XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Real Estate (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
$ / shares
shares
Jun. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Sep. 30, 2016
USD ($)
$ / shares
shares
Jun. 30, 2017
USD ($)
Sep. 30, 2017
USD ($)
$ / shares
item
shares
Sep. 30, 2016
USD ($)
$ / shares
item
shares
Farms acquired and allocation of purchase price              
Number of acquisitions | item           15 16
Aggregate purchase price           $ 111,120 $ 261,100
Intangible assets acquired       $ 0     0
Below Market Lease       (29)     (29)
Total Consideration       9,056     9,056
Tenant Reimbursements $ 474     112   1,230 276
Rental revenue 11,107     6,164   28,381 16,462
Acquisition related costs 180     1,712   878 1,818
Agreement termination payment amount     $ 1,600        
Agreement termination payment amount, income statement impact           700  
Agreement termination payment amount, cost incurred prior to mergers           900  
Agreement termination fee     $ 200        
Pro forma financial information              
Revenue 12,046     6,946   30,655 17,669
Total operating revenue 12,046     11,092   31,648 28,913
Net income (loss) 2,610     100   2,630 (513)
Total net income (loss) 2,610     531   2,263 1,628
Net income (loss) available to common stockholders of Farmland Partners Inc. $ 221     $ (467)   $ (1,935) $ (869)
Income (loss) per basic share attributable to common stockholders | $ / shares $ 0.01     $ (0.02)   $ (0.06) $ (0.03)
Income (loss) per diluted share attributable to common stockholders | $ / shares $ 0.01     $ (0.02)   $ (0.06) $ (0.03)
Weighted-average number of common shares - basic | shares 32,862     28,447   32,374 27,427
Weighted-average number of common shares - diluted | shares 32,862     28,447   32,374 27,427
Land              
Farms acquired and allocation of purchase price              
Real estate       $ 7,170     $ 7,170
Groundwater              
Farms acquired and allocation of purchase price              
Real estate       634     634
Irrigation improvements              
Farms acquired and allocation of purchase price              
Real estate       518     518
Permanent plantings              
Farms acquired and allocation of purchase price              
Real estate       763     763
Leases in place              
Farms acquired and allocation of purchase price              
Weighted average amortization period           3 years  
South Carolina              
Farms acquired and allocation of purchase price              
Aggregate purchase price           $ 1,120  
California              
Farms acquired and allocation of purchase price              
Aggregate purchase price           110,000  
American Farmland Company              
Farms acquired and allocation of purchase price              
Cash $ 3,832         3,832  
Other assets 1,831         1,831  
Inventory 99         99  
Deferred revenue (4,434)         (4,434)  
Other liabilities (13,826)         (13,826)  
Gross Total Consideration 246,144         246,144  
Mortgage notes and bonds payable, net (75,000)         (75,000)  
Total Consideration 171,144         171,144  
American Farmland Company | Land              
Farms acquired and allocation of purchase price              
Real estate 181,072         181,072  
American Farmland Company | Irrigation improvements              
Farms acquired and allocation of purchase price              
Real estate 26,155         26,155  
American Farmland Company | Permanent plantings              
Farms acquired and allocation of purchase price              
Real estate 48,513         48,513  
American Farmland Company | Buildings              
Farms acquired and allocation of purchase price              
Real estate 1,499         1,499  
American Farmland Company | Leases in place              
Farms acquired and allocation of purchase price              
Real estate 1,139         1,139  
American Farmland Company | Lease origination costs              
Farms acquired and allocation of purchase price              
Real estate 264         264  
Asset acquisition              
Farms acquired and allocation of purchase price              
Aggregate purchase price           111,600  
Intangible assets acquired 0         0  
Total revenue from date of acquisition           10,100  
Net income (loss) from date of acquisition           2,400  
Pro forma              
Pro forma financial information              
Revenue       4,146   993 11,244
Net income (loss)       $ 431   (367) $ 2,141
Adjustment              
Farms acquired and allocation of purchase price              
Tenant Reimbursements   $ 200     $ 200    
Rental revenue 200            
Adjustment | Business combination, provisional information, initial accounting incomplete              
Farms acquired and allocation of purchase price              
Other assets 600         600  
Deferred revenue 1,100         1,100  
Other liabilities 600         600  
Adjustment | Business combination, provisional information, initial accounting incomplete | Land              
Farms acquired and allocation of purchase price              
Real estate 800         800  
Adjustment | Business combination, provisional information, initial accounting incomplete | Irrigation improvements              
Farms acquired and allocation of purchase price              
Real estate 100         100  
Adjustment | Business combination, provisional information, initial accounting incomplete | Permanent plantings              
Farms acquired and allocation of purchase price              
Real estate $ 200         $ 200