly amortization out of Other Comprehensive Income through the original termination date (March 1, 2023). Amortization for the years ended December 31, 2021 and 2020 was $1.0 million and $0.8 million, respectively. The Company’s $2.6 million termination fee was rolled into the new swap and will be paid over the next six years. Termination fees paid during the year ended December 31, 2021 were $0.4 million. The Company determines the hedge effectiveness of its interest rate swaps at inception by applying a quantitative evaluation of effectiveness using regression analysis. On an ongoing basis the Company applies an initial qualitative assessment of on-going effectiveness and 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. The qualitative assessment may indicate that the hedge relationship is not highly effective, the Company would then perform a quantitative evaluation using regression analysis. The Company concluded the hedge was highly effective at inception and remains highly effective as of December 31, 2021. As of December 31, 2021, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $33.2 million. The fair value of the Company’s derivative instrument on a recurring basis is set out below: ($ in thousands) Instrument Balance sheet location Level 2 Fair Value Interest rate swap Derivative liability $ 785 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2021 and 2020 is set out below: Cash flow hedging relationships Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts Interest expense For the years ended December 31, 2021 and 2020, the amount of loss recognized in net income was $0.6 million and $0.4 million, respectively. The net change associated with current period hedging transactions was $2.7 million and $(0.7) million for the years ended December 31, 2021 and 2020, respectively. The amortization of frozen Accumulated Other Comprehensive Income was $1.0 million and $0.8 million for the years ended December 31, 2021 and 2020, respectively. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. Level 2 is defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2021. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table outlines the movements in the other comprehensive income account as of December 31, 2021 and 2020: ($ in thousands) December 31, 2021 December 31, 2020 Beginning accumulated derivative instrument gain or loss $ (2,380) $ (1,644) Net change associated with current period hedging transactions 1,676 (1,582) Amortization of frozen AOCI on de-designated hedge 983 846 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 279 $ (2,380) |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information (unaudited) | |
Quarterly Financial Information (unaudited) | Note 11—Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2021 and 2020. Quarter Ended ($ in thousands except per share data) March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Operating revenues $ 11,575 $ 10,013 $ 10,105 $ 20,046 Operating expenses (1) 8,477 9,058 8,671 8,720 Other expenses (2) 621 3,820 4,103 (1,990) Net income (loss) before income tax expense 2,477 (2,865) (2,669) 13,316 Income tax expense — — — — Net income (loss) $ 2,477 $ (2,865) $ (2,669) $ 13,316 Net income (loss) available to common stockholders of Farmland Partners Inc. $ (718) $ (5,804) $ (5,623) $ 6,311 Basic net income (loss) per share available to common stockholders (3) $ (0.02) $ (0.19) $ (0.17) $ 0.14 Diluted net income (loss) per share available to common stockholders (3) $ (0.02) $ (0.19) $ (0.17) $ 0.12 Basic weighted average common shares outstanding 30,418 31,072 32,551 44,391 Diluted weighted average common shares outstanding 30,418 31,072 32,551 54,520 Quarter Ended ($ in thousands) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Operating revenues $ 11,650 $ 10,517 $ 10,604 $ 17,917 Operating expenses (1) 6,361 6,828 6,955 8,216 Other expenses (2) 4,870 3,517 3,088 3,324 Net income before income tax expense 419 172 561 6,377 Income tax expense — — — — Net income $ 419 $ 172 $ 561 $ 6,377 Net income (loss) available to common stockholders of Farmland Partners Inc. $ (2,737) $ (2,942) $ (2,553) $ 2,955 Basic net income (loss) per share available to common stockholders (3) $ (0.09) $ (0.10) $ (0.09) $ 0.10 Diluted net income (loss) per share available to common stockholders (3) $ (0.09) $ (0.10) $ (0.09) $ 0.06 Basic weighted average common shares outstanding 29,545 29,433 29,206 29,331 Diluted weighted average common shares outstanding 29,545 29,433 29,206 46,461 (1) Operating expenses for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 included $2.5 million, $2.7 million, $2.2 million, $1.4 million, respectively, related to litigation. Operating expenses for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 included $0.2 million, $0.6 million, $0.0 million, $1.9 million, respectively, related to litigation. (2) Other expenses for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 included $3.4 million, $0.1 million, $(0.1) million, $5.8 million, respectively, related to Gain (loss) on disposition of assets. Other expenses for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 included $(0.1) million, $0.9 million, $1.3 million, $0.8 million, respectively, related to gain (loss) on disposition of assets. (3) 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | Note 12—Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. Dividends On February 22, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock and Common units payable on April 15, 2022 to stockholders and unitholders of record as of April 1, 2022. Real Estate Acquisitions Subsequent to December 31, 2021, the Company completed one farm acquisition in the Corn Belt region for $1.5 million in cash consideration. Real Estate Dispositions Subsequent to December 31, 2021, the Company completed one partial farm disposition in the Corn Belt region for $2.7 million in cash consideration. Rutledge Loans Refinancings On February 18, 2022, the Company entered into an agreement with Farm Credit Mid-America to extend the maturities on the $112.0 million of outstanding debt maturing on April 1, 2022 to March 1, 2027. 401k Plan In February 2022, the Company implemented a 401k plan. As part of the plan, the Company expects to make safe harbor contributions of approximately 3% of gross employee compensation. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Schedule III-Real Estate and Accumulated Depreciation | |
Schedule III-Real Estate and Accumulated Depreciation | Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is California (k) 44,994 — 44,994 — — — 44,994 — 44,994 — 2017 — North Carolina (m) 41,906 — 41,906 578 5 583 42,484 5 42,489 — 2018 2015 30 California (k) 33,482 — 33,482 — — — 33,482 — 33,482 — 2017 — Illinois (i) 29,627 431 30,058 50 2,268 2,318 29,677 2,699 32,376 451 2017, 2018 2017 19 California (k) 31,567 — 31,567 — — — 31,567 — 31,567 — 2017 — California (r), (u) 19,925 11,521 31,446 — (1,146) (1,146) 19,925 10,375 30,300 4,036 2017 2017 13 Louisiana (n) 26,762 128 26,890 — — — 26,762 128 26,890 22 2021 13 Illinois (i) 22,937 1,484 24,421 (11) 1,302 1,291 22,926 2,786 25,712 390 2017, 2018, 2019 2017 26 Louisiana (o) 24,754 390 25,144 — — — 24,754 390 25,144 1 2021 16 California (t) 7,647 11,518 19,165 — 338 338 7,647 11,856 19,503 2,384 2017, 2018, 2020, 2021 2017 20 South Carolina (p) 12,057 1,474 13,531 53 5,897 5,950 12,110 7,371 19,481 1,257 2014, 2017, 2018, 2019, 2021 2014 24 California (u) 10,947 6,878 17,825 (12) 287 275 10,935 7,165 18,100 1,972 2017, 2021 2017 22 California (u) 9,998 8,116 18,114 — (115) (115) 9,998 8,001 17,999 2,616 2017 2017 14 North Carolina (l) 17,627 — 17,627 — — — 17,627 — 17,627 — 2018 — South Carolina (j) 14,866 906 15,772 — 239 239 14,866 1,145 16,011 188 2017, 2018 2017 25 Florida (m) 9,295 202 9,497 3,433 2,531 5,964 12,728 2,733 15,461 233 2016, 2017, 2019, 2020, 2021 2016 31 California (u) 11,888 3,398 15,286 — (58) (58) 11,888 3,340 15,228 1,205 2017 2017 15 California (s) 8,326 6,075 14,401 — 42 42 8,326 6,117 14,443 1,103 2017, 2018, 2019 2017 25 California (r) 9,043 4,546 13,589 — 307 307 9,043 4,853 13,896 1,365 2017, 2018, 2020, 2021 2017 19 California (s), (u) 10,167 2,902 13,069 — 17 17 10,167 2,919 13,086 1,095 2017 2017 14 California (r) 7,492 2,889 10,381 — 433 433 7,492 3,322 10,814 1,088 2017, 2019 2017 15 Colorado (p) 10,716 70 10,786 — — — 10,716 70 10,786 14 2014 2014 39 Illinois (d) 9,689 420 10,109 18 (5) 13 9,707 415 10,122 138 2016, 2017, 2018 2016 20 California (t) 9,534 263 9,797 — 2 2 9,534 265 9,799 128 2017 2017 14 California (u) 6,191 2,772 8,963 — — — 6,191 2,772 8,963 823 2017 2017 11 Florida (s) 2,674 3,565 6,239 — 2,652 2,652 2,674 6,217 8,891 1,287 2017, 2020, 2021 2017 17 South Carolina (m) 7,919 133 8,052 — 178 178 7,919 311 8,230 48 2015, 2017, 2020 2015 24 California (s) 4,710 3,317 8,027 — — — 4,710 3,317 8,027 701 2017 2017 15 Florida (q) 6,402 593 6,995 — 269 269 6,402 862 7,264 292 2017, 2019 2017 18 Arkansas (p) 6,914 287 7,201 16 22 38 6,930 309 7,239 95 2014, 2017, 2018 2014 21 North Carolina (m) 7,239 — 7,239 (16) — (16) 7,223 — 7,223 — 2015 — South Carolina (p) 4,679 25 4,704 4 2,375 2,379 4,683 2,400 7,083 577 2020, 2017, 2016, 2015, 2021 2014 28 Mississippi (p) 6,654 133 6,787 — 3 3 6,654 136 6,790 38 2014, 2015 2014 25 South Dakota (j) 6,731 — 6,731 — — — 6,731 — 6,731 — 2017 — Illinois (d) 6,086 — 6,086 11 450 461 6,097 450 6,547 45 2018 2016 40 Georgia (s) 3,574 2,922 6,496 — 46 46 3,574 2,968 6,542 2,392 2017, 2019 2017 12 Missouri (e) 6,493 15 6,508 — — — 6,493 15 6,508 — 2021 18 Illinois (d) 6,418 — 6,418 11 — 11 6,429 — 6,429 — 2016 — Arkansas (g) 5,924 244 6,168 — — — 5,924 244 6,168 80 2015 2015 21 Illinois (d) 5,493 — 5,493 9 338 347 5,502 338 5,840 178 2017 2016 10 California (e) 5,442 390 5,832 — — — 5,442 390 5,832 4 2021 15 North Carolina (m) 5,750 — 5,750 4 — 4 5,754 — 5,754 — 2015 — Arkansas (q) 5,532 101 5,633 15 46 61 5,547 147 5,694 53 2017, 2019, 2020 2017 14 Colorado (h) 792 4,731 5,523 1 159 160 793 4,890 5,683 430 2016, 2017, 2019, 2021 2016 21 Colorado 5,455 147 5,602 — — — 5,455 147 5,602 2 2021 13 Illinois (d) 5,453 105 5,558 10 7 17 5,463 112 5,575 24 2016 2016 23 Colorado (j) 4,156 1,280 5,436 — (3) (3) 4,156 1,277 5,433 252 2017 2017 26 Arkansas (e) 5,169 185 5,354 — — — 5,169 185 5,354 69 2017 2017 15 Louisiana (p) 5,100 52 5,152 — 172 172 5,100 224 5,324 92 2017, 2016, 2015, 2021 2014 17 Illinois (d) 4,920 4 4,924 8 148 156 4,928 152 5,080 14 2017 2016 50 Arkansas (p) 4,536 50 4,586 27 81 108 4,563 131 4,694 39 2014, 2017 2014 17 Illinois (q) 4,575 — 4,575 — — — 4,575 — 4,575 — 2017 — Illinois (d) 4,522 4 4,526 8 — 8 4,530 4 4,534 2 2016 2016 10 South Carolina (p) 2,235 — 2,235 661 1,577 2,238 2,896 1,577 4,473 356 2020, 2017, 2016, 2015, 2021 2014 24 California (l) 2,461 1,974 4,435 — — — 2,461 1,974 4,435 451 2017 2017 17 Illinois (d) 4,350 — 4,350 8 — 8 4,358 — 4,358 — 2016 — Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is North Carolina (m) 4,242 — 4,242 4 — 4 4,246 — 4,246 — 2015 — Colorado (p) 3,566 359 3,925 — 96 96 3,566 455 4,021 108 2014, 2017, 2018, 2021 2014 19 North Carolina (m) 3,864 — 3,864 8 — 8 3,872 — 3,872 — 2015 — Illinois (d) 3,821 — 3,821 (2) — (2) 3,819 — 3,819 — 2016 — Georgia (g) 3,306 368 3,674 — 23 23 3,306 391 3,697 101 2015, 2016, 2017, 2018, 2021 2015 22 Louisiana (o) 3,612 20 3,632 — — — 3,612 20 3,632 — 2021 15 Illinois (f) 2,981 — 2,981 — 634 634 2,981 634 3,615 249 2014 38 Alabama (s) 1,719 1,883 3,602 — (8) (8) 1,719 1,875 3,594 412 2017 2017 19 Mississippi (b) 3,471 41 3,512 — 63 63 3,471 104 3,575 19 2015, 2017 2015 35 Illinois (d) 3,541 — 3,541 6 — 6 3,547 — 3,547 — 2016 — Illinois 3,149 28 3,177 — 324 324 3,149 352 3,501 43 2016, 2018 2016 28 Illinois (f) 1,290 — 1,290 — 2,199 2,199 1,290 2,199 3,489 596 2017, 2015, 2011 2007 38 Illinois (d) 3,470 — 3,470 6 4 10 3,476 4 3,480 2 2016 2016 12 Nebraska (p) 1,881 55 1,936 1 1,476 1,477 1,882 1,531 3,413 512 2017, 2015, 2012 2012 31 Illinois (d) 2,997 68 3,065 5 253 258 3,002 321 3,323 165 2018, 2016 2016 17 Illinois (d) 3,212 — 3,212 6 95 101 3,218 95 3,313 9 2018 2016 40 Illinois (d) 3,277 — 3,277 5 — 5 3,282 — 3,282 — 2016 — South Carolina (b) 1,959 344 2,303 — 970 970 1,959 1,314 3,273 193 2017, 2015, 2021 2015 32 Arkansas (m) 2,808 184 2,992 88 96 184 2,896 280 3,176 95 2015, 2017, 2018, 2020, 2021 2015 22 Illinois (q) 3,163 — 3,163 — — — 3,163 — 3,163 — 2017 — Illinois (d) 3,058 — 3,058 5 — 5 3,063 — 3,063 — 2016 — Arkansas (p) 2,985 156 3,141 (96) 8 (88) 2,889 164 3,053 81 2014, 2016 2014 16 Illinois (d) 3,030 — 3,030 6 — 6 3,036 — 3,036 — 2016 — Arkansas (b) 3,264 165 3,429 (590) 191 (399) 2,674 356 3,030 116 2014, 2015, 2016, 2017 2014 27 Colorado (p) 3,099 — 3,099 (133) — (133) 2,966 — 2,966 — 2014 — Illinois (d) 2,882 42 2,924 5 — 5 2,887 42 2,929 18 2016 2016 12 Illinois (d) 2,682 — 2,682 8 204 212 2,690 204 2,894 19 2017 2016 50 Nebraska (c) 2,601 114 2,715 — 131 131 2,601 245 2,846 35 2015, 2016, 2018, 2019 2015 23 Illinois (f) 2,573 — 2,573 (1) 236 235 2,572 236 2,808 23 2017 2010 50 Virginia (m) 2,802 — 2,802 — — — 2,802 — 2,802 — 2015 — North Carolina (l) 2,768 — 2,768 — — — 2,768 — 2,768 — 2018 — Arkansas (p) 2,645 40 2,685 21 42 63 2,666 82 2,748 28 2014, 2018, 2019 2014 16 Illinois (d) 2,718 — 2,718 5 — 5 2,723 — 2,723 — 2016 — California (u) 967 1,357 2,324 — 375 375 967 1,732 2,699 410 2017, 2018 2017 21 Illinois 2,661 — 2,661 — — — 2,661 — 2,661 — 2021 — Nebraska (c) 2,539 78 2,617 — (23) (23) 2,539 55 2,594 15 2016 2015 20 Nebraska (m) 693 1,785 2,478 — 90 90 693 1,875 2,568 395 2014, 2016, 2018, 2019 2014 19 Michigan (g) 904 1,654 2,558 — — — 904 1,654 2,558 459 2015 2015 23 Illinois (d) 2,542 — 2,542 5 — 5 2,547 — 2,547 — 2016 — Colorado (b) 1,995 84 2,079 — 466 466 1,995 550 2,545 160 2018, 2017, 2016 2015 16 Illinois (j) 2,525 — 2,525 — — — 2,525 — 2,525 — 2017 — Arkansas (p) 2,262 82 2,344 96 4 100 2,358 86 2,444 22 2014, 2015 2014 27 Illinois (d) 2,423 — 2,423 5 — 5 2,428 — 2,428 — 2016 — Nebraska (c) 2,280 44 2,324 — 95 95 2,280 139 2,419 37 2017, 2016, 2015 2015 30 Illinois (d) 2,402 — 2,402 4 — 4 2,406 — 2,406 — 2016 — South Carolina (p) 1,803 158 1,961 — 422 422 1,803 580 2,383 97 2014, 2015, 2020 2014 26 South Carolina (j) 1,321 91 1,412 246 721 967 1,567 812 2,379 95 2017, 2018, 2020 2017 31 Colorado (p) 2,328 — 2,328 — — — 2,328 — 2,328 — 2014 — Arkansas (p) 2,316 — 2,316 — 3 3 2,316 3 2,319 — 2014 — Nebraska (c) 2,316 126 2,442 — (126) (126) 2,316 — 2,316 — 2015 — Colorado 637 1,604 2,241 — — — 637 1,604 2,241 430 2017 2017 25 Illinois (d) 2,015 — 2,015 4 216 220 2,019 216 2,235 20 2016, 2019 2016 29 Illinois (d) 2,100 — 2,100 4 98 102 2,104 98 2,202 13 2018 2016 40 North Carolina (l) 2,177 — 2,177 — — — 2,177 — 2,177 — 2018 — Colorado (b) 1,365 663 2,028 — 101 101 1,365 764 2,129 138 2015 2015 21 Arkansas (p) 2,014 96 2,110 (8) — (8) 2,006 96 2,102 39 2014 2014 22 South Carolina (l) 1,090 — 1,090 230 776 1,006 1,320 776 2,096 74 2018, 2019 2018 30 Colorado (m) 1,301 699 2,000 — 70 70 1,301 769 2,070 119 2015, 2016, 2017, 2019 2015 26 Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is South Carolina (p) 1,568 — 1,568 64 433 497 1,632 433 2,065 84 2015, 2017, 2019 2014 26 Illinois (f) 1,700 — 1,700 — 346 346 1,700 346 2,046 66 2017 2012 35 Colorado (p) 1,817 210 2,027 (7) 21 14 1,810 231 2,041 133 2014, 2016, 2021 2014 16 Illinois (d) 1,996 — 1,996 3 — 3 1,999 — 1,999 — 2016 — Colorado (h) 1,760 — 1,760 — 239 239 1,760 239 1,999 40 2017 2016 24 Illinois (d) 2,103 105 2,208 (226) — (226) 1,877 105 1,982 24 2016 2016 25 Illinois (d) 1,972 — 1,972 3 — 3 1,975 — 1,975 — 2016 — Illinois (d) 1,956 — 1,956 4 — 4 1,960 — 1,960 — 2016 — Illinois (d) 1,945 — 1,945 4 — 4 1,949 — 1,949 — 2016 — Illinois (h) 1,905 — 1,905 — — — 1,905 — 1,905 — 2016 — Colorado (m) 1,622 — 1,622 — 271 271 1,622 271 1,893 14 2020 2019 28 Colorado (p) 1,079 812 1,891 — — — 1,079 812 1,891 127 2014 2014 31 Illinois (d) 1,859 — 1,859 4 — 4 1,863 — 1,863 — 2016 — Illinois (d) 1,853 — 1,853 3 — 3 1,856 — 1,856 — 2016 — Illinois (q) 1,825 — 1,825 — — — 1,825 — 1,825 — 2018 — Illinois (d) 1,693 — 1,693 3 109 112 1,696 109 1,805 10 2017 2016 50 Illinois (d) 1,769 — 1,769 3 — 3 1,772 — 1,772 — 2016 — North Carolina (m) 1,770 — 1,770 — — — 1,770 — 1,770 — 2015 — Illinois (f) 1,750 — 1,750 — — — 1,750 — 1,750 — 2009 — Illinois (q) 1,735 — 1,735 — — — 1,735 — 1,735 — 2017 — Illinois (d) 1,731 — 1,731 3 — 3 1,734 — 1,734 — 2016 — Illinois (d) 1,643 88 1,731 3 — 3 1,646 88 1,734 22 2016 2016 23 Nebraska (p) 1,610 32 1,642 (2) 81 79 1,608 113 1,721 28 2014, 2015 2014 28 Illinois (d) 1,718 — 1,718 3 — 3 1,721 — 1,721 — 2016 — Illinois (d) 1,614 94 1,708 3 — 3 1,617 94 1,711 24 2016 2016 23 Nebraska (p) 1,639 46 1,685 (2) 10 8 1,637 56 1,693 14 2014, 2015 2014 31 Colorado (p) 1,305 376 1,681 — 10 10 1,305 386 1,691 270 2014, 2016 2014 16 Illinois (d) 1,675 4 1,679 3 (4) (1) 1,678 — 1,678 — 2016 — Michigan (g) 779 851 1,630 — 39 39 779 890 1,669 377 2016, 2019 2016 19 South Carolina (m) 1,303 225 1,528 — 134 134 1,303 359 1,662 66 2016, 2017, 2020 2016 34 South Carolina (p) 1,078 — 1,078 29 548 577 1,107 548 1,655 110 2015, 2017 2014 30 Illinois (d) 1,523 — 1,523 3 126 129 1,526 126 1,652 12 2017 2016 50 Nebraska (c) 1,314 65 1,379 — 267 267 1,314 332 1,646 97 2015, 2021 2015 21 Illinois (d) 1,620 — 1,620 3 — 3 1,623 — 1,623 — 2016 — Nebraska (p) 1,539 — 1,539 — 70 70 1,539 70 1,609 13 2015 2012 45 Illinois (d) 1,603 — 1,603 3 — 3 1,606 — 1,606 — 2016 — Illinois (d) 1,588 — 1,588 3 — 3 1,591 — 1,591 — 2016 — Georgia (h) 1,330 72 1,402 — 180 180 1,330 252 1,582 45 2016, 2019 2016 20 Nebraska (b) 1,244 69 1,313 — 269 269 1,244 338 1,582 62 2014, 2015 2014 22 Illinois (f) 1,423 60 1,483 — 68 68 1,423 128 1,551 85 2013 2007 27 Colorado (p) 1,353 184 1,537 — — — 1,353 184 1,537 169 2014 2014 9 Illinois (p) 1,500 — 1,500 — 26 26 1,500 26 1,526 3 2015 2008 50 Kansas (g) 1,915 — 1,915 (395) — (395) 1,520 — 1,520 — 2015 — Illinois 1,496 — 1,496 — — — 1,496 — 1,496 — 2021 — Illinois (d) 1,481 — 1,481 3 — 3 1,484 — 1,484 — 2016 — Illinois (q) 1,471 — 1,471 — — — 1,471 — 1,471 — 2018 — Illinois (d) 1,435 — 1,435 3 — 3 1,438 — 1,438 — 2016 — Illinois 1,437 — 1,437 — — — 1,437 — 1,437 — 2021 — South Carolina (j) 1,032 170 1,202 13 218 231 1,045 388 1,433 63 2017, 2018 2017 21 Illinois (m) 1,403 — 1,403 — — — 1,403 — 1,403 — 2019 — Nebraska (b) 1,100 28 1,128 — 248 248 1,100 276 1,376 37 2014, 2015, 2018 2014 22 Nebraska (l) 1,149 — 1,149 — 202 202 1,149 202 1,351 23 2018 2018 22 Illinois (d) 1,229 — 1,229 2 116 118 1,231 116 1,347 11 2018 2016 40 Nebraska (c) 1,346 34 1,380 — (34) (34) 1,346 — 1,346 — 2015 — Illinois (d) 1,320 — 1,320 2 — 2 1,322 — 1,322 — 2016 — Nebraska (g) 1,232 56 1,288 31 — 31 1,263 56 1,319 12 2015 2015 24 Nebraska (c) 1,279 23 1,302 — 6 6 1,279 29 1,308 16 2015, 2017 2015 15 Colorado (p) 1,238 — 1,238 45 — 45 1,283 — 1,283 33 2014 — Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is Nebraska (c) 1,242 37 1,279 — (5) (5) 1,242 32 1,274 7 2015 2015 23 Illinois (d) 1,259 — 1,259 2 — 2 1,261 — 1,261 — 2016 — Illinois (b) 1,120 — 1,120 — 138 138 1,120 138 1,258 16 2016 2008 50 Illinois (d) 1,254 — 1,254 2 — 2 1,256 — 1,256 — 2016 — Colorado (p) 1,030 170 1,200 — 31 31 1,030 201 1,231 175 2014, 2016, 2017 2014 14 Illinois (d) 1,219 — 1,219 2 — 2 1,221 — 1,221 — 2016 — Illinois (p) 1,147 — 1,147 — 60 60 1,147 60 1,207 7 2016 2013 50 Illinois (f) 1,003 — 1,003 — 198 198 1,003 198 1,201 64 2015, 2017 2008 40 Nebraska (c) 1,077 33 1,110 — 80 80 1,077 113 1,190 14 2015 2015 23 Colorado (p) 579 513 1,092 65 18 83 644 531 1,175 355 2014, 2015, 2016 2014 19 Illinois (d) 1,171 — 1,171 2 — 2 1,173 — 1,173 — 2016 — Illinois (d) 1,126 44 1,170 2 — 2 1,128 44 1,172 8 2016 2016 31 Illinois (d) 1,130 35 1,165 2 — 2 1,132 35 1,167 12 2016 2016 23 North Carolina (l) 1,161 — 1,161 — — — 1,161 — 1,161 — 2018 — Illinois (d) 1,439 — 1,439 (279) — (279) 1,160 — 1,160 — 2016 — Illinois (d) 1,115 28 1,143 2 9 11 1,117 37 1,154 11 2016, 2018 2016 18 Nebraska (f) 1,109 40 1,149 — — — 1,109 40 1,149 18 2012 2012 20 Nebraska (c) 1,136 11 1,147 — — — 1,136 11 1,147 11 2015 2015 — Illinois (d) 1,075 — 1,075 2 70 72 1,077 70 1,147 7 2018 2016 40 Colorado (p) 747 393 1,140 — — — 747 393 1,140 82 2014 2014 26 Illinois (d) 1,119 — 1,119 2 — 2 1,121 — 1,121 — 2016 — Colorado (p) 773 323 1,096 — 24 24 773 347 1,120 82 2014, 2021 2014 21 Colorado (p) 1,128 68 1,196 (45) (32) (77) 1,083 36 1,119 3 2014 — Colorado (p) 1,105 — 1,105 — — — 1,105 — 1,105 — 2014 — Illinois (d) 1,063 27 1,090 2 — 2 1,065 27 1,092 14 2016 2016 23 Illinois (d) 1,080 — 1,080 2 — 2 1,082 — 1,082 — 2016 — Illinois (d) 989 — 989 2 77 79 991 77 1,068 8 2018 2016 40 Nebraska (g) 848 197 1,045 — 22 22 848 219 1,067 64 2014, 2015, 2017 2014 25 Colorado (p) 554 443 997 (3) 70 67 551 513 1,064 88 2014, 2015, 2017 2014 28 Illinois (d) 1,058 — 1,058 2 — 2 1,060 — 1,060 — 2016 — Illinois (d) 995 — 995 2 58 60 997 58 1,055 5 2017 2016 50 Nebraska (p) 994 20 1,014 (2) 41 39 992 61 1,053 19 2014, 2015 2014 27 Illinois (p) 801 97 898 — 152 152 801 249 1,050 45 2016 2004, 2006, 2016 50 Colorado (f) 819 94 913 — 113 113 819 207 1,026 108 2014, 2017, 2018 2010 18 Colorado (m) 809 141 950 — 64 64 809 205 1,014 48 2015 2015 31 Illinois (d) 1,005 — 1,005 2 — 2 1,007 — 1,007 — 2016 — Florida 935 67 1,002 — — — 935 67 1,002 3 2021 15 Georgia (g) 795 65 860 31 105 136 826 170 996 30 2016, 2017 2016 31 Illinois (d) 950 40 990 2 — 2 952 40 992 7 2016 2016 32 Illinois (d) 980 — 980 2 — 2 982 — 982 — 2016 — Illinois (d) 975 — 975 2 — 2 977 — 977 — 2016 — Illinois (d) 972 — 972 2 — 2 974 — 974 — 2016 — Illinois (d) 968 — 968 2 — 2 970 — 970 — 2016 — Georgia (m) 756 202 958 (1) 9 8 755 211 966 33 2016, 2021 2016 32 Illinois (d) 844 — 844 2 112 114 846 112 958 6 2019 2016 30 Illinois (f) 923 53 976 — (29) (29) 923 24 947 5 2011 2011 50 Kansas (p) 805 178 983 (38) — (38) 767 178 945 133 2014 2014 14 Illinois (d) 939 — 939 1 — 1 940 — 940 — 2016 — Illinois (p) 902 34 936 — — — 902 34 936 24 2008 2008 21 Illinois (d) 800 130 930 2 — 2 802 130 932 26 2016 2016 27 Illinois (d) 845 63 908 2 — 2 847 63 910 19 2016 2016 22 Colorado (p) 481 373 854 46 2 48 527 375 902 261 2014, 2016 2014 17 Illinois (d) 855 55 910 1 (12) (11) 856 43 899 9 2016 2016 28 Illinois (d) 879 — 879 2 4 6 881 4 885 1 2016 2016 20 Illinois (m) 866 18 884 — — — 866 18 884 1 2020 2020 48 Illinois (g) 815 — 815 — 60 60 815 60 875 6 2017 2015 50 Georgia (h) 718 144 862 — 10 10 718 154 872 34 2016 2016 25 Illinois (d) 864 — 864 1 — 1 865 — 865 — 2016 — Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is Adjustments — — — — — — — 110 110 207 Other (v) 50,383 2,046 52,429 579 1,288 1,867 50,958 3,298 54,256 760 Totals $ 941,108 $ 108,814 $ 1,049,922 $ 4,847 $ 37,925 $ 42,772 $ 945,951 $ 146,813 $ 1,092,764 $ 38,303 (b) Properties denoted with (b) are part of a collateral pool for the $13.8 million Farmer Mac Bond #6. Farmer Mac Bond #6 $ 13,827 (c) Properties denoted with (c) are part of a collateral pool for the $11.2 million Farmer Mac Bond #7. Farmer Mac Bond #7 11,160 (d) Properties denoted with (d) are part of a collateral pool for the $83.2 million MetLife Term Loan #1. MetLife Term Loan #1 83,206 (e) Properties denoted with (e) are part of a collateral pool for the $16.0 million MetLife Term Loan #2. MetLife Term Loan #2 16,000 (f) Properties denoted with (f) are part of a collateral pool for the $16.8 million MetLife Term Loan #3. MetLife Term Loan #3 16,800 (g) Properties denoted with (g) are part of a collateral pool for the $13.0 million MetLife Term Loan #4. MetLife Term Loan #4 13,017 (h) Properties denoted with (h) are part of a collateral pool for the $6.8 million MetLife Term Loan #5. MetLife Term Loan #5 6,779 (i) Properties denoted with (i) are part of a collateral pool for the $27.2 million MetLife Term Loan #6. MetLife Term Loan #6 27,158 (j) Properties denoted with (j) are part of a collateral pool for the $16.2 million MetLife Term Loan #7. MetLife Term Loan #7 16,198 (k) Properties denoted with (k) are part of a collateral pool for the $44.0 million MetLife Term Loan #8. MetLife Term Loan #8 44,000 (l) Properties denoted with (l) are part of a collateral pool for the $16.8 million MetLife Term Loan #9. MetLife Term Loan #9 16,800 (m) Properties denoted with (m) are part of a collateral pool for the $49.9 million MetLife Term Loan #10. MetLife Term Loan #10 49,874 (n) Properties denoted with (n) are part of a collateral pool for the $12.8 million MetLife Term Loan #11. MetLife Term Loan #11 12,750 (o) Properties denoted with (o) are part of a collateral pool for the $14.4 million MetLife Term Loan #12. MetLife Term Loan #12 14,359 (p) Properties denoted with (p) are part of a collateral pool for the $59.5 million Rabobank. Rabobank 59,500 (q) Properties denoted with (q) are part of a collateral pool for the $17.0 million Rutledge Note Payable #1. Rutledge Note Payable #1 17,000 (r) Properties denoted with (r) are part of a collateral pool for the $25.0 million Rutledge Note Payable #2. Rutledge Note Payable #2 25,000 (s) Properties denoted with (s) are part of a collateral pool for the $25.0 million Rutledge Note Payable #3. Rutledge Note Payable #3 25,000 (t) Properties denoted with (t) are part of a collateral pool for the $15.0 million Rutledge Note Payable #4. Rutledge Note Payable #4 15,000 (u) Properties denoted with (u) are part of a collateral pool for the $30.0 million Rutledge Note Payable #5. Rutledge Note Payable #5 30,000 $ 513,428 (v) Other category is comprised of 108 farms in 9 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2021. Approximately $3.3 million is part of a collateral pool for Farmer Mac Bond #6, $0.5 million is part of a collateral pool for Farmer Mac Bond #7, $20.3 million is part of a collateral pool for Met Life Bond #1, $6.6 million is part of a collateral pool for Met Life Bond #3, $5.8 million is part of a collateral pool for Met Life Bond #4, $1.6 million is part of a collateral pool for Met Life Bond #5, $2.0 million is part of a collateral pool for Met Life Bond #7, $2.0 million is part of a collateral pool for Met Life Bond #9, $0.6 million is part of a collateral pool for MetLife Bond #10, $6.0 million is part of a collateral pool for Rabo Agrifinance Note and $4.1 million is part of a collateral pool for Rutledge Credit Facility #1. (w) all of the above properties listed in Schedule III are farms. (x) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $0.95 billion as of December 31, 2021. Years ended December 31, 2021 2020 Real Estate: Balance at beginning of year $ 1,076,420 $ 1,087,767 Additions during period Additions through construction of improvements 2,008 5,316 Disposition of property and improvements (65,679) (18,069) Acquisitions through business combinations and/or asset acquisitions 79,944 1,406 Balance at end of year $ 1,092,693 $ 1,076,420 Accumulated Depreciation: Balance at beginning of year $ 32,602 $ 25,223 Disposition of improvements (1,977) (521) Additions charged to costs and expenses 7,629 7,900 Balance at end of year $ 38,254 $ 32,602 Real Estate balance per schedule $ 1,092,693 $ 1,076,420 Construction in progress 10,647 9,283 Other non-real estate 71 71 Balance per consolidated balance sheet $ 1,103,411 $ 1,085,774 Accumulated depreciation per schedule $ 38,254 $ 32,602 Other non-real estate 49 52 Balance per consolidated balance sheet $ 38,303 $ 32,654 |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Significant Accounting Policies | |
Organization | Organization Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI 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. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’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, 2021, FPI owned a 97.0% 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 FPI’s common stock, holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2021, the Operating Partnership owns a 9.97% equity interest in an unconsolidated equity method investment that holds 10 properties (see “Note 1, Convertible Notes Receivable” and “Note 1, Equity Method Investments”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2021, the Company owned a portfolio of approximately 160,200 acres which are consolidated in these financial statements. In addition, the Company serves as property manager over approximately 26,300 acres (see “Note 4—Related Party Transactions”). 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. On October 4, 2021, the Company converted all 5,806,797 shares of the outstanding Series B Participating Preferred Stock into shares of common stock. (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock.) 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 directly operate farms under certain circumstances. As of December 31, 2021, the TRS performed direct farming operations on 2,973 acres of farmland owned by the Company located in California and Michigan. All references to numbers and percent of acres within this report are unaudited. |
Principles of Combination and Consolidation | Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. |
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, including the impacts of the ongoing coronavirus (“COVID-19”) pandemic and its effects on the domestic and global economies. We are unable to quantify the ultimate impact of the pandemic on our business. |
Real Estate Acquisitions | Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or, group of similar identifiable assets, it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset, or a group of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether the Company’s acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition. Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (bushes, shrubs, vines and perennial crops) and grain facilities, and may also consist of intangible assets including in-place leases, above market and below market leases and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed. When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time and its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs are expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. During the years ended December 31, 2021 and 2020, the company incurred an immaterial amount of costs related to acquisition and due diligence. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the price per share of the Company’s common stock on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred stock and preferred units. Using information available at the time of business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. |
Real Estate Sales | Real Estate Sales The Company recognizes gains from the sales of real estate assets, generally at the time the title is transferred, consideration is received and the Company no longer has substantial continuing involvement with the real estate sold, aside from properties sold to and subsequently managed for Promised Land Opportunity Zone Farms I, LLC (the "OZ Fund"), as described below. |
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. 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 any immediate liquidity needs. We also have an effective shelf registration statement with approximately $200 million of capacity whereby we could issue additional equity or debt securities, and during 2021 we raised $27.3 million of equity capital from our ATM Programs as mentioned above. |
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, 2021 and 2020 was held in the custody of six 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, 2020, the Company incurred $0.3 million in connection with the payoff of Farmer Mac Notes 8A and 9, the Farm Credit of Central Florida Note, with the related issuance of MetLife 10, (as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable, net”). During the year ended December 31, 2021, the Company incurred $0.8 million in connection with the issuance of the Jefferson Bank Bridge Loan, MetLife 11, MetLife 12, refinance of the Rutledge debt, substitution of collateral on MetLife 2. 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 $0.4 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.7 million and $1.3 million as of December 31, 2021 and 2020, 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, 2021 and 2020, the Company had issued four and three notes, respectively 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.” |
Convertible Notes Receivable | Convertible Notes Receivable approximately 7.6% upon conversion and increased to 9.97% as of December 31, 2021 after subsequent capital contributions. Please refer to “Note 4 – Related Party Transactions.” The OZ Fund has the option to purchase additional properties from the Company. |
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, 2021, 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 related to regulatory, legal, accounting and professional service costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the offering is abandoned. The Company incurred $0.2 and $0.0 in offering costs during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company had $0.04 and $0.00, respectively, in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet. |
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 creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was $0.0 million and $0.0 million as of December 31, 2021 and 2020, 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 crops on farms under direct operations are accumulated until the time of harvest at the lower of cost or net realizable value and are included in inventory in the consolidated balance sheets. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold and is included in other operating expenses. The cost of harvested crop sold was $1.5 million and $3.4 million for the years ended December 31, 2021 and 2020, respectively. Harvested crop inventory on farms under direct operations includes costs accumulated both during the growing and harvesting phases and are stated at the lower of those costs or the estimated net realizable value, which is the market price, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value. As of December 31, 2021 and 2020, inventory consisted of the following: (in thousands) December 31, 2021 December 31, 2020 Harvested crop $ 164 $ 47 Growing crop 2,895 1,070 $ 3,059 $ 1,117 |
Equity Method Investments | Equity Method Investments As partial consideration for certain transactions with the OZ Fund, the Company received the OZ Convertible Notes, which on July 16, 2021, were converted into a 7.6% equity interest upon conversion and increased to 9.97% as of December 31, 2021 after subsequent capital contributions of $1.0 million. As of December 31, 2021, the aggregate balance of our Equity Method Investment in the OZ Fund was approximately $3.4 million. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the Manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $20.0 million. Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the Members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest. |
Business Combinations | Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values as of date of acquisition, with any difference recorded as goodwill. Management engages an independent valuation specialist, as applicable, to assist with the determination of fair value of the assets acquired, liabilities assumed, and goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the acquisition date. An adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition and due diligence costs that arise as a result of a business combination are expensed as incurred. On November 15, 2021, we acquired 100% of the membership interests of Murray Wise Associates, LLC (“MWA”), an agricultural asset management, brokerage and auction company, for total transaction value of $8.1 million, comprised of $5.3 million of consideration paid at closing. net of $2.8 million of closing adjustments. The consideration paid at closing was comprised of $2.2 million in cash and $3.1 million in shares of our common stock. The primary reason for the acquisition was to increase the Company’s breadth of activities in the farmland sector, while adding additional sources of revenue and market insight without raising public equity. As a result of the acquisition, MWA became a wholly owned subsidiary of the TRS. The Company issued an aggregate of 248,734 shares of common stock at a price of $12.61 per share. Two The Company recorded goodwill of $2.7 million, trade names and trademarks of $1.9 million, and customer relationships of $0.1 million, as part of the purchase of MWA. Goodwill represents the difference between the purchase consideration and the net assets acquired, including identifiable intangible assets. The factors giving rise to goodwill are primarily related to a) entry into new lines of business which are complimentary to FPI’s existing business operations, and b) acquired workforce-in-place, including Murray Wise who has extensive experience in the industry, and became a Director on the board of FPI in connection with the transaction. The following table presents a summary of the Company's purchase accounting entries: ($ in thousands) Consideration: Cash consideration $ 2,161 Stock consideration 3,147 Total consideration $ 5,308 Amounts recognized for fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 1,305 Fixed Assets 110 Goodwill 2,706 Intangible assets 1,915 Net Liabilities (728) Total Fair Value $ 5,308 Net cash used in the transaction: Cash used in transaction $ (2,161) Cash provided by transaction 1,305 Net cash used in the transaction $ (856) The following unaudited, pro forma results of operations are provided for the year ended December 31, 2021 and 2020. The supplemental pro forma results of operations are provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved for the periods presented, or that may be achieved in the future. Future results may vary significantly from the results reflected in this pro forma financial information because of future events and transactions, as well as other factors. The pro forma information is based on the Company’s consolidated results of operations for the year ended December 31, 2021, and MWA’s historical results of operations. The pro forma results of operations have been prepared by adjusting, and quantifying, the historical results of the Company to include the historical results of MWA based on information provided by MWA and the impact of the purchase price allocation. As reported Proforma (unaudited) For the years ended For the years ended December 31, December 31, ($ in thousands) 2021 2020 2021 2020 Operating revenues $ 51,739 $ 50,689 $ 54,479 $ 52,795 Net income $ 10,259 $ 7,530 $ 10,589 $ 7,428 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future net operating margins, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. During the year ended December 31, 2021, the Company did not incur any impairment charges related to goodwill. Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization. Customer relationships are subject to amortization and are amortized over a period of 12 years. During the year ended December 31, 2021, the Company recorded amortization of customer relationships of less than $0.1 million. |
Revenue Recognition | Revenue Recognition Fixed rent: Variable rent: Fixed rent and variable rent: Tenant reimbursements: Crop sales: Other revenue: |
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 2019, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $0.0 million and $0.0 million, respectively, for the years ended December 31, 2021 and 2020. 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 $(2.1) million and $(1.9) million in taxable income (loss) from the TRS for the years ended December 31, 2021 and 2020, respectively. 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, 2021, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2020 open tax year. 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 any acquisitions that it undertook during the years ended December 31, 2021 and 2020. |
Fair Value | Fair Value The Company is required to disclose fair value as explained in “Note 6 – Notes Receivable”, “Note 7 – Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10 – Hedge Accounting” below. FASB ASC 820-10 establishes a three-level hierarchy for the 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. |
Hedge Accounting | Hedge Accounting ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the year. The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps. 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, 2021 met the criteria to be exempt from derivative accounting and were designated as normal purchase and sales exceptions for hedge accounting. The Company has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for its effectiveness (see Note 10 – “Hedge Accounting”). 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. Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. |
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 FPI. 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 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 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 are 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. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. The Company adopted the new standard on January 1, 2020. The adoption of the standard did not 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, 2021 | |
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 | (in thousands) December 31, 2021 December 31, 2020 Harvested crop $ 164 $ 47 Growing crop 2,895 1,070 $ 3,059 $ 1,117 |
Schedule of purchase accounting entries | ($ in thousands) Consideration: Cash consideration $ 2,161 Stock consideration 3,147 Total consideration $ 5,308 Amounts recognized for fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 1,305 Fixed Assets 110 Goodwill 2,706 Intangible assets 1,915 Net Liabilities (728) Total Fair Value $ 5,308 Net cash used in the transaction: Cash used in transaction $ (2,161) Cash provided by transaction 1,305 Net cash used in the transaction $ (856) |
Pro forma results of operations | As reported Proforma (unaudited) For the years ended For the years ended December 31, December 31, ($ in thousands) 2021 2020 2021 2020 Operating revenues $ 51,739 $ 50,689 $ 54,479 $ 52,795 Net income $ 10,259 $ 7,530 $ 10,589 $ 7,428 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition | |
Summary of rental income recognized | Rental income recognized For the years ended December 31, (in thousands) 2021 2020 Leases in effect at the beginning of the year $ 38,757 $ 39,138 Leases entered into during the year 6,494 4,555 $ 45,251 $ 43,693 |
Schedule of future minimum fixed rent payments from tenants under all non-cancelable leases in place | (in thousands) Future rental Year Ending December 31, payments 2022 $ 31,410 2023 20,416 2024 11,618 2025 2,959 2026 1,722 Thereafter 21,784 $ 89,909 |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tenant concentration | |
Concentration Risk | |
Summary of concentrations | Rental income recognized For the years ended December 31, ($ in thousands) 2021 2020 Tenant A (1) $ 9,436 20.2 % $ 7,924 17.8 % (1) The Company has numerous permanent crop leases with major farming companies located in California. |
Geographic concentration | |
Concentration Risk | |
Summary of concentrations | Approximate % Rental Income of total acres For the years ended As of December 31, December 31, Location of Farm 2021 2020 2021 2020 Alabama 0.4 % 0.4 % 0.2 % 0.2 % Arkansas 7.9 % 8.9 % 3.7 % 4.2 % California 7.3 % 7.5 % 36.9 % 32.6 % Colorado 16.1 % 15.8 % 6.3 % 5.7 % Florida 3.0 % 3.0 % 2.5 % 2.5 % Georgia 2.9 % 3.4 % 1.6 % 2.3 % Illinois 23.8 % 24.7 % 25.5 % 26.7 % Kansas 1.2 % 1.3 % 0.3 % 0.4 % Louisiana 10.9 % 5.5 % 4.0 % 3.1 % Michigan 0.3 % 0.4 % 0.5 % 0.4 % Mississippi 1.8 % 2.8 % 1.0 % 1.8 % Missouri 0.5 % 0.0 % 0.1 % 0.0 % Nebraska 3.7 % 3.8 % 3.2 % 3.3 % North Carolina 10.3 % 10.7 % 6.9 % 7.8 % South Carolina 8.4 % 9.9 % 6.6 % 8.0 % South Dakota 1.1 % 1.1 % 0.4 % 0.4 % Texas 0.0 % 0.0 % 0.0 % 0.2 % Virginia 0.3 % 0.8 % 0.3 % 0.4 % 100.0 % 100.0 % 100.0 % 100.0 % |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Receivable | |
Schedule of notes receivable | ($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms December 31, 2021 December 31, 2020 Date Mortgage Note (1) Principal & interest due at maturity $ 223 $ 229 12/7/2028 Mortgage Note (1) Principal due at maturity & interest due monthly 2,135 2,135 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due quarterly 1,571 — 6/23/2023 Mortgage Note (3) Principal due at maturity & interest due semi-annually 2,100 — 8/18/2023 Total outstanding principal 6,029 2,364 Interest receivable (net prepaid interest and points) 83 277 Provision for interest receivable — (293) Total notes and interest receivable $ 6,112 $ 2,348 (1) The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable by the buyer between the third and fifth anniversary of the issuance of the notes and expire on March 16, 2022. (2) On July 27, 2021, the Company entered into a loan secured against farmland. (3) On August 18, 2021, the Company entered into a loan secured against farmland and farm equipment. |
Reconciliation of carrying amount of mortgage loans | Years ended December 31, ($ in thousands) 2021 2020 Balance at beginning of year $ 2,364 $ 4,614 Additions during year: New mortgage loans and additional advances on existing loans 3,702 8 Interest income added to principal — — Amortization of discount — — 6,066 4,622 Deductions during year: Collection of principal 37 451 Foreclosure — 1,807 Balance at end of year $ 6,029 $ 2,364 |
Mortgage Notes, Lines of Cred_2
Mortgage Notes, Lines of Credit and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Notes, Lines of Credit and Bonds Payable | |
Schedule of indebtedness outstanding | Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of December 31, December 31, December 31, Maturity December 31, Loan Payment Terms Interest Rate Terms 2021 2021 2020 Date 2021 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% $ 13,827 $ 13,827 April 2025 $ 21,438 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,595 MetLife Term Loan #1 Semi-annual interest only 3.30% fixed until 2023 3.30% 83,206 85,188 March 2026 186,795 MetLife Term Loan #2 Semi-annual interest only 4.27% fixed until 2022 4.27% 16,000 16,000 March 2026 17,694 MetLife Term Loan #3 Semi-annual interest only 4.27% fixed until 2022 4.27% 16,800 21,000 March 2026 26,141 MetLife Term Loan #4 Semi-annual interest only 3.30% fixed until 2023 3.30% 13,017 15,685 June 2026 25,694 MetLife Term Loan #5 Semi-annual interest only 3.50% fixed until 2022 3.50% 6,779 8,379 January 2027 9,985 MetLife Term Loan #6 Semi-annual interest only 3.45% fixed until 2023 3.45% 27,158 27,158 February 2027 58,087 MetLife Term Loan #7 Semi-annual interest only 3.20% fixed until 2023 3.20% 16,198 17,153 June 2027 36,391 MetLife Term Loan #8 Semi-annual interest only 4.12% fixed until 2027 4.12% 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual interest only 3.20% fixed until 2024 3.20% 16,800 21,000 May 2028 33,652 MetLife Term Loan #10 Semi-annual interest only 3.00% fixed until 2023 3.00% 49,874 53,277 October 2030 105,675 MetLife Term Loan #11 Semi-annual interest only 2.85% fixed until 2024 2.85% 12,750 — October 2031 26,890 MetLife Term Loan #12 Semi-annual interest only 3.11% fixed until 2024 3.11% 14,359 — December 2031 28,777 Rabobank (1) Semi-annual interest only LIBOR + 1.70% adjustable every three years 1.80% 59,500 62,358 March 2028 128,974 Rutledge Note Payable #1 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 17,000 17,000 April 2022 29,869 Rutledge Note Payable #2 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 25,000 25,000 April 2022 39,859 Rutledge Note Payable #3 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 25,000 25,000 April 2022 48,040 Rutledge Note Payable #4 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 15,000 15,000 April 2022 29,302 Rutledge Note Payable #5 (2) Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 1.42% 30,000 30,000 April 2022 84,681 Total outstanding principal 513,428 508,185 $ 1,066,581 Debt issuance costs (2,105) (1,560) Unamortized premium — — Total mortgage notes and bonds payable, net $ 511,323 $ 506,625 (1) The Company has an interest rate swap agreement with Rabobank to add stability to interest expense and to manage our exposure to interest rate movements (see Note 10 – “Hedge Accounting”). (2) On February 18, 2022, the Rutledge Facility (as defined below) maturity was extended to March 1, 2027. |
Schedule of aggregate maturities of long-term debt | ($ in thousands) Year Ending December 31, Future Maturities 2022 $ 112,000 2023 — 2024 2,100 2025 27,087 2026 129,023 Thereafter 243,218 $ 513,428 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies. | |
Schedule of future rental payments | ($ in thousands) Future rental Year Ending December 31, payments 2022 $ 107 2023 — 2024 — 2025 — 2026 — Thereafter — $ 107 |
Stockholders' Equity and Non-_2
Stockholders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity and Non-controlling Interests | |
Schedule of changes in redeemable non-controlling interest in operating partnership | Series A Preferred Units (in thousands) Redeemable Preferred units Redeemable non-controlling interests Balance at December 31, 2019 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2020 117 $ 120,510 Balance at December 31, 2020 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,510 Balance at December 31, 2021 117 $ 120,510 |
Schedule of declaration and payment of distribution | Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2021 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 August 4, 2021 October 1, 2021 October 15, 2021 $ 0.0500 May 7, 2021 July 1, 2021 July 15, 2021 $ 0.0500 February 11, 2021 April 1, 2021 April 15, 2021 $ 0.0500 $ 0.2000 2020 November 3, 2020 January 1, 2021 January 15, 2021 $ 0.0500 August 4, 2020 October 1, 2020 October 15, 2020 $ 0.0500 May 6, 2020 July 1, 2020 July 15, 2020 $ 0.0500 March 11, 2020 April 1, 2020 April 15, 2020 $ 0.0500 $ 0.2000 |
Summary of non-vested shares | Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2019 345 $ 9.49 Granted 139 6.23 Vested (168) 8.24 Forfeited — — Unvested at December 31, 2020 316 $ 6.46 Granted 143 11.72 Vested (162) 6.68 Forfeited — — Unvested at December 31, 2021 297 $ 8.87 |
Schedule of computation of basic and diluted earnings (loss) per share | For the years ended December 31, (in thousands, except per share amounts) 2021 2020 Numerator: Net income attributable to Farmland Partners Inc. $ 9,991 $ 7,119 Less: Nonforfeitable distributions allocated to unvested restricted shares (57) (64) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (10,052) (12,334) Less: Dividends on Series B Participating Preferred Stock (5,716) — Net loss attributable to common stockholders $ (5,834) $ (5,279) Denominator: Weighted-average number of common shares - basic 34,641 29,376 Conversion of preferred units (1) — — Unvested restricted shares (1) — — Redeemable non-controlling interest (1) — — Weighted-average number of common shares - diluted 34,641 29,376 Loss per share attributable to common stockholders - basic $ (0.17) $ (0.18) Loss per share attributable to common stockholders - diluted $ (0.17) $ (0.18) (1) Anti-dilutive for the years ended December 31, 2021 and 2020. |
Schedule of equity awards and units outstanding | December 31, 2021 December 31, 2020 Shares 45,177 30,255 Common Units 1,357 1,639 Redeemable Common Units — — Unvested Restricted Stock Awards 297 316 46,831 32,210 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Contracts | |
Schedule of fair value of derivative instruments | ($ in thousands) Instrument Balance sheet location Level 2 Fair Value Interest rate swap Derivative liability $ 785 |
Schedule of effect of derivative instruments on the consolidated statement of operations | Cash flow hedging relationships Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts Interest expense |
Schedule of movement in other comprehensive income | ($ in thousands) December 31, 2021 December 31, 2020 Beginning accumulated derivative instrument gain or loss $ (2,380) $ (1,644) Net change associated with current period hedging transactions 1,676 (1,582) Amortization of frozen AOCI on de-designated hedge 983 846 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 279 $ (2,380) |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information (unaudited) | |
Quarterly results of operations | Quarter Ended ($ in thousands except per share data) March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Operating revenues $ 11,575 $ 10,013 $ 10,105 $ 20,046 Operating expenses (1) 8,477 9,058 8,671 8,720 Other expenses (2) 621 3,820 4,103 (1,990) Net income (loss) before income tax expense 2,477 (2,865) (2,669) 13,316 Income tax expense — — — — Net income (loss) $ 2,477 $ (2,865) $ (2,669) $ 13,316 Net income (loss) available to common stockholders of Farmland Partners Inc. $ (718) $ (5,804) $ (5,623) $ 6,311 Basic net income (loss) per share available to common stockholders (3) $ (0.02) $ (0.19) $ (0.17) $ 0.14 Diluted net income (loss) per share available to common stockholders (3) $ (0.02) $ (0.19) $ (0.17) $ 0.12 Basic weighted average common shares outstanding 30,418 31,072 32,551 44,391 Diluted weighted average common shares outstanding 30,418 31,072 32,551 54,520 Quarter Ended ($ in thousands) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Operating revenues $ 11,650 $ 10,517 $ 10,604 $ 17,917 Operating expenses (1) 6,361 6,828 6,955 8,216 Other expenses (2) 4,870 3,517 3,088 3,324 Net income before income tax expense 419 172 561 6,377 Income tax expense — — — — Net income $ 419 $ 172 $ 561 $ 6,377 Net income (loss) available to common stockholders of Farmland Partners Inc. $ (2,737) $ (2,942) $ (2,553) $ 2,955 Basic net income (loss) per share available to common stockholders (3) $ (0.09) $ (0.10) $ (0.09) $ 0.10 Diluted net income (loss) per share available to common stockholders (3) $ (0.09) $ (0.10) $ (0.09) $ 0.06 Basic weighted average common shares outstanding 29,545 29,433 29,206 29,331 Diluted weighted average common shares outstanding 29,545 29,433 29,206 46,461 (1) Operating expenses for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 included $2.5 million, $2.7 million, $2.2 million, $1.4 million, respectively, related to litigation. Operating expenses for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 included $0.2 million, $0.6 million, $0.0 million, $1.9 million, respectively, related to litigation. (2) Other expenses for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 included $3.4 million, $0.1 million, $(0.1) million, $5.8 million, respectively, related to Gain (loss) on disposition of assets. Other expenses for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 included $(0.1) million, $0.9 million, $1.3 million, $0.8 million, respectively, related to gain (loss) on disposition of assets. (3) 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. |
Organization and Significant _4
Organization and Significant Accounting Policies (Details) $ / shares in Units, $ in Millions | Aug. 17, 2017$ / sharesshares | Dec. 31, 2021USD ($)aproperty$ / shares | Dec. 31, 2020USD ($)$ / shares | Oct. 04, 2021shares |
Organization and Significant Accounting Policies | ||||
Revenues from the sale of harvested crops | $ | $ 0.9 | $ 1.9 | ||
Area of real estate property | 160,200 | |||
Area of real estate property company serves as property manager | 26,300 | |||
Par value | $ / shares | $ 0.01 | $ 0.01 | ||
Minimum | ||||
Organization and Significant Accounting Policies | ||||
Percentage of rent received during first quarter or second half of the year | 50.00% | |||
Limited partner | Operating Partnership | ||||
Organization and Significant Accounting Policies | ||||
Ownership interest (as a percent) | 97.00% | |||
TRS | ||||
Organization and Significant Accounting Policies | ||||
Area of real estate property | 2,973 | |||
OZ Fund, Private Investment Fund | ||||
Organization and Significant Accounting Policies | ||||
Equity interest | 9.97% | |||
Number of properties | property | 10 | |||
Series B Participating Preferred Stock | ||||
Organization and Significant Accounting Policies | ||||
Shares, Outstanding | shares | 5,806,797 | |||
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 - Additional disclosures (Details) $ / shares in Units, $ in Thousands | Nov. 15, 2021USD ($)$ / sharesshares | Jul. 16, 2021USD ($) | Mar. 31, 2021USD ($)item | Mar. 05, 2021item | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)Institution | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Institution | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)itemInstitution | Dec. 31, 2020USD ($)Institutionitem |
Impairment | |||||||||||||||
Impairments recognized on real estate assets | $ 0 | ||||||||||||||
Cash | |||||||||||||||
Number of financial institutions in which custody of cash was held | Institution | 6 | 6 | 6 | 6 | |||||||||||
Deferred Financing Fees | |||||||||||||||
Debt issuance costs | $ 800 | $ 300 | $ 800 | $ 300 | |||||||||||
Accumulated amortization of deferred financing fees | 1,700 | 1,300 | 1,700 | 1,300 | |||||||||||
Convertible Notes Receivable | |||||||||||||||
Received cash | 70,600 | 20,100 | |||||||||||||
Convertible notes receivable | 2,400 | 2,400 | |||||||||||||
Gain on sale of assets | 9,290 | 2,989 | |||||||||||||
Value of conversion | $ 2,400 | ||||||||||||||
Amount available from shelf registration | 200,000 | ||||||||||||||
Deferred Offering Costs Incurred | 200 | 0 | |||||||||||||
Deferred offering costs | 40 | 0 | 40 | 0 | |||||||||||
Accounts Receivable | |||||||||||||||
Allowance for doubtful accounts | 0 | 0 | 0 | 0 | |||||||||||
Inventory | |||||||||||||||
Cost of harvested crop included in property operating expenses | 1,500 | 3,400 | |||||||||||||
Harvested crop | 164 | 47 | 164 | 47 | |||||||||||
Growing crop | 2,895 | 1,070 | 2,895 | 1,070 | |||||||||||
Total inventory | 3,059 | 1,117 | 3,059 | 1,117 | |||||||||||
Business Combinations | |||||||||||||||
Operating revenues | 20,046 | $ 10,105 | $ 10,013 | $ 11,575 | 17,917 | $ 10,604 | $ 10,517 | $ 11,650 | 51,739 | 50,689 | |||||
Net income | 13,316 | $ (2,669) | $ (2,865) | 2,477 | 6,377 | $ 561 | $ 172 | $ 419 | 10,259 | 7,530 | |||||
Consideration: | |||||||||||||||
Cash consideration | 900 | ||||||||||||||
Total consideration | 81,200 | 1,400 | |||||||||||||
Amounts recognized for fair value of assets acquired and liabilities assumed: | |||||||||||||||
Goodwill | 2,706 | 2,706 | |||||||||||||
Intangible assets | 0 | 0 | 0 | 0 | |||||||||||
Cash used in transaction | (28,400) | (500) | |||||||||||||
Net cash used in the transaction | $ (856) | ||||||||||||||
Intangible assets | |||||||||||||||
Amortization period | 12 years | ||||||||||||||
Income tax | |||||||||||||||
Income tax expense | $ 0 | 0 | |||||||||||||
Deferred tax assets | 0 | 0 | 0 | 0 | |||||||||||
Deferred tax liabilities | 0 | $ 0 | $ 0 | 0 | |||||||||||
Required holding period | 5 years | ||||||||||||||
Deferred tax liability, built in gain | $ 0 | ||||||||||||||
ATM Program | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Net proceeds | 27,300 | ||||||||||||||
Murray Wise Associates, LLC ("MWA") | |||||||||||||||
Business Combinations | |||||||||||||||
Business acquisition, percentage acquired | 100.00% | ||||||||||||||
Transaction value | $ 8,100 | ||||||||||||||
Closing adjustments | $ 2,800 | ||||||||||||||
Number of shares issued | shares | 248,734 | ||||||||||||||
Stock price per share | $ / shares | $ 12.61 | ||||||||||||||
Shares issued subject to forfeiture | 0.66% | ||||||||||||||
Period to satisfy potential indemnification claims | 6 months | ||||||||||||||
Period to file registration statement | 6 months | ||||||||||||||
Shares issued for the benefit of current and prospective employee | $ 3,000 | ||||||||||||||
Period to achieve profitability and management objectives | 3 years | ||||||||||||||
Goodwill acquired | 2,700 | ||||||||||||||
Acquired trade names and trademarks | 1,900 | 1,900 | |||||||||||||
Acquired customer relationships | $ 100 | 100 | |||||||||||||
Operating revenues | 51,739 | 50,689 | |||||||||||||
Net income | 10,259 | 7,530 | |||||||||||||
Consideration: | |||||||||||||||
Cash consideration | $ 2,161 | ||||||||||||||
Stock consideration | 3,147 | ||||||||||||||
Total consideration | 5,308 | ||||||||||||||
Amounts recognized for fair value of assets acquired and liabilities assumed: | |||||||||||||||
Cash and cash equivalents | 1,305 | ||||||||||||||
Fixed Assets | 110 | ||||||||||||||
Goodwill | 2,706 | ||||||||||||||
Intangible assets | 1,915 | ||||||||||||||
Net Liabilities | (728) | ||||||||||||||
Total Fair Value | 5,308 | ||||||||||||||
Cash used in transaction | (2,161) | ||||||||||||||
Cash provided by transaction | 1,305 | ||||||||||||||
Net cash used in the transaction | $ (856) | ||||||||||||||
Proforma (unaudited) | |||||||||||||||
Operating revenues | 54,479 | 52,795 | |||||||||||||
Net income | $ 10,589 | 7,428 | |||||||||||||
Promised Land Opportunity Zone Farms I, LLC | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Number of farms sold | item | 10 | 9 | |||||||||||||
Received cash | $ 19,100 | ||||||||||||||
Interest rate (as a percent) | 1.35% | 1.35% | |||||||||||||
Convertible notes receivable | $ 2,400 | $ 2,400 | $ 2,400 | $ 2,400 | $ 2,400 | ||||||||||
Gain on sale of assets | $ 2,400 | ||||||||||||||
Maximum | |||||||||||||||
Intangible assets | |||||||||||||||
Intangible assets amortization | $ 100 | ||||||||||||||
Opportunity Zone Fund LLC | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Noncontrolling ownership interest (as a percent) | 7.60% | 9.97% | 9.97% | ||||||||||||
Operating Partnership | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Noncontrolling ownership interest (as a percent) | 7.60% | 9.97% | 9.97% | ||||||||||||
Additional Capital Contribution | $ 1,000 | ||||||||||||||
Interest Expense | |||||||||||||||
Deferred Financing Fees | |||||||||||||||
Amortization expense | 400 | 300 | |||||||||||||
TRS | |||||||||||||||
Income tax | |||||||||||||||
Taxable income (loss) attributable to TRS | $ (2,100) | $ (1,900) | |||||||||||||
FPI Loan Program | |||||||||||||||
Deferred Financing Fees | |||||||||||||||
Number of notes issued | item | 4 | 3 | |||||||||||||
OZ Fund, Private Investment Fund | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Equity interest | 9.97% | 9.97% | |||||||||||||
Aggregate equity method investment | $ 3,400 | $ 3,400 | |||||||||||||
Additional capital contributions | $ 20,000 |
Organization and Significant _6
Organization and Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 _7
Organization and Significant Accounting Policies - Stock based compensation and new or revised accounting standards (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Significant Accounting Policies | |
Non controlling interest holding period | 1 year |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition, Milestone Method [Line Items] | ||
Deferred revenue | $ 45 | $ 37 |
Leases in effect at the beginning of the year | 38,757 | 39,138 |
Leases entered into during the year | 6,494 | 4,555 |
Rental income recognized | 45,251 | 43,693 |
Revenues from the sale of harvested crops | 900 | $ 1,900 |
Future minimum fixed rent payments | ||
2022 | 31,410 | |
2023 | 20,416 | |
2024 | 11,618 | |
2025 | 2,959 | |
2026 | 1,722 | |
Thereafter | 21,784 | |
Total future minimum lease payments | $ 89,909 | |
Minimum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Percentage of rent received during first quarter or second half of the year | 50.00% | |
Row crops, term | 2 years | |
Permanent crops, term | 1 year | |
Maximum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Row crops, term | 3 years | |
Permanent crops, term | 7 years | |
Lease in place | Minimum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Terms of farm leases | 1 year | |
Lease in place | Maximum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Terms of farm leases | 40 years |
Concentration Risk (Details)
Concentration Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk | ||
Rental income recognized | $ 45,251 | $ 43,693 |
Approximate total acres | Geographic concentration | ||
Concentration Risk | ||
Concentration risk (as a percent) | 100.00% | 100.00% |
Approximate total acres | Geographic concentration | Alabama | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.40% | 0.40% |
Approximate total acres | Geographic concentration | Arkansas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 7.90% | 8.90% |
Approximate total acres | Geographic concentration | California | ||
Concentration Risk | ||
Concentration risk (as a percent) | 7.30% | 7.50% |
Approximate total acres | Geographic concentration | Colorado | ||
Concentration Risk | ||
Concentration risk (as a percent) | 16.10% | 15.80% |
Approximate total acres | Geographic concentration | Florida | ||
Concentration Risk | ||
Concentration risk (as a percent) | 3.00% | 3.00% |
Approximate total acres | Geographic concentration | Georgia | ||
Concentration Risk | ||
Concentration risk (as a percent) | 2.90% | 3.40% |
Approximate total acres | Geographic concentration | Illinois | ||
Concentration Risk | ||
Concentration risk (as a percent) | 23.80% | 24.70% |
Approximate total acres | Geographic concentration | Kansas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 1.20% | 1.30% |
Approximate total acres | Geographic concentration | Louisiana | ||
Concentration Risk | ||
Concentration risk (as a percent) | 10.90% | 5.50% |
Approximate total acres | Geographic concentration | Michigan | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.30% | 0.40% |
Approximate total acres | Geographic concentration | Mississippi | ||
Concentration Risk | ||
Concentration risk (as a percent) | 1.80% | 2.80% |
Approximate total acres | Geographic concentration | Missouri | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.50% | 0.00% |
Approximate total acres | Geographic concentration | North Carolina | ||
Concentration Risk | ||
Concentration risk (as a percent) | 10.30% | 10.70% |
Approximate total acres | Geographic concentration | Nebraska | ||
Concentration Risk | ||
Concentration risk (as a percent) | 3.70% | 3.80% |
Approximate total acres | Geographic concentration | South Carolina | ||
Concentration Risk | ||
Concentration risk (as a percent) | 8.40% | 9.90% |
Approximate total acres | Geographic concentration | South Dakota | ||
Concentration Risk | ||
Concentration risk (as a percent) | 1.10% | 1.10% |
Approximate total acres | Geographic concentration | Texas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.00% | 0.00% |
Approximate total acres | Geographic concentration | Virginia | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.30% | 0.80% |
Rental income | Tenant concentration | Tenant A | ||
Concentration Risk | ||
Rental income recognized | $ 9,436 | $ 7,924 |
Concentration risk (as a percent) | 20.20% | 17.80% |
Rental income | Geographic concentration | ||
Concentration Risk | ||
Concentration risk (as a percent) | 100.00% | 100.00% |
Rental income | Geographic concentration | Alabama | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.20% | 0.20% |
Rental income | Geographic concentration | Arkansas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 3.70% | 4.20% |
Rental income | Geographic concentration | California | ||
Concentration Risk | ||
Concentration risk (as a percent) | 36.90% | 32.60% |
Rental income | Geographic concentration | Colorado | ||
Concentration Risk | ||
Concentration risk (as a percent) | 6.30% | 5.70% |
Rental income | Geographic concentration | Florida | ||
Concentration Risk | ||
Concentration risk (as a percent) | 2.50% | 2.50% |
Rental income | Geographic concentration | Georgia | ||
Concentration Risk | ||
Concentration risk (as a percent) | 1.60% | 2.30% |
Rental income | Geographic concentration | Illinois | ||
Concentration Risk | ||
Concentration risk (as a percent) | 25.50% | 26.70% |
Rental income | Geographic concentration | Kansas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.30% | 0.40% |
Rental income | Geographic concentration | Louisiana | ||
Concentration Risk | ||
Concentration risk (as a percent) | 4.00% | 3.10% |
Rental income | Geographic concentration | Michigan | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.50% | 0.40% |
Rental income | Geographic concentration | Mississippi | ||
Concentration Risk | ||
Concentration risk (as a percent) | 1.00% | 1.80% |
Rental income | Geographic concentration | Missouri | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.10% | 0.00% |
Rental income | Geographic concentration | North Carolina | ||
Concentration Risk | ||
Concentration risk (as a percent) | 6.90% | 7.80% |
Rental income | Geographic concentration | Nebraska | ||
Concentration Risk | ||
Concentration risk (as a percent) | 3.20% | 3.30% |
Rental income | Geographic concentration | South Carolina | ||
Concentration Risk | ||
Concentration risk (as a percent) | 6.60% | 8.00% |
Rental income | Geographic concentration | South Dakota | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.40% | 0.40% |
Rental income | Geographic concentration | Texas | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.00% | 0.20% |
Rental income | Geographic concentration | Virginia | ||
Concentration Risk | ||
Concentration risk (as a percent) | 0.30% | 0.40% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | Mar. 31, 2021USD ($)item | Mar. 05, 2021item | Jan. 20, 2021USD ($) | Mar. 31, 2021USD ($)item | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 16, 2021 | Jul. 21, 2015 |
Related Party Transactions | ||||||||
Received cash | $ 70,600 | $ 20,100 | ||||||
Gain on sale of assets | 9,290 | 2,989 | ||||||
Convertible Notes Receivable | 2,400 | |||||||
American Agriculture Corporation | Lease agreements | ||||||||
Related Party Transactions | ||||||||
Related party, transaction amount | $ 160 | $ 100 | ||||||
Opportunity Zone Fund LLC | ||||||||
Related Party Transactions | ||||||||
Received cash | $ 19,100 | |||||||
Gain on sale of assets | 2,400 | |||||||
Convertible Notes Receivable | $ 2,400 | 2,400 | ||||||
Opportunity Zone Fund LLC | ||||||||
Related Party Transactions | ||||||||
Noncontrolling ownership interest (as a percent) | 9.97% | 7.60% | ||||||
Promised Land Opportunity Zone Farms I, LLC | ||||||||
Related Party Transactions | ||||||||
Management fee | $ 150 | |||||||
Number of farms sold | item | 10 | 9 | ||||||
Received cash | $ 19,100 | |||||||
Gain on sale of assets | 2,400 | |||||||
Convertible Notes Receivable | $ 2,400 | $ 2,400 | $ 2,400 | |||||
Promised Land Opportunity Zone Farms I, LLC | Opportunity Zone Fund LLC | ||||||||
Related Party Transactions | ||||||||
Number of farms sold | item | 9 | 10 | ||||||
Gross Book Value Less Than $50 Million | ||||||||
Related Party Transactions | ||||||||
Percentage of gross book value | 0.2125% | |||||||
Gross book value | $ 50,000 | |||||||
Gross Book Value $50 Million or More | ||||||||
Related Party Transactions | ||||||||
Percentage of gross book value | 0.20% | |||||||
Gross book value | $ 50,000 | |||||||
American Agriculture Corporation | 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, 2021USD ($)propertyitem | Dec. 31, 2020USD ($)propertyitem | |
Farms acquired and allocation of purchase price | ||
Number of acquisitions | item | 12 | 3 |
Number of properties acquired | property | 12 | 3 |
Aggregate purchase price | $ 81.2 | $ 1.4 |
Consideration paid in cash | 0.9 | |
Reduction in notes receivable and related interest through the acquisition of collateralized property. | 28.4 | 0.5 |
Intangible assets | $ 0 | $ 0 |
Number of dispositions | item | 12 | 7 |
Number of properties sold | property | 20 | 11 |
Proceeds from sale of real estate | $ 70.6 | $ 20.1 |
Convertible notes receivable | 2.4 | |
Aggregate gain on sale | $ 9.3 | $ 3.2 |
Notes Receivable (Details)
Notes Receivable (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Aug. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal amounts | $ 6,029 | $ 2,364 | ||
Provision for loan receivable | 0 | 50 | ||
Interest receivable (net prepaid interest and points) | 83 | 277 | ||
Provision for interest receivable | (293) | |||
Total notes and interest receivable | 6,112 | 2,348 | ||
Convertible notes receivable | 2,400 | |||
Notes receivable | 6,000 | 2,400 | ||
Mortgage loan | ||||
Balance at beginning of year | 2,364 | 4,614 | ||
New mortgage loans and additional advances on existing loans | 3,702 | 8 | ||
Additions during year | 6,066 | 4,622 | ||
Collection of principal | 37 | 451 | ||
Foreclosure | 1,807 | |||
Balance at end of year | 6,029 | 2,364 | ||
Promised Land Opportunity Zone Farms I, LLC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Convertible notes receivable | 2,400 | $ 2,400 | ||
Mortgage Note Maturing on 12/7/2028 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal amounts | $ 223 | 229 | ||
Mortgage Note Maturing on 12/7/2028 | 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] | ||||
Principal amounts | $ 2,135 | 2,135 | ||
Mortgage Note Maturing on 3/16/2022 | Colorado | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of additional properties | item | 2 | |||
Mortgage Note Maturing on 6/23 2023 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal amounts | $ 1,571 | |||
Mortgage Note Maturing on 8/18/2023 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal amounts | 2,100 | |||
FPI Loan Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | $ 0 | $ 0 | ||
FPI Loan Program | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal amounts | $ 1,000 | |||
FPI Loan Program | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 6 years |
Mortgage Notes, Lines of Cred_3
Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($) $ in Thousands | May 28, 2021 | Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgage notes payable | ||||
Principal outstanding | $ 513,428 | $ 508,185 | ||
Debt issuance costs | (2,105) | (1,560) | ||
Mortgage notes and bonds payable, net | 511,323 | 506,625 | ||
Book value of collateral | 1,066,581 | |||
Accumulated amortization of deferred financing fees | $ 1,700 | 1,300 | ||
Commitment fees percentage | 0.50% | |||
Prepayment penalty | $ 0 | |||
Farmer Mac Facility | Secured notes | ||||
Mortgage notes payable | ||||
Outstanding debt | $ 25,000 | 25,000 | ||
Farmer Mac Facility | Secured notes | Minimum | ||||
Mortgage notes payable | ||||
Fixed charge coverage ratio | 1.50 | |||
Farmer Mac Facility | Secured notes | Maximum | ||||
Mortgage notes payable | ||||
Leverage ratio (as a percent) | 60.00% | |||
MetLife | Term Loan | ||||
Mortgage notes payable | ||||
Outstanding debt | $ 316,900 | 308,800 | ||
Maximum loan to value ratio | 60.00% | |||
Rutledge Credit Facilities | ||||
Mortgage notes payable | ||||
Outstanding debt | $ 112,000 | 112,000 | ||
Remaining borrowing capacity | $ 0 | |||
SOFR | Minimum | ||||
Mortgage notes payable | ||||
Margin added to reference rate (as a percent) | 1.80% | |||
SOFR | Maximum | ||||
Mortgage notes payable | ||||
Margin added to reference rate (as a percent) | 2.25% | |||
Farmer Mac Bond #6 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 13,827 | 13,827 | ||
Interest rate (as a percent) | 3.69% | |||
Interest Rate (as a percent) | 3.69% | |||
Book value of collateral | $ 21,438 | |||
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 | $ 18,595 | |||
MetLife Term Loan #1 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 83,206 | 85,188 | ||
Interest rate (as a percent) | 3.30% | |||
Interest Rate (as a percent) | 3.30% | |||
Book value of collateral | $ 186,795 | |||
MetLife Term Loan #2 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 16,000 | 16,000 | ||
Interest rate (as a percent) | 4.27% | |||
Interest Rate (as a percent) | 4.27% | |||
Book value of collateral | $ 17,694 | |||
MetLife Term Loan #3 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 16,800 | 21,000 | ||
Interest rate (as a percent) | 4.27% | |||
Interest Rate (as a percent) | 4.27% | |||
Book value of collateral | $ 26,141 | |||
MetLife Term Loan #4 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 13,017 | 15,685 | ||
Interest rate (as a percent) | 3.30% | |||
Interest Rate (as a percent) | 3.30% | |||
Book value of collateral | $ 25,694 | |||
MetLife Term Loan #5 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 6,779 | 8,379 | ||
Interest rate (as a percent) | 3.50% | |||
Interest Rate (as a percent) | 3.50% | |||
Book value of collateral | $ 9,985 | |||
MetLife Term Loan #6 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 27,158 | 27,158 | ||
Interest rate (as a percent) | 3.45% | |||
Interest Rate (as a percent) | 3.45% | |||
Book value of collateral | $ 58,087 | |||
MetLife Term Loan #7 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 16,198 | 17,153 | ||
Interest rate (as a percent) | 3.20% | |||
Interest Rate (as a percent) | 3.20% | |||
Book value of collateral | $ 36,391 | |||
MetLife Term Loan #8 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 44,000 | 44,000 | ||
Interest rate (as a percent) | 4.12% | |||
Interest Rate (as a percent) | 4.12% | |||
Book value of collateral | $ 110,042 | |||
Metlife Term Loan #9 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 16,800 | 21,000 | ||
Interest rate (as a percent) | 3.20% | |||
Interest Rate (as a percent) | 3.20% | |||
Book value of collateral | $ 33,652 | |||
Metlife Term Loan #10 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 49,874 | 53,277 | ||
Interest rate (as a percent) | 3.00% | |||
Interest Rate (as a percent) | 3.00% | |||
Book value of collateral | $ 105,675 | |||
Metlife Term Loan #11 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 12,750 | |||
Interest rate (as a percent) | 2.85% | |||
Interest Rate (as a percent) | 2.85% | |||
Book value of collateral | $ 26,890 | |||
Metlife Term Loan #12 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 14,359 | |||
Interest rate (as a percent) | 3.11% | |||
Interest Rate (as a percent) | 3.11% | |||
Book value of collateral | $ 28,777 | |||
Rabobank | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 59,500 | 62,358 | ||
Interest Rate (as a percent) | 1.80% | |||
Book value of collateral | $ 128,974 | |||
Rabobank | Secured notes | ||||
Mortgage notes payable | ||||
Outstanding debt | $ 59,500 | 62,400 | ||
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 | ||
Interest Rate (as a percent) | 1.42% | |||
Book value of collateral | $ 29,869 | |||
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 | ||
Interest Rate (as a percent) | 1.42% | |||
Book value of collateral | $ 39,859 | |||
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 | ||
Interest Rate (as a percent) | 1.42% | |||
Book value of collateral | $ 48,040 | |||
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 | ||
Interest Rate (as a percent) | 1.42% | |||
Book value of collateral | $ 29,302 | |||
Rutledge Note Payable#4 | 3 month LIBOR | ||||
Mortgage notes payable | ||||
Margin added to reference rate (as a percent) | 1.30% | |||
Rutledge Note Payable#5 | ||||
Mortgage notes payable | ||||
Principal outstanding | $ 30,000 | $ 30,000 | ||
Interest Rate (as a percent) | 1.42% | |||
Book value of collateral | $ 84,681 | |||
Rutledge Note Payable#5 | 3 month LIBOR | ||||
Mortgage notes payable | ||||
Margin added to reference rate (as a percent) | 1.30% | |||
Jefferson Bank Bridge Loan | ||||
Mortgage notes payable | ||||
Real estate purchase agreement, seller reimbursement, interest rate | 3.00% | |||
Real estate purchase agreement, threshold loan principal for which interest is reimbursed By seller | $ 13,500 | |||
Real estate purchase agreement, period for which interest on loan Is reimbursed by seller | 90 days | |||
Subsequent event | ||||
Mortgage notes payable | ||||
Outstanding debt maturing | $ 112,000 |
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, 2021 | Dec. 31, 2020 |
Aggregate maturities of long-term debt | ||
2022 | $ 112,000 | |
2024 | 2,100 | |
2025 | 27,087 | |
2026 | 129,023 | |
Thereafter | 243,218 | |
Total | 513,428 | |
Level 3 | Mortgage notes payable | ||
Aggregate maturities of long-term debt | ||
Fair value of debt | $ 535,100 | |
Level 3 | Mortgage notes payable | Fair value | ||
Aggregate maturities of long-term debt | ||
Fair value of debt | $ 522,700 | $ 535,100 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Sep. 04, 2020USD ($)aproperty | Jun. 01, 2015USD ($) | Feb. 28, 2022USD ($) | Oct. 31, 2021USD ($) | Feb. 28, 2021USD ($) | Aug. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||||||||||
Monthly payment amount | $ 10,032 | $ 13,042 | $ 12,373 | $ 10,701 | $ 10,534 | $ 10,366 | $ 10,200 | |||||
Options to extend | true | |||||||||||
Total lease cost | $ 150,000 | $ 130,000 | ||||||||||
Remaining lease term of operating lease | 9 months | |||||||||||
Operating lease discount rate | 3.35% | |||||||||||
2022 | $ 107,000 | |||||||||||
Total future rental payments | $ 107,000 | |||||||||||
Approximate percentage of prior decline in common stock price | 40.00% | |||||||||||
Farms acquired and allocation of purchase price | ||||||||||||
Net book value of assets with unexercised options | $ 8,400,000 | |||||||||||
Net book value of assets with exercised repurchase options | $ 15,800,000 | |||||||||||
Repurchase option agreement | ||||||||||||
Farms acquired and allocation of purchase price | ||||||||||||
Number of sellers property exercised | property | 1 | |||||||||||
Number of acres sold | a | 2,860 | |||||||||||
Received non-refundable initial payment | $ 2,900,000 | $ 100,000 | $ 300,000 |
Stockholders' Equity and Non-_3
Stockholders' Equity and Non-controlling Interests - Distributions (Details) $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 24, 2022item | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Jul. 16, 2021 | |
The Operating Partnership | ||||
Shareholders' Equity | ||||
Parent ownership interest (as a percent) | 97.00% | 94.90% | ||
Operating Partnership | ||||
Shareholders' Equity | ||||
Noncontrolling ownership interest (as a percent) | 9.97% | 7.60% | ||
Limited partner | Operating Partnership | ||||
Shareholders' Equity | ||||
Parent ownership interest (as a percent) | 97.00% | |||
Subsequent event | ||||
Shareholders' Equity | ||||
Number of farms acquired | item | 1 | |||
Common stock | ||||
Shareholders' Equity | ||||
Common stock issued (in shares) | 281,453 | 265,000 | ||
Common stock upon redemption (in shares) | 281,453 | 265,000 | ||
Non-controlling Interests in Operating Partnership | Operating Partnership | ||||
Shareholders' Equity | ||||
Increase (decrease) to non-controlling interest in the Operating Partnership | $ | $ 2.7 | $ (0.7) | ||
Pittman Hough Farms | The Operating Partnership | ||||
Shareholders' Equity | ||||
Noncontrolling ownership interest (as a percent) | 3.00% | 5.10% | ||
Pittman Hough Farms | Common stock | Operating Partnership | ||||
Shareholders' Equity | ||||
Ratio for conversion into common shares | 1 | |||
Redeemable Common Units | Limited partner | ||||
Shareholders' Equity | ||||
OP units outstanding for redemption | 1,400,000 | 1,600,000 |
Stockholders' Equity and Non-_4
Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) $ / shares in Units, $ in Thousands | Jan. 18, 2022$ / shares | Oct. 15, 2021$ / shares | Oct. 04, 2021USD ($)$ / sharesshares | Jul. 15, 2021$ / shares | Apr. 15, 2021$ / shares | Jan. 15, 2021$ / shares | Oct. 15, 2020$ / shares | Jul. 15, 2020$ / shares | Apr. 15, 2020$ / shares | Aug. 17, 2017$ / sharesshares | Mar. 02, 2016$ / sharesshares | Jan. 18, 2022$ / shares | Jan. 15, 2021$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Change in redeemable non-controlling interest | |||||||||||||||
Opening balance | $ 120,510 | ||||||||||||||
Accrued distributions to non-controlling interest | (10,052) | $ (12,334) | |||||||||||||
Ending balance | $ 120,510 | $ 120,510 | |||||||||||||
Par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Less: Dividends on Series B Participating Preferred Stock | $ (5,716) | ||||||||||||||
Series B Participating Preferred Stock | $ 0 | $ 139,766 | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Dividends declared per common share | $ / shares | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.2000 | $ 0.2000 | $ 0.20 | $ 0.20 | |||
Common stock | |||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||
Common stock upon redemption (in shares) | shares | 281,453 | 265,000 | |||||||||||||
Redeemable Preferred OP Units | Preferred Share | |||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||
Opening balance | $ 120,510 | $ 120,510 | |||||||||||||
Opening balance (in shares) | 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 | |||||||||||||
Ending balance (in shares) | shares | 117,000 | 117,000 | |||||||||||||
Series A Preferred Units | |||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||
Percentage of preferential cash distribution | 3.00% | ||||||||||||||
Liquidation preference | $ / shares | $ 1,000 | ||||||||||||||
Ratio of OP units redeemable into common stock | 1 | ||||||||||||||
Number of trading days | 20 days | ||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||
Percentage of cumulative preferential dividends | 3.00% | ||||||||||||||
Distributions payable | $ 3,500 | ||||||||||||||
Series A Preferred Units | Farm acquisitions | |||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||
Liquidation value | 120,500 | $ 120,500 | |||||||||||||
Series A Preferred Units | Farm acquisitions | Illinois | |||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||
Issuance of Common units as partial consideration for asset acquisition (in shares) | shares | 117,000 | ||||||||||||||
Series B Participating Preferred Stock | |||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||
Shares issued under underwriting agreement | shares | 6,037,500 | ||||||||||||||
Common stock, issue price (in dollars per share) | $ / shares | $ 2.0871798 | $ 25 | |||||||||||||
Par value | $ / shares | $ 0.01 | ||||||||||||||
Preference dividend (as a percent) | 6.00% | ||||||||||||||
Conversion of Stock, Shares Converted | shares | 5,806,797 | ||||||||||||||
Less: Dividends on Series B Participating Preferred Stock | $ (5,716) | ||||||||||||||
Declaration of dividend on Series B Participating Preferred Stock | $ 5,700 | ||||||||||||||
Less any fractional shares | shares | 12,119,829 |
Stockholders' Equity and Non-_5
Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2019 | Aug. 01, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 15, 2017 |
Stockholders' Equity and Non-controlling Interests | |||||
Increase in number of authorized shares | 50,000,000 | 30,000,000 | |||
Payments for repurchase of shares | $ 6,819 | ||||
Share repurchase | |||||
Stockholders' Equity and Non-controlling Interests | |||||
Amount of shares that can be repurchased | $ 40,500 | ||||
Share repurchase | Common stock | |||||
Stockholders' Equity and Non-controlling Interests | |||||
Shares repurchased (in shares) | 0 | ||||
Share repurchase | Series B Participating Preferred Stock | |||||
Stockholders' Equity and Non-controlling Interests | |||||
Shares repurchased (in shares) | 25,073 | ||||
Payments for repurchase of shares | $ 700 | ||||
Shares repurchased, weighted average price (in dollars per share) | $ 25.92 | ||||
Maximum | Share repurchase | |||||
Stockholders' Equity and Non-controlling Interests | |||||
Amount approved for share repurchase program | $ 25,000 |
Stockholders' Equity and Non-_6
Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Oct. 29, 2021 | May 14, 2021 | May 07, 2021 | |
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 75 | ||||
ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 75 | $ 50 | |||
Issuance of stock (in shares) | 2,112,773 | ||||
Gross proceeds | $ 27.6 | ||||
Net proceeds | 27.3 | ||||
Prior $50 million ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 50 | ||||
Issuance of stock (in shares) | 1,959,512 | ||||
Gross proceeds | $ 25.7 | ||||
Net proceeds | $ 25.4 | ||||
$75 million ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Issuance of stock (in shares) | 153,261 | ||||
Gross proceeds | $ 1.9 | ||||
Net proceeds | 75 | ||||
Restricted shares | |||||
Shareholders' Equity | |||||
Share-based compensation expense | $ 1.3 | $ 1.1 | |||
Number of Shares | |||||
Unvested at the beginning of the period (in shares) | 316,000 | 345,000 | |||
Granted (in shares) | 143,000 | 139,000 | |||
Vested (in shares) | (162,000) | (168,000) | |||
Unvested at the end of the period (in shares) | 297,000 | 316,000 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested at the beginning of the period (in dollars per share) | $ 6.46 | $ 9.49 | |||
Granted (in dollars per share) | 11.72 | 6.23 | |||
Vested (in dollars per share) | 6.68 | 8.24 | |||
Unvested at the end of the period (in dollars per share) | $ 8.87 | $ 6.46 | |||
Total unrecognized compensation costs related to non-vested stock awards | $ 1.6 | $ 1.1 | |||
Weighted average period over which unrecognized compensation costs is expected to be recognized | 1 year 6 months | ||||
Third Amended Plan | Restricted shares | |||||
Shareholders' Equity | |||||
Maximum shares of common stock to be issued | 1,900,000 | ||||
Number of shares available for future grant | 800,000 |
Stockholders' Equity and Non-_7
Stockholders' Equity and Non-controlling Interests - Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||||||||||
Net income attributable to Farmland Partners Inc. | $ 9,991 | $ 7,119 | ||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | (57) | (64) | ||||||||
Less: Distributions and dividends | (10,052) | (12,334) | ||||||||
Less: Dividends on Series B Participating Preferred Stock | (5,716) | |||||||||
Net loss available to common stockholders of Farmland Partners Inc. | $ 6,311 | $ (5,623) | $ (5,804) | $ (718) | $ 2,955 | $ (2,553) | $ (2,942) | $ (2,737) | $ (5,834) | $ (5,279) |
Denominator: | ||||||||||
Weighted-average number of common shares - basic (in shares) | 44,391 | 32,551 | 31,072 | 30,418 | 29,331 | 29,206 | 29,433 | 29,545 | 34,641 | 29,376 |
Weighted-average number of common shares - diluted (in shares) | 54,520 | 32,551 | 31,072 | 30,418 | 46,461 | 29,206 | 29,433 | 29,545 | 34,641 | 29,376 |
Loss per share attributable to common stockholders - basic | $ 0.14 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.10 | $ (0.09) | $ (0.10) | $ (0.09) | $ (0.17) | $ (0.18) |
Loss per share attributable to common stockholders - diluted | $ 0.12 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.06 | $ (0.09) | $ (0.10) | $ (0.09) | $ (0.17) | $ (0.18) |
Preferred Units | ||||||||||
Numerator: | ||||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | $ (57) | $ (64) | ||||||||
Series B Participating Preferred Stock | ||||||||||
Numerator: | ||||||||||
Less: Dividends on Series B Participating Preferred Stock | $ (5,716) |
Stockholders' Equity and Non-_8
Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation-related shares | ||
Excluded from diluted earnings per share calculation | ||
Anti-dilutive compensation-related shares outstanding | 0.5 | 0.3 |
Operating Partnership | ||
Excluded from diluted earnings per share calculation | ||
Weighted average number of units | 1.5 | 1.8 |
Stockholders' Equity and Non-_9
Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 46,831 | 32,210 |
Restricted shares | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 297 | 316 |
Limited partner | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 1,357 | 1,639 |
Common stock | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 45,177 | 30,255 |
Hedge Accounting (Details)
Hedge Accounting (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Contracts | ||
Fair value of derivative instruments | $ 785 | $ 2,899 |
Movements in other comprehensive income | ||
Beginning accumulated derivative instrument gain or loss | (2,380) | (1,644) |
Net change associated with current period hedging activities | 1,676 | (1,582) |
Amortization of frozen AOCI on de-designated hedge | 983 | 846 |
Closing accumulated derivative instrument gain or loss | 279 | (2,380) |
Interest rate contract | ||
Derivative Contracts | ||
Hedging transactions, net change | 2,700 | (700) |
Cash Flow Hedging | Interest rate contract | ||
Derivative Contracts | ||
Amortization of frozen AOCI | 1,000 | |
Designated as Hedging Instrument | Interest rate contract | ||
Derivative Contracts | ||
Amount of loss recognized | $ 600 | 400 |
Amortization of frozen AOCI | 800 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||
Derivative Contracts | ||
Derivative term of contract | 6 years | |
Percentage of debt outstanding amount covered by hedging | 50.00% | |
Terminated hedge fair value | $ 2,600 | |
Terminated hedge, amortization period | 6 years | |
Hedge termination fees | $ 400 | |
Notional amount | 33,200 | |
Movements in other comprehensive income | ||
Amortization of frozen AOCI on de-designated hedge | 1,000 | $ 800 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Derivative liability | ||
Derivative Contracts | ||
Fair value of derivative instruments | $ 785 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating revenues | $ 20,046 | $ 10,105 | $ 10,013 | $ 11,575 | $ 17,917 | $ 10,604 | $ 10,517 | $ 11,650 | $ 51,739 | $ 50,689 |
Operating expenses | 8,720 | 8,671 | 9,058 | 8,477 | 8,216 | 6,955 | 6,828 | 6,361 | 34,926 | 28,360 |
Other expenses | (1,990) | 4,103 | 3,820 | 621 | 3,324 | 3,088 | 3,517 | 4,870 | 6,554 | 14,799 |
Net income (loss) before income tax expense | 13,316 | (2,669) | (2,865) | 2,477 | 6,377 | 561 | 172 | 419 | 10,259 | 7,530 |
Income tax expense | 0 | 0 | ||||||||
NET INCOME | 13,316 | (2,669) | (2,865) | 2,477 | 6,377 | 561 | 172 | 419 | 10,259 | 7,530 |
Net income (loss) available to common stockholders of Farmland Partners Inc. | $ 6,311 | $ (5,623) | $ (5,804) | $ (718) | $ 2,955 | $ (2,553) | $ (2,942) | $ (2,737) | $ (5,834) | $ (5,279) |
Basic net income (loss) per share available to common stockholders | $ 0.14 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.10 | $ (0.09) | $ (0.10) | $ (0.09) | $ (0.17) | $ (0.18) |
Diluted net income (loss) per share available to common stockholders | $ 0.12 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.06 | $ (0.09) | $ (0.10) | $ (0.09) | $ (0.17) | $ (0.18) |
Basic weighted average common shares outstanding (in shares) | 44,391 | 32,551 | 31,072 | 30,418 | 29,331 | 29,206 | 29,433 | 29,545 | 34,641 | 29,376 |
Diluted weighted average common shares outstanding (in shares) | 54,520 | 32,551 | 31,072 | 30,418 | 46,461 | 29,206 | 29,433 | 29,545 | 34,641 | 29,376 |
Gain (loss) on disposition of assets | $ 9,290 | $ 2,989 | ||||||||
Operating Expense | ||||||||||
Operating expense related to litigation | $ 1,400 | $ 2,200 | $ 2,700 | $ 2,500 | $ 1,900 | $ 0 | $ 600 | $ 200 | ||
Other Expense | ||||||||||
Gain (loss) on disposition of assets | $ 5,800 | $ (100) | $ 100 | $ 3,400 | $ 800 | $ 1,300 | $ 900 | $ (100) |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 22, 2022$ / shares | Feb. 24, 2022USD ($) | Feb. 24, 2022USD ($)propertyitem | Dec. 31, 2021USD ($)item | Dec. 31, 2020item | Feb. 18, 2022USD ($) |
Subsequent Events | ||||||
Number of dispositions | item | 12 | 7 | ||||
Outstanding debt | $ 513,428 | |||||
Subsequent event | ||||||
Subsequent Events | ||||||
Number of farms acquired | item | 1 | |||||
Aggregate consideration | $ 2,700 | $ 2,700 | ||||
Payments to acquire farms | $ 1,500 | |||||
Number of dispositions | property | 1 | |||||
Percentage of gross employee compensation | 3.00% | |||||
Subsequent event | Farm Credit Mid-America | ||||||
Subsequent Events | ||||||
Outstanding debt | $ 112,000 | |||||
Limited partner | Subsequent event | ||||||
Subsequent Events | ||||||
Dividend declared (per share) | $ / shares | $ 0.05 |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)aitem | |
Real estate and accumulated depreciation | |
Encumbrances | $ 513,428 |
Aggregate cost of land and depreciable property | 950,000 |
Initial Cost to Company | |
Land | 941,108 |
Improvements | 108,814 |
Total | 1,049,922 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4,847 |
Improvements | 37,925 |
Total | 42,772 |
Gross Amount at Which Carried at Close of Period | |
Land | 945,951 |
Improvements | 146,813 |
Total | 1,092,764 |
Accumulated depreciation | $ 38,303 |
Area of real estate property | a | 160,200 |
Adjustments | |
Gross Amount at Which Carried at Close of Period | |
Improvements | $ 110 |
Total | 110 |
Accumulated depreciation | 207 |
Other. | |
Initial Cost to Company | |
Land | 50,383 |
Improvements | 2,046 |
Total | 52,429 |
Cost Capitalized Subsequent to Acquisition | |
Land | 579 |
Improvements | 1,288 |
Total | 1,867 |
Gross Amount at Which Carried at Close of Period | |
Land | 50,958 |
Improvements | 3,298 |
Total | 54,256 |
Accumulated depreciation | $ 760 |
SEC Schedule III Real Estate Number of Farms | item | 108 |
SEC Schedule III Real Estate Number of States | item | 9 |
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements | 5.00% |
Farmer Mac Bond #6. | |
Real estate and accumulated depreciation | |
Encumbrances | $ 13,827 |
Farmer Mac Bond #6. | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 3,300 |
Farmer Mac Bond #7. | |
Real estate and accumulated depreciation | |
Encumbrances | 11,160 |
Farmer Mac Bond #7. | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 500 |
MetLife Term Loan #1 | |
Real estate and accumulated depreciation | |
Encumbrances | 83,206 |
MetLife Term Loan #2 | |
Real estate and accumulated depreciation | |
Encumbrances | 16,000 |
MetLife Term Loan #3 | |
Real estate and accumulated depreciation | |
Encumbrances | 16,800 |
MetLife Term Loan #4 | |
Real estate and accumulated depreciation | |
Encumbrances | 13,017 |
MetLife Term Loan #5 | |
Real estate and accumulated depreciation | |
Encumbrances | 6,779 |
MetLife Term Loan #6 | |
Real estate and accumulated depreciation | |
Encumbrances | 27,158 |
MetLife Term Loan #7 | |
Real estate and accumulated depreciation | |
Encumbrances | 16,198 |
MetLife Term Loan #8 | |
Real estate and accumulated depreciation | |
Encumbrances | 44,000 |
Metlife Term Loan #9 | |
Real estate and accumulated depreciation | |
Encumbrances | 16,800 |
Metlife Term Loan #10 | |
Real estate and accumulated depreciation | |
Encumbrances | 49,874 |
Metlife Term Loan #11 | |
Real estate and accumulated depreciation | |
Encumbrances | 12,750 |
Metlife Term Loan #12 | |
Real estate and accumulated depreciation | |
Encumbrances | 14,359 |
Rabobank | |
Real estate and accumulated depreciation | |
Encumbrances | 59,500 |
Rutledge Note Payable#1 | |
Real estate and accumulated depreciation | |
Encumbrances | 17,000 |
Rutledge Note Payable#2 | |
Real estate and accumulated depreciation | |
Encumbrances | 25,000 |
Rutledge Note Payable#3 | |
Real estate and accumulated depreciation | |
Encumbrances | 25,000 |
Rutledge Note Payable#4 | |
Real estate and accumulated depreciation | |
Encumbrances | 15,000 |
Rutledge Note Payable#5 | |
Real estate and accumulated depreciation | |
Encumbrances | 30,000 |
Met Life Bond #1 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 20,300 |
Met Life Bond #3 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 6,600 |
Met Life Bond #4 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 5,800 |
Met Life Bond #5 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 1,600 |
Met Life Bond #7 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 2,000 |
Met Life Bond #9 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 2,000 |
Met Life Bond #10 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 600 |
Rutledge Credit Facility #1 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 4,100 |
Rabo Agrifinance Note | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 6,000 |
North Carolina | Farm one | |
Initial Cost to Company | |
Land | 41,906 |
Total | 41,906 |
Cost Capitalized Subsequent to Acquisition | |
Land | 578 |
Improvements | 5 |
Total | 583 |
Gross Amount at Which Carried at Close of Period | |
Land | 42,484 |
Improvements | 5 |
Total | $ 42,489 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
North Carolina | Farm two | |
Initial Cost to Company | |
Land | $ 17,627 |
Total | 17,627 |
Gross Amount at Which Carried at Close of Period | |
Land | 17,627 |
Total | 17,627 |
North Carolina | Farm three | |
Initial Cost to Company | |
Land | 7,239 |
Total | 7,239 |
Cost Capitalized Subsequent to Acquisition | |
Land | (16) |
Total | (16) |
Gross Amount at Which Carried at Close of Period | |
Land | 7,223 |
Total | 7,223 |
North Carolina | Farm four | |
Initial Cost to Company | |
Land | 5,750 |
Total | 5,750 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,754 |
Total | 5,754 |
North Carolina | Farm five | |
Initial Cost to Company | |
Land | 4,242 |
Total | 4,242 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,246 |
Total | 4,246 |
North Carolina | Farm six | |
Initial Cost to Company | |
Land | 3,864 |
Total | 3,864 |
Cost Capitalized Subsequent to Acquisition | |
Land | 8 |
Total | 8 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,872 |
Total | 3,872 |
North Carolina | Farm seven | |
Initial Cost to Company | |
Land | 2,768 |
Total | 2,768 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,768 |
Total | 2,768 |
North Carolina | Farm eight | |
Initial Cost to Company | |
Land | 2,177 |
Total | 2,177 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,177 |
Total | 2,177 |
North Carolina | Farm nine | |
Initial Cost to Company | |
Land | 1,770 |
Total | 1,770 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,770 |
Total | 1,770 |
North Carolina | Farm ten | |
Initial Cost to Company | |
Land | 1,161 |
Total | 1,161 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,161 |
Total | 1,161 |
Georgia | Farm one | |
Initial Cost to Company | |
Land | 3,574 |
Improvements | 2,922 |
Total | 6,496 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 46 |
Total | 46 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,574 |
Improvements | 2,968 |
Total | 6,542 |
Accumulated depreciation | $ 2,392 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Georgia | Farm two | |
Initial Cost to Company | |
Land | $ 3,306 |
Improvements | 368 |
Total | 3,674 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 23 |
Total | 23 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,306 |
Improvements | 391 |
Total | 3,697 |
Accumulated depreciation | $ 101 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Georgia | Farm three | |
Initial Cost to Company | |
Land | $ 1,330 |
Improvements | 72 |
Total | 1,402 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 180 |
Total | 180 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,330 |
Improvements | 252 |
Total | 1,582 |
Accumulated depreciation | $ 45 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Georgia | Farm four | |
Initial Cost to Company | |
Land | $ 795 |
Improvements | 65 |
Total | 860 |
Cost Capitalized Subsequent to Acquisition | |
Land | 31 |
Improvements | 105 |
Total | 136 |
Gross Amount at Which Carried at Close of Period | |
Land | 826 |
Improvements | 170 |
Total | 996 |
Accumulated depreciation | $ 30 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Georgia | Farm five | |
Initial Cost to Company | |
Land | $ 756 |
Improvements | 202 |
Total | 958 |
Cost Capitalized Subsequent to Acquisition | |
Land | (1) |
Improvements | 9 |
Total | 8 |
Gross Amount at Which Carried at Close of Period | |
Land | 755 |
Improvements | 211 |
Total | 966 |
Accumulated depreciation | $ 33 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
Georgia | Farm six | |
Initial Cost to Company | |
Land | $ 718 |
Improvements | 144 |
Total | 862 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10 |
Total | 10 |
Gross Amount at Which Carried at Close of Period | |
Land | 718 |
Improvements | 154 |
Total | 872 |
Accumulated depreciation | $ 34 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Missouri | Farm one | |
Initial Cost to Company | |
Land | $ 6,493 |
Improvements | 15 |
Total | 6,508 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,493 |
Improvements | 15 |
Total | $ 6,508 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Michigan | Farm one | |
Initial Cost to Company | |
Land | $ 904 |
