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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Instrument [Line Items]  
Summary of Borrowings
Our borrowings as of June 30, 2021, and December 31, 2020, are summarized below (dollars in thousands):
 Carrying Value as of As of June 30, 2021
June 30, 2021 December 31, 2020
Stated Interest
Rates(1)
(Range; Wtd. Avg)
Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable$538,792 $492,182 
2.44%–5.70%; 3.72%
2/14/2022–11/1/2045; November 2031
Variable-rate notes payable— 45,525 N/AN/A
Fixed-rate bonds payable92,094 89,883 
2.13%–4.57%; 3.49%
8/17/2021–10/31/2028; July 2024
Total notes and bonds payable630,886 627,590 
Debt issuance costs – notes and bonds payable(3,478)(3,629)N/AN/A
Notes and bonds payable, net$627,408 $623,961 
Variable-rate revolving lines of credit$100 $100 2.50%4/5/2024
Total borrowings, net$627,508 $624,061 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
During the six months ended June 30, 2021, we issued one new bond under the Farmer Mac Facility, the pertinent terms of which are summarized in the following table (dollars in thousands):
Date of IssuanceAmountMaturity DatePrincipal AmortizationStated
Interest Rate		Interest Rate Terms
2/4/2021$2,460 10/31/202825.0 years3.13%Fixed throughout term
During the six months ended June 30, 2021, 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
Farm Credit West, FLCA(2)
1/28/2021$2,07311/1/204524.8 years3.23%Fixed through 12/31/2027 (variable thereafter)
Mid Atlantic Farm Credit, ACA3/3/2021960 6/1/204524.4 years3.80%Fixed through 1/31/2031 (variable thereafter)
(1)Stated rate is before interest patronage, as described below.
(2)Loan proceeds used to repay a previously-issued loan with an outstanding balance of approximately $1.4 million and a stated interest rate of 4.99%.
During the six months ended June 30, 2021, we entered into loan agreements with certain other lenders, the terms of which are summarized in the following table (dollars in thousands):
LenderDate of IssuanceAmountMaturity DatePrincipal AmortizationStated Interest RateInterest Rate Terms
Rabo AgriFinance, LLC(1)
3/11/2021$3,780 12/1/203025.0 years3.27%Fixed throughout term
Rabo AgriFinance, LLC(1)
3/11/2021630 12/1/2022None
(interest only)		2.44%Fixed throughout term
(1)Loans were issued as variable-rate loans but were subsequently fixed through our entry into interest rate swap agreements with the lender (as counterparty).
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of June 30, 2021, for the succeeding years are as follows (dollars in thousands):
PeriodScheduled Principal Payments
For the remaining six months ending December 31:2021$14,703 
For the fiscal years ending December 31:202251,932 
202344,006 
202440,127 
202537,137 
202616,260 
Thereafter426,721 
$630,886 
MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the New MetLife Facility as of June 30, 2021 (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$36,900 
2.75%, fixed through 1/4/2030
(2)
38,100 
(3)
MetLife Lines of Credit75,000 4/5/2024100 
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 thereunder.
(2)Interest rates on any 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 New MetLife Facility, as of June 30, 2021, 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).
Interest Rate Swap  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type The following table summarizes our interest rate swap agreements as of June 30, 2021, and December 31, 2020 (dollars in thousands):
PeriodAggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
As of June 30, 2021$61,632 $— $(1,344)
As of December 31, 202014,077 — (1,500)
The following table summarizes certain balance sheet information regarding our derivative instruments as of June 30, 2021, and December 31, 2020 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative TypeBalance Sheet LocationJune 30, 2021December 31, 2020
Derivatives Designated as Hedging Instruments:
Interest rate swapsOther assets, net$— $— 
Interest rate swapsOther liabilities, net(1,344)(1,500)
Total, net$(1,344)$(1,500)
The following table presents the amount of income (loss) recognized in comprehensive income within our condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020 (dollars in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2021202020212020
Derivative in cash flow hedging relationship:
Interest rate swaps$(1,211)$(169)$156 $(1,426)
Total$(1,211)$(169)$156 $(1,426)