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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2015
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of December 31, 2015 and 2014 are summarized below:
|  |  |  |  |  |  |  |  |  |  | As of December 31, 2015 |  |  | As of December 31, 2014 |
Issuer |  | Type of Issuance |  | Date(s) of Issuance |  | Initial Commitment |  | Maturity Date(1) |  |  | Principal Outstanding |  |  | Stated Interest Rate(2) |  |  | Undrawn Commitment |  |  | Principal Outstanding |  |  | Stated Interest Rate(2) |  |  | Undrawn Commitment |
MetLife |  | Mortgage Note Payable |  | 5/9/2014 |  | 100,000,000 |  |  | 1/5/2029(3) |  |  | $ | 87,470,194 |  |  |  | 3.35 | % |  |  | 12,529,806 | (4) |  |  | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (4)
MetLife |  | Line of Credit |  | 5/9/2014 |  | 25,000,000 |  |  | 4/5/2024 |  |  |  | 100,000 |  |  |  | 2.58 | % |  |  | 24,900,000 | (4) |  |  | 4,000,000 |  |  |  | 2.75 | % |  |  | 21,000,000 | (4)
Farm Credit |  | Mortgage Notes Payable |  | 9/19/2014–11/2/2015 |  | 22,185,880 |  |  | 4/9/2031 |  |  |  | 21,456,963 |  |  |  | 3.42 | %(5) |  |  | — |  |  |  | 12,410,363 |  |  |  | 3.53 | %(5) |  |  | — |
Farmer Mac |  | Bonds Payable |  | 12/11/2014 |  | 75,000,000 |  |  | 7/24/2019(6) |  |  |  | 33,706,000 |  |  |  | 2.87 | % |  |  | 41,294,000 | (7) |  |  | 3,675,000 |  |  |  | 3.25 | % |  |  | 71,325,000 | (7)
|  |  |  |  |  |  |  |  | Totals: |  |  | $ | 142,733,157 |  |  |  |  |  |  | $ | 78,723,806 |  |  | $ | 86,417,361 |  |  |  |  |  |  | $ | 125,993,002 |
(1) | Where applicable, represents the weighted-average maturity date.
(2) | Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each December 31, 2015, and December 31, 2014.
(3) | 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.
(4) | Based on the properties that were pledged as collateral under the MetLife Facility as of each December 31, 2015, and December 31, 2014, approximately $8.9 million and $13.8 million, respectively, of the aggregate undrawn commitment under the facility was available for us to draw.
(5) | Rate is before interest patronage (as described below). 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014.
(6) | If facility is 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.
(7) | At each of December 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Principal Payments of Aggregate Borrowings | Scheduled principal payments of our aggregate borrowings as of December 31, 2015, for each of the five succeeding fiscal years and thereafter are as follows:
|  |  |  | Scheduled |
Period |  |  |  | Principal Payments |
For the fiscal years ending December 31: |  | 2016 |  | $ | 4,431,648 |
|  | 2017 |  |  | 3,697,482 |
|  | 2018 |  |  | 19,688,041 |
|  | 2019 |  |  | 7,301,188 |
|  | 2020 |  |  | 16,980,080 |
|  | Thereafter |  |  | 90,634,718 |
|  |  |  | $ | 142,733,157 |
Farm Credit Notes Payable [Member] |
Summary of Mortgage Note Payable and Line of Credit | From time to time since September 19, 2014, we, through certain subsidiaries of our Operating Partnership, have entered into various loan agreements with Farm Credit of Central Florida, FLCA (“Farm Credit”). Loans from Farm Credit will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. Pertinent terms of each of these loans (collectively, the “Farm Credit Notes Payable”) are summarized in the table below:
