XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.20.4

Borrowings (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Summary of Borrowings | Our borrowings as of December 31, 2020 and 2019 are summarized below (dollars in thousands):
| Carrying Value as of |  | As of December 31, 2020
| December 31, 2020 |  | December 31, 2019 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 492,182 |  |  | $ | 394,569 |  |  | 2.45%–5.70%; 3.78% |  | 2/14/2022–11/1/2045; December 2031
Variable-rate notes payable(2) | 45,525 |  |  | — |  |  | 2.14%–3.00%; 2.18% |  | 12/1/2022–11/1/2045; July 2030
Fixed-rate bonds payable | 89,883 |  |  | 90,380 |  |  | 2.13%–4.57%; 3.50% |  | 8/17/2021–10/31/2028; June 2024
Total notes and bonds payable | 627,590 |  |  | 484,949 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,629) |  |  | (3,120) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 623,961 |  |  | $ | 481,829 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 2.50% |  | 4/5/2024
Total borrowings, net | $ | 624,061 |  |  | $ | 481,929 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). (2)Notes were fixed subsequent to December 31, 2020; see Note 11, “Subsequent Events.” Subsequent to the year ended December 31, 2020, we entered into the following loan agreements with the terms of which are summarized in the following table (dollars in thousands):
Lender |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
Farm Credit West, FLCA |  | 1/28/2021 |  | $ | 2,073 |  |  | 11/1/2045 |  | 24.8 years |  | 3.23% |  | Fixed through December 31, 2027 (variable thereafter)
Farmer Mac |  | 2/4/2021 |  | 2,460 |  |  | 10/31/2028 |  | 25.0 years |  | 3.13% |  | Fixed throughout term
Subsequent to December 31, 2020, we fixed the interest rates on these loans, as summarized in the following table (dollars in thousands):
Lender |  | Date of Fixed Agreement |  | Loan Amount |  | Original Variable Interest Rate Terms |  | New Fixed Interest Rate Terms
Farm Credit West, FLCA |  | 1/8/2021 |  | $ | 2,160 |  |  | 3.00%, subject to change monthly |  | 3.70%, fixed through 1/31/2031; variable thereafter
Rabo AgriFinance, LLC(1) |  | 1/15/2021 |  | 37,170 |  |  | 1-month LIBOR + 2.00% |  | 3.21%; fixed throughout term
Rabo AgriFinance, LLC(1) |  | 1/15/2021 |  | 6,195 |  |  | 1-month LIBOR + 2.00% |  | 2.46%; fixed throughout term
(1)Interest rates were fixed via our entry into interest rate swap agreements.
Schedule of Borrowings by Type | During the year ended December 31, 2020, we entered into loan agreements with various other lenders, the terms of which are summarized in the following table (dollars in thousands):
Lender |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
Conterra Agricultural Capital, LLC |  | 6/8/2020 |  | $ | 2,100 |  |  | 7/1/2027 |  | 30.0 years |  | 3.40% |  | Fixed throughout term
PGIM Real Estate Finance, LLC |  | 10/1/2020 |  | 19,042 |  |  | 7/1/2028 |  | 25.0 years |  | 2.47% |  | Fixed throughout term
PGIM Real Estate Finance, LLC |  | 10/1/2020 |  | 19,096 |  |  | 7/1/2028 |  | 25.0 years |  | 2.45% |  | Fixed throughout term
AgAmerica Lending, LLC |  | 10/23/2020 |  | 2,259 |  |  | 1/1/2028 |  | 30.0 years |  | 3.50% |  | Fixed throughout term
PGIM Real Estate Finance, LLC |  | 12/15/2020 |  | 12,450 |  |  | 7/1/2028 |  | None (interest only) |  | 2.98% |  | Fixed throughout term
Rabo AgriFinance, LLC(1) |  | 12/24/2020 |  | 37,170 |  |  | 12/1/2030 |  | 25.0 years |  | 2.14% |  | 1-month LIBOR + 2.00%(1)
Rabo AgriFinance, LLC(1) |  | 12/24/2020 |  | 6,195 |  |  | 12/1/2022 |  | None (interest only) |  | 2.14% |  | 1-month LIBOR + 2.00%(1)
(1) Subsequent to December 31, 2020, we entered into fixed interest rate swap agreements for each of these loans. See Note 11, “Subsequent Events—Financing Activity—Borrowing Activity—Fixed Rate Conversions,” for additional information on these swap agreements.
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate notes and bonds payable as of December 31, 2020, for the succeeding years are as follows (dollars in thousands):
For the Fiscal Years Ending December 31, |  | Scheduled Principal Payments
2021 |  | $ | 19,848 |
2022 |  | 51,053 |
2023 |  | 43,755 |
2024 |  | 39,873 |
2025 |  | 36,881 |
Thereafter |  | 436,180 |
|  | $ | 627,590 |
Interest Rate Swap |
Schedule of Borrowings by Type | The following table summarizes our interest rate swaps as of December 31, 2020 and 2019 (dollars in thousands):
