Borrowings - Additional Information (Detail) (USD $)
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12 Months Ended |
0 Months Ended |
3 Months Ended |
0 Months Ended |
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Dec. 31, 2014
Farm
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Dec. 31, 2013
Farm
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Dec. 31, 2012
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Dec. 31, 2014
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May 09, 2014
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Sep. 29, 2014
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Sep. 30, 2014
Farm
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Dec. 11, 2014
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Sep. 19, 2014
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Nov. 30, 2002
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Dec. 30, 2010
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May 23, 2012
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Dec. 12, 2014
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Debt Instrument [Line Items] |
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Weighted average interest rate on borrowings |
3.60%land_DebtInstrumentWeightedAverageInterestRate
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3.60%land_DebtInstrumentWeightedAverageInterestRate
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3.70%land_DebtInstrumentWeightedAverageInterestRate
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Debt instrument interest rate |
Three-month LIBOR plus 3.00%
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Expiration date of commitment |
May 31, 2012
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Note payable, outstanding |
$ 82,417,361us-gaap_SecuredLongTermDebt
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$ 43,054,165us-gaap_SecuredLongTermDebt
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$ 82,417,361us-gaap_SecuredLongTermDebt
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Line of credit, carrying value |
4,000,000us-gaap_LineOfCredit
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100,000us-gaap_LineOfCredit
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4,000,000us-gaap_LineOfCredit
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Unamortized deferred financing costs |
1,039,714us-gaap_DeferredFinanceCostsNet
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309,933us-gaap_DeferredFinanceCostsNet
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1,039,714us-gaap_DeferredFinanceCostsNet
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Number of Farms |
11land_NumberOfFarmsAcquired
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9land_NumberOfFarmsAcquired
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MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
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125,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Maturity Date |
May 09, 2014
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New Credit Facility maximum borrowing capacity, percentage |
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58.00%land_DebtInstrumentMaximumBorrowingCapacityPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Loan fees aggregate amount |
220,500us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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220,500us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Aggregate financing costs |
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614,646us-gaap_DebtIssuanceCosts / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Unamortized deferred financing costs |
298,614us-gaap_DeferredFinanceCostsNet / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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298,614us-gaap_DeferredFinanceCostsNet / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Availability of credit facility |
13,800,000us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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13,800,000us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Additional availability of credit facility |
1,600,000us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNet / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Farm Credit [Member] |
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Debt Instrument [Line Items] |
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Maturity Date |
Aug. 01, 2034
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Blended fixed interest rate |
3.53%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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3.53%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Debt instrument covenants description |
A net worth value in excess of $50,000,000; and a maximum leverage ratio of equal to or less than sixty-five percent (65%).
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Debt instrument, net worth value |
50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Loan fees aggregate amount |
78,211us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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78,211us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Aggregate financing costs |
126,640us-gaap_DebtIssuanceCosts / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Aggregate notes payable |
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4,200,000us-gaap_NotesPayable / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Additional borrowings |
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8,300,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Total borrowings from credit notes payable |
12,400,000us-gaap_NotesAndLoansPayable / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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12,400,000us-gaap_NotesAndLoansPayable / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Credit notes payable interest rate there after, Description |
LIBOR, plus 2.875%.
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Credit notes payable interest rate there after |
2.875%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Original principal amounts as a percent of aggregate appraised value |
60.00%land_OriginalPrincipalAmountsBorrowedAsPercentOfAggregateAppraisedValueOfRealProperties / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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60.00%land_OriginalPrincipalAmountsBorrowedAsPercentOfAggregateAppraisedValueOfRealProperties / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Number of Farms |
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3land_NumberOfFarmsAcquired / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Notes payable of principal and interest due period |
12 months
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Agrifinance [Member] |
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Debt Instrument [Line Items] |
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Revolving line of credit facility |
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3,300,000us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity / us-gaap_LineOfCreditFacilityAxis = land_AgrifinanceMember
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Farmer Mac Facility [Member] |
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Debt Instrument [Line Items] |
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Debt instrument covenants description |
A maximum leverage ratio of not more than 65%; a minimum fixed charge coverage ratio of 1.4; and a minimum tangible net worth in excess of $50,000,000 (plus a certain percentage of future equity offerings).
