2021 Form 10-K Financial Statement

#000149524022000004 Filed on February 22, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $75.32M $15.12M $57.03M
YoY Change 32.07% 12.08% 40.15%
Cost Of Revenue $8.784M $1.450M $6.080M
YoY Change 44.47% 2.84% 0.5%
Gross Profit $66.53M $13.67M $50.95M
YoY Change 30.59% 13.16% 47.04%
Gross Profit Margin 88.34% 90.41% 89.34%
Selling, General & Admin $7.647M $1.890M $6.650M
YoY Change 14.99% 9.88% 62.59%
% of Gross Profit 11.49% 13.83% 13.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.18M $4.650M $16.66M
YoY Change 63.21% 21.09% 30.22%
% of Gross Profit 40.86% 34.02% 32.69%
Operating Expenses $43.61M $6.540M $29.38M
YoY Change 48.45% 17.63% 37.38%
Operating Profit $22.92M $7.130M $21.57M
YoY Change 6.26% 9.36% 62.62%
Interest Expense $24.88M -$5.940M $20.62M
YoY Change 20.67% 10.2% 26.27%
% of Operating Profit 108.56% -83.31% 95.6%
Other Income/Expense, Net -$28.19M $200.0K -$22.70M
YoY Change 24.21% 29.37%
Pretax Income $3.514M $90.00K $4.960M
YoY Change -29.15% -90.63% 181.82%
Income Tax
% Of Pretax Income
Net Earnings $3.495M $110.0K $4.926M
YoY Change -29.05% -88.42% 182.94%
Net Earnings / Revenue 4.64% 0.73% 8.64%
Basic Earnings Per Share -$0.29 -$0.20
Diluted Earnings Per Share -$0.29 $4.516K -$0.20
COMMON SHARES
Basic Shares Outstanding 30.36M shares 24.10M shares 22.26M shares
Diluted Shares Outstanding 30.36M shares 22.26M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.71M $9.200M $9.200M
YoY Change 81.61% -32.85% -32.85%
Cash & Equivalents $16.71M $9.218M $9.200M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.71M $9.200M $9.200M
YoY Change 81.61% -32.85% -32.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.284B $1.046B $1.046B
YoY Change 22.76% 32.06% 32.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.100M $1.200M $1.200M
YoY Change 158.33%
Other Assets
YoY Change
Total Long-Term Assets $1.335B $1.058B $1.058B
YoY Change 26.15% 31.75% 31.75%
TOTAL ASSETS
Total Short-Term Assets $16.71M $9.200M $9.200M
Total Long-Term Assets $1.335B $1.058B $1.058B
Total Assets $1.352B $1.067B $1.067B
YoY Change 26.63% 30.67% 30.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.87M $9.100M $9.100M
YoY Change 19.49% -9.9% -9.9%
Accrued Expenses $664.0K $100.0K $100.0K
YoY Change 564.0% -50.0% -50.0%
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 $15.76M $11.70M $11.70M
YoY Change 34.72% -6.4% -6.4%
LONG-TERM LIABILITIES
Long-Term Debt $726.7M $652.7M $652.7M
YoY Change 11.33% 27.91% 27.91%
Other Long-Term Liabilities $20.04M $19.10M $19.10M
YoY Change 4.94% 26.49% 26.49%
Total Long-Term Liabilities $746.7M $671.8M $671.8M
YoY Change 11.15% 27.86% 27.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.76M $11.70M $11.70M
Total Long-Term Liabilities $746.7M $671.8M $671.8M
Total Liabilities $764.7M $683.5M $683.5M
YoY Change 11.89% 27.09% 26.53%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $440.5M
YoY Change 39.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $586.8M $383.8M $383.8M
YoY Change
Total Liabilities & Shareholders Equity $1.352B $1.067B $1.067B
YoY Change 26.63% 30.67% 30.67%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $3.495M $110.0K $4.926M
YoY Change -29.05% -88.42% 182.94%
Depreciation, Depletion And Amortization $27.18M $4.650M $16.66M
YoY Change 63.21% 21.09% 30.22%
Cash From Operating Activities $32.38M $13.41M $25.00M
YoY Change 29.5% 79.52% 17.0%
INVESTING ACTIVITIES
Capital Expenditures -$292.9M -$197.1M -$272.5M
YoY Change 7.52% 274.32% 3.87%
Acquisitions
YoY Change
Other Investing Activities -$2.054M -$200.0K -$440.0K
YoY Change 366.82% 300.0% 25.71%
Cash From Investing Activities -$295.0M -$197.3M -$272.9M
YoY Change 8.1% 274.35% 3.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $270.1M 186.6M $243.4M
YoY Change 10.96% 239.78% 1.33%
NET CHANGE
Cash From Operating Activities $32.38M 13.41M $25.00M
Cash From Investing Activities -$295.0M -197.3M -$272.9M
Cash From Financing Activities $270.1M 186.6M $243.4M
Net Change In Cash $7.490M 2.770M -$4.470M
YoY Change -267.56% -71.44% 328.98%
FREE CASH FLOW
Cash From Operating Activities $32.38M $13.41M $25.00M
Capital Expenditures -$292.9M -$197.1M -$272.5M
Free Cash Flow $325.3M $210.5M $297.5M
YoY Change 9.37% 250.12% 4.86%

Facts In Submission

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3196000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32377000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25002000 USD
CY2021 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
286827000 USD
CY2020 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
255948000 USD
CY2021 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
6120000 USD
CY2020 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
16510000 USD
CY2021 land Paymentsto Unconsolidated Real Estate Entities
PaymentstoUnconsolidatedRealEstateEntities
2054000 USD
CY2020 land Paymentsto Unconsolidated Real Estate Entities
PaymentstoUnconsolidatedRealEstateEntities
573000 USD
CY2021 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2020 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
342000 USD
CY2021 land Insurance Proceeds Capitalizedas Real Estate Additions
InsuranceProceedsCapitalizedasRealEstateAdditions
0 USD
CY2020 land Insurance Proceeds Capitalizedas Real Estate Additions
