Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

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, 2021

(In Thousands)


				Initial Cost						Subsequent Capitalized Additions						Total Cost
Location and Description of Property	Date Acquired	Encumbrances		Land and Land Improvements		Buildings & Improvements		Permanent Plantings		Land Improvements		Buildings & Improvements		Permanent Plantings		Land and Land Improvements		Buildings & Improvements		Permanent Plantings		Total(1)		Accumulated Depreciation(2)
Santa Cruz County, California: Land & Improvements	6/16/1997	$	7,692	$	4,350	$	—	$	—	$	—	$	579	$	—	$	4,350	$	579	$	—	$	4,929	$	(380)
Ventura County, California: Land, Buildings & Improvements	9/15/1998	29,977		9,895		5,256		—		—		293		—		9,895		5,549		—		15,444		(4,531)
Santa Cruz County, California: Land & Improvements	1/3/2011	6,708		8,328		—		—		443		527		—		8,771		527		—		9,298		(200)


Hillsborough County, Florida: Land, Buildings & Improvements	9/12/2012	2,468		2,199		1,657		—		14		1,779		—		2,213		3,436		—		5,649		(1,446)


Monterey County, California: Land, Buildings & Improvements	10/21/2013	4,808		7,187		164		—		180		3,112		—		7,367		3,276		—		10,643		(892)


Cochise County, Arizona: Land, Buildings & Improvements	12/27/2013	2,940		6,168		572		—		8		4,877		—		6,176		5,449		—		11,625		(1,421)

Santa Cruz County, California: Land, Building & Improvements	6/13/2014	3,012		5,576		207		—		—		12		—		5,576		219		—		5,795		(209)

Ventura County, California: Land, Buildings & Improvements	7/23/2014	2,241		6,219		505		—		—		85		—		6,219		590		—		6,809		(267)
Kern County, California: Land & Improvements	7/25/2014	2,925		5,841		67		—		—		993		—		5,841		1,060		—		6,901		(446)
Manatee County, Florida: Land, Buildings & Improvements	9/29/2014	8,627		8,466		5,426		—		—		667		—		8,466		6,093		—		14,559		(3,832)
Ventura County, California: Land, Buildings & Improvements	10/29/2014	15,271		23,673		350		—		—		2,166		—		23,673		2,516		—		26,189		(745)
Ventura County, California: Land & Improvements	11/4/2014	3,180		5,860		92		—		—		2		—		5,860		94		—		5,954		(67)
Monterey County, California: Land, Buildings & Improvements	1/5/2015	10,673		15,852		582		—		(156)		1,483		—		15,696		2,065		—		17,761		(861)
Manatee County, Florida: Land, Buildings & Improvements	3/10/2015	3,595		2,403		1,871		—		—		84		—		2,403		1,955		—		4,358		(1,213)
Hendry County, Florida: Land, Buildings & Improvements	6/25/2015	10,356		14,411		789		—		—		—		—		14,411		789		—		15,200		(643)
Rock County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,862		613		—		—		—		—		4,862		613		—		5,475		(469)
Holt County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,690		786		—		—		—		—		4,690		786		—		5,476		(399)
Kern County, California: Land & Improvements	9/3/2015	15,837		18,893		497		—		688		5,959		1,418		19,581		6,456		1,418		27,455		(2,447)

Cochise County, Arizona: Land, Buildings & Improvements	12/23/2015	3,210		4,234		1,502		—		5		3,599		—		4,239		5,101		—		9,340		(1,092)
Saguache County, Colorado: Land, Buildings & Improvements	3/3/2016	14,557		16,756		8,348		—		—		1,486		—		16,756		9,834		—		26,590		(5,348)
Fresno County, California: Land, Improvements & Permanent plantings	4/5/2016	7,833		3,623		1,228		11,455		28		362		—		3,651		1,590		11,455		16,696		(2,937)
Saint Lucie County, Florida: Land, Buildings & Improvements	7/1/2016	2,652		4,165		971		—		—		—		—		4,165		971		—		5,136		(534)

Baca County, Colorado: Land & Buildings	9/1/2016	3,394		6,167		214		—		—		—		—		6,167		214		—		6,381		(76)
Merced County, Colorado: Land & Improvements	9/14/2016	7,466		12,845		504		—		—		190		—		12,845		694		—		13,539		(133)
Stanislaus County, Colorado: Land & Improvements	9/14/2016	8,088		14,114		45		—		—		463		—		14,114		508		—		14,622		(107)
Fresno County, California: Land, Improvements & Permanent plantings	10/13/2016	3,392		2,937		139		3,452		—		—		—		2,937		139		3,452		6,528		(951)
Baca County, Colorado: Land & Improvements	12/28/2016	6,561		11,430		278		—		—		—		—		11,430		278		—		11,708		(278)
Martin County, Florida: Land & Improvements	1/12/2017	32,400		52,443		1,627		—		—		—		—		52,443		1,627		—		54,070		(325)


Yuma County, Arizona Land & Improvements	6/1/2017	13,158	12,390	12,191	—	151	16,775	—	12,541	28,966	—	41,507	(5,344)

Fresno County, California: Land, Improvements & Permanent plantings	7/17/2017	6,807	5,048	777	7,818	2	1,521	(1,124)	5,050	2,298	6,694	14,042	(1,461)
Santa Barbara County, California: Land, Improvements & Permanent plantings	8/9/2017	3,225	4,559	577	397	(50)	172	1,484	4,509	749	1,881	7,139	(529)
Okeechobee County, Florida: Land & Improvements	8/9/2017	5,014	9,111	953	—	985	1,094	—	10,096	2,047	—	12,143	(549)
Walla Walla County, Washington: Land, Improvements & Permanent plantings	9/8/2017	4,659	5,286	401	3,739	—	—	—	5,286	401	3,739	9,426	(2,238)

Fresno County, California: Land, Improvements & Permanent plantings	12/15/2017	3,080	2,016	324	3,626	(1)	—	(3)	2,015	324	3,623	5,962	(1,451)
Kern County, California: Land & Improvements	1/31/2018	2,045	2,733	249	—	(4)	1,529	—	2,729	1,778	—	4,507	(229)

Collier & Hendry, Florida Land & Improvements	7/12/2018	21,013	36,223	344	—	1	—	—	36,224	344	—	36,568	(170)

Kings County, California: Land, Improvements & Permanent plantings	9/13/2018	3,983	3,264	284	3,349	5	—	5	3,269	284	3,354	6,907	(412)
Madera, California: Land, Improvements & Permanent plantings	11/1/2018	13,089	12,305	1,718	9,015	13	2	9	12,318	1,720	9,024	23,062	(1,060)
Hartley County, Texas: Land & Improvements	11/20/2018	5,000	7,320	1,054	—	3	96	—	7,323	1,150	—	8,473	(223)
Merced County, California: Land	12/6/2018	4,627	8,210	—	—	5	—	—	8,215	—	—	8,215	—

Madera County, California: Land & Improvements	4/9/2019	16,445	8,074	2,696	17,916	—	1,284	—	8,074	3,980	17,916	29,970	(2,567)

Allegran and Van Buren County, Michigan: Land & Improvements	6/4/2019	2,920	1,634	800	2,694	—	—	—	1,634	800	2,694	5,128	(474)
Yolo County, California: Land & Improvements	6/13/2019	4,852	5,939	665	2,648	—	—	—	5,939	665	2,648	9,252	(354)
Monterey County, California: Land & Improvements	7/11/2019	5,708	8,629	254	—	1,342	1,561	—	9,971	1,815	—	11,786	(153)
Martin County, Florida: Land & Improvements	7/22/2019	36,040	51,691	6,595	—	4	1	—	51,695	6,596	—	58,291	(1,237)
Fresno County, California: Land & Improvements	8/16/2019	39,592	24,772	13,410	31,420	(3)	326	10	24,769	13,736	31,430	69,935	(4,141)
Ventura County, California: Land & Improvements	8/28/2019	12,706	20,602	397	—	172	1,169	—	20,774	1,566	—	22,340	(290)
Napa County, California: Land & Improvements	8/29/2019	17,569	27,509	1,646	2,923	3,435	451	648	30,944	2,097	3,571	36,612	(893)
Hayes County, Nebraska: Land & Improvements	10/7/2019	3,045	4,750	264	—	16	1	—	4,766	265	—	5,031	(99)
Hayes & Hitchcock County, Nebraska: Land & Improvements	10/7/2019	5,739	9,275	431	—	20	1	—	9,295	432	—	9,727	(179)
Phillips County, Colorado: Land & Improvements	1/15/2020	4,500	6,875	660	—	—	7	—	6,875	667	—	7,542	(130)

Kern County, California: Land, Improvements & Permanent plantings	6/24/2020	8,290	12,521	1,325	370	—	—	—	12,521	1,325	370	14,216	—
Wicomico & Caroline County, Maryland, and Sussex County, Delaware: Land & Improvements	8/31/2020	4,374	6,703	626	—	—	114	—	6,703	740	—	7,443	(90)
Fresno County, California: Land & Improvements	9/3/2020	18,199	15,071	4,680	11,921	—	203	—	15,071	4,883	11,921	31,875	(1,104)
Fresno County, California: Land, Improvements & Permanent plantings	10/1/2020	18,248	7,128	9,206	15,242	8	98	16	7,136	9,304	15,258	31,698	(1,245)


Ventura County, California: Land & Improvements	12/15/2020	12,450	19,215	1,264	—	48	3	—	19,263	1,267	—	20,530	(122)
Tulare County, California: Land, Improvements & Permanent plantings	12/17/2020	22,319	26,952	6,420	28,152	36	9	37	26,988	6,429	28,189	61,606	(2,741)


Whatcom County, Washington: Land, Improvements, & Permanent plantings	12/24/2020	20,262		8,219		7,228		16,281		18		226		35		8,237		7,454		16,316		32,007		(1,483)
San Joaquin County, California: Land, Improvements, & Permanent plantings	12/24/2020	26,694		12,265		2,142		19,924		6		40		10		12,271		2,182		19,934		34,387		(2,229)


San Joaquin County, California: Land, Improvements, & Permanent plantings	3/11/2021	—		—		4,306		—		—		—		—		—		4,306		—		4,306		(248)
Tehama County, California Land & Improvements & Horticulture	4/5/2021	22,570		27,747		2,512		6,600		103		34		—		27,850		2,546		6,600		36,996		(584)

Kern County, California Land & Improvements & Horticulture	6/4/2021	—		21,810		2,514		25,984		65		81		—		21,875		2,595		25,984		50,454		(1,014)
Van Buren County, Michigan: Land & Improvements & Horticulture	6/9/2021	7,889		3,677		4,391		5,233		13		35		—		3,690		4,426		5,233		13,349		(220)
Kern County, California Land & Improvements & Horticulture	8/11/2021	15,288		5,690		8,156		16,154		11		46		—		5,701		8,202		16,154		30,057		(623)
Yamhill County, Oregon Land & Improvements & Horticulture	8/11/2021	6,880		2,854		2,493		6,972		36		—		—		2,890		2,493		6,972		12,355		(230)
St. Lucie County, Florida Land & Improvements & Horticulture	8/18/2021	3,174		2,494		601		2,146		173		—		111		2,667		601		2,257		5,525		(91)



Kern County, California Land & Improvements & Horticulture	12/3/2021	—		22,363		2,894		62,744		90		—		—		22,453		2,894		62,744		88,091		(206)
Charlotte County, FL Land & Improvements & Horticulture	12/16/2021	—		7,275		75		—		85		—		—		7,360		75		—		7,435		(1)
Miscellaneous Investments	Various	30,357		40,696		11,689		10,031		350		3,902		1,107		41,046		15,591		11,138		67,775		(5,339)

		$	671,673	$	804,482	$	153,502	$	328,206	$	8,348	$	59,499	$	3,763	$	812,830	$	213,001	$	331,969	$	1,357,800	$	(74,002)

(1)The aggregate cost for land, buildings, improvements and long-lived horticulture plantings for federal income tax purposes is approximately $1.3 billion.

(2)The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the shorter of the estimated useful life or 40 years for permanent plantings, 5 to 20 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2021 and 2020, respectively (dollars in thousands):


	2021		2020
Balance, beginning of period	$	1,095,439	$	827,255
Additions:
Acquisitions during the period	257,862		257,055
Improvements	8,181		11,129
Deductions:
Dispositions during period	(3,682)		—

Balance, end of period	$	1,357,800	$	1,095,439

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2021 and 2020, respectively (dollars in thousands):


	2021		2020
Balance, beginning of period	$	49,236	$	35,174
Additions during period	25,905		16,655
Dispositions during period	(1,139)		(2,593)
Balance, end of period	$	74,002	$	49,236