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Real Estate and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2018
Real Estate [Abstract] |
Summary Information of Farms | During the nine months ended September 30, 2017, we acquired 14 new farms, which are summarized in the table below (dollars in thousands).
Property Name |  | Property Location |  | Acquisition Date |  | Total Acreage |  | No. of Farms |  | Primary Crop(s) |  | Lease Term(1) |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs |  | Annualized Straight-line Rent(2) |  | Net Long-term Debt
Citrus Boulevard |  | Martin, FL |  | 1/12/2017 |  | 3,748 |  | 1 |  | Organic Vegetables |  | 7.0 years |  | 3 (5 years) |  | $ | 54,000 |  |  | $ | 80 |  |  | $ | 2,926 |  |  | $ | 32,400 |
Spot Road(3) |  | Yuma, AZ |  | 6/1/2017 |  | 3,280 |  | 4 |  | Melons and Alfalfa Hay |  | 8.6 years |  | 1 (10 years) & 1 (2 years) |  | 27,500 |  |  | 88 |  |  | 1,673 |  |  | 15,300 |
Poplar Street |  | Bladen, NC |  | 6/2/2017 |  | 310 |  | 2 |  | Organic Blueberries |  | 9.6 years |  | 1 (5 years) |  | 2,169 |  |  | 49 |  |  | 122 |  | (4) | 1,301 |
Phelps Avenue |  | Fresno, CA |  | 7/17/2017 |  | 847 |  | 4 |  | Pistachios and Almonds |  | 10.3 years |  | 1 (5 years) |  | 13,603 |  |  | 43 |  |  | 681 |  | (4) | 8,162 |
Parrot Avenue(5) |  | Okeechobee, FL |  | 8/9/2017 |  | 1,910 |  | 1 |  | Misc. Vegetables |  | 0.5 years |  | None |  | 9,700 |  |  | 67 |  |  | 488 |  |  | 5,820 |
Cat Canyon Road(6) |  | Santa Barbara, CA |  | 8/30/2017 |  | 361 |  | 1 |  | Wine Grapes |  | 9.8 years |  | 2 (5 years) |  | 5,375 |  |  | 112 |  |  | 322 |  |  | 3,225 |
Oasis Road |  | Walla Walla, WA |  | 9/8/2017 |  | 746 |  | 1 |  | Apples, Cherries, and Wine Grapes |  | 6.3 years |  | None |  | 9,500 |  |  | 45 |  |  | 480 |  | (4) | 5,460 |
|  |  |  |  |  | 11,202 |  | 14 |  |  |  |  |  |  |  | $ | 121,847 |  |  | $ | 484 |  |  | $ | 6,692 |  |  | $ | 71,668 |
(1) | Where more than one lease was assumed or executed, represents the weighted average lease term on the property.
(2) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3) | Includes two farms (1,368 total acres) acquired through a leasehold interest, with the State of Arizona as the lessor. These state leases expire in February 2022 (485 total acres) and February 2025 (883 total acres). In addition, in connection with the acquisition of this property, we assumed four in-place leases with us as the lessor or sublessor. Three of these leases are agricultural leases, with one lease expiring on June 30, 2019, and two leases expiring on September 15, 2026. The fourth lease is a residential lease that expires on September 30, 2019.
(4) | These leases provide for a variable rent component based on the gross crop revenues earned on the respective properties. The figures above represent only the minimum cash guaranteed under the respective leases.
(5) | In connection with the acquisition of this property, we executed a 6-year, follow-on lease with a new tenant that begins upon the expiration of the 7-month lease assumed at acquisition. The follow-on lease includes two, 6-year extension options and provides for minimum annualized straight-line rents of approximately $542,000. In addition, in connection with the execution of the follow-on lease, as amended, we committed to providing up to $2.5 million of capital for certain irrigation and property improvements. As stipulated in the follow-on lease, we will earn additional rental income on the total cost of the improvements as disbursements are made by us at a rate commensurate with the annual yield on the farmland (as determined by each year's minimum cash rent per the follow-on lease).
(6) | In connection with the acquisition of this property, we committed up to $4.0 million of capital to fund the development of additional vineyard acreage on the property. As stipulated in the lease agreement, we will earn additional rental income on the total cost of the project as the capital is disbursed by us at rates specified in the lease.
