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Real Estate and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2016
Summary Information of Farms | The following table provides certain summary information about our 56 farms as of September 30, 2016:
Property Name |  | Location |  | Date Acquired |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Lease Expiration Date |  |  | Net Cost Basis(1) |  | Encumbrances(2) |
San Andreas |  | Watsonville, CA |  | 6/16/1997 |  | 1 |  | 307 |  | 238 |  | 12/31/2020 |  |  | $ | 4,756,950 |  |  | $ | 7,702,672 |  |
West Gonzales |  | Oxnard, CA |  | 9/15/1998 |  | 1 |  | 653 |  | 502 |  | 6/30/2020 |  |  | 12,066,248 |  |  | 30,017,766 |  |
West Beach |  | Watsonville, CA |  | 1/3/2011 |  | 3 |  | 196 |  | 195 |  | 12/31/2023 |  |  | 9,277,502 |  |  | 6,717,183 |  |
Dalton Lane |  | Watsonville, CA |  | 7/7/2011 |  | 1 |  | 72 |  | 70 |  | 10/31/2020 |  |  | 2,675,171 |  |  | 1,590,375 |  |
Keysville Road |  | Plant City, FL |  | 10/26/2011 |  | 2 |  | 61 |  | 56 |  | 6/30/2020 |  |  | 1,239,430 |  |  | 897,600 |  |
Colding Loop |  | Wimauma, FL |  | 8/9/2012 |  | 1 |  | 219 |  | 181 |  | 8/4/2017 |  |  | 3,865,019 |  |  | 2,640,000 |  |
Trapnell Road |  | Plant City, FL |  | 9/12/2012 |  | 3 |  | 124 |  | 110 |  | 6/30/2017 | (3) |  | 3,837,986 |  |  | 2,389,500 |  |
38th Avenue |  | Covert, MI |  | 4/5/2013 |  | 1 |  | 119 |  | 89 |  | 4/4/2020 |  |  | 1,246,393 |  |  | 759,506 |  |
Sequoia Street |  | Brooks, OR |  | 5/31/2013 |  | 1 |  | 218 |  | 206 |  | 5/31/2028 |  |  | 3,082,764 |  |  | 1,755,757 |  |
Natividad Road |  | Salinas, CA |  | 10/21/2013 |  | 1 |  | 166 |  | 166 |  | 10/31/2024 |  |  | 8,923,059 |  |  | 3,964,611 |  |
20th Avenue |  | South Haven, MI |  | 11/5/2013 |  | 3 |  | 151 |  | 94 |  | 11/4/2018 |  |  | 1,832,760 |  |  | 1,132,746 |  |
Broadway Road |  | Moorpark, CA |  | 12/16/2013 |  | 1 |  | 60 |  | 46 |  | 12/15/2023 |  |  | 2,873,371 |  |  | 1,699,119 |  |
Oregon Trail |  | Echo, OR |  | 12/27/2013 |  | 1 |  | 1,895 |  | 1,640 |  | 12/31/2023 |  |  | 13,993,354 |  |  | 7,929,221 |  |
East Shelton |  | Willcox, AZ |  | 12/27/2013 |  | 1 |  | 1,761 |  | 1,320 |  | 2/29/2024 |  |  | 7,730,123 |  |  | 4,717,887 |  |
Collins Road |  | Clatskanie, OR |  | 5/30/2014 |  | 2 |  | 200 |  | 157 |  | 9/30/2024 |  |  | 2,341,601 |  |  | 1,529,207 |  |
Spring Valley |  | Watsonville, CA |  | 6/13/2014 |  | 1 |  | 145 |  | 110 |  | 9/30/2022 |  |  | 5,731,872 |  |  | 3,922,133 |  |
McIntosh Road |  | Dover, FL |  | 6/20/2014 |  | 2 |  | 94 |  | 78 |  | 6/30/2017 | (4) |  | 2,441,053 |  |  | 1,439,640 |  |
Naumann Road |  | Oxnard, CA |  | 7/23/2014 |  | 1 |  | 68 |  | 66 |  | 7/31/2017 |  |  | 6,773,068 |  |  | 3,902,310 |  |
Sycamore Road |  | Arvin, CA |  | 7/25/2014 |  | 1 |  | 326 |  | 322 |  | 10/31/2024 |  |  | 6,829,362 |  |  | 4,379,762 |  |
