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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2018
Debt Instrument [Line Items] |
Summary of Borrowings | Our borrowings as of June 30, 2018, and December 31, 2017 are summarized below (dollars in thousands):
|  | Carrying Value as of |  | As of June 30, 2018
|  | June 30, 2018 |  | December 31, 2017 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Mortgage notes and bonds payable: |  |  |  |  |  |  |  |
Fixed-rate mortgage notes payable |  | $ | 206,393 |  |  | $ | 208,469 |  |  | 3.16%–4.99%; 3.63% |  | 6/1/2020–11/1/2041; June 2029
Fixed-rate bonds payable |  | 85,551 |  |  | 84,519 |  |  | 2.38%–4.47%; 3.15% |  | 7/30/2018–3/13/2028; August 2021
Total mortgage notes and bonds payable |  | 291,944 |  |  | 292,988 |  |  |  |  |
Debt issuance costs – mortgage notes and bonds payable |  | (2,020 | ) |  | (1,986 | ) |  | N/A |  | N/A
Mortgage notes and bonds payable, net |  | $ | 289,924 |  |  | $ | 291,002 |  |  |  |  |
Variable-rate revolving lines of credit |  | $ | 3,500 |  |  | $ | 10,000 |  |  | 4.57% |  | 4/5/2024
Total borrowings, net |  | $ | 293,424 |  |  | $ | 301,002 |  |  |  |  |
(1) | Where applicable, stated interest rates are before interest patronage (as described below).
Schedule of Borrowings by Type | The following table summarizes the terms of our loan agreement with Rabo (the “Rabo Note Payable”) as of June 30, 2018 (dollars in thousands):
Date of Issuance |  | Maturity Date |  | Principal Outstanding |  | Principal Amortization |  | Stated Interest Rate
10/13/2017 |  | 10/1/2022 |  | $ | 518 |  |  | 25.0 years |  | 4.59%
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate mortgage notes and bonds payable as of June 30, 2018, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments |
For the remaining six months ending December 31: | 2018 |  | $ | 19,679 |  | (1)
For the fiscal years ending December 31: | 2019 |  | 11,111 |  |
| 2020 |  | 26,543 |  |
| 2021 |  | 7,309 |  |
| 2022 |  | 36,594 |  |
| 2023 |  | 41,377 |  |
| Thereafter |  | 149,331 |  |
|  |  | $ | 291,944 |  |
(1) | Subsequent to June 30, 2018, a bond of approximately $9.4 million that was scheduled to mature on July 30, 2018, was replaced with a new bond issuance of approximately $10.4 million. See Note 10, “Subsequent Events,” for further details on the new bond issuance.
Metlife Term Loans |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes, in the aggregate, the terms of two additional loan agreements entered into with MetLife (collectively, the “Individual MetLife Notes”) as of June 30, 2018 (dollars in thousands):
Date of Issuance |  | Principal Outstanding |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms
5/31/2017 |  | $ | 15,032 |  |  | 2/14/2022 & 2/14/2025 |  | 28.6 years |  | 3.55% & 3.85%, fixed throughout their respective terms
Farm Credit West |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | During the six months ended June 30, 2018, we entered into the following loan agreement with Farm Credit (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount(1) |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(2)
Farm Credit West |  | 4/11/2018 |  | $ | 1,473 |  |  | 5/1/2038 |  | 20.5 years |  | 4.99%, fixed through April 30, 2023 (variable thereafter)
(1) | Proceeds from this note were used to repay existing indebtedness.
(2) | Stated rate is before interest patronage.
MetLife Facility |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes the pertinent terms of the MetLife Facility as of June 30, 2018 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment |
MetLife Term Notes |  | $ | 200,000 |  | (1) | 1/5/2029 |  | $ | 128,914 |  |  | 3.30%, fixed through 1/4/2027 | (2) | $ | 63,530 |  | (3)(4)
MetLife Lines of Credit |  | 75,000 |  |  | 4/5/2024 |  | 3,500 |  |  | 3-month LIBOR + 2.25% | (5) | 71,500 |  | (3)
Total principal outstanding |  |  |  | $ | 132,414 |  |  |  |  |  |
(1) | If the aggregate commitment under the MetLife Facility is not fully utilized by December 31, 2019, MetLife has the option to be relieved of its obligation to disburse the additional funds under the MetLife Term Notes.
(2) | Represents the blended interest rate as of June 30, 2018. 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, 2019, the MetLife Term Notes are also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the MetLife Term Notes).
(3) | Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2018, the maximum additional amount we could draw under the facility was approximately $16.9 million.
(4) | Net of amortizing principal payments of approximately $7.6 million.
