Schedule III - Real Estate and Accumulated Depreciation |
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2019
(In Thousands)
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Initial Cost |
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Subsequent Capitalized Additions |
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Total Cost |
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Location and Description of Property |
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Date Acquired |
|
Encumbrances |
|
Land and Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
|
Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
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Land and Land Improvements |
|
Buildings & Improvements |
|
Horticulture |
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Total(1)
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Accumulated Depreciation(2)
|
Santa Cruz County, California: Land & Improvements |
|
6/16/1997 |
|
8,144 |
|
|
4,350 |
|
|
— |
|
|
— |
|
|
— |
|
|
579 |
|
|
— |
|
|
4,350 |
|
|
579 |
|
|
— |
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|
4,929 |
|
|
(301 |
) |
Ventura County, California: Land, Buildings & Improvements |
|
9/15/1998 |
|
31,738 |
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|
9,895 |
|
|
5,256 |
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|
— |
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|
— |
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|
293 |
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|
— |
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9,895 |
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5,549 |
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— |
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15,444 |
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(4,081 |
) |
Santa Cruz County, California: Land &Improvements |
|
1/3/2011 |
|
7,102 |
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|
8,328 |
|
|
— |
|
|
— |
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|
443 |
|
|
527 |
|
|
— |
|
|
8,771 |
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|
527 |
|
|
— |
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|
9,298 |
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|
(142 |
) |
Hillsborough County, Florida: Land, Buildings & Improvements |
|
9/12/2012 |
|
2,677 |
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|
2,199 |
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|
1,657 |
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|
— |
|
|
14 |
|
|
1,300 |
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|
— |
|
|
2,213 |
|
|
2,957 |
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— |
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|
5,170 |
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(1,041 |
) |
Monterey County, California: Land, Buildings &Improvements |
|
10/21/2013 |
|
5,090 |
|
|
7,187 |
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|
164 |
|
|
— |
|
|
180 |
|
|
3,069 |
|
|
— |
|
|
7,367 |
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|
3,233 |
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— |
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10,600 |
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(564 |
) |
Cochise County, Arizona: Land, Buildings &Improvements |
|
12/27/2013 |
|
4,988 |
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6,168 |
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|
572 |
|
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— |
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|
8 |
|
|
1,822 |
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— |
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|
6,176 |
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|
2,394 |
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— |
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|
8,570 |
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(1,079 |
) |
Santa Cruz County, California: Land, Building &Improvements |
|
6/13/2014 |
|
4,147 |
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|
5,576 |
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|
207 |
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— |
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— |
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|
12 |
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|
— |
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5,576 |
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|
219 |
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— |
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5,795 |
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(207 |
) |
Ventura County, California: Land, Buildings & Improvements |
|
7/23/2014 |
|
4,150 |
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6,219 |
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|
505 |
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— |
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— |
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|
85 |
|
|
— |
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|
