Borrowings (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Debt Instrument [Line Items] |
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| Summary of Borrowings |
Our borrowings as of June 30, 2019, and December 31, 2018, are summarized below (dollars in thousands):
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Carrying Value as of |
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As of June 30, 2019 |
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June 30, 2019 |
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December 31, 2018 |
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Stated Interest
Rates(1)
(Range; Wtd Avg)
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Maturity Dates
(Range; Wtd Avg)
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Notes and bonds payable: |
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Fixed-rate notes payable |
$ |
261,821 |
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|
$ |
247,249 |
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3.16%–5.70%; 3.97% |
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6/1/2020–12/1/2043; November 2031 |
Fixed-rate bonds payable |
90,629 |
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|
90,877 |
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2.80%–4.57%; 3.55% |
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12/11/2019–9/13/2028; November 2022 |
Total notes and bonds payable |
352,450 |
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|
338,126 |
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Debt issuance costs – notes and bonds payable |
(2,306 |
) |
|
(2,338 |
) |
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N/A |
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N/A |
Notes and bonds payable, net |
$ |
350,144 |
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|
$ |
335,788 |
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Variable-rate revolving lines of credit |
$ |
100 |
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$ |
100 |
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4.59%–4.84%; 4.72% |
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4/5/2024 |
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Total borrowings, net |
$ |
350,244 |
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$ |
335,888 |
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(1) |
Where applicable, stated interest rates are before interest patronage (as described below). |
Subsequent to June 30, 2019, through the date of this filing, we have secured the following new financings (dollars in thousands):
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Issuer |
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Date of
Issuance
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Amount |
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Maturity
Date
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Principal
Amortization
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Interest Rate Terms(1)
|
Rabo AgriFinance, LLC(2)
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7/10/2019 |
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$ |
5,514 |
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6/1/2029 |
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25.0 years |
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One-month LIBOR plus 1.750% |
GreenStone Farm Credit Services |
|
7/11/2019 |
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1,609 |
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8/1/2044 |
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25.0 years |
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5.00%, fixed through June 30, 2029 (variable thereafter) |
GreenStone Farm Credit Services |
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7/11/2019 |
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3,060 |
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8/1/2044 |
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25.0 years |
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5.00%, fixed through June 30, 2029 (variable thereafter) |
Farm Credit West, FLCA |
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7/11/2019 |
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5,400 |
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5/1/2044 |
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24.5 years |
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4.24%, fixed through July 31, 2026 (variable thereafter) |
Farm Credit of Central Florida, ACA |
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7/22/2019 |
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31,850 |
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7/1/2027 |
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25.2 years |
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5.05%, fixed throughout term |
Farm Credit of Central Florida, ACA |
|
7/22/2019 |
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5,850 |
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|
7/1/2027 |
|
None
(interest only) |
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5.05%, fixed throughout term |
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(1) |
Stated rate is before refunded interest, or interest patronage (as described further in Note 4, “Borrowings,” in the accompanying notes to our condensed consolidated financial statements).
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(2) |
In connection with this loan, we entered into an interest rate swap agreement that will result in an effective fixed interest rate of 4.04% for this loan throughout its term.
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| Schedule of Aggregate Maturities |
Scheduled principal payments of our aggregate notes and bonds payable as of June 30, 2019, for the succeeding years are as follows (dollars in thousands):
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Period |
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Scheduled
Principal Payments
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For the remaining six months ending December 31: |
2019 |
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$ |
8,108 |
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For the fiscal years ending December 31: |
2020 |
|
28,177 |
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2021 |
|
16,544 |
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2022 |
|
39,327 |
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2023 |
|
33,099 |
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2024 |
|
24,189 |
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Thereafter |
|
203,006 |
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$ |
352,450 |
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| MetLife Facility |
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| Debt Instrument [Line Items] |
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| Summary of Borrowings |
The following table summarizes the pertinent terms of the MetLife Facility as of June 30, 2019 (dollars in thousands, except for footnotes):
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Issuance |
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Aggregate
Commitment
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Maturity
Dates
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Principal
Outstanding
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Interest Rate Terms |
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Undrawn
Commitment
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MetLife Term Notes |
|
$ |
200,000 |
|
(1) |
1/5/2029 |
|
$ |
124,283 |
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3.30%, fixed through 1/4/2027 |
(2) |
$ |
64,374 |
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(3) |
MetLife Lines of Credit |
|
75,000 |
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|
4/5/2024 |
|
100 |
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3-month LIBOR + 2.00%–2.25% |
(4) |
74,900 |
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(3) |
Total principal outstanding |
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$ |
124,383 |
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(1) |
If the aggregate commitment under this facility is not fully utilized by December 31, 2019, MetLife has the option to be relieved of its obligation to disburse the additional funds under the MetLife Term Notes.
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(2) |
Represents the blended interest rate as of June 30, 2019. Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027. Through December 31, 2019, the MetLife Term Notes are also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the MetLife Term Notes).
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(3) |
Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2019, the maximum additional amount we could draw under the facility was approximately $20.5 million.
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(4) |
The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). The interest rate spreads will be subject to adjustment on October 5, 2019.
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| Farm Credit Notes Payable |
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| Debt Instrument [Line Items] |
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| Schedule of Borrowings by Type |
During the six months ended June 30, 2019, we entered into the following loan agreement with Farm Credit (dollars in thousands):
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Issuer |
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Date of
Issuance
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Amount |
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Maturity
Date
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Principal
Amortization
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Interest Rate Terms(1)
|
Premier Farm Credit, FLCA |
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2/7/2019 |
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$ |
1,440 |
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11/1/2043 |
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25.0 years |
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5.45%, fixed through October 31, 2023 (variable thereafter) |
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(1) |
Stated rate is before interest patronage, as described below. |
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| Prudential Note Payable |
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| Debt Instrument [Line Items] |
|
| Schedule of Borrowings by Type |
On June 17, 2019, we entered into a loan agreement with PGMI Real Estate Finance, LLC (“Prudential”), the terms of which are summarized in the following table as of June 30, 2019 (dollars in thousands):
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Date of Issuance |
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Amount |
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Maturity Date |
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Principal Amortization |
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Interest Rate Terms |
6/17/2019 |
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$ |
17,130 |
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7/1/2029 |
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25.0 years |
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4.00%, fixed throughout term |
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