InsuranceProceedsCapitalizedasRealEstateAdditions
68000 USD
CY2021 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
0 USD
CY2020 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
280000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-295001000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-272901000 USD
CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
233393000 USD
CY2020 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
130348000 USD
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6660000 USD
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6620000 USD
CY2021 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
60375000 USD
CY2020 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
0 USD
CY2021 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2020 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22300000 USD
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2020 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
22300000 USD
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
67907000 USD
CY2020 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
156053000 USD
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
23924000 USD
CY2020 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
13413000 USD
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2717000 USD
CY2020 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1172000 USD
CY2021 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
12679000 USD
CY2020 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
8982000 USD
CY2021 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
92000 USD
CY2020 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
68000 USD
CY2021 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16491000 USD
CY2020 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12033000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
270114000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
243429000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7490000 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4470000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9218000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
26395000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13688000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16708000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9218000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
22501000 USD
CY2021 land Noncash Or Part Noncash Divestitures Noncontrolling Interest In Operating Partnerships
NoncashOrPartNoncashDivestituresNoncontrollingInterestInOperatingPartnerships
3970000 USD
CY2020 land Noncash Or Part Noncash Divestitures Noncontrolling Interest In Operating Partnerships
NoncashOrPartNoncashDivestituresNoncontrollingInterestInOperatingPartnerships
0 USD
CY2021 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
3724000 USD
CY2020 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
1575000 USD
CY2021 land Common Stock Offering And Operating Partnership Unit Issuance Costs Included In Accounts Payable And Accrued Expenses
CommonStockOfferingAndOperatingPartnershipUnitIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
3000 USD
CY2020 land Common Stock Offering And Operating Partnership Unit Issuance Costs Included In Accounts Payable And Accrued Expenses
CommonStockOfferingAndOperatingPartnershipUnitIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
74000 USD
CY2021 land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
116000 USD
CY2020 land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
135000 USD
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Noncontrolling Interest
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxNoncontrollingInterest
1036000 USD
CY2020 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Noncontrolling Interest
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxNoncontrollingInterest
-1500000 USD
CY2021 us-gaap Stock Issued1
StockIssued1
185000 USD
CY2020 us-gaap Stock Issued1
StockIssued1
6000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:15pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with U.S. generally-accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, including the impact of extraordinary events, such as the novel coronavirus (“COVID-19”) pandemic, the results of which form the basis for making certain judgments. Actual results may materially differ from these estimates.</span></div>
CY2021Q4 land Numberof Impaired Properties
NumberofImpairedProperties
0 property
CY2020Q4 land Numberof Impaired Properties
NumberofImpairedProperties
0 property
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1200000 USD
CY2020 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
756000 USD
CY2020 land Payments Of Stock Issuance Costs Aborted Offering
PaymentsOfStockIssuanceCostsAbortedOffering
113000 USD
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
74002000 USD
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
49236000 USD
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:15pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously-reported net income, equity, or net change in cash and cash equivalents.</span></div>
CY2021 land Number Of Real Estate Farms
NumberOfRealEstateFarms
164 farm
