Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 680,814,251 | ||
Entity Common Stock, Shares Outstanding | 54,340,190 | ||
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 | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land, at cost | $ 980,521 | $ 945,951 |
Grain facilities | 11,349 | 10,754 |
Groundwater | 17,682 | 10,214 |
Irrigation improvements | 50,097 | 52,693 |
Drainage improvements | 12,543 | 12,606 |
Permanent plantings | 50,394 | 53,698 |
Other | 6,967 | 6,848 |
Construction in progress | 14,810 | 10,647 |
Real estate, at cost | 1,144,363 | 1,103,411 |
Less accumulated depreciation | (38,447) | (38,303) |
Total real estate, net | 1,105,916 | 1,065,108 |
Deposits | 148 | 58 |
Cash and cash equivalents | 7,654 | 30,171 |
Assets held for sale | 33 | 530 |
Loans and financing receivables, net | 21,921 | 6,112 |
Right of use asset | 325 | 107 |
Deferred offering costs | 63 | 40 |
Accounts receivable, net | 7,055 | 4,900 |
Derivative asset | 2,084 | |
Inventory | 2,808 | 3,059 |
Equity method investments | 4,185 | 3,427 |
Intangible assets, net | 2,055 | 1,915 |
Goodwill | 2,706 | 2,706 |
Prepaid and other assets | 3,196 | 3,392 |
TOTAL ASSETS | 1,160,149 | 1,121,525 |
LIABILITIES | ||
Mortgage notes and bonds payable, net | 436,875 | 511,323 |
Lease liability | 325 | 107 |
Dividends payable | 3,333 | 2,342 |
Derivative liability | 785 | |
Accrued interest | 4,135 | 3,011 |
Accrued property taxes | 2,008 | 1,762 |
Deferred revenue | 44 | 45 |
Accrued expenses | 9,215 | 9,564 |
Total liabilities | 455,935 | 528,939 |
Commitments and contingencies (See Note 8) | ||
Redeemable non-controlling interest in operating partnership, Series A preferred units | 110,210 | 120,510 |
EQUITY | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 54,318,312 shares issued and outstanding at December 31, 2022, and 45,474,145 shares issued and outstanding at December 31, 2021 | 531 | 444 |
Additional paid in capital | 647,346 | 524,183 |
Retained earnings (deficit) | 3,567 | (4,739) |
Cumulative dividends | (73,964) | (61,853) |
Other comprehensive income | 3,306 | 279 |
Non-controlling interests in operating partnership | 13,218 | 13,762 |
Total equity | 594,004 | 472,076 |
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $ 1,160,149 | $ 1,121,525 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 54,318,312 | 45,474,145 |
Common stock, shares outstanding | 54,318,312 | 45,474,145 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING REVENUES: | ||
Rental income | $ 45,615 | $ 45,251 |
Total operating revenues | 61,210 | 51,739 |
OPERATING EXPENSES | ||
Depreciation, depletion and amortization | 6,960 | 7,629 |
Property operating expenses | 8,190 | 7,331 |
Cost of goods sold | 5,966 | 1,525 |
Acquisition and due diligence costs | 111 | 55 |
General and administrative expenses | 12,005 | 8,208 |
Legal and accounting | 2,874 | 10,147 |
Other operating expenses | 130 | 31 |
Total operating expenses | 36,236 | 34,926 |
OPERATING INCOME | 24,974 | 16,813 |
OTHER (INCOME) EXPENSE: | ||
Other (income) | (663) | (66) |
(Income) from equity method investment | (52) | (19) |
(Gain) on disposition of assets | (2,641) | (9,290) |
Interest expense | 16,143 | 15,929 |
Total other expense | 12,787 | 6,554 |
Net income before income tax expense | 12,187 | 10,259 |
Income tax expense | 227 | 0 |
NET INCOME | 11,960 | 10,259 |
Net (income) attributable to non-controlling interests in operating partnership | (286) | (268) |
Net income attributable to the Company | 11,674 | 9,991 |
Nonforfeitable distributions allocated to unvested restricted shares | (63) | (57) |
Distributions on Series A Preferred Units and Series B Preferred Stock | (3,210) | (10,052) |
Redemption of Series B Participating Preferred Stock | (5,716) | |
Net income (loss) available to common stockholders of Farmland Partners Inc. | $ 8,401 | $ (5,834) |
Basic and diluted per common share data: | ||
Basic net income (loss) available to common stockholders | $ 0.16 | $ (0.17) |
Diluted net income (loss) available to common stockholders | $ 0.16 | $ (0.17) |
Basic weighted average common shares outstanding (in shares) | 50,953 | 34,641 |
Diluted weighted average common shares outstanding (in shares) | 50,953 | 34,641 |
Dividends declared per common share | $ 0.23 | $ 0.20 |
Tenant reimbursements | ||
OPERATING REVENUES: | ||
Revenue | $ 3,264 | $ 3,450 |
Crop sales | ||
OPERATING REVENUES: | ||
Revenue | 5,372 | 880 |
Other revenue | ||
OPERATING REVENUES: | ||
Revenue | $ 6,959 | $ 2,158 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income | ||
Net income | $ 11,960 | $ 10,259 |
Amortization of other comprehensive income | 594 | 983 |
Net change associated with current period hedging activities | 2,433 | 1,676 |
Comprehensive income | 14,987 | 12,918 |
Comprehensive (loss) attributable to non-controlling interests | (286) | (268) |
Net income attributable to Farmland Partners Inc. | $ 14,701 | $ 12,650 |
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, 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 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 | ||||||
Increase (decrease) in shareholders' equity | |||||||
Net income | 11,674 | 286 | 11,960 | ||||
Issuance of stock | $ 86 | 121,289 | 121,375 | ||||
Issuance of stock (in shares) | 8,599 | ||||||
Grant of unvested restricted stock (in shares) | 150 | ||||||
Forfeiture of unvested restricted stock (in shares) | (10) | ||||||
Shares withheld for income taxes on vesting of equity-based compensation | (186) | (186) | |||||
Shares withheld for income taxes on vesting of equity-based compensation (in shares) | (15) | ||||||
Stock based compensation | 1,523 | 1,523 | |||||
Dividends accrued or paid | (3,368) | (12,111) | (292) | (15,771) | |||
Conversion of common units to shares of common stock | $ 1 | 1,319 | (1,320) | ||||
Conversion of common units to shares of common stock (in shares) | 120 | ||||||
Net change associated with current period hedging transactions | 3,027 | 3,027 | |||||
Adjustments to non-controlling interest resulting from changes in ownership of operating partnership | (782) | 782 | |||||
Balance at Dec. 31, 2022 | $ 531 | $ 647,346 | $ 3,567 | $ (73,964) | $ 3,306 | $ 13,218 | $ 594,004 |
Balance (in shares) at Dec. 31, 2022 | 54,318 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 11,960 | $ 10,259 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation, depletion and amortization | 6,960 | 7,629 |
Amortization of deferred financing fees and discounts/premiums on debt | 378 | 384 |
Amortization of net origination fees related to notes receivable | (37) | (3) |
Stock-based compensation | 1,523 | 1,263 |
Stock-based incentive | 417 | |
(Gain) on disposition of assets | (2,641) | (9,290) |
(Income) from equity method investment | (52) | (19) |
Proceeds from litigation settlement | 550 | |
Bad debt expense | 24 | 16 |
Current and expected credit losses | 92 | |
Amortization of dedesignated interest rate swap | 449 | 874 |
Loss on early extinguishment of debt | 162 | |
Changes in operating assets and liabilities: | ||
(Increase) Decrease in accounts receivable | (2,335) | (974) |
(Increase) Decrease in interest receivable | (119) | (100) |
(Increase) Decrease in other assets | (139) | (639) |
(Increase) Decrease in inventory | 251 | (1,715) |
Increase (Decrease) in accrued interest | 1,383 | (471) |
Increase (Decrease) in accrued expenses | (1,533) | 146 |
Increase (Decrease) in deferred revenue | 56 | (58) |
Increase (Decrease) in accrued property taxes | 252 | 4 |
Net cash and cash equivalents provided by operating activities | 17,051 | 7,856 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Real estate acquisitions | (54,436) | (81,179) |
Real estate and other improvements | (4,246) | (2,712) |
MWA acquisition, net of cash acquired | (857) | |
Acquisition of non-real estate assets | (75) | |
Investment in equity method investees | (705) | (991) |
Collections of principal on loans and financing receivables | 2,786 | 37 |
Origination fees on notes receivable | 60 | |
Issuance of loans and financing receivables | (20,781) | (3,702) |
Proceeds from sale of property | 16,999 | 70,635 |
Net cash and cash equivalents (used in) investing activities | (60,398) | (18,769) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings from mortgage notes payable | 223,000 | 41,109 |
Repayments on mortgage notes payable | (296,941) | (35,908) |
Proceeds from ATM offering | 121,315 | 27,156 |
Issuance of stock | 59 | |
Participating preferred stock repurchased | (650) | |
Payment of debt issuance costs | (1,047) | (841) |
Payment of swap fees | (291) | (291) |
Redemption of Series A preferred units | (10,158) | |
Dividends on common stock | (11,126) | (6,360) |
Shares withheld for income taxes on vesting of equity-based compensation | (186) | |
Distributions to non-controlling interests in operating partnership, common | (285) | (296) |
Net cash and cash equivalents provided by financing activities | 20,830 | 13,867 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (22,517) | 2,954 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 30,171 | 27,217 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 7,654 | 30,171 |
Cash paid during period for interest | 14,704 | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Conversion of Convertible Notes into Investment in equity method investee | 2,417 | |
Additions to real estate improvements included in accrued expenses | 853 | 424 |
Swap fees payable included in accrued interest | 146 | 146 |
Prepaid property tax liability acquired in acquisitions | 63 | 40 |
Deferred offering costs amortized through equity in the period | 118 | 157 |
Right of Use Asset | 325 | 107 |
Lease Liability | 325 | 107 |
Non-cash conversion of notes receivable to real estate | 2,135 | |
Common stock | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common stock | 3,259 | 2,274 |
Common Unit Holders | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common units | 74 | 68 |
Series A Preferred Units | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distributions on Series A preferred units | (3,510) | (3,510) |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Dividend payable, common units | 3,200 | |
Distributions payable, Series A preferred units | $ 3,210 | 3,510 |
Series B Participating Preferred Stock | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distributions on Series A preferred units | $ (6,542) |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, FPI owned a 97.8% 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, par value $0.01 per share (“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, 2022, the Operating Partnership owns a 9.97% equity interest in an unconsolidated equity method investment that holds 12 properties (see “Note 1—Convertible Notes Receivable”, “Note 1—Equity Method Investments”, and “Note 4—Related Party Transactions”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2022, the Company owned a portfolio of approximately 165,200 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2022, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand and served as property manager for approximately 30,900 acres of farmland. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2022, the TRS performed direct farming operations on 2,175 acres of farmland owned by the Company located in California. 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 for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors 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 a 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, water availability and the sale 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 above and below market leases, in-place lease values, and 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, 2022 and 2021, 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 or units issued multiplied by the price per share or unit. Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting 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 and consideration is received. Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit, 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 prior to maturity. 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. As of December 31, 2022, we had $436.9 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $1.1 billion. During the year ended December 31, 2022, we raised $121.3 million of equity capital from our At-the-Market Equity Offering Program (the “ATM Program”). We also have an effective shelf registration statement with approximately $100 million of capacity, excluding availability on any ATM Program currently in place, pursuant to which we could issue additional equity or debt securities. In addition, in 2022, we entered into credit agreements with Farmer Mac, MetLife and Rutledge for revolving credit facilities in an aggregate principal amount of $262.0 million. As of December 31, 2022, $169.0 million remains available. For more information on the ATM Program please see “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources”. 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 and Cash Equivalents The Company’s cash and cash equivalents at December 31, 2022 and 2021 was held in the custody of five and six financial institutions, respectively, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an orginal maturity of three months or less, such as money market funds, to be cash equivalents. 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, 2022, the Company incurred $1.0 million in connection with the refinancing of the Rutledge debt and the establishment of the Metlife Facility and the Farmer Mac Facility (each as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”). 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, refinancing of the Rutledge debt and 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 $0.4 million for the years ended December 31, 2022 and 2021, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.2 million and $1.7 million as of December 31, 2022 and 2021, respectively. Loans and Financing Receivables Loans and financing receivables 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, 2022 and 2021, the Company had three and four notes outstanding, 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—Loans and Financing Receivables.” In November 2022, the Company purchased land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. In accordance with ASC 842, for transactions in which the Company enters into a contract to acquire an asset and lease it back to the seller, the Company is required to separately assess the lease classification apart from the other assets. The Company determined that the land and building components of the lease agreement with Ag Pro meet the definition of a sales-type lease and therefore, control is not considered to have transferred to the Company under GAAP. As a result, the Company does not recognize the underlying asset but instead recognizes a financial asset in accordance with ASC 310 “Receivables”. Accordingly, the transactions with Ag Pro are accounted for as financing receivables and are included in loans and financing receivables, net on the accompanying consolidated balance sheets, net of allowance for credit losses, in accordance with ASC 310. Convertible Notes Receivable On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. 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. The OZ Convertible Notes had an interest rate of 1.35% and an aggregate principal balance of $2.4 million. On July 16, 2021, the Company provided notice to the OZ Fund that it was converting its OZ Convertible Notes, and accrued interest thereon, into membership interests in the OZ Fund, in accordance with the terms of the OZ Convertible Notes. The value of the conversion was $2.4 million and the Company’s membership interests in the OZ Fund were approximately 7.6% upon conversion and increased to 9.97% as of December 31, 2022 after subsequent capital contributions. Please refer to “Note 4—Related Party Transactions.” Allowance for Credit Losses A loan is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the loan 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 loans are recorded as interest income when the payment is received. The loan 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 loan receivable and evaluates whether the value of the collateral continues to provide adequate security for the loan. Any uncollectible interest previously accrued is also charged off. As of December 31, 2022, we believe the value of the underlying collateral for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status. The Company has elected to use a probability of default (“PD”) and loss given default (“LGD”) method to estimate the allowance for credit losses (“CECL”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2022 and 2021. 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 $0.1 million and $0.2 million in offering costs during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company had $0.06 million and $0.04 million, 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 less than $0.1 million as of December 31, 2022 and 2021. An allowance for doubtful accounts is recorded on the Consolidated Statements 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 crop or harvested crop, as appropriate. 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. The cost of goods sold was $6.0 million and $1.5 million for the years ended December 31, 2022 and 2021, 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, 2022 and 2021, inventory consisted of the following: (in thousands) December 31, 2022 December 31, 2021 Harvested crop $ — $ 164 Growing crop 2,808 2,895 $ 2,808 $ 3,059 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, 2022. As of December 31, 2022 and 2021, the aggregate balance of the Company’s equity method investment in the OZ Fund was approximately $4.2 million and $3.4 million, respectively, including aggregate capital contributions of $1.7 million and $1.0 million through December 31, 2022 and 2021, respectively. 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 resulting 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 measurement period 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. 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 in connection with the closing of the acquisition. The Company has entered into an incentive compensation agreement providing for the issuance of up to $3.0 million in shares of common stock for the benefit of current and prospective MWA employees aside from Murray Wise, who was appointed to our Board of Directors in connection with the closing of the acquisition, the receipt of which is tied to achieving certain profitability and asset-under-management objectives within three years following the closing of the transaction. Stock-based incentive expense related to these awards will be recognized ratably over the same three The Company recorded goodwill of $2.7 million, trade names and trademarks of $1.9 million, and customer relationships of $0.1 million, as part of the purchase of MWA. Goodwill represents the difference between the purchase consideration and the net assets acquired, including identifiable intangible assets. The factors giving rise to goodwill are primarily related to (a) entry into new lines of business which are complimentary to FPI’s existing business operations, and (b) acquired workforce-in-place, including Murray Wise, who has extensive experience in the industry, and became a member of our Board of Directors in connection with the closing of the transaction, as described above. The following table presents a summary of the Company's purchase accounting entries: ($ 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) 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 years ended December 31, 2022 and 2021, the Company did not incur any impairment charges related to goodwill. Amortization of intangible assets with definite lives is calculated using |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition | |
Revenue Recognition | Note 2—Revenue Recognition Fixed Rent: the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned. Variable Rent: Fixed Rent and Variable Rent: Our leases generally have terms ranging from one The following sets forth a summary of rental income recognized during the years ended December 31, 2022 and 2021: Rental income recognized For the years ended December 31, (in thousands) 2022 2021 Leases in effect at the beginning of the year $ 36,952 $ 38,757 Leases entered into during the year 8,663 6,494 $ 45,615 $ 45,251 Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of December 31, 2022, 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, 2022 are as follows: (in thousands) Future rental Year Ending December 31, payments 2023 36,072 2024 25,493 2025 14,424 2026 7,448 2027 5,241 Thereafter 36,973 $ 125,651 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. Tenant Reimbursements: Crop Sales: Other Revenue: The following table presents other revenue that is disaggregated by revenue source for the years ended December 31, 2022 and 2021: For the years ended December 31, (in thousands) 2022 2021 Auction and brokerage fees $ 2,806 $ 895 Crop insurance proceeds 2,609 — Property management income 730 159 Other 814 1,104 $ 6,959 $ 2,158 |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2022 | |
Concentration Risk | |
Concentration Risk | Note 3—Concentration Risk Credit Risk For the years ended December 31, 2022 and 2021, 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 may 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 Approximate % of rental income For the years ended December 31, For the years ended December 31, ($ in thousands) 2022 2021 2022 2021 Tenant A (1) $ 8,291 $ 9,436 18.2 % 20.2 % (1) The Company has numerous permanent crop leases with major farming companies located in California. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of December 31, 2022 and 2021, and the fixed and variable rent recorded by the Company for the years then ended by location of the farm: Approximate % Rental Income (1) of total acres For the years ended As of December 31, December 31, Location of Farm (2) 2022 2021 2022 2021 Corn Belt 28.7 % 27.5 % 34.3 % 28.9 % Delta and South 19.9 % 20.5 % 12.5 % 8.7 % High Plains 20.0 % 19.3 % 8.4 % 7.3 % Southeast 24.4 % 25.4 % 19.2 % 18.3 % West Coast 7.0 % 7.3 % 25.6 % 36.8 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years. (2) Corn Belt includes farms located in Illinois, Indiana, Iowa, Michigan, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, and Texas. Southeast includes farms located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. West Coast includes farms located in California. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions | |
Related Party Transactions | Note 4—Related Party Transactions On April 16, 2014, the Company completed its initial public offering (“IPO”). Paul A. Pittman, the Company’s Chairman and Chief Executive Officer, together with his family, contributed properties to the company as part of the formation transactions. A tax protection agreement was implemented at the time of the IPO to assist Mr. Pittman in deferring recognition of taxable gain as a result of the contribution of properties and the formation transactions. In connection with the tax protection agreement, Mr. Pittman maintains a guarantee of $11.0 million in favor of Metropolitan Life Insurance Company (and previously to First Midwest Bank). 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 $0.11 million and $0.16 million during the years ended December 31, 2022 and 2021, 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 consistently with other travel expenses, 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 Thomas P. Heneghan, one of the Company's independent directors. Mr. Heneghan 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, resulting in a gain on disposition of assets totaling $2.4 million. On July 16, 2021, these convertible notes were converted into a 7.6% equity interest in the OZ Fund. As of December 31, 2022 and 2021, the Company had a 9.97% and 9.97% interest, respectfully, 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 of the gross book value under $50 million and (ii) 0.2000% times gross book value per quarter of the gross book value in excess of $50 million and under $100 million and (iii) 0.1875% times gross book value per quarter of gross book value in excess of $100 million. The Company earned management fees of $0.4 million and $0.1 million during the years ended December 31, 2022 and 2021. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate | |
Real Estate | Note 5—Real Estate During the year ended December 31, 2022, the Company completed 17 acquisitions, consisting of 20 properties, in the Corn Belt and High Plains regions. Aggregate cash consideration for these acquisitions totaled $54.4 million for real estate purchases accounted for as asset acquisitions plus $17.3 million for the purchase of land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand which are accounted for as financing receivables (refer to See “Note 6—Loans and Financing Receivables”). No intangible assets were acquired through these acquisitions. During the year ended December 31, 2021, the Company completed 12 acquisitions, consisting of 12 properties, in the Corn Belt, Delta and South, High Plains, Southeast and West Coast regions. 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. During the year ended December 31, 2022, the Company completed five dispositions consisting of five properties in the Corn Belt, High Plains and Southeast regions. The Company received cash consideration for these dispositions totaling $17.0 million and recognized an aggregate gain on sale of $2.6 million. 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. |
Loans and Financing Receivables
Loans and Financing Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Financing Receivables | |
Loans and Financing Receivables | Note 6—Loans and Financing Receivables 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 $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower. On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro (the seller), under the John Deere brand. In accordance with ASC Topic 842, control is not considered to have transferred to the Company under GAAP and these transactions are accounted for as financing arrangements under ASC 310 “Receivables” rather than as investments in real estate subject to operating leases. The leases mature in November 2037 and contain renewal options for periods up to 20 years from the original maturity date. The discount used for the transactions was 6.15%. As of December 31, 2022 and 2021, the Company held the following loans and financing receivables: ($ in thousands) Outstanding as of Maturity Loan Terms December 31, 2022 December 31, 2021 Date Loans under FPI Loan Program: Mortgage Note (1) Principal & interest due at maturity $ 217 $ 223 12/7/2028 Mortgage Note (1) Principal due at maturity & interest due monthly — 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 2,100 8/18/2023 Mortgage Note (4) Principal due at maturity & interest due quarterly — — 11/28/2022 Mortgage Note (4) Principal due at maturity & interest due quarterly 2,500 — 3/3/2025 Total outstanding principal 4,817 6,029 Sale-leaseback transactions accounted for as financing arrangements: Financing Receivable, net (5) Monthly payments in accordance with lease agreement 5,894 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 4,498 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 3,561 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 3,241 — 11/17/2037 Total financing receivable 17,194 — Interest receivable (net prepaid interest and points) 2 83 Allowance for credit losses (92) — Provision for interest receivable — — Total Loans and financing receivables, net $ 21,921 $ 6,112 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 included mortgages on two additional properties in Colorado that included repurchase options for the properties at a fixed price that were exercisable by the buyer between the third and fifth anniversary of the issuance of the notes and expired on March 16, 2022 unexercised. Upon expiration of the repurchase options, the properties are no longer accounted for as financing transactions and became owned by the Company. They are included in real estate on the accompanying consolidated balance sheets based on the net unpaid note balances. 2) On July 27, 2021, the Company entered into a loan secured against farmland, which was repaid in full on April 13, 2022. 3) On August 18, 2021, the Company entered into a loan secured against farmland. 4) On March 3, 2022, the Company entered into two loans with the same party secured against farmland. 5) On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. Loans and financing receivables 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, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). Accrued interest write-offs are recognized as credit loss expense. The Company has estimated zero expected credit losses on its loans balances as of December 31, 2022 and 2021 and approximately $0.1 million of expected credit losses on its financing receivables as of December 31, 2022. The Company recorded no credit loss expense related to interest receivables during the years ended December 31, 2022 and 2021, respectively. The following table details the allowance for credit losses as of December 31, 2022: December 31, 2022 Loans and financing Allowance as a % ($ in thousands) Amortized Cost Allowance receivables, net of Amortized Cost Loans under FPI Loan Program $ 4,819 $ — $ 4,819 — % Financing Receivables 17,194 (92) 17,102 0.54 % Totals $ 22,013 $ (92) $ 21,921 0.42 % The following chart reflects the roll-forward of the allowance for credit losses for our loans and financing receivables as of December 31, 2022 and 2021: Years ended December 31, ($ in thousands) 2022 2021 Balance at beginning of year $ — $ — Initial allowance for financing receivables (92) — Current period change in credit allowance — — Charge-offs — — Recoveries — — Balance at end of year $ (92) $ — A reconciliation of the carrying amount of loans receivable and financing receivables for the years ended December 31, 2022 and 2021 is set out below: Years ended December 31, ($ in thousands) 2022 2021 Balance at beginning of year $ 6,029 $ 2,364 Additions during year: Issuance of loans and financing receivables 20,781 3,702 Interest accrued on financing receivables 122 — 26,932 6,066 Deductions during year: Collections of loans and financing receivables 2,786 37 Expiration of repurchase option 2,135 — Balance at end of year $ 22,011 $ 6,029 The collateral for the mortgage notes receivable consists of real estate, personal property and growing crops. The fair value of loans and financing receivables 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 loans receivable with comparable terms and credit risk whenever the interest rates on the loans receivable are deemed not to be at market rates. The fair value for financing receivables does not take into consideration any residual value upon the end of the lease term. As of December 31, 2022 and 2021, the fair value of the loans and financing receivables was $19.6 million and $6.0 million, respectively. |
Mortgage Notes, Lines of Credit
Mortgage Notes, Lines of Credit and Bonds Payable | 12 Months Ended |
Dec. 31, 2022 | |
Mortgage Notes, Lines of Credit and Bonds Payable | |
Mortgage Notes, Lines of Credit and Bonds Payable | Note 7—Mortgage Notes, Lines of Credit and Bonds Payable As of December 31, 2022 and 2021, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of Interest December 31, Interest Rate Next Adjustment December 31, December 31, Maturity December 31, Loan Payment Terms 2022 Terms Date (1) 2022 2021 Date 2022 Farmer Mac Bond #6 Semi-annual 3.69% Fixed N/A $ 13,827 $ 13,827 April 2025 $ 21,421 Farmer Mac Bond #7 Semi-annual 3.68% Fixed N/A 11,160 11,160 April 2025 18,520 Farmer Mac Facility Monthly 5.82% SOFR + 1.50% N/A 75,000 — December 2025 86,871 MetLife Term Loan #1 Semi-annual 3.30% Fixed for 3 years March 2023 72,623 83,206 March 2026 103,478 MetLife Term Loan #2 Semi-annual 3.60% Fixed for 3 years N/A (3) — 16,000 March 2026 — MetLife Term Loan #3 Semi-annual 3.60% Fixed for 3 years N/A (3) — 16,800 March 2026 — MetLife Term Loan #4 Semi-annual 3.30% Fixed for 3 years March 2023 9,880 13,017 June 2026 25,698 MetLife Term Loan #5 Semi-annual 3.50% Fixed for 3 years January 2023 5,179 6,779 January 2027 10,111 MetLife Term Loan #6 Semi-annual 3.45% Fixed for 3 years February 2023 21,726 27,158 February 2027 25,711 MetLife Term Loan #7 Semi-annual 3.20% Fixed for 3 years June 2023 15,699 16,198 June 2027 29,618 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 3 years December 2027 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual 3.20% Fixed for 3 years May 2024 16,800 16,800 May 2028 33,430 MetLife Term Loan #10 Semi-annual 3.00% Fixed for 3 years October 2023 48,985 49,874 October 2030 103,840 MetLife Term Loan #11 Semi-annual 2.85% Fixed for 3 years October 2024 12,750 12,750 October 2031 27,085 MetLife Term Loan #12 Semi-annual 3.11% Fixed for 3 years December 2024 14,359 14,359 December 2031 28,884 MetLife Facility Quarterly 5.82% SOFR + 2.10% N/A — — October 2027 111,122 Rabobank (2) Semi-annual 5.87% LIBOR + 1.70% March 2024 (4) 59,500 59,500 March 2028 129,191 Rutledge Facility Quarterly 5.51% SOFR + 1.95% February 2023 (4) 18,000 112,000 March 2027 225,204 Total outstanding principal 439,488 513,428 $ 1,090,226 Debt issuance costs (2,613) (2,105) Unamortized premium — — Total mortgage notes and bonds payable, net $ 436,875 $ 511,323 1) MetLife Term Loan #5 repriced to 5.63% , effective January 12, 2023. MetLife #6 repriced to 5.55% , effective February 14, 2023. Metlife Term loans #1 and 4 will reprice to 5.55% , effective March 29, 2023. 2) The Company has an interest rate swap agreement with Rabobank for $33.2 million notional of fixed LIBOR at 2.114% until March 2026 (see “Note 10—Hedge Accounting”). 3) MetLife Term Loan #2 and MetLife Term Loan #3 were paid off during the year ended December 31, 2022. 4) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms”. Farmer Mac Debt As of December 31, 2022 and 2021, the Operating Partnership had approximately $100.0 and $25.0 million, respectively, outstanding with Farmer Mac and $0.0 million remains available under the Farmer Mac Facility. The Farmer Mac debt is secured by loans which will, in turn, be secured by first-lien mortgages on agricultural real estate owned by the Operating Partnership. The Farmer Mac Facility bears interest of one-month term SOFR + 1.50% on drawn amounts and an unused commitment fee of 0.20%. In connection with the agreements, the Company entered into a guaranty agreement whereby the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Farmer Mac Facility. The Farmer Mac debt is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as a maximum leverage ratio of not more than 60%. The Company was in compliance with all applicable covenants at December 31, 2022. In addition, under the agreement, the Operating Partnership may request that Farmer Mac purchase additional bonds up to an additional $200.0 million, which Farmer Mac may approve at its sole discretion. MetLife Term Debt As of December 31, 2022 and 2021, the Company had $262.0 million and $316.9 million outstanding, respectively, under credit agreements between certain of the Company’s subsidiaries and Metropolitan Life Insurance Company (“MetLife”) (together, the “MetLife loan agreements”). Each of the MetLife credit 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%. As of December 31, 2022, $75.0 million remains available under the Metlife Facility and the Company was in compliance with all covenants under the MetLife credit agreements and MetLife guarantees. Paul A. Pittman, the Company’s Chairman and Chief Executive Officer, maintains a guarantee of $11.0 million in favor of MetLife, which is associated with the tax protection agreement in place at the time of the initial public offering. Mr. Pittman and his family contributed properties to the company as part of the formation transactions. The tax protection agreement and related guarantee were intended to assist in deferring the recognition of taxable gain as a result of the formation transactions. On each adjustment date for MetLife Term Loan #1-10, MetLife may, at its option, adjust the rate of interest to any rate of interest determined by MetLife consistent with rates for substantially similar loans secured by real estate substantially similar to the collateral. For MetLife Term Loan #11, the interest rate will be adjusted to the greater of the three-year U.S. treasury rate plus 2.20% or 2.85%. For MetLife Term Loan #12, the interest rate will be adjusted to the greater of the three-year U.S. treasury rate plus 2.10% or 2.75%. The Company may make a prepayment equal to the unpaid principal balance, at the time of rate adjustment, for each of the MetLife loans. Rabobank Mortgage Note As of December 31, 2022 and 2021, the Company and the Operating Partnership had $59.5 million and $59.5 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, 2022. Rutledge Facility As of December 31, 2022 and 2021, the Company and the Operating Partnership had $18.0 million and $112.0 million, respectively, outstanding under a credit agreement with Rutledge Investment Company (“Rutledge”) referred to as the Rutledge Facility. As of December 31, 2022, $94.0 million remains available under this facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility. The interest rate for the credit facility is based on three-month SOFR, plus an applicable margin. The applicable margin for the credit facility is 1.80% to 2.25%, depending on the applicable pricing level in effect. Generally, the Rutledge Facility contains terms consistent with the Company’s prior loans with Rutledge, including, among others, the representations and warranties, affirmative, negative and financial covenants and events of default. In connection with the Rutledge agreement, 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 Rutledge agreement (the “Rutledge guarantees”). The Rutledge guarantees contain a number of customary affirmative and negative covenants. LIBOR As of December 31, 2022, the Company’s only indebtedness with maturity beyond 2023 that has exposure to LIBOR was the Rabobank Mortgage Note, which the Company is in process of converting to a SOFR-based instrument. 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 $1.2 million and $1.7 million as of December 31, 2022 and 2021, respectively. Aggregate Maturities As of December 31, 2022, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2023 $ — 2024 2,100 2025 102,087 2026 84,603 2027 62,704 Thereafter 187,994 $ 439,488 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, 2022 and 2021, the fair value of the mortgage notes payable was $405.0 million and $522.7 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. The Company has six leases in place for office space with monthly payments ranging between $750 and $13,377 per month and lease terms expiring between September 2023 and October 2025. 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 discount rates ranging from 3.35% to 6.30%, equivalent to the rates we would pay on a secured borrowing with similar terms to the lease at the inception of 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, 2022 and 2021 was $0.24 million and $0.15 million, respectively. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future rental Year Ending December 31, payments 2023 $ 205 2024 84 2025 54 2026 — 2027 — Thereafter — Total lease payments 343 Less: imputed interest (18) Lease liability $ 325 Litigation Summary of litigation matters previously resolved: ● The Brokop Class Action: On April 6, 2022, the Court issued an order granting the Company’s motion for summary judgment in full, and on April 7, 2022, the Court entered a final judgment dismissing Brokop’s claims with prejudice. That judgment became final on May 6, 2022, when the period for Brokop to appeal the judgment expired. ● The Winter Derivative Action: In light of the judgment dismissing the Brokop Class Action, the parties stipulated to the dismissal of the Winter Derivative Action, and the court entered a dismissal order on May 9, 2022. ● The Luger Derivative Action: The parties filed a joint notice of voluntary dismissal of the appeal in the Luger Action on May 11, 2022, and the court ordered dismissal of the case on May 18, 2022. Sabrepoint Update: 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 previously disclosed 2018 “short and distort” scheme to profit from an artificial decline in our stock price. Certain Sabrepoint defendants had prevailed previously on a motion to dismiss the case against them in the Rota Fortunae action in the United State District Court for the District of Colorado (where the state case had been removed) solely on personal jurisdiction grounds. On December 17, 2021, the Company's claims against Sabrepoint in Texas were dismissed by the trial court, which granted (i) Sabrepoint's motion for summary judgment on collateral estoppel grounds, and (ii) motion to dismiss pursuant to the Texas Citizens Participation Act (“TCPA”). On March 21, 2022, after the Company filed a notice signaling an intent to appeal both orders, the Court of Appeals for the Fifth District of Texas entered an order declaring the trial court's TCPA order “VOID because the motion was denied by operation of law….” Accordingly, the Company narrowed its appeal to the trial court's grant of summary judgment, and is confident that the order 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 trial court granted the motion for certain fees claimed by Sabrepoint as relating to its pursuit of its TCPA motion, but as noted above, the Court of Appeals subsequently overturned the TCPA order that formed the basis of Sabrepoint’s fee request, mooting the motion and the Court’s order on the same. The parties have briefed the narrowed appeal before the Texas Court of Appeals and oral argument was conducted on November 30, 2022. 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, 2022, the Company has an approximate aggregate net book value of $8.2 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 totaling $0.5 million as of December 31, 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. Employee Retirement Plan Effective February 1, 2022, the Company amended the Murray Wise Associates 401(k) Profit Sharing Plan and Trust to make it available to all eligible employees of the Company under revised Farmland Partners Operating Partnership, LP 401(k) Plan (the “FPI 401(k) Plan”). The FPI 401(k) Plan is a defined contribution plan for substantially all employees. The Company has elected a “safe harbor” plan in which the Company plans to make contributions which are determined and authorized by the Board of Directors each plan year. As is customary, the Company retains the right to amend the FPI 401(k) Plan at its discretion. The Company has safe harbor contributions of $0.2 million and for the year ended December 31, 2022. |
Stockholders' Equity and Non-co
Stockholders' Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, FPI owned 97.8% and 97.0% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 2.2% and 3.0% interests, respectively, are held in the form of Common units and comprise non-controlling interests in the Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership are considered to be both the Common units and the Series A preferred units. Common Units in Operating Partnership, OP 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, 2022 and 2021, the Company issued 120,000 and 281,453, respectively, of shares of common stock upon redemption of 120,000 and 281,453, respectively, of Common units that had been tendered for redemption. There were approximately 1.2 million and 1.4 million outstanding Common units eligible to be tendered for redemption as of December 31, 2022 and 2021, 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 to the non-controlling interest in the Operating Partnership by $0.8 million and $0.9 million during the years ended December 31, 2022 and 2021, 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 the 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 acquisition of a portfolio of Illinois farms. 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. On May 19, 2022, the Company redeemed 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. On September 1, 2022, the Company redeemed an additional 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. 107,000 Series A preferred units were outstanding as of December 31, 2022 following such redemptions. Total liquidation value of such preferred units as of December 31, 2022 and 2021 was $110.2 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, 2022 and 2021: Series A Preferred Units Redeemable Redeemable Preferred non-controlling (in thousands) units interests 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 Balance at December 31, 2021 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,210 Redemption of Series A preferred units (10) (10,000) Balance at December 31, 2022 107 $ 110,210 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 were 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. 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. 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, 2022 and 2021: Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2022 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 February 22, 2022 April 1, 2022 April 15, 2022 $ 0.0500 May 2, 2022 July 1, 2022 July 15, 2022 $ 0.0600 July 26, 2022 October 1, 2022 October 17, 2022 $ 0.0600 $ 0.2200 2021 November 3, 2020 January 1, 2021 January 15, 2021 $ 0.0500 February 11, 2021 April 1, 2021 April 15, 2021 $ 0.0500 May 7, 2021 July 1, 2021 July 15, 2021 $ 0.0500 August 4, 2021 October 1, 2021 October 15, 2021 $ 0.0500 $ 0.2000 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company has accrued $3.2 million in distributions payable as of December 31, 2022. 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 $25.0 million in shares of the Company’s common stock. On August 1, 2018, the Board of Directors increased the authority under the share repurchase program by an aggregate of $30.0 million. On November 7, 2019, the Board of Directors increased the authority under the program by an additional $50.0 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 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, 2022, the Company repurchased no shares of its common stock. As of December 31, 2022, the Company had approximately $40.5 million of capacity 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, 2022, there were 0.6 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 generally 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, 2022 and 2021 is as follows: Weighted Number of average grant (shares in thousands) shares date fair value 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 Granted 150 11.78 Vested (177) 8.22 Forfeited (10) 11.24 Unvested at December 31, 2022 260 $ 10.88 The Company recognized stock-based compensation and incentive expense related to restricted stock awards of $2.0 million and $1.3 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 $75.0 million (the $75.0 million ATM Program”). In connection with its entry into these distribution agreements, the Company terminated the equity distribution agreements, each dated as of May 14, 2021, for its prior ATM Program. On May 6, 2022, 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 $100.0 million (the $100.0 million ATM Program”). During the year ended December 31, 2022, the Company sold 5,282,647 shares and generated $73.2 million in gross proceeds and $72.4 million in net proceeds under the $75.0 million ATM Program and sold 3,312,293 shares and generated $49.5 million in gross proceeds and $48.9 million in net proceeds under the $100.0 million ATM Program for totals of 8,594,940 shares and $122.7 million and $121.3 million in gross and net proceeds, respectively. Earnings (Loss) 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) 2022 2021 Numerator: Net income attributable to Farmland Partners Inc. $ 11,674 $ 9,991 Less: Nonforfeitable distributions allocated to unvested restricted shares (63) (57) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (3,210) (10,052) Less: Dividends on Series B Participating Preferred Stock — (5,716) Net income (loss) attributable to common stockholders $ 8,401 $ (5,834) Denominator: Weighted-average number of common shares - basic 50,953 34,641 Conversion of preferred units (1) — — Unvested restricted shares (1) — — Redeemable non-controlling interest (1) — — Weighted-average number of common shares - diluted 50,953 34,641 Income (loss) per share attributable to common stockholders - basic $ 0.16 $ (0.17) Income (loss) per share attributable to common stockholders - diluted $ 0.16 $ (0.17) (1) Anti-dilutive for the years ended December 31, 2022 and 2021. 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, 2022 and 2021, 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, 2022 and 2021, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. For the years ended December 31, 2022 and 2021, diluted weighted average common shares do not include the impact of 0.3 million and 0.5 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 1.3 million and 1.5 million for the years ended December 31, 2022 and 2021, respectively. Outstanding Equity Awards and Units The following equity awards and units were outstanding as of December 31, 2022 and 2021, respectively. For the years ended December 31, 2022 2021 Shares 54,058 45,177 Common Units 1,237 1,357 Redeemable Common Units — — Unvested Restricted Stock Awards 260 297 55,555 46,831 |
