The following table summarizes certain leasing activity that occurred on our existing properties during the three months ended March 31, 2019 (dollars in thousands, except footnotes):
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PRIOR LEASES(1)
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NEW LEASES(2)
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Farm
Locations |
Number
of
Leases
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Total
Farm
Acres
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Total
Annualized
Straight-line
Rent(3)
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# of Leases
with
Participation
Rents
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Lease
Structures
(# of NNN
/ NN)(4)
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Total
Annualized
Straight-line
Rent(3)
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Wtd. Avg.
Term
(Years)
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# of Leases
with
Participation
Rents |
Lease
Structures
(# of NNN
/ NN)(4)
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AZ, CA, FL,
MI, & NE |
11 |
4,375 |
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$ |
2,143 |
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1 |
8 / 4 |
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$ |
2,127 |
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3.2 |
3 |
8 / 3 |
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(1) |
Includes a farm that was previously vacant. |
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(2) |
In connection with certain of these leases, we committed to provide aggregate capital of up to $420,000 for certain improvements on these farms.
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(3) |
Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents. |
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(4) |
“NNN” refers to leases under triple-net lease arrangements, and “NN” refers to leases under partial-net lease arrangements. For a description of each of these types of lease arrangements, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Leases—General.”
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As of March 31, 2019, we had recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):
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Operating lease right-of-use assets(1)
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$ |
208 |
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Operating lease liabilities(2)
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167 |
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Weighted-average remaining lease term (years) |
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5.3 |
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Weighted-average discount rate |
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4.20 |
% |
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(1) |
Operating lease right-of-use assets are shown net of accrued lease payments of approximately $41,000 and are included within Other assets, net on the accompanying Condensed Consolidated Balance Sheet.
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(2) |
Included within Other liabilities, net on the accompanying Condensed Consolidated Balance Sheet. |
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