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Real Estate and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2015
Summary Information of Farms | The following table provides certain summary information about our 41 farms as of September 30, 2015:
Property Name |  | Location |  | Date Acquired |  | Number of Farms |  | Total Acres |  |  | Farm Acres |  |  | Lease Expiration Date |  | Net Cost Basis (1) |  |  | Encumbrances |
San Andreas |  | Watsonville, CA |  | 6/16/1997 |  | 1 |  |  | 307 |  |  |  | 238 |  |  | 12/31/2020 |  | $ | 4,796,549 |  |  | $ | 4,929,782 |
West Gonzales |  | Oxnard, CA |  | 9/15/1998 |  | 1 |  |  | 653 |  |  |  | 502 |  |  | 6/30/2020 |  |  | 12,253,806 |  |  |  | 25,081,321 |
West Beach |  | Watsonville, CA |  | 1/3/2011 |  | 3 |  |  | 196 |  |  |  | 195 |  |  | 12/31/2023 |  |  | 9,309,576 |  |  |  | 4,802,288 |
Dalton Lane |  | Watsonville, CA |  | 7/7/2011 |  | 1 |  |  | 72 |  |  |  | 70 |  |  | 10/31/2020 |  |  | 2,687,404 |  |  |  | 1,591,130 |
Keysville Road |  | Plant City, FL |  | 10/26/2011 |  | 2 |  |  | 59 |  |  |  | 56 |  |  | 6/30/2020 |  |  | 1,240,944 |  |  |  | 897,600 |
Colding Loop |  | Wimauma, FL |  | 8/9/2012 |  | 1 |  |  | 219 |  |  |  | 181 |  |  | 6/14/2018 |  |  | 3,985,529 |  |  |  | 2,640,000 |
Trapnell Road |  | Plant City, FL |  | 9/12/2012 |  | 3 |  |  | 124 |  |  |  | 110 |  |  | 6/30/2017 |  |  | 3,984,454 |  |  |  | 2,522,250 |
38th Avenue |  | Covert, MI |  | 4/5/2013 |  | 1 |  |  | 119 |  |  |  | 89 |  |  | 4/4/2020 |  |  | 1,284,338 |  |  |  | 759,866 |
Sequoia Street |  | Brooks, OR |  | 5/31/2013 |  | 1 |  |  | 218 |  |  |  | 206 |  |  | 5/31/2028 |  |  | 3,118,870 |  |  |  | 1,756,590 |
Natividad Road |  | Salinas, CA |  | 10/21/2013 |  | 1 |  |  | 166 |  |  |  | 166 |  |  | 10/31/2024 |  |  | 8,291,741 |  |  |  | 3,966,492 |
20th Avenue |  | South Haven, MI |  | 11/5/2013 |  | 3 |  |  | 151 |  |  |  | 94 |  |  | 11/4/2018 |  |  | 1,909,662 |  |  |  | 1,133,283 |
Broadway Road |  | Moorpark, CA |  | 12/16/2013 |  | 1 |  |  | 60 |  |  |  | 60 |  |  | 12/15/2023 |  |  | 2,868,979 |  |  |  | 1,699,925 |
Oregon Trail |  | Echo, OR |  | 12/27/2013 |  | 1 |  |  | 1,895 |  |  |  | 1,640 |  |  | 12/31/2023 |  |  | 13,936,423 |  |  |  | 7,932,983 |
East Shelton |  | Willcox, AZ |  | 12/27/2013 |  | 1 |  |  | 1,761 |  |  |  | 1,320 |  |  | 2/29/2024 |  |  | 7,924,620 |  |  |  | 3,796,499 |
Collins Road |  | Clatskanie, OR |  | 5/30/2014 |  | 2 |  |  | 200 |  |  |  | 157 |  |  | 9/30/2024 |  |  | 2,450,944 |  |  |  | 1,529,932 |
Spring Valley |  | Watsonville, CA |  | 6/13/2014 |  | 1 |  |  | 145 |  |  |  | 110 |  |  | 9/30/2022 |  |  | 5,792,070 |  |  |  | 3,343,186 |
McIntosh Road |  | Dover, FL |  | 6/20/2014 |  | 2 |  |  | 94 |  |  |  | 78 |  |  | 6/30/2017 (2) |  |  | 2,489,125 |  |  |  | 1,519,620 |
Naumann Road |  | Oxnard, CA |  | 7/23/2014 |  | 1 |  |  | 68 |  |  |  | 66 |  |  | 7/31/2017 |  |  | 6,801,894 |  |  |  | 3,904,161 |
Sycamore Road |  | Arvin, CA |  | 7/25/2014 |  | 1 |  |  | 326 |  |  |  | 322 |  |  | 10/31/2024 |  |  | 6,650,335 |  |  |  | 3,286,522 |
Wauchula Road |  | Duette, FL |  | 9/29/2014 |  | 1 |  |  | 808 |  |  |  | 590 |  |  | 9/30/2024 |  |  | 13,781,341 |  |  |  | 7,846,050 |
Santa Clara Avenue |  | Oxnard, CA |  | 10/29/2014 |  | 2 |  |  | 333 |  |  |  | 331 |  |  | 7/31/2017 |  |  | 24,277,677 |  |  |  | 14,166,041 |
