2015 Q1 Form 10-K Financial Statement

#000119312515060215 Filed on February 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q3
Revenue $2.626M $2.346M $1.778M
YoY Change 75.56% 99.17% 78.46%
Cost Of Revenue $500.0K $1.800M $1.476M
YoY Change -54.56% 103.67% 127.97%
Gross Profit $2.120M $545.7K $301.6K
YoY Change 436.46% 85.66% -13.49%
Gross Profit Margin 80.74% 23.27% 16.97%
Selling, General & Admin $530.0K $490.0K $480.0K
YoY Change 15.22% 6.52% 29.73%
% of Gross Profit 25.0% 89.79% 159.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $791.6K $670.0K $447.3K
YoY Change 174.84% 219.05% 160.41%
% of Gross Profit 37.34% 122.77% 148.3%
Operating Expenses $1.671M $1.800M $1.476M
YoY Change 51.87% 168.65% 168.38%
Operating Profit $954.5K -$1.254M $301.6K
YoY Change 141.54% 233.51% -13.49%
Interest Expense $949.4K -$730.0K $501.1K
YoY Change 153.81% 170.37% 81.53%
% of Operating Profit 99.46% 166.15%
Other Income/Expense, Net -$929.9K -$484.7K -$194.4K
YoY Change 152.95% 77.56% -24.8%
Pretax Income $24.57K $61.07K $107.2K
YoY Change -10.77% 191.04% 18.93%
Income Tax $0.00 $6.399K $6.857K
% Of Pretax Income 0.0% 10.48% 6.39%
Net Earnings $24.57K $54.67K $100.4K
YoY Change 17.48% -104.18% 2008.72%
Net Earnings / Revenue 0.94% 2.33% 5.65%
Basic Earnings Per Share
Diluted Earnings Per Share $2.581K $6.452K $15.13K
COMMON SHARES
Basic Shares Outstanding 7.754M shares 7.754M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $2.600M $3.000M
YoY Change -83.7% -84.05% -92.39%
Cash & Equivalents $2.180M $2.619M $3.031M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.200M $2.600M $3.000M
YoY Change -83.7% -84.05% -92.39%
LONG-TERM ASSETS
Property, Plant & Equipment $165.0M $143.9M $113.2M
YoY Change 117.97% 91.1% 170.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change 0.0%
Other Assets $1.300M $1.400M $1.100M
YoY Change 85.71% 366.67% 266.67%
Total Long-Term Assets $169.9M $149.1M $117.6M
YoY Change 117.48% 92.71% 154.03%
TOTAL ASSETS
Total Short-Term Assets $2.200M $2.600M $3.000M
Total Long-Term Assets $169.9M $149.1M $117.6M
Total Assets $172.1M $151.7M $120.6M
YoY Change 87.84% 61.95% 40.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.400M $1.900M $900.0K
YoY Change 140.0% 72.73% 28.57%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.500M $2.400M $1.300M
YoY Change 92.31% 84.62% 62.5%
LONG-TERM LIABILITIES
Long-Term Debt $106.7M $86.40M $57.30M
YoY Change 157.73% 100.0% 93.58%
Other Long-Term Liabilities $3.800M $2.900M $2.100M
YoY Change 322.22% 314.29% 600.0%
Total Long-Term Liabilities $110.5M $89.30M $59.40M
YoY Change 161.23% 103.42% 98.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.500M $2.400M $1.300M
Total Long-Term Liabilities $110.5M $89.30M $59.40M
Total Liabilities $112.9M $91.73M $60.83M
YoY Change 158.55% 103.12% 93.88%
SHAREHOLDERS EQUITY
Retained Earnings -$6.194M -$5.405M -$4.764M
YoY Change 82.85% 91.6% -259.2%
Common Stock $65.37M $65.37M $7.680K
YoY Change 1000957.63% 1001034.2% 17.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.17M $59.97M $59.79M
YoY Change
Total Liabilities & Shareholders Equity $172.1M $151.7M $120.6M
YoY Change 87.84% 61.95% 40.75%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $24.57K $54.67K $100.4K
YoY Change 17.48% -104.18% 2008.72%
Depreciation, Depletion And Amortization $791.6K $670.0K $447.3K
YoY Change 174.84% 219.05% 160.41%
Cash From Operating Activities $270.0K $1.510M $1.290M
YoY Change -31.43% 12.69% -1272.73%
INVESTING ACTIVITIES
Capital Expenditures -$20.27M -$31.51M -$27.36M
YoY Change 3954.0% -6.3% 7294.59%
Acquisitions
YoY Change
Other Investing Activities $230.0K $360.0K -$300.0K
YoY Change 157.14% 50.0%
Cash From Investing Activities -$20.03M -$31.14M -$27.66M
YoY Change 3873.9% -7.02% 4839.29%
FINANCING ACTIVITIES
Cash Dividend Paid $814.1K
YoY Change 38.52%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.33M 29.22M 25.56M
YoY Change -839.33% 223.23% -1187.66%
NET CHANGE
Cash From Operating Activities 270.0K 1.510M 1.290M
Cash From Investing Activities -20.03M -31.14M -27.66M
Cash From Financing Activities 19.33M 29.22M 25.56M
Net Change In Cash -430.0K -410.0K -810.0K
YoY Change -84.22% -98.23% -73.18%
FREE CASH FLOW
Cash From Operating Activities $270.0K $1.510M $1.290M
Capital Expenditures -$20.27M -$31.51M -$27.36M
Free Cash Flow $20.54M $33.02M $28.65M
YoY Change 2198.16% -5.58% 10919.23%

Facts In Submission

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CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-743676
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
722455
CY2013 us-gaap Dividends
Dividends
9730093
CY2013 us-gaap Interest Expense
InterestExpense
1118640
CY2013 us-gaap Professional Fees
ProfessionalFees
615879
CY2013 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
30024
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
90669
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15397808
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1519730
CY2013 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0
CY2013 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
631786
CY2013 us-gaap Incentive Fee Expense
