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SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended
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Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] |
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024
($ in thousands) |  |  |  |  |  | Initial Cost |  | Costs Capitalized Subsequent to Acquisition (a) |  | Gross Amounts at Which Carried at Close of Period (b) |  |  |  |  |  |  |  |
Description |  | Location |  | Encumbrances |  | Land |  | Buildings and Improvements |  | Land |  | Buildings and Improvements |  | Land |  | Buildings and Improvements |  | Total |  | Accumulated Depreciation |  | Date of Construction |  | Date Acquired / Completed |  | Depreciation Life
Valencia- Land under development |  | Los Angeles County, CA |  | $ | — |  |  | $ | 111,172 |  |  | $ | — |  |  | $ | 765,000 |  |  | $ | — |  |  | $ | 876,172 |  |  | $ | — |  |  | $ | 876,172 |  |  | $ | — |  |  |  |  | 2009 |  | N/A
Candlestick and The San Francisco Shipyard- Land under development |  | San Francisco, CA |  | — |  |  | 1,038,154 |  |  | — |  |  | 383,754 |  |  | — |  |  | 1,421,908 |  |  | — |  |  | 1,421,908 |  |  | — |  |  |  |  | 2016 |  | N/A
Agriculture- Operating property |  | Los Angeles County, CA Ventura County, CA |  | — |  |  | 40,634 |  |  | 1,114 |  |  | (13,477) |  |  | 2,440 |  |  | 27,157 |  |  | 3,554 |  |  | 30,711 |  | (c) | 2,345 |  |  |  |  | 2009 |  | (d)
Total |  |  |  | $ | — |  |  | $ | 1,189,960 |  |  | $ | 1,114 |  |  | $ | 1,135,277 |  |  | $ | 2,440 |  |  | $ | 2,325,237 |  |  | $ | 3,554 |  |  | $ | 2,328,791 |  | (e) | $ | 2,345 |  | (e) |  |  |  |  |
(a) Costs capitalized subsequent to acquisitions are net of land sales for real estate development properties and net of disposals, transfers and impairment write-downs for operating properties. (b) The aggregate cost of land and improvements for federal income tax purposes is approximately $1.9 billion (unaudited). This basis does not reflect the Company’s deferred tax assets and liabilities as these amounts are computed based upon the Company’s outside basis in their partnership interest. (c) Included in properties and equipment, net in the consolidated balance sheet. (d) See Note 2 of the Notes to Consolidated Financial Statements for information related to depreciation. (e) Reconciliation of “Real Estate and Accumulated Depreciation”:
Reconciliation of Real Estate
| 2024 |  | 2023 |  | 2022
| (In thousands)
Balance at beginning of year | $ | 2,243,679 |  |  | $ | 2,269,325 |  |  | $ | 2,126,949 |
Improvements and additions (1) | 186,454 |  |  | 145,911 |  |  | 180,417 |
Inventory relief from real estate sold | (90,085) |  |  | (106,397) |  |  | — |
Reimbursements and recoveries | (11,257) |  |  | (65,160) |  |  | (38,041) |
Balance at end of year | $ | 2,328,791 |  |  | $ | 2,243,679 |  |  | $ | 2,269,325 |
(1) Improvements and additions include noncash project accruals and capitalized interest.
Reconciliation of Accumulated Depreciation
| 2024 |  | 2023 |  | 2022
| (In thousands)
Balance at beginning of year | $ | 2,284 |  |  | $ | 2,152 |  |  | $ | 2,020 |
Additions | 124 |  |  | 132 |  |  | 132 |
Disposals | (63) |  |  | — |  |  | — |
Balance at end of year | $ | 2,345 |  |  | $ | 2,284 |  |  | $ | 2,152 |

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- Definition The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 28 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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