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Our common stock is listed on the NASDAQ Global Market under the symbol LAND. For more detailed stock information, please visit our Stock Information page.
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Our year end is December 31.
As noted in the MD&A section, we incurred additional accounting-related fees during the quarter as a result of our acquisitions. There are several procedures that our independent auditors must go through for each acquisition we make. While certain of these fees will continue as we acquire more properties, they should have less overall impact on our earnings as our portfolio grows. Several legal costs were also incurred relating to private letter ruling requests from the internal revenue service and other costs associated with our REIT conversion. We do not expect these costs to continue at their current level in the future. In addition, we recorded significant income tax expenses during the quarter in connection with our REIT conversion that should not continue going forward.
The weighted-average GAAP cap rate for 2013 acquisitions was 5.5% and the weighted average going in cap rate was 5.1%.
As explained in Note 4, “Related-Party Transactions,” in our 10-Q, we pay an annual base management fee to our Adviser equal to 2.0% of our stockholders’ equity, or 0.5% on a quarterly basis.  As of March 31, 2014, our stockholders’ equity was $47.9 million.  0.5% of this equals $240,000, compared to a management fee recorded for the quarter of $241,000.
As explained in Note 4, “Related-Party Transactions,” in our 10-Q, the overhead expenses incurred by our Administrator are allocated among all companies for whom administrative services are provided in proportion to each company’s total assets.  If our percentage of total assets should rise in relation to the other companies, our allocable portion of the administrative fee would also rise.  Likewise, should our percentage of total assets decrease in relation to the other companies, our share of the administrative fee would also decrease.
During Q1 2014, we incurred approximately $95,000 of professional fees that were one-time in nature.  The majority of these fees related to the REIT conversion, additional work performed on our Q4 2013 acquisitions and fees incurred to update the appraisals on certain properties. 
During Q1 2014, we incurred approximately $78,000 of costs that were essentially annual in nature, including about $31,000 related to the annual report and 10-K, $14,000 in annual California LLC fees, $13,000 of well repairs on one of our properties and additional costs related to the acceleration of directors’ fees from the passing of one of our directors.  Further, upon renewal of our D&O insurance in August 2014, we expect a decrease in our annual premium amounts. 
As long as we qualify as a REIT and pay out at least 90% of our taxable income, we will not generally be subject to federal income taxes.  However, as explained in Footnote 2 of our 10-Q, under “Income Taxes,” we still owe taxes to the state of California as a result of deferred intercompany gains on prior-year land transfers.  The final installment of this tax will be made throughout 2014, and we expect the total amount to be recognized during 2014 to be approximately $26,000.
Currently, the only regulations in California on well drilling are local restrictions that certain counties (including Ventura County) have put into place as a response to the drought. However, these restrictions only apply to the drilling of new wells – the drilling of replacement wells is still allowed under the current regulations (i.e., should we have a well fail, we would be able to obtain a permit to replace it without a problem). As these local restrictions only exist in a few counties throughout the state, most California land owners are able to drill pretty much as they please. A recent California state law, the Sustainable Groundwater Management Act, enacted in 2014, may eventually regulate the availability of groundwater on a basin-by-basin basis, but it will most likely be several years and many lawsuits before it takes effect.

In other states where our properties are located (Arizona, Florida, Michigan and Oregon), groundwater is already highly regulated in certain regions, and the regulations are very clear, so we understand what California's future may look like. Where water regulations exist, they are typically geared towards promoting water-use efficiency and reasonable conservation and do not limit the productivity of the farms.

As new regulations are enacted, we are performing more extensive due diligence around the groundwater resources of each and every potential investment property. We will only purchase properties that have the water sources that we believe are sufficient to survive a severe drought and are not operationally impaired by regulations. We will also always check with local regulatory bodies and water agencies to ensure that we have the ability to drill a new well if needed (wells can last many decades but can wear out over time). These increased regulations are essentially causing us to be more careful and diligent in our investment selection process, particularly in those areas of California under local restrictions.

All of our properties, including those in California, currently have plenty of groundwater available that is accessible by on-site wells, and we have taken certain precautions to ensure that this will continue. For example, some of our farms in California also receive an additional source of water that is extracted from the effluent generated by smaller cities in the farm belt. This water is sent to a processing plant, where it is cleaned up so that it can be used to irrigate crops, and then distributed to farmers in California. In addition, all of our farms in Florida have water permits that allow for the extraction of water from the Floridian aquifer. These permits are extremely valuable, because the drilling of an agricultural well is not allowed without one, and they are more difficult to secure for properties closer to population centers.

We believe we have the experience and knowledge to operate in highly-regulated environments.
The detailed income statement for the quarter ended December 31, 2014 can be found here.
The details of the AFFO for year ended December 31, 2014 broken down by quarter can be found here.