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REAL ESTATE AND INTANGIBLE ASSETS (Tables) | 3 Months Ended
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Mar. 31, 2022
Real Estate [Abstract] |
Summary Information of Farms | The following table provides certain summary information about the 164 farms we owned as of March 31, 2022 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Net Cost Basis(1) |  | Encumbrances(2)
California(3)(4)(5) |  | 62 |  | 33,027 |  | 30,740 |  | $ | 851,114 |  |  | $ | 416,252 |
Florida |  | 26 |  | 22,591 |  | 17,639 |  | 223,308 |  |  | 122,261 |
Arizona(6) |  | 6 |  | 6,280 |  | 5,228 |  | 54,943 |  |  | 16,198 |
Colorado |  | 12 |  | 32,773 |  | 25,577 |  | 47,094 |  |  | 29,063 |
Washington |  | 3 |  | 1,384 |  | 1,001 |  | 37,055 |  |  | 24,868 |
Nebraska |  | 9 |  | 7,782 |  | 7,050 |  | 30,833 |  |  | 12,173 |
Michigan |  | 23 |  | 1,892 |  | 1,245 |  | 24,440 |  |  | 14,396 |
Oregon(7) |  | 5 |  | 726 |  | 606 |  | 20,734 |  |  | 12,044 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | 8,231 |  |  | 5,000 |
Maryland |  | 6 |  | 987 |  | 863 |  | 7,943 |  |  | 4,526 |
South Carolina |  | 3 |  | 597 |  | 447 |  | 3,700 |  |  | 2,215 |
Georgia |  | 2 |  | 230 |  | 175 |  | 2,843 |  |  | 1,710 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 2,193 |  |  | 1,172 |
New Jersey |  | 3 |  | 116 |  | 101 |  | 2,167 |  |  | 1,290 |
Delaware |  | 1 |  | 180 |  | 140 |  | 1,272 |  |  | 726 |
|  | 164 |  | 112,542 |  | 93,326 |  | $ | 1,317,870 |  |  | $ | 663,894 |
(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) and Lease intangibles, net; plus long-term water assets, 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 $3.8 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheets. (3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties. As of March 31, 2022, 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 Sheets. (4)Includes five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041. The ground sublease had a net cost basis of approximately $753,000 as of March 31, 2022 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets). (5)Includes 45,000 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 2025 and February 2032, 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 $961,000 as of March 31, 2022 (included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets). (7)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to one of our farms. As of March 31, 2022, this investment had a net carrying value of approximately $2.0 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.
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 March 31, 2022, and December 31, 2021 (dollars in thousands):
| March 31, 2022 |  | December 31, 2021
Real estate: |  |  |
Land and land improvements | $ | 813,421 |  |  | $ | 812,830 |
Permanent plantings | 331,775 |  |  | 331,969 |
Irrigation and drainage systems | 156,915 |  |  | 153,688 |
Farm-related facilities | 46,967 |  |  | 46,804 |
Other site improvements | 12,679 |  |  | 12,509 |
Real estate, at cost | 1,361,757 |  |  | 1,357,800 |
Accumulated depreciation | (81,731) |  |  | (74,002) |
Total real estate, net | $ | 1,280,026 |  |  | $ | 1,283,798 |
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 March 31, 2022, and December 31, 2021 (dollars in thousands):
| March 31, 2022 |  | December 31, 2021
Lease intangibles: |  |  |
Leasehold interest – land | $ | 4,295 |  |  | $ | 4,295 |
In-place lease values | 2,174 |  |  | 2,174 |
Leasing costs | 1,808 |  |  | 1,808 |
Other(1) | 130 |  |  | 130 |
Lease intangibles, at cost | 8,407 |  |  | 8,407 |
Accumulated amortization | (4,217) |  |  | (3,951) |
Lease intangibles, net | $ | 4,190 |  |  | $ | 4,456 |
(1)Other consists primarily of acquisition-related costs allocated to miscellaneous lease intangibles. 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 March 31, 2022, and December 31, 2021 (dollars in thousands):
|  | March 31, 2022 |  | December 31, 2021
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) |  | $ | 625 |  |  | $ | (94) |  |  | $ | 65 |  |  | $ | (12) |
Below-market lease values and other deferred revenue(2) |  | (2,010) |  |  | 385 |  |  | (2,010) |  |  | 340 |
|  | $ | (1,385) |  |  | $ | 291 |  |  | $ | (1,945) |  |  | $ | 328 |
(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 three months ended March 31, 2021, we acquired two 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 |  | — |  | Cooling facility and storage |  | 9.8 years |  | 3 (5 years) |  | 3,977 |  |  | 50 |  |  | 189 |
|  |  |  |  |  | 233 |  | 2 |  |  |  |  |  |  |  | $ | 5,577 |  |  | $ | 106 |  |  | $ | 278 |
(1)Includes approximately $4,000 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.
Recognized Identified Assets Acquired and Liabilities Assumed In Asset Acquisitions | The allocation of the aggregate purchase price for the farms acquired during the three months ended March 31, 2021, is as follows (dollars in thousands):
Assets (Liabilities) Acquired |  |  |  | 2021 Acquisitions
Land and land improvements |  |  |  | $ | 1,341 |
Irrigation & drainage systems |  |  |  | 209 |
Farm-related facilities |  |  |  | 4,218 |
Other site improvements |  |  |  | 88 |
Leasehold interest—land |  |  |  | 787 |
In-place lease values |  |  |  | 110 |
Leasing costs |  |  |  | 145 |
Below-market lease values(1) |  |  |  | (1,321) |
Total Purchase Price |  |  |  | $ | 5,577 |
(1)Included within Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets.

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