The following table provides certain summary information about our 82 farms as of September 30, 2018 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Net Cost Basis(1) |  | Encumbrances(2)
California |  | 31 |  | 8,435 |  | 7,655 |  | $ | 218,056 |  |  | $ | 154,098 |
Florida |  | 22 |  | 17,184 |  | 12,981 |  | 155,219 |  |  | 97,480 |
Arizona(3) |  | 6 |  | 6,280 |  | 5,228 |  | 52,488 |  |  | 22,513 |
Colorado |  | 10 |  | 31,448 |  | 24,513 |  | 41,421 |  |  | 24,499 |
Nebraska |  | 2 |  | 2,559 |  | 2,101 |  | 10,504 |  |  | 7,050 |
Washington |  | 1 |  | 746 |  | 417 |  | 8,980 |  |  | 5,281 |
Oregon |  | 3 |  | 418 |  | 363 |  | 5,980 |  |  | 3,494 |
Michigan |  | 5 |  | 446 |  | 291 |  | 4,938 |  |  | 2,821 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 2,333 |  |  | 1,270 |
|  | 82 |  | 67,826 |  | 53,844 |  | $ | 499,919 |  |  | $ | 318,506 |
(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 (excluding improvements paid for by the tenant) and Lease intangibles, net; plus net above-market lease values and lease incentives included in Other assets, net; and less net below-market lease values and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheet.
(2) | Excludes approximately $2.3 million of debt issuance costs related to mortgage notes and bonds payable, included in Mortgage notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheet.
(3) | Includes two farms in which we own a leasehold interest via ground leases with the State of Arizona that expire in February 2022 and February 2025, respectively. In total, these two farms consist of 1,368 total acres and 1,221 farm acres and had an aggregate net cost basis of approximately $2.8 million as of September 30, 2018 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheet).
During the nine months ended September 30, 2018, we acquired ten new farms, which are summarized in the table below (dollars in thousands):
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
Taft Highway(2) |  | Kern, CA |  | 1/31/2018 |  | 161 |  | 1 |  | Potatoes and Melons |  | N/A |  | N/A |  | $ | 2,945 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 1,473 |
Cemetery Road |  | Van Buren, MI |  | 3/13/2018 |  | 176 |  | 1 |  | Blueberries |  | 9.6 years |  | None |  | 2,100 |  |  | 39 |  |  | 150 |  |  | 1,260 |
Owl Hammock(3) |  | Collier & Hendry, FL |  | 7/12/2018 |  | 5,630 |  | 5 |  | Vegetables and Melons |  | 7.0 years |  | 2 (5 years) |  | 37,350 |  |  | 192 |  |  | 2,148 |  |  | 22,410 |
Plantation Road |  | Jackson, FL |  | 9/6/2018 |  | 574 |  | 1 |  | Peanuts and Melons |  | 2.3 years |  | None |  | 2,600 |  |  | 35 |  |  | 142 |  |  | 1,560 |
Flint Avenue |  | Kings, CA |  | 9/13/2018 |  | 194 |  | 2 |  | Cherries |  | 15.3 years |  | 1 (5 years) |  | 6,850 |  |  | 58 |  |  | 523 |  |  | 4,110 |
|  |  |  |  |  | 6,735 |  | 10 |  |  |  |  |  |  |  | $ | 51,845 |  |  | $ | 356 |  |  | $ | 2,963 |  |  | $ | 30,813 |
(1) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the lease, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(2) | Farm was purchased with no lease in place at the time of acquisition.
(3) | In connection with the acquisition of this property, we committed to providing up to $2.0 million of capital for certain irrigation and property improvements. As stipulated in the lease, we will earn additional rental income on the total cost of the improvements as disbursements are made by us at a rate commensurate with the annual yield on the farmland (as determined by each year's minimum cash rent per the follow-on lease).
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 September 30, 2018, and December 31, 2017 (dollars in thousands):
|  | September 30, 2018 |  | December 31, 2017
Real estate: |  |  |  |
Land and land improvements |  | $ | 389,333 |  |  | $ | 356,316 |
Irrigation systems |  | 65,427 |  |  | 50,282 |
Buildings |  | 18,507 |  |  | 18,191 |
Horticulture |  | 39,320 |  |  | 34,803 |
Other improvements |  | 6,750 |  |  | 6,551 |
Real estate, at gross cost |  | 519,337 |  |  | 466,143 |
Accumulated depreciation |  | (22,269 | ) |  | (16,657 | )
Real estate, net |  | $ | 497,068 |  |  | $ | 449,486 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying values of certain lease intangible assets or liabilities included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of September 30, 2018, and December 31, 2017 (dollars in thousands):
|  | September 30, 2018 |  | December 31, 2017
Intangible Asset or Liability |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion
Above-market lease values and lease incentives(1) |  | $ | 26 |  |  | $ | (11 | ) |  | $ | 26 |  |  | $ | (5 | )
Below-market lease values and other deferred revenue(2) |  | (823 | ) |  | 176 |  |  | (823 | ) |  | 125 |
|  | $ | (797 | ) |  | $ | 165 |  |  | $ | (797 | ) |  | $ | 120 |
(1) | Above-market lease values and lease incentives are included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of rental income.
(2) | Below-market lease values and other deferred revenue are included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to rental income.