Dufau Road |  | Oxnard, CA |  | 11/4/2014 |  | 1 |  |  | 65 |  |  |  | 64 |  |  | 11/3/2017 |  |  | 6,076,035 |  |  |  | 3,675,000 |
Espinosa Road |  | Salinas, CA |  | 1/5/2015 |  | 1 |  |  | 331 |  |  |  | 329 |  |  | 10/31/2016 |  |  | 16,633,724 |  |  |  | 10,178,000 |
Parrish Road |  | Duette, FL |  | 3/10/2015 |  | 1 |  |  | 419 |  |  |  | 211 |  |  | 6/30/2025 |  |  | 4,326,273 |  |  |  | 2,374,680 |
Immokalee Exchange |  | Immokalee, FL |  | 6/25/2015 |  | 2 |  |  | 2,678 |  |  |  | 1,644 |  |  | 6/30/2020 |  |  | 15,703,523 |  |  |  | 9,360,000 |
Holt County |  | Stuart, NE |  | 8/20/2015 |  | 1 |  |  | 1,276 |  |  |  | 1,052 |  |  | 12/31/2018 |  |  | 5,497,143 |  |  |  | 3,301,000 |
Rock County |  | Bassett, NE |  | 8/20/2015 |  | 1 |  |  | 1,283 |  |  |  | 1,049 |  |  | 12/31/2018 |  |  | 5,495,291 |  |  |  | 3,301,000 |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  | 3 |  |  | 854 |  |  |  | 841 |  |  | 1/9/2031 |  |  | 19,031,194 |  |  |  | 8,790,193 |
|  |  |  |  |  | 41 |  |  | 14,880 |  |  |  | 11,771 |  |  |  |  | $ | 212,599,464 |  |  | $ | 140,085,394 |
(1) | Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for depreciation and amortization accumulated through September 30, 2015.
(2) | There are two leases in place on this property, one expiring on June 30, 2016, and the other expiring on June 30, 2017.
Summary of Components of Investments in Real Estate | The following table sets forth the components of our investments in tangible real estate assets as of September 30, 2015, and December 31, 2014:
|  | September 30, 2015 |  |  | December 31, 2014 |
Real estate: |  |  |  |  |  |  |  |
Land and land improvements |  | $ | 184,176,187 |  |  | $ | 122,999,316 |
Irrigation systems |  |  | 19,468,718 |  |  |  | 12,365,514 |
Buildings and improvements |  |  | 10,906,636 |  |  |  | 10,479,301 |
Horticulture |  |  | 1,559,339 |  |  |  | 1,559,340 |
Other site improvements |  |  | 1,172,746 |  |  |  | 968,007 |
Real estate, at cost |  |  | 217,283,626 |  |  |  | 148,371,478 |
Accumulated depreciation |  |  | (6,078,467 | ) |  |  | (4,431,290 | )
Real estate, net |  | $ | 211,205,159 |  |  | $ | 143,940,188 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The following table shows the weighted-average amortization period, in years, for the intangible assets acquired and liabilities assumed in connection with the new properties acquired during the nine months ended September 30, 2015 and 2014:
|  | Weighted-Average |
|  | Amortization Period (in Years) |
Intangible Assets |  | 2015 |  |  | 2014 |
In-place leases |  |  | 4.1 |  |  |  | 3.7 |
Leasing commissions |  |  | 5.5 |  |  |  | 6.3 |
Tenant relationships |  |  | 9.5 |  |  |  | 6.9 |
Above-market lease values |  |  | — |  |  |  | 3.0 |
Below-market lease values |  |  | — |  |  |  | 1.5 |
All intangible assets |  |  | 6.2 |  |  |  | 4.2 |
Pro-Forma Condensed Consolidated Statements of Operations as Each Farm Acquired | The following table reflects pro-forma consolidated financial information as if each farm was acquired on January 1 of the respective prior fiscal year. In addition, pro-forma earnings have been adjusted to assume that acquisition-related costs related to these farms were incurred at the beginning of the previous fiscal year.
|  | For the Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |
|  | (Unaudited) |  |  | (Unaudited) |
Operating Data: |  |  |  |  |  |  |  |
Total operating revenue |  | $ | 10,080,652 |  |  | $ | 9,906,857 |
Total operating expenses |  |  | (5,205,311 | ) |  |  | (5,606,338 | )
Other expenses |  |  | (3,459,110 | ) |  |  | (2,738,257 | )
Net income before income taxes |  |  | 1,416,231 |  |  |  | 1,562,262 |
Provision for income taxes |  |  | — |  |  |  | (20,103 | )
Net income |  | $ | 1,416,231 |  |  | $ | 1,542,159 |
Share and Per-share Data: |  |  |  |  |  |  |  |
Earnings per share of common stock – basic and diluted |  | $ | 0.15 |  |  | $ | 0.23 |
Weighted average common shares outstanding – basic and diluted |  |  | 9,196,650 |  |  |  | 6,603,545 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying value of lease intangibles and the accumulated amortization for each intangible asset or liability class as of September 30, 2015, and December 31, 2014:
|  | September 30, 2015 |  |  | December 31, 2014 |
|  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles |  |  | Accumulated Amortization |
In-place leases |  | $ | 1,385,378 |  |  | $ | (645,647 | ) |  | $ | 869,207 |  |  | $ | (263,428 | )
Leasing costs |  |  | 701,502 |  |  |  | (179,153 | ) |  |  | 357,210 |  |  |  | (80,617 | )
Tenant relationships |  |  | 886,743 |  |  |  | (217,259 | ) |  |  | 501,670 |  |  |  | (66,467 | )
|  | $ | 2,973,623 |  |  | $ | (1,042,059 | ) |  | $ | 1,728,087 |  |  | $ | (410,512 | )
|  | Deferred Rent Asset (Liability) |  |  | Accumulated (Amortization) Accretion |  |  | Deferred Rent Asset (Liability) |  |  | Accumulated (Amortization) Accretion |
Above-market lease values (1) |  | $ | 65,203 |  |  | $ | (51,587 | ) |  | $ | 65,203 |  |  | $ | (9,027 | )
Below-market lease values (2) |  |  | (371,707 | ) |  |  | 322,518 |  |  |  | (371,707 | ) |  |  | 162,194 |
|  | $ | (306,504 | ) |  | $ | 270,931 |  |  | $ | (306,504 | ) |  | $ | 153,167 |
(1) | Above-market lease values are included as a part of Other assets in the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of rental income.
(2) | Below-market lease values are included as a part of Other liabilities in the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to rental income.
Summary of Geographic Locations, by State, of Properties | The following table summarizes the geographic locations, by state, of our properties with leases in place as of September 30, 2015 and 2014:
|  | As of and For the Nine Months Ended September 30, 2015 |  |  | As of and For the Nine Months Ended September 30, 2014 |
State |  | Number of Farms |  |  | Total Acres |  |  | % of Total Acres |  |  | Rental Revenue |  |  | % of Total Rental Revenue |  |  | Number of Farms |  |  | Total Acres |  |  | % of Total Acres |  |  | Rental Revenue |  |  | % of Total Rental Revenue |
California |  |  | 18 |  |  |  | 3,576 |  |  |  | 24.0 | % |  | $ | 5,652,357 |  |  |  | 66.6 | % |  |  | 11 |  |  |  | 1,993 |  |  |  | 26.1 | % |  | $ | 3,260,272 |  |  |  | 67.5 | %
Florida |  |  | 12 |  |  |  | 4,401 |  |  |  | 29.6 | % |  |  | 1,458,433 |  |  |  | 17.2 | % |  |  | 9 |  |  |  | 1,304 |  |  |  | 17.1 | % |  |  | 384,861 |  |  |  | 8.0 | %
Oregon |  |  | 4 |  |  |  | 2,313 |  |  |  | 15.6 | % |  |  | 876,244 |  |  |  | 10.3 | % |  |  | 4 |  |  |  | 2,313 |  |  |  | 30.3 | % |  |  | 775,438 |  |  |  | 16.1 | %
Arizona |  |  | 1 |  |  |  | 1,761 |  |  |  | 11.8 | % |  |  | 243,953 |  |  |  | 2.9 | % |  |  | 1 |  |  |  | 1,761 |  |  |  | 23.0 | % |  |  | 217,899 |  |  |  | 4.5 | %
Michigan |  |  | 4 |  |  |  | 270 |  |  |  | 1.8 | % |  |  | 185,036 |  |  |  | 2.2 | % |  |  | 4 |  |  |  | 270 |  |  |  | 3.5 | % |  |  | 189,563 |  |  |  | 3.9 | %
Nebraska |  |  | 2 |  |  |  | 2,559 |  |  |  | 17.2 | % |  |  | 67,000 |  |  |  | 0.8 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 41 |  |  |  | 14,880 |  |  |  | 100.0 | % |  | $ | 8,483,023 |  |  |  | 100.0 | % |  |  | 29 |  |  |  | 7,641 |  |  |  | 100.0 | % |  | $ | 4,828,033 |  |  |  | 100.0 | %
2015 New Real Estate Activity [Member] |
Summary Information of Farms | During the nine months ended September 30, 2015, we acquired nine new farms in six separate transactions, which are summarized in the table below.
Property Name |  | Property Location |  | Acquisition Date |  | Total Acreage |  |  | Number of Farms |  |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  |  | Acquisition Costs |  |  | Annualized Straight-line Rent(1) |  |  | Long-term Debt Issued |
Espinosa Road(2) |  | Salinas, CA |  | 1/5/2015 |  |  | 331 |  |  |  | 1 |  |  | Strawberries |  | 1.8 years |  | None |  | $ | 16,905,500 |  |  | $ | 89,885 | (3) |  | $ | 778,342 |  |  | $ | 10,178,000 |
Parrish Road |  | Duette, FL |  | 3/10/2015 |  |  | 419 |  |  |  | 1 |  |  | Strawberries |  | 10.3 years |  | 2 (5 years) |  |  | 3,913,280 |  |  |  | 103,610 | (3) |  |  | 251,832 |  |  |  | 2,374,680 |
Immokalee Exchange |  | Immokalee, FL |  | 6/25/2015 |  |  | 2,678 |  |  |  | 2 |  |  | Misc. Vegetables |  | 5.0 years |  | 2 (5 years) |  |  | 15,757,700 |  |  |  | 151,386 | (3) |  |  | 960,104 |  |  |  | 9,360,000 |
Holt County |  | Stuart, NE |  | 8/20/2015 |  |  | 1,276 |  |  |  | 1 |  |  | Misc. Vegetables |  | 3.4 years |  | None |  |  | 5,504,000 |  |  |  | 23,789 | (3) |  |  | 289,815 |  |  |  | 3,301,000 |
Rock County |  | Bassett, NE |  | 8/20/2015 |  |  | 1,283 |  |  |  | 1 |  |  | Misc. Vegetables |  | 3.4 years |  | None |  |  | 5,504,000 |  |  |  | 23,789 | (3) |  |  | 289,815 |  |  |  | 3,301,000 |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  |  | 854 |  |  |  | 3 |  |  | Almonds(4) |  | 15.4 years |  | 1 (10 years) |  |  | 18,922,500 |  |  |  | 113,938 | (5) |  |  | 828,389 |  |  |  | 21,138,196 |
|  |  |  |  |  |  | 6,841 |  |  |  | 9 |  |  |  |  |  |  |  |  | $ | 66,506,980 |  |  | $ | 506,397 |  |  | $ | 3,398,297 |  |  | $ | 49,652,876 |
(1) | Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease.
