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Real Estate and Lease Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2016
Property, Plant and Equipment [Line Items] |
Summary Information of Farms | The following table provides certain summary information about our 58 farms as of December 31, 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 |  | $ | 4,747,051 |  |  | $ | 6,917,247 |  |
West Gonzales |  | Oxnard, CA |  | 9/15/1998 |  | 1 |  | 653 |  | 502 |  | 6/30/2020 |  | 12,030,677 |  |  | 26,956,919 |  |
West Beach |  | Watsonville, CA |  | 1/3/2011 |  | 3 |  | 196 |  | 195 |  | 12/31/2023 |  | 9,270,197 |  |  | 6,032,246 |  |
Dalton Lane |  | Watsonville, CA |  | 7/7/2011 |  | 1 |  | 72 |  | 70 |  | 10/31/2020 |  | 2,672,113 |  |  | 2,085,347 |  |
Keysville Road |  | Plant City, FL |  | 10/26/2011 |  | 2 |  | 61 |  | 56 |  | 6/30/2020 |  | 1,239,052 |  |  | 897,600 |  |
Colding Loop |  | Wimauma, FL |  | 8/9/2012 |  | 1 |  | 219 |  | 181 |  | 8/4/2017 |  | 3,837,942 |  |  | 2,640,000 |  |
Trapnell Road |  | Plant City, FL |  | 9/12/2012 |  | 3 |  | 124 |  | 110 |  | 6/30/2017 | (3) | 3,808,117 |  |  | 2,389,500 |  |
38th Avenue |  | Covert, MI |  | 4/5/2013 |  | 1 |  | 119 |  | 89 |  | 4/4/2020 |  | 1,236,907 |  |  | 543,207 |  |
Sequoia Street |  | Brooks, OR |  | 5/31/2013 |  | 1 |  | 218 |  | 206 |  | 5/31/2028 |  | 3,073,737 |  |  | 1,705,915 |  |
Natividad Road |  | Salinas, CA |  | 10/21/2013 |  | 1 |  | 166 |  | 166 |  | 10/31/2024 |  | 8,914,338 |  |  | 4,323,279 |  |
20th Avenue |  | South Haven, MI |  | 11/5/2013 |  | 3 |  | 151 |  | 94 |  | 11/4/2018 |  | 1,813,535 |  |  | 914,501 |  |
Broadway Road |  | Moorpark, CA |  | 12/16/2013 |  | 1 |  | 60 |  | 46 |  | 12/15/2023 |  | 2,870,878 |  |  | 1,698,795 |  |
Oregon Trail |  | Echo, OR |  | 12/27/2013 |  | 1 |  | 1,895 |  | 1,640 |  | 12/31/2023 |  | 13,972,826 |  |  | 8,137,938 |  |
East Shelton |  | Willcox, AZ |  | 12/27/2013 |  | 1 |  | 1,761 |  | 1,320 |  | 2/29/2024 |  | 7,681,498 |  |  | 4,236,814 |  |
Collins Road |  | Clatskanie, OR |  | 5/30/2014 |  | 2 |  | 200 |  | 157 |  | 9/30/2024 |  | 2,314,502 |  |  | 1,556,381 |  |
Spring Valley |  | Watsonville, CA |  | 6/13/2014 |  | 1 |  | 145 |  | 110 |  | 9/30/2022 |  | 5,716,822 |  |  | 3,522,201 |  |
McIntosh Road |  | Dover, FL |  | 6/20/2014 |  | 2 |  | 94 |  | 78 |  | 6/30/2017 | (4) | 2,428,657 |  |  | 1,439,640 |  |
Naumann Road |  | Oxnard, CA |  | 7/23/2014 |  | 1 |  | 68 |  | 66 |  | 7/31/2017 |  | 6,752,465 |  |  | 3,524,744 |  |
Sycamore Road |  | Arvin, CA |  | 7/25/2014 |  | 1 |  | 326 |  | 322 |  | 10/31/2024 |  | 6,810,009 |  |  | 3,933,167 |  |
Wauchula Road |  | Duette, FL |  | 9/29/2014 |  | 1 |  | 808 |  | 590 |  | 9/30/2024 |  | 13,318,605 |  |  | 7,329,863 |  |
Santa Clara Avenue |  | Oxnard, CA |  | 10/29/2014 |  | 2 |  | 333 |  | 331 |  | 7/31/2017 |  | 24,099,573 |  |  | 13,732,770 |  |
Dufau Road |  | Oxnard, CA |  | 11/4/2014 |  | 1 |  | 65 |  | 64 |  | 11/3/2017 |  | 6,001,644 |  |  | 3,675,000 |  |
Espinosa Road |  | Salinas, CA |  | 1/5/2015 |  | 1 |  | 331 |  | 329 |  | 10/31/2020 |  | 16,062,427 |  |  | 10,178,000 |  |
Parrish Road |  | Duette, FL |  | 3/10/2015 |  | 1 |  | 419 |  | 412 |  | 6/30/2025 |  | 4,094,292 |  |  | 2,374,680 |  |
Immokalee Exchange |  | Immokalee, FL |  | 6/25/2015 |  | 2 |  | 2,678 |  | 1,644 |  | 6/30/2020 |  | 15,408,261 |  |  | 9,360,000 |  |
Holt County |  | Stuart, NE |  | 8/20/2015 |  | 1 |  | 1,276 |  | 1,052 |  | 12/31/2018 |  | 5,404,736 |  |  | 3,301,000 |  |
Rock County |  | Bassett, NE |  | 8/20/2015 |  | 1 |  | 1,283 |  | 1,049 |  | 12/31/2018 |  | 5,384,329 |  |  | 3,301,000 |  |
Bear Mountain |  | Arvin, CA |  | 9/3/2015 |  | 3 |  | 854 |  | 841 |  | 1/9/2031 |  | 26,837,231 |  |  | 11,279,182 |  |
Corbitt Road |  | Immokalee, FL |  | 11/2/2015 |  | 1 |  | 691 |  | 390 |  | 12/31/2021 |  | 3,733,152 |  |  | 2,165,760 |  |
Reagan Road |  | Willcox, AZ |  | 12/22/2015 |  | 1 |  | 1,239 |  | 875 |  | 12/31/2025 |  | 5,717,113 |  |  | 3,210,000 |  |
Gunbarrel Road |  | Alamosa, CO |  | 3/3/2016 |  | 3 |  | 6,191 |  | 4,730 |  | 2/28/2021 | (5) | 24,704,494 |  |  | 15,303,500 |  |
Calaveras Avenue |  | Coalinga, CA |  | 4/5/2016 |  | 1 |  | 453 |  | 435 |  | 10/31/2025 |  | 15,187,423 |  |  | 9,161,418 |  |
Orange Avenue |  | Fort Pierce, FL |  | 7/1/2016 |  | 1 |  | 401 |  | 400 |  | 6/30/2023 |  | 5,088,923 |  |  | 3,072,602 |  |
Lithia Road |  | Lithia, FL |  | 8/11/2016 |  | 1 |  | 72 |  | 55 |  | 5/31/2021 |  | 1,694,521 |  |  | 1,020,000 |  |
Baca County |  | Edler, CO |  | 9/1/2016 |  | 5 |  | 7,384 |  | 6,785 |  | 12/31/2020 |  | 6,381,955 |  |  | 3,051,727 |  |
Diego Ranch |  | Stanislaus, CA |  | 9/14/2016 |  | 1 |  | 1,357 |  | 1,309 |  | 11/15/2019 |  | 13,999,584 |  |  | 7,273,282 |  |
Nevada Ranch |  | Merced, CA |  | 9/14/2016 |  | 1 |  | 1,130 |  | 1,021 |  | 11/15/2019 |  | 13,234,157 |  |  | 6,713,799 |  |
Central Avenue |  | Kerman, CA |  | 10/13/2016 |  | 1 |  | 197 |  | 195 |  | 10/31/2026 |  | 6,491,229 |  |  | 3,900,000 |  |
Horse Creek |  | Baca, CO |  | 12/28/2016 |  | 1 |  | 16,595 |  | 11,742 |  | 12/31/2020 |  | 11,711,818 |  |  | 5,900,005 |  |
|  |  |  |  |  | 58 |  | 50,592 |  | 39,895 |  |  |  | $ | 325,746,790 |  |  | $ | 208,759,029 |  |
(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 Consolidated Balance Sheet.
