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Real Estate and Intangible Assets | 3 Months Ended
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Mar. 31, 2016
Property, Plant and Equipment [Abstract] |
Real Estate and Intangible Assets | NOTE 3. REAL ESTATE AND INTANGIBLE ASSETS All of our properties are wholly owned on a fee-simple basis. 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.
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 |
Real estate depreciation expense on these tangible assets was $799,985 and $512,513 for the three months ended March 31, 2016 and 2015, respectively. Intangible Assets and Liabilities 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.
Total amortization related to above-market lease values and deferred revenue was $1,627 and $5,395 for the three months ended March 31, 2016 and 2015, respectively. Total accretion related to below-market lease values and deferred revenue was $7,331 and $55,143 for the three months ended March 31, 2016 and 2015, respectively. New Real Estate Activity Certain acquisitions during the periods presented were accounted for as business combinations in accordance with ASC 805, as there was a prior leasing history on the property. As such, the fair value of all assets acquired and liabilities assumed were determined in accordance with ASC 805, and all acquisition-related costs were expensed as incurred, other than those costs that directly related to reviewing or assigning leases we assumed upon acquisition, which were capitalized as part of leasing costs. For acquisitions accounted for as asset acquisitions under ASC 360, all acquisition-related costs were capitalized and included as part of the fair value allocation of the identifiable tangible assets acquired, other than those costs that directly related to originating new leases we executed upon acquisition, which were capitalized as part of leasing costs. In addition, total consideration for acquisitions may include a combination of cash and equity securities, such as limited partnership interests in the Operating Partnership (“OP Units”). When OP Units are issued in connection with acquisitions, we determine the fair value of the OP Units issued based on the number of units issued multiplied by the closing price of the Company’s common stock on the date of acquisition. 2016 New Real Estate Activity 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.
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 |
The allocation of the purchase price for the property acquired during the three months ended March 31, 2016, is preliminary and may change during the measurement period if we obtain new information regarding the assets acquired or liabilities assumed at the acquisition date. 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 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.
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 |
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.
Acquired Intangibles and Liabilities 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 Financials We acquired three farms during the three months ended March 31, 2016, and two farms during the three months ended March 31, 2015. 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 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 |
The pro-forma consolidated results are prepared for informational purposes only. They are not necessarily indicative of what our consolidated financial condition or results of operations actually would have been assuming the acquisitions had occurred at the beginning of the respective previous periods, nor do they purport to represent our consolidated financial position or results of operations for future periods. Significant Existing Real Estate Activity On February 1, 2016, we completed certain irrigation improvements on Sycamore Road to increase overall water availability at a total cost of $993,319. As stipulated in the lease agreement with our tenant, we will earn additional rent on the total cost commensurate with the annual yield on the farmland, which will result in additional straight-line rental income of $53,550 per year throughout the remaining lease term. On February 8, 2016, we renewed the lease with the tenant occupying one of our McIntosh Road farms, which was set to expire on June 30, 2016. The lease was renewed for an additional three years, through June 30, 2019, with annualized, straight-line rental income of $63,000, representing a 17.9% increase over that of the previous lease. Portfolio Diversification and Concentrations Diversification 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 | %
Concentrations Credit Risk As of March 31, 2016, our farms were leased to 34 different, third-party tenants, with certain tenants leasing more than one farm. Dole Food Company (“Dole”) leases two of our farms, and aggregate rental revenue attributable to Dole accounted for approximately $0.7 million, or 20%, of the rental revenue recorded during the three months ended March 31, 2016. If Dole fails to make rental payments or elects to terminate its lease, and the land cannot be re-leased on satisfactory terms, there could be a material adverse effect on our financial performance and ability to continue operations. No other individual tenant represented greater than 10.0% of the total rental revenue recorded during the three months ended March 31, 2016. Geographic Risk 18 of our 46 farms owned as of March 31, 2016, are located in California, and 13 farms are located in Florida. As of March 31, 2016, our farmland in California accounted for 3,576 acres, or 15.6% of the total acreage we owned. Furthermore, these farms accounted for approximately $2.1 million, or 58.2%, of the rental revenue recorded during the three months ended March 31, 2016. However, these farms are spread across three of the many different growing regions within California. As of March 31, 2016, our farmland in Florida accounted for 5,094 acres, or 22.1% of the total acreage we owned, and these farms accounted for approximately $0.7 million, or 20.2%, of the rental revenue recorded during the three months ended March 31, 2016. Though we seek to continue to further diversify geographically, as may be desirable or feasible, should an unexpected natural disaster occur where our properties are located, there could be a material adverse effect on our financial performance and ability to continue operations. No other single state accounted for more than 10.0% of the total rental revenue recorded during the three months ended March 31, 2016.

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