CY2021 land Number Of Real Estate Farms
NumberOfRealEstateFarms
164 farm
CY2021Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
112542 acre
CY2021Q4 land Farmable Area Of Land
FarmableAreaOfLand
93326 acre
CY2021Q4 land Sec Schedule Iii Real Estate Investment Property Including Intangible Assets Net
SecScheduleIiiRealEstateInvestmentPropertyIncludingIntangibleAssetsNet
1321311000 USD
CY2021Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
671673000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3700000 USD
CY2021Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
812830000 USD
CY2020Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
713333000 USD
CY2021Q4 land Real Estate And Accumulated Depreciation Carrying Amount Of Permanent Plantings
RealEstateAndAccumulatedDepreciationCarryingAmountOfPermanentPlantings
331969000 USD
CY2020Q4 land Real Estate And Accumulated Depreciation Carrying Amount Of Permanent Plantings
RealEstateAndAccumulatedDepreciationCarryingAmountOfPermanentPlantings
202420000 USD
CY2021Q4 land Irrigation Equipment System
IrrigationEquipmentSystem
153688000 USD
CY2020Q4 land Irrigation Equipment System
IrrigationEquipmentSystem
141408000 USD
CY2021Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
46804000 USD
CY2020Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
28146000 USD
CY2021Q4 land Real Estate Other Site Improvements
RealEstateOtherSiteImprovements
12509000 USD
CY2020Q4 land Real Estate Other Site Improvements
RealEstateOtherSiteImprovements
10132000 USD
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1357800000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1095439000 USD
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1283798000 USD
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1046203000 USD
CY2021 us-gaap Depreciation
Depreciation
25900000 USD
CY2020 us-gaap Depreciation
Depreciation
14900000 USD
CY2021Q4 us-gaap Tenant Improvements
TenantImprovements
2500000 USD
CY2020Q4 us-gaap Tenant Improvements
TenantImprovements
2000000 USD
CY2021 land Tenant Improvements Depreciationand Rental Revenue
TenantImprovementsDepreciationandRentalRevenue
406000 USD
CY2020 land Tenant Improvements Depreciationand Rental Revenue
TenantImprovementsDepreciationandRentalRevenue
304000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3951000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3501000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000 USD
CY2021 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
48000 USD
CY2020 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
203000 USD
CY2021 us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
224000 USD
CY2020 us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
113000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
671000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
796000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue Current
EstimatedNetIncreaseDecreaseInRentalRevenueCurrent
179000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
660000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue In Two Years
EstimatedNetIncreaseDecreaseInRentalRevenueInTwoYears
159000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
631000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue In Three Years
EstimatedNetIncreaseDecreaseInRentalRevenueInThreeYears
155000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
441000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue In Four Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFourYears
155000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
362000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue In Five Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFiveYears
155000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1566000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue Thereafter
EstimatedNetIncreaseDecreaseInRentalRevenueThereafter
814000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4456000 USD
CY2021 us-gaap Management Fee Expense
ManagementFeeExpense
6329000 USD
CY2020 us-gaap Management Fee Expense
ManagementFeeExpense
4289000 USD
CY2021 land Estimated Net Increase Decrease In Rental Revenue
EstimatedNetIncreaseDecreaseInRentalRevenue
1617000 USD
CY2021 land Asset Acquisition Pro Forma Information Revenueof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationRevenueofAcquireesinceAcquisitionDateActual
6400000 USD
CY2021 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P13Y9M18D
CY2020 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y10M24D
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
75700000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
71046000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
64985000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
57953000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
53829000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
206361000 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
529874000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
667982000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
624061000 USD
CY2020 land Debt Instrument Basis Spreadon Variable Rate Increase Decrease
DebtInstrumentBasisSpreadonVariableRateIncreaseDecrease
-0.0135
