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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2016
Summary of Borrowings | Our borrowings as of December 31, 2016 and 2015 are summarized below:
|  | Carrying Value as of |  | As of December 31, 2016
|  | December 31, 2016 |  | December 31, 2015 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Mortgage notes and bonds payable: |  |  |  |  |  |  |  |
Fixed-rate mortgage notes payable |  | $ | 142,860,529 |  |  | $ | 107,423,157 |  |  | 2.90%–3.94%; 3.25% |  | 5/1/2020–11/1/2041; June 2030
Variable-rate mortgage notes payable |  | — |  |  | 2,185,000 |  |  | N/A |  | N/A
Fixed-rate bonds payable |  | 49,348,500 |  |  | 33,025,000 |  |  | 2.38%–3.29%; 2.94% |  | 7/30/2018–8/22/2023; October 2020
Total mortgage notes and bonds payable |  | 192,209,029 |  |  | 142,633,157 |  |  |  |  |
Deferred financing costs – mortgage notes and bonds payable |  | (1,412,017 | ) |  | (1,054,222 | ) |  | N/A |  | N/A
Mortgage notes and bonds payable, net |  | $ | 190,797,012 |  |  | $ | 141,578,935 |  |  |  |  |
Variable-rate revolving lines of credit |  | $ | 16,550,000 |  |  | $ | 100,000 |  |  | 3.11% |  | 4/5/2024
Total borrowings, net |  | $ | 207,347,012 |  |  | $ | 141,678,935 |  |  |  |  |
(1) | Where applicable, stated interest rates are before interest patronage (as described below).
Principal Payments of Aggregate Borrowings | Scheduled principal payments of our aggregate mortgage notes and bonds payable as of December 31, 2016, for the succeeding years are as follows:
Period |  | Scheduled Principal Payments
For the fiscal years ending December 31: | 2017 |  | $ | 5,319,053 |
| 2018 |  | 21,299,607 |
| 2019 |  | 8,903,854 |
| 2020 |  | 18,575,013 |
| 2021 |  | 5,026,008 |
| Thereafter |  | 133,085,494 |
|  |  | $ | 192,209,029 |
MetLife Credit Facility |
Summary of Borrowings | The following table summarizes the terms of the New MetLife Facility as of December 31, 2016:
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment |
MetLife Term Notes |  | $150,000,000 | (1) | 1/5/2029 |  | $ | 107,489,466 |  |  | 3.16%, fixed for 10 years | (2) | $ | 40,979,806 |  | (3)
MetLife Lines of Credit |  | 50,000,000 |  | 4/5/2024 |  | 16,550,000 |  |  | 3-month LIBOR + 2.25% | (4) | 33,450,000 |  | (3)
Total principal outstanding |  |  |  | $ | 124,039,466 |  |  |  |  |  |
(1) | If the aggregate commitment under this facility is not fully utilized by December 31, 2018, MetLife has the option to be relieved of its obligations to disburse the additional funds under the MetLife Term Notes.
(2) | Represents the blended interest rate as of December 31, 2016. Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027. Through December 31, 2018, the MetLife Term Notes are also subject to an unused fee of 0.20% on undrawn amounts.
(3) | Based on the properties that were pledged as collateral under the New MetLife Facility, as of December 31, 2016, the maximum additional amount we could draw under the facility was approximately $22.3 million.
(4) | The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee of 0.20% on undrawn amounts. The interest rate spread will be subject to adjustment on October 5, 2019. As of December 31, 2016, the interest rate on the MetLife Lines of Credit was 3.11%
Farm Credit Notes Payable |
Summary of Borrowings | During the year ended December 31, 2016, we entered into one loan agreement with Farm Credit CFL, the terms of which are summarized below:
Date of Issuance |  | Loan Amount |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(1)
7/1/2016 |  | $ | 3,120,000 |  | (2) | 6/1/2023 |  | 36.0 years |  | 3.78%, fixed throughout term
(1) | Rates represent the stated interest rates, before interest patronage. 2015 interest patronage received resulted in a 16.1% refund of the interest accrued on such borrowings during the year ended December 31, 2015.
(2) | Proceeds from this loan were used for the acquisition of a new property.
The following table summarizes, in the aggregate, the terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of December 31, 2016:
Dates of Issuance |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |
9/19/2014 – 7/1/2016 |  | 5/1/2020–10/1/2040 |  | $ | 22,309,645 |  |  | 3.48% | (2)
(1) | Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016.
(2) | Rate is before interest patronage. 2015 interest patronage received resulted in a 16.1% reduction to the stated interest rate on such borrowings
Farm Credit West Note Payable |
Summary of Borrowings | During the year ended December 31, 2016, we entered into two separate loan agreements with Farm Credit West, the terms of which are summarized in the aggregate below:
Dates of Issuance |  | Loan Amount |  | Maturity Dates |  | Principal Amortization |  | Interest Rate Terms(1)
4/4/2016 |  | $ | 9,282,000 |  | (2) | 11/1/2040 |  | 24.5 years |  | 3.54%, fixed through 4/30/2121, variable thereafter
(1) | Rates represent the stated interest rates, before interest patronage.
(2) | Proceeds from this note were used for the acquisition of a new property.
The following table summarizes, in the aggregate, the terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of December 31, 2016:
Dates of Issuance |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |
4/4/2016 – 10/13/2016 |  | 11/1/2040-11/1/2041 |  | $ | 13,061,418 |  |  | 3.66% | (2)
(1) | Represents the weighted-average, blended rate on the respective borrowings as of December 31, 2016.
(2) | Rate is before interest patronage
Farmer Mac Facility |
Summary of Borrowings | During the year ended December 31, 2016, we issued three bonds for gross proceeds of approximately $16.6 million, the terms of which are summarized in the aggregate in the table below:
Dates of Issuance |  | Gross Proceeds |  | Maturity Dates |  | Principal Amortization |  | Interest Rate Terms
3/3/2016–8/22/2016 |  | $ | 16,551,000 |  | (1) | 2/24/2023–8/22/2023 |  | None–9.7 years |  | 2.87%–3.08%, fixed throughout respective terms
(1) | Proceeds from these bonds were used for the acquisition of new properties.
The following table summarizes, in the aggregate, the terms of the nine bonds outstanding under the Farmer Mac Facility as of December 31, 2016:
Dates of Issuance |  | Initial Commitment |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |  | Undrawn Commitment |
12/11/2014–8/22/2016 |  | $125,000,000 | (2) | 7/30/2018–8/22/2023 |  | $ | 49,348,500 |  |  | 2.94% |  | $ | 74,743,000 |  | (3)
(1) | Represents the weighted-average interest rate as of December 31, 2016.
(2) | 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.
(3) | As of December 31, 2016, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.

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