(5) | The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). The interest rate spread will be subject to adjustment on October 5, 2019. As of June 30, 2018, the interest rate on the MetLife Lines of Credit was 4.57%.
Farm Credit Notes Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | The following table summarizes, in the aggregate, the pertinent terms of the loans outstanding from Farm Credit (collectively, the “Farm Credit Notes Payable”) as of June 30, 2018 (dollars in thousands, except for footnotes):
Issuer |  | # of Loans Outstanding |  | Dates of Issuance |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |
Farm Credit CFL |  | 7 |  | 9/19/2014 – 7/13/2017 |  | 6/1/2020 – 10/1/2040 |  | $ | 24,274 |  |  | 4.29% | (2)
Farm Credit West |  | 5 |  | 4/4/2016 – 4/11/2018 |  | 5/1/2037 – 11/1/2041 |  | 25,332 |  |  | 4.08% | (3)
CF Farm Credit |  | 1 |  | 6/14/2017 |  | 7/1/2022 |  | 1,270 |  |  | 4.41% | (4)
Farm Credit FL |  | 1 |  | 8/9/2017 |  | 3/1/2037 |  | 5,727 |  |  | 4.70% | (5)
NW Farm Credit |  | 1 |  | 9/8/2017 |  | 9/1/2024 |  | 5,325 |  |  | 4.41% | (6)
Total |  | 15 |  |  |  |  |  | $ | 61,928 |  |  |  |
(1) | Represents the weighted-average, blended rate (before interest patronage, as discussed below) on the respective borrowings as of June 30, 2018.
(2) | In April 2018, we received interest patronage of approximately $142,000 related to interest accrued on loans from Farm Credit CFL during the year ended December 31, 2017, which resulted in a 15.1% reduction (approximately 58 basis points) to the stated interest rates on such borrowings. In April 2017, we received interest patronage related to loans from Farm Credit CFL of approximately $124,000.
(3) | In February 2018, we received interest patronage of approximately $126,000 related to interest accrued on loans from Farm Credit West during the year ended December 31, 2017, which resulted in a 19.7% reduction (approximately 75 basis points) to the stated interest rates on such borrowings. In February 2017, we received interest patronage related to loans from Farm Credit West of approximately $59,000.
(4) | In April 2018, we received interest patronage of approximately $11,000 related to interest accrued on loans from CF Farm Credit during the year ended December 31, 2017, which resulted in a 36.6% reduction (approximately 161 basis points) to the stated interest rates on such borrowings. We did not receive any interest patronage related to loans from CF Farm Credit prior to 2018.
(5) | In April 2018, we received interest patronage of approximately $27,000 related to interest accrued on loans from Farm Credit FL during the year ended December 31, 2017, which resulted in a 24.6% reduction (approximately 115 basis points) to the stated interest rates on such borrowings. We did not receive any interest patronage related to loans from Farm Credit FL prior to 2018.
(6) | In February 2018, we received interest patronage of approximately $17,000 related to interest accrued on loans from NW Farm Credit during the year ended December 31, 2017, which resulted in a 22.7% reduction (approximately 100 basis points) to the stated interest rates on such borrowings. We did not receive any patronage related to loans from NW Farm Credit prior to 2018.
Farmer Mac Bonds Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | During the six months ended June 30, 2018, we issued one bond, the terms of which are summarized in the table below (dollars in thousands):
Date of Issuance |  | Gross Proceeds(1) |  | Maturity Dates |  | Principal Amortization |  | Interest Rate Terms
3/13/2018 |  | $ | 1,260 |  |  | 3/13/2028 |  | None |  | 4.47%, fixed throughout its respective term
(1) | Proceeds from these bonds were used for the acquisition of a new farm.
The following table summarizes, in the aggregate, the terms of the 15 bonds outstanding under the Farmer Mac Facility as of June 30, 2018 (dollars in thousands):
Dates of Issuance |  | Initial Commitment |  | Maturity Dates |  | Principal Outstanding |  | Stated Interest Rate(1) |  | Undrawn Commitment |
12/11/2014–3/13/2018 |  | $ | 125,000 |  | (2) | 7/30/2018–3/13/2028 | (3) | $ | 85,551 |  |  | 3.15% |  | $ | 37,858 |  | (4)
(1) | Represents the weighted-average interest rate as of June 30, 2018.
(2) | If the balance of the Farmer Mac 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) | Subsequent to June 30, 2018, a bond of approximately $9.4 million that was scheduled to mature on July 30, 2018, was replaced with a new bond issuance of approximately $10.4 million. See Note 10, “Subsequent Events,” for further details on the new issuance.
(4) | As of June 30, 2018, there was no additional availability to draw under the Farmer Mac Facility, as no additional properties had been pledged as collateral.

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