Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 24,574us-gaap_NetIncomeLoss $ 20,918us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 791,632us-gaap_DepreciationDepletionAndAmortization 288,031us-gaap_DepreciationDepletionAndAmortization
Amortization of deferred financing costs 21,026us-gaap_AmortizationOfFinancingCosts 7,975us-gaap_AmortizationOfFinancingCosts
Amortization of deferred rent assets and liabilities, net (64,146)land_AmortizationOfDeferredRentAssetAndLiabilityNet (19,894)land_AmortizationOfDeferredRentAssetAndLiabilityNet
Changes in operating assets and liabilities:    
Other assets 45,255us-gaap_IncreaseDecreaseInOtherOperatingAssets 53,526us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable, accrued expenses, and due to related parties (756,342)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (128,877)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Other liabilities 203,307us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 172,080us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities 265,306us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 393,759us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (19,869,405)us-gaap_PaymentsToAcquireRealEstate  
Capital expenditures on existing real estate (398,064)us-gaap_PaymentsToDevelopRealEstateAssets (503,299)us-gaap_PaymentsToDevelopRealEstateAssets
Decrease (increase) in restricted cash 132,741us-gaap_IncreaseDecreaseInRestrictedCash (740)us-gaap_IncreaseDecreaseInRestrictedCash
Deposits applied against real estate investments   (50,000)us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
Deposits refunded 100,000land_ProceedsFromRefundOnDeposits 50,000land_ProceedsFromRefundOnDeposits
Net cash used in investing activities (20,034,728)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (504,039)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
CASH FLOWS FROM FINANCING ACTIVITIES:    
Offering costs (36,766)us-gaap_PaymentsOfStockIssuanceCosts (84,140)us-gaap_PaymentsOfStockIssuanceCosts
Borrowings from mortgage notes payable 12,552,680us-gaap_ProceedsFromIssuanceOfSecuredDebt  
Repayments on mortgage note payable (103,238)us-gaap_RepaymentsOfSecuredDebt (1,722,167)us-gaap_RepaymentsOfSecuredDebt
Borrowings from line of credit 10,200,000us-gaap_ProceedsFromLongTermLinesOfCredit  
Repayments on line of credit (2,400,000)us-gaap_RepaymentsOfLongTermLinesOfCredit  
Payment of financing fees (68,116)us-gaap_PaymentsOfFinancingCosts (220,500)us-gaap_PaymentsOfFinancingCosts
Distributions paid (814,140)us-gaap_PaymentsOfDividends (587,724)us-gaap_PaymentsOfDividends
Net cash provided by (used in) financing activities 19,330,420us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (2,614,531)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
NET DECREASE IN CASH AND CASH EQUIVALENTS (439,002)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (2,724,811)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,619,342us-gaap_CashAndCashEquivalentsAtCarryingValue 16,271,282us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,180,340us-gaap_CashAndCashEquivalentsAtCarryingValue 13,546,471us-gaap_CashAndCashEquivalentsAtCarryingValue
NON-CASH INVESTING AND FINANCING INFORMATION:    
Non-cash additions to real estate 1,769,965land_AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed [1] 141,946land_AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
Offering costs included in Accounts payable and accrued expenses   38,828land_OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
Financing fees included in Accounts payable and accrued expenses $ 6,194land_FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities $ 35,064land_FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
[1] 2015 non-cash real estate additions include $1,069,965 of additions included in Accounts payable and accrued expenses and $700,000 of contingent consideration, included in Other liabilities, owed in connection with a farm acquired during the three months ended March 31, 2015. 2014 non-cash real estate additions were all included in accounts payable and accrued expenses.