Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost $ 1,297,013 $ 1,324,632
Less: accumulated depreciation (198,261) (167,782)
Total real estate, net 1,098,752 1,156,850
Lease intangibles, net 3,129 3,588
Real estate and related assets held for sale, net 0 46,314
Cash and cash equivalents 27,177 18,275
Crop inventory 1,663 0
Investments in water assets 41,549 40,230
Other assets, net 66,902 46,938
TOTAL ASSETS 1,239,172 1,312,195
LIABILITIES:    
Borrowings under lines of credit 200 3,600
Notes and bonds payable, net 473,435 523,922
Accounts payable and accrued expenses 22,005 18,404
Total Liabilities 568,886 625,013
Commitments and contingencies (Note 9)
EQUITY:    
Common stock, $0.001 par value; 48,364,270 shares authorized, 38,014,918 shares issued and outstanding as of December 31, 2025; 48,359,920 shares authorized, 36,184,658 shares issued and outstanding as of December 31, 2024 38 36
Additional paid-in capital 870,847 854,059
Distributions in excess of accumulated earnings (205,511) (174,561)
Accumulated other comprehensive income 4,896 7,632
Total Equity 670,286 687,182
TOTAL LIABILITIES AND EQUITY 1,239,172 1,312,195
Related Party    
LIABILITIES:    
Other liabilities, net 2,844 2,972
Nonrelated Party    
LIABILITIES:    
Other liabilities, net 10,061 16,185
Series D Preferred Stock    
LIABILITIES:    
Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of December 31, 2025, and December 31, 2024 60,341 59,930
Series B Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 6 6
Series C Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock 10 10
Series E Preferred Stock    
EQUITY:    
Cumulative redeemable preferred stock $ 0 $ 0