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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):
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Farm
Location
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Farm
Acreage
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Total
Commitment
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Obligated
Completion
Date(1)
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Amount Expended
or Accrued as of
June 30, 2020
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Hillsborough, FL |
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55 |
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$ |
2,250 |
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(2) |
Q2 2021 |
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$ |
515 |
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Cochise, AZ |
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1,320 |
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1,820 |
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(2)(3) |
Q4 2021 |
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1,482 |
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Cochise, AZ |
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875 |
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1,360 |
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(2)(4) |
Q4 2021 |
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982 |
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Van Buren, MI |
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89 |
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150 |
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Q4 2021 |
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126 |
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Napa, CA |
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269 |
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1,548 |
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(2) |
Q3 2023 |
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— |
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Columbia, OR |
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157 |
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1,800 |
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(2) |
Q3 2024 |
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1,146 |
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Collier & Hendry, FL |
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3,612 |
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2,000 |
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(2) |
Q2 2025 |
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— |
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Salinas, CA |
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304 |
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1,248 |
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Q4 2025 |
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548 |
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(1) |
Our obligation to provide capital to fund these improvements does not extend beyond these respective dates. |
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(2) |
Pursuant to contractual agreements, we will earn additional rent on the cost of these capital improvements as the funds are disbursed by us. |
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(3) |
Pursuant to the agreement, we will only earn additional rent if the total amount of capital improvements exceeds $1.3 million.
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(4)
Pursuant to the agreement, we will only earn additional rent if the total amount of capital improvements exceeds $860,000.
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