IncentiveFeeExpense
41037
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
54586766
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-38728605
CY2013 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
56703960
CY2013 us-gaap Real Estate Improvements
RealEstateImprovements
1030923
CY2013 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
153725
CY2013 us-gaap Management Fee Expense
ManagementFeeExpense
195609
CY2013 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
13565000
CY2013 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
37768162
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
679090
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
250139
CY2013 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1600000
CY2013 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
119463
CY2013 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
548800
CY2013 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
20000000
CY2013 land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
149403
CY2013 land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
CY2013 land Administration Fee Allocated Payroll And Benefits
AdministrationFeeAllocatedPayrollAndBenefits
14034
CY2013 land Business Acquisitions Pro Forma Net Income Loss Before Income Tax
BusinessAcquisitionsProFormaNetIncomeLossBeforeIncomeTax
1169708
CY2013 land Related Party Transaction Amended Administration Fee
RelatedPartyTransactionAmendedAdministrationFee
175932
CY2013 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
2721722
CY2013 land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
9 Farm
CY2013 land Credit To Incentive Fee
CreditToIncentiveFee
41037
CY2013 land Related Party Transaction Net Incentive Fee
RelatedPartyTransactionNetIncentiveFee
0
CY2013 land Percentage Of Distributions Classified As Qualified Dividends
PercentageOfDistributionsClassifiedAsQualifiedDividends
0.9853746 pure
CY2013 land Related Party Transaction Prior Management Advisory Fee
RelatedPartyTransactionPriorManagementAdvisoryFee
46206
CY2013 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
CY2013 land Management Advisory Fee Allocated Overhead Expenses
ManagementAdvisoryFeeAllocatedOverheadExpenses
7538
CY2013 land Business Acquisitions Pro Forma Income Tax Expense Benefit
BusinessAcquisitionsProFormaIncomeTaxExpenseBenefit
1519730
CY2013 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2013 land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
7443197 shares
CY2013 land Administration Fee Allocated Overhead Expenses
AdministrationFeeAllocatedOverheadExpenses
4498
CY2013 land Number Of Farms Acquired
NumberOfFarmsAcquired
9 Farm
CY2013 land Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
5183279
CY2013 land Decrease In Net Income Due To Out Of Period Adjustment
DecreaseInNetIncomeDueToOutOfPeriodAdjustment
40438
CY2013 land Percentage Of Return Of Capital
PercentageOfReturnOfCapital
0.0000000 pure
CY2013 land Related Party Transaction Credit From Voluntary Irrevocable
RelatedPartyTransactionCreditFromVoluntaryIrrevocable
41037
CY2013 land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.05
CY2013 land Administration Fee
AdministrationFee
194464
CY2013 land Number Of Farms
NumberOfFarms
21 Farm
CY2013 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
2680685
CY2013 land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
CY2013 land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-68617
CY2013 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
0
CY2013 land Management Advisory Fee Allocated Payroll And Benefits
ManagementAdvisoryFeeAllocatedPayrollAndBenefits
38668
CY2013 land Related Party Transaction Prior Administration Fee
RelatedPartyTransactionPriorAdministrationFee
18532
CY2013 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
150000
CY2013 land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
2760914
CY2013 land Ordinary Income As Percentage Of Distributions
OrdinaryIncomeAsPercentageOfDistributions
1.0000000 pure
CY2013 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Lease Hold Improvements
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndLeaseHoldImprovements
309174
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE LAND Corp
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
LAND
CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.269 pure
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3543622
CY2014 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P3Y3M18D
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.269 pure
CY2014 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2012-05-31
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6852917 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001495240
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.000 pure
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.000 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
Three-month LIBOR plus 3.00%
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14041271
CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1825404
CY2014 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