Wauchula Road |  | Duette, FL |  | 9/29/2014 |  | 1 |  | 808 |  | 590 |  | 9/30/2024 |  |  | 13,450,170 |  |  | 7,433,100 |  |
Santa Clara Avenue |  | Oxnard, CA |  | 10/29/2014 |  | 2 |  | 333 |  | 331 |  | 7/31/2017 |  |  | 24,135,194 |  |  | 14,159,324 |  |
Dufau Road |  | Oxnard, CA |  | 11/4/2014 |  | 1 |  | 65 |  | 64 |  | 11/3/2017 |  |  | 6,016,522 |  |  | 3,675,000 |  |
Espinosa Road |  | Salinas, CA |  | 1/5/2015 |  | 1 |  | 331 |  | 329 |  | 10/31/2020 |  |  | 16,111,013 |  |  | 10,178,000 |  |
Parrish Road |  | Duette, FL |  | 3/10/2015 |  | 1 |  | 419 |  | 412 |  | 6/30/2025 |  |  | 4,141,521 |  |  | 2,374,680 |  |
Immokalee Exchange |  | Immokalee, FL |  | 6/25/2015 |  | 2 |  | 2,678 |  | 1,644 |  | 6/30/2020 |  |  | 15,467,267 |  |  | 9,360,000 |  |
Holt County |  | Stuart, NE |  | 8/20/2015 |  | 1 |  | 1,276 |  | 1,052 |  | 12/31/2018 |  |  | 5,423,218 |  |  | 3,301,000 |  |
Rock County |  | Bassett, NE |  | 8/20/2015 |  | 1 |  | 1,283 |  | 1,049 |  | 12/31/2018 |  |  | 5,406,522 |  |  | 3,301,000 |  |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  | 3 |  | 854 |  | 841 |  | 1/9/2031 |  |  | 26,828,964 |  |  | 12,559,887 |  |
Corbitt Road |  | Immokalee, FL |  | 11/2/2015 |  | 1 |  | 691 |  | 390 |  | 12/31/2021 |  |  | 3,755,637 |  |  | 3,714,880 |  |
Reagan Road |  | Willcox, AZ |  | 12/22/2015 |  | 1 |  | 1,239 |  | 875 |  | 12/31/2025 |  |  | 5,750,597 |  |  | 3,639,000 |  |
Gunbarrel Road |  | Alamosa, CO |  | 3/3/2016 |  | 3 |  | 6,191 |  | 4,730 |  | 2/28/2021 |  |  | 25,015,493 |  |  | 15,303,500 |  |
Calaveras Avenue |  | Coalinga, CA |  | 4/5/2016 |  | 1 |  | 453 |  | 435 |  | 10/31/2025 |  |  | 15,290,013 |  |  | 9,282,000 |  |
Orange Avenue |  | Fort Pierce, FL |  | 7/1/2016 |  | 1 |  | 401 |  | 400 |  | 6/30/2023 |  |  | 5,113,269 |  |  | 3,091,761 |  |
Lithia Road |  | Lithia, FL |  | 8/11/2016 |  | 1 |  | 72 |  | 55 |  | 5/31/2021 |  |  | 1,700,469 |  |  | 1,020,000 |  |
Baca County |  | Edler, CO |  | 9/1/2016 |  | 5 |  | 7,384 |  | 6,785 |  | 12/31/2020 |  |  | 6,385,779 |  |  | — |  | (5)
Diego Ranch |  | Stanislaus, CA |  | 9/14/2016 |  | 1 |  | 1,357 |  | 1,309 |  | 11/15/2019 |  |  | 13,997,610 |  |  | — |  | (5)
Nevada Ranch |  | Merced, CA |  | 9/14/2016 |  | 1 |  | 1,130 |  | 1,021 |  | 11/15/2019 |  |  | 13,231,638 |  |  | — |  | (5)
|  |  |  |  |  | 56 |  | 33,800 |  | 27,958 |  |  |  |  | $ | 308,737,982 |  |  | $ | 191,480,127 |  |
(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 (excluding improvements paid for by the tenant) 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 $1.1 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 three agricultural leases and one commercial lease on this property. Each of the agricultural leases expires on June 30, 2017, and the commercial lease expires on June 30, 2018.
