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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Operating Lease Obligations | In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms, which are summarized in the table below (dollars in thousands):
Farm Location |  | Farm Acreage |  | Total Commitment |  | Obligated Completion Date(1) |  | Amount Expended or Accrued as of December 31, 2021
St. Lucie, FL |  | 549 |  | 230 |  |  | Q3 2022 |  | 111 |
Santa Barbara, CA |  | 271 |  | 4,000 |  | (2) | Q3 2022 |  | 2,427 |
Manatee, FL |  | 590 |  | 280 |  |  | Q4 2022 |  | — |
Manatee, FL |  | 271 |  | 280 |  |  | Q4 2022 |  | — |
Hillsborough, FL |  | 55 |  | 2,250 |  | (2) | Q4 2022 |  | 1,554 |
Charlotte, FL |  | 975 |  | 3,000 |  | (2) | Q4 2022 |  | — |
Napa, CA |  | 270 |  | 1,548 |  | (2) | Q3 2023 |  | 1,019 |
Columbia, OR |  | 157 |  | 1,800 |  | (2) | Q3 2024 |  | 1,146 |
Collier & Hendry, FL |  | 3,612 |  | 2,000 |  | (2) | Q2 2025 |  | — |
Wicomico & Caroline, MD, and Sussex, DE |  | 833 |  | 115 |  |  | Q3 2030 |  | 49 |
(1)Our obligation to provide capital to fund these improvements does not extend beyond these respective dates. (2)Pursuant to contractual agreements, we will earn additional rent on the cost of these capital improvements as the funds are disbursed by us.
Summary of Leasing Activity | As of December 31, 2021 and 2020, we recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):
| December 31, 2021 |  | December 31, 2020
Operating lease right-of-use assets(1) | $ | 671 |  |  | $ | 136 |
Operating lease liabilities(2) | $ | 664 |  |  | $ | 130 |
Weighted-average remaining lease term (years) | 15.7 |  | 3.8
Weighted-average incremental borrowing rate | 7.78 | % |  | 4.20 | %
(1)Operating lease right-of-use assets are shown net of prepaid lease payments of approximately $7,000 and $6,000 for the years ended December 31, 2021 and 2020, respectively, and are included within Other assets, net on the accompanying Consolidated Balance Sheets. (2)Included within Other liabilities, net on the accompanying Consolidated Balance Sheets. The following table sets forth the components of our lease revenues for the years ended December 31, 2021 and 2020 (dollars in thousands, except for footnotes):
| For the Years Ended December 31,
| 2021 |  | 2020
Fixed lease payments(1) | $ | 69,998 |  |  | $ | 51,377 |
Variable lease payments(2) | 5,320 |  |  | 5,654 |
Lease revenue, net(3) | $ | 75,318 |  |  | $ | 57,031 |
(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue. (2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants. Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues. During the years ended December 31, 2021 and 2020, we recorded participation rents of approximately $5.2 million and $2.4 million respectively, and reimbursements of certain property operating expenses by tenants of approximately $101,000 and $456,000, respectively. In addition, during the year ended December 31, 2020, we received a lease termination payment of approximately $3.0 million. (3)Reflected as a line item on our accompanying Consolidated Statements of Operations and Comprehensive Income.
Schedule of Future Lease Payments | Future minimum lease payments due under the remaining non-cancelable terms of these leases as of December 31, 2021, is as follows (dollars in thousands):
Period |  | Future Lease Payments(1)
For the fiscal years ending December 31: | 2022 |  | $ | 92 |  |  |  |  |
| 2023 |  | 92 |  |  |  |  |
| 2024 |  | 92 |  |  |  |  |
| 2025 |  | 62 |  |  |  |  |
| 2026 |  | 62 |  |  |  |  |
| Thereafter |  | 755 |  |  |  |  |
Total undiscounted lease payments | 1,155 |  |  |  |  |
Less: imputed interest | (491) |  |  |  |  |
Present value of lease payments | $ | 664 |  |  |  |  |
(1)Certain annual lease payments are set at the beginning of each year to then-current market rates (as determined by the lessor). The amounts shown above represent estimated amounts based on the lease rates currently in place.

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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