Improvements | 1,654 |
Total | 2,558 |
Gross Amount at Which Carried at Close of Period | |
Land | 904 |
Improvements | 1,654 |
Total | 2,558 |
Accumulated depreciation | $ 459 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Michigan | Farm two | |
Initial Cost to Company | |
Land | $ 779 |
Improvements | 851 |
Total | 1,630 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 39 |
Total | 39 |
Gross Amount at Which Carried at Close of Period | |
Land | 779 |
Improvements | 890 |
Total | 1,669 |
Accumulated depreciation | $ 377 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Illinois | Farm one | |
Initial Cost to Company | |
Land | $ 29,627 |
Improvements | 431 |
Total | 30,058 |
Cost Capitalized Subsequent to Acquisition | |
Land | 50 |
Improvements | 2,268 |
Total | 2,318 |
Gross Amount at Which Carried at Close of Period | |
Land | 29,677 |
Improvements | 2,699 |
Total | 32,376 |
Accumulated depreciation | $ 451 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Illinois | Farm two | |
Initial Cost to Company | |
Land | $ 22,937 |
Improvements | 1,484 |
Total | 24,421 |
Cost Capitalized Subsequent to Acquisition | |
Land | (11) |
Improvements | 1,302 |
Total | 1,291 |
Gross Amount at Which Carried at Close of Period | |
Land | 22,926 |
Improvements | 2,786 |
Total | 25,712 |
Accumulated depreciation | $ 390 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Illinois | Farm three | |
Initial Cost to Company | |
Land | $ 9,689 |
Improvements | 420 |
Total | 10,109 |
Cost Capitalized Subsequent to Acquisition | |
Land | 18 |
Improvements | (5) |
Total | 13 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,707 |
Improvements | 415 |
Total | 10,122 |
Accumulated depreciation | $ 138 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm four | |
Initial Cost to Company | |
Land | $ 6,086 |
Total | 6,086 |
Cost Capitalized Subsequent to Acquisition | |
Land | 11 |
Improvements | 450 |
Total | 461 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,097 |
Improvements | 450 |
Total | 6,547 |
Accumulated depreciation | $ 45 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm five | |
Initial Cost to Company | |
Land | $ 6,418 |
Total | 6,418 |
Cost Capitalized Subsequent to Acquisition | |
Land | 11 |
Total | 11 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,429 |
Total | 6,429 |
Illinois | Farm six | |
Initial Cost to Company | |
Land | 5,493 |
Total | 5,493 |
Cost Capitalized Subsequent to Acquisition | |
Land | 9 |
Improvements | 338 |
Total | 347 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,502 |
Improvements | 338 |
Total | 5,840 |
Accumulated depreciation | $ 178 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm seven | |
Initial Cost to Company | |
Land | $ 5,453 |
Improvements | 105 |
Total | 5,558 |
Cost Capitalized Subsequent to Acquisition | |
Land | 10 |
Improvements | 7 |
Total | 17 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,463 |
Improvements | 112 |
Total | 5,575 |
Accumulated depreciation | $ 24 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm eight | |
Initial Cost to Company | |
Land | $ 4,920 |
Improvements | 4 |
Total | 4,924 |
Cost Capitalized Subsequent to Acquisition | |
Land | 8 |
Improvements | 148 |
Total | 156 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,928 |
Improvements | 152 |
Total | 5,080 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm nine | |
Initial Cost to Company | |
Land | $ 4,575 |
Total | 4,575 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,575 |
Total | 4,575 |
Illinois | Farm ten | |
Initial Cost to Company | |
Land | 4,522 |
Improvements | 4 |
Total | 4,526 |
Cost Capitalized Subsequent to Acquisition | |
Land | 8 |
Total | 8 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,530 |
Improvements | 4 |
Total | 4,534 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm eleven | |
Initial Cost to Company | |
Land | $ 4,350 |
Total | 4,350 |
Cost Capitalized Subsequent to Acquisition | |
Land | 8 |
Total | 8 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,358 |
Total | 4,358 |
Illinois | Farm twelve | |
Initial Cost to Company | |
Land | 3,821 |
Total | 3,821 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Total | (2) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,819 |
Total | 3,819 |
Illinois | Farm thirteen | |
Initial Cost to Company | |
Land | 2,981 |
Total | 2,981 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 634 |
Total | 634 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,981 |
Improvements | 634 |
Total | 3,615 |
Accumulated depreciation | $ 249 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Illinois | Farm fourteen | |
Initial Cost to Company | |
Land | $ 3,541 |
Total | 3,541 |
Cost Capitalized Subsequent to Acquisition | |
Land | 6 |
Total | 6 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,547 |
Total | 3,547 |
Illinois | Farm fifteen | |
Initial Cost to Company | |
Land | 3,149 |
Improvements | 28 |
Total | 3,177 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 324 |
Total | 324 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,149 |
Improvements | 352 |
Total | 3,501 |
Accumulated depreciation | $ 43 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Illinois | Farm sixteen | |
Initial Cost to Company | |
Land | $ 1,290 |
Total | 1,290 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,199 |
Total | 2,199 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,290 |
Improvements | 2,199 |
Total | 3,489 |
Accumulated depreciation | $ 596 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Illinois | Farm seventeen | |
Initial Cost to Company | |
Land | $ 3,470 |
Total | 3,470 |
Cost Capitalized Subsequent to Acquisition | |
Land | 6 |
Improvements | 4 |
Total | 10 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,476 |
Improvements | 4 |
Total | 3,480 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Illinois | Farm eighteen | |
Initial Cost to Company | |
Land | $ 2,997 |
Improvements | 68 |
Total | 3,065 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Improvements | 253 |
Total | 258 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,002 |
Improvements | 321 |
Total | 3,323 |
Accumulated depreciation | $ 165 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Illinois | Farm nineteen | |
Initial Cost to Company | |
Land | $ 3,212 |
Total | 3,212 |
Cost Capitalized Subsequent to Acquisition | |
Land | 6 |
Improvements | 95 |
Total | 101 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,218 |
Improvements | 95 |
Total | 3,313 |
Accumulated depreciation | $ 9 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm twenty | |
Initial Cost to Company | |
Land | $ 3,277 |
Total | 3,277 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,282 |
Total | 3,282 |
Illinois | Farm twenty one | |
Initial Cost to Company | |
Land | 3,163 |
Total | 3,163 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,163 |
Total | 3,163 |
Illinois | Farm twenty two | |
Initial Cost to Company | |
Land | 3,058 |
Total | 3,058 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,063 |
Total | 3,063 |
Illinois | Farm twenty three | |
Initial Cost to Company | |
Land | 3,030 |
Total | 3,030 |
Cost Capitalized Subsequent to Acquisition | |
Land | 6 |
Total | 6 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,036 |
Total | 3,036 |
Illinois | Farm twenty four | |
Initial Cost to Company | |
Land | 2,882 |
Improvements | 42 |
Total | 2,924 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,887 |
Improvements | 42 |
Total | 2,929 |
Accumulated depreciation | $ 18 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Illinois | Farm twenty five | |
Initial Cost to Company | |
Land | $ 2,682 |
Total | 2,682 |
Cost Capitalized Subsequent to Acquisition | |
Land | 8 |
Improvements | 204 |
Total | 212 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,690 |
Improvements | 204 |
Total | 2,894 |
Accumulated depreciation | $ 19 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm twenty six | |
Initial Cost to Company | |
Land | $ 2,573 |
Total | 2,573 |
Cost Capitalized Subsequent to Acquisition | |
Land | (1) |
Improvements | 236 |
Total | 235 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,572 |
Improvements | 236 |
Total | 2,808 |
Accumulated depreciation | $ 23 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm twenty seven | |
Initial Cost to Company | |
Land | $ 2,718 |
Total | 2,718 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,723 |
Total | 2,723 |
Illinois | Farm twenty eight | |
Initial Cost to Company | |
Land | 2,661 |
Total | 2,661 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,661 |
Total | 2,661 |
Illinois | Farm twenty nine | |
Initial Cost to Company | |
Land | 2,542 |
Total | 2,542 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,547 |
Total | 2,547 |
Illinois | Farm thirty | |
Initial Cost to Company | |
Land | 2,525 |
Total | 2,525 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,525 |
Total | 2,525 |
Illinois | Farm thirty one | |
Initial Cost to Company | |
Land | 2,423 |
Total | 2,423 |
Cost Capitalized Subsequent to Acquisition | |
Land | 5 |
Total | 5 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,428 |
Total | 2,428 |
Illinois | Farm thirty two | |
Initial Cost to Company | |
Land | 2,402 |
Total | 2,402 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,406 |
Total | 2,406 |
Illinois | Farm thirty three | |
Initial Cost to Company | |
Land | 2,015 |
Total | 2,015 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Improvements | 216 |
Total | 220 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,019 |
Improvements | 216 |
Total | 2,235 |
Accumulated depreciation | $ 20 |
Life on Which Depreciation in Latest Income Statements is Computed | 29 years |
Illinois | Farm thirty four | |
Initial Cost to Company | |
Land | $ 2,100 |
Total | 2,100 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Improvements | 98 |
Total | 102 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,104 |
Improvements | 98 |
Total | 2,202 |
Accumulated depreciation | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm thirty five | |
Initial Cost to Company | |
Land | $ 1,700 |
Total | 1,700 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 346 |
Total | 346 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,700 |
Improvements | 346 |
Total | 2,046 |
Accumulated depreciation | $ 66 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
Illinois | Farm thirty six | |
Initial Cost to Company | |
Land | $ 1,996 |
Total | 1,996 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,999 |
Total | 1,999 |
Illinois | Farm thirty seven | |
Initial Cost to Company | |
Land | 2,103 |
Improvements | 105 |
Total | 2,208 |
Cost Capitalized Subsequent to Acquisition | |
Land | (226) |
Total | (226) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,877 |
Improvements | 105 |
Total | 1,982 |
Accumulated depreciation | $ 24 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Illinois | Farm thirty eight | |
Initial Cost to Company | |
Land | $ 1,972 |
Total | 1,972 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,975 |
Total | 1,975 |
Illinois | Farm thirty nine | |
Initial Cost to Company | |
Land | 1,956 |
Total | 1,956 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,960 |
Total | 1,960 |
Illinois | Farm forty | |
Initial Cost to Company | |
Land | 1,945 |
Total | 1,945 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,949 |
Total | 1,949 |
Illinois | Farm forty one | |
Initial Cost to Company | |
Land | 1,905 |
Total | 1,905 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,905 |
Total | 1,905 |
Illinois | Farm forty two | |
Initial Cost to Company | |
Land | 1,859 |
Total | 1,859 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Total | 4 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,863 |
Total | 1,863 |
Illinois | Farm forty three | |
Initial Cost to Company | |
Land | 1,853 |
Total | 1,853 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,856 |
Total | 1,856 |
Illinois | Farm forty four | |
Initial Cost to Company | |
Land | 1,825 |
Total | 1,825 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,825 |
Total | 1,825 |
Illinois | Farm forty five | |
Initial Cost to Company | |
Land | 1,693 |
Total | 1,693 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Improvements | 109 |
Total | 112 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,696 |
Improvements | 109 |
Total | 1,805 |
Accumulated depreciation | $ 10 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm forty six | |
Initial Cost to Company | |
Land | $ 1,769 |
Total | 1,769 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,772 |
Total | 1,772 |
Illinois | Farm forty seven | |
Initial Cost to Company | |
Land | 1,750 |
Total | 1,750 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,750 |
Total | 1,750 |
Illinois | Farm forty eight | |
Initial Cost to Company | |
Land | 1,735 |
Total | 1,735 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,735 |
Total | 1,735 |
Illinois | Farm forty nine | |
Initial Cost to Company | |
Land | 1,731 |
Total | 1,731 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,734 |
Total | 1,734 |
Illinois | Farm fifty | |
Initial Cost to Company | |
Land | 1,643 |
Improvements | 88 |
Total | 1,731 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,646 |
Improvements | 88 |
Total | 1,734 |
Accumulated depreciation | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm fifty one | |
Initial Cost to Company | |
Land | $ 1,718 |
Total | 1,718 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,721 |
Total | 1,721 |
Illinois | Farm fifty two | |
Initial Cost to Company | |
Land | 1,614 |
Improvements | 94 |
Total | 1,708 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,617 |
Improvements | 94 |
Total | 1,711 |
Accumulated depreciation | $ 24 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm fifty three | |
Initial Cost to Company | |
Land | $ 1,675 |
Improvements | 4 |
Total | 1,679 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Improvements | (4) |
Total | (1) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,678 |
Total | 1,678 |
Illinois | Farm fifty four | |
Initial Cost to Company | |
Land | 1,523 |
Total | 1,523 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Improvements | 126 |
Total | 129 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,526 |
Improvements | 126 |
Total | 1,652 |
Accumulated depreciation | $ 12 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm fifty five | |
Initial Cost to Company | |
Land | $ 1,620 |
Total | 1,620 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,623 |
Total | 1,623 |
Illinois | Farm fifty six | |
Initial Cost to Company | |
Land | 1,603 |
Total | 1,603 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,606 |
Total | 1,606 |
Illinois | Farm fifty seven | |
Initial Cost to Company | |
Land | 1,588 |
Total | 1,588 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,591 |
Total | 1,591 |
Illinois | Farm fifty eight | |
Initial Cost to Company | |
Land | 1,423 |
Improvements | 60 |
Total | 1,483 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 68 |
Total | 68 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,423 |
Improvements | 128 |
Total | 1,551 |
Accumulated depreciation | $ 85 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm fifty nine | |
Initial Cost to Company | |
Land | $ 1,500 |
Total | 1,500 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 26 |
Total | 26 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,500 |
Improvements | 26 |
Total | 1,526 |
Accumulated depreciation | $ 3 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm sixty | |
Initial Cost to Company | |
Land | $ 1,496 |
Total | 1,496 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,496 |
Total | 1,496 |
Illinois | Farm sixty one | |
Initial Cost to Company | |
Land | 1,481 |
Total | 1,481 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,484 |
Total | 1,484 |
Illinois | Farm sixty two | |
Initial Cost to Company | |
Land | 1,471 |
Total | 1,471 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,471 |
Total | 1,471 |
Illinois | Farm sixty three | |
Initial Cost to Company | |
Land | 1,435 |
Total | 1,435 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,438 |
Total | 1,438 |
Illinois | Farm sixty four | |
Initial Cost to Company | |
Land | 1,437 |
Total | 1,437 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,437 |
Total | 1,437 |
Illinois | Farm sixty five | |
Initial Cost to Company | |
Land | 1,403 |
Total | 1,403 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,403 |
Total | 1,403 |
Illinois | Farm sixty six | |
Initial Cost to Company | |
Land | 1,229 |
Total | 1,229 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 116 |
Total | 118 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,231 |
Improvements | 116 |
Total | 1,347 |
Accumulated depreciation | $ 11 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm sixty seven | |
Initial Cost to Company | |
Land | $ 1,320 |
Total | 1,320 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,322 |
Total | 1,322 |
Illinois | Farm sixty eight | |
Initial Cost to Company | |
Land | 1,259 |
Total | 1,259 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,261 |
Total | 1,261 |
Illinois | Farm sixty nine | |
Initial Cost to Company | |
Land | 1,120 |
Total | 1,120 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 138 |
Total | 138 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,120 |
Improvements | 138 |
Total | 1,258 |
Accumulated depreciation | $ 16 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy | |
Initial Cost to Company | |
Land | $ 1,254 |
Total | 1,254 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,256 |
Total | 1,256 |
Illinois | Farm seventy one | |
Initial Cost to Company | |
Land | 1,219 |
Total | 1,219 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,221 |
Total | 1,221 |
Illinois | Farm seventy two | |
Initial Cost to Company | |
Land | 1,147 |
Total | 1,147 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 60 |
Total | 60 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,147 |
Improvements | 60 |
Total | 1,207 |
Accumulated depreciation | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy three | |
Initial Cost to Company | |
Land | $ 1,003 |
Total | 1,003 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 198 |
Total | 198 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,003 |
Improvements | 198 |
Total | 1,201 |
Accumulated depreciation | $ 64 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm seventy four | |
Initial Cost to Company | |
Land | $ 1,171 |
Total | 1,171 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,173 |
Total | 1,173 |
Illinois | Farm seventy five | |
Initial Cost to Company | |
Land | 1,126 |
Improvements | 44 |
Total | 1,170 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,128 |
Improvements | 44 |
Total | 1,172 |
Accumulated depreciation | $ 8 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Illinois | Farm seventy six | |
Initial Cost to Company | |
Land | $ 1,130 |
Improvements | 35 |
Total | 1,165 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,132 |
Improvements | 35 |
Total | 1,167 |
Accumulated depreciation | $ 12 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm seventy seven | |
Initial Cost to Company | |
Land | $ 1,439 |
Total | 1,439 |
Cost Capitalized Subsequent to Acquisition | |
Land | (279) |
Total | (279) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,160 |
Total | 1,160 |
Illinois | Farm seventy eight | |
Initial Cost to Company | |
Land | 1,115 |
Improvements | 28 |
Total | 1,143 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 9 |
Total | 11 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,117 |
Improvements | 37 |
Total | 1,154 |
Accumulated depreciation | $ 11 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Illinois | Farm seventy nine | |
Initial Cost to Company | |
Land | $ 1,075 |
Total | 1,075 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 70 |
Total | 72 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,077 |
Improvements | 70 |
Total | 1,147 |
Accumulated depreciation | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm eighty | |
Initial Cost to Company | |
Land | $ 1,119 |
Total | 1,119 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,121 |
Total | 1,121 |
Illinois | Farm eighty one | |
Initial Cost to Company | |
Land | 1,063 |
Improvements | 27 |
Total | 1,090 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,065 |
Improvements | 27 |
Total | 1,092 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm eighty two | |
Initial Cost to Company | |
Land | $ 1,080 |
Total | 1,080 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,082 |
Total | 1,082 |
Illinois | Farm eighty three | |
Initial Cost to Company | |
Land | 989 |
Total | 989 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 77 |
Total | 79 |
