Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.8.0.1
Schedule III - Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2017
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, 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