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Real Estate and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Summary Information of Farms | The following table provides certain summary information about the 115 farms we owned as of June 30, 2020 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Net Cost Basis(1) |  | Encumbrances(2)
California(3) |  | 43 |  | 15,420 |  | 14,203 |  | $ | 436,744 |  |  | $ | 268,244 |
Florida |  | 23 |  | 20,770 |  | 16,256 |  | 210,474 |  |  | 131,359 |
Arizona(4) |  | 6 |  | 6,280 |  | 5,228 |  | 58,498 |  |  | 22,087 |
Colorado |  | 12 |  | 32,773 |  | 25,577 |  | 48,864 |  |  | 31,047 |
Nebraska |  | 9 |  | 7,782 |  | 7,050 |  | 30,825 |  |  | 19,331 |
Michigan |  | 15 |  | 962 |  | 682 |  | 12,262 |  |  | 7,573 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | 8,363 |  |  | 5,173 |
Washington |  | 1 |  | 746 |  | 417 |  | 8,031 |  |  | 4,957 |
Oregon |  | 3 |  | 418 |  | 363 |  | 6,198 |  |  | 3,785 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 2,264 |  |  | 1,206 |
|  | 115 |  | 89,128 |  | 72,290 |  | $ | 822,523 |  |  | $ | 494,762 |
(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. Specifically, includes Investments in real estate, net (excluding improvements paid for by the tenant) and Lease intangibles, net; plus net above-market lease values, lease incentives, and investments in special-purpose LLCs 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 $3.1 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheet.
(3) | Includes ownership in a special-purpose LLC that owns a pipeline conveying water to one of our properties. As of June 30, 2020, this investment had a net carrying value of approximately $613,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheet.
(4) 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 $1.9 million as of June 30, 2020 (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 June 30, 2020, and December 31, 2019 (dollars in thousands):
| June 30, 2020 |  | December 31, 2019
Real estate: |  |  |
Land and land improvements | $ | 609,792 |  |  | $ | 583,247 |
Irrigation and drainage systems | 115,293 |  |  | 108,222 |
Horticulture | 108,779 |  |  | 107,941 |
Farm-related facilities | 21,250 |  |  | 20,665 |
Other site improvements | 7,215 |  |  | 7,180 |
Real estate, at gross cost | 862,329 |  |  | 827,255 |
Accumulated depreciation | (41,566 | ) |  | (35,174 | )
Real estate, net | $ | 820,763 |  |  | $ | 792,081 |
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 June 30, 2020, and December 31, 2019 (dollars in thousands):
|  | June 30, 2020 |  | December 31, 2019
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) |  | $ | 201 |  |  | $ | (103 | ) |  | $ | 111 |  |  | $ | (41 | )
Below-market lease values and other deferred revenue(2) |  | (886 | ) |  | 307 |  |  | (886 | ) |  | 257 |
|  | $ | (685 | ) |  | $ | 204 |  |  | $ | (775 | ) |  | $ | 216 |
(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 and Comprehensive Income.
