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SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
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
LandBuildings
and
Improvements
Total
Accumulated
Depreciation		Date of
Construction
Date
Acquired /
Completed
Depreciation
Life
Valencia- Land under developmentLos Angeles
County, CA		$— $111,172 $— $765,000 $— $876,172 $— $876,172 $— 2009N/A
Candlestick and The San Francisco Shipyard- Land under developmentSan
Francisco,
CA		— 1,038,154 — 383,754 — 1,421,908 — 1,421,908 — 2016N/A
Agriculture- Operating propertyLos 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
 202420232022
 (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
 202420232022
 (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