Borrowings - Additional Information (Detail) (USD $)
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3 Months Ended |
0 Months Ended |
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Mar. 31, 2015
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Mar. 31, 2014
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Mar. 31, 2015
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May 09, 2014
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Mar. 10, 2015
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Sep. 29, 2014
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Jan. 05, 2015
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Dec. 11, 2014
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Dec. 31, 2014
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Sep. 19, 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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3.50%land_DebtInstrumentWeightedAverageInterestRate
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Note payable, outstanding |
$ 94,866,803us-gaap_SecuredLongTermDebt
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$ 94,866,803us-gaap_SecuredLongTermDebt
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$ 82,417,361us-gaap_SecuredLongTermDebt
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Line of credit, carrying value |
11,800,000us-gaap_LineOfCredit
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11,800,000us-gaap_LineOfCredit
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4,000,000us-gaap_LineOfCredit
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Unamortized deferred financing costs |
1,048,685us-gaap_DeferredFinanceCostsNet
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1,048,685us-gaap_DeferredFinanceCostsNet
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1,039,714us-gaap_DeferredFinanceCostsNet
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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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New Credit Facility maximum borrowing capacity, percentage |
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58.00%land_DebtInstrumentMaximumBorrowingCapacityPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Line of credit, carrying value |
11,800,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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11,800,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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Loan origination fees |
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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614,611us-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 |
7,500,000us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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7,500,000us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember
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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 |
47,295us-gaap_DebtIssuanceCosts / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Debt instrument, maximum leverage ratio |
65.00%land_DebtInstrumentsMaximumLeverageRatio / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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Debt instrument, minimum fixed charge coverage ratio |
140.00%land_DebtInstrumentCovenantFixedChargeCoverageRatioMinimum / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember
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140.00%land_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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Farm Credit [Member] |
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Debt Instrument [Line Items] |
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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 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 origination fees |
93,053us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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93,053us-gaap_DebtInstrumentFeeAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Aggregate financing costs |
151,157us-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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2,400,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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8,300,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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Total borrowings from credit notes payable |
14,700,000us-gaap_NotesAndLoansPayable / us-gaap_LineOfCreditFacilityAxis = land_FarmCreditMember
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14,700,000us-gaap_NotesAndLoansPayable / 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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Notes payable of principal and interest due period |
12 months
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2014 Farm Credit [Member] |
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Debt Instrument [Line Items] |
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Blended fixed interest rate |
3.53%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_TwoThousandFourteenFarmCreditMember
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3.53%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_TwoThousandFourteenFarmCreditMember
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Maturity Date |
Aug. 01, 2034
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Percentage added to LIBOR |
2.875%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_LineOfCreditFacilityAxis = land_TwoThousandFourteenFarmCreditMember
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Credit notes payable interest rate there after, Description |
LIBOR, plus 2.875%
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2015 Farm Credit [Member] |
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Debt Instrument [Line Items] |
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Blended fixed interest rate |
3.20%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_TwoThousandFifteenFarmCreditMember
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3.20%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_TwoThousandFifteenFarmCreditMember
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Maturity Date |
May 01, 2020
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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 = 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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100,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Blended fixed interest rate |
3.61%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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3.61%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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3.61%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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Maturity Date |
Jan. 05, 2029
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Note payable, outstanding |
66,300,000us-gaap_SecuredLongTermDebt / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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66,300,000us-gaap_SecuredLongTermDebt / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Blended fixed interest rate |
3.61%us-gaap_DebtInstrumentInterestRateEffectivePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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3.61%us-gaap_DebtInstrumentInterestRateEffectivePercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Line of credit, carrying value |
11,800,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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11,800,000us-gaap_LineOfCredit / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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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 |
95,000,000us-gaap_LongTermDebtFairValue / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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95,000,000us-gaap_LongTermDebtFairValue / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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Mortgage notes payable, carrying value |
94,900,000us-gaap_SecuredDebt / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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94,900,000us-gaap_SecuredDebt / us-gaap_LineOfCreditFacilityAxis = land_MortgageNotesAndBondsPayableMember / us-gaap_LongtermDebtTypeAxis = us-gaap_NotesPayableToBanksMember
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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 = 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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25,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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Blended fixed interest rate |
2.76%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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2.76%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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2.75%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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Maturity Date |
Apr. 05, 2024
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Debt instrument interest rate |
Three-month LIBOR plus a spread of 2.50%
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Percentage added to LIBOR |
2.50%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_LineOfCreditFacilityAxis = land_MetlifeMember / us-gaap_LongtermDebtTypeAxis = us-gaap_LineOfCreditMember
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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 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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Bond 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 = land_BondsPayableMember
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75,000,000us-gaap_DebtInstrumentFaceAmount / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = land_BondsPayableMember
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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 = land_BondsPayableMember
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3.25%us-gaap_DebtInstrumentInterestRateStatedPercentage / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = land_BondsPayableMember
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Maturity Date |
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Jan. 06, 2020
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Dec. 11, 2019
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Additional borrowings |
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$ 10,200,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = land_BondsPayableMember
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$ 3,700,000us-gaap_ProceedsFromIssuanceOfDebt / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = land_BondsPayableMember
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Maximum loan-to-value ratio |
60.00%land_LoansReceivableLoanToValueRatioMaximum / us-gaap_LineOfCreditFacilityAxis = land_FarmerMacFacilityMember / us-gaap_LongtermDebtTypeAxis = land_BondsPayableMember
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Expiration term |
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5 years
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5 years
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