XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Debt Instrument [Line Items] |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of September 30, 2016, and December 31, 2015, are summarized below:
|  |  |  |  |  |  |  |  |  |  | As of September 30, 2016 |  |  | As of December 31, 2015
Issuer |  | Type of Issuance |  | Date(s) of Issuance |  | Initial Commitment |  | Maturity Date(s) |  |  | Principal Outstanding |  | Stated Interest Rate(1) |  | Undrawn Commitment |  |  | Principal Outstanding |  | Stated Interest Rate(1) |  | Undrawn Commitment
MetLife(2) |  | Mortgage Note Payable |  | 5/9/2014 |  | $ | 100,000,000 |  |  | 1/5/2029 | (3) |  | $ | 85,939,466 |  |  | 3.35% |  | $ | 12,529,806 |  | (4) |  | $ | 87,470,194 |  |  | 3.35% |  | $ | 12,529,806 |
MetLife(2) |  | Line of Credit |  | 5/9/2014 |  | 25,000,000 |  |  | 4/5/2024 |  |  | 22,500,000 |  |  | 2.90% |  | 2,500,000 |  | (4) |  | 100,000 |  |  | 2.58% |  | 24,900,000 |
Farm Credit(5) |  | Mortgage Notes Payable |  | 9/19/2014-7/1/2016 |  | 34,587,880 |  |  | 11/1/2017-11/1/2040 |  |  | 33,263,161 |  |  | 3.50% | (6) | — |  |  |  | 21,456,963 |  |  | 3.42% | (6) | — |
Farmer Mac |  | Bonds Payable |  | 12/11/2014-8/22/2016 |  | 125,000,000 |  |  | 12/22/2016-8/22/2023 | (7) |  | 49,777,500 |  |  | 2.94% |  | 74,743,000 |  | (8) |  | 33,706,000 |  |  | 2.87% |  | 41,294,000 |
Total outstanding principal |  |  |  |  |  |  | 191,480,127 |  |  |  |  |  |  |  | 142,733,157 |  |  |  |  |
Debt issuance costs |  |  |  |  |  |  | (1,100,503 | ) |  |  |  |  |  |  | (1,054,222 | ) |  |  |  |
Total mortgage notes and bonds payable, net |  |  |  |  | $ | 190,379,624 |  |  |  |  |  |  |  | $ | 141,678,935 |  |  |  |  |
(1) | Where applicable, represents the weighted-average, blended rate on the respective borrowings as of each September 30, 2016, and December 31, 2015.
(2) | The MetLife Facility (as defined below) was amended subsequent to September 30, 2016. See Note 10, "Subsequent Events," for further discussion on the amendment.
(3) | As of September 30, 2016, if the facility was not fully utilized by December 31, 2017, MetLife had the option to be relieved of its obligations to disburse the additional funds under the loan. Subsequent to September 30, 2016, our ability to draw under this facility was extended to December 31, 2018. See Note 10, "Subsequent Events," for further discussion.
(4) | Based on the properties that were pledged as collateral under the MetLife Facility, as of September 30, 2016, the maximum additional amount we could draw under the facility was approximately $0.6 million. Our availability under this facility was increased by approximately $28.3 million subsequent to September 30, 2016. See Note 10, "Subsequent Events," for further discussion.
(5) | Includes borrowings from Farm Credit CFL and Farm Credit West, each as defined below.
(6) | Rate is before interest patronage. 2015 interest patronage (as described below) received resulted in a 16.1% reduction to the stated interest rate on such borrowings.
(7) | If facility is not fully utilized by December 11, 2018, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(8) | As of September 30, 2016, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate mortgage notes and bonds payable as of September 30, 2016, for the succeeding years are as follows:
|  |  | Scheduled
Period |  | Principal Payments
For the remaining three months ending December 31: | 2016 |  | $ | 717,096 |
For the fiscal years ending December 31: | 2017 |  | 5,981,018 |
| 2018 |  | 20,480,231 |
| 2019 |  | 8,105,632 |
| 2020 |  | 17,796,920 |
| Thereafter |  | 115,899,230 |
|  |  | $ | 168,980,127 |
Farm Credit Central Florida Notes Payable [Member] |
Debt Instrument [Line Items] |
Schedule of Long-Term Debt, Description | During the nine months ended September 30, 2016, we entered into the following loan agreement with Farm Credit CFL:
Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(1) |  | Use of Proceeds
7/1/2016 |  | $ | 3,120,000 |  |  | 6/1/2023 |  | 36.0 years |  | 3.78 | % | fixed throughout term |  | (2)
(1) Rate represents the stated interest rate, before interest patronage. (2) Proceeds from this note were used in the acquisition of Orange Avenue.
Farm Credit West Note Payable [Member] |
Debt Instrument [Line Items] |
Schedule of Long-Term Debt, Description | During the nine months ended September 30, 2016, we entered into the following loan agreement with Farm Credit West, FLCA ("Farm Credit West"):
Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(1) |  | Use of Proceeds
4/4/2016 |  | $ | 9,282,000 |  |  | 11/1/2040 |  | 24.5 years |  | 3.54 | % | fixed through 4/30/2021, variable thereafter |  | (2)
(1) Rate represents the stated interest rate, before interest patronage.
(2) | Proceeds from this note were used in the acquisition of Calaveras Avenue.
Farmer Mac Bonds Payable [Member] |
Debt Instrument [Line Items] |
Schedule of Long-Term Debt, Description | During the nine months ended September 30, 2016, we issued the following bonds under the Farmer Mac Facility:
Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms |  | Use of Proceeds
3/3/2016 |  | $ | 11,100,000 |  |  | 2/24/2023 |  | None |  | 3.08% | fixed throughout term |  | (1)
3/3/2016 |  | 4,431,000 |  |  | 2/24/2023 |  | 9.7 years |  | 2.98% | fixed throughout term |  | (1)
8/22/2016 |  | 1,020,000 |  |  | 8/22/2023 |  | None |  | 2.87% | fixed throughout term |  | (2)
(1) Proceeds from this bond were used in the acquisition of Gunbarrel Road.
(2) | Proceeds from this note were used in the acquisition of Lithia Road.

X
- Definition Schedule of Long-Term Debt, Description [Table Text Block] + References No definition available. + Details
Name: | land_ScheduleofLongTermDebtDescriptionTableTextBlock
Namespace Prefix: | land_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentAxis=land_FarmCreditCentralFloridaNotesPayableMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=land_FarmCreditWestNotePayableMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=land_FarmerMacBondsPayableMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |