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REAL ESTATE AND INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Schedule of Information of Farms | The following table summarizes certain information about the 148 farms we owned as of September 30, 2025 (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 |  | 55,532 |  | $ | 817,677 |  |  | $ | 358,574 |
Florida |  | 18 |  | 10,412 |  | 8,635 |  | 0 |  | 113,363 |  |  | 46,112 |
Washington |  | 6 |  | 2,520 |  | 2,004 |  | 0 |  | 52,055 |  |  | 14,843 |
Arizona(6) |  | 6 |  | 6,320 |  | 5,333 |  | 0 |  | 48,701 |  |  | 11,642 |
Colorado |  | 12 |  | 32,773 |  | 25,577 |  | 0 |  | 45,312 |  |  | 13,225 |
Oregon(7) |  | 6 |  | 898 |  | 736 |  | 0 |  | 29,315 |  |  | 10,575 |
Nebraska |  | 7 |  | 5,223 |  | 4,949 |  | 0 |  | 19,757 |  |  | 9,466 |
Michigan |  | 12 |  | 1,245 |  | 778 |  | 0 |  | 14,810 |  |  | 8,455 |
Texas |  | 1 |  | 3,667 |  | 2,219 |  | 0 |  | 9,386 |  |  | — |
Maryland |  | 6 |  | 987 |  | 863 |  | 0 |  | 7,876 |  |  | 4,086 |
South Carolina |  | 3 |  | 597 |  | 447 |  | 0 |  | 3,384 |  |  | 2,051 |
Georgia |  | 2 |  | 230 |  | 175 |  | 0 |  | 2,275 |  |  | 1,553 |
North Carolina |  | 2 |  | 310 |  | 295 |  | 0 |  | 2,044 |  |  | — |
New Jersey |  | 3 |  | 116 |  | 101 |  | 0 |  | 2,039 |  |  | 1,166 |
Delaware |  | 1 |  | 180 |  | 140 |  | 0 |  | 1,270 |  |  | 656 |
|  | 148 |  | 100,323 |  | 84,573 |  | 55,532 |  | $ | 1,169,264 |  |  | $ | 482,404 |
(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 long-term water assets and related acquisition costs, 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 Condensed Consolidated Balance Sheets. (2)Excludes approximately $2.0 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 September 30, 2025, this investment had a net carrying value of approximately $872,000 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 September 30, 2025, these two ground leases had a net cost basis of approximately $622,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets. (5)Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,223 surplus water credits in certain of our accounts with Westlands Water District, located in Fresno County, California. See Note 4, “Investments in Water Assets,” 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 2032 and February 2035, respectively. As of September 30, 2025, the aggregate net cost basis of these ground leases was zero. (7)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms. As of September 30, 2025, 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.
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 September 30, 2025, and December 31, 2024 (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
Real estate: |  |  |
Land and land improvements | $ | 728,591 |  |  | $ | 743,141 |
Permanent plantings | 347,398 |  |  | 349,761 |
Irrigation and drainage systems | 171,292 |  |  | 169,098 |
Farm-related facilities | 49,049 |  |  | 49,063 |
Other site improvements | 15,009 |  |  | 13,569 |
Real estate, at cost | 1,311,339 |  |  | 1,324,632 |
Accumulated depreciation | (190,214) |  |  | (167,782) |
Total real estate, net | $ | 1,121,125 |  |  | $ | 1,156,850 |
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 September 30, 2025, and December 31, 2024 (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
Lease intangibles: |  |  |
Leasehold interest – land | $ | 797 |  |  | $ | 3,372 |
In-place lease values | 1,744 |  |  | 1,798 |
Leasing costs | 2,199 |  |  | 2,280 |
Other(1) | 117 |  |  | 117 |
Lease intangibles, at cost | 4,857 |  |  | 7,567 |
Accumulated amortization | (1,625) |  |  | (3,979) |
Lease intangibles, net | $ | 3,232 |  |  | $ | 3,588 |
(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 (excluding those related to real estate held for sale) 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 September 30, 2025, and December 31, 2024 (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
Intangible Asset or Liability |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion |  | Deferred Rent Asset (Liability) |  | Accumulated (Amortization) Accretion
Above-market lease values(1) |  | $ | 695 |  |  | $ | (255) |  |  | $ | 695 |  |  | $ | (198) |
Below-market lease values(2) |  | (1,371) |  |  | 662 |  |  | (1,371) |  |  | 561 |
Lease incentives and other deferred revenue, net(3) |  | 13,512 |  |  | (11,148) |  |  | 14,192 |  |  | (3,691) |
|  | $ | 12,836 |  |  | $ | (10,741) |  |  | $ | 13,516 |  |  | $ | (3,328) |
(1)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, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (2)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, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (3)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, net on the accompanying Condensed 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 Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

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