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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2019
Real Estate [Abstract] |
Summary Information of Farms | The following table provides certain summary information about the 86 farms we owned as of March 31, 2019 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Net Cost Basis(1) |  | Encumbrances(2)
California |  | 33 |  | 10,147 |  | 9,336 |  | $ | 249,319 |  |  | $ | 166,109 |
Florida |  | 22 |  | 17,184 |  | 12,981 |  | 154,297 |  |  | 96,772 |
Arizona(3) |  | 6 |  | 6,280 |  | 5,228 |  | 55,340 |  |  | 22,008 |
Colorado |  | 10 |  | 31,448 |  | 24,513 |  | 41,790 |  |  | 25,046 |
Nebraska |  | 3 |  | 3,254 |  | 2,701 |  | 12,847 |  |  | 8,490 |
Washington |  | 1 |  | 746 |  | 417 |  | 8,709 |  |  | 5,190 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | 8,393 |  |  | 5,280 |
Oregon |  | 3 |  | 418 |  | 363 |  | 6,003 |  |  | 3,312 |
Michigan |  | 5 |  | 446 |  | 291 |  | 4,990 |  |  | 2,740 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 2,313 |  |  | 1,270 |
|  | 86 |  | 73,900 |  | 58,344 |  | $ | 544,001 |  |  | $ | 336,217 |
(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 Sheets.
(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 $2.5 million as of March 31, 2019 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheet).
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 March 31, 2019, and December 31, 2018 (dollars in thousands):
| March 31, 2019 |  | December 31, 2018
Real estate: |  |  |
Land and land improvements | $ | 419,602 |  |  | $ | 417,310 |
Irrigation and drainage systems | 73,864 |  |  | 71,583 |
Horticulture | 49,057 |  |  | 48,894 |
Farm-related facilities | 18,534 |  |  | 18,510 |
Other site improvements | 6,717 |  |  | 6,707 |
Real estate, at gross cost | 567,774 |  |  | 563,004 |
Accumulated depreciation | (26,323 | ) |  | (24,051 | )
Real estate, net | $ | 541,451 |  |  | $ | 538,953 |
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 and the related accumulated amortization as of March 31, 2019, and December 31, 2018 (dollars in thousands):
|  | March 31, 2019 |  | December 31, 2018
Lease intangibles: |  |  |  |
Leasehold interest – land |  | $ | 3,498 |  |  | $ | 3,498 |
In-place leases |  | 2,046 |  |  | 2,046 |
Leasing costs |  | 1,965 |  |  | 1,963 |
Tenant relationships |  | 414 |  |  | 414 |
Lease intangibles, at cost |  | 7,923 |  |  | 7,921 |
Accumulated amortization |  | (2,559 | ) |  | (2,235 | )
Lease intangibles, net |  | $ | 5,364 |  |  | $ | 5,686 |
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 March 31, 2019, and December 31, 2018 (dollars in thousands):
|  | March 31, 2019 |  | December 31, 2018
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) |  | $ | 216 |  |  | $ | (51 | ) |  | $ | 126 |  |  | $ | (18 | )
Below-market lease values and other deferred revenue(2) |  | (917 | ) |  | 240 |  |  | (917 | ) |  | 202 |
|  | $ | (701 | ) |  | $ | 189 |  |  | $ | (791 | ) |  | $ | 184 |
(1) | Net 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 Lease revenue on the accompanying Condensed Consolidated Statements of Operations.
(2) | Net 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 Lease revenue on the accompanying Condensed Consolidated Statements of Operations.
Schedule of Asset Acquisitions, by Acquisition | During the three months ended March 31, 2019, we acquired one new farm, which is 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(1) |  | Annualized Straight-line Rent(2) |  | New Long-term Debt
Somerset Road |  | Lincoln, NE |  | 1/22/2019 |  | 695 |  | 1 |  | Popcorn and edible beans |  | 4.9 years |  | 1 (5 years) |  | $ | 2,400 |  |  | $ | 31 |  |  | $ | 126 |  |  | $ | 1,440 |
|  |  |  |  |  | 695 |  | 1 |  |  |  |  |  |  |  | $ | 2,400 |  |  | $ | 31 |  |  | $ | 126 |  |  | $ | 1,440 |
(1) | Includes approximately $4,000 of aggregate external legal fees associated with negotiating and originating the lease associated with this acquisition, which costs were expensed in the period incurred.
(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.
During the three months ended March 31, 2018, we acquired two new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
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 |
|  |  |  |  |  | 337 |  | 2 |  |  |  |  |  |  |  | $ | 5,045 |  |  | $ | 71 |  |  | $ | 150 |  |  | $ | 2,733 |
(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.
