Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Lease Obligations
In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms, which are summarized in the table below (dollars in thousands):
Farm
Location
 
Farm
Acreage
 
Total
Commitment
 
Obligated
Completion
Date(1)
 
Amount Expended
or Accrued as of
March 31, 2020
Hillsborough, FL
 
55
 
$
2,250

(2) 
Q2 2021
 
$
279

Cochise, AZ
 
1,320
 
1,820

(2)(3) 
Q4 2021
 
575

Cochise, AZ
 
875
 
1,360

(2)(4) 
Q4 2021
 

Van Buren, MI
 
89
 
150

 
Q4 2021
 

Columbia, OR
 
157
 
1,800

(2) 
Q3 2024
 
1,146

Collier & Hendry, FL
 
3,612
 
2,000

(2) 
Q2 2025
 

Salinas, CA
 
304
 
1,248


Q4 2025
 
1

(1) 
Our obligation to provide capital to fund these improvements does not extend beyond these respective dates.
(2) 
Pursuant to contractual agreements, we will earn additional rent on the cost of these capital improvements as the funds are disbursed by us.
(3) 
Pursuant to the agreement, we will only earn additional rent if the total amount of capital improvements exceeds $1.3 million.
(4) 
Pursuant to the agreement, we will only earn additional rent if the total amount of capital improvements exceeds $860,000.