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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Instrument [Line Items] |
Summary of Borrowings | Our borrowings as of March 31, 2017, and December 31, 2016 are summarized below (dollars in thousands):
|  | Carrying Value as of |  | As of March 31, 2017
|  | March 31, 2017 |  | December 31, 2016 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Mortgage notes and bonds payable: |  |  |  |  |  |  |  |
Fixed-rate mortgage notes payable |  | $ | 140,857 |  |  | $ | 142,861 |  |  | 2.90%–3.94%; 3.26% |  | 5/1/2020–11/1/2041; Jun 2030
Fixed-rate bonds payable |  | 81,521 |  |  | 49,348 |  |  | 2.38%–3.63%; 3.10% |  | 7/30/2018–1/12/2024; May 2021
Total mortgage notes and bonds payable |  | 222,378 |  |  | 192,209 |  |  |  |  |
Deferred financing costs – mortgage notes and bonds payable |  | (1,658 | ) |  | (1,412 | ) |  | N/A |  | N/A
Mortgage notes and bonds payable, net |  | $ | 220,720 |  |  | $ | 190,797 |  |  |  |  |
Variable-rate revolving lines of credit |  | $ | 20,050 |  |  | $ | 16,550 |  |  | 3.26% |  | 4/5/2024
Total borrowings, net |  | $ | 240,770 |  |  | $ | 207,347 |  |  |  |  |
(1) | Where applicable, stated interest rates are before interest patronage (as described below).
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate mortgage notes and bonds payable as of March 31, 2017, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments
For the remaining nine months ending December 31: | 2017 |  | $ | 3,088 |
For the fiscal years ending December 31: | 2018 |  | 21,300 |
| 2019 |  | 8,904 |
| 2020 |  | 26,675 |
| 2021 |  | 5,026 |
| 2022 |  | 11,310 |
| Thereafter |  | 146,075 |
|  |  | $ | 222,378 |
MetLife Facility |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2017 (dollars in thousands):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment |
MetLife Term Notes |  | $ | 150,000 |  | (1) | 1/5/2029 |  | $ | 105,608 |  |  | 3.16%, fixed for 10 years | (2) | $ | 40,980 |  | (3)
MetLife Lines of Credit |  | 50,000 |  |  | 4/5/2024 |  | 20,050 |  |  | 3-month LIBOR + 2.25% | (4) | 29,950 |  | (3)
Total principal outstanding |  |  |  | $ | 125,658 |  |  |  |  |  |
(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 March 31, 2017. 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 MetLife Facility, as of March 31, 2017, the maximum additional amount we could draw under the facility was approximately $21.8 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 March 31, 2017, the interest rate on the MetLife Lines of Credit was 3.26%.
Farm Credit Central Florida Notes Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes, in the aggregate, the pertinent terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of March 31, 2017 (dollars in thousands):
Dates of Issuance |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |
9/19/2014 – 7/1/2016 |  | 5/1/2020–10/1/2040 |  | $ | 22,187 |  |  | 3.47% | (2)
(1) | Represents the weighted-average, blended rate on the respective borrowings as of March 31, 2017.
(2) | Rate is before interest patronage, as discussed below.
Farm Credit West Note Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes, in the aggregate, the pertinent terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of March 31, 2017 (dollars in thousands):
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 |  |  | 3.66% | (2)
(1) | Represents the weighted-average, blended rate on the respective borrowings as of March 31, 2017.
(2) | Rate is before interest patronage, as discussed below.
Farmer Mac Bonds Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | During the three months ended March 31, 2017, we issued four bonds for gross proceeds of approximately $32.4 million, the terms of which are summarized, in the aggregate, in the table below (dollars in thousands):
Dates of Issuance |  | Gross Proceeds |  | Maturity Dates |  | Principal Amortization |  | Interest Rate Terms
1/12/2017 |  | $ | 32,400 |  | (1) | 1/10/2020-1/12/2024 |  | None |  | 2.80%–3.63%, fixed throughout respective terms
(1) | Proceeds from these bonds were used for the acquisition of a new property.
The following table summarizes, in the aggregate, the terms of the 13 bonds outstanding under the Farmer Mac Facility as of March 31, 2017 (dollars in thousands):
Dates of Issuance |  | Initial Commitment |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |  | Undrawn Commitment |
12/11/2014–1/12/2017 |  | $ | 125,000 |  | (2) | 7/30/2018–1/12/2024 |  | $ | 81,521 |  |  | 3.10% |  | $ | 42,343 |  | (3)
(1) | Represents the weighted-average interest rate as of March 31, 2017.
(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 March 31, 2017, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.

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