Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

(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	$	7,219	$	4,350	$	—	$	—	$	—	$	622	$	—	$	4,350	$	622	$	—	$	4,972	$	(429)
Ventura County, California: Land, Buildings & Improvements	9/15/1998	28,133		9,895		5,256		—		—		365		—		9,895		5,621		—		15,516		(4,983)
Santa Cruz County, California: Land & Improvements	1/3/2011	6,295		8,328		—		—		443		545		—		8,771		545		—		9,316		(259)


Hillsborough County, Florida: Land, Buildings & Improvements	9/12/2012	—		2,199		1,657		—		14		1,796		—		2,213		3,453		—		5,666		(1,820)


Monterey County, California: Land, Buildings & Improvements	10/21/2013	4,512		7,187		164		—		180		3,064		—		7,367		3,228		—		10,595		(1,110)


Cochise County, Arizona: Land, Buildings & Improvements	12/27/2013	1,263		6,168		572		—		8		5,697		—		6,176		6,269		—		12,445		(2,098)

Santa Cruz County, California: Land, Building & Improvements	6/13/2014	1,224		5,576		207		—		—		27		—		5,576		234		—		5,810		(208)

Ventura County, California: Land, Buildings & Improvements	7/23/2014	890		6,219		505		—		—		85		—		6,219		590		—		6,809		(343)
Kern County, California: Land & Improvements	7/25/2014	1,047		5,841		67		—		—		974		—		5,841		1,041		—		6,882		(555)
Manatee County, Florida: Land, Buildings & Improvements	9/29/2014	—		8,466		5,426		—		—		3,734		—		8,466		9,160		—		17,626		(4,408)
Ventura County, California: Land, Buildings & Improvements	10/29/2014	14,332		23,673		350		—		—		2,303		—		23,673		2,653		—		26,326		(1,049)
Ventura County, California: Land & Improvements	11/4/2014	—		5,860		92		—		—		2		—		5,860		94		—		5,954		(86)
Monterey County, California: Land, Buildings & Improvements	1/5/2015	10,673		15,852		582		—		(156)		1,488		—		15,696		2,070		—		17,766		(1,054)
Manatee County, Florida: Land, Buildings & Improvements	3/10/2015	—		2,403		1,871		—		—		369		—		2,403		2,240		—		4,643		(1,618)
Hendry County, Florida: Land, Buildings & Improvements	6/25/2015	10,356		14,411		789		—		—		—		—		14,411		789		—		15,200		(678)
Rock County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,862		613		—		—		32		—		4,862		645		—		5,507		(515)
Holt County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,690		786		—		—		76		—		4,690		862		—		5,552		(509)
Kern County, California: Land & Improvements	9/3/2015	14,863		18,893		497		—		688		6,607		1,418		19,581		7,104		1,418		28,103		(3,293)

Cochise County, Arizona: Land, Buildings & Improvements	12/23/2015	—		4,234		1,502		—		142		3,779		—		4,376		5,281		—		9,657		(1,702)
Saguache County, Colorado: Land, Buildings & Improvements	3/3/2016	880		16,756		8,348		—		—		1,486		—		16,756		9,834		—		26,590		(6,599)
Fresno County, California: Land, Improvements & Permanent plantings	4/5/2016	7,235		3,623		1,228		11,455		28		2,540		(25)		3,651		3,768		11,430		18,849		(4,237)
Saint Lucie County, Florida: Land, Buildings & Improvements	7/1/2016	—		4,165		971		—		—		—		—		4,165		971		—		5,136		(728)

Baca County, Colorado: Land & Buildings	9/1/2016	3,185		6,167		214		—		—		—		—		6,167		214		—		6,381		(104)
Merced County, Colorado: Land & Improvements	9/14/2016	7,007		12,845		504		—		—		190		—		12,845		694		—		13,539		(317)
Stanislaus County, Colorado: Land & Improvements	9/14/2016	7,591		14,114		45		—		59		463		—		14,173		508		—		14,681		(179)
Fresno County, California: Land, Improvements & Permanent plantings	10/13/2016	3,159		2,937		139		3,452		—		—		—		2,937		139		3,452		6,528		(1,317)
Baca County, Colorado: Land & Improvements	12/28/2016	6,157		11,430		278		—		—		—		—		11,430		278		—		11,708		(278)
Martin County, Florida: Land & Improvements	1/12/2017	16,200		52,443		1,627		—		—		—		—		52,443		1,627		—		54,070		(445)
Yuma County, Arizona Land & Improvements	6/1/2017	11,040		12,390		12,191		—		151		16,646		—		12,541		28,837		—		41,378		(7,952)


