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REAL ESTATE AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Information of Farms | The following table provides certain summary information about the 157 farms we owned as of December 31, 2024 (dollars in thousands, except for footnotes):
Location |  | No. of Farms |  | Total Acres |  | Farm Acres |  | Acre-feet of Water Assets |  | Net Cost Basis(1) |  | Encumbrances(2)
California(3)(4)(5) |  | 63 |  | 34,845 |  | 32,321 |  | 55,387 |  | $ | 840,374 |  |  | $ | 372,780 |
Florida(6) |  | 25 |  | 18,720 |  | 13,891 |  | — |  | 166,471 |  |  | 76,917 |
Washington |  | 6 |  | 2,520 |  | 2,004 |  | — |  | 56,171 |  |  | 15,196 |
Arizona(7) |  | 6 |  | 6,320 |  | 5,333 |  | — |  | 49,840 |  |  | 11,939 |
Colorado |  | 12 |  | 32,773 |  | 25,577 |  | — |  | 45,579 |  |  | 13,849 |
Nebraska(6) |  | 9 |  | 7,782 |  | 7,050 |  | — |  | 29,898 |  |  | 9,912 |
Oregon(8) |  | 6 |  | 898 |  | 736 |  | — |  | 28,991 |  |  | 10,873 |
Michigan |  | 12 |  | 1,245 |  | 778 |  | — |  | 15,204 |  |  | 8,663 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | — |  | 8,026 |  |  | — |
Maryland |  | 6 |  | 987 |  | 863 |  | — |  | 7,948 |  |  | 4,218 |
South Carolina |  | 3 |  | 597 |  | 447 |  | — |  | 3,452 |  |  | 2,100 |
Georgia |  | 2 |  | 230 |  | 175 |  | — |  | 2,222 |  |  | 1,600 |
North Carolina |  | 2 |  | 310 |  | 295 |  | — |  | 2,076 |  |  | — |
New Jersey |  | 3 |  | 116 |  | 101 |  | — |  | 2,059 |  |  | 1,185 |
Delaware |  | 1 |  | 180 |  | 140 |  | — |  | 1,280 |  |  | 677 |
Totals |  | 157 |  | 111,190 |  | 91,930 |  | 55,387 |  | $ | 1,259,591 |  |  | $ | 529,909 |
(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 and Lease intangibles, net; plus Real estate and related assets held for sale, net; plus long-term water assets, net above-market lease values, net lease incentives, and net 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 Consolidated Balance Sheets. (2)Excludes approximately $2.4 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Consolidated Balance Sheets. (3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties. As of December 31, 2024, this investment had a net carrying value of approximately $962,000 and is included within Other assets, net on the accompanying Consolidated Balance Sheet. (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 December 31, 2024, these two ground leases had a net cost basis of approximately $651,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets. (5)Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,078 surplus water credits in our account with Westlands Water District, located in Fresno County, California. See “—Investments in Water Assets” below for additional information. (6)Includes certain properties classified as held for sale; see “—Real Estate Held for Sale” below for additional information. (7)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 December 31, 2024, these ground leases had an aggregate net cost basis of approximately $42,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets. (8)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms. As of December 31, 2024, this investment had a net carrying value of approximately $4.7 million and is included within Other assets, net on the accompanying Consolidated Balance Sheets.
Schedule of Components of Investments in Real Estate | The following table sets forth the components of our investments in tangible real estate assets as of December 31, 2024 and 2023, excluding real estate held for sale (dollars in thousands):
| December 31, 2024 |  | December 31, 2023
Real estate: |  |  |
Land and land improvements | $ | 743,141 |  |  | $ | 792,277 |
Permanent plantings | 349,761 |  |  | 359,131 |
Irrigation and drainage systems | 169,098 |  |  | 168,545 |
Farm-related facilities | 49,063 |  |  | 50,517 |
Other site improvements | 13,569 |  |  | 13,272 |
Real estate, at cost | 1,324,632 |  |  | 1,383,742 |
Accumulated depreciation | (167,782) |  |  | (142,212) |
Real estate, net | $ | 1,156,850 |  |  | $ | 1,241,530 |
Schedule of Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class | The following table summarizes the carrying value of certain lease intangible assets and the related accumulated amortization as of December 31, 2024 and 2023, excluding lease intangible assets related to real estate held for sale (dollars in thousands):
| December 31, 2024 |  | December 31, 2023
Lease intangibles: |  |  |
Leasehold interest – land | $ | 3,372 |  |  | $ | 4,295 |
In-place lease values | 1,798 |  |  | 2,470 |
Leasing costs | 2,280 |  |  | 3,017 |
Other(1) | 117 |  |  | 141 |
Lease intangibles, at gross cost | 7,567 |  |  | 9,923 |
Accumulated amortization | (3,979) |  |  | (5,141) |
Lease intangibles, net | $ | 3,588 |  |  | $ | 4,782 |
(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 (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of December 31, 2024 and 2023 (dollars in thousands):
|  | December 31, 2024 |  | December 31, 2023
Intangible Asset or Liability |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion
Above-market lease values(1) |  | $ | 695 |  |  | $ | (198) |  |  | $ | 695 |  |  | $ | (121) |
Below-market lease values(2) |  | (1,371) |  |  | 561 |  |  | (1,944) |  |  | 624 |
Lease incentives and other deferred revenue, net(3) |  | 14,192 |  |  | (3,691) |  |  | 675 |  |  | (126) |
|  | $ | 13,516 |  |  | $ | (3,328) |  |  | $ | (574) |  |  | $ | 377 |
(1)Included as part of Other assets, net on the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income. (2)Included as a part of Other liabilities, net on the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income. (3)Lease incentives are included as part of Other assets, net on the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income. Other deferred revenue is primarily attributable to tenant-funded improvements and is included as a part of Other liabilities, net on the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.
Schedule of Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded related to in-place lease values, leasing costs, and tenant relationships and the estimated net impact on lease revenue from the amortization of above-market lease values and lease incentives or accretion of above-market lease values and other deferred revenues for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Period |  | Estimated Amortization Expense |  | Estimated Net Increase (Decrease) to Lease Revenue
For the fiscal years ending December 31: | 2025 |  | $ | 443 |  |  | $ | (9,490) |
| 2026 |  | 983 |  |  | (39) |
| 2027 |  | 326 |  |  | 1 |
| 2028 |  | 324 |  |  | (83) |
| 2029 |  | 382 |  |  | (126) |
| Thereafter |  | 1,130 |  |  | (451) |
|  |  | $ | 3,588 |  |  | $ | (10,188) |
Schedule Of Water Asset Investments | The following table summarizes the total acre-feet of banked water obtained through exercising these contracts as of December 31, 2024 (dollars in thousands):
Period Acquired |  | Acre-feet of Banked Water Available to Purchase per Contract |  | Acre-feet of Banked Water Purchased(1) |  | Value Attributed to Contract(2) |  | Cost to Exercise Contract |  | Total Carrying Value of Banked Water Purchased
Three months ended December 31, 2023 |  | 1,003 |  | 1,003 |  | $ | 401 |  |  | $ | 62 |  |  | $ | 463 |
Three months ended March 31, 2024 |  | 2,306 |  | 2,306 |  | 923 |  |  | 141 |  |  | 1,064 |
Total |  | 3,309 |  | 3,309 |  | $ | 1,324 |  |  | $ | 203 |  |  | $ | 1,527 |
(1)All contracts to purchase additional banked water were exercised in the same quarter in which the respective contract was conveyed to us. (2)Represents noncash income received during the respective periods. The straight-line impact of these receipts is included within Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.
Schedule of Future Lease Payments | The following tables summarize the future net lease payments to be received under noncancellable leases as of December 31, 2024 (dollars in thousands):
Period |  | Tenant Lease Revenue(1)
For the fiscal years ending December 31, | 2025 |  | $ | 55,225 |
| 2026 |  | 57,435 |
| 2027 |  | 54,170 |
| 2028 |  | 45,635 |
| 2029 |  | 42,287 |
| Thereafter |  | 141,060 |
|  |  | $ | 395,812 |
(1)Amounts are net of fixed lease incentive payments owed to tenants under certain lease agreements and excludes contingent rental payments, such as participation rents.

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