(4) | There are two leases in place on this property, one expiring on June 30, 2017, and the other expiring on June 30, 2019.
(5) | Pledged as collateral under the MetLife Facility subsequent to September 30, 2016. See Note 10, "Subsequent Events," for further discussion.
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, 2016, and December 31, 2015:
|  | September 30, 2016 |  | December 31, 2015
Real estate: |  |  |  |
Land and land improvements |  | $ | 251,906,593 |  |  | $ | 192,020,381 |
Irrigation systems |  | 33,355,718 |  |  | 21,849,508 |
Buildings |  | 14,670,759 |  |  | 11,184,647 |
Horticulture |  | 14,281,209 |  |  | 1,490,695 |
Other improvements |  | 4,804,376 |  |  | 1,872,606 |
Real estate, at cost |  | 319,018,655 |  |  | 228,417,837 |
Accumulated depreciation |  | (9,781,651 | ) |  | (6,634,412 | )
Real estate, net |  | $ | 309,237,004 |  |  | $ | 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 September 30, 2016, and December 31, 2015:
|  | September 30, 2016 |  | December 31, 2015
Lease intangibles: |  |  |  |
In-place leases |  | $ | 1,727,483 |  |  | $ | 1,225,955 |
Leasing costs |  | 1,086,846 |  |  | 677,112 |
Tenant relationships |  | 886,743 |  |  | 886,743 |
Lease intangibles, at cost |  | 3,701,072 |  |  | 2,789,810 |
Accumulated amortization |  | (1,585,987 | ) |  | (1,026,269 | )
Lease intangibles, net |  | $ | 2,115,085 |  |  | $ | 1,763,541 |
Total amortization expense related to these lease intangible assets was $207,234 and $582,095 for the three and nine months ended September 30, 2016, respectively, and $193,621 and $645,448 for the three and nine months ended September 30, 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 September 30, 2016, and December 31, 2015.
|  | September 30, 2016 |  | December 31, 2015
Intangible Asset or Liability |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion
Above-market lease values(1) |  | $ | 19,528 |  |  | $ | (12,422 | ) |  | $ | 19,528 |  |  | $ | (7,540 | )
Below-market lease values and deferred revenue(2) |  | (785,917 | ) |  | 46,818 |  |  | (202,579 | ) |  | 23,205 |
|  | $ | (766,389 | ) |  | $ | 34,396 |  |  | $ | (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 new real estate acquired as part of business combinations during the nine months ended September 30, 2016 and 2015:
|  | Weighted-Average Amortization Period (in Years)
Intangible Assets and Liabilities |  | 2016 |  | 2015
In-place leases |  | 8.7 |  |  | 4.1 |
Leasing costs |  | 10.6 |  |  | 5.5 |
Tenant relationships |  | — |  |  | 9.5 |
Below-market lease values and deferred revenue |  | 20.9 |  |  | — |
All intangible assets and liabilities | 14.0 |  |  | 6.2 |
Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired | The following table reflects pro-forma consolidated financial information as if each farm acquired as part of a business combination 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 September 30, |  | For the Nine Months Ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Operating Data: |  |  |  |  |  |  |  |
Total operating revenue |  | $ | 4,718,052 |  |  | $ | 3,460,986 |  |  | $ | 13,285,819 |  |  | $ | 8,864,148 |
Net income attributable to the company |  | $ | 211,822 |  |  | $ | (176,949 | ) |  | $ | 593,599 |  |  | $ | 914,580 |
Share and Per-share Data: |  |  |  |  |  |  |  |
Earnings per share of common stock – basic and diluted |  | $ | 0.02 |  |  | $ | (0.02 | ) |  | $ | 0.06 |  |  | $ | 0.10 |
