Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.21.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Instrument [Line Items]  
Summary of Borrowings
Our borrowings as of March 31, 2021, and December 31, 2020, are summarized below (dollars in thousands):
  Carrying Value as of   As of March 31, 2021
March 31, 2021   December 31, 2020
Stated Interest
Rates(1)
(Range; Wtd. Avg)
   Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable $ 536,015  $ 492,182 
2.45%–5.70%; 3.72%
 2/14/2022–11/1/2045; December 2031
Variable-rate notes payable(2)
4,410  45,525 
2.11%–2.11%; 2.11%
 12/1/2022–12/1/2030; October 2029
Fixed-rate bonds payable 92,094  89,883 
2.13%–4.57%; 3.49%
 8/17/2021–10/31/2028; July 2024
Total notes and bonds payable 632,519  627,590 
Debt issuance costs – notes and bonds payable (3,607) (3,629) N/A N/A
Notes and bonds payable, net $ 628,912  $ 623,961 
Variable-rate revolving lines of credit $ 100  $ 100  2.50% 4/5/2024
Total borrowings, net $ 629,012  $ 624,061 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
(2)Notes were fixed subsequent to March 31, 2021; see Note 11, “Subsequent Events.”
Subsequent to March 31, 2021, these loans were effectively fixed through our entry into interest rate swap agreements, as summarized in the following table (dollars in thousands):
Lender Effective Date Loan
Amount		 Original Variable Interest Rate Terms New Fixed Interest Rate Terms
Rabo AgriFinance, LLC 4/1/2021 $ 3,780 
1-month LIBOR + 2.00%
3.265%; fixed throughout term
Rabo AgriFinance, LLC(1)
4/1/2021 630 
1-month LIBOR + 2.00%
2.435%; fixed throughout term
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2021, for the succeeding years are as follows (dollars in thousands):
Period Scheduled
Principal Payments
For the remaining nine months ending December 31: 2021 $ 16,335 
For the fiscal years ending December 31: 2022 51,928 
2023 44,003 
2024 40,123 
2025 37,133 
2026 16,255 
Thereafter 426,742 
$ 632,519 
MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the New MetLife Facility as of March 31, 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 under the New MetLife Term Note.
(2)Interest rates on any 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 March 31, 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).
Farmer Mac Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
During the three months ended March 31, 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
Farm Credit Notes Payable  
Debt Instrument [Line Items]  
Summary of Borrowings During the three months ended March 31, 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 December 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)
(1)Stated rate is before interest patronage, as described below.
(2)Loan proceeds used to repay a previously-issued loan with a balance of approximately $1.4 million and a stated interest rate of 4.99%.
Rabo AgriFinance, LLC  
Debt Instrument [Line Items]  
Summary of Borrowings
During the three months ended March 31, 2021, we entered into loan agreements with various 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 3/11/2021 $ 3,780  12/1/2030 25.0 years 2.11%
1-month LIBOR + 2.00%(1)
Rabo AgriFinance, LLC 3/11/2021 630  12/1/2022 None
(interest only)		 2.11%
1-month LIBOR + 2.00%(1)
(1)Subsequent to March 31, 2021, we entered into fixed interest rate swap agreements for each of these loans. See Note 11, “Subsequent Events—Financing Activity—Borrowing Activity—Interest Rate Swap Agreements,” for additional information on these swap agreements.
Interest Rate Swap  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type The following table summarizes our interest rate swap as of March 31, 2021, and December 31, 2020 (dollars in thousands):
Period Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
As of March 31, 2021 $ 57,222  $ 561  $ (694)
As of December 31, 2020 14,077  —  (1,500)
The following table summarizes certain balance sheet information regarding our derivative instruments as of March 31, 2021, and December 31, 2020 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative Type Balance Sheet Location March 31, 2021 December 31, 2020
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other assets, net $ 561  $ — 
Interest rate swaps Other liabilities, net (694) (1,500)
Total, net $ (133) $ (1,500)
The following table presents the amount of income (loss) recognized in comprehensive income within our condensed consolidated financial statements for the three months ended March 31, 2021 and 2020 (dollars in thousands):
Three Months Ended March 31, 2021 Three months ended March 31, 2020
Derivative in cash flow hedging relationship:
Interest rate swaps $ 1,367  $ (1,257)
Total $ 1,367  $ (1,257)