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Debt instrument, net worth value |
50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Aggregate financing costs |
41,781us-gaap_DebtIssuanceCosts / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Additional borrowings |
10,200,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Debt instrument, maximum leverage ratio |
0.65land_DebtInstrumentMaximumLeverageRatio / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Debt instrument, minimum fixed charge coverage ratio |
1.4land_DebtInstrumentCovenantFixedChargeCoverageRatioMinimum / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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1.4land_DebtInstrumentCovenantFixedChargeCoverageRatioMinimum / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Percentage of outstanding bonds held by bond purchasers |
110.00%land_AggregatePrincipalAmountOfOutstandingBondsPercentage / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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New Line of Credit [Member] |
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Debt Instrument [Line Items] |
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Maturity Date |
Apr. 05, 2024
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New Line of Credit [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
4,785,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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4,785,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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25,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Maturity Date |
Apr. 05, 2017
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Blended fixed interest rate |
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3.25%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Commitment fee on undrawn amount |
0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Debt instrument interest rate |
Three-month LIBOR plus a spread of 2.50%
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Minimum annualized rate |
2.75%land_DebtInstrumentMinimumAnnualizedRate / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Debt instrument covenants description |
A debt-to-asset-value ratio of equal to or less than sixty-five percent (65%); a net worth value in excess of $50,000,000; a debt-to-two-times-net-worth ratio of equal to or less than 0.65; and a rental-revenue-to-debt ratio of equal to or greater than 5.0%.
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Debt instrument, net worth value |
50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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50,000,000land_DebtCovenantMinimumTangibleNetWorth / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Prior Note Payable [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Maturity Date |
Jan. 05, 2026
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Blended fixed interest rate |
3.50%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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3.50%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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Commitment fee on undrawn amount |
0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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Remaining balance available to disburse under MetLife Note Payable |
0land_RemainingBalanceAvailableToDisburseUnderMortgageLoan / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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0land_RemainingBalanceAvailableToDisburseUnderMortgageLoan / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember
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Prior Note Payable [Member] | MetLife [Member] | Maximum [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
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45,200,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorNotePayableMember / us-gaap_RangeAxis = us-gaap_MaximumMember
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Prior Line of Credit [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
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4,800,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_PriorLineOfCreditFacilityMember
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Maturity Date |
Apr. 05, 2017
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Mortgage Note Payable [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
45,200,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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45,200,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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100,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Maturity Date |
Jan. 05, 2026
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Blended fixed interest rate |
3.50%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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3.50%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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3.50%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Commitment fee on undrawn amount |
0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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0.20%land_DebtInstrumentCommitmentFeePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Period for interest rate adjustment |
3 years
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Expiration date of commitment |
Dec. 31, 2016
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Line of credit, carrying value |
4,000,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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4,000,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Mortgage Note Payable [Member] | MetLife [Member] | Maximum [Member] |
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Debt Instrument [Line Items] |
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Maturity Date |
Jan. 05, 2029
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Mortgage Note Payable [Member] | Mortgage Notes and Bonds Payable [Member] |
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Debt Instrument [Line Items] |
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Aggregate fair value of mortgage notes payable outstanding |
82,000,000us-gaap_LongTermDebtFairValue / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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82,000,000us-gaap_LongTermDebtFairValue / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Mortgage notes payable, carrying value |
82,400,000us-gaap_SecuredDebt / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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82,400,000us-gaap_SecuredDebt / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Mortgage Note Payable [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
100,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewNotesPayableMember
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100,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewNotesPayableMember
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Maturity Date |
Jan. 05, 2029
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Blended fixed interest rate |
3.61%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewNotesPayableMember
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3.61%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewNotesPayableMember
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Note payable, outstanding |
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66,300,000us-gaap_SecuredLongTermDebt / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewNotesPayableMember
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New Line of Credit [Member] | MetLife [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
25,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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25,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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Maturity Date |
Apr. 05, 2024
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Blended fixed interest rate |
2.75%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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2.75%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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Line of credit, carrying value |
4,000,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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4,000,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = land_NewLineOfCreditMember
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Bonds Payable [Member] | Farmer Mac Facility [Member] |
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Debt Instrument [Line Items] |
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Debt instrument face amount |
75,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = us-gaap_CorporateBondSecuritiesMember
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75,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = us-gaap_CorporateBondSecuritiesMember
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Blended fixed interest rate |
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3.25%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = us-gaap_CorporateBondSecuritiesMember
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Additional borrowings |
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$ 3,700,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = us-gaap_CorporateBondSecuritiesMember
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Maximum loan-to-value ratio |
60.00%land_LoansReceivableLoanToValueRatioMaximum / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = us-gaap_CorporateBondSecuritiesMember
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Expiration term |
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5 years
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