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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Instrument [Line Items]  
Summary of Borrowings Our borrowings as of September 30, 2020, and December 31, 2019, are summarized below (dollars in thousands):
 Carrying Value as of As of September 30, 2020
September 30, 2020 December 31, 2019 
Stated Interest
Rates(1)
(Range; Wtd. Avg)
 Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable$405,249 $394,569 
3.00%–5.70%; 4.03%
2/14/2022–11/1/2045; March 2032
Fixed-rate bonds payable89,883 90,380 
2.61%–4.57%; 3.44%
12/11/2020–9/13/2028; May 2023
Total notes and bonds payable495,132 484,949 
Debt issuance costs – notes and bonds payable(3,211)(3,120)N/AN/A
Notes and bonds payable, net$491,921 $481,829 
Variable-rate revolving lines of credit$11,600 $100 2.50%4/5/2024
Total borrowings, net$503,521 $481,929 
 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
Subsequent to September 30, 2020, through the date of this filing, we have entered into the following loan agreements (dollars in thousands):
LenderDate of
Issuance		Principal
Amount		Maturity
Date		Principal
Amortization		Stated
Interest
Rate		Interest Rate Terms
PGIM Real Estate Finance, LLC 10/1/2020$19,042 7/1/202825.0 years2.47%Fixed throughout term
PGIM Real Estate Finance, LLC10/1/202019,096 7/1/202825.0 years2.45%Fixed throughout term
AgAmerica Lending, LLC10/23/20202,259 1/1/202830.0 years3.50%Fixed throughout term
Schedule of Aggregate Maturities Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2020, for the succeeding years are as follows (dollars in thousands):
PeriodScheduled
Principal Payments
For the remaining three months ending December 31:2020$15,368 
For the fiscal years ending December 31:202119,269 
202242,162 
202336,568 
202435,879 
202532,898 
Thereafter312,988 
$495,132 
MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the New MetLife Facility as of September 30, 2020 (dollars in thousands, except for footnotes):
IssuanceAggregate
Commitment		Maturity
Dates		Principal
Outstanding		 Interest Rate Terms Undrawn
Commitment		 
New MetLife Term Note$75,000 
(1)
1/5/2030$— N/A
(2)
75,000 
(3)
MetLife Lines of Credit75,000 4/5/202411,600 
3-month LIBOR + 2.00%
(4)
63,400 
(3)
Total principal outstanding$11,600   
 
(1)If the aggregate commitment under the New MetLife Term Note is not fully utilized by December 31, 2022, MetLife has the option to be relieved of its obligation to disburse the additional funds under the New MetLife Term Note.
(2)Interest rates on any disbursements under the New MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2022, the New MetLife Term Note is also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the New MetLife Term Note).
(3)Based on the properties that were pledged as collateral under the New MetLife Facility, as of September 30, 2020, the maximum additional amount we could draw under the facility was approximately $12.7 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).
Farm Credit Notes Payable  
Debt Instrument [Line Items]  
Summary of Borrowings During the nine months ended September 30, 2020, we entered into the following loan agreements with Farm Credit (dollars in thousands):
IssuerDate of
Issuance		AmountMaturity
Date		Principal
Amortization
Stated Interest Rate(1)
Interest Rate Terms
Premier Farm Credit, FLCA5/14/2020$4,5001/1/204524.6 years4.00%Fixed through December 31, 2029 (variable thereafter)
Farm Credit West, FLCA6/24/20206005/1/204424.2 years3.00%Fixed through July 31, 2026 (variable thereafter)
Farm Credit West, FLCA6/24/20206005/1/204424.2 years3.00%Fixed through August 31, 2026 (variable thereafter)
Farm Credit West, FLCA6/25/20208,50011/1/204525.0 years3.75%Fixed through June 30, 2030 (variable thereafter)
Farm Credit of the Virginias, ACA8/31/20204,4819/1/203025.0 years3.99%Fixed throughout term
(1)Stated rate is before interest patronage, as described below.
Conterra Note Payable  
Debt Instrument [Line Items]  
Summary of Borrowings
During the nine months ended September 30, 2020, we entered into a loan agreement with Conterra Agricultural Capital, LLC (“Conterra”), the terms of which are summarized in the following table (dollars in thousands):
Date of IssuanceAmountMaturity DatePrincipal AmortizationStated Interest RateInterest Rate Terms
6/8/2020$2,1007/1/202730.0 years3.40%Fixed throughout term
Farmer Mac Facility  
Debt Instrument [Line Items]  
Summary of Borrowings The pertinent terms of the amended and restated bond are summarized in the table below (dollars in thousands):
Date of IssuanceAmountMaturity DatePrincipal AmortizationStated
Interest Rate		Interest Rate Terms
1/10/2020$8,100 1/12/2024None
(interest only)		2.66%Fixed throughout term
Interest Rate Swap  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type The following table summarizes our interest rate swap as of September 30, 2020, and December 31, 2019 (dollars in thousands):
September 30, 2020December 31, 2019
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value LiabilityAggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
$14,077 $— $1,721 $14,298 $— $390 

The following table presents the amount of income (loss) recognized in comprehensive income within our condensed consolidated financial statements for the three and nine months ended September 30, 2020 (dollars in thousands):
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
Derivative in cash flow hedging relationship:
Interest rate swaps$95 $(1,331)
Total$95 $(1,331)
We were not party to any interest rate swap agreements during the three or nine months ended September 30, 2019.
The following table summarizes certain information regarding our derivative instruments as of September 30, 2020, and December 31, 2019 (dollars in thousands):
Derivative Liability Fair Value
Derivative TypeBalance Sheet LocationSeptember 30, 2020December 31, 2019
Derivatives Designated as Hedging Instruments:
Interest rate swapsOther liabilities, net$1,721 $390 
Total$1,721 $390