CY2021 land Debt Instrument Loans To Value Ratios Percentage
DebtInstrumentLoansToValueRatiosPercentage
0.60
CY2021 land Number Of Bonds Issued
NumberOfBondsIssued
2 bond
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
475565000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
671573000 USD
CY2021 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
464000 USD
CY2020 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
-1110000 USD
CY2021Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
850000 shares
CY2021 land Numberof Executive Officers That Serve As Directors
NumberofExecutiveOfficersThatServeAsDirectors
2 officer
CY2021 land Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175
CY2021 land Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.070
CY2021 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1
CY2021 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
CY2021 land Maximum Annual Percentage Of Stockholders Equity To Pay Full Pre Incentive Fee To Adviser
MaximumAnnualPercentageOfStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875
CY2021 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20
CY2021 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
CY2021 land Maximum Annual Percentage Of Stockholders Equity To Pay Full Pre Incentive Fee To Adviser
MaximumAnnualPercentageOfStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875
CY2021 land Percentageof Incentive Feeson Capital Gains
PercentageofIncentiveFeesonCapitalGains
0.15
CY2021 land Notice Period For Termination Of Agreement Without Cause
NoticePeriodForTerminationOfAgreementWithoutCause
P120D
CY2021 land Financing Fee
FinancingFee
166000 USD
CY2021 land Financing Fee
FinancingFee
166000 USD
CY2020 land Financing Fee
FinancingFee
262000 USD
CY2021Q4 land Incentive Feedueto Advisor
IncentiveFeeduetoAdvisor
1793000 USD
CY2020Q4 land Incentive Feedueto Advisor
IncentiveFeeduetoAdvisor
883000 USD
CY2021 us-gaap Incentive Fee Expense
IncentiveFeeExpense
3901000 USD
CY2020 us-gaap Incentive Fee Expense
IncentiveFeeExpense
3038000 USD
CY2021 land Related Party Transaction Net Incentive Fees Paid And Credits Received
RelatedPartyTransactionNetIncentiveFeesPaidAndCreditsReceived
10230000 USD
CY2020 land Related Party Transaction Net Incentive Fees Paid And Credits Received
RelatedPartyTransactionNetIncentiveFeesPaidAndCreditsReceived
7327000 USD
CY2021 land Administration Fee
AdministrationFee
1526000 USD
CY2020 land Administration Fee
AdministrationFee
1448000 USD
CY2021 land Selling Commissionsand Dealer Manager Fees
SellingCommissionsandDealerManagerFees
4961000 USD
CY2020 land Selling Commissionsand Dealer Manager Fees
SellingCommissionsandDealerManagerFees
4711000 USD
CY2021 land Financing Fee
FinancingFee
166000 USD
CY2021 land Financing Fee
FinancingFee
166000 USD
CY2020 land Financing Fee
FinancingFee
262000 USD
CY2021 land Management Feesand Financing Fees
ManagementFeesandFinancingFees
5127000 USD
CY2020 land Management Feesand Financing Fees
ManagementFeesandFinancingFees
4973000 USD
CY2021Q4 land Management Fee Due To Advisor
ManagementFeeDueToAdvisor
1836000 USD
CY2020Q4 land Management Fee Due To Advisor
ManagementFeeDueToAdvisor
1130000 USD
CY2021Q4 land Other Due To Advisor
OtherDueToAdvisor
95000 USD
CY2020Q4 land Other Due To Advisor
OtherDueToAdvisor
18000 USD
CY2021Q4 land Due To From Adviser
DueToFromAdviser
3724000 USD
CY2020Q4 land Due To From Adviser
DueToFromAdviser
2031000 USD
CY2021Q4 land Administrative Fee Due To Administrator
AdministrativeFeeDueToAdministrator
411000 USD
CY2020Q4 land Administrative Fee Due To Administrator
AdministrativeFeeDueToAdministrator
363000 USD
CY2021Q4 land Cumulative Accruedbut Unpaid Priorto Administrative Fee Due To Administrator
CumulativeAccruedbutUnpaidPriortoAdministrativeFeeDueToAdministrator
89000 USD
CY2020Q4 land Cumulative Accruedbut Unpaid Priorto Administrative Fee Due To Administrator
CumulativeAccruedbutUnpaidPriortoAdministrativeFeeDueToAdministrator
75000 USD
CY2021Q4 land Fee Due To Administrator
FeeDueToAdministrator
500000 USD
CY2020Q4 land Fee Due To Administrator
FeeDueToAdministrator
438000 USD
CY2021Q4 land Due To Related Parties Miscellaneous Costs
DueToRelatedPartiesMiscellaneousCosts
0 USD
CY2020Q4 land Due To Related Parties Miscellaneous Costs
DueToRelatedPartiesMiscellaneousCosts
15000 USD
CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
4224000 USD
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2484000 USD
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
16655000 USD
CY2021 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
1139000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
136000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
664000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
130000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y8M12D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0778
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0420
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
7000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
6000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
92000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
92000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
92000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