Period |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
As of December 31, 2020 |  | $ | 14,077 |  |  | $ | — |  |  | $ | 1,500 |
As of December 31, 2019 |  | 14,298 |  |  | — |  |  | 390 |
The following table presents the amount of loss recognized in comprehensive income within our consolidated financial statements for the years ended December 31, 2020 and 2019 (dollars in thousands):
| For the Year Ended December 31, 2020 |  | For the Year Ended December 31, 2019
Derivative in cash flow hedging relationship: |  |  |
Interest rate swaps | $ | (1,110) |  |  | $ | (390) |
Total | $ | (1,110) |  |  | $ | (390) |
The following table summarizes certain information regarding our derivative instruments as of December 31, 2020 and 2019 (dollars in thousands):
|  |  |  | Derivative Liability Fair Value
Derivative Type |  | Balance Sheet Location |  | December 31, 2020 |  | December 31, 2019
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
Interest rate swaps |  | Other liabilities, net |  | $ | 1,500 |  |  | $ | 390 |
Total |  |  |  | $ | 1,500 |  |  | $ | 390 |
MetLife Credit Facility |
Summary of Borrowings | The following table summarizes the pertinent terms of the New MetLife Facility as of December 31, 2020 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment |
New MetLife Term Note |  | $ | 75,000 |  | (1) | 1/5/2030 |  | $ | 36,900 |  |  | 2.75% | (2) | $ | 38,100 |  | (3)
MetLife Lines of Credit |  | 75,000 |  |  | 4/5/2024 |  | 100 |  |  | 3-month LIBOR + 2.00% | (4) | 74,900 |  | (3)
Total principal outstanding |  |  |  | $ | 37,000 |  |  |  |  |  |
(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 future 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 MetLife Facility, as of December 31, 2020, the maximum additional amount we could draw under the facility was approximately $24.2 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 |
Summary of Borrowings | During the year ended December 31, 2020, we entered into the following loan agreements with Farm Credit (dollars in thousands):
Issuer |  | Date of Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate(1) |  | Interest Rate Terms
Premier Farm Credit, FLCA |  | 5/14/2020 |  | $ | 4,500 |  |  | 1/1/2045 |  | 24.6 years |  | 4.00% |  | Fixed through December 31, 2029 (variable thereafter)
Farm Credit West, FLCA |  | 6/24/2020 |  | 600 |  |  | 5/1/2044 |  | 24.2 years |  | 3.00% |  | Fixed through July 31, 2026 (variable thereafter)
Farm Credit West, FLCA |  | 6/24/2020 |  | 600 |  |  | 5/1/2044 |  | 24.2 years |  | 3.00% |  | Fixed through August 31, 2026 (variable thereafter)
Farm Credit West, FLCA |  | 6/25/2020 |  | 8,500 |  |  | 11/1/2045 |  | 25.0 years |  | 3.75% |  | Fixed through June 30, 2030 (variable thereafter)
Farm Credit of the Virginias, ACA |  | 8/31/2020 |  | 4,481 |  |  | 9/1/2030 |  | 25.0 years |  | 3.99% |  | Fixed throughout term
Farm Credit West, FLCA(2) |  | 12/10/2020 |  | 2,160 |  |  | 11/1/2045 |  | 24.5 years |  | 3.70% |  | Fixed through January 31, 2031 (variable thereafter)
(1)Stated rate is before interest patronage, as described below. (2)Loan was fixed subsequent to December 31, 2020; see Note 11, “Subsequent Events—Financing Activity—Borrowing Activity—Fixed Rate Conversions.”
Farmer Mac Facility |
Schedule of Borrowings by Type | The pertinent terms of the three amended and restated bonds are summarized in the table below (dollars in thousands):
Date of Issuance |  | Amount |  | Maturity Dates |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
1/10/2020 |  | $ | 8,100 |  |  | 1/12/2024 |  | None (interest only) |  | 2.66% |  | Fixed throughout term
12/11/2020 |  | 3,180 |  |  | 7/31/2023 |  | None (interest only) |  | 2.13% |  | Fixed throughout term
12/11/2020 |  | 10,673 |  |  | 10/31/2028 |  | None (interest only) |  | 3.25% |  | Fixed throughout term

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 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=120391452&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=119993939&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=120395691&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=119993939&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 maturity and sinking fund requirement for long-term debt. + 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_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

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: |

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