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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2016
Summary Information of Farms | The following table provides certain summary information about our 46 farms as of March 31, 2016:
|  |  |  |  |  | Number |  |  |  |  |  | Lease |  |  |  |  |  |
|  |  |  | Date |  | of |  | Total |  | Farm |  | Expiration |  | Net Cost |  |  |  |
Property Name |  | Location |  | Acquired |  | Farms |  | Acres |  | Acres |  | Date |  | Basis(1) |  |  | Encumbrances(2) |
San Andreas |  | Watsonville, CA |  | 6/16/1997 |  | 1 |  | 307 |  | 238 |  | 12/31/2020 |  | $ | 4,776,750 |  |  | $ | 4,816,404 |
West Gonzales |  | Oxnard, CA |  | 9/15/1998 |  | 1 |  | 653 |  | 502 |  | 6/30/2020 |  |  | 12,142,787 |  |  |  | 24,504,485 |
West Beach |  | Watsonville, CA |  | 1/3/2011 |  | 3 |  | 196 |  | 195 |  | 12/31/2023 |  |  | 9,292,113 |  |  |  | 4,691,842 |
Dalton Lane |  | Watsonville, CA |  | 7/7/2011 |  | 1 |  | 72 |  | 70 |  | 10/31/2020 |  |  | 2,681,288 |  |  |  | 1,554,536 |
Keysville Road |  | Plant City, FL |  | 10/26/2011 |  | 2 |  | 61 |  | 56 |  | 6/30/2020 |  |  | 1,240,187 |  |  |  | 897,600 |
Colding Loop |  | Wimauma, FL |  | 8/9/2012 |  | 1 |  | 219 |  | 181 |  | 6/14/2018 |  |  | 3,929,122 |  |  |  | 2,640,000 |
Trapnell Road |  | Plant City, FL |  | 9/12/2012 |  | 3 |  | 124 |  | 110 |  | 6/30/2017 |  |  | 3,903,277 |  |  |  | 2,522,250 |
38th Avenue |  | Covert, MI |  | 4/5/2013 |  | 1 |  | 119 |  | 89 |  | 4/4/2020 |  |  | 1,265,366 |  |  |  | 742,391 |
Sequoia Street |  | Brooks, OR |  | 5/31/2013 |  | 1 |  | 218 |  | 206 |  | 5/31/2028 |  |  | 3,100,817 |  |  |  | 1,716,191 |
Natividad Road |  | Salinas, CA |  | 10/21/2013 |  | 1 |  | 166 |  | 166 |  | 10/31/2024 |  |  | 8,846,432 |  |  |  | 3,875,268 |
20th Avenue |  | South Haven, MI |  | 11/5/2013 |  | 3 |  | 151 |  | 94 |  | 11/4/2018 |  |  | 1,871,211 |  |  |  | 1,107,219 |
Broadway Road |  | Moorpark, CA |  | 12/16/2013 |  | 1 |  | 60 |  | 46 |  | 12/15/2023 |  |  | 2,878,356 |  |  |  | 1,660,829 |
Oregon Trail |  | Echo, OR |  | 12/27/2013 |  | 1 |  | 1,895 |  | 1,640 |  | 12/31/2023 |  |  | 13,898,699 |  |  |  | 7,750,535 |
East Shelton |  | Willcox, AZ |  | 12/27/2013 |  | 1 |  | 1,761 |  | 1,320 |  | 2/29/2024 |  |  | 7,827,371 |  |  |  | 3,709,185 |
Collins Road |  | Clatskanie, OR |  | 5/30/2014 |  | 2 |  | 200 |  | 157 |  | 9/30/2024 |  |  | 2,396,272 |  |  |  | 1,494,746 |
Spring Valley |  | Watsonville, CA |  | 6/13/2014 |  | 1 |  | 145 |  | 110 |  | 9/30/2022 |  |  | 5,761,971 |  |  |  | 3,266,297 |
McIntosh Road |  | Dover, FL |  | 6/20/2014 |  | 2 |  | 94 |  | 78 |  | 6/30/2019(3) |  |  | 2,464,544 |  |  |  | 1,519,620 |