(2) | Excludes approximately $1.4 million of deferred financing costs related to mortgage notes and bonds payable included in Mortgage notes and bonds payable, net on the accompanying 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) | The lease agreement on this property includes two terms. The rental period for the land expires on February 28, 2021, and the rental period for the facilities expires on June 30, 2021.
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 December 31, 2016 and 2015:
|  | December 31, 2016 |  | December 31, 2015
Real estate: |  |  |  |
Land and land improvements |  | $ | 265,984,509 |  |  | $ | 192,020,381 |
Irrigation systems |  | 33,968,693 |  |  | 21,849,508 |
Buildings and improvements |  | 14,670,759 |  |  | 11,184,647 |
Horticulture |  | 17,759,193 |  |  | 1,490,695 |
Other site improvements |  | 4,993,440 |  |  | 1,872,606 |
Real estate, at cost |  | 337,376,594 |  |  | 228,417,837 |
Accumulated depreciation |  | (11,065,973 | ) |  | (6,634,412 | )
Real estate, net |  | $ | 326,310,621 |  |  | $ | 221,783,425 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying value of lease intangibles and the accumulated amortization for each intangible asset or liability class as of December 31, 2016 and 2015:
|  | December 31, 2016 |  | December 31, 2015
Lease intangibles: |  |  |  |
In-place leases |  | $ | 1,480,842 |  |  | $ | 1,225,955 |
Leasing costs |  | 1,086,582 |  |  | 677,112 |
Tenant relationships |  | 705,955 |  |  | 886,743 |
Lease intangibles, at cost |  | 3,273,379 |  |  | 2,789,810 |
Accumulated amortization |  | (1,273,606 | ) |  | (1,026,269 | )
Lease intangibles, net |  | $ | 1,999,773 |  |  | $ | 1,763,541 |
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 Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of December 31, 2016, and 2015.
|  | December 31, 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 |  |  | $ | (14,050 | ) |  | $ | 19,528 |  |  | $ | (7,540 | )
Below-market lease values and deferred revenue(2) |  | (785,045 | ) |  | 61,389 |  |  | (202,579 | ) |  | 23,205 |
|  | $ | (765,517 | ) |  | $ | 47,339 |  |  | $ | (183,051 | ) |  | $ | 15,665 |
(1) | Above-market lease values are included as part of Other assets in the accompanying 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 Consolidated Balance Sheets, and the related accretion is recorded as an increase to rental income.
Summary of Estimated Aggregate Amortization Expense and Estimated Net Impact on Rental Income | The estimated aggregate amortization expense to be recorded related to in-place leases, leasing costs and tenant relationships and the estimated net impact on rental income from the amortization or accretion of above- and below-market lease values and deferred revenue for each of the five succeeding fiscal years and thereafter is as follows:
Period |  | Estimated Amortization Expense |  | Estimated Net Increase to Rental Income
For the fiscal years ending December 31: | 2017 |  | $ | 492,153 |  |  | $ | 58,294 |
| 2018 |  | 392,191 |  |  | 52,815 |
| 2019 |  | 354,790 |  |  | 58,294 |
| 2020 |  | 265,599 |  |  | 58,294 |
| 2021 |  | 100,113 |  |  | 57,193 |
| Thereafter |  | 394,927 |  |  | 433,288 |
|  |  | $ | 1,999,773 |  |  | $ | 718,178 |
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 years ended December 31, 2016 and 2015:
|  | Weighted-Average Amortization Period (in Years)
Intangible Assets and Liabilities |  | 2016 |  | 2015
In-place leases |  | 8.7 |  | 4.1
Leasing costs |  | 11.6 |  | 5.5
Tenant relationships |  | 0.0 |  | 9.5
Below-market lease and sale inducement values |  | 20.9 |  | 6.2
All intangible assets and liabilities |  | 14.2 |  | 6.2
Pro-Forma Condensed Consolidated Statements of Operations as Properties Acquired |
|  | For the Years Ended December 31,