Hedge Accounting
Hedge Accounting | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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, 2022 and 2021 was $0.6 million and $1.0 million, respectively. The Company’s $2.6 million termination fee was rolled into the new swap and will be paid through March 1, 2026. Termination fees paid during the year ended December 31, 2022 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, 2022. As of December 31, 2022, 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 asset $ 2,084 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2022 and 2021 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, 2022 and 2021, the amount of noncash loss recognized in net income was $2.1 million and $1.6 million, respectively. The net change associated with current period hedging transactions was $3.0 million and $2.7 million for the years ended December 31, 2022 and 2021, respectively. The amortization of frozen Accumulated Other Comprehensive Income was $0.6 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. Level 2 is defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2022. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table outlines the movements in the other comprehensive income account as of December 31, 2022 and 2021: ($ in thousands) December 31, 2022 December 31, 2021 Beginning accumulated derivative instrument gain or loss $ 279 $ (2,380) Net change associated with current period hedging transactions 2,433 1,676 Amortization of frozen AOCI on de-designated hedge 594 983 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 3,306 $ 279 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | Note 11—Income Taxes The TRS income/(loss) before provision for income taxes consisted of the following: For the Year Ended ($ in thousands) December 31, 2022 United States $ 3,212 International — Total $ 3,212 The federal and state income tax provision (benefit) is summarized as follows: For the Year Ended ($ in thousands) December 31, 2022 Current: Federal $ 189 State 43 Other — Total Current Tax Expense $ 232 Deferred: Federal (5) Total Tax Expense $ 227 Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the TRS’s deferred taxes as of December 31, 2022 are as follows: ($ in thousands) December 31, 2022 Deferred tax assets: Net operating loss $ 434 Realized capital losses 76 Total deferred tax assets 510 Deferred tax liabilities: Fixed assets $ (18) Intangible Assets (32) Total deferred tax liabilities $ (50) Valuation Allowance (480) Net deferred taxes $ (20) ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the TRS’s ability to generate sufficient taxable income within the carryforward period. Because of the TRS’s recent history of operating losses, and management’s inability to accurately project future taxable income, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance decreased by $0.6 million during the year ended December 31, 2022. The amount of the valuation allowance for deferred tax assets associated with excess tax deduction from stock-based incentive arrangements that is allocated to contributed capital if the future tax benefits are subsequently recognized is $0.0 million. Prior year amounts are not material. Net operating losses and tax credit carryforwards as of December 31, 2022 are as follows: ($ in thousands) December 31, 2022 Expiration Year Net operating losses, federal (Post-December 31, 2017) $ 2,068 Does not expire Net operating losses, state $ — Various The effective tax rate of the TRS’s provision (benefit) for income taxes differs from the federal statutory rate as follows: December 31, 2022 Statutory Rate 21.00 % State Tax 3.43 % Valuation Allowance (18.13) % Total 6.30 % |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information (unaudited) | |
Quarterly Financial Information (unaudited) | Note 12—Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2022 and 2021. Quarter Ended ($ in thousands except per share data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Operating revenues $ 13,890 $ 12,357 $ 13,140 $ 21,823 Operating expenses (1) 9,570 8,902 8,415 9,349 Other expenses (2) 3,181 366 3,573 5,667 Net income before income tax expense 1,139 3,089 1,152 6,807 Income tax expense — (96) (33) (98) Net income $ 1,139 $ 2,993 $ 1,119 $ 6,709 Net income available to common stockholders of Farmland Partners Inc. $ 213 $ 2,060 $ 350 $ 5,778 Basic net income (loss) per share available to common stockholders (3) $ 0.00 $ 0.04 $ 0.01 $ 0.11 Diluted net income (loss) per share available to common stockholders (3) $ 0.00 $ 0.04 $ 0.01 $ 0.09 Basic weighted average common shares outstanding 45,781 50,362 53,495 54,056 Diluted weighted average common shares outstanding 45,781 50,362 53,495 62,633 Quarter Ended 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 (1) Operating expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.8 million, $0.3 million, $0.1 million, $0.1 million, respectively, related to litigation. 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. (2) Other expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.7 million, $3.3 million, $(0.1) million, ($1.3) million, respectively, related to gain (loss) on disposition of assets. 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, $5.9 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, 2022 | |
Subsequent Events | |
Subsequent Events | Note 13—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 21, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock and Common unit payable on April 17, 2023 to stockholders and unitholders of record as of April 3, 2023. Debt Interest Rate Resets As of December 31, 2022, $262.0 million of our outstanding indebtedness was subject to interest rates that reset from time to time (excluding our floating rate debt), of which $174.1 million was subject to interest rates that reset in 2023. Subsequent to December 31, 2022, the Company reset rates on $109.4 million: MetLife Term Loan #5 repriced to 5.63%, effective January 12, 2023; MetLife #6 repriced to 5.55%, effective February 14, 2023 and Metlife Term loans #1 and 4 will reprice to 5.55%, effective March 29, 2023. Real Estate Acquisitions Subsequent to December 31, 2022, the Company completed one farm acquisition in the Corn Belt region. Aggregate consideration for the acquisition totaled $0.1 million. Real Estate Dispositions Subsequent to December 31, 2022, the Company completed one partial farm disposition in the Delta and South region for $3.5 million in aggregate consideration. Rutledge Facility Borrowing Subsequent to December 31, 2022, the Company borrowed an additional $4.0 million against the Rutledge Facility. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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 44,994 — 44,994 — — — 44,994 — 44,994 — 2017 — North Carolina (l) 41,906 — 41,906 582 5 587 42,488 5 42,493 1 2018 2015 40 California 33,482 — 33,482 — — — 33,482 — 33,482 — 2017 — Illinois 29,627 431 30,058 50 2,202 2,252 29,677 2,633 32,310 487 2017, 2018 2017 24 California 31,567 — 31,567 — — — 31,567 — 31,567 — 2017 — California (q) 19,925 11,521 31,446 — (1,614) (1,614) 19,925 9,907 29,832 4,305 2017 2017 16 Louisiana (m) 26,762 128 26,890 — 195 195 26,762 323 27,085 30 2022 2021 6 Illinois 22,937 1,484 24,421 (11) 1,302 1,291 22,926 2,786 25,712 475 2017, 2018, 2019 2017 26 Louisiana (n) 24,754 390 25,144 — — — 24,754 390 25,144 32 2021 13 South Carolina (p) 12,057 1,474 13,531 53 5,983 6,036 12,110 7,457 19,567 1,519 2014, 2017, 2018, 2019, 2021 2014 25 California (q) 7,647 11,518 19,165 — 17 17 7,647 11,535 19,182 2,496 2017, 2018, 2020, 2021 2017 26 California (q) 9,998 8,116 18,114 — (115) (115) 9,998 8,001 17,999 3,148 2017 2017 14 California (q) 10,947 6,878 17,825 (12) 32 20 10,935 6,910 17,845 2,078 2017, 2021 2017 26 North Carolina 17,627 — 17,627 — — — 17,627 — 17,627 — 2018 — South Carolina 14,866 906 15,772 — 228 228 14,866 1,134 16,000 214 2017, 2018 2017 27 Florida (l) 9,295 202 9,497 3,433 2,531 5,964 12,728 2,733 15,461 310 2016, 2017, 2019, 2020, 2021 2016 37 California (q) 11,888 3,398 15,286 — (220) (220) 11,888 3,178 15,066 1,259 2017 2017 19 California (q) 8,326 6,075 14,401 — 1 1 8,326 6,076 14,402 1,281 2017, 2018, 2019 2017 26 California (q) 9,043 4,546 13,589 — 306 306 9,043 4,852 13,895 1,655 2017, 2018, 2020, 2021 2017 18 Texas 5,773 6,338 12,111 — — — 5,773 6,338 12,111 37 2022 2022 11 Nebraska (d) 11,325 309 11,634 — — — 11,325 309 11,634 34 2022 2022 6 California (q) 10,167 2,902 13,069 — (1,636) (1,636) 10,167 1,266 11,433 541 2017 2017 16 Colorado (p) 10,716 70 10,786 — — — 10,716 70 10,786 15 2014 2014 39 California (q) 7,492 2,889 10,381 — 299 299 7,492 3,188 10,680 1,155 2017, 2019 2017 18 California (q) 9,534 263 9,797 — (29) (29) 9,534 234 9,768 117 2017 2017 16 California (q) 6,191 2,772 8,963 — (94) (94) 6,191 2,678 8,869 880 2017 2017 14 Florida (q) 2,674 3,565 6,239 — 2,268 2,268 2,674 5,833 8,507 1,160 2017, 2020, 2021 2017 21 South Carolina (l) 7,919 133 8,052 (15) 100 85 7,904 233 8,137 34 2015, 2017, 2020 2015 24 Illinois 9,689 420 10,109 (2,329) (258) (2,587) 7,360 162 7,522 56 2016, 2017, 2018 2016 22 California (q) 4,710 3,317 8,027 — (508) (508) 4,710 2,809 7,519 610 2017 2017 30 Arkansas (p) 6,914 287 7,201 16 105 121 6,930 392 7,322 110 2014, 2017, 2018, 2022 2014 24 North Carolina (l) 7,239 — 7,239 (16) — (16) 7,223 — 7,223 — 2015 — Florida (q) 6,402 593 6,995 — 128 128 6,402 721 7,123 194 2017, 2019 2017 18 South Carolina (p) 4,679 25 4,704 4 2,375 2,379 4,683 2,400 7,083 679 2020, 2017, 2016, 2015, 2021 2014 30 Mississippi (p) 6,654 133 6,787 — 3 3 6,654 136 6,790 44 2014, 2015 2014 25 Illinois 6,086 — 6,086 11 450 461 6,097 450 6,547 56 2018 2016 40 Missouri 6,493 15 6,508 — — — 6,493 15 6,508 2 2021 15 Illinois 6,418 — 6,418 11 — 11 6,429 — 6,429 — 2016 — Arkansas 5,924 244 6,168 — — — 5,924 244 6,168 93 2015 2015 21 Illinois 5,493 — 5,493 9 338 347 5,502 338 5,840 212 2017 2016 10 California 5,442 390 5,832 4 (30) (26) 5,446 360 5,806 51 2021 11 North Carolina (l) 5,750 — 5,750 4 — 4 5,754 — 5,754 — 2015 — Colorado 792 4,731 5,523 1 174 175 793 4,905 5,698 501 2016, 2017, 2019, 2021, 2022 2016 21 Arkansas (q) 5,532 101 5,633 15 41 56 5,547 142 5,689 59 2017, 2019, 2020 2017 15 Colorado (d) 5,455 147 5,602 (2,067) 2,068 1 3,388 2,215 5,603 177 2021 7 Illinois 5,453 105 5,558 10 7 17 5,463 112 5,575 28 2016 2016 23 Colorado 4,156 1,280 5,436 — (3) (3) 4,156 1,277 5,433 305 2017 2017 26 Louisiana (p) 5,100 52 5,152 — 224 224 5,100 276 5,376 101 2017, 2016, 2015, 2021, 2022 2014 17 Arkansas 5,169 185 5,354 — — — 5,169 185 5,354 84 2017 2017 15 Illinois 4,920 4 4,924 8 148 156 4,928 152 5,080 17 2017 2016 50 Illinois (d) 4,819 20 4,839 — — — 4,819 20 4,839 2 2022 2022 5 Arkansas (p) 4,536 50 4,586 27 81 108 4,563 131 4,694 46 2014, 2017 2014 17 Illinois (q) 4,575 — 4,575 — — — 4,575 — 4,575 — 2017 — South Carolina (p) 2,235 — 2,235 661 1,651 2,312 2,896 1,651 4,547 419 2020, 2017, 2016, 2015, 2021, 2022 2014 26 Illinois 4,522 4 4,526 8 — 8 4,530 4 4,534 3 2016 2016 10 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 Illinois 4,350 — 4,350 8 — 8 4,358 — 4,358 — 2016 — Georgia (q) 3,574 2,922 6,496 — (2,229) (2,229) 3,574 693 4,267 192 2017, 2019 2017 17 North Carolina (l) 4,242 — 4,242 4 — 4 4,246 — 4,246 — 2015 — California 2,461 1,974 4,435 — (222) (222) 2,461 1,752 4,213 289 2017 2017 25 Colorado (p) 3,566 359 3,925 — 94 94 3,566 453 4,019 124 2014, 2017, 2018, 2021 2014 21 Illinois 3,821 — 3,821 (2) — (2) 3,819 — 3,819 — 2016 — Louisiana (n) 3,612 20 3,632 — 107 107 3,612 127 3,739 3 2022 2021 17 Georgia 3,306 368 3,674 — 23 23 3,306 391 3,697 118 2015, 2016, 2017, 2018, 2021 2015 23 Illinois 2,981 — 2,981 — 634 634 2,981 634 3,615 271 2014 38 Alabama (q) 1,719 1,883 3,602 — (10) (10) 1,719 1,873 3,592 493 2017 2017 19 Mississippi (b) 3,471 41 3,512 — 63 63 3,471 104 3,575 22 2015, 2017 2015 35 Illinois 3,541 — 3,541 6 — 6 3,547 — 3,547 — 2016 — Illinois 1,290 — 1,290 — 2,199 2,199 1,290 2,199 3,489 666 2017, 2015, 2011 2007 38 Illinois 3,470 — 3,470 6 4 10 3,476 4 3,480 2 2016 2016 12 Illinois (d) 3,401 16 3,417 — — — 3,401 16 3,417 1 2022 2022 10 Nebraska (p) 1,881 55 1,936 1 1,422 1,423 1,882 1,477 3,359 511 2017, 2015, 2012 2012 35 Illinois 2,997 68 3,065 5 253 258 3,002 321 3,323 196 2018, 2016 2016 16 Illinois 3,212 — 3,212 6 95 101 3,218 95 3,313 12 2018 2016 40 Illinois 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 3,273 225 2017, 2015, 2021 2015 34 Arkansas (l) 2,808 184 2,992 88 94 182 2,896 278 3,174 109 2015, 2017, 2018, 2020, 2021 2015 21 Illinois (q) 3,163 — 3,163 — — — 3,163 — 3,163 — 2017 — Illinois 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 92 2014, 2016 2014 16 Illinois 3,030 — 3,030 6 — 6 3,036 — 3,036 — 2016 — Arkansas (b) 3,264 165 3,429 (590) 191 (399) 2,674 356 3,030 135 2014, 2015, 2016, 2017 2014 27 Illinois (d) 2,912 89 3,001 — — — 2,912 89 3,001 7 2022 2022 10 Colorado (p) 3,099 — 3,099 (133) — (133) 2,966 — 2,966 — 2014 — Illinois 2,882 42 2,924 5 — 5 2,887 42 2,929 21 2016 2016 12 Illinois 2,682 — 2,682 8 204 212 2,690 204 2,894 23 2017 2016 50 Nebraska (c) 2,601 114 2,715 — 130 130 2,601 244 2,845 40 2015, 2016, 2018, 2019 2015 27 Illinois 2,573 — 2,573 (1) 236 235 2,572 236 2,808 28 2017 2010 50 Virginia (l) 2,802 — 2,802 — — — 2,802 — 2,802 — 2015 — North Carolina 2,768 — 2,768 — — — 2,768 — 2,768 — 2018 — Arkansas (p) 2,645 40 2,685 21 42 63 2,666 82 2,748 34 2014, 2018, 2019 2014 18 Illinois 2,718 — 2,718 5 — 5 2,723 — 2,723 — 2016 — Illinois (d) 2,661 — 2,661 — — — 2,661 — 2,661 — 2021 — California (q) 967 1,357 2,324 — 303 303 967 1,660 2,627 410 2017, 2018 2017 27 Nebraska (c) 2,539 78 2,617 — (23) (23) 2,539 55 2,594 18 2016 2015 20 Nebraska (d) 2,473 120 2,593 — — — 2,473 120 2,593 11 2022 2022 10 Michigan 904 1,654 2,558 — — — 904 1,654 2,558 531 2015 2015 23 Nebraska (l) 693 1,785 2,478 — 78 78 693 1,863 2,556 442 2014, 2016, 2018, 2019 2014 22 Illinois 2,542 — 2,542 5 — 5 2,547 — 2,547 — 2016 — Colorado (b) 1,995 84 2,079 — 466 466 1,995 550 2,545 188 2018, 2017, 2016 2015 17 Illinois 2,525 — 2,525 — — — 2,525 — 2,525 — 2017 — Arkansas (p) 2,262 82 2,344 96 4 100 2,358 86 2,444 25 2014, 2015 2014 27 Illinois (d) 2,416 22 2,438 — — — 2,416 22 2,438 1 2022 2022 20 Illinois 2,423 — 2,423 5 — 5 2,428 — 2,428 — 2016 — Illinois 2,402 — 2,402 4 — 4 2,406 — 2,406 — 2016 — Nebraska (c) 2,280 44 2,324 — 76 76 2,280 120 2,400 22 2017, 2016, 2015 2015 30 South Carolina (p) 1,803 158 1,961 — 422 422 1,803 580 2,383 114 2014, 2015, 2020 2014 26 South Carolina 1,321 91 1,412 246 721 967 1,567 812 2,379 117 2017, 2018, 2020 2017 34 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 — Illinois 3,149 28 3,177 (1,121) 225 (896) 2,028 253 2,281 31 2016, 2018 2016 40 Illinois (e), (o) 2,015 — 2,015 4 216 220 2,019 216 2,235 26 2016, 2019 2016 34 Colorado 637 1,604 2,241 — (17) (17) 637 1,587 2,224 515 2017 2017 27 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 Illinois 2,100 — 2,100 4 98 102 2,104 98 2,202 15 2018 2016 40 North Carolina 2,177 — 2,177 — — — 2,177 — 2,177 — 2018 — North Carolina (l) 3,864 — 3,864 (1,721) — (1,721) 2,143 — 2,143 — 2015 — Arkansas (p) 2,014 96 2,110 (8) 31 23 2,006 127 2,133 45 2014 2014 24 Indiana 2,125 — 2,125 — — — 2,125 — 2,125 — 2022 — Colorado (b) 1,365 663 2,028 — 88 88 1,365 751 2,116 145 2015 2015 23 South Carolina 1,090 — 1,090 230 776 1,006 1,320 776 2,096 96 2018, 2019 2018 39 Colorado (l) 1,301 699 2,000 — 70 70 1,301 769 2,070 138 2015, 2016, 2017, 2019 2015 26 South Carolina (p) 1,568 — 1,568 64 433 497 1,632 433 2,065 99 2015, 2017, 2019 2014 27 Illinois 1,700 — 1,700 — 346 346 1,700 346 2,046 76 2017 2012 35 Colorado (p) 1,817 210 2,027 (7) 21 14 1,810 231 2,041 152 2014, 2016, 2021 2014 15 Illinois 2,041 — 2,041 — — — 2,041 — 2,041 — 2022 — Nebraska (d) 1,986 36 2,022 — — — 1,986 36 2,022 4 2022 2022 5 Illinois 1,986 34 2,020 — — — 1,986 34 2,020 — 2022 2022 7 Illinois 1,996 — 1,996 3 — 3 1,999 — 1,999 — 2016 — Colorado 1,760 — 1,760 — 239 239 1,760 239 1,999 49 2017 2016 24 Illinois 2,103 105 2,208 (226) — (226) 1,877 105 1,982 29 2016 2016 25 Illinois 1,972 — 1,972 3 — 3 1,975 — 1,975 — 2016 — Illinois 1,956 — 1,956 4 — 4 1,960 — 1,960 — 2016 — Illinois 1,945 — 1,945 4 — 4 1,949 — 1,949 — 2016 — Illinois 1,905 — 1,905 — — — 1,905 — 1,905 — 2016 — Colorado (l) 1,622 — 1,622 — 271 271 1,622 271 1,893 21 2020 2019 28 Colorado (p) 1,079 812 1,891 — — — 1,079 812 1,891 145 2014 2014 31 Illinois 1,859 — 1,859 4 — 4 1,863 — 1,863 — 2016 — Illinois 1,853 — 1,853 3 — 3 1,856 — 1,856 — 2016 — Illinois (q) 1,825 — 1,825 — — — 1,825 — 1,825 — 2018 — Illinois (d) 1,815 — 1,815 — — — 1,815 — 1,815 — 2022 — Illinois 1,693 — 1,693 3 109 112 1,696 109 1,805 13 2017 2016 50 Illinois 1,769 — 1,769 3 — 3 1,772 — 1,772 — 2016 — North Carolina (l) 1,770 — 1,770 — — — 1,770 — 1,770 — 2015 — Illinois 1,750 — 1,750 — — — 1,750 — 1,750 — 2009 — Illinois (q) 1,735 — 1,735 — — — 1,735 — 1,735 — 2017 — Illinois 1,731 — 1,731 3 — 3 1,734 — 1,734 — 2016 — Illinois 1,643 88 1,731 3 — 3 1,646 88 1,734 26 2016 2016 23 Illinois 1,718 — 1,718 3 — 3 1,721 — 1,721 — 2016 — Nebraska (p) 1,610 32 1,642 (2) 80 78 1,608 112 1,720 31 2014, 2015 2014 28 Illinois 1,614 94 1,708 3 — 3 1,617 94 1,711 28 2016 2016 23 Nebraska (p) 1,639 46 1,685 (2) 9 7 1,637 55 1,692 14 2014, 2015 2014 31 Colorado (p) 1,305 376 1,681 — 10 10 1,305 386 1,691 306 2014, 2016 2014 16 Illinois 1,675 4 1,679 3 (4) (1) 1,678 — 1,678 — 2016 — Michigan 779 851 1,630 — 39 39 779 890 1,669 441 2016, 2019 2016 19 South Carolina (l) 1,303 225 1,528 — 134 134 1,303 359 1,662 78 2016, 2017, 2020 2016 35 South Carolina (p) 1,078 — 1,078 29 548 577 1,107 548 1,655 126 2015, 2017 2014 30 Illinois 1,523 — 1,523 3 126 129 1,526 126 1,652 14 2017 2016 50 Nebraska (c) 1,314 65 1,379 — 258 258 1,314 323 1,637 102 2015, 2021 2015 23 Illinois 1,620 — 1,620 3 — 3 1,623 — 1,623 — 2016 — Nebraska (p) 1,539 — 1,539 — 70 70 1,539 70 1,609 14 2015 2012 45 Illinois 1,603 — 1,603 3 — 3 1,606 — 1,606 — 2016 — Illinois 1,588 — 1,588 3 — 3 1,591 — 1,591 — 2016 — Georgia 1,330 72 1,402 — 180 180 1,330 252 1,582 58 2016, 2019 2016 19 Nebraska (b) 1,244 69 1,313 — 269 269 1,244 338 1,582 72 2014, 2015 2014 22 Illinois 1,423 60 1,483 — 68 68 1,423 128 1,551 92 2013 2007 27 Illinois (p) 1,500 — 1,500 — 26 26 1,500 26 1,526 4 2015 2008 50 Kansas 1,915 — 1,915 (395) — (395) 1,520 — 1,520 — 2015 — Illinois (d) 1,496 — 1,496 — — — 1,496 — 1,496 — 2021 — Illinois 1,481 — 1,481 3 — 3 1,484 — 1,484 — 2016 — Illinois 1,475 — 1,475 — — — 1,475 — 1,475 — 2022 — Illinois (q) 1,471 — 1,471 — — — 1,471 — 1,471 — 2018 — 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 Illinois 1,435 — 1,435 3 — 3 1,438 — 1,438 — 2016 — Illinois (d) 1,437 — 1,437 — — — 1,437 — 1,437 — 2021 — Colorado — — — 803 640 1,443 803 640 1,443 43 2017, 2021, 2022 2017 24 Illinois (l) 1,403 — 1,403 — — — 1,403 — 1,403 — 2019 — South Carolina 1,032 170 1,202 13 187 200 1,045 357 1,402 70 2017, 2018 2017 25 Nebraska (b) 1,100 28 1,128 — 243 243 1,100 271 1,371 38 2014, 2015, 2018 2014 25 Colorado (p) 1,353 184 1,537 — (167) (167) 1,353 17 1,370 13 2014 2014 11 Nebraska 1,149 — 1,149 — 202 202 1,149 202 1,351 29 2018 2018 33 Illinois 1,229 — 1,229 2 116 118 1,231 116 1,347 14 2018 2016 40 Nebraska (c) 1,346 34 1,380 — (34) (34) 1,346 — 1,346 — 2015 — Illinois 1,320 — 1,320 2 — 2 1,322 — 1,322 — 2016 — Illinois 1,321 — 1,321 — — — 1,321 — 1,321 — 2022 — Nebraska 1,232 56 1,288 31 — 31 1,263 56 1,319 14 2015 2015 24 Nebraska (c) 1,279 23 1,302 — (9) (9) 1,279 14 1,293 2 2015, 2017 2015 15 Colorado (p) 1,238 — 1,238 45 — 45 1,283 — 1,283 33 2014 — Nebraska (c) 1,242 37 1,279 — (5) (5) 1,242 32 1,274 8 2015 2015 23 Illinois 1,259 — 1,259 2 — 2 1,261 — 1,261 — 2016 — Illinois (b) 1,120 — 1,120 — 138 138 1,120 138 1,258 19 2016 2008 50 Illinois 1,254 — 1,254 2 — 2 1,256 — 1,256 — 2016 — Illinois 1,219 — 1,219 2 — 2 1,221 — 1,221 — 2016 — Illinois (p) 1,147 — 1,147 — 60 60 1,147 60 1,207 8 2016 2013 50 Nebraska (c) 1,077 33 1,110 — 70 70 1,077 103 1,180 5 2015 2015 38 Colorado (p) 579 513 1,092 65 18 83 644 531 1,175 401 2014, 2015, 2016 2014 19 Illinois 1,171 — 1,171 2 — 2 1,173 — 1,173 — 2016 — North Carolina 1,161 — 1,161 — — — 1,161 — 1,161 — 2018 — Illinois 1,439 — 1,439 (279) — (279) 1,160 — 1,160 — 2016 — Illinois 1,115 28 1,143 2 9 11 1,117 37 1,154 13 2016, 2018 2016 20 Nebraska 1,109 40 1,149 — — — 1,109 40 1,149 20 2012 2012 20 Illinois 1,075 — 1,075 2 70 72 1,077 70 1,147 9 2018 2016 40 Illinois 1,003 — 1,003 — 143 143 1,003 143 1,146 63 2015, 2017 2008 40 Colorado (p) 747 393 1,140 — — — 747 393 1,140 94 2014 2014 26 Illinois 1,130 35 1,165 2 (27) (25) 1,132 8 1,140 1 2016 2016 30 Nebraska (c) 1,136 11 1,147 — (11) (11) 1,136 — 1,136 — 2015 2015 — Illinois 1,126 44 1,170 2 (37) (35) 1,128 7 1,135 2 2016 2016 31 Illinois 1,119 — 1,119 2 — 2 1,121 — 1,121 — 2016 — Colorado (p) 773 323 1,096 — 24 24 773 347 1,120 94 2014, 2021 2014 21 Colorado (p) 1,030 170 1,200 — (87) (87) 1,030 83 1,113 13 2014, 2016, 2017 2014 24 Colorado (p) 1,105 — 1,105 — — — 1,105 — 1,105 — 2014 — Colorado (p) 1,128 68 1,196 (45) (68) (113) 1,083 — 1,083 (33) 2014 — Illinois 1,080 — 1,080 2 — 2 1,082 — 1,082 — 2016 — Illinois 989 — 989 2 77 79 991 77 1,068 10 2018 2016 40 Nebraska 848 197 1,045 — 22 22 848 219 1,067 73 2014, 2015, 2017 2014 25 Illinois 1,063 27 1,090 2 (27) (25) 1,065 — 1,065 4 2016 2016 23 Illinois 1,058 — 1,058 2 — 2 1,060 — 1,060 — 2016 — Colorado (p) 554 443 997 (3) 62 59 551 505 1,056 92 2014, 2015, 2017 2014 28 Illinois 995 — 995 2 58 60 997 58 1,055 6 2017 2016 50 Nebraska (p) 994 20 1,014 (2) 41 39 992 61 1,053 22 2014, 2015 2014 27 Illinois (p) 801 97 898 — 152 152 801 249 1,050 50 2016 2014 50 Colorado (l) 809 141 950 — 62 62 809 203 1,012 52 2015 2015 31 Illinois 1,005 — 1,005 2 — 2 1,007 — 1,007 — 2016 — Florida (d) 935 67 1,002 — — — 935 67 1,002 10 2021 10 Georgia 795 65 860 31 105 136 826 170 996 35 2016, 2017 2016 31 Illinois 950 40 990 2 — 2 952 40 992 8 2016 2016 32 Illinois 980 — 980 2 — 2 982 — 982 — 2016 — Illinois 975 — 975 2 — 2 977 — 977 — 2016 — Illinois 972 — 972 2 — 2 974 — 974 — 2016 — Colorado 819 94 913 — 58 58 819 152 971 64 2014, 2017, 2018 2010 22 Illinois 968 — 968 2 — 2 970 — 970 — 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 Georgia (l) 756 202 958 (1) 9 8 755 211 966 39 2016, 2021 2016 33 Illinois 844 — 844 2 112 114 846 112 958 9 2019 2016 40 Illinois 923 53 976 — (29) (29) 923 24 947 5 2011 2011 50 Kansas (p) 805 178 983 (38) — (38) 767 178 945 151 2014 2014 14 Illinois 939 — 939 1 — 1 940 — 940 — 2016 — Illinois (p) 902 34 936 — — — 902 34 936 26 2008 2008 21 Illinois 878 33 911 — — — 878 33 911 2 2022 2022 13 Illinois 845 63 908 2 — 2 847 63 910 22 2016 2016 22 Colorado (p) 481 373 854 46 (2) 44 527 371 898 290 2014, 2016 2014 17 Illinois 879 — 879 2 4 6 881 4 885 1 2016 2016 20 Illinois (l) 866 18 884 — — — 866 18 884 1 2020 2020 48 Illinois 815 — 815 — 60 60 815 60 875 7 2017 2015 50 Georgia 718 144 862 — 10 10 718 154 872 41 2016 2016 25 Illinois 864 — 864 1 — 1 865 — 865 — 2016 — Illinois 855 55 910 1 (47) (46) 856 8 864 2 2016 2016 28 Adjustments — — — — — — (4) (51) (55) (97) Other (r) 58,583 2,194 60,777 (5,796) 1,258 (4,538) 52,787 3,452 56,239 925 Totals $ 988,523 $ 115,849 $ 1,104,372 ($ 7,998) $ 33,166 $ 25,168 $ 980,521 $ 148,964 $ 1,129,485 $ 38,433 (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 $75.0 million Farmer Mac Facility. Farmer Mac Facility 75,000 (e) Properties denoted with (e) are part of a collateral pool for the $72.6 million MetLife Term Loan #1. MetLife Term Loan #1 72,623 (f) Properties denoted with (f) are part of a collateral pool for the $9.9 million MetLife Term Loan #4. MetLife Term Loan #4 9,880 (g) Properties denoted with (g) are part of a collateral pool for the $5.2 million MetLife Term Loan #5. MetLife Term Loan #5 5,179 (h) Properties denoted with (h) are part of a collateral pool for the $21.7 million MetLife Term Loan #6. MetLife Term Loan #6 21,726 (i) Properties denoted with (i) are part of a collateral pool for the $15.7 million MetLife Term Loan #7. MetLife Term Loan #7 15,699 (j) Properties denoted with (j) are part of a collateral pool for the $44.0 million MetLife Term Loan #8. MetLife Term Loan #8 44,000 (k) Properties denoted with (k) are part of a collateral pool for the $16.8 million MetLife Term Loan #9. MetLife Term Loan #9 16,800 (l) Properties denoted with (l) are part of a collateral pool for the $49.0 million MetLife Term Loan #10. MetLife Term Loan #10 48,985 (m) Properties denoted with (m) are part of a collateral pool for the $12.8 million MetLife Term Loan #11. MetLife Term Loan #11 12,750 (n) Properties denoted with (n) are part of a collateral pool for the $14.4 million MetLife Term Loan #12. MetLife Term Loan #12 14,359 (o) Properties denoted with (o) are part of a collateral pool for the $0.0 million MetLife Facility. MetLife Facility — (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 $18.0 million Rutledge Facility. Rutledge Facility 18,000 $ 439,488 (r) Other category is comprised of 109 farms in 8 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2022. 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, $1.5 million is part of a collateral pool for Farmer Mac Facility, $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 Facility. (s) all of the above properties listed in Schedule III are farms. (t) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $1.005 billion as of December 31, 2022. Years ended December 31, 2022 2021 Real Estate: Balance at beginning of year $ 1,092,693 $ 1,076,420 Additions during period Additions through construction of improvements 729 2,008 Disposition of property and improvements (23,387) (65,679) Acquisitions through business combinations and/or asset acquisitions 59,450 79,944 Balance at end of year $ 1,129,485 $ 1,092,693 Accumulated Depreciation: Balance at beginning of year $ 38,254 $ 32,602 Disposition of improvements (6,771) (1,977) Additions charged to costs and expenses 6,950 7,629 Balance at end of year $ 38,433 $ 38,254 Real Estate balance per schedule $ 1,129,485 $ 1,092,693 Construction in progress 14,810 10,647 Other non-real estate 68 71 Balance per consolidated balance sheet $ 1,144,363 $ 1,103,411 Accumulated depreciation per schedule $ 38,433 $ 38,254 Other non-real estate 14 49 Balance per consolidated balance sheet $ 38,447 $ 38,303 |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, FPI owned a 97.8% 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, par value $0.01 per share (“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, 2022, the Operating Partnership owns a 9.97% equity interest in an unconsolidated equity method investment that holds 12 properties (see “Note 1—Convertible Notes Receivable”, “Note 1—Equity Method Investments”, and “Note 4—Related Party Transactions”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2022, the Company owned a portfolio of approximately 165,200 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2022, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand and served as property manager for approximately 30,900 acres of farmland. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2022, the TRS performed direct farming operations on 2,175 acres of farmland owned by the Company located in California. 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 for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors 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 a 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, water availability and the sale 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 above and below market leases, in-place lease values, and 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, 2022 and 2021, 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 or units issued multiplied by the price per share or unit. Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting 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 and consideration is received. |
Liquidity Policy | Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit, 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 prior to maturity. 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. As of December 31, 2022, we had $436.9 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $1.1 billion. During the year ended December 31, 2022, we raised $121.3 million of equity capital from our At-the-Market Equity Offering Program (the “ATM Program”). We also have an effective shelf registration statement with approximately $100 million of capacity, excluding availability on any ATM Program currently in place, pursuant to which we could issue additional equity or debt securities. In addition, in 2022, we entered into credit agreements with Farmer Mac, MetLife and Rutledge for revolving credit facilities in an aggregate principal amount of $262.0 million. As of December 31, 2022, $169.0 million remains available. For more information on the ATM Program please see “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources”. |
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 and Cash Equivalents | Cash and Cash Equivalents The Company’s cash and cash equivalents at December 31, 2022 and 2021 was held in the custody of five and six financial institutions, respectively, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an orginal maturity of three months or less, such as money market funds, to be cash equivalents. 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, 2022, the Company incurred $1.0 million in connection with the refinancing of the Rutledge debt and the establishment of the Metlife Facility and the Farmer Mac Facility (each as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”). 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, refinancing of the Rutledge debt and 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 $0.4 million for the years ended December 31, 2022 and 2021, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.2 million and $1.7 million as of December 31, 2022 and 2021, respectively. |
Loans and Financing Receivables | Loans and Financing Receivables Loans and financing receivables 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, 2022 and 2021, the Company had three and four notes outstanding, 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—Loans and Financing Receivables.” In November 2022, the Company purchased land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. In accordance with ASC 842, for transactions in which the Company enters into a contract to acquire an asset and lease it back to the seller, the Company is required to separately assess the lease classification apart from the other assets. The Company determined that the land and building components of the lease agreement with Ag Pro meet the definition of a sales-type lease and therefore, control is not considered to have transferred to the Company under GAAP. As a result, the Company does not recognize the underlying asset but instead recognizes a financial asset in accordance with ASC 310 “Receivables”. Accordingly, the transactions with Ag Pro are accounted for as financing receivables and are included in loans and financing receivables, net on the accompanying consolidated balance sheets, net of allowance for credit losses, in accordance with ASC 310. |
Convertible Notes Receivable | Convertible Notes Receivable On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. 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. The OZ Convertible Notes had an interest rate of 1.35% and an aggregate principal balance of $2.4 million. On July 16, 2021, the Company provided notice to the OZ Fund that it was converting its OZ Convertible Notes, and accrued interest thereon, into membership interests in the OZ Fund, in accordance with the terms of the OZ Convertible Notes. The value of the conversion was $2.4 million and the Company’s membership interests in the OZ Fund were approximately 7.6% upon conversion and increased to 9.97% as of December 31, 2022 after subsequent capital contributions. Please refer to “Note 4—Related Party Transactions.” |
Allowance for Credit Losses | Allowance for Credit Losses A loan is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the loan 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 loans are recorded as interest income when the payment is received. The loan 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 loan receivable and evaluates whether the value of the collateral continues to provide adequate security for the loan. Any uncollectible interest previously accrued is also charged off. As of December 31, 2022, we believe the value of the underlying collateral for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status. The Company has elected to use a probability of default (“PD”) and loss given default (“LGD”) method to estimate the allowance for credit losses (“CECL”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2022 and 2021. |
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 $0.1 million and $0.2 million in offering costs during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company had $0.06 million and $0.04 million, 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 less than $0.1 million as of December 31, 2022 and 2021. An allowance for doubtful accounts is recorded on the Consolidated Statements 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 crop or harvested crop, as appropriate. 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. The cost of goods sold was $6.0 million and $1.5 million for the years ended December 31, 2022 and 2021, 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, 2022 and 2021, inventory consisted of the following: (in thousands) December 31, 2022 December 31, 2021 Harvested crop $ — $ 164 Growing crop 2,808 2,895 $ 2,808 $ 3,059 |
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, 2022. As of December 31, 2022 and 2021, the aggregate balance of the Company’s equity method investment in the OZ Fund was approximately $4.2 million and $3.4 million, respectively, including aggregate capital contributions of $1.7 million and $1.0 million through December 31, 2022 and 2021, respectively. 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 resulting 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 measurement period 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. 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 in connection with the closing of the acquisition. The Company has entered into an incentive compensation agreement providing for the issuance of up to $3.0 million in shares of common stock for the benefit of current and prospective MWA employees aside from Murray Wise, who was appointed to our Board of Directors in connection with the closing of the acquisition, the receipt of which is tied to achieving certain profitability and asset-under-management objectives within three years following the closing of the transaction. Stock-based incentive expense related to these awards will be recognized ratably over the same three The Company recorded goodwill of $2.7 million, trade names and trademarks of $1.9 million, and customer relationships of $0.1 million, as part of the purchase of MWA. Goodwill represents the difference between the purchase consideration and the net assets acquired, including identifiable intangible assets. The factors giving rise to goodwill are primarily related to (a) entry into new lines of business which are complimentary to FPI’s existing business operations, and (b) acquired workforce-in-place, including Murray Wise, who has extensive experience in the industry, and became a member of our Board of Directors in connection with the closing of the transaction, as described above. The following table presents a summary of the Company's purchase accounting entries: ($ 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) |
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 years ended December 31, 2022 and 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 10 |
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 2020, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax expense totaling $0.2 million and $0.0 million, respectively, for the years ended December 31, 2022 and 2021. 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 $3.2 million and $(2.1) million in taxable income (loss) from the TRS for the years ended December 31, 2022 and 2021, 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, 2022, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2021 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, 2022 and 2021. |
Fair Value | Fair Value The Company is required to disclose fair value as further explained in “Note 6—Notes Receivable”, “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10—Hedge Accounting”. 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 reporting period. 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 may enter 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. 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 ongoing 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 Third 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. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), that provided practical expedients to address existing guidance on contract modifications and hedge accounting due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates (together “IBORs”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. We refer to this transition as “reference rate reform.” The first practical expedient allows companies to elect to not apply certain modification accounting requirements to debt, derivative and lease contracts affected by reference rate reform if certain criteria are met. These criteria include the following: (i) the contract referenced an IBOR rate that is expected to be discontinued; (ii) the modified terms directly replace or have the potential to replace the IBOR rate that is expected to be discontinued; and (iii) any contemporaneous changes to other terms that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the IBOR rate. If the contract meets all three criteria, there is no requirement for remeasurement of the contract at the modification date or reassessment of the previous hedging relationship accounting determination. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship. This allows for companies to continue applying hedge accounting to existing cash flow and net investment hedges. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company will continue to evaluate its debt, derivative and lease contracts that are eligible for modification relief and expects to apply those elections as needed. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Harvested crop $ — $ 164 Growing crop 2,808 2,895 $ 2,808 $ 3,059 |
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) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition | |
Summary of rental income recognized | Rental income recognized For the years ended December 31, (in thousands) 2022 2021 Leases in effect at the beginning of the year $ 36,952 $ 38,757 Leases entered into during the year 8,663 6,494 $ 45,615 $ 45,251 |
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 2023 36,072 2024 25,493 2025 14,424 2026 7,448 2027 5,241 Thereafter 36,973 $ 125,651 |
Schedule of other revenue disaggregated by revenue | For the years ended December 31, (in thousands) 2022 2021 Auction and brokerage fees $ 2,806 $ 895 Crop insurance proceeds 2,609 — Property management income 730 159 Other 814 1,104 $ 6,959 $ 2,158 |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tenant concentration | |
Concentration Risk | |
Summary of concentrations | Rental income recognized Approximate % of rental income For the years ended December 31, For the years ended December 31, ($ in thousands) 2022 2021 2022 2021 Tenant A (1) $ 8,291 $ 9,436 18.2 % 20.2 % (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 (1) of total acres For the years ended As of December 31, December 31, Location of Farm (2) 2022 2021 2022 2021 Corn Belt 28.7 % 27.5 % 34.3 % 28.9 % Delta and South 19.9 % 20.5 % 12.5 % 8.7 % High Plains 20.0 % 19.3 % 8.4 % 7.3 % Southeast 24.4 % 25.4 % 19.2 % 18.3 % West Coast 7.0 % 7.3 % 25.6 % 36.8 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years. (2) Corn Belt includes farms located in Illinois, Indiana, Iowa, Michigan, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, and Texas. Southeast includes farms located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. West Coast includes farms located in California. |
Loans and Financing Receivabl_2
Loans and Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Financing Receivables | |
Schedule of loans and financing receivables | ($ in thousands) Outstanding as of Maturity Loan Terms December 31, 2022 December 31, 2021 Date Loans under FPI Loan Program: Mortgage Note (1) Principal & interest due at maturity $ 217 $ 223 12/7/2028 Mortgage Note (1) Principal due at maturity & interest due monthly — 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 2,100 8/18/2023 Mortgage Note (4) Principal due at maturity & interest due quarterly — — 11/28/2022 Mortgage Note (4) Principal due at maturity & interest due quarterly 2,500 — 3/3/2025 Total outstanding principal 4,817 6,029 Sale-leaseback transactions accounted for as financing arrangements: Financing Receivable, net (5) Monthly payments in accordance with lease agreement 5,894 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 4,498 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 3,561 — 11/17/2037 Financing Receivable, net (5) Monthly payments in accordance with lease agreement 3,241 — 11/17/2037 Total financing receivable 17,194 — Interest receivable (net prepaid interest and points) 2 83 Allowance for credit losses (92) — Provision for interest receivable — — Total Loans and financing receivables, net $ 21,921 $ 6,112 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 included mortgages on two additional properties in Colorado that included repurchase options for the properties at a fixed price that were exercisable by the buyer between the third and fifth anniversary of the issuance of the notes and expired on March 16, 2022 unexercised. Upon expiration of the repurchase options, the properties are no longer accounted for as financing transactions and became owned by the Company. They are included in real estate on the accompanying consolidated balance sheets based on the net unpaid note balances. 2) On July 27, 2021, the Company entered into a loan secured against farmland, which was repaid in full on April 13, 2022. 3) On August 18, 2021, the Company entered into a loan secured against farmland. 4) On March 3, 2022, the Company entered into two loans with the same party secured against farmland. 5) On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. |
Schedule of allowance for credit losses details | December 31, 2022 Loans and financing Allowance as a % ($ in thousands) Amortized Cost Allowance receivables, net of Amortized Cost Loans under FPI Loan Program $ 4,819 $ — $ 4,819 — % Financing Receivables 17,194 (92) 17,102 0.54 % Totals $ 22,013 $ (92) $ 21,921 0.42 % |
Schedule of roll-forward of allowance for credit losses for loans and financing receivables | Years ended December 31, ($ in thousands) 2022 2021 Balance at beginning of year $ — $ — Initial allowance for financing receivables (92) — Current period change in credit allowance — — Charge-offs — — Recoveries — — Balance at end of year $ (92) $ — |
Reconciliation of carrying amount of mortgage loans | Years ended December 31, ($ in thousands) 2022 2021 Balance at beginning of year $ 6,029 $ 2,364 Additions during year: Issuance of loans and financing receivables 20,781 3,702 Interest accrued on financing receivables 122 — 26,932 6,066 Deductions during year: Collections of loans and financing receivables 2,786 37 Expiration of repurchase option 2,135 — Balance at end of year $ 22,011 $ 6,029 |
Mortgage Notes, Lines of Cred_2
Mortgage Notes, Lines of Credit and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Interest December 31, Interest Rate Next Adjustment December 31, December 31, Maturity December 31, Loan Payment Terms 2022 Terms Date (1) 2022 2021 Date 2022 Farmer Mac Bond #6 Semi-annual 3.69% Fixed N/A $ 13,827 $ 13,827 April 2025 $ 21,421 Farmer Mac Bond #7 Semi-annual 3.68% Fixed N/A 11,160 11,160 April 2025 18,520 Farmer Mac Facility Monthly 5.82% SOFR + 1.50% N/A 75,000 — December 2025 86,871 MetLife Term Loan #1 Semi-annual 3.30% Fixed for 3 years March 2023 72,623 83,206 March 2026 103,478 MetLife Term Loan #2 Semi-annual 3.60% Fixed for 3 years N/A (3) — 16,000 March 2026 — MetLife Term Loan #3 Semi-annual 3.60% Fixed for 3 years N/A (3) — 16,800 March 2026 — MetLife Term Loan #4 Semi-annual 3.30% Fixed for 3 years March 2023 9,880 13,017 June 2026 25,698 MetLife Term Loan #5 Semi-annual 3.50% Fixed for 3 years January 2023 5,179 6,779 January 2027 10,111 MetLife Term Loan #6 Semi-annual 3.45% Fixed for 3 years February 2023 21,726 27,158 February 2027 25,711 MetLife Term Loan #7 Semi-annual 3.20% Fixed for 3 years June 2023 15,699 16,198 June 2027 29,618 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 3 years December 2027 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual 3.20% Fixed for 3 years May 2024 16,800 16,800 May 2028 33,430 MetLife Term Loan #10 Semi-annual 3.00% Fixed for 3 years October 2023 48,985 49,874 October 2030 103,840 MetLife Term Loan #11 Semi-annual 2.85% Fixed for 3 years October 2024 12,750 12,750 October 2031 27,085 MetLife Term Loan #12 Semi-annual 3.11% Fixed for 3 years December 2024 14,359 14,359 December 2031 28,884 MetLife Facility Quarterly 5.82% SOFR + 2.10% N/A — — October 2027 111,122 Rabobank (2) Semi-annual 5.87% LIBOR + 1.70% March 2024 (4) 59,500 59,500 March 2028 129,191 Rutledge Facility Quarterly 5.51% SOFR + 1.95% February 2023 (4) 18,000 112,000 March 2027 225,204 Total outstanding principal 439,488 513,428 $ 1,090,226 Debt issuance costs (2,613) (2,105) Unamortized premium — — Total mortgage notes and bonds payable, net $ 436,875 $ 511,323 1) MetLife Term Loan #5 repriced to 5.63% , effective January 12, 2023. MetLife #6 repriced to 5.55% , effective February 14, 2023. Metlife Term loans #1 and 4 will reprice to 5.55% , effective March 29, 2023. 2) The Company has an interest rate swap agreement with Rabobank for $33.2 million notional of fixed LIBOR at 2.114% until March 2026 (see “Note 10—Hedge Accounting”). 3) MetLife Term Loan #2 and MetLife Term Loan #3 were paid off during the year ended December 31, 2022. 4) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms”. |