Weighted-average common shares outstanding – basic and diluted |  | 10,018,331 |  |  | 9,060,314 |  |  | 10,001,466 |  |  | 9,060,314 |
Summary of Geographic Locations of Properties | The following table summarizes the geographic locations, by state, of our properties with leases in place as of September 30, 2016 and 2015:
|  | As of and For the Nine Months Ended September 30, 2016 |  | As of and For the Nine Months Ended September 30, 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 |  | 21 |  | 6,516 |  |  | 19.3 | % |  | $ | 6,986,099 |  |  | 56.4 | % |  | 18 |  | 3,576 |  |  | 24.0 | % |  | $ | 5,652,357 |  |  | 66.6 | %
Florida |  | 15 |  | 5,567 |  |  | 16.5 | % |  | 2,407,893 |  |  | 19.4 | % |  | 12 |  | 4,401 |  |  | 29.6 | % |  | 1,458,433 |  |  | 17.2 | %
Colorado |  | 8 |  | 13,575 |  |  | 40.1 | % |  | 951,285 |  |  | 7.7 | % |  | — |  | — |  |  | — |  |  | — |  |  | — | %
Oregon |  | 4 |  | 2,313 |  |  | 6.8 | % |  | 877,547 |  |  | 7.1 | % |  | 4 |  | 2,313 |  |  | 15.6 | % |  | 876,244 |  |  | 10.3 | %
Arizona |  | 2 |  | 3,000 |  |  | 8.9 | % |  | 543,642 |  |  | 4.4 | % |  | 1 |  | 1,761 |  |  | 11.8 | % |  | 243,953 |  |  | 2.9 | %
Nebraska |  | 2 |  | 2,559 |  |  | 7.6 | % |  | 434,722 |  |  | 3.5 | % |  | 2 |  | 2,559 |  |  | 17.2 | % |  | 67,000 |  |  | 0.8 | %
Michigan |  | 4 |  | 270 |  |  | 0.8 | % |  | 187,115 |  |  | 1.5 | % |  | 4 |  | 270 |  |  | 1.8 | % |  | 185,036 |  |  | 2.2 | %
|  | 56 |  | 33,800 |  |  | 100.0 | % |  | $ | 12,388,303 |  |  | 100.0 | % |  | 41 |  | 14,880 |  |  | 100.0 | % |  | $ | 8,483,023 |  |  | 100.0 | %
2016 New Real Estate Activity [Member] |
Summary Information of Farms | During the nine months ended September 30, 2016, we acquired 13 new farms in seven separate transactions, which are summarized in the table below.
Property Name |  | Property Location |  | Acquisition Date |  | Total Acreage |  | No. of Farms |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs |  | Annualized Straight-line Rent(1) |  | Net Long-term Debt Issued
Gunbarrel Road (2) |  | Alamosa, CO |  | 3/3/2016 |  | 6,191 |  | 3 |  | Organic Potatoes |  | 5 years |  | 1 (5 years) |  | $ | 25,735,815 |  |  | $ | 119,085 |  | (3) | $ | 1,590,614 |  |  | $ | 15,531,000 |
Calaveras Avenue |  | Coalinga, CA |  | 4/5/2016 |  | 453 |  | 1 |  | Pistachios |  | 10 years |  | 1 (5 years) |  | 15,470,000 |  |  | 38,501 |  | (4) | 773,500 |  | (5) | 9,282,000 |
Orange Avenue |  | Fort Pierce, FL |  | 7/1/2016 |  | 401 |  | 1 |  | Vegetables |  | 7 years |  | 2 (7 years) |  | 5,100,000 |  |  | 37,615 |  | (4) | 291,173 |  |  | 3,120,000 |
Lithia Road |  | Plant City, FL |  | 8/11/2016 |  | 72 |  | 1 |  | Strawberries |  | 5 years |  | None |  | 1,700,000 |  |  | 38,296 |  | (3) | 97,303 |  |  | 1,020,000 |
Baca County(6) |  | Edler, CO |  | 9/1/2016 |  | 7,384 |  | 5 |  | Grass Hay and Alfalfa |  | 4 years |  | 1 (5 years) |  | 6,322,853 |  |  | 72,340 |  | (4) | 383,734 |  |  | — |
Diego Ranch(7) |  | Stanislaus, CA |  | 9/14/2016 |  | 1,357 |  | 1 |  | Almonds |  | 3 years |  | 3 (5 years) & 1 (3 years) |  | 13,996,606 |  |  | 63,114 |  | (3) | 621,115 |  |  | — |
Nevada Ranch |  | Merced, CA |  | 9/14/2016 |  | 1,130 |  | 1 |  | Almonds |  | 3 years |  | 3 (5 years) & 1 (3 years) |  | 13,231,832 |  |  | 40,833 |  | (3) | 574,274 |  |  | — |
|  |  |  |  |  | 16,988 |  | 13 |  |  |  |  |  |  |  | $ | 81,557,106 |  |  | $ | 409,784 |  |  | $ | 4,331,713 |  |  | $ | 28,953,000 |
(1) | Annualized straight-line amount is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP.
