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BORROWINGS (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Summary of Borrowings Our borrowings as of September 30, 2022, and December 31, 2021, are summarized below (dollars in thousands):
 Carrying Value as of As of September 30, 2022
September 30, 2022December 31, 2021
Stated Interest
Rates(1)
(Range; Wtd. Avg)
Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable$561,118 $582,665 
2.44%–5.70%; 3.72%
10/1/2022–7/1/2051; April 2033
Variable-rate notes payable1,124 2,856 5.25%5/1/2044
Fixed-rate bonds payable81,003 86,052 
2.13%–4.57%; 3.46%
12/22/2022–12/30/2030; June 2025
Total notes and bonds payable643,245 671,573 
Debt issuance costs – notes and bonds payable(3,599)(3,691)N/AN/A
Notes and bonds payable, net$639,646 $667,882 
Variable-rate revolving lines of credit$100 $100 4.30%4/5/2024
Total borrowings, net$639,746 $667,982 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
The following table summarizes the pertinent terms of the 2022 MetLife Facility as of September 30, 2022 (dollars in thousands, except for footnotes):
IssuanceAggregate
Commitment		Maturity
Dates		Principal
Outstanding		 Interest Rate Terms 
Undrawn
Commitment(1)
MetLife Lines of Credit$75,000 4/5/2024$100 
3-month LIBOR + 2.00%
(2)
$74,900 
2020 MetLife Term Note75,000 
(3)
1/5/203036,900 
2.75%, fixed through 1/4/2030
(4)
38,100 
2022 MetLife Term Note100,000 
(5)
1/5/2032— (6)

100,000 
Totals$250,000 $37,000 $213,000 
(1)Based on the properties that were pledged as collateral under the 2022 MetLife Facility, as of September 30, 2022, the maximum additional amount we could draw under the facility was approximately $110.3 million.
(2)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).
(3)If the aggregate commitment under the 2020 MetLife Term Note is not fully utilized by December 31, 2022, MetLife has no obligation to disburse the remaining funds under the 2020 MetLife Term Note.
(4)Interest rates on future disbursements under the 2020 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2022, the 2020 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 2020 MetLife Term Note).
(5)If the aggregate commitment under the 2022 MetLife Term Note is not fully utilized by December 31, 2024, MetLife has no obligation to disburse the remaining funds under the 2022 MetLife Term Note.
(6)Interest rates on future disbursements under the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2024, the 2022 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 2022 MetLife Term Note).
During the nine months ended September 30, 2022, we issued two new bonds 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
1/11/2022$1,980 12/30/203020.0 years3.31%Fixed throughout term
2/25/20221,710 12/30/203025.0 years3.68%Fixed throughout term
During the nine months ended September 30, 2022, we entered into the following loan agreement with Farm Credit (dollars in thousands):
IssuerDate of
Issuance		AmountMaturity
Date		Principal
Amortization
Stated Interest Rate(1)
Interest Rate Terms
Northwest Farm Credit Services, FLCA1/31/2022$1,4422/1/203220.1 years4.65%Fixed throughout term
Farm Credit of Central Florida, ACA4/5/20224,8002/1/204623.8 years4.36%Fixed through 2/28/2027; variable thereafter
(1)Stated rate is before interest patronage, as described below.
Schedule of Aggregate Maturities Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2022, for the succeeding years are as follows (dollars in thousands):
PeriodScheduled Principal Payments
For the remaining three months ending December 31:2022$13,391 
(1)
For the fiscal years ending December 31:202345,791 
202442,111 
202539,165 
202618,335 
202751,564 
Thereafter432,888 
$643,245 
(1)     Subsequent to September 30, 2022, we repaid approximately $432,000 of expiring loans.
Schedule of Borrowings by Type
We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2022, and December 31, 2021 (dollars in thousands):
PeriodNumber of InstrumentsAggregate Notional Amount
As of September 30, 20225$81,489 
As of December 31, 2021582,980 
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2022, and December 31, 2021 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative TypeBalance Sheet LocationSeptember 30, 2022December 31, 2021
Derivatives Designated as Hedging Instruments:
Interest rate swapsOther assets, net$9,455 $— 
Interest rate swapsOther liabilities, net— (1,036)
Total$9,455 $(1,036)
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, 2022 and 2021 (dollars in thousands):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Derivative in cash flow hedging relationship:
Interest rate swaps$3,199 $357 $10,491 $513 
Total$3,199 $357 $10,491 $513