Schedule of aggregate maturities of long-term debt | ($ in thousands) Year Ending December 31, Future Maturities 2023 $ — 2024 2,100 2025 102,087 2026 84,603 2027 62,704 Thereafter 187,994 $ 439,488 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies. | |
Schedule of future rental payments | ($ in thousands) Future rental Year Ending December 31, payments 2023 $ 205 2024 84 2025 54 2026 — 2027 — Thereafter — Total lease payments 343 Less: imputed interest (18) Lease liability $ 325 |
Stockholders' Equity and Non-_2
Stockholders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity and Non-controlling Interests | |
Schedule of changes in redeemable non-controlling interest in operating partnership | Series A Preferred Units Redeemable Redeemable Preferred non-controlling (in thousands) units interests 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 Balance at December 31, 2021 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,210 Redemption of Series A preferred units (10) (10,000) Balance at December 31, 2022 107 $ 110,210 |
Schedule of declaration and payment of distribution | Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2022 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 February 22, 2022 April 1, 2022 April 15, 2022 $ 0.0500 May 2, 2022 July 1, 2022 July 15, 2022 $ 0.0600 July 26, 2022 October 1, 2022 October 17, 2022 $ 0.0600 $ 0.2200 2021 November 3, 2020 January 1, 2021 January 15, 2021 $ 0.0500 February 11, 2021 April 1, 2021 April 15, 2021 $ 0.0500 May 7, 2021 July 1, 2021 July 15, 2021 $ 0.0500 August 4, 2021 October 1, 2021 October 15, 2021 $ 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, 2020 316 $ 6.46 Granted 143 11.72 Vested (162) 6.68 Forfeited — — Unvested at December 31, 2021 297 $ 8.87 Granted 150 11.78 Vested (177) 8.22 Forfeited (10) 11.24 Unvested at December 31, 2022 260 $ 10.88 |
Schedule of computation of basic and diluted earnings (loss) per share | For the years ended December 31, (in thousands, except per share amounts) 2022 2021 Numerator: Net income attributable to Farmland Partners Inc. $ 11,674 $ 9,991 Less: Nonforfeitable distributions allocated to unvested restricted shares (63) (57) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (3,210) (10,052) Less: Dividends on Series B Participating Preferred Stock — (5,716) Net income (loss) attributable to common stockholders $ 8,401 $ (5,834) Denominator: Weighted-average number of common shares - basic 50,953 34,641 Conversion of preferred units (1) — — Unvested restricted shares (1) — — Redeemable non-controlling interest (1) — — Weighted-average number of common shares - diluted 50,953 34,641 Income (loss) per share attributable to common stockholders - basic $ 0.16 $ (0.17) Income (loss) per share attributable to common stockholders - diluted $ 0.16 $ (0.17) (1) Anti-dilutive for the years ended December 31, 2022 and 2021. |
Schedule of equity awards and units outstanding | For the years ended December 31, 2022 2021 Shares 54,058 45,177 Common Units 1,237 1,357 Redeemable Common Units — — Unvested Restricted Stock Awards 260 297 55,555 46,831 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Contracts | |
Schedule of fair value of derivative instruments | ($ in thousands) Instrument Balance sheet location Level 2 Fair Value Interest rate swap Derivative asset $ 2,084 |
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, 2022 December 31, 2021 Beginning accumulated derivative instrument gain or loss $ 279 $ (2,380) Net change associated with current period hedging transactions 2,433 1,676 Amortization of frozen AOCI on de-designated hedge 594 983 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 3,306 $ 279 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of TRS income (loss) before provision for income taxes | The TRS income/(loss) before provision for income taxes consisted of the following: For the Year Ended ($ in thousands) December 31, 2022 United States $ 3,212 International — Total $ 3,212 |
Schedule of federal and state income tax provision (benefit) | The federal and state income tax provision (benefit) is summarized as follows: For the Year Ended ($ in thousands) December 31, 2022 Current: Federal $ 189 State 43 Other — Total Current Tax Expense $ 232 Deferred: Federal (5) Total Tax Expense $ 227 |
Schedule of TRS deferred tax assets | ($ in thousands) December 31, 2022 Deferred tax assets: Net operating loss $ 434 Realized capital losses 76 Total deferred tax assets 510 Deferred tax liabilities: Fixed assets $ (18) Intangible Assets (32) Total deferred tax liabilities $ (50) Valuation Allowance (480) Net deferred taxes $ (20) |
Summary of net operating losses and tax credit carryforwards | ($ in thousands) December 31, 2022 Expiration Year Net operating losses, federal (Post-December 31, 2017) $ 2,068 Does not expire Net operating losses, state $ — Various |
Schedule of components of income tax rate | December 31, 2022 Statutory Rate 21.00 % State Tax 3.43 % Valuation Allowance (18.13) % Total 6.30 % |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information (unaudited) | |
Quarterly results of operations | Quarter Ended ($ in thousands except per share data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Operating revenues $ 13,890 $ 12,357 $ 13,140 $ 21,823 Operating expenses (1) 9,570 8,902 8,415 9,349 Other expenses (2) 3,181 366 3,573 5,667 Net income before income tax expense 1,139 3,089 1,152 6,807 Income tax expense — (96) (33) (98) Net income $ 1,139 $ 2,993 $ 1,119 $ 6,709 Net income available to common stockholders of Farmland Partners Inc. $ 213 $ 2,060 $ 350 $ 5,778 Basic net income (loss) per share available to common stockholders (3) $ 0.00 $ 0.04 $ 0.01 $ 0.11 Diluted net income (loss) per share available to common stockholders (3) $ 0.00 $ 0.04 $ 0.01 $ 0.09 Basic weighted average common shares outstanding 45,781 50,362 53,495 54,056 Diluted weighted average common shares outstanding 45,781 50,362 53,495 62,633 Quarter Ended 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 (1) Operating expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.8 million, $0.3 million, $0.1 million, $0.1 million, respectively, related to litigation. 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. (2) Other expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.7 million, $3.3 million, $(0.1) million, ($1.3) million, respectively, related to gain (loss) on disposition of assets. 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, $5.9 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 | 1 Months Ended | 12 Months Ended | |||
Nov. 18, 2022 item | Nov. 30, 2022 item | Dec. 31, 2022 USD ($) a item property $ / shares | Dec. 31, 2021 $ / shares | Aug. 17, 2017 shares | |
Organization and Significant Accounting Policies | |||||
Area of real estate property | 165,200 | ||||
Area of real estate property company serves as property manager | 30,900 | ||||
Number of agriculture equipment dealerships | item | 4 | 4 | 4 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Term Loan | Farmer Mac MetLife And Rutledge | |||||
Organization and Significant Accounting Policies | |||||
Maximum borrowing capacity | $ | $ 262 | ||||
Remaining borrowing capacity | $ | $ 169 | ||||
Limited partner | Operating Partnership | |||||
Organization and Significant Accounting Policies | |||||
Ownership interest (as a percent) | 97.80% | ||||
TRS. | |||||
Organization and Significant Accounting Policies | |||||
Area of real estate property | 2,175 | ||||
OZ Fund, Private Investment Fund | |||||
Organization and Significant Accounting Policies | |||||
Equity interest | 9.97% | ||||
Number of properties | property | 12 | ||||
Series B Participating Preferred Stock | |||||
Organization and Significant Accounting Policies | |||||
Shares issued under underwriting agreement | shares | 6,037,500 |
Organization and Significant _5
Organization and Significant Accounting Policies - Additional disclosures (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Nov. 15, 2021 USD ($) $ / shares shares | Jul. 16, 2021 USD ($) | Mar. 31, 2021 USD ($) item | Mar. 05, 2021 item | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Institution | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Institution | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Institution item | Dec. 31, 2021 USD ($) item Institution | |
Impairment | |||||||||||||||
Impairments recognized on real estate assets | $ 0 | ||||||||||||||
Cash | |||||||||||||||
Number of financial institutions in which custody of cash was held | Institution | 5 | 6 | 5 | 6 | |||||||||||
Deferred Financing Fees | |||||||||||||||
Debt issuance costs | $ 1,000 | $ 800 | $ 1,000 | $ 800 | |||||||||||
Accumulated amortization of deferred financing fees | 1,200 | 1,700 | 1,200 | 1,700 | |||||||||||
Total outstanding principal | 22,013 | 22,013 | |||||||||||||
Convertible Notes Receivable | |||||||||||||||
Received cash | 17,000 | 70,600 | |||||||||||||
Convertible notes receivable | 2,400 | 2,400 | |||||||||||||
Gain on sale of assets | 2,641 | 9,290 | |||||||||||||
Value of conversion | $ 2,400 | ||||||||||||||
Amount available from shelf registration | 100,000 | ||||||||||||||
Mortgage and other debt | 436,900 | 436,900 | |||||||||||||
Net book value | 1,105,916 | 1,065,108 | 1,105,916 | 1,065,108 | |||||||||||
Deferred Offering Costs Incurred | 100 | 200 | |||||||||||||
Deferred offering costs | 63 | 40 | 63 | 40 | |||||||||||
Accounts Receivable | |||||||||||||||
Allowance for doubtful accounts | 100 | 100 | 100 | 100 | |||||||||||
Inventory | |||||||||||||||
Cost of harvested crop included in property operating expenses | 6,000 | 1,500 | |||||||||||||
Harvested crop | 164 | 164 | |||||||||||||
Growing crop | 2,808 | 2,895 | 2,808 | 2,895 | |||||||||||
Total inventory | 2,808 | 3,059 | 2,808 | 3,059 | |||||||||||
Business Combinations | |||||||||||||||
Accrued expenses | 9,215 | 9,564 | 9,215 | 9,564 | |||||||||||
Consideration: | |||||||||||||||
Total consideration | 54,400 | 81,200 | |||||||||||||
Amounts recognized for fair value of assets acquired and liabilities assumed: | |||||||||||||||
Goodwill | 2,706 | 2,706 | 2,706 | 2,706 | |||||||||||
Intangible assets | 0 | 0 | |||||||||||||
Cash used in transaction | (28,400) | ||||||||||||||
Proforma (unaudited) | |||||||||||||||
Operating revenues | 21,823 | $ 13,140 | $ 12,357 | $ 13,890 | 20,046 | $ 10,105 | $ 10,013 | $ 11,575 | 61,210 | 51,739 | |||||
Net income | 6,709 | 1,119 | 2,993 | $ 1,139 | 13,316 | $ (2,669) | $ (2,865) | 2,477 | 11,960 | 10,259 | |||||
Income tax | |||||||||||||||
Income tax expense | (98) | $ (33) | $ (96) | 227 | 0 | ||||||||||
Deferred tax assets | 0 | $ 0 | |||||||||||||
Required holding period | 5 years | ||||||||||||||
Deferred tax liability, built in gain | $ 0 | ||||||||||||||
ATM Program | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Net proceeds | 121,300 | ||||||||||||||
Murray Wise Associates, LLC ("MWA") | |||||||||||||||
Business Combinations | |||||||||||||||
Business acquisition, percentage acquired | 100% | ||||||||||||||
Transaction value | $ 8,100 | ||||||||||||||
Closing adjustments | $ 2,800 | ||||||||||||||
Number of shares issued | shares | 248,734 | ||||||||||||||
Stock price per share | $ / shares | $ 12.61 | ||||||||||||||
Shares issued for the benefit of current and prospective employee | $ 3,000 | ||||||||||||||
Period to achieve profitability and management objectives | 3 years | ||||||||||||||
Share Based payment award, expiration period | 3 years | ||||||||||||||
Share-based compensation expense | 400 | 0 | |||||||||||||
Accrued expenses | 400 | $ 0 | 400 | 0 | |||||||||||
Goodwill acquired | 2,700 | ||||||||||||||
Acquired trade names and trademarks | 1,900 | 1,900 | |||||||||||||
Acquired customer relationships | $ 100 | $ 100 | |||||||||||||
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) | ||||||||||||||
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 | ||||||||||||||
Minimum | |||||||||||||||
Intangible assets | |||||||||||||||
Amortization period | 10 years | ||||||||||||||
Maximum | |||||||||||||||
Intangible assets | |||||||||||||||
Amortization period | 12 years | ||||||||||||||
Intangible assets amortization | $ 100 | $ 100 | |||||||||||||
Opportunity Zone Fund LLC | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Noncontrolling ownership interest (as a percent) | 7.60% | 9.97% | 9.97% | 9.97% | 9.97% | ||||||||||
Operating Partnership | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Noncontrolling ownership interest (as a percent) | 7.60% | 9.97% | 9.97% | ||||||||||||
Interest Expense | |||||||||||||||
Deferred Financing Fees | |||||||||||||||
Amortization expense | $ 400 | $ 400 | |||||||||||||
TRS. | |||||||||||||||
Income tax | |||||||||||||||
Taxable income (loss) attributable to TRS | $ 3,200 | $ (2,100) | |||||||||||||
FPI Loan Program | |||||||||||||||
Deferred Financing Fees | |||||||||||||||
Number of notes issued | item | 3 | 4 | |||||||||||||
OZ Fund, Private Investment Fund | |||||||||||||||
Convertible Notes Receivable | |||||||||||||||
Equity interest | 9.97% | 9.97% | |||||||||||||
Aggregate equity method investment | $ 4,200 | $ 3,400 | $ 4,200 | $ 3,400 | |||||||||||
Additional capital contributions | 20,000 | ||||||||||||||
Aggregate capital contributions | $ 1,700 | $ 1,000 |
Organization and Significant _6
Organization and Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Organization and Significant Accounting Policies | ||
Non controlling interest holding period | 1 year | |
Charge-offs or recoveries | $ 0 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition, Milestone Method [Line Items] | ||
Deferred revenue | $ 44 | $ 45 |
Leases in effect at the beginning of the year | 36,952 | 38,757 |
Leases entered into during the year | 8,663 | 6,494 |
Rental income recognized | 45,615 | 45,251 |
Revenues from the sale of harvested crops | 5,400 | 900 |
Future minimum fixed rent payments | ||
2023 | 36,072 | |
2024 | 25,493 | |
2025 | 14,424 | |
2026 | 7,448 | |
2027 | 5,241 | |
Thereafter | 36,973 | |
Total future minimum lease payments | $ 125,651 | |
Minimum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Percent annual rent received during first quarter of the year | 50% | |
Percentage of annual lease due in the second half of the year | 50% | |
Maximum | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Deferred revenue | $ 100 | |
Lease in place | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Terms of farm leases | 40 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 | 3 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated by revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other revenue | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Total other revenue | $ 6,959 | $ 2,158 |
Auction and brokerage fees | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Total other revenue | 2,806 | 895 |
Crop insurance proceeds | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Total other revenue | 2,609 | |
Property management income | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Total other revenue | 730 | 159 |
Other revenue, other | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Total other revenue | $ 814 | $ 1,104 |
Concentration Risk (Details)
Concentration Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk | ||
Rental income recognized | $ 45,615 | $ 45,251 |
Tenant A | ||
Concentration Risk | ||
Rental income recognized | $ 8,291 | $ 9,436 |
Percentage of rental income | 18.20% | 20.20% |
Approximate total acres | Geographic concentration | ||
Concentration Risk | ||
Concentration risk (as a percent) | 100% | 100% |
Approximate total acres | Geographic concentration | Cornbelt | ||
Concentration Risk | ||
Concentration risk (as a percent) | 28.70% | 27.50% |
Approximate total acres | Geographic concentration | Delta and South | ||
Concentration Risk | ||
Concentration risk (as a percent) | 19.90% | 20.50% |
Approximate total acres | Geographic concentration | High Plains | ||
Concentration Risk | ||
Concentration risk (as a percent) | 20% | 19.30% |
Approximate total acres | Geographic concentration | Southeast | ||
Concentration Risk | ||
Concentration risk (as a percent) | 24.40% | 25.40% |
Approximate total acres | Geographic concentration | West Coast | ||
Concentration Risk | ||
Concentration risk (as a percent) | 7% | 7.30% |
Rental income | Geographic concentration | ||
Concentration Risk | ||
Concentration risk (as a percent) | 100% | 100% |
Rental income | Geographic concentration | Cornbelt | ||
Concentration Risk | ||
Concentration risk (as a percent) | 34.30% | 28.90% |
Rental income | Geographic concentration | Delta and South | ||
Concentration Risk | ||
Concentration risk (as a percent) | 12.50% | 8.70% |
Rental income | Geographic concentration | High Plains | ||
Concentration Risk | ||
Concentration risk (as a percent) | 8.40% | 7.30% |
Rental income | Geographic concentration | Southeast | ||
Concentration Risk | ||
Concentration risk (as a percent) | 19.20% | 18.30% |
Rental income | Geographic concentration | West Coast | ||
Concentration Risk | ||
Concentration risk (as a percent) | 25.60% | 36.80% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 USD ($) item | Mar. 05, 2021 item | Apr. 16, 2014 USD ($) | Mar. 31, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 16, 2021 | Jul. 21, 2015 | |
Related Party Transactions | ||||||||
Related party transaction guarantee amount | $ 11,000 | |||||||
Received cash | 17,000 | $ 70,600 | ||||||
Gain on sale of assets | 2,641 | 9,290 | ||||||
Convertible Notes Receivable | 2,400 | |||||||
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 | ||||||
American Agriculture Aviation, LLC | Lease agreements | ||||||||
Related Party Transactions | ||||||||
Related party, transaction amount | $ 110 | $ 160 | ||||||
Pittman Hough Farms | ||||||||
Related Party Transactions | ||||||||
Related party transaction guarantee amount | $ 11,000 | |||||||
Opportunity Zone Fund LLC | ||||||||
Related Party Transactions | ||||||||
Noncontrolling ownership interest (as a percent) | 9.97% | 9.97% | 7.60% | |||||
Promised Land Opportunity Zone Farms I, LLC | ||||||||
Related Party Transactions | ||||||||
Management fee | $ 400 | $ 100 | ||||||
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 | ||||||||
Gross book value | 50,000 | |||||||
Gross Book Value $50 Million or More | Maximum | ||||||||
Related Party Transactions | ||||||||
Gross book value | $ 100,000 | |||||||
Gross Book Value Excess of 50 Million and Under 100 Millions | ||||||||
Related Party Transactions | ||||||||
Percentage of gross book value | 0.20% | |||||||
Gross Book Value Excess of 100 Million | ||||||||
Related Party Transactions | ||||||||
Percentage of gross book value | 0.1875% | |||||||
Gross book value | $ 100,000 | |||||||
American Agriculture Corporation | Paul A. Pittman | American Agriculture Aviation, LLC | ||||||||
Related Party Transactions | ||||||||
Related party transaction, percentage of ownership interest held by related party | 100% |
Real Estate (Details)
Real Estate (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 18, 2022 item | Nov. 30, 2022 item | Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) item property | |
Farms acquired and allocation of purchase price | ||||
Number of acquisitions | item | 17 | 12 | ||
Number of properties acquired | 20 | 12 | ||
Aggregate purchase price | $ 54.4 | $ 81.2 | ||
Number of agriculture equipment dealerships | item | 4 | 4 | 4 | |
Reduction in notes receivable and related interest through the acquisition of collateralized property. | 28.4 | |||
Intangible assets | $ 0 | |||
Number of dispositions | item | 5 | 12 | ||
Number of properties sold | property | 5 | 20 | ||
Proceeds from sale of real estate | $ 17 | $ 70.6 | ||
Convertible notes receivable | 2.4 | |||
Aggregate gain on sale | 2.6 | $ 9.3 | ||
John Deere brand | ||||
Farms acquired and allocation of purchase price | ||||
Asset acquisition consideration transferred | $ 17.3 |
Loans and Financing Receivabl_3
Loans and Financing Receivables (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 18, 2022 item | Mar. 03, 2022 loan | Nov. 30, 2022 item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Aug. 31, 2015 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit loss expense recovery | $ 0 | $ 0 | ||||
Expected credit losses | $ 92,000 | |||||
Number of agriculture equipment dealerships | item | 4 | 4 | 4 | |||
Provision for loan receivable | $ 0 | 0 | ||||
Interest receivable (net prepaid interest and points) | 2,000 | 83,000 | ||||
Allowance for credit losses | (92,000) | |||||
Total Loans and financing receivables, net | 21,921,000 | 6,112,000 | ||||
Number of loans | loan | 2 | |||||
Renewal term | 20 years | |||||
Discount percentage | 6.15% | |||||
Notes receivable | $ 19,600,000 | 6,000,000 | ||||
Mortgage Note Maturing on 12/7/2028 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of additional properties | item | 2 | |||||
Mortgage Note Maturing on 3/16/2022 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of additional properties | item | 2 | |||||
FPI Loan Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Expected credit losses | $ 0 | 0 | ||||
FPI Loan Program | Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | $ 1,000,000 | |||||
FPI Loan Program | Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 6 years | |||||
FPI Loan Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | $ 4,817,000 | 6,029,000 | ||||
FPI Loan Program | Mortgage Note Maturing on 12/7/2028 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 217,000 | 223,000 | ||||
FPI Loan Program | Mortgage Note Maturing on 3/16/2022 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 2,135,000 | |||||
FPI Loan Program | Mortgage Note Maturing on 6/23 2023 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 1,571,000 | |||||
FPI Loan Program | Mortgage Note Maturing on 8/18/2023 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 2,100,000 | $ 2,100,000 | ||||
FPI Loan Program | Mortgage Note Maturing on 3/3/2025 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total outstanding principal | 2,500,000 | |||||
Financing Receivables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | 17,194,000 | |||||
Expected credit losses | 92,000 | |||||
Financing Receivables | Financing Receivable, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | 5,894,000 | |||||
Financing Receivables | Financing Receivable, net - 1 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | 4,498,000 | |||||
Financing Receivables | Financing Receivable, net - 2 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | 3,561,000 | |||||
Financing Receivables | Financing Receivable, net - 3 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal amounts | $ 3,241,000 |