(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. We incurred $25,500 of legal costs in connection with the issuance of these OP Units.
(3) | Acquisition accounted for as a business combination under ASC 805. In aggregate, $9,520 of these costs related to direct leasing costs incurred in connection with these acquisitions.
(4) | Acquisition accounted for as an asset acquisition under ASC 360.
(5) | Lease provides for a variable rent component based on the gross crop revenues earned on the property. The figure above represents only the minimum cash rents guaranteed under the lease.
(6) | As partial consideration for the acquisition of this property, we issued 125,677 OP Units, constituting an aggregate fair value of approximately $1.5 million as of the acquisition date. We incurred approximately $8,235 of legal costs in connection with the issuance of these OP Units.
(7) | As partial consideration for the acquisition of this property, we issued 343,750 OP Units, constituting an aggregate fair value of approximately $3.9 million as of the acquisition date. We incurred approximately $21,732 of legal costs in connection with the issuance of these OP Units.
Fair Value of Assets Acquired and Liabilities Assumed Related to Property Acquired | The preliminary allocation of the purchase price for the farms acquired during the nine months ended September 30, 2016, are as follows:
Property Name |  | Land and Land Improvements |  | Buildings |  | Irrigation Systems |  | Other Improvements |  | Horticulture |  | In-place Leases |  | Leasing Costs |  | Above (Below)- Market Lease |  | Total Purchase Price
Gunbarrel Road |  | $ | 16,755,814 |  |  | $ | 3,438,291 |  |  | $ | 2,830,738 |  |  | $ | 2,079,102 |  |  | $ | — |  |  | $ | 381,977 |  |  | $ | 249,893 |  |  | — |  |  | $ | 25,735,815 |
Calaveras Avenue |  | 3,615,436 |  |  | — |  |  | 424,112 |  |  | — |  |  | 11,430,452 |  |  | — |  |  | — |  |  | — |  |  | 15,470,000 |
Orange Avenue |  | 4,135,741 |  |  | 29,777 |  |  | 934,482 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,100,000 |
Lithia Road |  | 1,461,090 |  |  | 10,656 |  |  | 213,325 |  |  | — |  |  | — |  |  | 7,739 |  |  | 16,265 |  |  | (9,075 | ) |  | 1,700,000 |
Baca County |  | 6,111,287 |  |  | 211,566 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,322,853 |
Diego Ranch |  | 14,136,135 |  |  | — |  |  | 45,535 |  |  | — |  |  | — |  |  | 58,535 |  |  | 73,337 |  |  | (316,936 | ) |  | 13,996,606 |
Nevada Ranch |  | 12,863,790 |  |  | — |  |  | 505,196 |  |  | — |  |  | — |  |  | 53,276 |  |  | 66,895 |  |  | (257,325 | ) |  | 13,231,832 |
|  | $ | 59,079,293 |  |  | $ | 3,690,290 |  |  | $ | 4,953,388 |  |  | $ | 2,079,102 |  |  | $ | 11,430,452 |  |  | $ | 501,527 |  |  | $ | 406,390 |  |  | $ | (583,336 | ) |  | $ | 81,557,106 |
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, 2016:
|  |  |  | For the three months ended September 30, 2016 |  | For the nine months ended September 30, 2016
Property Name |  | Acquisition Date |  | Operating Revenues |  | Earnings(1) |  | Operating Revenues |  | Earnings(1)
