Concentration Risk (Tables)

6 Months Ended

Jun. 30, 2018


	Rental income recognized								Rental income recognized
	For the three months ended June 30,								For the six months ended June 30,
($ in thousands)	2018				2017				2018				2017
Tenant A	$	1,111	11.0	%	$	1,201	11.3	%	$	2,215	11.1	%	$	1,978	11.5	%

(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 six months ended
	As of June 30,				June 30,				June 30,
Location of Farm (2)	2018		2017		2018		2017		2018		2017
Cornbelt	28.7	%	30.8	%	36.6	%	32.7	%	36.8	%	36.7	%
Delta and South	17.6	%	18.8	%	10.3	%	14.2	%	10.4	%	13.3	%
High Plains	19.0	%	20.4	%	8.6	%	8.9	%	8.5	%	9.7	%
Southeast	27.7	%	25.8	%	24.1	%	22.3	%	24.5	%	20.2	%
West Coast	7.0	%	4.2	%	20.4	%	21.9	%	19.8	%	20.1	%
	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, South Dakota and Texas. Southeast includes farms located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. West Coast includes farms located in California.