XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.19.1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Instrument [Line Items] |
Summary of Borrowings | Our borrowings as of March 31, 2019, and December 31, 2018, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of March 31, 2019
| March 31, 2019 |  | December 31, 2018 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 245,488 |  |  | $ | 247,249 |  |  | 3.16%–5.70%; 3.97% |  | 6/1/2020–12/1/2043; January 2032
Fixed-rate bonds payable | 90,629 |  |  | 90,877 |  |  | 2.80%–4.57%; 3.55% |  | 12/11/2019–9/13/2028; November 2022
Total notes and bonds payable | 336,117 |  |  | 338,126 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (2,282 | ) |  | (2,338 | ) |  | N/A |  | N/A
Notes and bonds payable, net | $ | 333,835 |  |  | $ | 335,788 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 5.05% |  | 4/5/2024
Total borrowings, net | $ | 333,935 |  |  | $ | 335,888 |  |  |  |  |
(1) | Where applicable, stated interest rates are before interest patronage (as described below).
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2019, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments
For the remaining nine months ending December 31: | 2019 |  | $ | 8,953 |
For the fiscal years ending December 31: | 2020 |  | 28,181 |
| 2021 |  | 16,205 |
| 2022 |  | 38,645 |
| 2023 |  | 32,420 |
| 2024 |  | 23,508 |
| Thereafter |  | 188,205 |
|  |  | $ | 336,117 |
MetLife Facility |
Debt Instrument [Line Items] |
Summary of Borrowings | The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2019 (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 |  | $ | 124,283 |  |  | 3.30%, fixed through 1/4/2027 | (2) | $ | 64,374 |  | (3)
MetLife Lines of Credit |  | 75,000 |  |  | 4/5/2024 |  | 100 |  |  | 3-month LIBOR + 2.25% | (4) | 74,900 |  | (3)
Total principal outstanding |  |  |  | $ | 124,383 |  |  |  |  |  |
(1) | If the aggregate commitment under this 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 March 31, 2019. 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 March 31, 2019, the maximum additional amount we could draw under the facility was approximately $20.4 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 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 March 31, 2019, the interest rate on the MetLife Lines of Credit was 5.05%.
Farm Credit Notes Payable |
Debt Instrument [Line Items] |
Schedule of Borrowings by Type | During the three months ended March 31, 2019, we entered into the following loan agreement with Farm Credit (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Interest Rate Terms(1)
Premier Farm Credit, FLCA |  | 2/7/2019 |  | $ | 1,440 |  |  | 11/1/2043 |  | 25.0 years |  | 5.45%, fixed through October 31, 2023 (variable thereafter)
(1) | Stated rate is before interest patronage, as described below.

X
- Definition Schedule of Long-Term Debt, Description [Table Text Block] + References No definition available. + Details
Name: | land_ScheduleofLongTermDebtDescriptionTableTextBlock
Namespace Prefix: | land_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentAxis=land_MetlifeFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=land_FarmCreditNotesPayableMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |