Annual report pursuant to Section 13 and 15(d)

SCHEDULE III???REAL ESTATE AND ACCUMULATED DEPRECIATION

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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
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.