XML 46 R19.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2015
Debt Disclosure [Abstract] |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of September 30, 2015, and December 31, 2014, are summarized below:
|  |  |  |  |  |  |  |  |  |  | As of September 30, 2015 |  |  | As of December 31, 2014 |
Issuer |  | Type of Issuance |  | Date(s) of Issuance |  | Initial Commitment |  |  | Maturity Date(s) |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |  |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |
MetLife |  | Mortgage Note Payable |  | 5/9/2014 |  |  | 100,000,000 |  |  | 1/5/2029(2) |  | $ | 87,470,194 |  |  |  | 3.35 | % |  |  | 12,529,806 | (3) |  |  | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (3)
MetLife |  | Line of Credit |  | 5/9/2014 |  |  | 25,000,000 |  |  | 4/5/2024 |  |  | 5,000,000 |  |  |  | 2.58 | % |  |  | 20,000,000 | (3) |  |  | 4,000,000 |  |  |  | 2.75 | % |  |  | 21,000,000 | (3)
Farm Credit |  | Mortgage Notes Payable |  | 9/19/2014–5/8/2015 |  |  | 18,425,880 |  |  | 5/1/2020–8/1/2034 |  |  | 17,800,200 |  |  |  | 3.38 | %(4) |  |  | — |  |  |  | 12,410,363 |  |  |  | 3.53 | %(4) |  |  | — |
Farmer Mac |  | Bonds Payable |  | 12/11/2014 |  |  | 75,000,000 |  |  | 7/30/2018–1/6/2020(5) |  |  | 29,815,000 |  |  |  | 2.85 | % |  |  | 45,185,000 | (6) |  |  | 3,675,000 |  |  |  | 3.25 | % |  |  | 71,325,000 | (6)
|  |  |  |  |  |  |  |  |  | Totals: |  | $ | 140,085,394 |  |  |  |  |  |  | $ | 77,714,806 |  |  | $ | 86,417,361 |  |  |  |  |  |  | $ | 125,993,002 |
(1) | Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each September 30, 2015, and December 31, 2014.
(2) | If facility not fully utilized by December 31, 2017, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan.
(3) | Based on the properties that were pledged as collateral as of September 30, 2015, and December 31, 2014, approximately $2.0 million and $ 13.8 million, respectively, of the undrawn commitment was available for us to draw.
(4) | Rate is before interest patronage. 2014 interest patronage (as described below) received resulted in a 12.7% reduction to the stated interest rate on such borrowings.
(5) | If facility not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(6) | At each of September 30, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration