Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.2
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Instrument [Line Items]  
Summary of Borrowings Our borrowings as of September 30, 2020, and December 31, 2019, are summarized below (dollars in thousands):
  Carrying Value as of   As of September 30, 2020
September 30, 2020   December 31, 2019  
Stated Interest
Rates(1)
(Range; Wtd. Avg)
   Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
Fixed-rate notes payable $ 405,249  $ 394,569 
3.00%–5.70%; 4.03%
2/14/2022–11/1/2045; March 2032
Fixed-rate bonds payable 89,883  90,380 
2.61%–4.57%; 3.44%
12/11/2020–9/13/2028; May 2023
Total notes and bonds payable 495,132  484,949 
Debt issuance costs – notes and bonds payable (3,211) (3,120) N/A N/A
Notes and bonds payable, net $ 491,921  $ 481,829 
Variable-rate revolving lines of credit $ 11,600  $ 100  2.50% 4/5/2024
Total borrowings, net $ 503,521  $ 481,929 
 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
Subsequent to September 30, 2020, through the date of this filing, we have entered into the following loan agreements (dollars in thousands):
Lender Date of
Issuance		 Principal
Amount		 Maturity
Date		 Principal
Amortization		 Stated
Interest
Rate		 Interest Rate Terms
PGIM Real Estate Finance, LLC 10/1/2020 $ 19,042  7/1/2028 25.0 years 2.47% Fixed throughout term
PGIM Real Estate Finance, LLC 10/1/2020 19,096  7/1/2028 25.0 years 2.45% Fixed throughout term
AgAmerica Lending, LLC 10/23/2020 2,259  1/1/2028 30.0 years 3.50% Fixed throughout term
Schedule of Aggregate Maturities Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2020, for the succeeding years are as follows (dollars in thousands):
Period Scheduled
Principal Payments
For the remaining three months ending December 31: 2020 $ 15,368 
For the fiscal years ending December 31: 2021 19,269 
2022 42,162 
2023 36,568 
2024 35,879 
2025 32,898 
Thereafter 312,988 
$ 495,132 
MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the New MetLife Facility as of September 30, 2020 (dollars in thousands, except for footnotes):
Issuance Aggregate
Commitment		 Maturity
Dates		 Principal
Outstanding		   Interest Rate Terms   Undrawn
Commitment		  
New MetLife Term Note $ 75,000 
(1)
 1/5/2030 $ —  N/A
(2)
 75,000 
(3)
MetLife Lines of Credit 75,000  4/5/2024 11,600 
3-month LIBOR + 2.00%
(4)
 63,400 
(3)
Total principal outstanding $ 11,600    
 
(1)If the aggregate commitment under the New MetLife Term Note is not fully utilized by December 31, 2022, MetLife has the option to be relieved of its obligation to disburse the additional funds under the New MetLife Term Note.
(2)Interest rates on any disbursements under the New MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2022, the New MetLife Term Note is also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the New MetLife Term Note).
(3)Based on the properties that were pledged as collateral under the New MetLife Facility, as of September 30, 2020, the maximum additional amount we could draw under the facility was approximately $12.7 million.
(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).
Farm Credit Notes Payable  
Debt Instrument [Line Items]  
Summary of Borrowings During the nine months ended September 30, 2020, we entered into the following loan agreements with Farm Credit (dollars in thousands):
Issuer Date of
Issuance		 Amount Maturity
Date		 Principal
Amortization
Stated Interest Rate(1)
Interest Rate Terms
Premier Farm Credit, FLCA 5/14/2020 $4,500 1/1/2045 24.6 years 4.00% Fixed through December 31, 2029 (variable thereafter)
Farm Credit West, FLCA 6/24/2020 600 5/1/2044 24.2 years 3.00% Fixed through July 31, 2026 (variable thereafter)
Farm Credit West, FLCA 6/24/2020 600 5/1/2044 24.2 years 3.00% Fixed through August 31, 2026 (variable thereafter)
Farm Credit West, FLCA 6/25/2020 8,500 11/1/2045 25.0 years 3.75% Fixed through June 30, 2030 (variable thereafter)
Farm Credit of the Virginias, ACA 8/31/2020 4,481 9/1/2030 25.0 years 3.99% Fixed throughout term
(1)Stated rate is before interest patronage, as described below.
Conterra Note Payable  
Debt Instrument [Line Items]  
Summary of Borrowings
During the nine months ended September 30, 2020, we entered into a loan agreement with Conterra Agricultural Capital, LLC (“Conterra”), the terms of which are summarized in the following table (dollars in thousands):
Date of Issuance Amount Maturity Date Principal Amortization Stated Interest Rate Interest Rate Terms
6/8/2020 $2,100 7/1/2027 30.0 years 3.40% Fixed throughout term
Farmer Mac Facility  
Debt Instrument [Line Items]  
Summary of Borrowings The pertinent terms of the amended and restated bond are summarized in the table below (dollars in thousands):
Date of Issuance Amount Maturity Date Principal Amortization Stated
Interest Rate		 Interest Rate Terms
1/10/2020 $ 8,100  1/12/2024 None
(interest only)		 2.66% Fixed throughout term
Interest Rate Swap  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type The following table summarizes our interest rate swap as of September 30, 2020, and December 31, 2019 (dollars in thousands):
September 30, 2020 December 31, 2019
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 14,077  $ —  $ 1,721  $ 14,298  $ —  $ 390 

The following table presents the amount of income (loss) recognized in comprehensive income within our condensed consolidated financial statements for the three and nine months ended September 30, 2020 (dollars in thousands):
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
Derivative in cash flow hedging relationship:
Interest rate swaps $ 95  $ (1,331)
Total $ 95  $ (1,331)
We were not party to any interest rate swap agreements during the three or nine months ended September 30, 2019.
The following table summarizes certain information regarding our derivative instruments as of September 30, 2020, and December 31, 2019 (dollars in thousands):
Derivative Liability Fair Value
Derivative Type Balance Sheet Location September 30, 2020 December 31, 2019
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other liabilities, net $ 1,721  $ 390 
Total $ 1,721  $ 390