Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.5.0.2
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Instrument [Line Items]  
Summary of Mortgage Note Payable and Line of Credit
Our borrowings as of September 30, 2016, and December 31, 2015, are summarized below:
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2016
 
 
As of December 31, 2015
Issuer
 
Type of
Issuance
 
Date(s) of
Issuance
 
Initial
Commitment
 
Maturity
Date(s)
 
 
Principal
Outstanding
 
Stated
Interest
Rate(1)
 
Undrawn
Commitment
 
 
Principal
Outstanding
 
Stated
Interest
Rate(1)
 
Undrawn
Commitment
MetLife(2)
 
Mortgage Note Payable
 
5/9/2014
 
$
100,000,000

 
1/5/2029
(3) 
 
$
85,939,466

  
3.35%
 
$
12,529,806

(4) 
 
$
87,470,194

 
3.35%
 
$
12,529,806

MetLife(2)
 
Line of Credit
 
5/9/2014
 
25,000,000

 
4/5/2024
 
 
22,500,000

  
2.90%
 
2,500,000

(4) 
 
100,000

 
2.58%
 
24,900,000

Farm Credit(5)
 
Mortgage Notes Payable
 
9/19/2014-7/1/2016
 
34,587,880

 
11/1/2017-11/1/2040
 
 
33,263,161

 
3.50%
(6) 
—

 
 
21,456,963

 
3.42%
(6) 
—

Farmer Mac
 
Bonds Payable
 
12/11/2014-8/22/2016
 
125,000,000

 
12/22/2016-8/22/2023
(7) 
 
49,777,500

  
2.94%
 
74,743,000

(8) 
 
33,706,000

 
2.87%
 
41,294,000

Total outstanding principal
 
 
 
 
 
 
191,480,127

 
 
 
 
  
  
142,733,157

 
 
 
 
Debt issuance costs
 
 
 
 
 
 
(1,100,503
)
 
 
 
 
 
 
(1,054,222
)
 
 
 
 
Total mortgage notes and bonds payable, net
 
 
 
 
$
190,379,624

 
 
 
 
 
 
$
141,678,935

 
 
 
 

(1) 
Where applicable, represents the weighted-average, blended rate on the respective borrowings as of each September 30, 2016, and December 31, 2015.
(2) 
The MetLife Facility (as defined below) was amended subsequent to September 30, 2016. See Note 10, "Subsequent Events," for further discussion on the amendment.
(3) 
As of September 30, 2016, if the facility was not fully utilized by December 31, 2017, MetLife had the option to be relieved of its obligations to disburse the additional funds under the loan. Subsequent to September 30, 2016, our ability to draw under this facility was extended to December 31, 2018. See Note 10, "Subsequent Events," for further discussion.
(4) 
Based on the properties that were pledged as collateral under the MetLife Facility, as of September 30, 2016, the maximum additional amount we could draw under the facility was approximately $0.6 million. Our availability under this facility was increased by approximately $28.3 million subsequent to September 30, 2016. See Note 10, "Subsequent Events," for further discussion.
(5) 
Includes borrowings from Farm Credit CFL and Farm Credit West, each as defined below.
(6) 
Rate is before interest patronage. 2015 interest patronage (as described below) received resulted in a 16.1% reduction to the stated interest rate on such borrowings.
(7) 
If facility is not fully utilized by December 11, 2018, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(8) 
As of September 30, 2016, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate mortgage notes and bonds payable as of September 30, 2016, for the succeeding years are as follows:
 
 
 
Scheduled
Period
 
Principal Payments
For the remaining three months ending December 31:
2016
 
$
717,096

For the fiscal years ending December 31:
2017
 
5,981,018

 
2018
 
20,480,231

 
2019
 
8,105,632

 
2020
 
17,796,920

 
Thereafter
 
115,899,230

 
 
 
$
168,980,127

Farm Credit Central Florida Notes Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Long-Term Debt, Description
During the nine months ended September 30, 2016, we entered into the following loan agreement with Farm Credit CFL:
Date of
Issuance
 
Amount
 
Maturity
Date
 
Principal
Amortization
 
Interest Rate Terms(1)
 
Use of Proceeds
7/1/2016
 
$
3,120,000

 
6/1/2023
 
36.0 years
 
3.78
%
fixed throughout term
 
(2) 
(1) Rate represents the stated interest rate, before interest patronage.
(2) Proceeds from this note were used in the acquisition of Orange Avenue.
Farm Credit West Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Long-Term Debt, Description
During the nine months ended September 30, 2016, we entered into the following loan agreement with Farm Credit West, FLCA ("Farm Credit West"):
Date of
Issuance
 
Amount
 
Maturity
Date
 
Principal
Amortization
 
Interest Rate Terms(1)
 
Use of Proceeds
4/4/2016
 
$
9,282,000

 
11/1/2040
 
24.5 years
 
3.54
%
fixed through 4/30/2021, variable thereafter
 
(2) 
(1) Rate represents the stated interest rate, before interest patronage.
(2) 
Proceeds from this note were used in the acquisition of Calaveras Avenue.
Farmer Mac Bonds Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Long-Term Debt, Description
During the nine months ended September 30, 2016, we issued the following bonds under the Farmer Mac Facility:
Date of
Issuance
 
Amount
 
Maturity
Date
 
Principal
Amortization
 
Interest Rate Terms
 
Use of Proceeds
3/3/2016
 
$
11,100,000

 
2/24/2023
 
None
 
3.08%
fixed throughout term
 
(1) 
3/3/2016
 
4,431,000

 
2/24/2023
 
9.7 years
 
2.98%
fixed throughout term
 
(1) 
8/22/2016
 
1,020,000

 
8/22/2023
 
None
 
2.87%
fixed throughout term
 
(2) 
(1) Proceeds from this bond were used in the acquisition of Gunbarrel Road.
(2) 
Proceeds from this note were used in the acquisition of Lithia Road.