Quarterly report [Sections 13 or 15(d)]

REAL ESTATE AND INTANGIBLE ASSETS - Narrative (Details)

v3.25.1
REAL ESTATE AND INTANGIBLE ASSETS - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
a
farm
Jan. 31, 2025
USD ($)
a
farm
Jan. 31, 2024
USD ($)
a
Mar. 31, 2025
USD ($)
a
farm
Mar. 31, 2024
USD ($)
Dec. 31, 2021
USD ($)
a
contract
Dec. 31, 2024
USD ($)
Mar. 05, 2024
Real Estate Properties [Line Items]                
Number of farms | farm       150        
Depreciation expense       $ 8,300 $ 8,500      
Accretion of below-market leases       $ 34 41      
Area of real estate property (in acres) | a       103,001        
Net gain on sale       $ 15,410 10,273      
Area of water | a       55,350        
Water assets, fair value       $ 37,200        
Other operating revenue       1 426      
Development in process       $ 1,400        
Development in process, number of farms | farm       2        
Development in process, deferred       $ 3,800        
Lease revenue, net       16,803 19,826      
Hurricane                
Real Estate Properties [Line Items]                
Estimated carrying value of property damaged floods and hurricane             $ 275  
Westlands Water District                
Real Estate Properties [Line Items]                
Other operating revenue       $ 0 426      
Other Various Water Agreements                
Real Estate Properties [Line Items]                
Area of water | a       4,382        
Water assets, fair value       $ 862        
Tenant A                
Real Estate Properties [Line Items]                
Lease revenue, net       $ 2,400        
Tenant A | Lease Revenue | Credit concentration risk                
Real Estate Properties [Line Items]                
Concentration risk percentage       14.20%        
Tenant B                
Real Estate Properties [Line Items]                
Number of farms | farm       6        
Lease revenue, net       $ 1,900        
Tenant B | Lease Revenue | Credit concentration risk                
Real Estate Properties [Line Items]                
Concentration risk percentage       11.20%        
Fresno LLC and Umatilla LLC Farmland Acquisition                
Real Estate Properties [Line Items]                
Net gain (loss) of acquiree since acquisition date       $ (136) (85)      
Fresno LLC                
Real Estate Properties [Line Items]                
LLC ownership interest       50.00%        
Umatilla LLC                
Real Estate Properties [Line Items]                
LLC ownership interest       20.50%        
Fresno, California And Umatilla, Oregon                
Real Estate Properties [Line Items]                
LLC ownership value       $ 5,600     $ 5,700  
Florida                
Real Estate Properties [Line Items]                
Number of farms | farm       20        
Area of real estate property (in acres) | a       13,090        
Area of water | a       0        
Lease revenue, net       $ 2,600        
Percentage of total lease revenue       15.30%        
Florida | Disposed of by sale                
Real Estate Properties [Line Items]                
Number of farms | farm   5            
Area of real estate property (in acres) | a   5,630 3,748          
Sale of unfarmed land   $ 52,500 $ 65,700          
Net gain on sale   $ 14,100 $ 10,400          
Nebraska                
Real Estate Properties [Line Items]                
Number of farms | farm       7        
Area of real estate property (in acres) | a       5,223        
Area of water | a       0        
Nebraska | Disposed of by sale                
Real Estate Properties [Line Items]                
Number of farms | farm 2              
Area of real estate property (in acres) | a 2,559              
Sale of unfarmed land $ 12,000              
Net gain on sale $ 1,600              
Kern, CA                
Real Estate Properties [Line Items]                
Area of water | a       48,309        
Water assets, fair value       $ 35,500        
Kern, CA | 2022 Acquisitions                
Real Estate Properties [Line Items]                
Number of contracts to purchase banked water | contract           3    
Area of water | a           45,000    
Payments to acquire water systems           $ 2,800    
Fresno, CA                
Real Estate Properties [Line Items]                
Area of water | a       7,041        
Water assets, fair value       $ 753        
Groundwater recharge program, percentage of groundwater credits       50.00%       50.00%
Water credits obtained | a       2,660        
Fresno, CA | Westlands Water District                
Real Estate Properties [Line Items]                
Groundwater recharge program, percentage of groundwater credits               50.00%
California                
Real Estate Properties [Line Items]                
Number of farms | farm       63        
Area of real estate property (in acres) | a       34,845        
Area of water | a       55,350        
Lease revenue, net       $ 10,500        
Percentage of total lease revenue       62.40%        
Lease intangibles, at cost                
Real Estate Properties [Line Items]                
Amortization (accretion) expense related to intangible assets       $ 148 231      
Above-Market Lease Values                
Real Estate Properties [Line Items]                
Amortization (accretion) expense related to intangible assets       19 19      
Lease incentives and other deferred revenue, net                
Real Estate Properties [Line Items]                
Amortization (accretion) expense related to intangible assets       $ 3,300 $ 513