Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.6.0.2
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2016
 
 
 
 
 
 
 
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
 
$
6,917,247

 
$
4,350,000

 
$
—

 
$
—

 
$
—

 
$
579,307

 
$
—

 
$
4,350,000

 
$
579,307

 
$
—

 
$
4,929,307

 
$
(182,758
)
Ventura County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
9/15/1998
 
26,956,919

 
9,895,497

 
5,255,736

 
—

 
—

 
284,698

 
—

 
9,895,497

 
5,540,434

 
—

 
15,435,931

 
(3,405,946
)
Santa Cruz County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
1/3/2011
 
6,032,246

 
8,328,475

 
—

 
—

 
468,456

 
527,341

 
—

 
8,796,931

 
527,341

 
—

 
9,324,272

 
(54,075
)
Hillsborough County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
8/9/2012
 
2,640,000

 
2,513,696

 
909,491

 
—

 
162,059

 
667,042

 
—

 
2,675,755

 
1,576,533

 
—

 
4,252,288

 
(414,346
)
Hillsborough County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
9/12/2012
 
2,389,500

 
2,198,728

 
1,657,339

 
—

 
—

 
473,172

 
—

 
2,198,728

 
2,130,511

 
—

 
4,329,239

 
(554,041
)
Marion County, Oregon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
5/31/2013
 
1,705,915

 
2,493,809

 
703,453

 
—

 
1,102

 
416,115

 
—

 
2,494,911

 
1,119,568

 
—

 
3,614,479

 
(211,803
)
Monterey County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
10/21/2013
 
4,323,279

 
7,186,774

 
164,114

 
—

 
—

 
1,674,620

 
—

 
7,186,774

 
1,838,734

 
—

 
9,025,508

 
(115,449
)
Ventura County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings, Improvements & Horticulture
 
12/16/2013
 
1,698,795

 
2,847,948

 
72,753

 
34,690

 
3,405

 
677,067

 
—

 
2,851,353

 
749,820

 
34,690

 
3,635,863

 
(176,153
)
Morrow County, Oregon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
12/27/2013
 
8,137,938

 
12,937,446

 
1,118,325

 
—

 
3,646

 
133,527

 
—

 
12,941,092

 
1,251,852

 
—

 
14,192,944

 
(226,226
)
Cochise County, Arizona:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
12/27/2013
 
4,236,814

 
6,167,902

 
572,283

 
—

 
7,800

 
1,462,107

 
—

 
6,175,702

 
2,034,390

 
—

 
8,210,092

 
(531,898
)
Santa Cruz County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Building & Improvements
 
6/13/2014
 
3,522,201

 
5,576,138

 
206,636

 
—

 
—

 
—

 
—

 
5,576,138

 
206,636

 
—

 
5,782,774

 
(132,524
)
Ventura County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
7/23/2014
 
3,524,744

 
6,219,293

 
504,673

 
—

 
—

 
51,237

 
—

 
6,219,293

 
555,910

 
—

 
6,775,203

 
(76,970
)
Kern County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
7/25/2014
 
3,933,167

 
5,840,750

 
67,000

 
—

 
—

 
993,319

 
—

 
5,840,750

 
1,060,319

 
—

 
6,901,069

 
(91,060
)
Manatee County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
9/29/2014
 
7,329,862

 
8,466,185

 
5,426,170

 
—

 
(385
)
 
569,607

 
—

 
8,465,800

 
5,995,777

 
—

 
14,461,577

 
(1,147,002
)
Ventura County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
10/29/2014
 
13,732,770

 
23,672,902

 
350,454

 
—

 
—

 
—

 
—

 
23,672,902

 
350,454

 
—

 
24,023,356

 
(75,932
)
Ventura County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
11/4/2014
 
3,675,000

 
5,859,721

 
91,848

 
—

 
—

 
2,210

 
—

 
5,859,721

 
94,058

 
—

 
5,953,779

 
(20,305
)
Monterey County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
1/5/2015
 
10,178,000

 
15,852,466

 
581,879

 
—

 
(155,798
)
 
—

 
—

 
15,696,668

 
581,879

 
—

 
16,278,547

 
(216,120
)
Manatee County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
3/10/2015
 
2,374,680

 
2,403,064

 
1,871,285

 
—

 
—

 
—

 
—

 
2,403,064

 
1,871,285

 
—

 
4,274,349

 
(297,591
)
Hendry County, Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
6/25/2015
 
9,360,000

 
14,410,840

 
788,986

 
—

 
—

 
—

 
—

 
14,410,840

 
788,986

 
—

 
15,199,826

 
(185,297
)
Holt County, Nebraska
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
8/20/2015
 