6,219 |
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|
590 |
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— |
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6,809 |
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(191 |
) |
Kern County, California: Land &Improvements |
|
7/25/2014 |
|
4,631 |
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|
5,841 |
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|
67 |
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— |
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— |
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|
993 |
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— |
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5,841 |
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1,060 |
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— |
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6,901 |
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(318 |
) |
Manatee County, Florida: Land, Buildings & Improvements |
|
9/29/2014 |
|
9,357 |
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|
8,466 |
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5,426 |
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— |
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— |
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|
667 |
|
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— |
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8,466 |
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|
6,093 |
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— |
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14,559 |
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(2,748 |
) |
Ventura County, California: Land, Buildings & Improvements |
|
10/29/2014 |
|
16,168 |
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23,673 |
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|
350 |
|
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— |
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|
— |
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|
2,133 |
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— |
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23,673 |
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|
2,483 |
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— |
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26,156 |
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(395 |
) |
Ventura County, California: Land & Improvements |
|
11/4/2014 |
|
3,285 |
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5,860 |
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|
92 |
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— |
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— |
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|
2 |
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|
— |
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|
5,860 |
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|
94 |
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— |
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5,954 |
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(49 |
) |
Monterey County, California: Land, Buildings &Improvements |
|
1/5/2015 |
|
10,568 |
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15,852 |
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|
582 |
|
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— |
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(156 |
) |
|
1,428 |
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— |
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|
15,696 |
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|
2,010 |
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— |
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|
17,706 |
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(674 |
) |
Manatee County, Florida: Land, Buildings & Improvements |
|
3/10/2015 |
|
3,899 |
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2,403 |
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|
1,871 |
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— |
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— |
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|
84 |
|
|
— |
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|
2,403 |
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|
1,955 |
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— |
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|
4,358 |
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(832 |
) |
Hendry County, Florida: Land, Buildings & Improvements |
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6/25/2015 |
|
10,356 |
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14,411 |
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|
789 |
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— |
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— |
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— |
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— |
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14,411 |
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|
789 |
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— |
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15,200 |
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(556 |
) |
Rock County, Nebraska: Land, Buildings & Improvements |
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8/20/2015 |
|
3,516 |
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|
4,862 |
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|
613 |
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— |
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— |
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— |
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— |
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4,862 |
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|
613 |
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— |
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5,475 |
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(348 |
) |
Holt County, Nebraska: Land, Buildings & Improvements |
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8/20/2015 |
|
3,534 |
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4,690 |
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|
786 |
|
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— |
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— |
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— |
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|
— |
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|
4,690 |
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|
786 |
|
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— |
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|
5,476 |
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|
(285 |
) |
Kern County, California: Land & Improvements |
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9/3/2015 |
|
16,168 |
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18,893 |
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|
497 |
|
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— |
|
|
688 |
|
|
5,963 |
|
|
1,418 |
|
|
19,581 |
|
|
6,460 |
|
|
1,418 |
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|
27,459 |
|
|
(1,525 |
) |
Cochise County, Arizona: Land, Buildings & Improvements |
|
12/23/2015 |
|
3,210 |
|
|
4,234 |
|
|
1,502 |
|
|
— |
|
|
5 |
|
|
1,756 |
|
|
— |
|
|
4,239 |
|
|
3,258 |
|
|
— |
|
|
7,497 |
|
|
(613 |
) |
Saguache County, Colorado: Land, Buildings & Improvements |
|
3/3/2016 |
|
16,053 |
|
|
16,756 |
|
|
8,348 |
|
|
— |
|
|
— |
|
|
2,011 |
|
|
— |
|
|
16,756 |
|
|
10,359 |
|
|
— |
|
|
27,115 |
|
|
(3,951 |
) |
Fresno County, California: Land, Improvements & Horticulture |
|
4/5/2016 |
|
8,392 |
|
|
3,623 |
|
|
1,228 |
|
|
11,455 |
|
|
— |
|
|
191 |
|
|
— |
|
|
3,623 |
|
|
1,419 |
|
|
11,455 |
|
|
16,497 |
|
|
(1,871 |
) |
Saint Lucie County, Florida: Land, Buildings & Improvements |
|
7/1/2016 |
|
2,830 |
|
|
4,165 |
|
|
971 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,165 |
|
|
971 |
|
|
— |
|
|
5,136 |
|
|
(340 |
) |
Baca County, Colorado: Land & Buildings |
|
9/1/2016 |
|
3,593 |
|
|
6,167 |
|
|
214 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,167 |
|
|
214 |
|
|
— |
|
|
6,381 |
|
|
(47 |
) |
Merced County, Colorado: Land & Improvements |
|
9/14/2016 |
|
7,905 |
|
|
12,845 |
|
|
504 |
|
|
— |
|
|
— |
|
|
190 |
|
|
— |
|
|
12,845 |
|
|
694 |
|
|
— |
|
|
13,539 |
|
|
(79 |
) |
Stanislaus County, Colorado: Land & Improvements |
|
9/14/2016 |
|
8,563 |
|
|
14,114 |
|
|
45 |
|
|
— |
|
|
— |
|
|
463 |
|
|
— |
|
|
14,114 |
|
|
508 |
|
|
— |
|
|
14,622 |
|
|
(57 |
) |
Fresno County, California: Land, Improvements & Horticulture |
|
10/13/2016 |
|
3,607 |
|
|
2,937 |
|
|
139 |
|
|
3,452 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,937 |
|
|
139 |
|
|
3,452 |
|
|
6,528 |
|
|
(586 |
) |
|
|
|
|
|
|
|
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|
|
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|
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Baca County, Colorado: Land & Improvements |
|
12/28/2016 |
|
6,946 |
|
|
11,430 |
|
|
278 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,430 |
|
|
278 |
|
|
— |
|
|
11,708 |
|
|
(167 |
) |
Martin County, Florida: Land & Improvements |
|
1/12/2017 |
|
32,400 |
|
|
52,443 |
|
|
1,627 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
52,443 |
|
|
1,627 |
|
|
— |
|
|
54,070 |
|
|
(194 |
) |
Yuma County, Arizona Land & Improvements |
|
6/1/2017 |
|
14,229 |
|
|
12,390 |
|
|
12,191 |
|
|
— |
|
|
151 |
|
|
16,860 |
|
|
— |
|
|
12,541 |
|
|
29,051 |
|
|
— |
|
|
41,592 |
|
|
(2,657 |
) |
Fresno County, California: Land & Improvements & Horticulture |
|
7/17/2017 |
|
7,401 |
|
|
5,048 |
|
|
777 |
|
|
7,818 |
|
|
2 |
|
|
1,170 |
|
|
— |
|
|
5,050 |
|
|
1,947 |
|
|
7,818 |
|
|
14,815 |
|
|
(1,085 |
) |
Santa Barbara County, California: Land & Improvements & Horticulture |
|
8/9/2017 |
|
3,225 |
|
|
4,559 |
|
|
577 |
|
|
397 |
|
|
(50 |
) |
|
1,053 |
|
|
954 |
|
|
4,509 |
|
|
1,630 |
|
|
1,351 |
|
|
7,490 |
|
|
(279 |
) |
Okeechobee County, Florida: Land & Improvements |
|
8/9/2017 |
|
5,436 |