Fresno County, California: Land, Improvements & Permanent plantings	7/17/2017	6,160	5,048	777	7,818	3,614	2,209	(1,124)	8,662	2,986	6,694	18,342	(2,205)
Santa Barbara County, California: Land, Improvements & Permanent plantings	8/9/2017	3,225	4,559	577	397	(50)	377	1,484	4,509	954	1,881	7,344	(771)
Okeechobee County, Florida: Land & Improvements	8/9/2017	4,551	9,111	953	—	985	1,378	—	10,096	2,331	—	12,427	(1,073)
Walla Walla County, Washington: Land, Improvements & Permanent plantings	9/8/2017	4,230	5,286	401	3,739	(26)	—	68	5,260	401	3,807	9,468	(4,036)
Baca County, Colorado Land & Improvements	10/2/2017	—	924	—	—	—	—	—	924	—	—	924	—
Fresno County, California: Land, Improvements & Permanent plantings	12/15/2017	2,807	2,016	324	3,626	(1)	—	(3)	2,015	324	3,623	5,962	(2,169)
Kern County, California: Land & Improvements	1/31/2018	1,928	2,733	249	—	(4)	1,529	—	2,729	1,778	—	4,507	(431)

Collier & Hendry, Florida Land & Improvements	7/12/2018	19,951	36,223	344	—	1	—	—	36,224	344	—	36,568	(269)

Kings County, California: Land, Improvements & Permanent plantings	9/13/2018	3,898	3,264	284	3,349	5	—	5	3,269	284	3,354	6,907	(760)
Madera, California: Land, Improvements & Permanent plantings	11/1/2018	12,445	12,305	1,718	9,015	13	704	(563)	12,318	2,422	8,452	23,192	(1,602)
Hartley County, Texas: Land & Improvements	11/20/2018	—	7,320	1,054	—	3	96	—	7,323	1,150	—	8,473	(373)
Merced County, California: Land	12/6/2018	4,343	8,210	—	—	5	—	—	8,215	—	—	8,215	—

Madera County, California: Land & Improvements	4/9/2019	15,417	8,074	2,696	17,916	—	1,571	—	8,074	4,267	17,916	30,257	(4,554)

Allegran and Van Buren County, Michigan: Land & Improvements	6/4/2019	2,757	1,634	800	2,694	—	—	—	1,634	800	2,694	5,128	(841)
Yolo County, California: Land & Improvements	6/13/2019	4,632	5,939	665	2,648	—	—	—	5,939	665	2,648	9,252	(632)
Monterey County, California: Land & Improvements	7/11/2019	4,850	8,629	254	—	2,184	1,973	—	10,813	2,227	—	13,040	(324)
Martin County, Florida: Land & Improvements	7/22/2019	34,738	51,691	6,595	—	(2,629)	1	—	49,062	6,596	—	55,658	(2,244)
Fresno County, California: Land & Improvements	8/16/2019	37,156	24,772	13,410	31,420	(3)	1,332	10	24,769	14,742	31,430	70,941	(7,865)
Ventura County, California: Land & Improvements	8/28/2019	11,426	20,602	397	—	306	1,690	—	20,908	2,087	—	22,995	(559)
Napa County, California: Land & Improvements	8/29/2019	16,478	27,509	1,646	2,923	3,235	1,263	802	30,744	2,909	3,725	37,378	(1,592)
Hayes County, Nebraska: Land & Improvements	10/7/2019	2,907	4,750	264	—	16	1	—	4,766	265	—	5,031	(187)
Hayes & Hitchcock County, Nebraska: Land & Improvements	10/7/2019	5,478	9,275	431	—	20	1	—	9,295	432	—	9,727	(338)
Phillips County, Colorado: Land & Improvements	1/15/2020	4,377	6,875	660	—	—	7	—	6,875	667	—	7,542	(263)

Kern County, California: Land, Improvements & Permanent plantings	6/24/2020	7,846	12,521	1,325	370	—	121	—	12,521	1,446	370	14,337	(263)
Wicomico & Caroline County, Maryland, and Sussex County, Delaware: Land & Improvements	8/31/2020	4,147	6,703	626	—	—	460	—	6,703	1,086	—	7,789	(261)
Fresno County, California: Land & Improvements	9/3/2020	17,324	15,071	4,680	11,921	305	548	—	15,376	5,228	11,921	32,525	(2,700)
Fresno County, California: Land, Improvements & Permanent plantings	10/1/2020	17,369	7,128	9,206	15,242	8	441	16	7,136	9,647	15,258	32,041	(3,473)


