Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.22.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
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, 2022
(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 $ 7,456  $ 4,350  $ —  $ —  $ —  $ 622  $ —  $ 4,350  $ 622  $ —  $ 4,972  $ (408)
Ventura County, California:
  Land, Buildings & Improvements
 9/15/1998 29,055  9,895  5,256  —  —  365  —  9,895  5,621  —  15,516  (4,756)
Santa Cruz County, California:
  Land & Improvements
 1/3/2011 6,502  8,328  —  —  443  545  —  8,771  545  —  9,316  (230)
Hillsborough County, Florida:
 Land, Buildings & Improvements
 9/12/2012 —  2,199  1,657  —  14  1,780  —  2,213  3,437  —  5,650  (1,654)
Monterey County, California:
  Land, Buildings & Improvements
 10/21/2013 4,660  7,187  164  —  180  2,998  —  7,367  3,162  —  10,529  (964)
Cochise County, Arizona:
  Land, Buildings & Improvements
 12/27/2013 1,260  6,168  572  —  8  5,697  —  6,176  6,269  —  12,445  (1,739)
Santa Cruz County, California:
  Land, Building & Improvements
 6/13/2014 1,220  5,576  207  —  —  27  —  5,576  234  —  5,810  (206)
Ventura County, California:
  Land, Buildings & Improvements
 7/23/2014 887  6,219  505  —  —  85  —  6,219  590  —  6,809  (305)
Kern County, California:
  Land & Improvements
 7/25/2014 1,044  5,841  67  —  —  974  —  5,841  1,041  —  6,882  (491)
Manatee County, Florida:
  Land, Buildings & Improvements
 9/29/2014 —  8,466  5,426  —  —  1,407  —  8,466  6,833  —  15,299  (4,266)
Ventura County, California:
  Land, Buildings & Improvements
 10/29/2014 14,802  23,673  350  —  —  2,280  —  23,673  2,630  —  26,303  (872)
Ventura County, California:
  Land & Improvements
 11/4/2014 3,180  5,860  92  —  —  2  —  5,860  94  —  5,954  (77)
Monterey County, California:
  Land, Buildings & Improvements
 1/5/2015 10,673  15,852  582  —  (156) 1,488  —  15,696  2,070  —  17,766  (958)
Manatee County, Florida:
  Land, Buildings & Improvements
 3/10/2015 —  2,403  1,871  —  —  369  —  2,403  2,240  —  4,643  (1,418)
Hendry County, Florida:
  Land, Buildings & Improvements
 6/25/2015 10,356  14,411  789  —  —  —  —  14,411  789  —  15,200  (661)
Rock County, Nebraska:
  Land, Buildings & Improvements
 8/20/2015 —  4,862  613  —  —  —  —  4,862  613  —  5,475  (493)
Holt County, Nebraska:
  Land, Buildings & Improvements
 8/20/2015 —  4,690  786  —  —  —  —  4,690  786  —  5,476  (453)
Kern County, California:
  Land & Improvements
 9/3/2015 15,350  18,893  497  —  688  6,464  1,418  19,581  6,961  1,418  27,960  (2,889)
Cochise County, Arizona:
  Land, Buildings & Improvements
 12/23/2015 —  4,234  1,502  —  142  3,779  —  4,376  5,281  —  9,657  (1,380)
Saguache County, Colorado:
  Land, Buildings & Improvements
 3/3/2016 13,787  16,756  8,348  —  —  1,486  —  16,756  9,834  —  26,590  (6,153)
Fresno County, California:
 Land, Improvements & Permanent plantings
 4/5/2016 7,539  3,623  1,228  11,455  28  1,097  (25) 3,651  2,325  11,430  17,406  (3,772)
Saint Lucie County, Florida:
  Land, Buildings & Improvements
 7/1/2016 2,559  4,165  971  —  —  —  —  4,165  971  —  5,136  (631)
Baca County, Colorado:
  Land & Buildings
 9/1/2016 3,289  6,167  214  —  —  —  —  6,167  214  —  6,381  (90)
Merced County, Colorado:
  Land & Improvements
 9/14/2016 7,236  12,845  504  —  —  190  —  12,845  694  —  13,539  (160)
Stanislaus County, Colorado:
  Land & Improvements
 9/14/2016 7,839  14,114  45  —  59  463  —  14,173  508  —  14,681  (131)
Fresno County, California:
 Land, Improvements & Permanent plantings
 10/13/2016 3,277  2,937  139  3,452  —  —  —  2,937  139  3,452  6,528  (1,134)
Baca County, Colorado:
