Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Land, at cost	$ 937,847	$ 937,813
Grain facilities	12,090	12,091
Groundwater	11,473	11,473
Irrigation improvements	54,299	53,871
Drainage improvements	12,674	12,674
Permanent plantings	51,967	52,089
Other	7,840	7,827
Construction in progress	12,474	11,911
Real estate, at cost	1,100,664	1,099,749
Less accumulated depreciation	(27,206)	(25,277)
Total real estate, net	1,073,458	1,074,472
Deposits	90	1
Cash	14,994	12,561
Notes and interest receivable, net	4,278	4,767
Right of Use Asset	198	73
Deferred financing fees, net	152	174
Accounts receivable, net	5,814	5,515
Inventory	1,619	1,550
Prepaid expenses and other assets	2,353	3,440
TOTAL ASSETS	1,102,956	1,102,553
LIABILITIES
Mortgage notes and bonds payable, net	511,283	511,403
Lease Liability	198	73
Dividends payable	1,593	1,593
Derivative liability	3,227	1,644
Accrued interest	3,414	3,111
Accrued property taxes	2,411	1,873
Deferred revenue	10,182	71
Accrued expenses	4,369	5,868
Total liabilities	536,677	525,636
Commitments and contingencies (See Note 8)
Series B Participating Preferred Stock, $0.01 par value, 6,037,500 shares authorized; 5,924,060 shares issued and outstanding at March 31, 2020, and 5,972,059 at December 31, 2019	141,885	142,861
Redeemable non-controlling interest in operating partnership, Series A preferred units	117,877	120,510
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 29,866,000 shares issued and outstanding at March 31, 2020, and 29,952,608 shares issued and outstanding at December 31, 2019	289	292
Additional paid in capital	337,457	338,387
Retained earnings	3,530	6,251
Cumulative dividends	(50,282)	(48,784)
Other comprehensive income	(3,227)	(1,644)
Non-controlling interests in operating partnership	18,750	19,044
Total equity	306,517	313,546
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND EQUITY	$ 1,102,956	$ 1,102,553