Gunbarrel Road |  | 3/3/2016 |  | $ | 397,654 |  |  | $ | (28,515 | ) |  | $ | 919,306 |  |  | $ | (180,491 | )
Calaveras Avenue |  | 4/5/2016 |  | 193,375 |  |  | (8,478 | ) |  | 377,240 |  |  | (11,321 | )
Orange Avenue |  | 7/1/2016 |  | 72,793 |  |  | 15,884 |  |  | 72,793 |  |  | 15,884 |
Lithia Road |  | 8/11/2016 |  | 13,601 |  |  | (28,607 | ) |  | 13,601 |  |  | (28,607 | )
Baca County |  | 9/1/2016 |  | 31,978 |  |  | 30,799 |  |  | 31,978 |  |  | 30,799 |
Diego Ranch |  | 9/14/2016 |  | 31,056 |  |  | (10,070 | ) |  | 31,056 |  |  | (10,070 | )
Nevada Ranch |  | 9/14/2016 |  | 28,714 |  |  | (12,921 | ) |  | 28,714 |  |  | (12,921 | )
|  |  |  | $ | 769,171 |  |  | $ | (41,908 | ) |  | $ | 1,474,688 |  |  | $ | (196,727 | )
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 |  | No. of Farms |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs |  | Annualized Straight-line Rent(1) |  | Net 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 |  |  | 152,571 |  | (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 |  |  | 27,589 |  | (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 |  |  | 27,589 |  | (3) | 289,815 |  |  | 3,301,000 |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  | 854 |  | 3 |  | Almonds |  | 15.4 years |  | 1 (10 years) |  | 18,922,500 |  |  | 117,742 |  | (4) | 1,115,992 |  |  | 21,138,196 |
|  |  |  |  |  | 6,841 |  | 9 |  |  |  |  |  |  |  | $ | 66,506,980 |  |  | $ | 518,986 |  |  | $ | 3,685,900 |  |  | $ | 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 the Adviser fully credited back to us during the nine months ended September 30, 2015. See Note 6, “Related-Party Transactions” for further discussion on this fee.
(3) | Acquisition accounted for as a business combination under ASC 805. In aggregate, $11,825 of these costs related to direct leasing costs incurred in connection with these acquisitions.
(4) | Acquisition accounted for as an asset acquisition under ASC 360.
Fair Value of Assets Acquired and Liabilities Assumed Related to Property Acquired | The allocation of the purchase price for the farms acquired during the the nine months ended September 30, 2015, were 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 |  |  | $ | (2,922 | ) |  | $ | 575,387 |  |  | $ | (53,281 | )
Parrish Road |  | 3/10/2015 |  | 62,958 |  |  | (10,175 | ) |  | 140,133 |  |  | (106,362 | )
Immokalee Exchange |  | 6/25/2015 |  | 240,026 |  |  | 94,302 |  |  | 240,026 |  |  | (60,045 | )
Holt County |  | 8/20/2015 |  | 33,500 |  |  | (6,075 | ) |  | 33,500 |  |  | (6,075 | )
Rock County |  | 8/20/2015 |  | 33,500 |  |  | (7,927 | ) |  | 33,500 |  |  | (7,927 | )
Bear Mountain |  | 9/3/2015 |  | 64,430 |  |  | 59,023 |  |  | 64,430 |  |  | 59,023 |
|  |  |  | $ | 629,000 |  |  | $ | 126,226 |  |  | $ | 1,086,976 |  |  | $ | (174,667 | )
(1) | In aggregate, includes $75,293 and $413,374 of non-recurring acquisition-related costs during the three and nine months ended September 30, 2015, respectively.

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