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Real Estate and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2021
Real Estate [Abstract] |
Summary Information of Farms | The following table provides certain summary information about the 153 farms we owned as of June 30, 2021 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Net Cost Basis(1) |  | Encumbrances(2)
California(3)(4)(5) |  | 58 |  | 28,126 |  | 26,048 |  | $ | 683,313 |  |  | $ | 382,921 |
Florida |  | 23 |  | 20,770 |  | 16,256 |  | 209,156 |  |  | 129,107 |
Arizona(6) |  | 6 |  | 6,280 |  | 5,228 |  | 56,280 |  |  | 19,575 |
Colorado |  | 12 |  | 32,773 |  | 25,577 |  | 47,777 |  |  | 29,998 |
Washington |  | 3 |  | 1,384 |  | 1,001 |  | 38,519 |  |  | 25,375 |
Nebraska |  | 9 |  | 7,782 |  | 7,050 |  | 30,528 |  |  | 19,281 |
Michigan |  | 23 |  | 1,892 |  | 1,245 |  | 24,990 |  |  | 7,012 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | 8,287 |  |  | 5,059 |
Maryland |  | 6 |  | 987 |  | 863 |  | 7,982 |  |  | 4,644 |
Oregon |  | 3 |  | 418 |  | 363 |  | 6,054 |  |  | 3,839 |
South Carolina |  | 3 |  | 597 |  | 447 |  | 3,767 |  |  | 2,259 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 2,225 |  |  | 1,172 |
New Jersey |  | 3 |  | 116 |  | 101 |  | 2,203 |  |  | — |
Delaware |  | 1 |  | 180 |  | 140 |  | 1,280 |  |  | 744 |
|  | 153 |  | 105,282 |  | 86,833 |  | $ | 1,122,361 |  |  | $ | 630,986 |
(1)Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization. Specifically, includes Total real estate, net (excluding improvements paid for by the tenant), Lease intangibles, net, and Long-term water assets; plus net above-market lease values, lease incentives, and investments in special-purpose LLCs included in Other assets, net; and less net below-market lease values and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheets. (2)Excludes approximately $3.5 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheet. (3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties. As of June 30, 2021, this investment had a net carrying value of approximately $1.1 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheet. (4)Includes one farm in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041. The ground sublease consists of approximately five acres and had an aggregate net cost basis of approximately $782,000 as of June 30, 2021 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheet). (5)Includes 20,330 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California. See “—Investments in Water Assets” below for additional information on this water. (6)Includes two farms in which we own a leasehold interest via ground leases with the State of Arizona that expire in February 2022 and February 2025, respectively. In total, these two ground leases consist of 1,368 total acres and 1,221 farm acres and had an aggregate net cost basis of approximately $1.3 million as of June 30, 2021 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheet).
Summary of Components of Investments in Real Estate | The following table sets forth the components of our investments in tangible real estate assets as of June 30, 2021, and December 31, 2020 (dollars in thousands):
| June 30, 2021 |  | December 31, 2020
Real estate: |  |  |
Land and land improvements | $ | 752,798 |  |  | $ | 713,333 |
Permanent Plantings | 220,633 |  |  | 202,420 |
Irrigation and drainage systems | 143,685 |  |  | 141,408 |
Farm-related facilities | 37,910 |  |  | 28,146 |
Other site improvements | 10,340 |  |  | 10,132 |
Real estate, at cost | 1,165,366 |  |  | 1,095,439 |
Accumulated depreciation | (60,402) |  |  | (49,236) |
Total real estate, net | $ | 1,104,964 |  |  | $ | 1,046,203 |
Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of June 30, 2021, and December 31, 2020 (dollars in thousands):
| June 30, 2021 |  | December 31, 2020
Lease intangibles: |  |  |
Leasehold interest – land | $ | 4,292 |  |  | $ | 3,498 |
In-place leases | 2,189 |  |  | 1,968 |
Leasing costs | 1,826 |  |  | 1,640 |
Tenant relationships | 127 |  |  | 127 |
Lease intangibles, at cost | 8,434 |  |  | 7,233 |
Accumulated amortization | (3,396) |  |  | (3,501) |
Lease intangibles, net | $ | 5,038 |  |  | $ | 3,732 |
The following table summarizes the carrying values of certain lease intangible assets or liabilities included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of June 30, 2021, and December 31, 2020 (dollars in thousands):
|  | June 30, 2021 |  | December 31, 2020
Intangible Asset or Liability |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion
Above-market lease values and lease incentives(1) |  | $ | 255 |  |  | $ | (154) |  |  | $ | 308 |  |  | $ | (154) |
Below-market lease values and other deferred revenue(2) |  | (2,220) |  |  | 426 |  |  | (908) |  |  | 336 |
|  | $ | (1,965) |  |  | $ | 272 |  |  | $ | (600) |  |  | $ | 182 |
(1)Net above-market lease values and lease incentives are included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (2)Net below-market lease values and other deferred revenue are included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