Loans and Financing Receivabl_4
Loans and Financing Receivables - Allowance for Credit loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit losses | ||
Total outstanding principal | $ 22,013 | |
Allowance | (92) | |
Loans and financing receivables, Net | $ 21,921 | $ 6,112 |
Allowance as a % of Amortized Cost | 0.42% | |
Loans under FPI Loan Program | ||
Allowance for credit losses | ||
Total outstanding principal | $ 4,819 | |
Loans and financing receivables, Net | 4,819 | |
Financing Receivables | ||
Allowance for credit losses | ||
Total outstanding principal | 17,194 | |
Allowance | (92) | |
Loans and financing receivables, Net | $ 17,102 | |
Allowance as a % of Amortized Cost | 0.54% |
Loans and Financing Receivabl_5
Loans and Financing Receivables - Allowance for Credit loss Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Roll-forward of the allowance for credit losses | ||
Initial allowance for financing receivables | $ (92) | |
Charge-offs or recoveries | 0 | $ 0 |
Balance at end of year | $ (92) |
Loans and Financing Receivabl_6
Loans and Financing Receivables - Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage loan | ||
Balance at beginning of year | $ 6,029 | $ 2,364 |
Issuance of loans and financing receivables | 20,781 | 3,702 |
Interest accrued on financing receivables | 122 | |
Additions during year | 26,932 | 6,066 |
Collection of loans and financing receivables | 2,786 | 37 |
Expiration of repurchase option | 2,135 | |
Balance at end of year | $ 22,011 | $ 6,029 |
Mortgage Notes, Lines of Cred_3
Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Mar. 29, 2023 | Feb. 14, 2023 | Jan. 12, 2023 | Jan. 01, 2023 | Dec. 31, 2021 | |
Mortgage notes payable | ||||||
Principal outstanding | $ 439,488,000 | $ 513,428,000 | ||||
Debt issuance costs | (2,613,000) | (2,105,000) | ||||
Mortgage notes and bonds payable, net | $ 436,875,000 | 511,323,000 | ||||
Margin added to reference rate (as a percent) | 1.95% | |||||
Book value of collateral | $ 1,090,226,000 | |||||
Related party transaction guarantee amount | 11,000,000 | |||||
Accumulated amortization of deferred financing fees | 1,200,000 | 1,700,000 | ||||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||||
Mortgage notes payable | ||||||
Notional amount | 33,200,000 | |||||
Farmer Mac Facility | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 75,000,000 | |||||
Interest Rate (as a percent) | 5.82% | |||||
Book value of collateral | $ 86,871,000 | |||||
Remaining borrowing capacity | 0 | |||||
Additional bond purchase amount | $ 200 | |||||
Farmer Mac Facility | Secured notes | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 1.50% | |||||
Outstanding debt | $ 100,000,000 | 25,000,000 | ||||
Commitment fee percentage | 0.20% | |||||
Farmer Mac Facility | Secured notes | Maximum | ||||||
Mortgage notes payable | ||||||
Leverage ratio (as a percent) | 60% | |||||
MetLife | ||||||
Mortgage notes payable | ||||||
Interest Rate (as a percent) | 5.82% | |||||
Book value of collateral | $ 111,122,000 | |||||
MetLife | Term Loan | ||||||
Mortgage notes payable | ||||||
Outstanding debt | 262,000,000 | 316,900,000 | ||||
Remaining borrowing capacity | $ 75,000,000 | |||||
Maximum loan to value ratio | 60% | |||||
Rutledge Credit Facilities | ||||||
Mortgage notes payable | ||||||
Outstanding debt | $ 18,000,000 | 112,000,000 | ||||
Remaining borrowing capacity | $ 94,000,000 | |||||
LIBOR | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||||
Mortgage notes payable | ||||||
Derivative basis spread on variable rate | 2.114% | |||||
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% | |||||
SOFR | Farmer Mac Facility | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 1.50% | |||||
SOFR | MetLife | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 2.10% | |||||
Farmer Mac Bond #6 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 13,827,000 | 13,827,000 | ||||
Interest Rate (as a percent) | 3.69% | |||||
Book value of collateral | $ 21,421,000 | |||||
Farmer Mac Bond #7 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 11,160,000 | 11,160,000 | ||||
Interest Rate (as a percent) | 3.68% | |||||
Book value of collateral | $ 18,520,000 | |||||
MetLife Term Loan #1 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 72,623,000 | 83,206,000 | ||||
Interest Rate (as a percent) | 3.30% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 103,478,000 | |||||
MetLife Term Loan #2 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | 16,000,000 | |||||
Interest Rate (as a percent) | 3.60% | |||||
Interest Rate Terms | 3 years | |||||
MetLife Term Loan #3 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | 16,800,000 | |||||
Interest Rate (as a percent) | 3.60% | |||||
Interest Rate Terms | 3 years | |||||
MetLife Term Loan #4 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 9,880,000 | 13,017,000 | ||||
Interest Rate (as a percent) | 3.30% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 25,698,000 | |||||
MetLife Term Loan #5 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 5,179,000 | 6,779,000 | ||||
Interest Rate (as a percent) | 3.50% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 10,111,000 | |||||
MetLife Term Loan #6 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 21,726,000 | 27,158,000 | ||||
Interest Rate (as a percent) | 3.45% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 25,711,000 | |||||
MetLife Term Loan #7 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 15,699,000 | 16,198,000 | ||||
Interest Rate (as a percent) | 3.20% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 29,618,000 | |||||
MetLife Term Loan #8 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 44,000,000 | 44,000,000 | ||||
Interest Rate (as a percent) | 4.12% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 110,042,000 | |||||
Metlife Term Loan #9 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 16,800,000 | 16,800,000 | ||||
Interest Rate (as a percent) | 3.20% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 33,430,000 | |||||
Metlife Term Loan #10 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 48,985,000 | 49,874,000 | ||||
Interest Rate (as a percent) | 3% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 103,840,000 | |||||
Metlife Term Loan #11 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 12,750,000 | 12,750,000 | ||||
Interest Rate (as a percent) | 2.85% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 27,085,000 | |||||
Metlife Term Loan #11 | Minimum | U.S. Treasury | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 2.20% | |||||
Metlife Term Loan #11 | Maximum | U.S. Treasury | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 2.85% | |||||
Metlife Term Loan #11 | Three-year U.S. Treasury rate | ||||||
Mortgage notes payable | ||||||
Adjustment term for interest rate | 3 years | |||||
Metlife Term Loan #12 | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 14,359,000 | 14,359,000 | ||||
Interest Rate (as a percent) | 3.11% | |||||
Interest Rate Terms | 3 years | |||||
Book value of collateral | $ 28,884,000 | |||||
Metlife Term Loan #12 | Minimum | U.S. Treasury | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 2.10% | |||||
Metlife Term Loan #12 | Maximum | U.S. Treasury | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 2.75% | |||||
Metlife Term Loan #12 | Three-year U.S. Treasury rate | ||||||
Mortgage notes payable | ||||||
Adjustment term for interest rate | 3 years | |||||
Rabobank | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 59,500,000 | 59,500,000 | ||||
Interest Rate (as a percent) | 5.87% | |||||
Book value of collateral | $ 129,191,000 | |||||
Rabobank | Secured notes | ||||||
Mortgage notes payable | ||||||
Outstanding debt | $ 59,500,000 | 59,500,000 | ||||
Rabobank | LIBOR | ||||||
Mortgage notes payable | ||||||
Margin added to reference rate (as a percent) | 1.70% | |||||
Rutledge Facility | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 18,000,000 | $ 112,000,000 | ||||
Interest Rate (as a percent) | 5.51% | |||||
Book value of collateral | $ 225,204,000 | |||||
Subsequent event | MetLife Term Loan #1 | ||||||
Mortgage notes payable | ||||||
Interest Rate (as a percent) | 5.55% | |||||
Subsequent event | MetLife Term Loan #5 | ||||||
Mortgage notes payable | ||||||
Interest Rate (as a percent) | 5.63% | |||||
Subsequent event | MetLife Term Loan #6 | ||||||
Mortgage notes payable | ||||||
Interest Rate (as a percent) | 5.55% | |||||
Subsequent event | Rutledge Facility | ||||||
Mortgage notes payable | ||||||
Principal outstanding | $ 4,000,000 |
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, 2022 | Dec. 31, 2021 |
Aggregate maturities of long-term debt | ||
2024 | $ 2,100 | |
2025 | 102,087 | |
2026 | 84,603 | |
2027 | 62,704 | |
Thereafter | 187,994 | |
Total | 439,488 | |
Level 3 | Mortgage notes payable | Fair value | ||
Aggregate maturities of long-term debt | ||
Fair value of debt | $ 405,000 | $ 522,700 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 12 Months Ended | ||
Sep. 04, 2020 USD ($) a property | Dec. 31, 2022 USD ($) lease | Dec. 31, 2021 USD ($) | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Options to extend | true | ||
Total lease cost | $ 240,000 | $ 150,000 | |
2023 | 205,000 | ||
2024 | 84,000 | ||
2025 | 54,000 | ||
Total future rental payments | 343,000 | ||
Less: imputed interest | (18,000) | ||
Lease Liability | $ 325,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating Leases, Liability | ||
Farms acquired and allocation of purchase price | |||
Net book value of assets with unexercised options | $ 8,200,000 | ||
Net book value of assets with exercised repurchase options | 15,800,000 | ||
401(k) Plan | |||
Company's contributions in Safe Harbor plan | $ 200,000 | ||
Minimum | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Operating lease discount rate | 3.35% | ||
Maximum | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Operating lease discount rate | 6.30% | ||
Office Space | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Number of leases in place | lease | 6 | ||
Office Space | Minimum | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Amount of monthly payments | $ 750 | ||
Office Space | Maximum | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Amount of monthly payments | 13,377 | ||
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 | $ 500,000 |
Stockholders' Equity and Non-_3
Stockholders' Equity and Non-controlling Interests - Distributions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Jul. 16, 2021 | |
The Operating Partnership | |||
Shareholders' Equity | |||
Parent ownership interest (as a percent) | 97.80% | 97% | |
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) | 97.80% | ||
Common stock | |||
Shareholders' Equity | |||
Common stock issued (in shares) | 120,000 | 281,453 | |
Common stock upon redemption (in shares) | 120,000 | 281,453 | |
Non-controlling Interests in Operating Partnership | Operating Partnership | |||
Shareholders' Equity | |||
Increase (decrease) to non-controlling interest in the Operating Partnership | $ | $ 0.8 | $ 0.9 | |
Pittman Hough Farms | The Operating Partnership | |||
Shareholders' Equity | |||
Noncontrolling ownership interest (as a percent) | 2.20% | 3% | |
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 | 1,200,000 | 1,400,000 |
Stockholders' Equity and Non-_4
Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||||
Oct. 17, 2022 $ / shares | Sep. 01, 2022 USD ($) shares | Jul. 15, 2022 $ / shares | May 19, 2022 USD ($) shares | Apr. 15, 2022 $ / shares | Jan. 18, 2022 $ / shares | Oct. 15, 2021 $ / shares | Oct. 04, 2021 $ / shares shares | Jul. 15, 2021 $ / shares | Apr. 15, 2021 $ / shares | Jan. 15, 2021 $ / shares | Mar. 02, 2016 $ / shares shares | Oct. 17, 2022 $ / shares | Oct. 15, 2021 $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Aug. 17, 2017 $ / shares shares | |
Stockholders' Equity and Non-controlling Interests | |||||||||||||||||
Payments for repurchase of Preferred stock | $ 650 | ||||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||
Opening balance | $ 120,510 | ||||||||||||||||
Accrued distributions to non-controlling interest | (3,210) | (10,052) | |||||||||||||||
Ending balance | $ 110,210 | 120,510 | |||||||||||||||
Less: Dividends on Series B Participating Preferred Stock | $ (5,716) | ||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||
Dividends declared per common share | $ / shares | $ 0.0600 | $ 0.0600 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.0500 | $ 0.2200 | $ 0.2000 | $ 0.23 | $ 0.20 | |||||
Common stock | |||||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||||
Redeemed additional preferred units | shares | 120,000 | 281,453 | |||||||||||||||
Change in redeemable non-controlling interest | |||||||||||||||||
Common stock upon redemption (in shares) | shares | 120,000 | 281,453 | |||||||||||||||
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 | $ 3,210 | 3,510 | |||||||||||||||
Redemption of preferred units (in shares) | shares | (10,000) | ||||||||||||||||
Redemption of preferred units | $ (10,000) | ||||||||||||||||
Ending balance | $ 110,210 | $ 120,510 | |||||||||||||||
Ending balance (in shares) | shares | 107,000 | 117,000 | |||||||||||||||
Series A Preferred Units | |||||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||||
Percentage of preferential cash distribution | 3% | ||||||||||||||||
Redeemed additional preferred units | shares | 5,000 | ||||||||||||||||
Redeemed additional preferred units, value | $ 5,000 | ||||||||||||||||
Payments for repurchase of Preferred stock | $ 5,100 | ||||||||||||||||
Preferred stock, shares outstanding | shares | 107,000 | ||||||||||||||||
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 | |||||||||||||||||
Redemption of preferred units (in shares) | shares | 5,000 | ||||||||||||||||
Redemption of preferred units | $ 5,000 | ||||||||||||||||
Repurchase of redeemable noncontrolling interest | $ 5,100 | ||||||||||||||||
Common stock upon redemption (in shares) | shares | 5,000 | ||||||||||||||||
Percentage of cumulative preferential dividends | 3% | ||||||||||||||||
Distributions payable | $ 3,200 | ||||||||||||||||
Series A Preferred Units | Farm acquisitions | |||||||||||||||||
Stockholders' Equity and Non-controlling Interests | |||||||||||||||||
Liquidation value | $ 110,200 | $ 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 | |||||||||||||||
Conversion of Stock, Shares Converted | shares | 5,806,797 | ||||||||||||||||
Less: Dividends on Series B Participating Preferred Stock | $ (5,716) | ||||||||||||||||
Less any fractional shares | shares | 12,119,829 |
Stockholders' Equity and Non-_5
Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 07, 2019 | Aug. 01, 2018 | Dec. 31, 2022 | Mar. 15, 2017 | |
Stockholders' Equity and Non-controlling Interests | ||||
Increase in number of authorized shares | 50,000,000 | 30,000,000 | ||
Share repurchase | ||||
Stockholders' Equity and Non-controlling Interests | ||||
Amount of capacity under stock repurchase plan | $ 40.5 | |||
Share repurchase | Common stock | ||||
Stockholders' Equity and Non-controlling Interests | ||||
Shares repurchased (in shares) | 0 | |||
Maximum | Share repurchase | ||||
Stockholders' Equity and Non-controlling Interests | ||||
Amount approved for share repurchase program | $ 25 |
Stockholders' Equity and Non-_6
Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | May 06, 2022 | Oct. 29, 2021 | May 07, 2021 | |
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 100 | $ 75 | |||
ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Net proceeds | $ 121.3 | ||||
Prior $50 million ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Issuance of stock (in shares) | 8,594,940 | ||||
Gross proceeds | $ 122.7 | ||||
Net proceeds | 121.3 | ||||
$75.0 million ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 75 | ||||
Issuance of stock (in shares) | 5,282,647 | ||||
Gross proceeds | $ 73.2 | ||||
Net proceeds | 72.4 | ||||
$100.0 million ATM Program | |||||
Weighted Average Grant Date Fair Value | |||||
Stock offering, maximum sales value | $ 100 | ||||
Issuance of stock (in shares) | 3,312,293 | ||||
Gross proceeds | $ 49.5 | ||||
Net proceeds | 48.9 | ||||
Murray Wise Associates, LLC ("MWA") | |||||
Shareholders' Equity | |||||
Share-based compensation expense | $ 0.4 | $ 0 | |||
Restricted shares | |||||
Shareholders' Equity | |||||
Forfeited (in shares) | 10,000 | ||||
Share-based compensation expense | $ 2 | $ 1.3 | |||
Number of Shares | |||||
Unvested at the beginning of the period (in shares) | 297,000 | 316,000 | |||
Granted (in shares) | 150,000 | 143,000 | |||
Vested (in shares) | (177,000) | (162,000) | |||
Forfeited (in shares) | (10,000) | ||||
Unvested at the end of the period (in shares) | 260,000 | 297,000 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested at the beginning of the period (in dollars per share) | $ 8.87 | $ 6.46 | |||
Granted (in dollars per share) | 11.78 | 11.72 | |||
Vested (in dollars per share) | 8.22 | 6.68 | |||
Forfeited (in dollars per share) | 11.24 | ||||
Unvested at the end of the period (in dollars per share) | $ 10.88 | $ 8.87 | |||
Total unrecognized compensation costs related to non-vested stock awards | $ 1.7 | $ 1.6 | |||
Weighted average period over which unrecognized compensation costs is expected to be recognized | 1 year 7 months 6 days | ||||
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 | 600,000 |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||||||||
Net income attributable to Farmland Partners Inc. | $ 11,674 | $ 9,991 | ||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | (63) | (57) | ||||||||
Less: Distributions and dividends | (3,210) | (10,052) | ||||||||
Less: Dividends on Series B Participating Preferred Stock | (5,716) | |||||||||
Net income (loss) available to common stockholders of Farmland Partners Inc. | $ 5,778 | $ 350 | $ 2,060 | $ 213 | $ 6,311 | $ (5,623) | $ (5,804) | $ (718) | $ 8,401 | $ (5,834) |
Denominator: | ||||||||||
Weighted-average number of common shares - basic (in shares) | 54,056 | 53,495 | 50,362 | 45,781 | 44,391 | 32,551 | 31,072 | 30,418 | 50,953 | 34,641 |
Weighted-average number of common shares - diluted (in shares) | 62,633 | 53,495 | 50,362 | 45,781 | 54,520 | 32,551 | 31,072 | 30,418 | 50,953 | 34,641 |
Income (loss) per share attributable to common stockholders - basic | $ 0.11 | $ 0.01 | $ 0.04 | $ 0 | $ 0.14 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.16 | $ (0.17) |
Income (loss) per share attributable to common stockholders - diluted | $ 0.09 | $ 0.01 | $ 0.04 | $ 0 | $ 0.12 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.16 | $ (0.17) |
Preferred Units | ||||||||||
Numerator: | ||||||||||
Less: Nonforfeitable distributions allocated to unvested restricted shares | $ (63) | $ (57) | ||||||||
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, 2022 | Dec. 31, 2021 | |
Compensation-related shares | ||
Excluded from diluted earnings per share calculation | ||
Anti-dilutive compensation-related shares outstanding | 0.3 | 0.5 |
Operating Partnership | ||
Excluded from diluted earnings per share calculation | ||
Weighted average number of units | 1.3 | 1.5 |
Stockholders' Equity and Non-_9
Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 55,555 | 46,831 |
Restricted shares | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 260 | 297 |
Limited partner | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 1,237 | 1,357 |
Common stock | ||
Class of Stock [Line Items] | ||
Equity awards and units outstanding | 54,058 | 45,177 |
Hedge Accounting (Details)
Hedge Accounting (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Derivative Contracts | ||
Fair value of derivative instruments | $ 2,084 | |
Fair value of derivative instruments | $ 785 | |
Movements in other comprehensive income | ||
Beginning accumulated derivative instrument gain or loss | 279 | (2,380) |
Net change associated with current period hedging activities | 2,433 | 1,676 |
Amortization of frozen AOCI on de-designated hedge | 594 | 983 |
Closing accumulated derivative instrument gain or loss | 3,306 | 279 |
Interest rate contract | ||
Derivative Contracts | ||
Hedging transactions, net change | 3,000 | 2,700 |
Designated as Hedging Instrument | Interest rate contract | ||
Derivative Contracts | ||
Amount of noncash loss recognized | 2,100 | 1,600 |
Amortization of frozen AOCI | $ 600 | 1,000 |
Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Contracts | ||
Number of interest rate derivatives held | item | 1 | |
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% | |
Terminated hedge fair value | $ 2,600 | |
Hedge termination fees | 400 | |
Notional amount | 33,200 | |
Fair value of derivative instruments | 2,084 | |
Movements in other comprehensive income | ||
Amortization of frozen AOCI on de-designated hedge | $ 600 | $ 1,000 |
Income Taxes - TRS income (loss
Income Taxes - TRS income (loss) before provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||||||||||
Net income before income tax expense | $ 6,807 | $ 1,152 | $ 3,089 | $ 1,139 | $ 13,316 | $ (2,669) | $ (2,865) | $ 2,477 | $ 12,187 | $ 10,259 |
TRS | ||||||||||
Income Taxes | ||||||||||
United States | 3,212 | |||||||||
Net income before income tax expense | $ 3,212 |
Income Taxes - Schedule of fede
Income Taxes - Schedule of federal and state income tax provision (benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred: | |||||
Income tax expense | $ (98) | $ (33) | $ (96) | $ 227 | $ 0 |
TRS | |||||
Current: | |||||
Federal | 189 | ||||
State | 43 | ||||
Total Current Tax Expense | 232 | ||||
Deferred: | |||||
Federal | (5) | ||||
Income tax expense | $ 227 |
Income Taxes - Schedule of TRS
Income Taxes - Schedule of TRS deferred tax assets (Details) - TRS $ in Thousands | Dec. 31, 2022 USD ($) |
Deferred tax assets: | |
Net operating loss | $ 434 |
Realized capital losses | 76 |
Total deferred tax assets | 510 |
Deferred tax liabilities: | |
Fixed assets | (18) |
Intangible Assets | (32) |
Total deferred tax liabilities | (50) |
Valuation Allowance | (480) |
Net deferred taxes | $ (20) |
Income Taxes - Additional infor
Income Taxes - Additional information (Details) - TRS $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Taxes [Line Items] | |
Decrease in valuation allowance | $ 0.6 |
Unrecognized tax due pertaining to uncertain tax positions | $ 0 |
Income Taxes - Net operating lo
Income Taxes - Net operating losses and tax credit carryforwards (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
TRS | Tax Year 2017 | |
Income Taxes | |
Net operating losses | $ 2,068 |
Income Taxes - Components of in
Income Taxes - Components of income tax rate (Details) - TRS | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Line Items] | |
Statutory Rate | 21% |
State Tax | 3.43% |
Valuation Allowance | (18.13%) |
Total | 6.30% |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenues | $ 21,823 | $ 13,140 | $ 12,357 | $ 13,890 | $ 20,046 | $ 10,105 | $ 10,013 | $ 11,575 | $ 61,210 | $ 51,739 |
Operating expenses | 9,349 | 8,415 | 8,902 | 9,570 | 8,720 | 8,671 | 9,058 | 8,477 | 36,236 | 34,926 |
Other expenses | 5,667 | 3,573 | 366 | 3,181 | (1,990) | 4,103 | 3,820 | 621 | 12,787 | 6,554 |
Net income before income tax expense | 6,807 | 1,152 | 3,089 | 1,139 | 13,316 | (2,669) | (2,865) | 2,477 | 12,187 | 10,259 |
Income tax expense | (98) | (33) | (96) | 227 | 0 | |||||
NET INCOME | 6,709 | 1,119 | 2,993 | 1,139 | 13,316 | (2,669) | (2,865) | 2,477 | 11,960 | 10,259 |
Net income available to common stockholders of Farmland Partners Inc. | $ 5,778 | $ 350 | $ 2,060 | $ 213 | $ 6,311 | $ (5,623) | $ (5,804) | $ (718) | $ 8,401 | $ (5,834) |
Basic net income (loss) per share available to common stockholders | $ 0.11 | $ 0.01 | $ 0.04 | $ 0 | $ 0.14 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.16 | $ (0.17) |
