Concentration Risk (Tables)

12 Months Ended

Dec. 31, 2024

Tenant concentration

Concentration Risk

Summary of concentrations

	Rental income recognized				Approximate % of rental income
	For the years ended December 31,				For the years ended December 31,
($ in thousands)	2024		2023		2024			2023
Tenant A (1)	$	10,309	$	6,702		21.9	%		13.6	%

(1) The Company has numerous permanent crop leases with major farming companies located in California.

Geographic concentration

Concentration Risk

Summary of concentrations

	Approximate %				Rental Income (1)
	of total acres				For the years ended
	As of December 31,				December 31,
Location of Farm (2)	2024		2023		2024		2023
Corn Belt	45.2	%	33.6	%	40.3	%	37.7	%
Delta and South	9.6	%	19.9	%	8.4	%	11.9	%
High Plains	22.3	%	16.4	%	6.0	%	9.1	%
Southeast	10.9	%	21.7	%	15.7	%	18.6	%
West Coast	12.0	%	8.4	%	29.6	%	22.7	%
	100.0	%	100.0	%	100.0	%	100.0	%

(1) Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years.

(2) Corn Belt includes farms located in Illinois, Indiana, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.