|  |  |  |  |  |  |  |  |  |  | As of December 31, 2015 |
Date of Issuance |  | Initial Commitment |  |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(1) |  | Balance Outstanding |  |  | Interest Rate(1) |
9/19/2014 |  | $ | 1,599,600 |  |  | 8/1/2034 |  | 20 years |  | 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) |  | $ | 1,519,620 |  |  |  | 3.52 | %
9/19/2014 |  |  | 2,655,000 |  |  | 8/1/2034 |  | 20 years |  | 3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%) |  |  | 2,522,250 |  |  |  | 3.52 | %
9/29/2014 |  |  | 8,259,000 |  |  | 8/1/2034 |  | 20 years |  | 3.54%, fixed through 11/1/2017; variable thereafter (1-mo LIBOR + 2.875%) |  |  | 7,742,813 |  |  |  | 3.54 | %
3/10/2015 |  |  | 2,374,680 |  |  | 5/1/2020 |  | None |  | 3.20%, fixed throughout term |  |  | 2,374,680 |  |  |  | 3.20 | %
4/9/2015 |  |  | 897,600 |  |  | 6/1/2020 |  | None |  | 3.20%, fixed throughout term |  |  | 897,600 |  |  |  | 3.20 | %
5/8/2015 |  |  | 2,640,000 |  |  | 5/1/2030 |  | None(2) |  | 2.90%, fixed through 4/30/2018; variable thereafter (1-mo LIBOR + 3.00%) |  |  | 2,640,000 |  |  |  | 2.90 | %
11/2/2015 |  |  | 2,256,000 |  |  | 10/1/2040 |  | 25 years |  | 3.86%, fixed through 11/30/2021; variable thereafter (1-mo LIBOR + 2.875%) |  |  | 2,256,000 |  |  |  | 3.86 | %
11/2/2015 |  |  | 1,504,000 |  |  | 10/1/2016 |  | None |  | Variable (1-mo LIBOR + 3.00%) |  |  | 1,504,000 |  |  |  | 3.25 | %
|  | $ | 22,185,880 |  |  |  |  |  |  |  |  | $ | 21,456,963 |  |  |  | 3.42 | %
(1) | Rates represent the stated interest rates, before interest patronage. 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014.
(2) | Interest only through April 30, 2018. Note converts to a 20-year amortization thereafter.
Farmer Mac Bonds Payable [Member] |
Summary of Mortgage Note Payable and Line of Credit | Pertinent terms of each of the bonds issued under the Farmer Mac Facility are summarized in the table below:
|  |  |  |  |  |  |  |  |  |  | As of December 31, 2015 |
Date of Issuance |  | Amount |  |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms |  | Balance Outstanding |  |  | Interest Rate |
12/11/2014 |  | $ | 3,675,000 |  |  | 12/11/2019 |  | None |  | 3.25%, fixed throughout term |  | $ | 3,675,000 |  |  |  | 3.25 | %
1/5/2015 |  |  | 10,178,000 |  |  | 1/6/2020 |  | None |  | 3.25%, fixed throughout term |  |  | 10,178,000 |  |  |  | 3.25 | %
6/25/2015 |  |  | 9,360,000 |  |  | 7/30/2018 |  | None |  | 2.60%, fixed throughout term |  |  | 9,360,000 |  |  |  | 2.60 | %
8/20/2015 |  |  | 3,301,000 |  |  | 8/17/2018 |  | None |  | 2.375%, fixed throughout term |  |  | 3,301,000 |  |  |  | 2.38 | %
8/20/2015 |  |  | 3,301,000 |  |  | 8/17/2018 |  | None |  | 2.375%, fixed throughout term |  |  | 3,301,000 |  |  |  | 2.38 | %
12/22/2015 |  |  | 3,210,000 |  |  | 12/22/2022 |  | None |  | 3.29%, fixed throughout term |  |  | 3,210,000 |  |  |  | 3.29 | %
12/22/2015 |  |  | 681,000 |  |  | 12/22/2016 |  | 2 years |  | Variable (1-mo LIBOR + 1.50%) |  |  | 681,000 |  |  |  | 1.91 | %
|  | $ | 33,706,000 |  |  |  |  |  |  |  |  | $ | 33,706,000 |  |  |  | 2.87 | %

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