Naumann Road |  | Oxnard, CA |  | 7/23/2014 |  | 1 |  | 68 |  | 66 |  | 7/31/2017 |  |  | 6,799,261 |  |  |  | 3,814,369 |
Sycamore Road |  | Arvin, CA |  | 7/25/2014 |  | 1 |  | 326 |  | 322 |  | 10/31/2024 |  |  | 6,868,186 |  |  |  | 3,210,936 |
Wauchula Road |  | Duette, FL |  | 9/29/2014 |  | 1 |  | 808 |  | 590 |  | 9/30/2024 |  |  | 13,713,300 |  |  |  | 7,639,575 |
Santa Clara Avenue |  | Oxnard, CA |  | 10/29/2014 |  | 2 |  | 333 |  | 331 |  | 7/31/2017 |  |  | 24,206,436 |  |  |  | 13,840,241 |
Dufau Road |  | Oxnard, CA |  | 11/4/2014 |  | 1 |  | 65 |  | 64 |  | 11/3/2017 |  |  | 6,046,279 |  |  |  | 3,675,000 |
Espinosa Road |  | Salinas, CA |  | 1/5/2015 |  | 1 |  | 331 |  | 329 |  | 10/31/2016 |  |  | 16,450,268 |  |  |  | 10,178,000 |
Parrish Road |  | Duette, FL |  | 3/10/2015 |  | 1 |  | 419 |  | 412 |  | 6/30/2025 |  |  | 4,235,980 |  |  |  | 2,374,680 |
Immokalee Exchange |  | Immokalee, FL |  | 6/25/2015 |  | 2 |  | 2,678 |  | 1,644 |  | 6/30/2020 |  |  | 15,585,280 |  |  |  | 9,360,000 |
Holt County |  | Stuart, NE |  | 8/20/2015 |  | 1 |  | 1,276 |  | 1,052 |  | 12/31/2018 |  |  | 5,460,180 |  |  |  | 3,301,000 |
Rock County |  | Bassett, NE |  | 8/20/2015 |  | 1 |  | 1,283 |  | 1,049 |  | 12/31/2018 |  |  | 5,450,906 |  |  |  | 3,301,000 |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  | 3 |  | 854 |  | 841 |  | 1/9/2031 |  |  | 22,656,128 |  |  |  | 8,514,720 |
Corbitt Road |  | Immokalee, FL |  | 11/2/2015 |  | 1 |  | 691 |  | 390 |  | 12/31/2021 |  |  | 3,800,181 |  |  |  | 3,760,000 |
Reagan Road |  | Willcox, AZ |  | 12/22/2015 |  | 1 |  | 1,239 |  | 875 |  | 12/31/2025 |  |  | 5,708,898 |  |  |  | 3,807,000 |
Gunbarrel Road |  | Alamosa, CO |  | 3/3/2016 |  | 3 |  | 6,191 |  | 4,730 |  | 2/28/2021 |  |  | 25,637,561 |  |  |  | 15,531,000 |
|  |  |  |  |  | 46 |  | 23,003 |  | 17,953 |  |  |  | $ | 250,895,407 |  |  | $ | 160,776,919 |
(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 accumulated depreciation and amortization. Includes Investments in real estate, net and Lease intangibles, net; plus net above-market lease values included in Other assets; and less net below- market lease values, deferred revenue and unamortized tenant improvements included in Other liabilities, each as shown on the accompanying Condensed Consolidated Balance Sheet.
(2) | Excludes approximately $1.0 million of deferred financing costs related to mortgage notes and bonds payable included in Mortgage notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheet .
(3) | There are two leases in place on this property, one expiring on June 30, 2017, and the other expiring on June 30, 2019.