|  | 2016 |  | 2015
|  | (Unaudited) |  | (Unaudited)
Operating Data: |  |  |  |
Total operating revenue |  | $ | 18,205,615 |  |  | $ | 13,552,489 |
Net income (loss) attributable to the company |  | 900,749 |  |  | (418,776 | )
Share and Per-share Data: |  |  |  |
Earnings (loss) per share of common stock – basic and diluted |  | $ | 0.09 |  |  | $ | (0.05 | )
Weighted-average common shares outstanding – basic and diluted |  | 10,007,350 |  |  | 8,639,397 |
Summary of Future Lease Expirations by Year for Properties | The following unaudited table summarizes the future lease expirations by year for our properties as of December 31, 2016:
Year |  | Number of Expiring Leases |  | Expiring Leased Acreage |  | % of Total Acreage |  | Rental Revenue for the Year Ended December 31, 2016 |  | % of Total Rental Revenue
2017 |  |  | 11 | (1) |  | 866 |  |  | 1.7 | % |  | $ | 2,296,025 |  |  | 13.3 | %
2018 |  |  | 4 |  |  | 2,710 |  |  | 5.4 | % |  | 825,485 |  |  | 4.8 | %
2019 |  |  | 3 |  |  | 2,524 |  |  | 5.0 | % |  | 419,740 |  |  | 2.4 | %
2020 |  |  | 9 |  |  | 28,200 |  |  | 55.7 | % |  | 5,247,810 |  |  | 30.3 | %
2021 |  |  | 4 |  |  | 6,954 |  |  | 13.7 | % |  | 1,606,592 |  |  | 9.3 | %
2022 |  |  | 1 |  |  | 145 |  |  | 0.3 | % |  | 315,896 |  |  | 1.8 | %
Thereafter |  |  | 15 |  |  | 9,193 |  |  | 18.2 | % |  | 6,593,921 |  |  | 38.1 | %
Totals |  | 47 |  |  | 50,592 |  |  | 100.0 | % |  | $ | 17,305,469 |  |  | 100.0 | %
(1) | Includes a surface area lease on a portion of one property leased to an oil company that is renewed on a year-to-year basis, for which we recorded $32,109 of rental revenue during the year ended December 31, 2016
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter as of December 31, 2016, are as follows:
|  |  |  | Tenant Lease
Period |  | Payments
For the fiscal years ending December 31: |  | 2017 |  | $ | 16,356,193 |
|  | 2018 |  | 17,404,173 |
|  | 2019 |  | 16,911,432 |
|  | 2020 |  | 14,679,754 |
|  | 2021 |  | 9,067,911 |
|  | Thereafter |  | 46,168,102 |
|  |  |  | $ | 120,587,565 |
Summary of Geographic Locations of Properties | The following unaudited table summarizes the geographic locations, by state, of our properties with leases in place as of December 31, 2016 and 2015:
|  | As of and For the Year Ended December 31, 2016 |  | As of and For the Year Ended December 31, 2015
State |  | Number of Farms |  | Total Acres |  | % of Total Acres |  | Rental Revenue |  | % of Total Rental Revenue |  | Number of Farms |  | Total Acres |  | % of Total Acres |  | Rental Revenue |  | % of Total Rental Revenue
California |  | 22 |  |  | 6,713 |  |  | 13.3 | % |  | $ | 9,829,177 |  |  | 56.8 | % |  | 18 |  |  | 3,576 |  |  | 21.3 | % |  | $ | 7,754,945 |  |  | 65.2 | %
Florida |  | 15 |  |  | 5,567 |  |  | 11.0 | % |  | 3,293,475 |  |  | 19.0 | % |  | 13 |  |  | 5,092 |  |  | 30.3 | % |  | 2,166,660 |  |  | 18.2 | %
Colorado |  | 9 |  |  | 30,170 |  |  | 59.6 | % |  | 1,452,581 |  |  | 8.4 | % |  | — |  |  | — |  |  | — | % |  | — |  |  | — | %
Oregon |  | 4 |  |  | 2,313 |  |  | 4.6 | % |  | 1,171,887 |  |  | 6.8 | % |  | 4 |  |  | 2,313 |  |  | 13.8 | % |  | 1,168,725 |  |  | 9.8 | %
Arizona |  | 2 |  |  | 3,000 |  |  | 5.9 | % |  | 729,232 |  |  | 4.2 | % |  | 2 |  |  | 3,000 |  |  | 17.8 | % |  | 338,446 |  |  | 2.9 | %
Nebraska |  | 2 |  |  | 2,559 |  |  | 5.1 | % |  | 579,630 |  |  | 3.4 | % |  | 2 |  |  | 2,559 |  |  | 15.2 | % |  | 211,908 |  |  | 1.8 | %
Michigan |  | 4 |  |  | 270 |  |  | 0.5 | % |  | 249,487 |  |  | 1.4 | % |  | 4 |  |  | 270 |  |  | 1.6 | % |  | 247,407 |  |  | 2.1 | %
|  | 58 |  |  | 50,592 |  |  | 100.0 | % |  | $ | 17,305,469 |  |  | 100.0 | % |  | 43 |  |  | 16,810 |  |  | 100.0 | % |  | $ | 11,888,091 |  |  | 100.0 | %
2016 New Real Estate Activity |
