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BORROWINGS (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Summary of Borrowings | Our borrowings as of September 30, 2021, and December 31, 2020, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of September 30, 2021
| September 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 | $ | 564,695 |  |  | $ | 492,182 |  |  | 2.44%–5.70%; 3.73% |  | 2/14/2022–7/1/2051; November 2032
Variable-rate notes payable | — |  |  | 45,525 |  |  | N/A |  | N/A
Fixed-rate bonds payable | 84,762 |  |  | 89,883 |  |  | 2.13%–4.57%; 3.45% |  | 1/12/2022–10/31/2028; October 2024
Total notes and bonds payable | 649,457 |  |  | 627,590 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,490) |  |  | (3,629) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 645,967 |  |  | $ | 623,961 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 2.50% |  | 4/5/2024
Total borrowings, net | $ | 646,067 |  |  | $ | 624,061 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). The following table summarizes the pertinent terms of the New MetLife Facility as of September 30, 2021 (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%, fixed through 1/4/2030 | (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 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 September 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). During the nine months ended September 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 Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
2/4/2021 |  | $ | 2,460 |  |  | 10/31/2028 |  | 25.0 years |  | 3.13% |  | Fixed throughout term
During the nine months ended September 30, 2021, 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
Farm Credit West, FLCA(2) |  | 1/28/2021 |  | $2,073 |  | 11/1/2045 |  | 24.8 years |  | 3.23% |  | Fixed through 12/31/2027 (variable thereafter)
Mid Atlantic Farm Credit, ACA |  | 3/3/2021 |  | 960 |  |  | 6/1/2045 |  | 24.4 years |  | 3.80% |  | Fixed through 1/31/2031 (variable thereafter)
GreenStone Farm Credit Services, FLCA |  | 8/17/2021 |  | 7,980 |  |  | 8/1/2046 |  | 25.5 years |  | 4.00% |  | Fixed through 7/31/2031 (variable thereafter)
Golden State Farm Credit, FLCA |  | 9/28/2021 |  | 15,960 |  |  | 7/1/2051 |  | 30.0 years |  | 3.75% |  | Fixed through 9/30/2031 (variable thereafter)
Golden State Farm Credit, FLCA |  | 9/28/2021 |  | 6,840 |  |  | 7/1/2046 |  | 25.0 years |  | 3.75% |  | Fixed through 9/30/2031 (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 nine months ended September 30, 2021, we entered into loan agreements with certain 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
Rabo AgriFinance, LLC(1) |  | 3/11/2021 |  | $ | 3,780 |  |  | 12/1/2030 |  | 25.0 years |  | 3.27% |  | Fixed throughout term
Rabo AgriFinance, LLC(1) |  | 3/11/2021 |  | 630 |  |  | 12/1/2022 |  | None (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). Subsequent to the quarter ended September 30, 2021, we entered into certain agreements to provide for future financings. The terms of these agreements are summarized in the following table (dollars in thousands):
Issuer |  | Expected Funding Period |  | Amount |  | Stated Interest Rate(1) |  | Interest Rate Terms
Rabo AgriFinance, LLC |  | Q4 2021 |  | $ | 22,620 |  |  | 3.42% |  | Fixed throughout term(2)
Farmer Mac |  | Q4 2021 |  | 1,290 |  |  | 3.32% |  | Fixed throughout term
American AgCredit |  | TBD(3) |  | 2,990 |  |  | 3.00% |  | Variable, as determined by lender
(1)Where applicable, stated rate is before interest patronage, as described in Note 4 “Borrowings—Farm Credit Notes Payable—Interest Patronage.” (2)Pursuant to an interest rate swap agreement entered into with Rabo AgriFinance, LLC, the loan will bear interest at a fixed rate of 3.42% through November 2030. (3)A portion of this loan is tied to an ongoing development project and will not be fully available to us until the project is complete. The completion of the development project and the receipt of these loan proceeds are both expected to occur by May 2023.
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2021, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments
For the remaining three months ending December 31: | 2021 |  | $ | 2,494 |
For the fiscal years ending December 31: | 2022 |  | 52,622 |
| 2023 |  | 44,682 |
| 2024 |  | 40,828 |
| 2025 |  | 37,866 |
| 2026 |  | 17,016 |
| Thereafter |  | 453,949 |
|  |  | $ | 649,457 |
Schedule of Borrowings by Type | The following table summarizes our interest rate swap agreements as of September 30, 2021, and December 31, 2020 (dollars in thousands):
Period |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
As of September 30, 2021 |  | $ | 61,632 |  |  | $ | — |  |  | $ | (987) |
As of December 31, 2020 |  | 14,077 |  |  | — |  |  | (1,500) |
The following table summarizes certain balance sheet information regarding our derivative instruments as of September 30, 2021, and December 31, 2020 (dollars in thousands):
|  |  |  | Derivative Asset (Liability) Fair Value
Derivative Type |  | Balance Sheet Location |  | September 30, 2021 |  | December 31, 2020
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
Interest rate swaps |  | Other liabilities, net |  | $ | (987) |  |  | $ | (1,500) |
Total, net |  |  |  | $ | (987) |  |  | $ | (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 nine months ended September 30, 2021 and 2020 (dollars in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Derivative in cash flow hedging relationship: |  |  |  |  |  |  |
Interest rate swaps | $ | 357 |  |  | $ | 95 |  |  | $ | 513 |  |  | $ | (1,331) |
Total | $ | 357 |  |  | $ | 95 |  |  | $ | 513 |  |  | $ | (1,331) |

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