  Land & Improvements
 12/28/2016 6,359  11,430  278  —  —  —  —  11,430  278  —  11,708  (278)
Martin County, Florida:
  Land & Improvements
 1/12/2017 24,300  52,443  1,627  —  —  —  —  52,443  1,627  —  54,070  (391)
Yuma County, Arizona
  Land & Improvements
 6/1/2017 11,529  12,390  12,191  —  151  16,140  —  12,541  28,331  —  40,872  (6,291)
Fresno County, California:
 Land, Improvements & Permanent plantings
 7/17/2017 6,490  5,048  777  7,818  2,284  2,406  (1,124) 7,332  3,183  6,694  17,209  (1,772)
Santa Barbara County, California:
 Land, Improvements & Permanent plantings
 8/9/2017 3,225  4,559  577  397  (50) 172  1,484  4,509  749  1,881  7,139  (658)
Okeechobee County, Florida:
  Land & Improvements
 8/9/2017 4,788  9,111  953  —  985  1,378  —  10,096  2,331  —  12,427  (817)
Walla Walla County, Washington:
 Land, Improvements & Permanent plantings
 9/8/2017 4,449  5,286  401  3,739  —  —  —  5,286  401  3,739  9,426  (2,728)
Baca County, Colorado
  Land & Improvements
 10/2/2017 —  924  —  —  —  —  —  924  —  —  924  — 
Fresno County, California:
 Land, Improvements & Permanent plantings
 12/15/2017 2,947  2,016  324  3,626  (1) —  (3) 2,015  324  3,623  5,962  (1,810)
Kern County, California:
  Land & Improvements
 1/31/2018 1,987  2,733  249  —  (4) 1,529  —  2,729  1,778  —  4,507  (330)
Collier & Hendry, Florida Land & Improvements 7/12/2018 20,496  36,223  344  —  1  —  —  36,224  344  —  36,568  (220)
Kings County, California:
 Land, Improvements & Permanent plantings
 9/13/2018 3,940  3,264  284  3,349  5  —  5  3,269  284  3,354  6,907  (587)
Madera, California:
 Land, Improvements & Permanent plantings
 11/1/2018 12,776  12,305  1,718  9,015  13  411  (563) 12,318  2,129  8,452  22,899  (1,270)
Hartley County, Texas:
  Land & Improvements
 11/20/2018 4,877  7,320  1,054  —  3  96  —  7,323  1,150  —  8,473  (298)
Merced County, California:
  Land
 12/6/2018 4,485  8,210  —  —  5  —  —  8,215  —  —  8,215  — 
Madera County, California:
  Land & Improvements
 4/9/2019 16,102  8,074  2,696  17,916  —  1,549  —  8,074  4,245  17,916  30,235  (3,555)
Allegran and Van Buren County, Michigan:
 Land & Improvements
 6/4/2019 2,840  1,634  800  2,694  —  —  —  1,634  800  2,694  5,128  (657)
Yolo County, California:
  Land & Improvements
 6/13/2019 4,852  5,939  665  2,648  —  —  —  5,939  665  2,648  9,252  (493)
Monterey County, California:
  Land & Improvements
 7/11/2019 5,549  8,629  254  —  2,174  1,845  —  10,803  2,099  —  12,902  (240)
Martin County, Florida:
  Land & Improvements
 7/22/2019 35,494  51,691  6,595  —  4  1  —  51,695  6,596  —  58,291  (1,741)
Fresno County, California:
  Land & Improvements
 8/16/2019 38,374  24,772  13,410  31,420  (3) 1,149  10  24,769  14,559  31,430  70,758  (5,977)
Ventura County, California:
  Land & Improvements
 8/28/2019 12,340  20,602  397  —  172  1,599  —  20,774  1,996  —  22,770  (428)
Napa County, California:
 Land & Improvements
 8/29/2019 17,212  27,509  1,646  2,923  3,235  1,264  427  30,744  2,910  3,350  37,004  (1,213)
Hayes County, Nebraska:
  Land & Improvements
 10/7/2019 3,045  4,750  264  —  16  1  —  4,766  265  —  5,031  (143)
Hayes & Hitchcock County, Nebraska:
  Land & Improvements
 10/7/2019 5,739  9,275  431  —  20  1  —  9,295  432  —  9,727  (259)
Phillips County, Colorado:
  Land & Improvements
 1/15/2020 4,500  6,875  660  —  —  7  —  6,875  667  —  7,542  (196)
Kern County, California:
  Land, Improvements & Permanent plantings
 6/24/2020 8,072  12,521  1,325  370  —  121  —  12,521  1,446  370  14,337  (108)
Wicomico & Caroline County, Maryland, and Sussex County, Delaware:
  Land & Improvements
 8/31/2020 4,263  6,703  626  —  —  413  —  6,703  1,039  —  7,742  (172)
Fresno County, California:
  Land & Improvements
 9/3/2020 17,911  15,071  4,680  11,921  —  69  —  15,071  4,749  11,921  31,741  (1,881)
Fresno County, California:
  Land, Improvements & Permanent plantings
 10/1/2020 17,959  7,128  9,206  15,242  8  303  16  7,136  9,509  15,258  31,903  (2,351)
Ventura County, California:
  Land & Improvements
 12/15/2020 12,450  19,215  1,264  —  48  3  —  19,263  1,267  —  20,530  (239)
Tulare County, California:
  Land, Improvements & Permanent plantings
 12/17/2020 9,267  26,952  6,420  28,152  36  9  37  26,988  6,429  28,189  61,606  (5,367)
Whatcom County, Washington:
 Land, Improvements, & Permanent plantings
 12/24/2020 16,610  8,219  7,228  16,281  18  187  35  8,237  7,415  16,316  31,968  (2,838)
San Joaquin County, California:
Land, Improvements, & Permanent plantings
 12/24/2020 21,883  12,265  2,142  19,924  6  40  10  12,271  2,182  19,934  34,387  (4,329)
San Joaquin County, California:
Land, Improvements, & Permanent plantings
 3/11/2021 —  —  4,306  —  —  —  —  —  4,306  —  4,306  (560)
Tehama County, California Land & Improvements & Horticulture 4/5/2021 22,336  27,747  2,512  6,600  103  34  —  27,850  2,546  6,600  36,996  (1,332)
Kern County, California Land & Improvements & Horticulture 6/4/2021 8,589  21,810  2,514  25,984  65  81  —  21,875  2,595  25,984  50,454  (3,826)
Van Buren County, Michigan: Land & Improvements & Horticulture 6/9/2021 7,795  3,677  4,391  5,233  14  44  70  3,691  4,435  5,303  13,429  (599)
Kern County, California Land & Improvements & Horticulture 8/11/2021 14,664  5,690  8,156  16,154  11  46  —  5,701  8,202  16,154  30,057  (2,226)
Yamhill County, Oregon Land & Improvements & Horticulture 8/11/2021 6,599  2,854  2,493  6,972  8  28  —  2,862  2,521  6,972  12,355  (822)
St. Lucie County, Florida Land & Improvements & Horticulture 8/18/2021 3,137  2,494  601  2,146  82  135  157  2,576  736  2,303  5,615  (346)
Kern County, California Land & Improvements & Horticulture 12/3/2021 13,259  22,363  2,894  62,744  23  67  —  22,386  2,961  62,744  88,091  (2,861)
Charlotte County, FL Land & Improvements & Horticulture 12/16/2021 4,742  7,275  75  —  2,034  1,224  —  9,309  1,299  —  10,608  (16)
Glenn, California Land & Improvements 6/16/2022 —  16,184  1,298  5,933  34  502  —  16,218  1,800  5,933  23,951  (400)
Franklin & Grant, Washington Land & Improvements & Horticulture 7/21/2022 —  11,437  1,607  15,798  162  7  41  11,599  1,614  15,839  29,052  (1,197)
Umatilla, Oregon Land & Improvements & Horticulture 7/21/2022 —  344  564  2,858  1  42  197  345  606  3,055  4,006  (72)
Miscellaneous Investments Various 29,752  39,771  11,689  10,031  264  6,374  3,262  40,035  18,063  13,293  71,392  (6,781)
$ 629,954  $ 832,446  $ 156,971  $ 352,795  $ 13,333  $ 71,395  $ 5,454  $ 845,779  $ 228,366  $ 358,249  $ 1,432,395  $ (106,966)
(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; 5 to 20 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, 2022 and 2021, respectively (dollars in thousands): 
2022 2021
Balance, beginning of period $ 1,357,800  $ 1,095,439 
Additions:
Acquisitions during the period 59,449  257,862 
Improvements 20,030  8,181 
Deductions:
Dispositions during period (4,884) (3,682)
Balance, end of period $ 1,432,395  $ 1,357,800 
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2022 and 2021, respectively (dollars in thousands):
2022 2021
Balance, beginning of period $ 74,002  $ 49,236 
Additions during period 34,175  25,905 
Dispositions during period (1,211) (1,139)
Balance, end of period $ 106,966  $ 74,002