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 March 31, 2016, and December 31, 2015:
|  | March 31, 2016 |  |  | December 31, 2015 |
Real estate: |  |  |  |  |  |  |  |
Land and land improvements |  | $ | 210,667,822 |  |  | $ | 192,020,381 |
Irrigation systems |  |  | 26,678,519 |  |  |  | 21,849,508 |
Buildings |  |  | 14,623,118 |  |  |  | 11,184,647 |
Horticulture |  |  | 1,490,695 |  |  |  | 1,490,695 |
Other improvements |  |  | 3,957,643 |  |  |  | 1,872,606 |
Real estate, at cost |  |  | 257,417,797 |  |  |  | 228,417,837 |
Accumulated depreciation |  |  | (7,434,397 | ) |  |  | (6,634,412 | )
Real estate, net |  | $ | 249,983,400 |  |  | $ | 221,783,425 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying values of lease intangible assets and the related accumulated amortization as of March 31, 2016, and December 31, 2015:
|  | March 31, 2016 |  |  | December 31, 2015 |
Lease intangibles: |  |  |  |  |  |  |  |
In-place leases |  | $ | 1,607,932 |  |  | $ | 1,225,955 |
Leasing costs |  |  | 934,245 |  |  |  | 677,112 |
Tenant relationships |  |  | 886,743 |  |  |  | 886,743 |
Lease intangibles, at cost |  |  | 3,428,920 |  |  |  | 2,789,810 |
Accumulated amortization |  |  | (1,202,994 | ) |  |  | (1,026,269 | )
Lease intangibles, net |  | $ | 2,225,926 |  |  | $ | 1,763,541 |
Total amortization expense related to these lease intangible assets was $176,725 and $279,119 for the three months ended March 31, 2016 and 2015, respectively. The following table summarizes the carrying values of certain lease intangible assets or liabilities included in Other assets and Other liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of March 31, 2016, and December 31, 2015.
|  | As of March 31, 2016 |  |  | As of December 31, 2015 |
|  | Deferred |  |  | Accumulated |  |  | Deferred |  |  | Accumulated |
|  | Rent Asset |  |  | (Amortization) |  |  | Rent Asset |  |  | (Amortization) |
Intangible Asset or Liability |  | (Liability) |  |  | Accretion |  |  | (Liability) |  |  | Accretion |
Above-market lease values(1) |  | $ | 19,528 |  |  | $ | (9,167 | ) |  | $ | 19,528 |  |  | $ | (7,540 | )
Below-market lease values and deferred revenue(2) |  |  | (202,579 | ) |  |  | 30,536 |  |  |  | (202,579 | ) |  |  | 23,205 |
|  | $ | (183,051 | ) |  | $ | 21,369 |  |  | $ | (183,051 | ) |  | $ | 15,665 |
(1) | Above-market lease values are included as 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 and deferred revenue 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.
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 three months ended March 31, 2016 and 2015:
|  | Weighted-Average |
|  | Amortization Period (in Years) |
Intangible Assets and Liabilities |  | 2016 |  |  | 2015 |
In-place leases |  |  | 5.1 |  |  |  | 3.4 |
Leasing costs |  |  | 5.1 |  |  |  | 7.2 |
Tenant relationships |  |  | — |  |  |  | 4.9 |
All intangible assets and liabilities |  |  | 5.1 |  |  |  | 4.6 |
Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired |
|  | For the Three Months Ended March 31, |
|  | 2016 |  |  | 2015 |
|  | (Unaudited) |  |  | (Unaudited) |
Operating Data: |  |  |  |  |  |  |  |
Total operating revenue |  | $ | 3,761,746 |  |  | $ | 3,080,488 |
