Concentration Risk (Tables)

9 Months Ended

Sep. 30, 2019


	Rental income recognized								Rental income recognized
	For the three months ended September 30,								For the nine months ended
($ in thousands)	2019				2018				2019				2018
Tenant A	$	1,120	12.2	%	$	2,193	19.5	%	$	3,442	12.0	%	$	4,409	14.1	%

(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)	2019		2018		2019		2018		2019		2018
Corn Belt	27.7	%	28.2	%	35.3	%	33.5	%	35.1	%	35.7	%
Delta and South	17.6	%	17.3	%	11.8	%	8.3	%	11.5	%	9.6	%
High Plains	19.8	%	19.2	%	6.2	%	7.6	%	8.2	%	8.2	%
Southeast	27.6	%	28.3	%	26.3	%	21.5	%	25.6	%	23.4	%
West Coast	7.3	%	7.0	%	20.4	%	29.0	%	19.6	%	23.1	%
	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.