Schedule III - Real Estate and Accumulated Depreciation |
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2017
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
Subsequent Capitalized Additions |
|
Total Cost |
|
|
Location and Description of Property |
|
Date Acquired |
|
Encumbrances |
|
Land and Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
|
Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
|
Land and Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
|
Total(1)
|
|
Accumulated Depreciation(2)
|
Santa Cruz County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
6/16/1997 |
|
7,875 |
|
|
4,350 |
|
|
— |
|
|
— |
|
|
— |
|
|
579 |
|
|
— |
|
|
4,350 |
|
|
579 |
|
|
— |
|
|
4,929 |
|
|
(222 |
) |
Ventura County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
9/15/1998 |
|
30,689 |
|
|
9,895 |
|
|
5,256 |
|
|
— |
|
|
— |
|
|
293 |
|
|
— |
|
|
9,895 |
|
|
5,549 |
|
|
— |
|
|
15,444 |
|
|
(3,631 |
) |
Santa Cruz County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
1/3/2011 |
|
6,867 |
|
|
8,328 |
|
|
— |
|
|
— |
|
|
469 |
|
|
527 |
|
|
— |
|
|
8,797 |
|
|
527 |
|
|
— |
|
|
9,324 |
|
|
(83 |
) |
Hillsborough County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
9/12/2012 |
|
2,868 |
|
|
2,199 |
|
|
1,657 |
|
|
— |
|
|
14 |
|
|
1,129 |
|
|
— |
|
|
2,213 |
|
|
2,786 |
|
|
— |
|
|
4,999 |
|
|
(692 |
) |
Marion County, Oregon: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
5/31/2013 |
|
1,942 |
|
|
2,494 |
|
|
703 |
|
|
— |
|
|
1 |
|
|
507 |
|
|
— |
|
|
2,495 |
|
|
1,210 |
|
|
— |
|
|
3,705 |
|
|
(279 |
) |
Monterey County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
10/21/2013 |
|
4,922 |
|
|
7,187 |
|
|
164 |
|
|
— |
|
|
— |
|
|
2,311 |
|
|
— |
|
|
7,187 |
|
|
2,475 |
|
|
— |
|
|
9,662 |
|
|
(252 |
) |
Ventura County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
12/27/2013 |
|
9,264 |
|
|
12,937 |
|
|
1,118 |
|
|
— |
|
|
4 |
|
|
134 |
|
|
— |
|
|
12,941 |
|
|
1,252 |
|
|
— |
|
|
14,193 |
|
|
(307 |
) |
Cochise County, Arizona: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
12/27/2013 |
|
4,823 |
|
|
6,168 |
|
|
572 |
|
|
— |
|
|
8 |
|
|
1,531 |
|
|
— |
|
|
6,176 |
|
|
2,103 |
|
|
— |
|
|
8,279 |
|
|
(732 |
) |
Santa Cruz County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Building & Improvements |
|
6/13/2014 |
|
4,010 |
|
|
5,576 |
|
|
207 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,576 |
|
|
207 |
|
|
— |
|
|
5,783 |
|
|
(184 |
) |
Ventura County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
7/23/2014 |
|
4,013 |
|
|
6,219 |
|
|
505 |
|
|
— |
|
|
— |
|
|
84 |
|
|
— |
|
|
6,219 |
|
|
589 |
|
|
— |
|
|
6,808 |
|
|
(115 |
) |
Kern County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
7/25/2014 |
|
4,478 |
|
|
5,841 |
|
|
67 |
|
|
— |
|
|
— |
|
|
993 |
|
|
— |
|
|
5,841 |
|
|
1,060 |
|
|
— |
|
|
6,901 |
|
|
(168 |
) |
Manatee County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
9/29/2014 |
|
10,025 |
|
|
8,466 |
|
|
5,426 |
|
|
— |
|
|
— |
|
|
667 |
|
|
— |
|
|
8,466 |
|
|
6,093 |
|
|
— |
|
|
14,559 |
|
|
(1,673 |
) |
Ventura County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
10/29/2014 |
|
15,634 |
|
|
23,673 |
|
|
350 |
|
|
— |
|
|
— |
|
|
1,374 |
|
|
— |
|
|
23,673 |
|
|
1,724 |
|
|
— |
|
|
25,397 |
|
|
(113 |
) |
Ventura County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
11/4/2014 |
|
3,675 |
|
|
5,860 |
|
|
92 |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
5,860 |
|
|
94 |
|
|
— |
|
|
5,954 |
|
|
(30 |
) |
Monterey County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
1/5/2015 |
|
10,178 |
|
|
15,852 |
|
|
582 |
|
|
— |
|
|
(156 |
) |
|
1,110 |
|
|
— |
|
|
15,696 |
|
|
1,692 |
|
|
— |
|
|
17,388 |
|
|
(324 |
) |
Manatee County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
3/10/2015 |
|
4,177 |
|
|
2,403 |
|
|
1,871 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,403 |
|
|
1,871 |
|
|
— |
|
|
4,274 |
|
|
(475 |
) |
Hendry County, Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
6/25/2015 |
|
9,360 |
|
|
14,411 |
|
|
789 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14,411 |
|
|
789 |
|
|
— |
|
|
15,200 |
|
|
(309 |
) |
Holt County, Nebraska |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
8/20/2015 |
|
3,301 |
|
|
4,690 |
|
|
787 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,690 |
|
|
787 |
|
|
— |
|
|
5,477 |
|
|
(155 |
) |
Rock County, Nebraska |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
8/20/2015 |
|
3,301 |
|
|
4,862 |
|
|
613 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,862 |
|
|
613 |
|
|
— |
|
|
5,475 |
|
|
(189 |
) |
Kern County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
9/3/2015 |
|
12,841 |
|
|
18,893 |
|
|
497 |
|
|
— |
|
|
688 |
|
|
5,935 |
|
|
1,400 |
|
|
19,581 |
|
|
6,432 |
|
|
1,400 |
|
|
27,413 |
|
|
(631 |
) |
Hendry County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
11/2/2015 |
|
2,076 |
|
|
3,244 |
|
|
739 |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
3,246 |
|
|
739 |
|
|
— |
|
|
3,985 |
|
|
(245 |
) |
Cochise County, Arizona: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
12/23/2015 |
|
3,210 |
|
|
4,234 |
|
|
1,502 |
|
|
— |
|
|
5 |
|
|
152 |
|
|
— |
|
|
4,239 |
|
|
1,654 |
|
|
— |
|
|
5,893 |
|
|
(270 |
) |
Saguache County, Colorado: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
3/3/2016 |
|
14,849 |
|
|
16,756 |
|
|
8,348 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
16,756 |
|
|
8,348 |
|
|
— |
|
|
25,104 |
|
|
(2,052 |
) |
Fresno County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
4/5/2016 |
|
8,914 |
|
|
3,623 |
|
|
1,228 |
|
|
11,455 |
|
|
— |
|
|
13 |
|
|
— |
|
|
3,623 |
|
|
1,241 |
|
|
11,455 |
|
|
16,319 |
|
|
(811 |
) |
Saint Lucie County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings & Improvements |
|
7/1/2016 |
|
2,995 |
|
|
4,165 |
|
|
971 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,165 |
|
|
971 |
|
|
— |
|
|
5,136 |
|
|
(146 |
) |
Baca County, Colorado: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Buildings |
|
9/1/2016 |
|
3,474 |
|
|
6,167 |
|
|
214 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,167 |
|
|
214 |
|
|
— |
|
|
6,381 |
|
|
(19 |
) |
Stanislaus County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
9/14/2016 |
|
8,280 |
|
|
14,114 |
|
|
45 |
|
|
— |
|
|
— |
|
|
464 |
|
|
— |
|
|
14,114 |
|
|
509 |
|
|
— |
|
|
14,623 |
|
|
(7 |
) |
Merced County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
9/14/2016 |
|
7,643 |
|
|
12,845 |
|
|
504 |
|
|
— |
|
|
— |
|
|
161 |
|
|
— |
|
|
12,845 |
|
|
665 |
|
|
— |
|
|
13,510 |
|
|
(25 |
) |
Fresno County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
10/13/2016 |
|
3,806 |
|
|
2,937 |
|
|
139 |
|
|
3,451 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,937 |
|
|
139 |
|
|
3,451 |
|
|
6,527 |
|
|
(221 |
) |
Baca County, Colorado: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
12/28/2016 |
|
6,717 |
|
|
11,430 |
|
|
278 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,430 |
|
|
278 |
|
|
— |
|
|
11,708 |
|
|
(56 |
) |
Martin County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
1/12/2017 |
|
32,400 |
|
|
52,444 |
|
|
1,627 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
52,444 |
|
|
1,627 |
|
|
— |
|
|
54,071 |
|
|
(63 |
) |
Yuma County, Arizona: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
6/1/2017 |
|
15,300 |
|
|
12,390 |
|
|
12,191 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,390 |
|
|
12,191 |
|
|
— |
|
|
24,581 |
|
|
(281 |
) |
Bladen County, North Carolina: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
7/17/2017 |
|
7,947 |
|
|
5,048 |
|
|
777 |
|
|
7,818 |
|
|
2 |
|
|
— |
|
|
— |
|
|
5,050 |
|
|
777 |
|
|
7,818 |
|
|
13,645 |
|
|
(198 |
) |
Okeechobee County, Florida: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land & Improvements |
|
8/9/2017 |
|
5,820 |
|
|
9,111 |
|
|
953 |
|
|
— |
|
|
8 |
|
|
— |
|
|
— |
|
|
9,119 |
|
|
953 |
|
|
— |
|
|
10,072 |
|
|
(17 |
) |
Santa Barbara County, California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
8/9/2017 |
|
3,225 |
|
|
4,559 |
|
|
577 |
|
|
397 |
|
|
— |
|
|
660 |
|
|
— |
|
|
4,559 |
|
|
1,237 |
|
|
397 |
|
|
6,193 |
|
|
(39 |
) |
Walla Walla County, Washington: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
9/8/2017 |
|
5,412 |
|
|
5,286 |
|
|
401 |
|
|
3,739 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,286 |
|
|
401 |
|
|
3,739 |
|
|
9,426 |
|
|
(153 |
) |
Baca County, Colorado: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Improvements & Horticulture |
|
12/15/2017 |
|
3,555 |
|
|
2,016 |
|
|
324 |
|
|
3,626 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,016 |
|
|
324 |
|
|
3,626 |
|
|
5,966 |
|
|
(15 |
) |
Miscellaneous Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, Buildings, Improvements & Horticulture |
|
N/A |
|
13,122 |
|
|
14,589 |
|
|
3,356 |
|
|
2,361 |
|
|
9 |
|
|
968 |
|
|
556 |
|
|
14,598 |
|
|
4,324 |
|
|
2,917 |
|
|
21,839 |
|
|
(1,475 |
) |
|
|
|
|
$ |
302,988 |
|
|
$ |
355,262 |
|
|
$ |
55,430 |
|
|
$ |
32,847 |
|
|
$ |
1,054 |
|
|
$ |
19,594 |
|
|
$ |
1,956 |
|
|
$ |
356,316 |
|
|
$ |
75,024 |
|
|
$ |
34,803 |
|
|
$ |
466,143 |
|
|
$ |
(16,657 |
) |
|
|
(1) |
The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $457.9 million.
|
|
|
(2) |
The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the the shorter of the estimated useful life or 25 years for horticulture, 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements.
|
The following table reconciles the change in the balance of real estate during the years ended December 31, 2017, 2016, and 2015, respectively (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Balance, beginning of period |
|
$ |
337,377 |
|
|
$ |
228,418 |
|
|
$ |
148,371 |
|
Additions: |
|
|
|
|
|
|
Acquisitions during the period |
|
129,226 |
|
|
100,356 |
|
|
75,078 |
|
Improvements |
|
3,945 |
|
|
8,773 |
|
|
5,037 |
|
Deductions: |
|
|
|
|
|
|
Dispositions during period |
|
(4,405 |
) |
|
(170 |
) |
|
(68 |
) |
Purchase price adjustments |
|
— |
|
|
— |
|
|
— |
|
Balance, end of period |
|
$ |
466,143 |
|
|
$ |
337,377 |
|
|
$ |
228,418 |
|
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2017, 2016, and 2015, respectively (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Balance, beginning of period |
|
$ |
11,066 |
|
|
$ |
6,634 |
|
|
$ |
4,431 |
|
Additions during period |
|
6,180 |
|
|
4,446 |
|
|
2,203 |
|
Dispositions during period |
|
(589 |
) |
|
(14 |
) |
|
— |
|
Balance, end of period |
|
$ |
16,657 |
|
|
$ |
11,066 |
|
|
$ |
6,634 |
|
|