Net income attributable to the company |  | $ | 156,241 |  |  | $ | 37,637 |
Share and Per-share Data: |  |  |  |  |  |  |  |
Earnings per share of common stock – basic and diluted |  | $ | 0.01 |  |  | $ | 0.00 |
Weighted-average common shares outstanding – basic and diluted |  |  | 10,738,820 |  |  |  | 7,880,328 |
Summary of Geographic Locations of Properties | The following table summarizes the geographic locations, by state, of our properties with leases in place as of March 31, 2016 and 2015:
|  | As of and For the Three Months Ended March 31, 2016 |  |  | As of and For the Three Months Ended March 31, 2015 |
|  | Number |  |  |  |  | % of |  |  |  |  |  | % of Total |  |  | Number |  |  |  |  |  | % of |  |  |  |  |  | % of Total |
|  | of |  | Total |  |  | Total |  |  | Rental |  |  | Rental |  |  | of |  |  | Total |  |  | Total |  |  | Rental |  |  | Rental |
State |  | Farms |  | Acres |  |  | Acres |  |  | Revenue |  |  | Revenue |  |  | Farms |  |  | Acres |  |  | Acres |  |  | Revenue |  |  | Revenue |
California |  | 18 |  |  | 3,576 |  |  |  | 15.6 | % |  | $ | 2,140,166 |  |  |  | 58.2 | % |  |  | 15 |  |  |  | 2,722 |  |  |  | 31.0 | % |  | $ | 1,839,707 |  |  |  | 70.2 | %
Florida |  | 13 |  |  | 5,094 |  |  |  | 22.1 | % |  |  | 743,087 |  |  |  | 20.2 | % |  |  | 10 |  |  |  | 1,723 |  |  |  | 19.6 | % |  |  | 349,488 |  |  |  | 13.3 | %
Oregon |  | 4 |  |  | 2,313 |  |  |  | 10.1 | % |  |  | 292,481 |  |  |  | 7.9 | % |  |  | 4 |  |  |  | 2,313 |  |  |  | 26.3 | % |  |  | 291,537 |  |  |  | 11.1 | %
Arizona |  | 2 |  |  | 3,000 |  |  |  | 13.0 | % |  |  | 172,461 |  |  |  | 4.7 | % |  |  | 1 |  |  |  | 1,761 |  |  |  | 20.0 | % |  |  | 79,916 |  |  |  | 3.0 | %
Nebraska |  | 2 |  |  | 2,559 |  |  |  | 11.1 | % |  |  | 144,907 |  |  |  | 3.9 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Colorado |  | 3 |  |  | 6,191 |  |  |  | 26.9 | % |  |  | 124,000 |  |  |  | 3.4 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Michigan |  | 4 |  |  | 270 |  |  |  | 1.2 | % |  |  | 62,372 |  |  |  | 1.7 | % |  |  | 4 |  |  |  | 270 |  |  |  | 3.1 | % |  |  | 61,679 |  |  |  | 2.4 | %
|  | 46 |  |  | 23,003 |  |  |  | 100.0 | % |  | $ | 3,679,474 |  |  |  | 100.0 | % |  |  | 34 |  |  |  | 8,789 |  |  |  | 100.0 | % |  | $ | 2,622,327 |  |  |  | 100.0 | %
2016 New Real Estate Activity [Member] |
Summary Information of Farms | During the three months ended March 31, 2016, we acquired three new farms in one transaction, which is summarized in the table below.
|  |  |  |  |  |  |  | Number |  |  |  |  |  |  |  | Total |  |  |  |  |  | Annualized |  |  |  |
Property |  | Property |  | Acquisition |  | Total |  | of |  | Primary |  | Lease |  | Renewal |  | Purchase |  |  | Acquisition |  |  | Straight-line |  |  | Long-term |
Name |  | Location |  | Date |  | Acreage |  | Farms |  | Crop(s) |  | Term |  | Options |  | Price |  |  | Costs |  |  | Cash Rent(1) |  |  | Debt Issued |
Gunbarrel Road (2) |  | Alamosa, CO |  | 3/3/2016 |  | 6,191 |  | 3 |  | Potatoes |  | 5 years |  | 1 (5 years) |  | $ | 25,735,815 |  |  | $ | 88,889 | (3) |  | $ | 1,590,614 |  |  | $ | 15,531,000 |
(1) | Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease.