Gross Amount at Which Carried at Close of Period | |
Land | 991 |
Improvements | 77 |
Total | 1,068 |
Accumulated depreciation | $ 8 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm eighty four | |
Initial Cost to Company | |
Land | $ 1,058 |
Total | 1,058 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,060 |
Total | 1,060 |
Illinois | Farm eighty five | |
Initial Cost to Company | |
Land | 995 |
Total | 995 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 58 |
Total | 60 |
Gross Amount at Which Carried at Close of Period | |
Land | 997 |
Improvements | 58 |
Total | 1,055 |
Accumulated depreciation | $ 5 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm eighty six | |
Initial Cost to Company | |
Land | $ 801 |
Improvements | 97 |
Total | 898 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 152 |
Total | 152 |
Gross Amount at Which Carried at Close of Period | |
Land | 801 |
Improvements | 249 |
Total | 1,050 |
Accumulated depreciation | $ 45 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm eighty seven | |
Initial Cost to Company | |
Land | $ 1,005 |
Total | 1,005 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,007 |
Total | 1,007 |
Illinois | Farm eighty eight | |
Initial Cost to Company | |
Land | 950 |
Improvements | 40 |
Total | 990 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 952 |
Improvements | 40 |
Total | 992 |
Accumulated depreciation | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
Illinois | Farm eighty nine | |
Initial Cost to Company | |
Land | $ 980 |
Total | 980 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 982 |
Total | 982 |
Illinois | Farm ninety | |
Initial Cost to Company | |
Land | 975 |
Total | 975 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 977 |
Total | 977 |
Illinois | Farm ninety one | |
Initial Cost to Company | |
Land | 972 |
Total | 972 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 974 |
Total | 974 |
Illinois | Farm ninety two | |
Initial Cost to Company | |
Land | 968 |
Total | 968 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 970 |
Total | 970 |
Illinois | Farm ninety three | |
Initial Cost to Company | |
Land | 844 |
Total | 844 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 112 |
Total | 114 |
Gross Amount at Which Carried at Close of Period | |
Land | 846 |
Improvements | 112 |
Total | 958 |
Accumulated depreciation | $ 6 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Illinois | Farm ninety four | |
Initial Cost to Company | |
Land | $ 923 |
Improvements | 53 |
Total | 976 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (29) |
Total | (29) |
Gross Amount at Which Carried at Close of Period | |
Land | 923 |
Improvements | 24 |
Total | 947 |
Accumulated depreciation | $ 5 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm ninety five | |
Initial Cost to Company | |
Land | $ 939 |
Total | 939 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Total | 1 |
Gross Amount at Which Carried at Close of Period | |
Land | 940 |
Total | 940 |
Illinois | Farm ninety six | |
Initial Cost to Company | |
Land | 902 |
Improvements | 34 |
Total | 936 |
Gross Amount at Which Carried at Close of Period | |
Land | 902 |
Improvements | 34 |
Total | 936 |
Accumulated depreciation | $ 24 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Illinois | Farm ninety seven | |
Initial Cost to Company | |
Land | $ 800 |
Improvements | 130 |
Total | 930 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 802 |
Improvements | 130 |
Total | 932 |
Accumulated depreciation | $ 26 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm ninety eight | |
Initial Cost to Company | |
Land | $ 845 |
Improvements | 63 |
Total | 908 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 847 |
Improvements | 63 |
Total | 910 |
Accumulated depreciation | $ 19 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Illinois | Farm ninety nine | |
Initial Cost to Company | |
Land | $ 855 |
Improvements | 55 |
Total | 910 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Improvements | (12) |
Total | (11) |
Gross Amount at Which Carried at Close of Period | |
Land | 856 |
Improvements | 43 |
Total | 899 |
Accumulated depreciation | $ 9 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Illinois | Farm one hundred | |
Initial Cost to Company | |
Land | $ 879 |
Total | 879 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | 4 |
Total | 6 |
Gross Amount at Which Carried at Close of Period | |
Land | 881 |
Improvements | 4 |
Total | 885 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm one hundred and one | |
Initial Cost to Company | |
Land | $ 866 |
Improvements | 18 |
Total | 884 |
Gross Amount at Which Carried at Close of Period | |
Land | 866 |
Improvements | 18 |
Total | 884 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 48 years |
Illinois | Farm one hundred and two | |
Initial Cost to Company | |
Land | $ 815 |
Total | 815 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 60 |
Total | 60 |
Gross Amount at Which Carried at Close of Period | |
Land | 815 |
Improvements | 60 |
Total | 875 |
Accumulated depreciation | $ 6 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and three | |
Initial Cost to Company | |
Land | $ 864 |
Total | 864 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Total | 1 |
Gross Amount at Which Carried at Close of Period | |
Land | 865 |
Total | 865 |
Louisiana | Farm one | |
Initial Cost to Company | |
Land | 26,762 |
Improvements | 128 |
Total | 26,890 |
Gross Amount at Which Carried at Close of Period | |
Land | 26,762 |
Improvements | 128 |
Total | 26,890 |
Accumulated depreciation | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
Louisiana | Farm two | |
Initial Cost to Company | |
Land | $ 24,754 |
Improvements | 390 |
Total | 25,144 |
Gross Amount at Which Carried at Close of Period | |
Land | 24,754 |
Improvements | 390 |
Total | 25,144 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Louisiana | Farm three | |
Initial Cost to Company | |
Land | $ 5,100 |
Improvements | 52 |
Total | 5,152 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 172 |
Total | 172 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,100 |
Improvements | 224 |
Total | 5,324 |
Accumulated depreciation | $ 92 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Louisiana | Farm four | |
Initial Cost to Company | |
Land | $ 3,612 |
Improvements | 20 |
Total | 3,632 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,612 |
Improvements | 20 |
Total | $ 3,632 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Mississippi | Farm one | |
Initial Cost to Company | |
Land | $ 6,654 |
Improvements | 133 |
Total | 6,787 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,654 |
Improvements | 136 |
Total | 6,790 |
Accumulated depreciation | $ 38 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Mississippi | Farm two | |
Initial Cost to Company | |
Land | $ 3,471 |
Improvements | 41 |
Total | 3,512 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 63 |
Total | 63 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,471 |
Improvements | 104 |
Total | 3,575 |
Accumulated depreciation | $ 19 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
South Carolina | Farm one | |
Initial Cost to Company | |
Land | $ 12,057 |
Improvements | 1,474 |
Total | 13,531 |
Cost Capitalized Subsequent to Acquisition | |
Land | 53 |
Improvements | 5,897 |
Total | 5,950 |
Gross Amount at Which Carried at Close of Period | |
Land | 12,110 |
Improvements | 7,371 |
Total | 19,481 |
Accumulated depreciation | $ 1,257 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
South Carolina | Farm two | |
Initial Cost to Company | |
Land | $ 14,866 |
Improvements | 906 |
Total | 15,772 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 239 |
Total | 239 |
Gross Amount at Which Carried at Close of Period | |
Land | 14,866 |
Improvements | 1,145 |
Total | 16,011 |
Accumulated depreciation | $ 188 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
South Carolina | Farm three | |
Initial Cost to Company | |
Land | $ 7,919 |
Improvements | 133 |
Total | 8,052 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 178 |
Total | 178 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,919 |
Improvements | 311 |
Total | 8,230 |
Accumulated depreciation | $ 48 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
South Carolina | Farm four | |
Initial Cost to Company | |
Land | $ 4,679 |
Improvements | 25 |
Total | 4,704 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Improvements | 2,375 |
Total | 2,379 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,683 |
Improvements | 2,400 |
Total | 7,083 |
Accumulated depreciation | $ 577 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
South Carolina | Farm five | |
Initial Cost to Company | |
Land | $ 2,235 |
Total | 2,235 |
Cost Capitalized Subsequent to Acquisition | |
Land | 661 |
Improvements | 1,577 |
Total | 2,238 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,896 |
Improvements | 1,577 |
Total | 4,473 |
Accumulated depreciation | $ 356 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
South Carolina | Farm six | |
Initial Cost to Company | |
Land | $ 1,959 |
Improvements | 344 |
Total | 2,303 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 970 |
Total | 970 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,959 |
Improvements | 1,314 |
Total | 3,273 |
Accumulated depreciation | $ 193 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
South Carolina | Farm seven | |
Initial Cost to Company | |
Land | $ 1,803 |
Improvements | 158 |
Total | 1,961 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 422 |
Total | 422 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,803 |
Improvements | 580 |
Total | 2,383 |
Accumulated depreciation | $ 97 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
South Carolina | Farm eight | |
Initial Cost to Company | |
Land | $ 1,321 |
Improvements | 91 |
Total | 1,412 |
Cost Capitalized Subsequent to Acquisition | |
Land | 246 |
Improvements | 721 |
Total | 967 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,567 |
Improvements | 812 |
Total | 2,379 |
Accumulated depreciation | $ 95 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
South Carolina | Farm nine | |
Initial Cost to Company | |
Land | $ 1,090 |
Total | 1,090 |
Cost Capitalized Subsequent to Acquisition | |
Land | 230 |
Improvements | 776 |
Total | 1,006 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,320 |
Improvements | 776 |
Total | 2,096 |
Accumulated depreciation | $ 74 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
South Carolina | Farm ten | |
Initial Cost to Company | |
Land | $ 1,568 |
Total | 1,568 |
Cost Capitalized Subsequent to Acquisition | |
Land | 64 |
Improvements | 433 |
Total | 497 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,632 |
Improvements | 433 |
Total | 2,065 |
Accumulated depreciation | $ 84 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
South Carolina | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,303 |
Improvements | 225 |
Total | 1,528 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 134 |
Total | 134 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,303 |
Improvements | 359 |
Total | 1,662 |
Accumulated depreciation | $ 66 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 years |
South Carolina | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,078 |
Total | 1,078 |
Cost Capitalized Subsequent to Acquisition | |
Land | 29 |
Improvements | 548 |
Total | 577 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,107 |
Improvements | 548 |
Total | 1,655 |
Accumulated depreciation | $ 110 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
South Carolina | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,032 |
Improvements | 170 |
Total | 1,202 |
Cost Capitalized Subsequent to Acquisition | |
Land | 13 |
Improvements | 218 |
Total | 231 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,045 |
Improvements | 388 |
Total | 1,433 |
Accumulated depreciation | $ 63 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm one | |
Initial Cost to Company | |
Land | $ 10,716 |
Improvements | 70 |
Total | 10,786 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,716 |
Improvements | 70 |
Total | 10,786 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 39 years |
Colorado | Farm two | |
Initial Cost to Company | |
Land | $ 792 |
Improvements | 4,731 |
Total | 5,523 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Improvements | 159 |
Total | 160 |
Gross Amount at Which Carried at Close of Period | |
Land | 793 |
Improvements | 4,890 |
Total | 5,683 |
Accumulated depreciation | $ 430 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm three | |
Initial Cost to Company | |
Land | $ 5,455 |
Improvements | 147 |
Total | 5,602 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,455 |
Improvements | 147 |
Total | 5,602 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
Colorado | Farm four | |
Initial Cost to Company | |
Land | $ 4,156 |
Improvements | 1,280 |
Total | 5,436 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (3) |
Total | (3) |
Gross Amount at Which Carried at Close of Period | |
Land | 4,156 |
Improvements | 1,277 |
Total | 5,433 |
Accumulated depreciation | $ 252 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm five | |
Initial Cost to Company | |
Land | $ 3,566 |
Improvements | 359 |
Total | 3,925 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 96 |
Total | 96 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,566 |
Improvements | 455 |
Total | 4,021 |
Accumulated depreciation | $ 108 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Colorado | Farm six | |
Initial Cost to Company | |
Land | $ 3,099 |
Total | 3,099 |
Cost Capitalized Subsequent to Acquisition | |
Land | (133) |
Total | (133) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,966 |
Total | 2,966 |
Colorado | Farm seven | |
Initial Cost to Company | |
Land | 1,995 |
Improvements | 84 |
Total | 2,079 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 466 |
Total | 466 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,995 |
Improvements | 550 |
Total | 2,545 |
Accumulated depreciation | $ 160 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Colorado | Farm eight | |
Initial Cost to Company | |
Land | $ 2,328 |
Total | 2,328 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,328 |
Total | 2,328 |
Colorado | Farm nine | |
Initial Cost to Company | |
Land | 637 |
Improvements | 1,604 |
Total | 2,241 |
Gross Amount at Which Carried at Close of Period | |
Land | 637 |
Improvements | 1,604 |
Total | 2,241 |
Accumulated depreciation | $ 430 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Colorado | Farm ten | |
Initial Cost to Company | |
Land | $ 1,365 |
Improvements | 663 |
Total | 2,028 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 101 |
Total | 101 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,365 |
Improvements | 764 |
Total | 2,129 |
Accumulated depreciation | $ 138 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,301 |
Improvements | 699 |
Total | 2,000 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70 |
Total | 70 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,301 |
Improvements | 769 |
Total | 2,070 |
Accumulated depreciation | $ 119 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,817 |
Improvements | 210 |
Total | 2,027 |
Cost Capitalized Subsequent to Acquisition | |
Land | (7) |
Improvements | 21 |
Total | 14 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,810 |
Improvements | 231 |
Total | 2,041 |
Accumulated depreciation | $ 133 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Colorado | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,760 |
Total | 1,760 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 239 |
Total | 239 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,760 |
Improvements | 239 |
Total | 1,999 |
Accumulated depreciation | $ 40 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Colorado | Farm fourteen | |
Initial Cost to Company | |
Land | $ 1,622 |
Total | 1,622 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 271 |
Total | 271 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,622 |
Improvements | 271 |
Total | 1,893 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Colorado | Farm fifteen | |
Initial Cost to Company | |
Land | $ 1,079 |
Improvements | 812 |
Total | 1,891 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,079 |
Improvements | 812 |
Total | 1,891 |
Accumulated depreciation | $ 127 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Colorado | Farm sixteen | |
Initial Cost to Company | |
Land | $ 1,305 |
Improvements | 376 |
Total | 1,681 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 10 |
Total | 10 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,305 |
Improvements | 386 |
Total | 1,691 |
Accumulated depreciation | $ 270 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Colorado | Farm seventeen | |
Initial Cost to Company | |
Land | $ 1,353 |
Improvements | 184 |
Total | 1,537 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,353 |
Improvements | 184 |
Total | 1,537 |
Accumulated depreciation | $ 169 |
Life on Which Depreciation in Latest Income Statements is Computed | 9 years |
Colorado | Farm eighteen | |
Initial Cost to Company | |
Land | $ 1,238 |
Total | 1,238 |
Cost Capitalized Subsequent to Acquisition | |
Land | 45 |
Total | 45 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,283 |
Total | 1,283 |
Accumulated depreciation | 33 |
Colorado | Farm nineteen | |
Initial Cost to Company | |
Land | 1,030 |
Improvements | 170 |
Total | 1,200 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 31 |
Total | 31 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,030 |
Improvements | 201 |
Total | 1,231 |
Accumulated depreciation | $ 175 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Colorado | Farm twenty | |
Initial Cost to Company | |
Land | $ 579 |
Improvements | 513 |
Total | 1,092 |
Cost Capitalized Subsequent to Acquisition | |
Land | 65 |
Improvements | 18 |
Total | 83 |
Gross Amount at Which Carried at Close of Period | |
Land | 644 |
Improvements | 531 |
Total | 1,175 |
Accumulated depreciation | $ 355 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Colorado | Farm twenty one | |
Initial Cost to Company | |
Land | $ 747 |
Improvements | 393 |
Total | 1,140 |
Gross Amount at Which Carried at Close of Period | |
Land | 747 |
Improvements | 393 |
Total | 1,140 |
Accumulated depreciation | $ 82 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm twenty two | |
Initial Cost to Company | |
Land | $ 773 |
Improvements | 323 |
Total | 1,096 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 24 |
Total | 24 |
Gross Amount at Which Carried at Close of Period | |
Land | 773 |
Improvements | 347 |
Total | 1,120 |
Accumulated depreciation | $ 82 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm twenty three | |
Initial Cost to Company | |
Land | $ 1,128 |
Improvements | 68 |
Total | 1,196 |
Cost Capitalized Subsequent to Acquisition | |
Land | (45) |
Improvements | (32) |
Total | (77) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,083 |
Improvements | 36 |
Total | 1,119 |
Accumulated depreciation | 3 |
Colorado | Farm twenty four | |
Initial Cost to Company | |
Land | 1,105 |
Total | 1,105 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,105 |
Total | 1,105 |
Colorado | Farm twenty five | |
Initial Cost to Company | |
Land | 554 |
Improvements | 443 |
Total | 997 |
Cost Capitalized Subsequent to Acquisition | |
Land | (3) |
Improvements | 70 |
Total | 67 |
Gross Amount at Which Carried at Close of Period | |
Land | 551 |
Improvements | 513 |
Total | 1,064 |
Accumulated depreciation | $ 88 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Colorado | Farm twenty six | |
Initial Cost to Company | |
Land | $ 819 |
Improvements | 94 |
Total | 913 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 113 |
Total | 113 |
Gross Amount at Which Carried at Close of Period | |
Land | 819 |
Improvements | 207 |
Total | 1,026 |
Accumulated depreciation | $ 108 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Colorado | Farm twenty seven | |
Initial Cost to Company | |
Land | $ 809 |
Improvements | 141 |
Total | 950 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 64 |
Total | 64 |
Gross Amount at Which Carried at Close of Period | |
Land | 809 |
Improvements | 205 |
Total | 1,014 |
Accumulated depreciation | $ 48 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Colorado | Farm twenty eight | |
Initial Cost to Company | |
Land | $ 481 |
Improvements | 373 |
Total | 854 |
Cost Capitalized Subsequent to Acquisition | |
Land | 46 |
Improvements | 2 |
Total | 48 |
Gross Amount at Which Carried at Close of Period | |
Land | 527 |
Improvements | 375 |
Total | 902 |
Accumulated depreciation | $ 261 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Kansas | Farm one | |