120540
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
950965
CY2014 us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
3000
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
132700
CY2014 us-gaap Tenant Reimbursements
TenantReimbursements
14604
CY2014 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
21600000
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
2458802
CY2014 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
350000
CY2014 us-gaap Gain On Business Interruption Insurance Recovery
GainOnBusinessInterruptionInsuranceRecovery
262963
CY2014 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
129700
CY2014 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
146534
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
684782
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-98631
CY2014 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
0
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
1599972
CY2014 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
7170318
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1698603
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
27000
CY2014 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-669474
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
68626968
CY2014 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
2619084
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
738754
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-125133
CY2014 us-gaap Investment Income Interest
InvestmentIncomeInterest
12031
CY2014 us-gaap Interest Paid
InterestPaid
1431214
CY2014 us-gaap Interest And Other Income
InterestAndOtherIncome
681
CY2014 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
7184922
CY2014 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
35489
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
8547496
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1735644
CY2014 us-gaap Dividends
Dividends
2458802
CY2014 us-gaap Interest Expense
InterestExpense
2009086
CY2014 us-gaap Professional Fees
ProfessionalFees
595163
CY2014 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
53286
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
350684
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13651940
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26502
CY2014 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
1264420
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
54138678
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-71334240
CY2014 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
15024003
CY2014 us-gaap Real Estate Improvements
RealEstateImprovements
2726734
CY2014 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
520352
CY2014 us-gaap Management Fee Expense
ManagementFeeExpense
1079534
CY2014 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
41188600
CY2014 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
67287231
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
777159
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1180185
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
56700000
CY2014 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
25500000
CY2014 land Related Party Transaction Net Incentive Fee
RelatedPartyTransactionNetIncentiveFee
0
CY2014 land Maximum Annual Percentage Of Adjusted Stockholders Equity To Pay Full Pre Incentive Fee To Adviser
MaximumAnnualPercentageOfAdjustedStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875 pure
CY2014 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
434514
CY2014 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1751964
CY2014 land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
1079534
CY2014 land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
CY2014 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2014 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpenses
81072
CY2014 land Minimum Percentage Likelihood To Recognize Tax Benefit From Uncertain Tax Position
MinimumPercentageLikelihoodToRecognizeTaxBenefitFromUncertainTaxPosition
0.50 pure
CY2014 land Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2014 land Business Acquisitions Pro Forma Net Income Loss Before Income Tax
BusinessAcquisitionsProFormaNetIncomeLossBeforeIncomeTax
-642972
CY2014 land Related Party Transaction Amended Administration Fee
RelatedPartyTransactionAmendedAdministrationFee
442584
CY2014 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2014 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
5584950
CY2014 land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
11 Farm
CY2014 land Initial Farmable Area Under Lease
InitialFarmableAreaUnderLease
121 acre
CY2014 land Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.010 pure
CY2014 land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
44313
CY2014 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
CY2014 land Maximum Overhead Expenses As Percentage Of Average Invested Assets
MaximumOverheadExpensesAsPercentageOfAverageInvestedAssets
0.020 pure
CY2014 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2014 land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