(2) | As partial consideration for the acquisition of this property, we issued 745,879 OP Units, constituting an aggregate fair value of approximately $6.5 million as of the acquisition date.
(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 $4,670 of direct leasing costs in connection with this acquisition.
Fair Value of Assets Acquired and Liabilities Assumed Related to Property Acquired | We determined the fair value of assets acquired and liabilities assumed related to the property acquired during the three months ended March 31, 2016, to be as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  | Land and Land |  |  |  |  |  | Irrigation |  |  | Other |  |  | In-place |  |  | Leasing |  |  | Purchase |
Property Name |  | Improvements |  |  | Buildings |  |  | Systems |  |  | Improvements |  |  | Leases |  |  | Costs |  |  | Price |
Gunbarrel Road |  | $ | 16,755,814 |  |  | $ | 3,438,291 |  |  | $ | 2,830,738 |  |  | $ | 2,079,102 |  |  | $ | 381,977 |  |  | $ | 249,893 |  |  | $ | 25,735,815 |
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 property acquired during the three months ended March 31, 2016:
|  | Acquisition |  |  | Operating |  |  |  |
Property Name |  | Date |  |  | Revenues |  |  | Earnings (1) |
Gunbarrel Road |  |  | 3/3/2016 |  |  | $ | 123,999 |  |  | $ | 21,075 |
(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.
2015 New Real Estate Activity [Member] |
Summary Information of Farms | During the three months ended March 31, 2015, we acquired two new farms in two separate transactions, which are summarized in the table below.
|  |  |  |  |  |  |  | Number |  |  |  |  |  |  |  | Total |  |  |  |  |  | Annualized |  |  |  |
Property |  | Property |  | Acquisition |  | Total |  | of |  | Primary |  | Lease |  | Renewal |  | Purchase |  |  | Acquisition |  |  | Straight-line |  |  | Long-term |
Name |  | Location |  | Date |  | Acreage |  | Farms |  | Crop(s) |  | Term |  | Options |  | Price |  |  | Costs |  |  | Cash Rent(1) |  |  | 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 |
|  |  |  |  |  | 750 |  | 2 |  |  |  |  |  |  |  | $ | 20,818,780 |  |  | $ | 193,495 |  |  | $ | 1,030,174 |  |  | $ | 12,552,680 |
(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 the Adviser fully credited back to us 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 $2,625 of direct leasing costs in connection with these acquisitions.
Fair Value of Assets Acquired and Liabilities Assumed Related to Property Acquired | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2015, to be as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  | Land and Land |  |  | Buildings and |  |  | Irrigation |  |  | In-place |  |  | Leasing |  |  | Tenant |  |  | Purchase |
Property Name |  | Improvements |  |  | Improvements |  |  | System |  |  | Leases |  |  | Costs |  |  | Relationships |  |  | Price |
Espinosa Road |  | $ | 15,852,466 |  |  | $ | 84,478 |  |  | $ | 497,401 |  |  | $ | 246,472 |  |  | $ | 43,895 |  |  | $ | 180,788 |  |  | $ | 16,905,500 |
Parrish Road |  |  | 2,403,064 |  |  |  | 42,619 |  |  |  | 1,299,851 |  |  |  | 54,405 |  |  |  | 77,449 |  |  |  | 35,892 |  |  |  | 3,913,280 |
|  | $ | 18,255,530 |  |  | $ | 127,097 |  |  | $ | 1,797,252 |  |  | $ | 300,877 |  |  | $ | 121,344 |  |  | $ | 216,680 |  |  | $ | 20,818,780 |
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 months ended March 31, 2015:
|  | Acquisition |  | Operating |  |  |  |
Property Name |  | Date |  | Revenues |  |  | Earnings(1) |
Espinosa Road |  | 1/5/2015 |  | $ | 186,216 |  |  | $ | 97,058 |
Parrish Road |  | 3/10/2015 |  |  | 14,216 |  |  |  | 7,179 |
|  |  |  | $ | 200,432 |  |  | $ | 104,237 |
(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.

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