(2) | In connection with this acquisition, our Adviser earned a finder’s fee of $320,905, which fee was fully credited back to us by our Adviser during the three months ended March 31, 2015. See Note 4, “Related-Party Transactions” for further discussion on this fee.
(3) | Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. In aggregate, we incurred $11,825 of direct leasing costs in connection with these acquisitions.
(4) | Property currently consists of open ground and old grape vineyards. However, we will be removing the existing vineyards and converting the property into an almond orchard, which development is expected to be completed by June 30, 2016.
(5) | Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired.
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | We determined the fair value of acquired assets and liabilities assumed related to the properties acquired during the nine months ended September 30, 2015, to be as follows:
Property Name |  | Land and Land Improvements |  |  | Buildings and Improvements |  |  | Irrigation System |  |  | In-place Leases |  |  | Leasing Costs |  |  | Tenant Relationships |  |  | Total Purchase Price |
Espinosa Road |  | $ | 15,852,466 |  |  | $ | 84,478 |  |  | $ | 497,401 |  |  | $ | 246,472 |  |  | $ | 43,894 |  |  | $ | 180,789 |  |  | $ | 16,905,500 |
Parrish Road |  |  | 2,403,064 |  |  |  | 42,619 |  |  |  | 1,299,851 |  |  |  | 54,405 |  |  |  | 77,449 |  |  |  | 35,892 |  |  |  | 3,913,280 |
Immokalee Exchange |  |  | 14,410,840 |  |  |  | 273,107 |  |  |  | 515,879 |  |  |  | 229,406 |  |  |  | 148,691 |  |  |  | 179,777 |  |  |  | 15,757,700 |
Holt County |  |  | 4,690,369 |  |  |  | 56,253 |  |  |  | 729,884 |  |  |  | — |  |  |  | 27,494 |  |  |  | — |  |  |  | 5,504,000 |
Rock County |  |  | 4,862,313 |  |  |  | 72,232 |  |  |  | 540,589 |  |  |  | — |  |  |  | 28,866 |  |  |  | — |  |  |  | 5,504,000 |
Bear Mountain |  |  | 18,428,247 |  |  |  | — |  |  |  | 494,253 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,922,500 |
|  | $ | 60,647,299 |  |  | $ | 528,689 |  |  | $ | 4,077,857 |  |  | $ | 530,283 |  |  | $ | 326,394 |  |  | $ | 396,458 |  |  | $ | 66,506,980 |
Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired | Below is a summary of the total operating revenues and earnings recognized on the properties acquired during the three and nine months ended September 30, 2015:
|  |  |  | For the three months ended September 30, 2015 |  |  | For the nine months ended September 30, 2015 |
Property Name |  | Acquisition Date |  | Operating Revenues |  |  | Earnings (1) |  |  | Operating Revenues |  |  | Earnings (1) |
Espinosa Road |  | 1/5/2015 |  | $ | 194,586 |  |  | $ | 81,522 |  |  | $ | 575,387 |  |  | $ | 280,393 |
Parrish Road |  | 3/10/2015 |  |  | 62,958 |  |  |  | 8,978 |  |  |  | 140,133 |  |  |  | 37,927 |
Immokalee Exchange |  | 6/25/2015 |  |  | 240,026 |  |  |  | 152,860 |  |  |  | 240,026 |  |  |  | 151,637 |
Holt County |  | 8/20/2015 |  |  | 33,500 |  |  |  | 24,343 |  |  |  | 33,500 |  |  |  | 24,343 |
Rock County |  | 8/20/2015 |  |  | 33,500 |  |  |  | 22,491 |  |  |  | 33,500 |  |  |  | 22,491 |
Bear Mountain |  | 9/3/2015 |  |  | 64,430 |  |  |  | 59,023 |  |  |  | 64,430 |  |  |  | 59,023 |
|  |  |  | $ | 629,000 |  |  | $ | 349,217 |  |  | $ | 1,086,976 |  |  | $ | 575,814 |
(1) | Earnings are calculated as net income less interest expense and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805.
2014 New Real Estate Activity [Member] |
Summary Information of Farms | During the nine months ended September 30, 2014, we acquired eight new farms in six separate transactions, which are summarized in the table below.
