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Commitments and Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Operating Ground Leases | 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.
Schedule of Future Lease Payments | Future lease payments due under the remaining non-cancelable terms of these leases as of March 31, 2019, and December 31, 2018, are as follows (dollars in thousands):
|  | Future Lease Payments(1)
Period |  | March 31, 2019 |  | December 31, 2018
2019 |  | $ | — |  |  | $ | 47 |
2020 |  | 47 |  |  | 47 |
2021 |  | 47 |  |  | 47 |
2022 |  | 30 |  |  | 30 |
2023 |  | 30 |  |  | 30 |
Thereafter |  | 31 |  |  | 31 |
Total undiscounted lease payments |  | 185 |  |  | 232 |
Less: imputed interest |  | (18 | ) |  | — |
Present value of lease payments |  | $ | 167 |  |  | $ | 232 |
(1) | Annual lease payments are set at the beginning of each year to then-current market rates (as determined by the State of Arizona). The amounts shown above represent estimated amounts based on the lease rates currently in place.

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919372-209981 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=109225645&loc=SL77927221-108306 + Details
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