Recognized Identified Assets Acquired and Liabilities Assumed In Asset Acquisitions | The allocation of the aggregate purchase price for the farms acquired during each of the three months ended March 31, 2019 and 2018 is as follows (dollars in thousands):
Acquisition Period |  | Land and Land Improvements |  | Irrigation & Drainage Systems |  | Horticulture |  | Farm-related Facilities |  | In-place Leases |  | Leasing Costs |  | Total Purchase Price
2019 Acquisitions |  | $ | 2,090 |  |  | $ | 310 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,400 |
2018 Acquisitions |  | 3,256 |  |  | 582 |  |  | 961 |  |  | 123 |  |  | 76 |  |  | 47 |  |  | 5,045 |
Summary of Leasing Activity | The following table summarizes certain leasing activity that occurred on our existing properties during the three months ended March 31, 2019 (dollars in thousands, except footnotes):
|  |  |  | PRIOR LEASES(1) |  | NEW LEASES(2)
Farm Locations | Number of Leases | Total Farm Acres |  | Total Annualized Straight-line Rent(3) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)(4) |  | Total Annualized Straight-line Rent(3) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN)(4)
AZ, CA, FL, MI, & NE | 11 | 4,375 |  | $ | 2,143 |  | 1 | 8 / 4 |  | $ | 2,127 |  | 3.2 | 3 | 8 / 3
(1) | Includes a farm that was previously vacant.
(2) | In connection with certain of these leases, we committed to provide aggregate capital of up to $420,000 for certain improvements on these farms.
(3) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents.
(4) | “NNN” refers to leases under triple-net lease arrangements, and “NN” refers to leases under partial-net lease arrangements. For a description of each of these types of lease arrangements, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
As of March 31, 2019, we had recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):
Operating lease right-of-use assets(1) |  | $ | 208 |
Operating lease liabilities(2) |  | 167 |
Weighted-average remaining lease term (years) |  | 5.3 |
Weighted-average discount rate |  | 4.20 | %
(1) | Operating lease right-of-use assets are shown net of accrued lease payments of approximately $41,000 and are included within Other assets, net on the accompanying Condensed Consolidated Balance Sheet.
(2) | Included within Other liabilities, net on the accompanying Condensed Consolidated Balance Sheet.
Future Lease Payments to be Received | The following table summarizes the future lease payments to be received under non-cancelable leases as of March 31, 2019, and December 31, 2018 (dollars in thousands):
|  | Future Lease Payments(1)
Period |  | March 31, 2019 |  | December 31, 2018
2019 |  | $ | 20,546 |  |  | $ | 30,290 |
2020 |  | 28,179 |  |  | 26,917 |
2021 |  | 21,131 |  |  | 20,980 |
2022 |  | 20,285 |  |  | 19,775 |
2023 |  | 19,718 |  |  | 19,413 |
Thereafter |  | 62,793 |  |  | 59,934 |
|  | $ | 172,652 |  |  | $ | 177,309 |
(1) | Excludes variable rent payments, such as potential rent increases that are based on CPI or future contingent rents based on a percentage of the gross revenues earned on the respective farms.
Summary of Geographic Locations of Properties | The following table summarizes the geographic locations (by state) of our farms owned and with leases in place as of and for the three months ended March 31, 2019 and 2018 (dollars in thousands):
|  | As of and For the Three Months Ended March 31, 2019 |  | As of and For the Three Months Ended March 31, 2018
State |  | Number of Farms |  | Total Acres |  | % of Total Acres |  | Lease Revenue |  | % of Total Lease Revenue |  | Number of Farms |  | Total Acres |  | % of Total Acres |  | Lease Revenue |  | % of Total Lease Revenue
California(1) |  | 33 |  | 10,147 |  | 13.7% |  | $ | 3,734 |  |  | 47.7% |  | 29 |  | 8,241 |  | 13.0% |  | $ | 3,030 |  |  | 45.3%
Florida |  | 22 |  | 17,184 |  | 23.2% |  | 2,339 |  |  | 29.9% |  | 16 |  | 11,006 |  | 17.4% |  | 1,754 |  |  | 26.2%
Colorado |  | 10 |  | 31,448 |  | 42.6% |  | 696 |  |  | 8.9% |  | 10 |  | 31,450 |  | 49.6% |  | 686 |  |  | 10.3%
Arizona |  | 6 |  | 6,280 |  | 8.5% |  | 539 |  |  | 6.9% |  | 6 |  | 6,280 |  | 9.9% |  | 532 |  |  | 7.9%
Texas |  | 1 |  | 3,667 |  | 5.0% |  | 131 |  |  | 1.7% |  | — |  | — |  | —% |  | — |  |  | —%
Oregon |  | 3 |  | 418 |  | 0.6% |  | 128 |  |  | 1.6% |  | 4 |  | 2,313 |  | 3.7% |  | 307 |  |  | 4.6%
Washington |  | 1 |  | 746 |  | 1.0% |  | 122 |  |  | 1.5% |  | 1 |  | 746 |  | 1.2% |  | 121 |  |  | 1.8%
North Carolina |  | 2 |  | 310 |  | 0.4% |  | 60 |  |  | 0.8% |  | 2 |  | 310 |  | 0.5% |  | 49 |  |  | 0.7%
Nebraska |  | 3 |  | 3,254 |  | 4.4% |  | 60 |  |  | 0.8% |  | 2 |  | 2,559 |  | 4.0% |  | 145 |  |  | 2.2%
Michigan |  | 5 |  | 446 |  | 0.6% |  | 21 |  |  | 0.2% |  | 5 |  | 446 |  | 0.7% |  | 70 |  |  | 1.0%
TOTALS |  | 86 |  | 73,900 |  | 100.0% |  | $ | 7,830 |  |  | 100.0% |  | 75 |  | 63,351 |  | 100.0% |  | $ | 6,694 |  |  | 100.0%
(1) |

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