Schedule of Asset Acquisitions | During the six months ended June 30, 2021, we acquired 16 new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acres |  | No. of Farms |  | Primary Crop(s) / Use |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs(1) |  | Annualized Straight-line Rent(2)
Palmer Mill Road |  | Dorchester, MD |  | 3/3/2021 |  | 228 |  | 2 |  | Sod |  | 10.0 years |  | 2 (5 years) |  | $ | 1,600 |  |  | $ | 56 |  |  | $ | 89 |
Eight Mile Road – Port Facility |  | San Joaquin, CA |  | 3/11/2021 |  | 5 |  | 1 |  | Cooling Facility & Storage |  | 9.8 years |  | 3 (5 years) |  | 3,977 |  |  | 50 |  |  | 189 |
South Avenue |  | Tehama, CA |  | 4/5/2021 |  | 2,285 |  | 1 |  | Olives for Olive Oil |  | 14.7 years |  | 1 (5 years) |  | 37,800 |  |  | 149 |  |  | 2,555 |
Richards Avenue |  | Atlantic, NJ |  | 6/3/2021 |  | 116 |  | 3 |  | Blueberries |  | 14.9 years |  | 2 (5 years) |  | 2,150 |  |  | 57 |  |  | 129 |
Lerdo Highway(3)(4) |  | Kern, CA |  | 6/4/2021 |  | 639 |  | 1 |  | Conventional & organic almonds and banked water |  | 10.4 years |  | 3 (10 years) |  | 26,492 |  |  | 104 |  |  | 974 |
Almena Drive |  | Van Buren & Eaton, MI |  | 6/9/2021 |  | 930 |  | 8 |  | Blueberries |  | 14.7 years |  | 2 (5 years) |  | 13,300 |  |  | 49 |  |  | 785 |
|  |  |  |  |  | 4,203 |  | 16 |  |  |  |  |  |  |  | $ | 85,319 |  |  | $ | 465 |  |  | $ | 4,721 |
(1)Includes approximately $31,000 of external legal fees associated with negotiating and originating the leases associated with these acquisitions, which were expensed in the period incurred. (2)Based on the minimum cash rental payments guaranteed under the respective leases, as required under GAAP, and excludes contingent rental payments, such as participation rents. (3)Lease provides for an annual participation rent component based on the gross crop revenues earned on the farm. The rent figure above represents only the minimum cash guaranteed under the lease. (4)As part of the acquisition of this property, we acquired a contract to purchase 20,330 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, at a fixed price. We executed this contract on June 25, 2021, at an additional cost of approximately $1.2 million, which is included in the total purchase price for this property in the table above. Rent is not currently being earned on the value attributable to the water. See “—Investments in Water Assets” below for additional information on this water. During the six months ended June 30, 2020, we acquired four new farms, which are summarized in the table below (dollars in thousands, except for footnotes):
Property Name |  | Property Location |  | Acquisition Date |  | Total Acres |  | No. of Farms |  | Primary Crop(s) |  | Lease Term |  | Renewal Options |  | Total Purchase Price |  | Acquisition Costs(1) |  | Annualized Straight-line Rent(2)
County Road 18 |  | Phillips, CO |  | 1/15/2020 |  | 1,325 |  | 2 |  | Sugar beets, edible beans, potatoes, & corn |  | 6.0 years |  | None |  | $ | 7,500 |  |  | $ | 39 |  |  | $ | 417 |
Lamar Valley |  | Chase, NE |  | 5/7/2020 |  | 678 |  | 1 |  | Potatoes, edible beans, & corn |  | 6.7 years |  | 2 (5 years) |  | 3,500 |  |  | 43 |  |  | 204 |
Driver Road(3) |  | Kern, CA |  | 6/5/2020 |  | 590 |  | 1 |  | Pecans |  | 4.7 years |  | 2 (10 years) |  | 14,169 |  |  | 52 |  |  | 784 |
|  |  |  |  |  | 2,593 |  | 4 |  |  |  |  |  |  |  | $ | 25,169 |  |  | $ | 134 |  |  | $ | 1,405 |
(1)Includes approximately $18,000 of aggregate external legal fees associated with negotiating and originating the leases associated with these acquisitions, which were expensed in the period incurred. (2)Based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents. (3)The lease provides for an initial term of 14.7 years and includes six tenant termination options throughout the initial term. The lease term stated above represents the term through the first available termination option, and the annualized straight-line rent amount represents the rent guaranteed through the noncancellable term of the lease.
Recognized Identified Assets Acquired and Liabilities Assumed In Asset Acquisitions | The allocation of the aggregate purchase price for the farms acquired during each of the six months ended June 30, 2021 and 2020 is as follows (dollars in thousands):
Assets (Liabilities) Acquired |  | 2021 Acquisitions |  | 2020 Acquisitions
Land and Land Improvements |  | $ | 39,092 |  |  | $ | 22,630 |
Permanent Plantings |  | 18,075 |  |  | 369 |
Irrigation & Drainage Systems |  | 3,411 |  |  | 2,119 |
Farm-related Facilities |  | 9,134 |  |  | 51 |
Other Site Improvements |  | 136 |  |  | — |
Leasehold Interest—Land |  | 787 |  |  | — |
In-place Lease Values |  | 687 |  |  | — |
Leasing Costs |  | 509 |  |  | — |
Below-market Lease Values(1) |  | (1,321) |  |  | — |
Water Purchase Contract(2) |  | 13,563 |  |  | — |
Total Purchase Price |  | $ | 84,073 |  |  | $ | 25,169 |
(1)Included within Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets. (2)Included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets. Represents only the value attributable to the water purchase contract acquired as part of the acquisition of Lerdo Highway and excludes approximately $1.2 million paid to execute the contract subsequent to acquisition.

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