3,301,000

 
4,690,369

 
786,137

 
—

 
—

 
—

 
—

 
4,690,369

 
786,137

 
—

 
5,476,506

 
(89,475
)
Rock County, Nebraska
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
8/20/2015
 
3,301,000

 
4,862,314

 
612,821

 
—

 
—

 
—

 
—

 
4,862,314

 
612,821

 
—

 
5,475,135

 
(109,325
)
Kern County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
9/3/2015
 
11,279,182

 
18,893,101

 
497,001

 
—

 
612,881

 
5,684,167

 
1,375.677

 
19,505,982

 
6,181,168

 
1,375,677

 
27,062,827

 
(240,290
)
Hendry County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
11/2/2015
 
2,165,760

 
3,243,825

 
738,835

 
—

 
1,956

 
446

 
—

 
3,245,781

 
739,281

 
—

 
3,985,062

 
(132,102
)
Cochise County, Arizona:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
12/23/2015
 
3,210,000

 
4,233,865

 
1,502,479

 
—

 
5,408

 
107,937

 
—

 
4,239,273

 
1,610,416

 
—

 
5,849,689

 
(133,651
)
Saguache County, Colorado:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
3/3/2016
 
15,303,500

 
16,755,814

 
8,348,131

 
—

 
—

 
—

 
—

 
16,755,814

 
8,348,131

 
—

 
25,103,945

 
(932,693
)
Fresno County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Improvements & Horticulture
 
4/5/2016
 
9,161,418

 
3,623,219

 
1,228,279

 
11,455.057

 
—

 
—

 
—

 
3,623,219

 
1,228,279

 
11,455,057

 
16,306,555

 
(320,676
)
Saint Lucie County, Florida:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings & Improvements
 
7/1/2016
 
3,072,602

 
4,164,623

 
970,992

 
—

 
—

 
—

 
—

 
4,164,623

 
970,992

 
—

 
5,135,615

 
(48,550
)
Baca County, Colorado:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Buildings
 
9/1/2016
 
3,051,727

 
6,167,465

 
213,511

 
—

 
—

 
—

 
—

 
6,167,465

 
213,511

 
—

 
6,380,976

 
(4,745
)
Stanislaus County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
9/14/2016
 
7,273,282

 
14,114,337

 
45,465

 
—

 
—

 
—

 
—

 
14,114,337

 
45,465

 
—

 
14,159,802

 
—

Merced County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
9/14/2016
 
6,713,799

 
12,844,650

 
504,445

 
—

 
—

 
—

 
—

 
12,844,650

 
504,445

 
—

 
13,349,095

 
—

Fresno County, California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Improvements & Horticulture
 
10/13/2016
 
3,900,000

 
2,936,506

 
138,817

 
3,451,960

 
—

 
—

 
—

 
2,936,506

 
138,817

 
3,451,960

 
6,527,283

 
(38,013
)
Baca County, Colorado:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land & Improvements
 
12/28/2016
 
5,900,005

 
11,430,267

 
277,551

 
—

 
—

 
—

 
—

 
11,430,267

 
277,551

 
—

 
11,707,818

 
—

Miscellaneous Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Buildings, Improvements & Horticulture
 
N/A
 
8,456,677

 
9,684,585

 
2,905,462

 
1,456,004

 
7,405

 
216,622

 
(14.195
)
 
9,691,990

 
3,122,084

 
1,441,809

 
14,255,883

 
(900,957
)
 
 
 
 
$
208,759,029

 
$
264,866,574

 
$
39,112,351

 
$
16,397,711

 
$
1,117,935

 
$
14,520,541

 
$
1,361,482

 
$
265,984,509

 
$
53,632,892

 
$
17,759,193

 
$
337,376,594

 
$
(11,065,973
)
(1) 
The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $319.8 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, 2016, 2015 and 2014, respectively: 
 
 
2016
 
2015
 
2014
Balance, beginning of period
 
$
228,417,837

 
$
148,371,478

 
$
78,478,053

Additions:
 
 
 
 
 
 
Acquisitions during the period
 
100,356,160

 
75,078,078

 
67,287,231

Improvements
 
8,772,590

 
5,036,926

 
2,726,734

Deductions:
 
 
 
 
 
 
Dispositions during period
 
(169,993
)
 
(68,645
)
 
(120,540
)
Purchase price adjustments
 
—

 
—

 
—

Balance, end of period
 
$
337,376,594

 
$
228,417,837

 
$
148,371,478

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2016, 2015 and 2014, respectively:
 
 
2016
 
2015
 
2014
Balance, beginning of period
 
$
6,634,412

 
$
4,431,290

 
$
3,166,870

Additions during period
 
4,445,756

 
2,203,122

 
1,264,420

Dispositions during period
 
(14,195
)
 
—

 
—

Balance, end of period
 
$
11,065,973

 
$
6,634,412

 
$
4,431,290