Note 3—Concentration Risk

Credit Risk

For the years ended December 31, 2019, 2018 and 2017, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there would be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. The following is a summary of our significant tenants:


	Rental Income Recognized
	For the year ended December 31,
($ in thousands)	2019				2018				2017
Tenant A(1)	$	5,905	12.2	%	$	6,996	13.6	%	$	7,041	16.4	%
Tenant B(1)	$	7,056	14.6	%	$	6,957	13.6	%	$	—	—	%

(1)

The Company has numerous permanent crop leases with these major farming companies located in Califonia.

Geographic Risk

The following table summarizes the percentage of approximate total acres owned as of December 31, 2019, 2018 and 2017 and straight line and crop share rental income recorded by the Company for the years then ended by location of the farm:


	Approximate % of Total Acres						Rental Income
	As of December 31,						For the year ended December 31,
Location of Farm	2019		2018		2017		2019		2018		2017
Alabama	0.4	%	0.3	%	0.4	%	0.2	%	0.4	%	0.2	%
Arkansas	9.1	%	8.3	%	9.1	%	4.4	%	4.0	%	4.7	%
California	7.3	%	7.2	%	7.2	%	34.6	%	36.8	%	27.8	%
Colorado	15.5	%	14.9	%	15.1	%	5.4	%	4.4	%	6.4	%
Florida	3.0	%	4.6	%	4.6	%	2.1	%	1.7	%	3.1	%
Georgia	3.4	%	3.3	%	3.3	%	2.1	%	2.1	%	4.0	%
Illinois	24.5	%	24.1	%	25.5	%	24.5	%	24.3	%	28.8	%
Kansas	1.2	%	1.2	%	1.2	%	0.3	%	0.3	%	0.4	%
Louisiana	5.3	%	5.2	%	5.9	%	3.1	%	2.8	%	3.3	%
Michigan	0.3	%	1.4	%	1.4	%	0.8	%	1.7	%	1.6	%
Mississippi	3.1	%	3.0	%	3.1	%	1.7	%	1.7	%	2.0	%
North Carolina	10.5	%	10.3	%	6.9	%	7.4	%	7.1	%	4.3	%
Nebraska	3.8	%	3.7	%	3.7	%	3.3	%	3.0	%	3.6	%
South Carolina	9.5	%	9.4	%	9.1	%	8.2	%	7.9	%	7.7	%
South Dakota	1.0	%	1.0	%	1.1	%	0.8	%	0.7	%	0.6	%
Texas	1.3	%	1.3	%	1.7	%	0.7	%	0.8	%	1.1	%
Virginia	0.8	%	0.8	%	0.7	%	0.4	%	0.4	%	0.4	%
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%