The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of September 30, 2018, and December 31, 2017 (dollars in thousands):
|  | September 30, 2018 |  | December 31, 2017
Lease intangibles: |  |  |  |
Leasehold interest – land |  | $ | 3,498 |  |  | $ | 3,498 |
In-place leases |  | 1,957 |  |  | 1,451 |
Leasing costs |  | 2,009 |  |  | 1,490 |
Tenant relationships |  | 439 |  |  | 439 |
Lease intangibles, at cost |  | 7,903 |  |  | 6,878 |
Accumulated amortization |  | (2,074 | ) |  | (1,386 | )
Lease intangibles, net |  | $ | 5,829 |  |  | $ | 5,492 |
Fair Value of Assets Acquired and Liabilities Assumed Related to Property Acquired | The allocation of the aggregate purchase price for the farms acquired during each of the nine months ended September 30, 2018 and 2017 is as follows (dollars in thousands):
Acquisition Period |  | Land and Land Improvements |  | Irrigation & Drainage Systems |  | Horticulture |  | Buildings |  | Other Improvements |  | Leasehold Interest – Land |  | In-place Leases |  | Leasing Costs |  | Net Below-Market Leases |  | Total Purchase Price
2018 Acquisitions |  | $ | 44,749 |  |  | $ | 1,548 |  |  | $ | 4,288 |  |  | $ | 123 |  |  | $ | — |  |  | $ | — |  |  | $ | 626 |  |  | $ | 511 |  |  | $ | — |  |  | $ | 51,845 |
2017 Acquisitions |  | 89,614 |  |  | 11,534 |  |  | 12,611 |  |  | 2,804 |  |  | 824 |  |  | 3,488 |  |  | 487 |  |  | 508 |  |  | (23 | ) |  | 121,847 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The following table shows the weighted-average amortization periods (in years) for the intangible assets acquired and liabilities assumed in connection with new real estate acquired during the nine months ended September 30, 2018 and 2017:
|  | Weighted-Average Amortization Period (in Years)
Intangible Assets and Liabilities |  | 2018 |  | 2017
Leasehold interest – land |  | 0.0 |  | 6.9
In-place leases |  | 7.0 |  | 6.3
Leasing costs |  | 7.1 |  | 8.8
Above-market lease values |  | 0.0 |  | 2.1
Below-market lease values and deferred revenue |  | 0.0 |  | 4.7
All intangible assets and liabilities | 7.1 |  | 7.0
Summary of Geographic Locations of Properties | The following table summarizes the geographic locations, by state, of our farms with leases in place as of September 30, 2018 and 2017 (dollars in thousands):
|  | As of and For the Nine Months Ended September 30, 2018 |  | As of and For the Nine Months Ended September 30, 2017
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(1) |  | 31 |  | 8,435 |  | 12.4% |  | $ | 9,880 |  |  | 46.3% |  | 27 |  | 7,921 |  | 12.8% |  | $ | 8,749 |  |  | 47.8%
Florida |  | 22 |  | 17,184 |  | 25.3% |  | 5,790 |  |  | 27.1% |  | 17 |  | 11,225 |  | 18.2% |  | 4,839 |  |  | 26.5%
Colorado |  | 10 |  | 31,448 |  | 46.4% |  | 2,057 |  |  | 9.7% |  | 9 |  | 30,170 |  | 48.8% |  | 2,018 |  |  | 11.0%
Arizona |  | 6 |  | 6,280 |  | 9.3% |  | 1,425 |  |  | 6.7% |  | 6 |  | 6,280 |  | 10.2% |  | 1,114 |  |  | 6.1%
Oregon |  | 3 |  | 418 |  | 0.6% |  | 765 |  |  | 3.6% |  | 4 |  | 2,313 |  | 3.7% |  | 887 |  |  | 4.8%
Washington |  | 1 |  | 746 |  | 1.1% |  | 596 |  |  | 2.8% |  | 1 |  | 746 |  | 1.2% |  | 31 |  |  | 0.2%
Nebraska |  | 2 |  | 2,559 |  | 3.8% |  | 435 |  |  | 2.0% |  | 2 |  | 2,559 |  | 4.2% |  | 435 |  |  | 2.4%
Michigan |  | 5 |  | 446 |  | 0.7% |  | 270 |  |  | 1.3% |  | 4 |  | 270 |  | 0.4% |  | 187 |  |  | 1.0%
North Carolina |  | 2 |  | 310 |  | 0.4% |  | 115 |  |  | 0.5% |  | 2 |  | 310 |  | 0.5% |  | 42 |  |  | 0.2%
TOTALS |  | 82 |  | 67,826 |  | 100.0% |  | $ | 21,333 |  |  | 100.0% |  | 72 |  | 61,794 |  | 100.0% |  | $ | 18,302 |  |  | 100.0%
(1) | According to the California Chapter of the American Society of Farm Managers and Rural Appraisers, there are eight distinct growing regions within California; our farms are spread across four of these growing regions.

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