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Real Estate and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Summary Information of Farms The following table provides certain summary information about the 169 farms we owned as of June 30, 2023 (dollars in thousands, except for footnotes):
LocationNo. of FarmsTotal
Acres		Farm AcresAcre-feet
of Water
Net Cost Basis(1)
Encumbrances(2)
California(3)(4)(5)
6334,84432,32145,016$859,556 $398,110 
Florida2622,46817,6390220,401 98,369 
Washington62,5291,997062,738 20,597 
Arizona(6)
66,3205,333053,230 12,545 
Colorado1232,77325,577046,181 14,921 
Nebraska97,7827,050030,578 11,880 
Oregon(7)
6898736029,921 11,506 
Michigan231,8921,245023,515 14,037 
Texas13,6672,21908,138 4,814 
Maryland698786308,084 4,406 
South Carolina359744703,587 2,170 
Georgia223017502,676 1,667 
North Carolina231029502,138 — 
New Jersey311610102,105 1,238 
Delaware118014001,308 707 
169115,59396,13845,016$1,354,156 $596,967 
(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 $3.2 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 June 30, 2023, this investment had a net carrying value of approximately $1.0 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.
(4)Includes eight acres in which we own a leasehold interest via a ground lease with a private individual that expires in December 2040 and five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041. As of June 30, 2023, these two ground leases had a net cost basis of approximately $709,000 and are 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, and 16 acre-feet of groundwater pumping credits with Westlands Water District, located in Fresno County, California. See “—Investments in Water Assets” below for additional information.
(6)Includes two farms consisting of 1,368 total acres and 1,221 farm acres in which we own leasehold interests via two ground leases with the State of Arizona that expire in February 2025 and February 2032, respectively. As of June 30, 2023, these ground leases had an aggregate net cost basis of approximately $543,000 and are 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 two of our farms. As of June 30, 2023, this investment had a net carrying value of approximately $4.8 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 June 30, 2023, and December 31, 2022 (dollars in thousands):
June 30, 2023December 31, 2022
Real estate:
Land and land improvements$843,210 $845,779 
Permanent plantings359,273 358,249 
Irrigation and drainage systems168,520 165,438 
Farm-related facilities49,407 48,690 
Other site improvements13,304 14,238 
Real estate, at cost1,433,714 1,432,394 
Accumulated depreciation(124,300)(106,966)
Total real estate, net$1,309,414 $1,325,428 
Schedule of 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, 2023, and December 31, 2022 (dollars in thousands):
June 30, 2023December 31, 2022
Lease intangibles:
Leasehold interest – land$4,295 $4,295 
In-place lease values2,763 2,763 
Leasing costs3,136 3,088 
Other(1)
141 133 
Lease intangibles, at cost10,335 10,279 
Accumulated amortization(5,073)(4,577)
Lease intangibles, net$5,262 $5,702 
(1)Other includes tenant relationships and 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 June 30, 2023, and December 31, 2022 (dollars in thousands):
 June 30, 2023December 31, 2022
Intangible Asset or LiabilityDeferred
Rent Asset
(Liability)		Accumulated
(Amortization)
Accretion		Deferred
Rent Asset
(Liability)		Accumulated
(Amortization)
Accretion
Above-market lease values and lease incentives(1)
$4,691 $(933)$4,702 $(585)
Below-market lease values and other deferred revenue(2)
(2,010)606 (2,010)518 
$2,681 $(327)$2,692 $(67)
(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, 2022, we completed the following acquisitions, 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
Annualized
Straight-line
Rent(1)
Farm Road(2)
Charlotte, FL5/20/2022150Adjacent parcelN/AN/A$54 $15 $— 
County Road 35Glenn, CA6/16/20221,3741Olives for Olive Oil14.5 years
1 (5 years)
24,500 55 1,714 
1,3891$24,554 $70 $1,714 
(1)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.
(2)Represents the acquisition of a parcel of land adjacent to an existing farm, providing additional road access to such farm. No new lease was executed related to this acquisition.
Schedule of Recognized Identified Assets and Liabilities Assumed Related to Properties Acquired
The allocation of the aggregate purchase price for the farms acquired during the six months ended June 30, 2022, was as follows (dollars in thousands):
Assets (Liabilities) Acquired2022 Acquisitions
Land and land improvements$16,237 
Permanent plantings5,933 
Irrigation & drainage systems1,298 
In-place lease values359 
Leasing costs 727 
Total Purchase Price$24,554