Ventura County, California: Land & Improvements	12/15/2020	12,450	19,215	1,264	—	48	23	—	19,263	1,287	—	20,550	(347)
Tulare County, California: Land, Improvements & Permanent plantings	12/17/2020	9,292	26,952	6,420	28,152	36	9	37	26,988	6,429	28,189	61,606	(7,968)
Whatcom County, Washington: Land, Improvements, & Permanent plantings	12/24/2020	15,903	8,219	7,228	16,281	18	187	35	8,237	7,415	16,316	31,968	(4,179)
San Joaquin County, California: Land, Improvements, & Permanent plantings	12/24/2020	18,775	12,265	2,142	19,924	6	(996)	10	12,271	1,146	19,934	33,351	(5,969)


San Joaquin County, California: Land, Improvements, & Permanent plantings	3/11/2021	2,177	—	4,306	—	—	—	—	—	4,306	—	4,306	(1,038)
Tehama County, California Land & Improvements & Horticulture	4/5/2021	21,854	27,747	2,512	6,600	103	34	—	27,850	2,546	6,600	36,996	(2,037)


Kern County, California Land & Improvements & Horticulture	6/4/2021	8,612		21,810		2,514		25,984		65		368		—		21,875		2,882		25,984		50,741		(6,550)
Van Buren County, Michigan: Land & Improvements & Horticulture	6/9/2021	7,603		3,677		4,391		5,233		14		44		70		3,691		4,435		5,303		13,429		(967)
Kern County, California Land & Improvements & Horticulture	8/11/2021	14,040		5,690		8,156		16,154		11		46		—		5,701		8,202		16,154		30,057		(3,829)
Yamhill County, Oregon Land & Improvements & Horticulture	8/11/2021	6,318		2,854		2,493		6,972		8		28		—		2,862		2,521		6,972		12,355		(1,413)
St. Lucie County, Florida Land & Improvements & Horticulture	8/18/2021	3,061		2,494		601		2,146		99		135		140		2,593		736		2,286		5,615		(599)



Kern County, California Land & Improvements & Horticulture	12/3/2021	13,295		22,363		2,894		62,744		23		67		—		22,386		2,961		62,744		88,091		(5,494)
Charlotte County, FL Land & Improvements & Horticulture	12/16/2021	4,621		7,275		75		—		1,937		647		—		9,212		722		—		9,934		(42)
Glenn, California Land & Improvements	6/16/2022	—		16,184		1,298		5,933		34		600		—		16,218		1,898		5,933		24,049		(1,150)
Franklin & Grant, Washington Land & Improvements & Horticulture	7/21/2022	—		11,437		1,607		15,798		50		196		191		11,487		1,803		15,989		29,279		(3,792)
Umatilla, Oregon Land & Improvements & Horticulture	7/21/2022	—		344		564		2,858		14		132		1,056		358		696		3,914		4,968		(234)
Miscellaneous Investments	Various	25,337		39,771		11,689		10,031		263		6,879		2,709		40,035		18,567		12,740		71,342		(8,391)

		$	577,039	$	832,446	$	156,971	$	352,795	$	12,273	$	76,991	$	6,336	$	844,720	$	233,961	$	359,131	$	1,437,812	$	(142,657)

(1)The aggregate cost for land, buildings, improvements, and permanent plantings for federal income tax purposes is approximately $1.5 billion.

(2)The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 50 for buildings, improvements, and permanent plantings, and the shorter of the estimated useful life or 5 to 20 years for equipment and fixtures.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2023 and 2022, respectively (dollars in thousands):


	2023		2022
Balance, beginning of period	$	1,432,394	$	1,357,800
Additions:
Acquisitions during the period	—		59,448
Improvements	10,578		20,030
Deductions:
Dispositions during period	(5,160)		(4,884)

Balance, end of period(1)	$	1,437,812	$	1,432,394

(1)Includes approximately $54.1 million of real estate held for sale, at cost, as of December 31, 2023.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2023 and 2022, respectively (dollars in thousands):


	2023		2022
Balance, beginning of period	$	106,966	$	74,002
Additions during period	36,050		34,175
Dispositions during period	(359)		(1,211)
Balance, end of period(1)	$	142,657	$	106,966

(1)Includes approximately $445,000 of accumulated depreciation related to real estate held for sale as of December 31, 2023.