Initial Cost to Company | |
Land | $ 1,915 |
Total | 1,915 |
Cost Capitalized Subsequent to Acquisition | |
Land | (395) |
Total | (395) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,520 |
Total | 1,520 |
Kansas | Farm two | |
Initial Cost to Company | |
Land | 805 |
Improvements | 178 |
Total | 983 |
Cost Capitalized Subsequent to Acquisition | |
Land | (38) |
Total | (38) |
Gross Amount at Which Carried at Close of Period | |
Land | 767 |
Improvements | 178 |
Total | 945 |
Accumulated depreciation | $ 133 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Virginia | Farm one | |
Initial Cost to Company | |
Land | $ 2,802 |
Total | 2,802 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,802 |
Total | 2,802 |
Florida | Farm one | |
Initial Cost to Company | |
Land | 9,295 |
Improvements | 202 |
Total | 9,497 |
Cost Capitalized Subsequent to Acquisition | |
Land | 3,433 |
Improvements | 2,531 |
Total | 5,964 |
Gross Amount at Which Carried at Close of Period | |
Land | 12,728 |
Improvements | 2,733 |
Total | 15,461 |
Accumulated depreciation | $ 233 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Florida | Farm two | |
Initial Cost to Company | |
Land | $ 2,674 |
Improvements | 3,565 |
Total | 6,239 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,652 |
Total | 2,652 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,674 |
Improvements | 6,217 |
Total | 8,891 |
Accumulated depreciation | $ 1,287 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Florida | Farm three | |
Initial Cost to Company | |
Land | $ 6,402 |
Improvements | 593 |
Total | 6,995 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 269 |
Total | 269 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,402 |
Improvements | 862 |
Total | 7,264 |
Accumulated depreciation | $ 292 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Florida | Farm four | |
Initial Cost to Company | |
Land | $ 935 |
Improvements | 67 |
Total | 1,002 |
Gross Amount at Which Carried at Close of Period | |
Land | 935 |
Improvements | 67 |
Total | 1,002 |
Accumulated depreciation | $ 3 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Arkansas | Farm one | |
Initial Cost to Company | |
Land | $ 6,914 |
Improvements | 287 |
Total | 7,201 |
Cost Capitalized Subsequent to Acquisition | |
Land | 16 |
Improvements | 22 |
Total | 38 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,930 |
Improvements | 309 |
Total | 7,239 |
Accumulated depreciation | $ 95 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Arkansas | Farm two | |
Initial Cost to Company | |
Land | $ 5,924 |
Improvements | 244 |
Total | 6,168 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,924 |
Improvements | 244 |
Total | 6,168 |
Accumulated depreciation | $ 80 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Arkansas | Farm three | |
Initial Cost to Company | |
Land | $ 5,532 |
Improvements | 101 |
Total | 5,633 |
Cost Capitalized Subsequent to Acquisition | |
Land | 15 |
Improvements | 46 |
Total | 61 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,547 |
Improvements | 147 |
Total | 5,694 |
Accumulated depreciation | $ 53 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Arkansas | Farm four | |
Initial Cost to Company | |
Land | $ 5,169 |
Improvements | 185 |
Total | 5,354 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,169 |
Improvements | 185 |
Total | 5,354 |
Accumulated depreciation | $ 69 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Arkansas | Farm five | |
Initial Cost to Company | |
Land | $ 4,536 |
Improvements | 50 |
Total | 4,586 |
Cost Capitalized Subsequent to Acquisition | |
Land | 27 |
Improvements | 81 |
Total | 108 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,563 |
Improvements | 131 |
Total | 4,694 |
Accumulated depreciation | $ 39 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Arkansas | Farm six | |
Initial Cost to Company | |
Land | $ 2,808 |
Improvements | 184 |
Total | 2,992 |
Cost Capitalized Subsequent to Acquisition | |
Land | 88 |
Improvements | 96 |
Total | 184 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,896 |
Improvements | 280 |
Total | 3,176 |
Accumulated depreciation | $ 95 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Arkansas | Farm seven | |
Initial Cost to Company | |
Land | $ 2,985 |
Improvements | 156 |
Total | 3,141 |
Cost Capitalized Subsequent to Acquisition | |
Land | (96) |
Improvements | 8 |
Total | (88) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,889 |
Improvements | 164 |
Total | 3,053 |
Accumulated depreciation | $ 81 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Arkansas | Farm eight | |
Initial Cost to Company | |
Land | $ 3,264 |
Improvements | 165 |
Total | 3,429 |
Cost Capitalized Subsequent to Acquisition | |
Land | (590) |
Improvements | 191 |
Total | (399) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,674 |
Improvements | 356 |
Total | 3,030 |
Accumulated depreciation | $ 116 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm nine | |
Initial Cost to Company | |
Land | $ 2,645 |
Improvements | 40 |
Total | 2,685 |
Cost Capitalized Subsequent to Acquisition | |
Land | 21 |
Improvements | 42 |
Total | 63 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,666 |
Improvements | 82 |
Total | 2,748 |
Accumulated depreciation | $ 28 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Arkansas | Farm ten | |
Initial Cost to Company | |
Land | $ 2,262 |
Improvements | 82 |
Total | 2,344 |
Cost Capitalized Subsequent to Acquisition | |
Land | 96 |
Improvements | 4 |
Total | 100 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,358 |
Improvements | 86 |
Total | 2,444 |
Accumulated depreciation | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm eleven | |
Initial Cost to Company | |
Land | $ 2,316 |
Total | 2,316 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 3 |
Total | 3 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,316 |
Improvements | 3 |
Total | 2,319 |
Arkansas | Farm twelve | |
Initial Cost to Company | |
Land | 2,014 |
Improvements | 96 |
Total | 2,110 |
Cost Capitalized Subsequent to Acquisition | |
Land | (8) |
Total | (8) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,006 |
Improvements | 96 |
Total | 2,102 |
Accumulated depreciation | $ 39 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
California | Farm one | |
Initial Cost to Company | |
Land | $ 44,994 |
Total | 44,994 |
Gross Amount at Which Carried at Close of Period | |
Land | 44,994 |
Total | 44,994 |
California | Farm two | |
Initial Cost to Company | |
Land | 33,482 |
Total | 33,482 |
Gross Amount at Which Carried at Close of Period | |
Land | 33,482 |
Total | 33,482 |
California | Farm three | |
Initial Cost to Company | |
Land | 31,567 |
Total | 31,567 |
Gross Amount at Which Carried at Close of Period | |
Land | 31,567 |
Total | 31,567 |
California | Farm four | |
Initial Cost to Company | |
Land | 19,925 |
Improvements | 11,521 |
Total | 31,446 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (1,146) |
Total | (1,146) |
Gross Amount at Which Carried at Close of Period | |
Land | 19,925 |
Improvements | 10,375 |
Total | 30,300 |
Accumulated depreciation | $ 4,036 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
California | Farm five | |
Initial Cost to Company | |
Land | $ 7,647 |
Improvements | 11,518 |
Total | 19,165 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 338 |
Total | 338 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,647 |
Improvements | 11,856 |
Total | 19,503 |
Accumulated depreciation | $ 2,384 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
California | Farm six | |
Initial Cost to Company | |
Land | $ 10,947 |
Improvements | 6,878 |
Total | 17,825 |
Cost Capitalized Subsequent to Acquisition | |
Land | (12) |
Improvements | 287 |
Total | 275 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,935 |
Improvements | 7,165 |
Total | 18,100 |
Accumulated depreciation | $ 1,972 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
California | Farm seven | |
Initial Cost to Company | |
Land | $ 9,998 |
Improvements | 8,116 |
Total | 18,114 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (115) |
Total | (115) |
Gross Amount at Which Carried at Close of Period | |
Land | 9,998 |
Improvements | 8,001 |
Total | 17,999 |
Accumulated depreciation | $ 2,616 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm eight | |
Initial Cost to Company | |
Land | $ 11,888 |
Improvements | 3,398 |
Total | 15,286 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (58) |
Total | (58) |
Gross Amount at Which Carried at Close of Period | |
Land | 11,888 |
Improvements | 3,340 |
Total | 15,228 |
Accumulated depreciation | $ 1,205 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm nine | |
Initial Cost to Company | |
Land | $ 8,326 |
Improvements | 6,075 |
Total | 14,401 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 42 |
Total | 42 |
Gross Amount at Which Carried at Close of Period | |
Land | 8,326 |
Improvements | 6,117 |
Total | 14,443 |
Accumulated depreciation | $ 1,103 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
California | Farm ten | |
Initial Cost to Company | |
Land | $ 9,043 |
Improvements | 4,546 |
Total | 13,589 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 307 |
Total | 307 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,043 |
Improvements | 4,853 |
Total | 13,896 |
Accumulated depreciation | $ 1,365 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
California | Farm eleven | |
Initial Cost to Company | |
Land | $ 10,167 |
Improvements | 2,902 |
Total | 13,069 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 17 |
Total | 17 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,167 |
Improvements | 2,919 |
Total | 13,086 |
Accumulated depreciation | $ 1,095 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm twelve | |
Initial Cost to Company | |
Land | $ 7,492 |
Improvements | 2,889 |
Total | 10,381 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 433 |
Total | 433 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,492 |
Improvements | 3,322 |
Total | 10,814 |
Accumulated depreciation | $ 1,088 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm thirteen | |
Initial Cost to Company | |
Land | $ 9,534 |
Improvements | 263 |
Total | 9,797 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2 |
Total | 2 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,534 |
Improvements | 265 |
Total | 9,799 |
Accumulated depreciation | $ 128 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm fourteen | |
Initial Cost to Company | |
Land | $ 6,191 |
Improvements | 2,772 |
Total | 8,963 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,191 |
Improvements | 2,772 |
Total | 8,963 |
Accumulated depreciation | $ 823 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
California | Farm fifteen | |
Initial Cost to Company | |
Land | $ 4,710 |
Improvements | 3,317 |
Total | 8,027 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,710 |
Improvements | 3,317 |
Total | 8,027 |
Accumulated depreciation | $ 701 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm sixteen | |
Initial Cost to Company | |
Land | $ 5,442 |
Improvements | 390 |
Total | 5,832 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,442 |
Improvements | 390 |
Total | 5,832 |
Accumulated depreciation | $ 4 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
California | Farm seventeen | |
Initial Cost to Company | |
Land | $ 2,461 |
Improvements | 1,974 |
Total | 4,435 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,461 |
Improvements | 1,974 |
Total | 4,435 |
Accumulated depreciation | $ 451 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
California | Farm eighteen | |
Initial Cost to Company | |
Land | $ 967 |
Improvements | 1,357 |
Total | 2,324 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 375 |
Total | 375 |
Gross Amount at Which Carried at Close of Period | |
Land | 967 |
Improvements | 1,732 |
Total | 2,699 |
Accumulated depreciation | $ 410 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Nebraska | Farm one | |
Initial Cost to Company | |
Land | $ 1,881 |
Improvements | 55 |
Total | 1,936 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Improvements | 1,476 |
Total | 1,477 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,882 |
Improvements | 1,531 |
Total | 3,413 |
Accumulated depreciation | $ 512 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Nebraska | Farm two | |
Initial Cost to Company | |
Land | $ 2,601 |
Improvements | 114 |
Total | 2,715 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 131 |
Total | 131 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,601 |
Improvements | 245 |
Total | 2,846 |
Accumulated depreciation | $ 35 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm three | |
Initial Cost to Company | |
Land | $ 2,539 |
Improvements | 78 |
Total | 2,617 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (23) |
Total | (23) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,539 |
Improvements | 55 |
Total | 2,594 |
Accumulated depreciation | $ 15 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm four | |
Initial Cost to Company | |
Land | $ 693 |
Improvements | 1,785 |
Total | 2,478 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 90 |
Total | 90 |
Gross Amount at Which Carried at Close of Period | |
Land | 693 |
Improvements | 1,875 |
Total | 2,568 |
Accumulated depreciation | $ 395 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Nebraska | Farm five | |
Initial Cost to Company | |
Land | $ 2,280 |
Improvements | 44 |
Total | 2,324 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 95 |
Total | 95 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,280 |
Improvements | 139 |
Total | 2,419 |
Accumulated depreciation | $ 37 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Nebraska | Farm six | |
Initial Cost to Company | |
Land | $ 2,316 |
Improvements | 126 |
Total | 2,442 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (126) |
Total | (126) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,316 |
Total | 2,316 |
Nebraska | Farm seven | |
Initial Cost to Company | |
Land | 1,610 |
Improvements | 32 |
Total | 1,642 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Improvements | 81 |
Total | 79 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,608 |
Improvements | 113 |
Total | 1,721 |
Accumulated depreciation | $ 28 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Nebraska | Farm eight | |
Initial Cost to Company | |
Land | $ 1,639 |
Improvements | 46 |
Total | 1,685 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Improvements | 10 |
Total | 8 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,637 |
Improvements | 56 |
Total | 1,693 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Nebraska | Farm nine | |
Initial Cost to Company | |
Land | $ 1,314 |
Improvements | 65 |
Total | 1,379 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 267 |
Total | 267 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,314 |
Improvements | 332 |
Total | 1,646 |
Accumulated depreciation | $ 97 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Nebraska | Farm ten | |
Initial Cost to Company | |
Land | $ 1,244 |
Improvements | 69 |
Total | 1,313 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 269 |
Total | 269 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,244 |
Improvements | 338 |
Total | 1,582 |
Accumulated depreciation | $ 62 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,100 |
Improvements | 28 |
Total | 1,128 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 248 |
Total | 248 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,100 |
Improvements | 276 |
Total | 1,376 |
Accumulated depreciation | $ 37 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,149 |
Total | 1,149 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 202 |
Total | 202 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,149 |
Improvements | 202 |
Total | 1,351 |
Accumulated depreciation | $ 23 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm thirteen | |
Initial Cost to Company | |
Land | $ 1,346 |
Improvements | 34 |
Total | 1,380 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (34) |
Total | (34) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,346 |
Total | 1,346 |
Nebraska | Farm fourteen | |
Initial Cost to Company | |
Land | 1,232 |
Improvements | 56 |
Total | 1,288 |
Cost Capitalized Subsequent to Acquisition | |
Land | 31 |
Total | 31 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,263 |
Improvements | 56 |
Total | 1,319 |
Accumulated depreciation | $ 12 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Nebraska | Farm fifteen | |
Initial Cost to Company | |
Land | $ 1,279 |
Improvements | 23 |
Total | 1,302 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 6 |
Total | 6 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,279 |
Improvements | 29 |
Total | 1,308 |
Accumulated depreciation | $ 16 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Nebraska | Farm sixteen | |
Initial Cost to Company | |
Land | $ 1,242 |
Improvements | 37 |
Total | 1,279 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (5) |
Total | (5) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,242 |
Improvements | 32 |
Total | 1,274 |
Accumulated depreciation | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm seventeen | |
Initial Cost to Company | |
Land | $ 1,077 |
Improvements | 33 |
Total | 1,110 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 80 |
Total | 80 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,077 |
Improvements | 113 |
Total | 1,190 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm eighteen | |
Initial Cost to Company | |
Land | $ 1,109 |
Improvements | 40 |
Total | 1,149 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,109 |
Improvements | 40 |
Total | 1,149 |
Accumulated depreciation | $ 18 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm nineteen | |
Initial Cost to Company | |
Land | $ 1,136 |
Improvements | 11 |
Total | 1,147 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,136 |
Improvements | 11 |
Total | 1,147 |
Accumulated depreciation | 11 |
Nebraska | Farm twenty | |
Initial Cost to Company | |
Land | 848 |
Improvements | 197 |
Total | 1,045 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 22 |
Total | 22 |
Gross Amount at Which Carried at Close of Period | |
Land | 848 |
Improvements | 219 |
Total | 1,067 |
Accumulated depreciation | $ 64 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Nebraska | Farm twenty one | |
Initial Cost to Company | |
Land | $ 994 |
Improvements | 20 |
Total | 1,014 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Improvements | 41 |
Total | 39 |
Gross Amount at Which Carried at Close of Period | |
Land | 992 |
Improvements | 61 |
Total | 1,053 |
Accumulated depreciation | $ 19 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Nebraska | Farm fifty seven | |
Initial Cost to Company | |
Land | $ 1,539 |
Total | 1,539 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70 |
Total | 70 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,539 |
Improvements | 70 |
Total | 1,609 |
Accumulated depreciation | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 45 years |
South Dakota | Farm one | |
Initial Cost to Company | |
Land | $ 6,731 |
Total | 6,731 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,731 |
Total | 6,731 |
Alabama | Farm one | |
Initial Cost to Company | |
Land | 1,719 |
Improvements | 1,883 |
Total | 3,602 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (8) |
Total | (8) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,719 |
Improvements | 1,875 |
Total | 3,594 |
Accumulated depreciation | $ 412 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 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, 2021 | Dec. 31, 2020 | |
Real estate: | ||
Balance at beginning of year | $ 1,076,420 | $ 1,087,767 |
Additions during period | ||
Additions through construction of improvements | 2,008 | 5,316 |
Disposition of property and improvements | (65,679) | (18,069) |
Acquisitions through business combinations and/or asset acquisitions | 79,944 | 1,406 |
Balance at end of year | 1,092,693 | 1,076,420 |
Accumulated depreciation: | ||
Balance at beginning of year | 32,602 | 25,223 |
Dispositions of improvements | (1,977) | (521) |
Additions charged to costs and expenses | 7,629 | 7,900 |
Balance at end of year | 38,254 | 32,602 |
Real Estate and Accumulated Depreciation balance per consolidated balance sheet | ||
Real Estate balance per schedule | 1,092,693 | 1,076,420 |
Construction in progress | 10,647 | 9,283 |
Other non-real estate | 71 | 71 |
Balance per consolidated balance sheet | 1,103,411 | 1,085,774 |
Accumulated depreciation per schedule | 38,254 | 32,602 |
Other non-real estate | 49 | 52 |
Balance per consolidated balance sheet | $ 38,303 | $ 32,654 |