Property, Plant and Equipment [Line Items] |
Summary Information of Farms | During the year ended December 31, 2016, we acquired 15 new farms in nine 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) |  | New 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 |  |  | 72,558 |  | (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 |  |  | 63,909 |  | (3) | 621,092 |  |  | — |
Nevada Ranch |  | Merced, CA |  | 9/14/2016 |  | 1,130 |  | 1 |  | Almonds |  | 3 years |  | 3 (5 years) & 1 (3 years) |  | 13,231,832 |  |  | 41,650 |  | (3) | 574,256 |  |  | — |
Central Avenue |  | Kerman, CA |  | 10/13/2016 |  | 197 |  | 1 |  | Almonds |  | 10 years |  | 2 (5 years) |  | 6,500,000 |  |  | 29,284 |  | (4) | 325,032 |  |  | 3,900,000 |
Horse Creek(8) |  | Baca, CO |  | 12/28/2016 |  | 16,595 |  | 1 |  | Grass Hay and Alfalfa |  | 4 years |  | 1 (5 years) |  | 11,664,849 |  |  | 54,644 |  | (4) | 716,967 |  |  | — |
|  |  |  |  |  | 33,780 |  | 15 |  |  |  |  |  |  |  | $ | 99,721,955 |  |  | $ | 495,542 |  |  | $ | 5,373,671 |  |  | $ | 32,853,000 |
(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 Units, constituting an aggregate fair value of approximately $1.5 million as of the acquisition date. We incurred $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 $21,710 of legal costs in connection with the issuance of these OP Units.
(8) | As partial consideration for the acquisition of this property, we issued 233,952 OP Units, constituting an aggregate fair value of approximately $2.6 million as of the acquisition date. We incurred $7,675 of legal costs in connection with the issuance of these OP Units.
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | The preliminary allocation of the purchase price for the farms acquired during the year ended December 31, 2016, are as follows:
Property Name |  | Land and Land Improvements |  | Buildings |  | Irrigation Systems |  | Other Improvements |  | Horticulture |  | In-place Leases |  | Leasing Costs |  | Above (Below)- Market Leases |  | 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 |  | 14,114,337 |  |  | — |  |  | 45,465 |  |  | — |  |  | — |  |  | 58,445 |  |  | 94,806 |  |  | (316,447 | ) |  | 13,996,606 |
Nevada Ranch |  | 12,844,650 |  |  | — |  |  | 504,445 |  |  | — |  |  | — |  |  | 53,197 |  |  | 86,483 |  |  | (256,943 | ) |  | 13,231,832 |
Central Avenue |  | 2,924,232 |  |  | — |  |  | 138,237 |  |  | — |  |  | 3,437,531 |  |  | — |  |  | — |  |  | — |  |  | 6,500,000 |
Horse Creek |  | 11,388,317 |  |  | — |  |  | 108,027 |  |  | 168,505 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,664,849 |
|  | $ | 73,350,904 |  |  | $ | 3,690,290 |  |  | $ | 5,198,831 |  |  | $ | 2,247,607 |  |  | $ | 14,867,983 |  |  | $ | 501,358 |  |  | $ | 447,447 |  |  | $ | (582,465 | ) |  | $ | 99,721,955 |
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 year ended December 31, 2016:
|  |  |  |  | For the year ended December 31, 2016
Property Name |  | Acquisition Date |  |  | Operating Revenues |  | Earnings(1)
Gunbarrel Road |  | 3/3/2016 |  |  | $ | 1,316,960 |  |  | $ | (210,622 | )
Calaveras Avenue |  | 4/5/2016 |  |  | 570,615 |  |  | (6,745 | )
Orange Avenue |  | 7/1/2016 |  |  | 145,587 |  |  | 31,442 |
Lithia Road |  | 8/11/2016 |  |  | 37,927 |  |  | (16,741 | )
Baca County |  | 9/1/2016 |  |  | 127,911 |  |  | 122,687 |
Diego Ranch |  | 9/14/2016 |  |  | 186,328 |  |  | 141,404 |
Nevada Ranch |  | 9/14/2016 |  |  | 172,277 |  |  | 128,093 |
Central Avenue |  | 10/13/2016 |  |  | 70,773 |  |  | (927 | )
Horse Creek |  | 12/28/2016 |  |  | 7,709 |  |  | 7,709 |
|  |  |  |  | $ | 2,636,087 |  |  | $ | 196,300 |
(1) | In aggregate, includes $206,210 of non-recurring acquisition-related costs during the year ended December 31, 2016.