(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 and Comprehensive Income. The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of June 30, 2020, and December 31, 2019 (dollars in thousands):
| June 30, 2020 |  | December 31, 2019
Lease intangibles: |  |  |
Leasehold interest – land | $ | 3,498 |  |  | $ | 3,498 |
In-place leases | 2,007 |  |  | 2,293 |
Leasing costs | 1,584 |  |  | 2,066 |
Tenant relationships | 414 |  |  | 414 |
Lease intangibles, at cost | 7,503 |  |  | 8,271 |
Accumulated amortization | (3,823 | ) |  | (3,444 | )
Lease intangibles, net | $ | 3,680 |  |  | $ | 4,827 |
Schedule of Asset Acquisitions, by Acquisition | During the six months ended June 30, 2020, we acquired four new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acres |  | 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
County Road 18 |  | Phillips, CO |  | 1/15/2020 |  | 1,325 |  | 2 |  | Sugar beets, edible beans, potatoes, & corn |  | 6.0 years |  | None |  | $ | 7,500 |  |  | $ | 39 |  |  | $ | 417 |  |  | $ | 4,500 |
Lamar Valley |  | Chase, NE |  | 5/7/2020 |  | 678 |  | 1 |  | Potatoes, edible beans, & corn |  | 6.7 years |  | 2 (5 years) |  | 3,500 |  |  | 47 |  |  | 204 |  |  | 2,100 |
Driver Road(3) |  | Kern, CA |  | 6/5/2020 |  | 590 |  | 1 |  | Pecans |  | 4.7 years |  | 2 (10 years) |  | 14,169 |  |  | 53 |  |  | 784 |  |  | 8,500 |
|  |  |  |  |  | 2,593 |  | 4 |  |  |  |  |  |  |  | $ | 25,169 |  |  | $ | 139 |  |  | $ | 1,405 |  |  | $ | 15,100 |
(1) | Includes approximately $18,000 of aggregate external legal fees associated with negotiating and originating the leases associated with these acquisitions, which costs were expensed in the period incurred.
(2) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3) The lease provides for an initial term of 14.7 years and includes six tenant termination options throughout the initial term. The lease term stated above represents the term through the first available termination option, and the annualized straight-line rent amount represents the rent guaranteed through the noncancelable term of the lease. During the six months ended June 30, 2019, we acquired 13 new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acres |  | 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 & edible beans |  | 4.9 years |  | 1 (5 years) |  | $ | 2,400 |  |  | $ | 33 |  |  | $ | 126 |  |  | $ | 1,440 |
Greenhills Boulevard(3) |  | Madera, CA |  | 4/9/2019 |  | 928 |  | 1 |  | Pistachios |  | 10.6 years |  | 2 (5 years) |  | 28,550 |  |  | 141 |  |  | 1,721 |  |  | 17,130 |
Van Buren Trail |  | Van Buren, MI |  | 5/29/2019 |  | 159 |  | 2 |  | Blueberries & cranberries |  | 10.6 years |  | 2 (5 years) |  | 2,682 |  |  | 26 |  |  | 206 |  |  | 1,609 |
Blue Star Highway |  | Allegran & Van Buren, MI |  | 6/4/2019 |  | 357 |  | 8 |  | Blueberries |  | 10.6 years |  | 2 (5 years) |  | 5,100 |  |  | 30 |  |  | 390 |  |  | 3,060 |
Yolo County Line Road |  | Yolo, CA |  | 6/13/2019 |  | 542 |  | 1 |  | Olives for olive oil |  | 14.6 years |  | 1 (5 years) |  | 9,190 |  |  | 68 |  |  | 624 |  |  | 5,514 |
|  |  |  |  |  | 2,681 |  | 13 |  |  |  |  |  |  |  | $ | 47,922 |  |  | $ | 298 |  |  | $ | 3,067 |  |  | $ | 28,753 |
(1) | Includes approximately $18,000 of external legal fees associated with negotiating and originating the lease associated with this acquisition, which cost was expensed in the period incurred.
(2) | Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.
(3) Lease provides for a participation rent component based on the gross crop revenues earned on the farm. The rent figure above represents only the minimum cash guaranteed under the lease.
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 six months ended June 30, 2020 and 2019 is as follows (dollars in thousands):
Acquisition Period |  | Land and Land Improvements |  | Irrigation & Drainage Systems |  | Horticulture |  | Farm-related Facilities |  | Total Purchase Price
2020 Acquisitions |  | $ | 22,630 |  |  | $ | 2,119 |  |  | $ | 369 |  |  | $ | 51 |  |  | $ | 25,169 |
2019 Acquisitions |  | 18,209 |  |  | 4,022 |  |  | 23,989 |  |  | 1,702 |  |  | 47,922 |
Summary of Leasing Activity | The following table summarizes certain leasing activity that occurred on our existing properties during the six months ended June 30, 2020 (dollars in thousands):
|  |  |  | PRIOR LEASES |  | NEW LEASES(1)(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 / N)(4) |  | Total Annualized Straight-line Rent(3) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN / N)(4)
AZ, CA, & NE | 10 | 6,525 |  | $ | 4,661 |  | 3 | 6 / 2 / 2 |  | $ | 4,758 |  | 6.2 | 4 | 6 / 3 / 0
(1) | In connection with certain of these leases, we committed to provide capital for certain improvements on these farms. See Note 7, “Commitments and Contingencies—Operating Obligations,” for additional information on these commitments.