7563060 shares
CY2014 land Business Acquisitions Pro Forma Income Tax Expense Benefit
BusinessAcquisitionsProFormaIncomeTaxExpenseBenefit
26502
CY2014 land Follow On Lease Number Of Renewal Options
FollowOnLeaseNumberOfRenewalOptions
1 Renewal_Options
CY2014 land Overhead Expense Reimbursements Limitation Period
OverheadExpenseReimbursementsLimitationPeriod
P1Y
CY2014 land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserHundredPercentOfAmountOfPreIncentiveFeeMaximumPercentage
0.021875 pure
CY2014 land Number Of Farms Acquired
NumberOfFarmsAcquired
11 Farm
CY2014 land Percentage Of Expected Annual Base Management Fee To Aggregate Stockholders Equity
PercentageOfExpectedAnnualBaseManagementFeeToAggregateStockholdersEquity
0.020 pure
CY2014 land Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
6287653
CY2014 land Percentage Of Return Of Capital
PercentageOfReturnOfCapital
0.0433922 pure
CY2014 land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.09
CY2014 land Additional Debt To Finance Farms Acquisition
AdditionalDebtToFinanceFarmsAcquisition
0
CY2014 land Administration Fee
AdministrationFee
442584
CY2014 land Number Of Farms
NumberOfFarms
32 Farm
CY2014 land Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
CY2014 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
5584950
CY2014 land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
CY2014 land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-194267
CY2014 land Additional Farmable Area Under Lease
AdditionalFarmableAreaUnderLease
60 acre
CY2014 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
9027
CY2014 land Maximum Payroll And Benefits Reimbursed As Percentage Of Average Invested Assets
MaximumPayrollAndBenefitsReimbursedAsPercentageOfAverageInvestedAssets
0.020 pure
CY2014 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
50000
CY2014 land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Twenty Percent Of Amount Of Pre Incentive Fee Minimum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserTwentyPercentOfAmountOfPreIncentiveFeeMinimumPercentage
0.021875 pure
CY2014 land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
2902815
CY2014 land Number Of Real Estate Farms
NumberOfRealEstateFarms
32 Farm
CY2014 land Benefit From Real Estate Investment Trust Conversion
BenefitFromRealEstateInvestmentTrustConversion
743676
CY2014 land Ordinary Income As Percentage Of Distributions
OrdinaryIncomeAsPercentageOfDistributions
0.9566078 pure
CY2014 land Maximum Management Advisory Fee As Percentage Of Average Invested Assets
MaximumManagementAdvisoryFeeAsPercentageOfAverageInvestedAssets
0.020 pure
CY2014 land Number Of Properties Recoverable
NumberOfPropertiesRecoverable
2 Property
CY2014 land Insurance Proceeds Received Utilized For Repairs To Real Estate Assets
InsuranceProceedsReceivedUtilizedForRepairsToRealEstateAssets
89688
CY2014 land Insurance Proceeds Received Capitalized As Real Estate Asset Additions
InsuranceProceedsReceivedCapitalizedAsRealEstateAssetAdditions
344512
CY2014 land Income Tax Provision On Deferred Intercompany Gains
IncomeTaxProvisionOnDeferredIntercompanyGains
2100000
CY2012 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
917120
CY2012 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
686339
CY2012 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
4205000
CY2012 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
150000
CY2012 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
45852
CY2014 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Lease Hold Improvements
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndLeaseHoldImprovements
667019
CY2014 land Additions To Real Estate Included In Leasehold Improvements
AdditionsToRealEstateIncludedInLeaseholdImprovements
585947
CY2014 land Non Cash Offering Costs Included In Additional Paid In Capital
NonCashOfferingCostsIncludedInAdditionalPaidInCapital
31767
CY2014 land Non Cash Offering Costs Included In Other Assets
NonCashOfferingCostsIncludedInOtherAssets
110200
CY2014 land Estimated Net Increase Decrease In Rental Revenue Current
EstimatedNetIncreaseDecreaseInRentalRevenueCurrent
171636
CY2014 land Estimated Net Increase Decrease In Rental Revenue In Two Years
EstimatedNetIncreaseDecreaseInRentalRevenueInTwoYears
-5284
CY2014 land Estimated Net Increase Decrease In Rental Revenue In Three Years
EstimatedNetIncreaseDecreaseInRentalRevenueInThreeYears
-13015
CY2014 land Estimated Net Increase Decrease In Rental Revenue In Four Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFourYears
0
CY2014 land Estimated Net Increase Decrease In Rental Revenue In Five Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFiveYears
0
CY2014 land Estimated Net Increase Decrease In Rental Revenue Thereafter
EstimatedNetIncreaseDecreaseInRentalRevenueThereafter
0
CY2014 land Estimated Net Increase Decrease In Rental Revenue
EstimatedNetIncreaseDecreaseInRentalRevenue
153337
CY2014 land Offering Costs Included In Other Assets And Additional Paid In Capital
OfferingCostsIncludedInOtherAssetsAndAdditionalPaidInCapital
