SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2024

(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	$	7,010	$	4,350	$	—	$	—	$	—	$	622	$	—	$	4,350	$	622	$	—	$	4,972	$	(449)
Ventura County, California: Land, Buildings & Improvements	9/15/1998	27,317		9,895		5,256		—		—		378		—		9,895		5,634		—		15,529		(5,209)
Santa Cruz County, California: Land & Improvements	1/3/2011	6,113		8,328		—		—		453		545		—		8,781		545		—		9,326		(289)


Hillsborough County, Florida: Land, Buildings & Improvements	9/12/2012	—		2,199		1,657		—		14		1,796		—		2,213		3,453		—		5,666		(1,989)


Monterey County, California: Land, Buildings & Improvements	10/21/2013	4,381		7,187		164		—		180		3,064		—		7,367		3,228		—		10,595		(1,271)


Cochise County, Arizona: Land, Buildings & Improvements	12/27/2013	1,387		6,168		572		—		8		5,738		—		6,176		6,310		—		12,486		(2,393)

Santa Cruz County, California: Land, Building & Improvements	6/13/2014	1,344		5,576		207		—		—		27		—		5,576		234		—		5,810		(211)

Ventura County, California: Land, Buildings & Improvements	7/23/2014	978		6,219		505		—		—		85		—		6,219		590		—		6,809		(377)
Kern County, California: Land & Improvements	7/25/2014	1,150		5,841		67		—		—		974		—		5,841		1,041		—		6,882		(619)
Manatee County, Florida: Land, Buildings & Improvements	9/29/2014	—		8,466		5,426		—		—		3,734		—		8,466		9,160		—		17,626		(4,671)
Ventura County, California: Land, Buildings & Improvements	10/29/2014	13,916		23,673		350		—		—		2,318		—		23,673		2,668		—		26,341		(1,235)
Ventura County, California: Land & Improvements	11/4/2014	—		5,860		92		—		—		2		—		5,860		94		—		5,954		(94)
Monterey County, California: Land, Buildings & Improvements	1/5/2015	10,673		15,852		582		—		(156)		1,518		—		15,696		2,100		—		17,796		(1,151)
Manatee County, Florida: Land, Buildings & Improvements	3/10/2015	—		2,403		1,871		—		—		369		—		2,403		2,240		—		4,643		(1,694)
Hendry County, Florida: Land, Buildings & Improvements	6/25/2015	10,356		14,411		789		—		—		—		—		14,411		789		—		15,200		(695)
Rock County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,862		613		—		—		32		—		4,862		645		—		5,507		(534)
Holt County, Nebraska: Land, Buildings & Improvements	8/20/2015	—		4,690		786		—		—		76		—		4,690		862		—		5,552		(565)
Kern County, California: Land & Improvements	9/3/2015	14,432		18,893		497		—		688		6,587		1,418		19,581		7,084		1,418		28,083		(3,721)

Cochise County, Arizona: Land, Buildings & Improvements	12/23/2015	—		4,234		1,502		—		142		3,809		—		4,376		5,311		—		9,687		(1,973)
Saguache County, Colorado: Land, Buildings & Improvements	3/3/2016	528		16,756		8,348		—		—		1,486		—		16,756		9,834		—		26,590		(6,862)
Fresno County, California: Land, Improvements & Permanent plantings	4/5/2016	6,920		3,623		1,228		11,455		—		2,623		(25)		3,623		3,851		11,430		18,904		(4,742)
Saint Lucie County, Florida: Land, Buildings & Improvements	7/1/2016	—		4,165		971		—		—		—		—		4,165		971		—		5,136		(825)

Baca County, Colorado: Land & Buildings	9/1/2016	3,093		6,167		214		—		—		—		—		6,167		214		—		6,381		(119)
Merced County, Colorado: Land & Improvements	9/14/2016	6,804		12,845		504		—		—		190		—		12,845		694		—		13,539		(334)
Stanislaus County, Colorado: Land & Improvements	9/14/2016	7,371		14,114		45		—		59		463		—		14,173		508		—		14,681		(260)
Fresno County, California: Land, Improvements & Permanent plantings	10/13/2016	3,035		2,937		139		3,452		—		9		—		2,937		148		3,452		6,537		(1,499)
Baca County, Colorado: Land & Improvements	12/28/2016	5,979		11,430		278		—		—		—		—		11,430		278		—		11,708		(278)

