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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Land, at cost $ 565,002 $ 645,592
Grain facilities 7,476 7,714
Groundwater 8,858 11,033
Irrigation improvements 22,741 28,890
Drainage improvements 6,401 8,243
Permanent plantings 28,049 42,461
Other 3,334 3,983
Construction in progress 1,190 1,484
Real estate, at cost 643,051 749,400
Less accumulated depreciation (26,783) (31,557)
Total real estate, net 616,268 717,843
Cash and cash equivalents 9,293 78,441
Assets held for sale 0 61
Loans and financing receivables, net 80,232 55,305
Right of use asset, net 169 194
Accounts receivable, net 4,408 4,287
Derivative asset 141 498
Inventory 2,316 2,659
Equity method investments 4,245 4,101
Intangible assets, net   1,374
Goodwill   2,706
Prepaid and other assets 1,993 2,179
TOTAL ASSETS 719,065 869,648
LIABILITIES    
Mortgage notes and bonds payable, net 160,842 203,683
Lease liability 169 194
Dividends payable 11,483 57,253
Accrued interest 2,116 3,062
Accrued property taxes 1,411 1,650
Deferred revenue 1,243 1,153
Accrued expenses 3,831 6,096
Total liabilities 181,095 273,091
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units 70,583 101,970
EQUITY    
Common stock, $0.01 par value, 500,000,000 shares authorized; 43,093,127 shares issued and outstanding at December 31, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024 431 459
Additional paid in capital 520,899 551,994
Retained earnings 117,314 88,352
Cumulative dividends (179,641) (160,406)
Other comprehensive income 350 1,512
Non-controlling interests in operating partnership 8,034 12,676
Total equity 467,387 494,587
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY $ 719,065 $ 869,648