141967
CY2014 land Insurance Proceeds Included In Other Assets
InsuranceProceedsIncludedInOtherAssets
61500
CY2014 land Noncash Insurance Proceeds Included In Other Assets
NoncashInsuranceProceedsIncludedInOtherAssets
61500
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1137777
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.040 pure
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2750000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.047 pure
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.22
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
609131
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
900692
CY2012 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
0
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
1901615
CY2012 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3390594
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1000923
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
464772
CY2012 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
7499644
CY2012 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
137337
CY2012 us-gaap Net Income Loss
NetIncomeLoss
600373
CY2012 us-gaap Investment Income Interest
InvestmentIncomeInterest
1830
CY2012 us-gaap Interest Paid
InterestPaid
854876
CY2012 us-gaap Interest And Other Income
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168
CY2012 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
3390594
CY2012 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
4233
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
568675
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
474480
CY2012 us-gaap Interest Expense
InterestExpense
1006986
CY2012 us-gaap Professional Fees
ProfessionalFees
245414
CY2012 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
35511
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
59472
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
62213
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2012 us-gaap Income Tax Expense Benefit
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CY2012 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
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CY2012 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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CY2012 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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235090
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-145330
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CY2012 land Operating Expenses Before Credit To Incentive Fee
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1488979
CY2012 land Dividend Declared Or Paid
DividendDeclaredOrPaid
0
CY2012 land Related Party Transaction Prior Management Advisory Fee
RelatedPartyTransactionPriorManagementAdvisoryFee
267280
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DebtInstrumentWeightedAverageInterestRate
0.037 pure
CY2012 land Management Advisory Fee Allocated Overhead Expenses
ManagementAdvisoryFeeAllocatedOverheadExpenses
42349
CY2012 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2012 land Related Party Transaction Net Incentive Fee
RelatedPartyTransactionNetIncentiveFee
0
CY2012 land Administration Fee Allocated Overhead Expenses
AdministrationFeeAllocatedOverheadExpenses
37017
CY2012 land Administration Fee
AdministrationFee
180398
CY2012 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1488979
CY2012 land Amortization Of Deferred Rent Asset And Liability Net
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-45852
CY2012 land Management Advisory Fee Allocated Payroll And Benefits
ManagementAdvisoryFeeAllocatedPayrollAndBenefits
224931
CY2012 land Related Party Transaction Prior Administration Fee
RelatedPartyTransactionPriorAdministrationFee
180398
CY2012 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
200000
CY2012 land Offering Costs Included In Other Assets And Additional Paid In Capital
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319756
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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5249898 shares
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EarningsPerShareBasicAndDiluted
0.01
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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106705
CY2013Q1 us-gaap Nonoperating Income Expense
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47516
CY2013Q1 us-gaap Real Estate Revenue Net
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CY2013Q1 us-gaap Income Tax Expense Benefit
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59189
CY2013Q1 us-gaap Cost Of Revenue
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538105
CY2013Q1 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
41037
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6530264 shares
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014Q1 us-gaap Nonoperating Income Expense
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CY2014Q1 us-gaap Real Estate Revenue Net
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