Yuma County, Arizona Land & Improvements	6/1/2017	10,551		12,390		12,191		—		151		16,810		—		12,541		29,001		—		41,542		(9,562)

Fresno County, California: Land, Improvements & Permanent plantings	7/17/2017	—		5,048		777		7,818		3,249		2,522		(1,124)		8,297		3,299		6,694		18,290		(2,649)


Santa Barbara County, California: Land, Improvements & Permanent plantings	8/9/2017	—	4,559	577	397	(50)	1,199	(121)	4,509	1,776	276	6,561	(606)
Okeechobee County, Florida: Land & Improvements	8/9/2017	4,318	9,111	953	—	985	1,378	—	10,096	2,331	—	12,427	(1,213)
Walla Walla County, Washington: Land, Improvements & Permanent plantings	9/8/2017	—	5,286	401	3,739	(23)	—	(3,739)	5,263	401	—	5,664	(313)
Baca County, Colorado Land & Improvements	10/2/2017	—	924	—	—	—	—	—	924	—	—	924	—
Fresno County, California: Land, Improvements & Permanent plantings	12/15/2017	2,661	2,016	324	3,626	(1)	23	(3)	2,015	347	3,623	5,985	(2,527)
Kern County, California: Land & Improvements	1/31/2018	1,867	2,733	249	—	(4)	1,529	—	2,729	1,778	—	4,507	(531)

Collier & Hendry, Florida Land & Improvements	7/12/2018	19,376	36,223	344	—	1	—	—	36,224	344	—	36,568	(310)

Kings County, California: Land, Improvements & Permanent plantings	9/13/2018	3,856	3,264	284	3,349	5	—	5	3,269	284	3,354	6,907	(930)
Madera, California: Land, Improvements & Permanent plantings	11/1/2018	12,095	12,305	1,718	9,015	13	704	(563)	12,318	2,422	8,452	23,192	(1,964)
Hartley County, Texas: Land & Improvements	11/20/2018	—	7,320	1,054	—	3	96	—	7,323	1,150	—	8,473	(447)
Merced County, California: Land	12/6/2018	4,217	8,210	—	—	5	—	—	8,215	—	—	8,215	—

Madera County, California: Land & Improvements	4/9/2019	14,732	8,074	2,696	17,916	—	1,611	—	8,074	4,307	17,916	30,297	(5,579)

Allegran and Van Buren County, Michigan: Land & Improvements	6/4/2019	—	1,634	800	2,694	(1,085)	(366)	(1,656)	549	434	1,038	2,021	(598)
Yolo County, California: Land & Improvements	6/13/2019	4,411	5,939	665	2,648	—	—	—	5,939	665	2,648	9,252	(764)
Monterey County, California: Land & Improvements	7/11/2019	4,698	8,629	254	—	2,220	1,956	—	10,849	2,210	—	13,059	(425)
Martin County, Florida: Land & Improvements	7/22/2019	33,947	51,691	6,595	—	(2,629)	1	—	49,062	6,596	—	55,658	(2,748)
Fresno County, California: Land & Improvements	8/16/2019	36,079	24,772	13,410	31,420	(3)	1,413	10	24,769	14,823	31,430	71,022	(9,644)
Ventura County, California: Land & Improvements	8/28/2019	11,051	20,602	397	—	306	1,760	—	20,908	2,157	—	23,065	(680)
Napa County, California: Land & Improvements	8/29/2019	15,716	27,509	1,646	2,923	3,235	1,263	894	30,744	2,909	3,817	37,470	(1,821)
Hayes County, Nebraska: Land & Improvements	10/7/2019	2,768	4,750	264	—	16	1	—	4,766	265	—	5,031	(231)
Hayes & Hitchcock County, Nebraska: Land & Improvements	10/7/2019	5,217	9,275	431	—	20	1	—	9,295	432	—	9,727	(400)
Phillips County, Colorado: Land & Improvements	1/15/2020	4,249	6,875	660	—	—	7	—	6,875	667	—	7,542	(330)

Kern County, California: Land, Improvements & Permanent plantings	6/24/2020	7,611	12,521	1,325	370	—	264	—	12,521	1,589	370	14,480	(411)
Wicomico & Caroline County, Maryland, and Sussex County, Delaware: Land & Improvements	8/31/2020	4,026	6,703	626	—	—	480	—	6,703	1,106	—	7,809	(349)
Fresno County, California: Land & Improvements	9/3/2020	16,723	15,071	4,680	11,921	305	635	—	15,376	5,315	11,921	32,612	(3,477)
Fresno County, California: Land, Improvements & Permanent plantings	10/1/2020	16,765	7,128	9,206	15,242	8	920	16	7,136	10,126	15,258	32,520	(4,600)


Ventura County, California: Land & Improvements	12/15/2020	12,450	19,215	1,264	—	48	23	—	19,263	1,287	—	20,550	(458)
Tulare County, California: Land, Improvements & Permanent plantings	12/17/2020	10,207	26,952	6,420	28,152	36	19	37	26,988	6,439	28,189	61,616	(10,564)
Whatcom County, Washington: Land, Improvements, & Permanent plantings	12/24/2020	15,196	8,219	7,228	16,281	18	193	35	8,237	7,421	16,316	31,974	(5,519)
San Joaquin County, California: Land, Improvements, & Permanent plantings	12/24/2020	20,021	12,265	2,142	19,924	6	(996)	10	12,271	1,146	19,934	33,351	(8,123)


San Joaquin County, California: Land, Improvements, & Permanent plantings	3/11/2021	—	—	4,306	—	—	—	—	—	4,306	—	4,306	(1,178)
Tehama County, California Land & Improvements & Horticulture	4/5/2021	21,355	27,747	2,512	6,600	103	34	—	27,850	2,546	6,600	36,996	(2,738)

Kern County, California Land & Improvements & Horticulture	6/4/2021	9,460	21,810	2,514	25,984	65	673	—	21,875	3,187	25,984	51,046	(9,268)


Van Buren County, Michigan: Land & Improvements & Horticulture	6/9/2021	7,403		3,677		4,391		5,233		14		44		70		3,691		4,435		5,303		13,429		(1,334)
Kern County, California Land & Improvements & Horticulture	8/11/2021	13,416		5,690		8,156		16,154		11		46		—		5,701		8,202		16,154		30,057		(5,431)
Yamhill County, Oregon Land & Improvements & Horticulture	8/11/2021	6,037		2,854		2,493		6,972		8		28		—		2,862		2,521		6,972		12,355		(1,993)
St. Lucie County, Florida Land & Improvements & Horticulture	8/18/2021	2,982		2,494		601		2,146		99		135		140		2,593		736		2,286		5,615		(858)



Kern County, California Land & Improvements & Horticulture	12/3/2021	14,604		22,363		2,894		62,744		23		67		—		22,386		2,961		62,744		88,091		(8,123)
Charlotte County, FL Land & Improvements & Horticulture	12/16/2021	4,495		7,275		75		—		1,937		1,395		—		9,212		1,470		—		10,682		(75)
Glenn, California Land & Improvements	6/16/2022	—		16,184		1,298		5,933		34		603		—		16,218		1,901		5,933		24,052		(1,905)
Franklin & Grant, Washington Land & Improvements & Horticulture	7/21/2022	—		11,437		1,607		15,798		50		327		555		11,487		1,934		16,353		29,774		(6,314)
Umatilla, Oregon Land & Improvements & Horticulture	7/21/2022	—		344		564		2,858		14		135		1,167		358		699		4,025		5,082		(379)
Miscellaneous Investments	Various	22,562		39,205		10,403		9,175		(1,100)		6,145		696		38,105		16,548		9,871		64,524		(7,762)

		$	529,909	$	779,437	$	154,058	$	351,939	$	9,481	$	79,523	$	(2,178)	$	788,918	$	233,581	$	349,761	$	1,372,260	$	(169,190)

(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, 2024 and 2023, respectively (dollars in thousands):


	2024		2023
Balance, beginning of period	$	1,437,812	$	1,432,394
Additions:
Acquisitions during the period	—		—
Improvements	5,607		10,578
Deductions:
Dispositions during period	(69,053)		(5,160)
Impairments during period	(2,106)		—
Balance, end of period(1)	$	1,372,260	$	1,437,812

(1)Includes approximately $47.6 million and $54.1 million of real estate held for sale, at cost, as of December 31, 2024 and 2023, respectively.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2024 and 2023, respectively (dollars in thousands):


	2024		2023
Balance, beginning of period	$	142,657	$	106,966
Additions during period	33,894		36,050
Dispositions during period	(7,361)		(359)
Balance, end of period(1)	$	169,190	$	142,657

(1)Includes approximately $1.4 million and $445,000 of accumulated depreciation related to real estate held for sale as of December 31, 2024 and 2023, respectively.