Diluted net income (loss) per share available to common stockholders | $ 0.09 | $ 0.01 | $ 0.04 | $ 0 | $ 0.12 | $ (0.17) | $ (0.19) | $ (0.02) | $ 0.16 | $ (0.17) |
Basic weighted average common shares outstanding (in shares) | 54,056 | 53,495 | 50,362 | 45,781 | 44,391 | 32,551 | 31,072 | 30,418 | 50,953 | 34,641 |
Diluted weighted average common shares outstanding (in shares) | 62,633 | 53,495 | 50,362 | 45,781 | 54,520 | 32,551 | 31,072 | 30,418 | 50,953 | 34,641 |
Gain (loss) on disposition of assets | $ 2,641 | $ 9,290 | ||||||||
Operating Expense | ||||||||||
Operating expense related to litigation | $ 100 | $ 100 | $ 300 | $ 800 | $ 1,400 | $ 2,200 | $ 2,700 | $ 2,500 | ||
Other Expense | ||||||||||
Gain (loss) on disposition of assets | $ (1,300) | $ (100) | $ 3,300 | $ 700 | $ 5,900 | $ (100) | $ 100 | $ 3,400 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Feb. 21, 2023 $ / shares | Jan. 01, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Mar. 29, 2023 | Feb. 23, 2023 USD ($) | Feb. 14, 2023 | Jan. 12, 2023 | |
Subsequent Events | ||||||||
Number of acquisitions | item | 17 | 12 | ||||||
Total consideration | $ 54,400 | $ 81,200 | ||||||
Number Of Dispositions | item | 5 | 12 | ||||||
Secured debt subject to interest rate resets | $ 262,000 | |||||||
Secured debt subject to interest rate resets next twelve months | 174,100 | |||||||
Debt outstanding | $ 439,488 | $ 513,428 | ||||||
MetLife Term Loan #1 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3.30% | |||||||
Debt outstanding | $ 72,623 | 83,206 | ||||||
MetLife Term Loan #4 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3.30% | |||||||
Debt outstanding | $ 9,880 | 13,017 | ||||||
MetLife Term Loan #5 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3.50% | |||||||
Debt outstanding | $ 5,179 | 6,779 | ||||||
MetLife Term Loan #6 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3.45% | |||||||
Debt outstanding | $ 21,726 | 27,158 | ||||||
Metlife Term Loan #10 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3% | |||||||
Debt outstanding | $ 48,985 | 49,874 | ||||||
MetLife Term Loan #2 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 3.60% | |||||||
Debt outstanding | 16,000 | |||||||
Rutledge Facility | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 5.51% | |||||||
Debt outstanding | $ 18,000 | $ 112,000 | ||||||
MetLife | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 5.82% | |||||||
Subsequent event | ||||||||
Subsequent Events | ||||||||
Number of acquisitions | item | 1 | |||||||
Total consideration | $ 100 | |||||||
Number Of Dispositions | item | 1 | |||||||
Aggregate consideration from disposition | $ 3,500 | |||||||
Secured debt subject to interest rate resets | $ 109,400 | |||||||
Subsequent event | MetLife Term Loan #1 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 5.55% | |||||||
Subsequent event | MetLife Term Loan #5 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 5.63% | |||||||
Subsequent event | MetLife Term Loan #6 | ||||||||
Subsequent Events | ||||||||
Interest Rate (as a percent) | 5.55% | |||||||
Subsequent event | Rutledge Facility | ||||||||
Subsequent Events | ||||||||
Debt outstanding | $ 4,000 | |||||||
Limited partner | Subsequent event | ||||||||
Subsequent Events | ||||||||
Dividend declared (per share) | $ / shares | $ 0.06 |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) a item | |
Real estate and accumulated depreciation | |
Encumbrances | $ 439,488 |
Aggregate cost of land and depreciable property | 1,005,000 |
Initial Cost to Company | |
Land | 988,523 |
Improvements | 115,849 |
Total | 1,104,372 |
Cost Capitalized Subsequent to Acquisition | |
Land | (7,998) |
Improvements | 33,166 |
Total | 25,168 |
Gross Amount at Which Carried at Close of Period | |
Land | 980,521 |
Improvements | 148,964 |
Total | 1,129,485 |
Accumulated depreciation | $ 38,433 |
Area of real estate property | a | 165,200 |
Adjustments | |
Gross Amount at Which Carried at Close of Period | |
Land | $ (4) |
Improvements | (51) |
Total | (55) |
Accumulated depreciation | (97) |
Other. | |
Initial Cost to Company | |
Land | 58,583 |
Improvements | 2,194 |
Total | 60,777 |
Cost Capitalized Subsequent to Acquisition | |
Land | (5,796) |
Improvements | 1,258 |
Total | (4,538) |
Gross Amount at Which Carried at Close of Period | |
Land | 52,787 |
Improvements | 3,452 |
Total | 56,239 |
Accumulated depreciation | $ 925 |
SEC Schedule III Real Estate Number of Farms | item | 109 |
SEC Schedule III Real Estate Number of States | item | 8 |
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements | 5% |
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 |
Farmer Mac Facility | |
Real estate and accumulated depreciation | |
Encumbrances | 75,000 |
Farmer Mac Facility | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 1,500 |
MetLife Term Loan #1 | |
Real estate and accumulated depreciation | |
Encumbrances | 72,623 |
MetLife Term Loan #4 | |
Real estate and accumulated depreciation | |
Encumbrances | 9,880 |
MetLife Term Loan #5 | |
Real estate and accumulated depreciation | |
Encumbrances | 5,179 |
MetLife Term Loan #6 | |
Real estate and accumulated depreciation | |
Encumbrances | 21,726 |
MetLife Term Loan #7 | |
Real estate and accumulated depreciation | |
Encumbrances | 15,699 |
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 | 48,985 |
Metlife Term Loan #11 | |
Real estate and accumulated depreciation | |
Encumbrances | 12,750 |
Metlife Term Loan #12 | |
Real estate and accumulated depreciation | |
Encumbrances | 14,359 |
Met Life Facility | |
Real estate and accumulated depreciation | |
Encumbrances | 0 |
Rabobank | |
Real estate and accumulated depreciation | |
Encumbrances | 59,500 |
Rutledge Facility | |
Real estate and accumulated depreciation | |
Encumbrances | 18,000 |
Rutledge Facility | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 4,100 |
Met Life Bond #10 | Other. | |
Real estate and accumulated depreciation | |
Encumbrances | 600 |
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 | 582 |
Improvements | 5 |
Total | 587 |
Gross Amount at Which Carried at Close of Period | |
Land | 42,488 |
Improvements | 5 |
Total | 42,493 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 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 | 2,768 |
Total | 2,768 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,768 |
Total | 2,768 |
North Carolina | Farm seven | |
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 eight | |
Initial Cost to Company | |
Land | 3,864 |
Total | 3,864 |
Cost Capitalized Subsequent to Acquisition | |
Land | (1,721) |
Total | (1,721) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,143 |
Total | 2,143 |
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 | (2,229) |
Total | (2,229) |
Gross Amount at Which Carried at Close of Period | |
Land | 3,574 |
Improvements | 693 |
Total | 4,267 |
Accumulated depreciation | $ 192 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 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 | $ 118 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 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 | $ 58 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 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 | $ 35 |
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 | $ 39 |
Life on Which Depreciation in Latest Income Statements is Computed | 33 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 | $ 41 |
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 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Michigan | Farm one | |
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 | $ 441 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Michigan | Farm seven | |
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 | $ 531 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Texas | Farm one | |
Initial Cost to Company | |
Land | $ 5,773 |
Improvements | 6,338 |
Total | 12,111 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,773 |
Improvements | 6,338 |
Total | 12,111 |
Accumulated depreciation | $ 37 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
Illinois | Farm one | |
Initial Cost to Company | |
Land | $ 29,627 |
Improvements | 431 |
Total | 30,058 |
Cost Capitalized Subsequent to Acquisition | |
Land | 50 |
Improvements | 2,202 |
Total | 2,252 |
Gross Amount at Which Carried at Close of Period | |
Land | 29,677 |
Improvements | 2,633 |
Total | 32,310 |
Accumulated depreciation | $ 487 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 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 | $ 475 |
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 | (2,329) |
Improvements | (258) |
Total | (2,587) |
Gross Amount at Which Carried at Close of Period | |
Land | 7,360 |
Improvements | 162 |
Total | 7,522 |
Accumulated depreciation | $ 56 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 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 | $ 56 |
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 | $ 212 |
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 | $ 28 |
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 | $ 17 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm nine | |
Initial Cost to Company | |
Land | $ 4,819 |
Improvements | 20 |
Total | 4,839 |
Gross Amount at Which Carried at Close of Period | |
Land | 4,819 |
Improvements | 20 |
Total | 4,839 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 5 years |
Illinois | Farm ten | |
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 eleven | |
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 | $ 3 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm twelve | |
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 thirteen | |
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 fourteen | |
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 | $ 271 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Illinois | Farm fifteen | |
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 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 | $ 666 |
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 | $ 3,401 |
Improvements | 16 |
Total | 3,417 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,401 |
Improvements | 16 |
Total | 3,417 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm nineteen | |
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 | $ 196 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Illinois | Farm twenty | |
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 | $ 12 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm twenty one | |
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 two | |
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 three | |
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 four | |
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 five | |
Initial Cost to Company | |
Land | 2,912 |
Improvements | 89 |
Total | 3,001 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,912 |
Improvements | 89 |
Total | 3,001 |
Accumulated depreciation | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Illinois | Farm twenty six | |
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 | $ 21 |
Life on Which Depreciation in Latest Income Statements is Computed | 12 years |
Illinois | Farm twenty seven | |
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 | $ 23 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm twenty eight | |
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 | $ 28 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm twenty nine | |
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 thirty | |
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 thirty one | |
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 two | |
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 three | |
Initial Cost to Company | |
Land | 2,416 |
Improvements | 22 |
Total | 2,438 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,416 |
Improvements | 22 |
Total | 2,438 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm thirty four | |
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 five | |
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 six | |
Initial Cost to Company | |
Land | 3,149 |
Improvements | 28 |
Total | 3,177 |
Cost Capitalized Subsequent to Acquisition | |
Land | (1,121) |
Improvements | 225 |
Total | (896) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,028 |
Improvements | 253 |
Total | 2,281 |
Accumulated depreciation | $ 31 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm thirty seven | |
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 | $ 26 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 years |
Illinois | Farm thirty eight | |
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 | $ 15 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm thirty nine | |
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 | $ 76 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
Illinois | Farm forty | |
Initial Cost to Company | |
Land | $ 2,041 |
Total | 2,041 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,041 |
Total | 2,041 |
Illinois | Farm forty one | |
Initial Cost to Company | |
Land | 1,986 |
Improvements | 34 |
Total | 2,020 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,986 |
Improvements | 34 |
Total | $ 2,020 |
Life on Which Depreciation in Latest Income Statements is Computed | 7 years |
Illinois | Farm forty two | |
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 forty three | |
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 | $ 29 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Illinois | Farm forty four | |
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 forty five | |
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 six | |
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 seven | |
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 eight | |
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 nine | |
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 fifty | |
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 fifty one | |
Initial Cost to Company | |
Land | 1,815 |
Total | 1,815 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,815 |
Total | 1,815 |
Illinois | Farm fifty two | |
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 | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm fifty three | |
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 fifty four | |
Initial Cost to Company | |
Land | 1,750 |
Total | 1,750 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,750 |
Total | 1,750 |
Illinois | Farm fifty five | |
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 fifty six | |
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 seven | |
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 | $ 26 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm fifty eight | |
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 nine | |
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 | $ 28 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm sixty | |
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 sixty one | |
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 | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm sixty two | |
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 sixty three | |
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 sixty four | |
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 sixty five | |
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 | $ 92 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Illinois | Farm sixty six | |
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 | $ 4 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm sixty seven | |
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 eight | |
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 nine | |
Initial Cost to Company | |
Land | 1,475 |
Total | 1,475 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,475 |
Total | 1,475 |
Illinois | Farm seventy | |
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 seventy one | |
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 seventy two | |
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 seventy three | |
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 seventy four | |
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 | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm seventy five | |
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 seventy six | |
Initial Cost to Company | |
Land | 1,321 |
Total | 1,321 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,321 |
Total | 1,321 |
Illinois | Farm seventy seven | |
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 seventy eight | |
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 | $ 19 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm seventy nine | |
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 eighty | |
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 eighty one | |
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 | $ 8 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm eighty two | |
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 eighty three | |
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 eighty four | |
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 | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Illinois | Farm eighty five | |
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 | $ 9 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm eighty six | |
Initial Cost to Company | |
Land | $ 1,003 |
Total | 1,003 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 143 |
Total | 143 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,003 |
Improvements | 143 |
Total | 1,146 |
Accumulated depreciation | $ 63 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm eighty seven | |
Initial Cost to Company | |
Land | $ 1,130 |
Improvements | 35 |
Total | 1,165 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | (27) |
Total | (25) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,132 |
Improvements | 8 |
Total | 1,140 |
Accumulated depreciation | $ 1 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Illinois | Farm eighty eight | |
Initial Cost to Company | |
Land | $ 1,126 |
Improvements | 44 |
Total | 1,170 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | (37) |
Total | (35) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,128 |
Improvements | 7 |
Total | 1,135 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Illinois | Farm eighty nine | |
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 ninety | |
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 ninety one | |
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 | $ 10 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm ninety two | |
Initial Cost to Company | |
Land | $ 1,063 |
Improvements | 27 |
Total | 1,090 |
Cost Capitalized Subsequent to Acquisition | |
Land | 2 |
Improvements | (27) |
Total | (25) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,065 |
Total | 1,065 |
Accumulated depreciation | $ 4 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Illinois | Farm ninety three | |
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 ninety four | |
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 | $ 6 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm ninety five | |
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 | $ 50 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm ninety six | |
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 ninety seven | |
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 | $ 8 |
Life on Which Depreciation in Latest Income Statements is Computed | 32 years |
Illinois | Farm ninety eight | |
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 nine | |
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 one hundred | |
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 one hundred and one | |
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 one hundred and two | |
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 | $ 9 |
Life on Which Depreciation in Latest Income Statements is Computed | 40 years |
Illinois | Farm one hundred and three | |
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 one hundred and four | |
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 one hundred and five | |
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 | $ 26 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Illinois | Farm one hundred and six | |
Initial Cost to Company | |
Land | $ 878 |
Improvements | 33 |
Total | 911 |
Gross Amount at Which Carried at Close of Period | |
Land | 878 |
Improvements | 33 |
Total | 911 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
Illinois | Farm one hundred and seven | |
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 | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Illinois | Farm one hundred and eight | |
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 nine | |
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 ten | |
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 | $ 7 |
Life on Which Depreciation in Latest Income Statements is Computed | 50 years |
Illinois | Farm one hundred and eleven | |
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 |
Illinois | Farm one hundred and twelve | |
Initial Cost to Company | |
Land | 855 |
Improvements | 55 |
Total | 910 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Improvements | (47) |
Total | (46) |
Gross Amount at Which Carried at Close of Period | |
Land | 856 |
Improvements | 8 |
Total | 864 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Louisiana | Farm one | |
Initial Cost to Company | |
Land | $ 26,762 |
Improvements | 128 |
Total | 26,890 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 195 |
Total | 195 |
Gross Amount at Which Carried at Close of Period | |
Land | 26,762 |
Improvements | 323 |
Total | 27,085 |
Accumulated depreciation | $ 30 |
Life on Which Depreciation in Latest Income Statements is Computed | 6 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 | $ 32 |
Life on Which Depreciation in Latest Income Statements is Computed | 13 years |
Louisiana | Farm three | |
Initial Cost to Company | |
Land | $ 5,100 |
Improvements | 52 |
Total | 5,152 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 224 |
Total | 224 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,100 |
Improvements | 276 |
Total | 5,376 |
Accumulated depreciation | $ 101 |
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 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 107 |
Total | 107 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,612 |
Improvements | 127 |
Total | 3,739 |
Accumulated depreciation | $ 3 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 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 | $ 44 |
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 | $ 22 |
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 | 5,983 |
Total | 6,036 |
Gross Amount at Which Carried at Close of Period | |
Land | 12,110 |
Improvements | 7,457 |
Total | 19,567 |
Accumulated depreciation | $ 1,519 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
South Carolina | Farm two | |
Initial Cost to Company | |
Land | $ 14,866 |
Improvements | 906 |
Total | 15,772 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 228 |
Total | 228 |
Gross Amount at Which Carried at Close of Period | |
Land | 14,866 |
Improvements | 1,134 |
Total | 16,000 |
Accumulated depreciation | $ 214 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
South Carolina | Farm three | |
Initial Cost to Company | |
Land | $ 7,919 |
Improvements | 133 |
Total | 8,052 |
Cost Capitalized Subsequent to Acquisition | |
Land | (15) |
Improvements | 100 |
Total | 85 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,904 |
Improvements | 233 |
Total | 8,137 |
Accumulated depreciation | $ 34 |
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 | $ 679 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
South Carolina | Farm five | |
Initial Cost to Company | |
Land | $ 2,235 |
Total | 2,235 |
Cost Capitalized Subsequent to Acquisition | |
Land | 661 |
Improvements | 1,651 |
Total | 2,312 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,896 |
Improvements | 1,651 |
Total | 4,547 |
Accumulated depreciation | $ 419 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 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 | $ 225 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 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 | $ 114 |
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 | $ 117 |
Life on Which Depreciation in Latest Income Statements is Computed | 34 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 | $ 96 |
Life on Which Depreciation in Latest Income Statements is Computed | 39 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 | $ 99 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 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 | $ 78 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 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 | $ 126 |
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 | 187 |
Total | 200 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,045 |
Improvements | 357 |
Total | 1,402 |
Accumulated depreciation | $ 70 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 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 | $ 15 |
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 | 174 |
Total | 175 |
Gross Amount at Which Carried at Close of Period | |
Land | 793 |
Improvements | 4,905 |
Total | 5,698 |
Accumulated depreciation | $ 501 |
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 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2,067) |
Improvements | 2,068 |
Total | 1 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,388 |
Improvements | 2,215 |
Total | 5,603 |
Accumulated depreciation | $ 177 |
Life on Which Depreciation in Latest Income Statements is Computed | 7 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 | $ 305 |
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 | 94 |
Total | 94 |
Gross Amount at Which Carried at Close of Period | |
Land | 3,566 |
Improvements | 453 |
Total | 4,019 |
Accumulated depreciation | $ 124 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 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 | $ 188 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 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 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (17) |
Total | (17) |
Gross Amount at Which Carried at Close of Period | |
Land | 637 |
Improvements | 1,587 |
Total | 2,224 |
Accumulated depreciation | $ 515 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Colorado | Farm ten | |
Initial Cost to Company | |
Land | $ 1,365 |
Improvements | 663 |
Total | 2,028 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 88 |
Total | 88 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,365 |
Improvements | 751 |
Total | 2,116 |
Accumulated depreciation | $ 145 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 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 | $ 138 |
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 | $ 152 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 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 | $ 49 |
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 | $ 21 |
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 | $ 145 |
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 | $ 306 |
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 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (167) |
Total | (167) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,353 |
Improvements | 17 |
Total | 1,370 |
Accumulated depreciation | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 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 | 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 | $ 401 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
Colorado | Farm twenty | |
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 | $ 94 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
Colorado | Farm twenty one | |
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 | $ 94 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Colorado | Farm twenty two | |
Initial Cost to Company | |
Land | $ 1,030 |
Improvements | 170 |
Total | 1,200 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (87) |
Total | (87) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,030 |
Improvements | 83 |
Total | 1,113 |
Accumulated depreciation | $ 13 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Colorado | Farm twenty three | |
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 four | |
Initial Cost to Company | |
Land | 1,128 |
Improvements | 68 |
Total | 1,196 |
Cost Capitalized Subsequent to Acquisition | |
Land | (45) |
Improvements | (68) |
Total | (113) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,083 |
Total | 1,083 |
Accumulated depreciation | (33) |
Colorado | Farm twenty five | |
Initial Cost to Company | |
Land | 554 |
Improvements | 443 |
Total | 997 |
Cost Capitalized Subsequent to Acquisition | |
Land | (3) |
Improvements | 62 |
Total | 59 |
Gross Amount at Which Carried at Close of Period | |
Land | 551 |
Improvements | 505 |
Total | 1,056 |
Accumulated depreciation | $ 92 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Colorado | Farm twenty six | |
Initial Cost to Company | |
Land | $ 809 |
Improvements | 141 |
Total | 950 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 62 |
Total | 62 |
Gross Amount at Which Carried at Close of Period | |
Land | 809 |
Improvements | 203 |
Total | 1,012 |
Accumulated depreciation | $ 52 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Colorado | Farm twenty seven | |
Initial Cost to Company | |
Land | $ 819 |
Improvements | 94 |
Total | 913 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 58 |
Total | 58 |
Gross Amount at Which Carried at Close of Period | |
Land | 819 |
Improvements | 152 |
Total | 971 |
Accumulated depreciation | $ 64 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 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 | 44 |
Gross Amount at Which Carried at Close of Period | |
Land | 527 |
Improvements | 371 |
Total | 898 |
Accumulated depreciation | $ 290 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Colorado | Farm sixty eight | |
Cost Capitalized Subsequent to Acquisition | |
Land | $ 803 |
Improvements | 640 |
Total | 1,443 |
Gross Amount at Which Carried at Close of Period | |
Land | 803 |
Improvements | 640 |
Total | 1,443 |
Accumulated depreciation | $ 43 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 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 | $ 151 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
Indiana | Farm one | |
Initial Cost to Company | |
Land | $ 2,125 |
Total | 2,125 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,125 |
Total | 2,125 |
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 | $ 310 |
Life on Which Depreciation in Latest Income Statements is Computed | 37 years |
Florida | Farm two | |
Initial Cost to Company | |
Land | $ 2,674 |
Improvements | 3,565 |
Total | 6,239 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 2,268 |
Total | 2,268 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,674 |
Improvements | 5,833 |
Total | 8,507 |
Accumulated depreciation | $ 1,160 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 years |
Florida | Farm three | |
Initial Cost to Company | |
Land | $ 6,402 |
Improvements | 593 |
Total | 6,995 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 128 |
Total | 128 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,402 |
Improvements | 721 |
Total | 7,123 |
Accumulated depreciation | $ 194 |
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 | $ 10 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Arkansas | Farm one | |
Initial Cost to Company | |
Land | $ 6,914 |
Improvements | 287 |
Total | 7,201 |
Cost Capitalized Subsequent to Acquisition | |
Land | 16 |
Improvements | 105 |
Total | 121 |
Gross Amount at Which Carried at Close of Period | |
Land | 6,930 |
Improvements | 392 |
Total | 7,322 |
Accumulated depreciation | $ 110 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 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 | $ 93 |
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 | 41 |
Total | 56 |
Gross Amount at Which Carried at Close of Period | |
Land | 5,547 |
Improvements | 142 |
Total | 5,689 |
Accumulated depreciation | $ 59 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 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 | $ 84 |
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 | $ 46 |
Life on Which Depreciation in Latest Income Statements is Computed | 17 years |
Arkansas | Farm six | |
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 | $ 92 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
Arkansas | Farm seven | |
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 | $ 135 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm eight | |
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 | $ 34 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
Arkansas | Farm nine | |
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 | $ 25 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Arkansas | Farm ten | |
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 eleven | |
Initial Cost to Company | |
Land | 2,014 |
Improvements | 96 |
Total | 2,110 |
Cost Capitalized Subsequent to Acquisition | |
Land | (8) |
Improvements | 31 |
Total | 23 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,006 |
Improvements | 127 |
Total | 2,133 |
Accumulated depreciation | $ 45 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Arkansas | Farm twenty one | |
Initial Cost to Company | |
Land | $ 2,808 |
Improvements | 184 |
Total | 2,992 |
Cost Capitalized Subsequent to Acquisition | |
Land | 88 |
Improvements | 94 |
Total | 182 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,896 |
Improvements | 278 |
Total | 3,174 |
Accumulated depreciation | $ 109 |
Life on Which Depreciation in Latest Income Statements is Computed | 21 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 | (1,614) |
Total | (1,614) |
Gross Amount at Which Carried at Close of Period | |
Land | 19,925 |
Improvements | 9,907 |
Total | 29,832 |
Accumulated depreciation | $ 4,305 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
California | Farm five | |
Initial Cost to Company | |
Land | $ 7,647 |
Improvements | 11,518 |
Total | 19,165 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 17 |
Total | 17 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,647 |
Improvements | 11,535 |
Total | 19,182 |
Accumulated depreciation | $ 2,496 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
California | Farm six | |
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 | $ 3,148 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm seven | |
Initial Cost to Company | |
Land | $ 10,947 |
Improvements | 6,878 |
Total | 17,825 |
Cost Capitalized Subsequent to Acquisition | |
Land | (12) |
Improvements | 32 |
Total | 20 |
Gross Amount at Which Carried at Close of Period | |
Land | 10,935 |
Improvements | 6,910 |
Total | 17,845 |
Accumulated depreciation | $ 2,078 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
California | Farm eight | |
Initial Cost to Company | |
Land | $ 11,888 |
Improvements | 3,398 |
Total | 15,286 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (220) |
Total | (220) |
Gross Amount at Which Carried at Close of Period | |
Land | 11,888 |
Improvements | 3,178 |
Total | 15,066 |
Accumulated depreciation | $ 1,259 |
Life on Which Depreciation in Latest Income Statements is Computed | 19 years |
California | Farm nine | |
Initial Cost to Company | |
Land | $ 8,326 |
Improvements | 6,075 |
Total | 14,401 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 1 |
Total | 1 |
Gross Amount at Which Carried at Close of Period | |
Land | 8,326 |
Improvements | 6,076 |
Total | 14,402 |
Accumulated depreciation | $ 1,281 |
Life on Which Depreciation in Latest Income Statements is Computed | 26 years |
California | Farm ten | |
Initial Cost to Company | |
Land | $ 9,043 |
Improvements | 4,546 |
Total | 13,589 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 306 |
Total | 306 |
Gross Amount at Which Carried at Close of Period | |
Land | 9,043 |
Improvements | 4,852 |
Total | 13,895 |
Accumulated depreciation | $ 1,655 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
California | Farm eleven | |
Initial Cost to Company | |
Land | $ 10,167 |
Improvements | 2,902 |
Total | 13,069 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (1,636) |
Total | (1,636) |
Gross Amount at Which Carried at Close of Period | |
Land | 10,167 |
Improvements | 1,266 |
Total | 11,433 |
Accumulated depreciation | $ 541 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
California | Farm twelve | |
Initial Cost to Company | |
Land | $ 7,492 |
Improvements | 2,889 |
Total | 10,381 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 299 |
Total | 299 |
Gross Amount at Which Carried at Close of Period | |
Land | 7,492 |
Improvements | 3,188 |
Total | 10,680 |
Accumulated depreciation | $ 1,155 |
Life on Which Depreciation in Latest Income Statements is Computed | 18 years |
California | Farm thirteen | |
Initial Cost to Company | |
Land | $ 9,534 |
Improvements | 263 |
Total | 9,797 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (29) |
Total | (29) |
Gross Amount at Which Carried at Close of Period | |
Land | 9,534 |
Improvements | 234 |
Total | 9,768 |
Accumulated depreciation | $ 117 |
Life on Which Depreciation in Latest Income Statements is Computed | 16 years |
California | Farm fourteen | |
Initial Cost to Company | |
Land | $ 6,191 |
Improvements | 2,772 |
Total | 8,963 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (94) |
Total | (94) |
Gross Amount at Which Carried at Close of Period | |
Land | 6,191 |
Improvements | 2,678 |
Total | 8,869 |
Accumulated depreciation | $ 880 |
Life on Which Depreciation in Latest Income Statements is Computed | 14 years |
California | Farm fifteen | |
Initial Cost to Company | |
Land | $ 4,710 |
Improvements | 3,317 |
Total | 8,027 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (508) |
Total | (508) |
Gross Amount at Which Carried at Close of Period | |
Land | 4,710 |
Improvements | 2,809 |
Total | 7,519 |
Accumulated depreciation | $ 610 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
California | Farm sixteen | |
Initial Cost to Company | |
Land | $ 5,442 |
Improvements | 390 |
Total | 5,832 |
Cost Capitalized Subsequent to Acquisition | |
Land | 4 |
Improvements | (30) |
Total | (26) |
Gross Amount at Which Carried at Close of Period | |
Land | 5,446 |
Improvements | 360 |
Total | 5,806 |
Accumulated depreciation | $ 51 |
Life on Which Depreciation in Latest Income Statements is Computed | 11 years |
California | Farm seventeen | |
Initial Cost to Company | |
Land | $ 2,461 |
Improvements | 1,974 |
Total | 4,435 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (222) |
Total | (222) |
Gross Amount at Which Carried at Close of Period | |
Land | 2,461 |
Improvements | 1,752 |
Total | 4,213 |
Accumulated depreciation | $ 289 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
California | Farm eighteen | |
Initial Cost to Company | |
Land | $ 967 |
Improvements | 1,357 |
Total | 2,324 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 303 |
Total | 303 |
Gross Amount at Which Carried at Close of Period | |
Land | 967 |
Improvements | 1,660 |
Total | 2,627 |
Accumulated depreciation | $ 410 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Nebraska | Farm one | |
Initial Cost to Company | |
Land | $ 11,325 |
Improvements | 309 |
Total | 11,634 |
Gross Amount at Which Carried at Close of Period | |
Land | 11,325 |
Improvements | 309 |
Total | 11,634 |
Accumulated depreciation | $ 34 |
Life on Which Depreciation in Latest Income Statements is Computed | 6 years |
Nebraska | Farm two | |
Initial Cost to Company | |
Land | $ 1,881 |
Improvements | 55 |
Total | 1,936 |
Cost Capitalized Subsequent to Acquisition | |
Land | 1 |
Improvements | 1,422 |
Total | 1,423 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,882 |
Improvements | 1,477 |
Total | 3,359 |
Accumulated depreciation | $ 511 |
Life on Which Depreciation in Latest Income Statements is Computed | 35 years |
Nebraska | Farm three | |
Initial Cost to Company | |
Land | $ 2,601 |
Improvements | 114 |
Total | 2,715 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 130 |
Total | 130 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,601 |
Improvements | 244 |
Total | 2,845 |
Accumulated depreciation | $ 40 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Nebraska | Farm four | |
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 | $ 18 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm five | |
Initial Cost to Company | |
Land | $ 2,473 |
Improvements | 120 |
Total | 2,593 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,473 |
Improvements | 120 |
Total | 2,593 |
Accumulated depreciation | $ 11 |
Life on Which Depreciation in Latest Income Statements is Computed | 10 years |
Nebraska | Farm six | |
Initial Cost to Company | |
Land | $ 693 |
Improvements | 1,785 |
Total | 2,478 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 78 |
Total | 78 |
Gross Amount at Which Carried at Close of Period | |
Land | 693 |
Improvements | 1,863 |
Total | 2,556 |
Accumulated depreciation | $ 442 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm seven | |
Initial Cost to Company | |
Land | $ 2,280 |
Improvements | 44 |
Total | 2,324 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 76 |
Total | 76 |
Gross Amount at Which Carried at Close of Period | |
Land | 2,280 |
Improvements | 120 |
Total | 2,400 |
Accumulated depreciation | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 30 years |
Nebraska | Farm eight | |
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 nine | |
Initial Cost to Company | |
Land | 1,986 |
Improvements | 36 |
Total | 2,022 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,986 |
Improvements | 36 |
Total | 2,022 |
Accumulated depreciation | $ 4 |
Life on Which Depreciation in Latest Income Statements is Computed | 5 years |
Nebraska | Farm ten | |
Initial Cost to Company | |
Land | $ 1,610 |
Improvements | 32 |
Total | 1,642 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Improvements | 80 |
Total | 78 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,608 |
Improvements | 112 |
Total | 1,720 |
Accumulated depreciation | $ 31 |
Life on Which Depreciation in Latest Income Statements is Computed | 28 years |
Nebraska | Farm eleven | |
Initial Cost to Company | |
Land | $ 1,639 |
Improvements | 46 |
Total | 1,685 |
Cost Capitalized Subsequent to Acquisition | |
Land | (2) |
Improvements | 9 |
Total | 7 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,637 |
Improvements | 55 |
Total | 1,692 |
Accumulated depreciation | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 31 years |
Nebraska | Farm twelve | |
Initial Cost to Company | |
Land | $ 1,314 |
Improvements | 65 |
Total | 1,379 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 258 |
Total | 258 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,314 |
Improvements | 323 |
Total | 1,637 |
Accumulated depreciation | $ 102 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm thirteen | |
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 | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 45 years |
Nebraska | Farm fourteen | |
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 | $ 72 |
Life on Which Depreciation in Latest Income Statements is Computed | 22 years |
Nebraska | Farm fifteen | |
Initial Cost to Company | |
Land | $ 1,100 |
Improvements | 28 |
Total | 1,128 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 243 |
Total | 243 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,100 |
Improvements | 271 |
Total | 1,371 |
Accumulated depreciation | $ 38 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Nebraska | Farm sixteen | |
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 | $ 29 |
Life on Which Depreciation in Latest Income Statements is Computed | 33 years |
Nebraska | Farm seventeen | |
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 eighteen | |
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 | $ 14 |
Life on Which Depreciation in Latest Income Statements is Computed | 24 years |
Nebraska | Farm nineteen | |
Initial Cost to Company | |
Land | $ 1,279 |
Improvements | 23 |
Total | 1,302 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (9) |
Total | (9) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,279 |
Improvements | 14 |
Total | 1,293 |
Accumulated depreciation | $ 2 |
Life on Which Depreciation in Latest Income Statements is Computed | 15 years |
Nebraska | Farm twenty | |
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 | $ 8 |
Life on Which Depreciation in Latest Income Statements is Computed | 23 years |
Nebraska | Farm twenty one | |
Initial Cost to Company | |
Land | $ 1,077 |
Improvements | 33 |
Total | 1,110 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | 70 |
Total | 70 |
Gross Amount at Which Carried at Close of Period | |
Land | 1,077 |
Improvements | 103 |
Total | 1,180 |
Accumulated depreciation | $ 5 |
Life on Which Depreciation in Latest Income Statements is Computed | 38 years |
Nebraska | Farm twenty two | |
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 | $ 20 |
Life on Which Depreciation in Latest Income Statements is Computed | 20 years |
Nebraska | Farm twenty three | |
Initial Cost to Company | |
Land | $ 1,136 |
Improvements | 11 |
Total | 1,147 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (11) |
Total | (11) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,136 |
Total | 1,136 |
Nebraska | Farm twenty four | |
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 | $ 73 |
Life on Which Depreciation in Latest Income Statements is Computed | 25 years |
Nebraska | Farm twenty five | |
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 | $ 22 |
Life on Which Depreciation in Latest Income Statements is Computed | 27 years |
Alabama | Farm one | |
Initial Cost to Company | |
Land | $ 1,719 |
Improvements | 1,883 |
Total | 3,602 |
Cost Capitalized Subsequent to Acquisition | |
Improvements | (10) |
Total | (10) |
Gross Amount at Which Carried at Close of Period | |
Land | 1,719 |
Improvements | 1,873 |
Total | 3,592 |
Accumulated depreciation | $ 493 |
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, 2022 | Dec. 31, 2021 | |
Real estate: | ||
Balance at beginning of year | $ 1,092,693 | $ 1,076,420 |
Additions during period | ||
Additions through construction of improvements | 729 | 2,008 |
Disposition of property and improvements | (23,387) | (65,679) |
Acquisitions through business combinations and/or asset acquisitions | 59,450 | 79,944 |
Balance at end of year | 1,129,485 | 1,092,693 |
Accumulated depreciation: | ||
Balance at beginning of year | 38,254 | 32,602 |
Disposition of improvements | (6,771) | (1,977) |
Additions charged to costs and expenses | 6,950 | 7,629 |
Balance at end of year | 38,433 | 38,254 |
Real Estate and Accumulated Depreciation balance per consolidated balance sheet | ||
Real Estate balance per schedule | 1,129,485 | 1,092,693 |
Construction in progress | 14,810 | 10,647 |
Other non-real estate | 68 | 71 |
Balance per consolidated balance sheet | 1,144,363 | 1,103,411 |
Accumulated depreciation per schedule | 38,433 | 38,254 |
Other non-real estate | 14 | 49 |
Balance per consolidated balance sheet | $ 38,447 | $ 38,303 |