(2) | Two of the prior leases encompassing four of our farms were renewed under a single lease encompassing the same four 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, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-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.” The following table summarizes the leasing activity that occurred on our existing properties subsequent to June 30, 2020, through the date of this filing (dollars in thousands):
|  |  |  | PRIOR LEASES |  | NEW LEASES
Farm Locations | Number of Leases | Total Farm Acres |  | Total Annualized Straight-line Rent(1) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN / N)(2) |  | Total Annualized Straight-line Rent(1) | Wtd. Avg. Term (Years) | # of Leases with Participation Rents | Lease Structures (# of NNN / NN / N)(2)
FL | 2 | 78 |  | $ | 114 |  | 0 | 2 / 0 / 0 |  | $ | 125 |  | 2.0 | 0 | 2 / 0 / 0
(1) | 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.
(2) “NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements. For a description of each of these types of lease arrangements, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
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 the six months ended June 30, 2020 and 2019 (dollars in thousands):
|  | As of and For the six months ended June 30, 2020 |  | As of and For the six months ended June 30, 2019
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) |  | 43 |  | 15,420 |  | 17.3% |  | $ | 13,815 |  |  | 49.5% |  | 35 |  | 11,617 |  | 15.3% |  | $ | 7,906 |  |  | 48.8%
Florida |  | 23 |  | 20,770 |  | 23.3% |  | 6,669 |  |  | 23.9% |  | 22 |  | 17,184 |  | 22.6% |  | 4,689 |  |  | 29.0%
Arizona |  | 6 |  | 6,280 |  | 7.1% |  | 3,805 |  |  | 13.6% |  | 6 |  | 6,280 |  | 8.3% |  | 1,077 |  |  | 6.7%
Colorado |  | 12 |  | 32,773 |  | 36.8% |  | 1,662 |  |  | 6.0% |  | 10 |  | 31,448 |  | 41.4% |  | 1,411 |  |  | 8.7%
Nebraska |  | 9 |  | 7,782 |  | 8.7% |  | 762 |  |  | 2.7% |  | 3 |  | 3,254 |  | 4.3% |  | 162 |  |  | 1.0%
Michigan |  | 15 |  | 962 |  | 1.1% |  | 384 |  |  | 1.4% |  | 15 |  | 962 |  | 1.3% |  | 89 |  |  | 0.5%
Oregon |  | 3 |  | 418 |  | 0.5% |  | 263 |  |  | 0.9% |  | 3 |  | 418 |  | 0.6% |  | 257 |  |  | 1.6%
Washington |  | 1 |  | 746 |  | 0.8% |  | 245 |  |  | 0.9% |  | 1 |  | 746 |  | 1.0% |  | 245 |  |  | 1.5%
Texas |  | 1 |  | 3,667 |  | 4.1% |  | 225 |  |  | 0.8% |  | 1 |  | 3,667 |  | 4.8% |  | 263 |  |  | 1.6%
North Carolina |  | 2 |  | 310 |  | 0.3% |  | 88 |  |  | 0.3% |  | 2 |  | 310 |  | 0.4% |  | 93 |  |  | 0.6%
TOTALS |  | 115 |  | 89,128 |  | 100.0% |  | $ | 27,918 |  |  | 100.0% |  | 98 |  | 75,886 |  | 100.0% |  | $ | 16,192 |  |  | 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 six of these growing regions.

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