|
|
9,111 |
|
|
953 |
|
|
— |
|
|
985 |
|
|
973 |
|
|
— |
|
|
10,096 |
|
|
1,926 |
|
|
— |
|
|
12,022 |
|
|
(242 |
) |
Walla Walla County, Washington: Land & Improvements & Horticulture |
|
9/8/2017 |
|
5,052 |
|
|
5,286 |
|
|
401 |
|
|
3,739 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,286 |
|
|
401 |
|
|
3,739 |
|
|
9,426 |
|
|
(1,200 |
) |
Fresno County, California: Land & Improvements & Horticulture |
|
12/15/2017 |
|
3,328 |
|
|
2,016 |
|
|
324 |
|
|
3,626 |
|
|
(1 |
) |
|
— |
|
|
(3 |
) |
|
2,015 |
|
|
324 |
|
|
3,623 |
|
|
5,962 |
|
|
(733 |
) |
Kern County, California: Land & Improvements |
|
1/31/2018 |
|
1,405 |
|
|
2,733 |
|
|
249 |
|
|
— |
|
|
(4 |
) |
|
1,549 |
|
|
— |
|
|
2,729 |
|
|
1,798 |
|
|
— |
|
|
4,527 |
|
|
(48 |
) |
Collier & Hendry, Florida Land & Improvements |
|
7/12/2018 |
|
1,528 |
|
|
36,223 |
|
|
344 |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
36,224 |
|
|
344 |
|
|
— |
|
|
36,568 |
|
|
(72 |
) |
Kings County, California: Land & Improvements & Horticulture |
|
9/13/2018 |
|
4,068 |
|
|
3,264 |
|
|
284 |
|
|
3,349 |
|
|
5 |
|
|
— |
|
|
5 |
|
|
3,269 |
|
|
284 |
|
|
3,354 |
|
|
6,907 |
|
|
(82 |
) |
Madera, California: Land & Improvements & Horticulture |
|
11/1/2018 |
|
13,666 |
|
|
12,305 |
|
|
1,718 |
|
|
9,015 |
|
|
13 |
|
|
2 |
|
|
9 |
|
|
12,318 |
|
|
1,720 |
|
|
9,024 |
|
|
23,062 |
|
|
(390 |
) |
Hartley County, Texas: Land & Improvements |
|
11/20/2018 |
|
5,227 |
|
|
7,320 |
|
|
1,054 |
|
|
— |
|
|
3 |
|
|
32 |
|
|
— |
|
|
7,323 |
|
|
1,086 |
|
|
— |
|
|
8,409 |
|
|
(74 |
) |
Merced County, California: Land |
|
12/6/2018 |
|
4,899 |
|
|
8,210 |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
8,215 |
|
|
— |
|
|
— |
|
|
8,215 |
|
|
— |
|
Madera County, California: Land & Improvements |
|
4/9/2019 |
|
17,130 |
|
|
8,074 |
|
|
2,696 |
|
|
17,916 |
|
|
— |
|
|
402 |
|
|
— |
|
|
8,074 |
|
|
3,098 |
|
|
17,916 |
|
|
29,088 |
|
|
(656 |
) |
Allegran and Van Buren County, Michigan: Land & Improvements |
|
6/4/2019 |
|
3,060 |
|
|
1,634 |
|
|
800 |
|
|
2,694 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,634 |
|
|
800 |
|
|
2,694 |
|
|
5,128 |
|
|
(107 |
) |
Yolo County, California: Land & Improvements |
|
6/13/2019 |
|
5,514 |
|
|
5,939 |
|
|
665 |
|
|
2,648 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,939 |
|
|
665 |
|
|
2,648 |
|
|
9,252 |
|
|
(75 |
) |
Monterey County, California: Land & Improvements |
|
7/11/2019 |
|
5,400 |
|
|
8,629 |
|
|
254 |
|
|
— |
|
|
4 |
|
|
654 |
|
|
— |
|
|
8,633 |
|
|
908 |
|
|
— |
|
|
9,541 |
|
|
(12 |
) |
Martin County, Florida: Land & Improvements |
|
7/22/2019 |
|
37,544 |
|
|
51,691 |
|
|
6,595 |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
51,696 |
|
|
6,595 |
|
|
— |
|
|
58,291 |
|
|
(231 |
) |
Fresno County, California: Land & Improvements |
|
8/16/2019 |
|
19,761 |
|
|
24,772 |
|
|
13,410 |
|
|
31,420 |
|
|
22 |
|
|
— |
|
|
— |
|
|
24,794 |
|
|
13,410 |
|
|
31,420 |
|
|
69,624 |
|
|
(478 |
) |
Ventura County, California: Land & Improvements |
|
8/28/2019 |
|
12,792 |
|
|
20,602 |
|
|
397 |
|
|
— |
|
|
133 |
|
|
531 |
|
|
— |
|
|
20,735 |
|
|
928 |
|
|
— |
|
|
21,663 |
|
|
(26 |
) |
Napa County, California: Land & Improvements |
|
8/29/2019 |
|
19,254 |
|
|
27,509 |
|
|
1,646 |
|
|
2,923 |
|
|
— |
|
|
— |
|
|
— |
|
|
27,509 |
|
|
1,646 |
|
|
2,923 |
|
|
32,078 |
|
|
(127 |
) |
Hayes County, Nebraska: Land & Improvements |
|
10/7/2019 |
|
3,045 |
|
|
4,750 |
|
|
264 |
|
|
— |
|
|
16 |
|
|
— |
|
|
— |
|
|
4,766 |
|
|
264 |
|
|
— |
|
|
5,030 |
|
|
(11 |
) |
Hayes & Hitchcock County, Nebraska: Land & Improvements |
|
10/7/2019 |
|
5,739 |
|
|
9,275 |
|
|
431 |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
9,296 |
|
|
431 |
|
|
— |
|
|
9,727 |
|
|
(20 |
) |
Miscellaneous Investments |
|
|
|
43,329 |
|
|
25,813 |
|
|
7,146 |
|
|
4,194 |
|
|
14 |
|
|
1,807 |
|
|
912 |
|
|
25,827 |
|
|
8,953 |
|
|
5,106 |
|
|
39,886 |
|
|
(3,328 |
) |
|
|
|
|
$ |
485,049 |
|
|
$ |
580,740 |
|
|
$ |
87,466 |
|
|
$ |
104,646 |
|
|
$ |
2,507 |
|
|
$ |
48,601 |
|
|
$ |
3,295 |
|
|
$ |
583,247 |
|
|
$ |
136,067 |
|
|
$ |
107,941 |
|
|
$ |
827,255 |
|
|
$ |
(35,174 |
) |
|
|
(1) |
The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $844.3 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 shorter of the estimated useful life or 40 years for horticulture, 5 to 10 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, 2019, and 2018, respectively (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
Balance, beginning of period |
|
$ |
563,004 |
|
|
$ |
466,143 |
|
|
Additions: |
|
|
|
|
|
Acquisitions during the period |
|
252,817 |
|
|
90,671 |
|
|
Improvements |
|
11,434 |
|
|
21,811 |
|
|
Deductions: |
|
|
|
|
|
Dispositions during period |
|
— |
|
|
(15,621 |
) |
|
Balance, end of period |
|
$ |
827,255 |
|
|
$ |
563,004 |
|
|
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2019, and 2018, respectively (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
Balance, beginning of period |
|
$ |
24,051 |
|
|
$ |
16,657 |
|
|
Additions during period |
|
11,230 |
|
|
8,230 |
|
|
Dispositions during period |
|
(107 |
) |
|
(836 |
) |
|
Balance, end of period |
|
$ |
35,174 |
|
|
$ |
24,051 |
|
|
|