2015 New Real Estate Activity |
Property, Plant and Equipment [Line Items] |
Summary Information of Farms | During the year ended December 31, 2015, we acquired 11 new farms in eight 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) | 828,608 |  |  | 21,138,196 |
Corbitt Road |  | Immokalee, FL |  | 11/2/2015 |  | 691 |  | 1 |  | Misc. Vegetables |  | 6.1 years |  | 1 (6 years) |  | 3,760,000 |  |  | 77,259 |  | (4) | 226,938 |  |  | 3,760,000 |
Reagan Road |  | Willcox, AZ |  | 12/22/2015 |  | 1,239 |  | 1 |  | Corn |  | 10.0 years |  | 2 (5 years) |  | 5,700,000 |  |  | 44,871 |  | (4) | 319,240 |  |  | 3,891,000 |
|  |  |  |  |  | 8,771 |  | 11 |  |  |  |  |  |  |  | $ | 75,966,980 |  |  | $ | 641,116 |  |  | $ | 3,944,694 |  |  | $ | 57,303,876 |
(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 was fully credited back to us by our Adviser during the three months ended March 31, 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, we incurred $11,825 of direct leasing costs in connection with these acquisitions.
(4) | Acquisition accounted for as an asset acquisition under ASC 360.
Fair Value of Acquired Assets and Liabilities Assumed Related to Properties Acquired | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2015, to be as follows:
Property Name |  | Land and Land Improvements |  | Buildings and Improvements |  | Irrigation System |  | In-place Leases |  | Leasing Costs |  | Tenant Relationships |  | Above (Below)- Market Leases & (Deferred Revenue) |  | Total Purchase 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 |
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 |  | 4,862,314 |  |  | 72,232 |  |  | 540,589 |  |  | — |  |  | 28,865 |  |  | — |  |  | — |  |  | 5,504,000 |
Bear Mountain |  | 18,428,247 |  |  | — |  |  | 494,253 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,922,500 |
Corbitt Road |  | 3,186,765 |  |  | 254,963 |  |  | 470,875 |  |  | — |  |  | — |  |  | — |  |  | (152,603 | ) |  | 3,760,000 |
Reagan Road |  | 4,207,040 |  |  | 18,366 |  |  | 1,474,594 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,700,000 |
|  | $ | 68,041,105 |  |  | $ | 802,018 |  |  | $ | 6,023,326 |  |  | $ | 530,283 |  |  | $ | 326,394 |  |  | $ | 396,457 |  |  | $ | (152,603 | ) |  | $ | 75,966,980 |
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 year ended December 31, 2015:
Property Name |  | Acquisition Date |  | Operating Revenues |  | Earnings(1)
Espinosa Road |  | 1/5/2015 |  | $ | 769,972 |  |  | $ | (33,169 | )
Parrish Road |  | 3/10/2015 |  | 203,341 |  |  | (105,830 | )
Immokalee Exchange |  | 6/25/2015 |  | 480,052 |  |  | 40,504 |
Holt County |  | 8/20/2015 |  | 105,954 |  |  | 24,716 |
Rock County |  | 8/20/2015 |  | 105,954 |  |  | 19,153 |
Bear Mountain |  | 9/3/2015 |  | 271,599 |  |  | 249,958 |
Corbitt Road |  | 11/2/2015 |  | 29,970 |  |  | (13,434 | )
Reagan Road |  | 12/22/2015 |  | 8,582 |  |  | 507 |
|  |  |  | $ | 1,975,424 |  |  | $ | 182,405 |
(1) | In aggregate, includes $388,594 of non-recurring acquisition-related costs during the year ended December 31, 2015.

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