Property Name |  | Property Location |  | Acquisition Date |  | Total Acreage |  |  | Number of Farms |  |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  |  | Acquisition Costs |  |  | Annualized Straight- line Rent(1) |  |  | Long-term Debt Issued |
Collins Road |  | Clatskanie, OR |  | 5/30/2014 |  |  | 200 |  |  |  | 2 |  |  | Blueberries |  | 10.3 years |  | 3 (5 years each) |  | $ | 2,591,333 |  |  | $ | 60,870 | (4) |  | $ | 181,172 |  |  | $ | — |
Spring Valley |  | Watsonville, CA |  | 6/13/2014 |  |  | 145 |  |  |  | 1 |  |  | Strawberries |  | 2.3 years |  | None |  |  | 5,900,000 |  |  |  | 50,896 | (4) |  |  | 270,901 |  |  |  | 2,204,660 | (6)
McIntosh Road |  | Dover, FL |  | 6/20/2014 |  |  | 94 |  |  |  | 2 |  |  | Strawberries |  | 3.0 years |  | 1 (3 years) / None (2) |  |  | 2,666,000 |  |  |  | 60,676 | (4) |  |  | 133,154 |  |  |  | 1,599,600 | (7)
Naumann Road |  | Oxnard, CA |  | 7/23/2014 |  |  | 68 |  |  |  | 1 |  |  | Strawberries |  | 3.0 years |  | 1 (3 years) |  |  | 6,888,500 |  |  |  | 91,103 | (4) |  |  | 329,668 |  |  |  | 2,574,595 | (6)
Sycamore Road |  | Arvin, CA |  | 7/25/2014 |  |  | 326 |  |  |  | 1 |  |  | Vegetables |  | 1.3 years (3) |  | None (3) |  |  | 5,800,000 |  |  |  | 44,434 | (4) |  |  | 184,304 | (3) |  |  | 2,167,293 | (6)
Wauchula Road |  | Duette, FL |  | 9/29/2014 |  |  | 808 |  |  |  | 1 |  |  | Strawberries |  | 10.0 years |  | 2 (5 years each) |  |  | 13,765,000 |  |  |  | 123,500 | (5) |  |  | 888,439 |  |  |  | 8,259,000 | (7)
|  |  |  |  |  |  | 1,641 |  |  |  | 8 |  |  |  |  |  |  |  |  | $ | 37,610,833 |  |  | $ | 431,479 |  |  | $ | 1,987,638 |  |  | $ | 16,805,148 |
(1) | Annualized straight-line amount is based on the minimum rental payments required per the lease and includes the amortization of any above-market and below-market lease values recorded.
(2) | This property has separate tenants leasing each of the two farms. One lease provides for one 3-year renewal option, while the other does not include a renewal option.
(3) | Upon acquisition of this property, we assumed the in-place lease, which expires October 31, 2015. In addition, we executed a 9-year, follow-on lease with a new tenant that commences November 1, 2015. Under the terms of the follow-on lease, the tenant has one 3-year renewal option, and annualized, straight-line rents will be $311,760.
(4) | Acquisition accounted for as a business combination under ASC 805. As such, all acquisition-related costs were expensed as incurred, other than direct leasing costs, which were capitalized. We incurred $17,558 of direct leasing costs in connection with these acquisitions.
(5) | Acquisition accounted for as an asset acquisition under ASC 360. As such, all acquisition-related costs were capitalized and allocated among the identifiable assets acquired.
(6) | Acquisition funded through a draw on our MetLife Credit Facility. Amount represents property’s proportionate share of the total borrowings outstanding under the MetLife Credit Facility in relation to all properties pledged as collateral under the facility.
(7) | Represents new debt issued from Farm Credit (as defined in Note 5, “Borrowings—Farm Credit Notes Payable”).
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | We determined the fair value of acquired assets and liabilities assumed related to the properties acquired during the nine months ended September 30, 2014, to be as follows:
Property Name |  | Land and Land Improvements |  |  | Buildings and Improvements |  |  | Irrigation System |  |  | Site Improvements |  |  | Horticulture(1) |  |  | In-place Leases |  |  | Leasing Costs |  |  | Customer Relationships |  |  | Above (Below)- Market Leases |  |  | Total Acquisition Cost |
Collins Road |  | $ | 1,252,387 |  |  | $ | 555,667 |  |  | $ | — |  |  | $ | 126,719 |  |  | $ | 520,993 |  |  | $ | 45,086 |  |  | $ | 65,685 |  |  | $ | 24,796 |  |  | $ | — |  |  | $ | 2,591,333 |
Spring Valley |  |  | 5,576,138 |  |  |  | 5,781 |  |  |  | 200,855 |  |  |  | — |  |  |  | — |  |  |  | 83,487 |  |  |  | 17,498 |  |  |  | 66,217 |  |  |  | (49,976 | ) |  |  | 5,900,000 |
McIntosh Road |  |  | 1,970,074 |  |  |  | 30,745 |  |  |  | 537,254 |  |  |  | 2,846 |  |  |  | — |  |  |  | 34,674 |  |  |  | 16,766 |  |  |  | 27,966 |  |  |  | 45,675 |  |  |  | 2,666,000 |
Naumann Road |  |  | 6,219,293 |  |  |  | 416,148 |  |  |  | 71,586 |  |  |  | 16,939 |  |  |  | — |  |  |  | 75,520 |  |  |  | 34,228 |  |  |  | 54,786 |  |  |  | — |  |  |  | 6,888,500 |
Sycamore Road |  |  | 5,840,750 |  |  |  | — |  |  |  | 67,000 |  |  |  | — |  |  |  | — |  |  |  | 48,670 |  |  |  | 3,764 |  |  |  | — |  |  |  | (160,184 | ) |  |  | 5,800,000 |
Wauchula Road |  |  | 8,388,424 |  |  |  | 1,775,661 |  |  |  | 3,489,046 |  |  |  | 111,869 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,765,000 |
|  | $ | 29,247,066 |  |  | $ | 2,784,002 |  |  | $ | 4,365,741 |  |  | $ | 258,373 |  |  | $ | 520,993 |  |  | $ | 287,437 |  |  | $ | 137,941 |  |  | $ | 173,765 |  |  | $ | (164,485 | ) |  | $ | 37,610,833 |
(1) | Horticulture acquired on Collins Road consists of various types of blueberry bushes.
Summary of Total Operating Revenues and Earnings Recognized on Properties Acquired | Below is a summary of the total revenue and earnings recognized on the properties acquired during the three and nine months ended September 30, 2014:
|  |  |  |  |  |  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  |  |  |  |  |  | September 30, 2014 |  |  | September 30, 2014 |
Property Name |  | Acquisition Date |  |  |  |  | Rental Revenue |  |  | Earnings (1) |  |  | Rental Revenue |  |  | Earnings (1) |
Collins Road |  |  | 5/30/2014 |  |  |  |  | $ | 45,293 |  |  | $ | 10,662 |  |  | $ | 61,365 |  |  | $ | 18,940 |
Spring Valley |  |  | 6/13/2014 |  |  |  |  |  | 67,725 |  |  |  | 36,366 |  |  |  | 81,270 |  |  |  | 44,700 |
McIntosh Road |  |  | 6/20/2014 |  |  |  |  |  | 20,549 |  |  |  | (41,294 | ) (2) |  |  | 24,733 |  |  |  | (40,343 | ) (2)
Naumann Road |  |  | 7/23/2014 |  |  |  |  |  | 62,920 |  |  |  | 44,514 |  |  |  | 62,920 |  |  |  | 44,514 |
Sycamore Road |  |  | 7/25/2014 |  |  |  |  |  | 34,252 |  |  |  | 22,052 |  |  |  | 34,252 |  |  |  | 22,052 |
Wauchula Road |  |  | 9/29/2014 |  |  |  |  |  | 4,868 |  |  |  | 4,868 |  |  |  | 4,868 |  |  |  | 4,868 |
|  |  |  |  |  |  |  | $ | 235,607 |  |  | $ | 77,168 |  |  | $ | 269,408 |  |  | $ | 94,731 |
(1) | Earnings are calculated as net income less interest expense, income taxes and any acquisition-related costs that are required to be expensed if the acquisition is treated as a business combination under ASC 805.
(2) | Includes $43,328 of lease intangibles that were written off during the three months ended September 30, 2014, related to the termination of a lease in September 2014 that we had assumed upon acquisition.

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