Concentration Risk (Tables)

9 Months Ended

Sep. 30, 2017

Tenant concentration

Concentration Risk

Summary of concentrations

	Rental income recognized								Rental income recognized
	For the three months ended September 30,								For the nine months ended September 30,
($ in thousands)	2017				2016				2017				2016
Tenant A(1)	$	2,091	18.8	%	$	—	—	%	$	4,071	14.3	%	$	—	—	%

(1) Tenant A is a tenant who is currently leasing a number of permanent crop farms in California.

Geographic concentration

Concentration Risk

Summary of concentrations

	Approximate %				Rental Income(1)
	of total acres				For the three months ended				For the nine months ended
	As of September 30,				September 30,				September 30,
Location of Farm(2)	2017		2016		2017		2016		2017		2016
Corn belt	30.8	%	29.3	%	33.7	%	40.2	%	35.5	%	37.5	%
Delta and South	18.8	%	21.8	%	9.3	%	11.4	%	10.0	%	11.7	%
High Plains	20.4	%	24.1	%	8.6	%	15.8	%	9.3	%	15.6	%
Southeast	25.8	%	24.8	%	18.3	%	32.6	%	21.2	%	35.2	%
West Coast	4.2	%	—	%	30.1	%	—	%	24.0	%	—	%
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(1) Due to regional disparities in the use of leases with crop share components and seasonal variations in the recognition of crop share revenue, regional comparisons by rental income are not fully representative of each region's income producing capacity until a full year is taken into account.

Corn Belt includes farms located in Illinois, Michigan, and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, and Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, and Texas. Southeast includes farms located in Florida, Georgia, North Carolina, South Carolina, and Virginia. West Coast includes farms located in California.