62000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
62000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
755000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1155000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
491000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
664000 USD
CY2021 land Finance Lease Cost
FinanceLeaseCost
81000 USD
CY2020 land Finance Lease Cost
FinanceLeaseCost
59000 USD
CY2020Q1 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
26000000 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
3600000 shares
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
241200000 USD
CY2021Q4 us-gaap Mandatorily Redeemable Preferred Stock Fair Value Disclosure
MandatorilyRedeemablePreferredStockFairValueDisclosure
4000000 USD
CY2021 land Partners Capital Account Weighted Average Issuance Price
PartnersCapitalAccountWeightedAverageIssuancePrice
19.42
CY2020 land Partners Capital Account Units Issued
PartnersCapitalAccountUnitsIssued
288303 shares
CY2021 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
69998000 USD
CY2020 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
51377000 USD
CY2021 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
5320000 USD
CY2020 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
5654000 USD
CY2021 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
75318000 USD
CY2020 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
57031000 USD
CY2021 us-gaap Payments For Rent
PaymentsForRent
5200000 USD
CY2020 us-gaap Payments For Rent
PaymentsForRent
2400000 USD
CY2021 land Operating Lease Lease Reimbursements
OperatingLeaseLeaseReimbursements
101000 USD
CY2020 land Operating Lease Lease Reimbursements
OperatingLeaseLeaseReimbursements
456000 USD
CY2020 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
3000000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8763000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4396000 USD
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30357268 shares
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22258121 shares
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2021 land Weighted Average Number Of Operating Partnership Units Held By Noncontrolling Interest
WeightedAverageNumberOfOperatingPartnershipUnitsHeldByNoncontrollingInterest
166067 shares
CY2020 land Weighted Average Number Of Operating Partnership Units Held By Noncontrolling Interest
WeightedAverageNumberOfOperatingPartnershipUnitsHeldByNoncontrollingInterest
131745 shares
CY2021Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
671673000 USD
CY2021Q4 land Real Estate And Accumulated Depreciation Initial Cost Of Land And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfLandAndImprovements
804482000 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
153502000 USD
CY2021Q4 land Real Estate And Accumulated Depreciation Initial Cost Of Horticulture
RealEstateAndAccumulatedDepreciationInitialCostOfHorticulture
328206000 USD
CY2021Q4 land Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land Improvements And Adjustments
SecScheduleIiiRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLandImprovementsAndAdjustments
8348000 USD
CY2021Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Buildings And Improvements
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements
59499000 USD
CY2021Q4 land Sec Schedule Iii Real Estateand Accumulated Depreciation Costs Capitalized Subsequentto Acquisition Horticulture
SECScheduleIIIRealEstateandAccumulatedDepreciationCostsCapitalizedSubsequenttoAcquisitionHorticulture
3763000 USD
CY2021Q4 land Real Estate And Accumulated Depreciation Carrying Amount Of Land And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfLandAndImprovements
812830000 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
213001000 USD
CY2021Q4 land Real Estate And Accumulated Depreciation Carrying Amount Of Permanent Plantings
RealEstateAndAccumulatedDepreciationCarryingAmountOfPermanentPlantings
331969000 USD
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1357800000 USD
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
74002000 USD
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1095439000 USD
CY2019Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
827255000 USD
CY2021 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
257862000 USD
CY2020 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
257055000 USD
CY2021 us-gaap Real Estate Improvements
RealEstateImprovements
8181000 USD
CY2020 us-gaap Real Estate Improvements
RealEstateImprovements
11129000 USD
CY2021 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
3682000 USD
CY2020 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
0 USD
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1357800000 USD
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1095439000 USD
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
49236000 USD
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
35174000 USD
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
25905000 USD
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
49236000 USD
CY2020 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
2593000 USD
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
74002000 USD

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