XML 38 R22.htm IDEA: XBRL DOCUMENT
v3.22.4

Borrowings (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Borrowings | Our borrowings as of December 31, 2022 and 2021 are summarized below (dollars in thousands):
| Carrying Value as of |  | As of December 31, 2022
| December 31, 2022 |  | December 31, 2021 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 550,974 |  |  | $ | 582,665 |  |  | 2.45%–5.70%; 3.73% |  | 06/01/2023–7/1/2051; June 2033
Variable-rate notes payable | 1,104 |  |  | 2,856 |  |  | 5.25% |  | 05/1/2044
Fixed-rate bonds payable | 77,776 |  |  | 86,052 |  |  | 2.13%–4.57%; 3.47% |  | 1/12/2023–12/30/2030; July 2025
Total notes and bonds payable | 629,854 |  |  | 671,573 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,454) |  |  | (3,691) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 626,400 |  |  | $ | 667,882 |  |  |  |  |
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 5.75% |  | 4/5/2024
Total borrowings, net | $ | 626,500 |  |  | $ | 667,982 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below) The following table summarizes the pertinent terms of the Current MetLife Facility as of December 31, 2022 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate 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 Note |  | 75,000 |  | (3) | 1/5/2030 |  | 36,900 |  |  | 2.75%, fixed through 1/4/2030 | (4) | 38,100 |
2022 MetLife Term Note |  | 100,000 |  | (3) | 1/5/2032 |  | — |  |  | (4) |  | 100,000 |
Totals |  | $ | 250,000 |  |  |  |  | $ | 37,000 |  |  |  |  | $ | 213,000 |
(1)Based on the properties that were pledged as collateral under the Current MetLife Facility, as of December 31, 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 commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2024, MetLife has no obligation to disburse the additional funds under either note. (4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and 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 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note). During the year ended December 31, 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 Issuance |  | Amount |  | Maturity Date |  | Principal Amortization |  | Stated Interest Rate |  | Interest Rate Terms
1/11/2022 |  | $ | 1,980 |  |  | 12/30/2030 |  | 20.0 years |  | 3.31% |  | Fixed throughout term
2/25/2022 |  | 1,710 |  |  | 12/30/2030 |  | 25.0 years |  | 3.68% |  | Fixed throughout term
During the year ended December 31, 2022, 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
Northwest Farm Credit Services, FLCA |  | 1/31/2022 |  | $ | 1,442 |  |  | 2/1/2032 |  | 20.1 years |  | 4.65% |  | Fixed throughout term
Farm Credit of Central Florida, ACA |  | 4/5/2022 |  | 4,800 |  |  | 2/1/2046 |  | 23.8 years |  | 4.36% |  | 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 December 31, 2022, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments |
For the fiscal years ending December 31: | 2023 |  | $ | 44,511 |  | (1)
| 2024 |  | 40,876 |  |
| 2025 |  | 39,252 |  |
| 2026 |  | 18,419 |  |
| 2027 |  | 51,645 |  |
| Thereafter |  | 435,151 |  |
|  |  | $ | 629,854 |  |
(1) Subsequent to December 31, 2022, we repaid $8.1 million of expiring bonds.
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 December 31, 2022 and 2021 (dollars in thousands):
Period |  | Number of Instruments |  | Aggregate Notional Amount
As of December 31, 2022 |  | 4 |  | $ | 73,392 |
As of December 31, 2021 |  | 5 |  | 82,980 |
The following table presents the fair value of our interest rate swaps and their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021 (dollars in thousands):
|  |  |  | Derivative Asset (Liability) Fair Value
Derivative Type |  | Balance Sheet Location |  | December 31, 2022 |  | December 31, 2021
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
Interest rate swaps |  | Other assets, net |  | $ | 9,007 |  |  | $ | — |
Interest rate swaps |  | Other liabilities, net |  | — |  |  | (1,036) |
Total |  |  |  | $ | 9,007 |  |  | $ | (1,036) |
The following table presents the amount of income (loss) recognized in comprehensive income within our consolidated financial statements for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands):
| For the Years Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Derivative in cash flow hedging relationship: |  |  |  |  |
Interest rate swaps | $ | 10,043 |  |  | $ | 464 |  |  | $ | (1,110) |
Total | $ | 10,043 |  |  | $ | 464 |  |  | $ | (1,110) |

X
- Definition Schedule of Long-Term Debt, Description [Table Text Block] + References No definition available. + Details
Name: | land_ScheduleofLongTermDebtDescriptionTableTextBlock
Namespace Prefix: | land_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration