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

SCHEDULE III???REAL ESTATE AND ACCUMULATED DEPRECIATION

v3.25.4
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(In Thousands)
      Initial Cost Subsequent Capitalized Additions Total Cost  
Location and Description of Property Date Acquired Encumbrances Land and Land Improvements Buildings & Improvements Permanent Plantings Land Improvements Buildings & Improvements Permanent Plantings Land and Land Improvements Buildings & Improvements Permanent Plantings
Total(1)
Accumulated Depreciation(2)
Santa Cruz County, California:
  Land & Improvements
 6/16/1997 $ 6,772  $ 4,350  $ —  $ —  $ —  $ 622  $ —  $ 4,350  $ 622  $ —  $ 4,972  $ (470)
Ventura County, California:
  Land, Buildings & Improvements
 9/15/1998 26,391  9,895  5,256  —  23  504  —  9,918  5,760  —  15,678  (5,299)
Santa Cruz County, California:
  Land & Improvements
 1/3/2011 5,906  8,328  —  —  453  545  —  8,781  545  —  9,326  (314)
Hillsborough County, Florida:
 Land, Buildings & Improvements
 9/12/2012 —  2,199  1,657  —  14  1,802  —  2,213  3,459  —  5,672  (2,149)
Monterey County, California:
  Land, Buildings & Improvements
 10/21/2013 4,233  7,187  164  —  180  3,076  —  7,367  3,240  —  10,607  (1,431)
Cochise County, Arizona:
  Land, Buildings & Improvements
 12/27/2013 1,227  6,168  572  —  8  5,830  —  6,176  6,402  —  12,578  (2,709)
Santa Cruz County, California:
  Land, Building & Improvements
 6/13/2014 1,189  5,576  207  —  —  27  —  5,576  234  —  5,810  (213)
Ventura County, California:
  Land, Buildings & Improvements
 7/23/2014 865  6,219  505  —  —  85  —  6,219  590  —  6,809  (407)
Kern County, California:
  Land & Improvements
 7/25/2014 1,017  5,841  67  —  —  974  —  5,841  1,041  —  6,882  (683)
Manatee County, Florida:
  Land, Buildings & Improvements
 9/29/2014 —  8,466  5,426  —  —  3,734  —  8,466  9,160  —  17,626  (4,926)
Ventura County, California:
  Land, Buildings & Improvements
 10/29/2014 13,445  23,673  350  —  —  2,803  —  23,673  3,153  —  26,826  (1,402)
Ventura County, California:
  Land & Improvements
 11/4/2014 —  5,860  92  —  —  2  —  5,860  94  —  5,954  (94)
Monterey County, California:
  Land, Buildings & Improvements
 1/5/2015 10,673  15,852  582  —  (156) 1,518  —  15,696  2,100  —  17,796  (1,240)
Manatee County, Florida:
  Land, Buildings & Improvements
 3/10/2015 —  2,403  1,871  —  —  369  —  2,403  2,240  —  4,643  (1,738)
Kern County, California:
  Land & Improvements
 9/3/2015 13,943  18,893  497  —  688  6,583  1,418  19,581  7,080  1,418  28,079  (4,150)
Cochise County, Arizona:
  Land, Buildings & Improvements
 12/23/2015 —  4,234  1,502  —  142  4,460  —  4,376  5,962  —  10,338  (2,213)
Saguache County, Colorado:
  Land, Buildings & Improvements
 3/3/2016 160  16,756  8,348  —  —  1,486  —  16,756  9,834  —  26,590  (7,116)
Fresno County, California:
 Land, Improvements & Permanent plantings
 4/5/2016 6,594  3,623  1,228  11,455  —  2,640  (25) 3,623  3,868  11,430  18,921  (5,245)
Saint Lucie County, Florida:
  Land, Buildings & Improvements
 7/1/2016 —  4,165  971  —  —  —  —  4,165  971  —  5,136  (922)
Baca County, Colorado:
  Land & Buildings
 9/1/2016 2,988  6,167  214  —  —  —  —  6,167  214  —  6,381  (133)
Merced County, Colorado:
  Land & Improvements
 9/14/2016 6,573  12,845  504  —  —  190  —  12,845  694  —  13,539  (352)
Stanislaus County, Colorado:
  Land & Improvements
 9/14/2016 7,121  14,114  45  —  59  463  —  14,173  508  —  14,681  (340)
Fresno County, California:
 Land, Improvements & Permanent plantings
 10/13/2016 2,907  2,937  139  3,452  —  7  —  2,937  146  3,452  6,535  (1,682)
Baca County, Colorado:
  Land & Improvements
 12/28/2016 5,776  11,430  278  —  —  —  —  11,430  278  —  11,708  (278)
Yuma County, Arizona
  Land & Improvements
 6/1/2017 10,415  12,390  12,191  —  151  16,813  —  12,541  29,004  —  41,545  (11,325)
Fresno County, California:
 Land, Improvements & Permanent plantings
 7/17/2017 —  5,048  777  7,818  3,249  2,522  (1,124) 8,297  3,299  6,694  18,290  (3,038)
Santa Barbara County, California:
 Land, Improvements & Permanent plantings
 8/9/2017 —  4,559  577  397  (3,136) 794  (249) 1,423  1,371  148  2,942  (523)
Okeechobee County, Florida:
  Land & Improvements
 8/9/2017 4,096  9,111  953  —  985  1,378  —  10,096  2,331  —  12,427  (1,353)
Walla Walla County, Washington:
 Land, Improvements & Permanent plantings
 9/8/2017 —  5,286  401  3,739  (23) —  (3,739) 5,263  401  —  5,664  (340)
Baca County, Colorado
  Land & Improvements
 10/2/2017 —  924  —  —  —  —  —  924  —  —  924  — 
Fresno County, California:
 Land, Improvements & Permanent plantings
 12/15/2017 2,508  2,016  324  3,626  (1) 23  (3) 2,015  347  3,623  5,985  (3,850)
Kern County, California:
  Land & Improvements
 1/31/2018 1,803  2,733  249  —  (4) 1,529  —  2,729  1,778  —  4,507  (632)
Kings County, California:
 Land, Improvements & Permanent plantings
 9/13/2018 3,813  3,264  284  3,349  5  —  5  3,269  284  3,354  6,907  (1,101)
Madera, California:
 Land, Improvements & Permanent plantings
 11/1/2018 11,725  12,305  1,718  9,015  13  704  (2,446) 12,318  2,422  6,569  21,309  (1,837)
Hartley County, Texas:
  Land & Improvements
 11/20/2018 —  7,320  1,054  —  3  1,513  —  7,323  2,567  —  9,890  (561)
Merced County, California:
  Land
 12/6/2018 4,074  8,210  —  —  5  —  —  8,215  —  —  8,215  — 
Madera County, California:
  Land & Improvements
 4/9/2019 14,047  8,074  2,696  17,916  —  1,611  —  8,074  4,307  17,916  30,297  (6,597)
Allegran and Van Buren County, Michigan:
 Land & Improvements
 6/4/2019 —  1,634  800  2,694  (1,085) (359) (1,826) 549  441  868  1,858  (505)
Yolo County, California:
  Land & Improvements
 6/13/2019 4,191  5,939  665  2,648  —  —  —  5,939  665  2,648  9,252  (891)
Monterey County, California:
  Land & Improvements
 7/11/2019 4,539  8,629  254  —  2,146  1,956  —  10,775  2,210  —  12,985  (526)
Martin County, Florida:
  Land & Improvements
 7/22/2019 33,111  51,691  6,595  —  (2,629) 1  —  49,062  6,596  —  55,658  (3,251)
Fresno County, California:
  Land & Improvements
 8/16/2019 34,857  24,772  13,410  31,420  (3) 1,530  10  24,769  14,940  31,430  71,139  (11,512)
Ventura County, California:
  Land & Improvements
 8/28/2019 10,662  20,602  397  —  306  1,707  —  20,908  2,104  —  23,012  (754)
Napa County, California:
 Land & Improvements
 8/29/2019 14,924  27,509  1,646  2,923  3,235  1,263  904  30,744  2,909  3,827  37,480  (2,195)
Hayes County, Nebraska:
  Land & Improvements
 10/7/2019 2,630  4,750  264  —  16  1  —  4,766  265  —  5,031  (264)
Hayes & Hitchcock County, Nebraska:
  Land & Improvements
 10/7/2019 4,956  9,275  431  —  20  1  —  9,295  432  —  9,727  (407)
Kern County, California:
  Land, Improvements & Permanent plantings
 6/24/2020 7,367  12,521  1,325  370  —  264  —  12,521  1,589  370  14,480  (571)
Wicomico & Caroline County, Maryland, and Sussex County, Delaware:
  Land & Improvements
 8/31/2020 3,901  6,703  626  —  —  509  —  6,703  1,135  —  7,838  (440)
Fresno County, California:
  Land & Improvements
 9/3/2020 16,107  15,071  4,680  11,921  305  823  —  15,376  5,503  11,921  32,800  (4,316)
Fresno County, California:
  Land, Improvements & Permanent plantings
 10/1/2020 16,146  7,128  9,206  15,242  8  1,925  16  7,136  11,131  15,258  33,525  (5,670)
Ventura County, California:
  Land & Improvements
 12/15/2020 12,450  19,215  1,264  —  48  23  —  19,263  1,287  —  20,550  (568)
Tulare County, California:
  Land, Improvements & Permanent plantings
 12/17/2020 9,027  26,952  6,420  28,152  36  9  37  26,988  6,429  28,189  61,606  (13,127)
Whatcom County, Washington:
 Land, Improvements, & Permanent plantings
 12/24/2020 14,489  8,219  7,228  16,281  18  193  35  8,237  7,421  16,316  31,974  (6,834)
San Joaquin County, California:
Land, Improvements, & Permanent plantings
 12/24/2020 19,090  12,265  2,142  19,924  6  (996) 10  12,271  1,146  19,934  33,351  (10,110)
San Joaquin County, California:
Land, Improvements, & Permanent plantings
 3/11/2021 —  —  4,306  —  —  —  —  —  4,306  —  4,306  (1,475)
Tehama County, California Land & Improvements & Horticulture 4/5/2021 20,836  27,747  2,512  6,600  103  34  —  27,850  2,546  6,600  36,996  (3,438)
Kern County, California Land & Improvements & Horticulture 6/4/2021 8,367  21,810  2,514  25,984  65  1,534  —  21,875  4,048  25,984  51,907  (12,019)
Van Buren County, Michigan: Land & Improvements & Horticulture 6/9/2021 7,195  3,677  4,391  5,233  14  44  70  3,691  4,435  5,303  13,429  (1,700)
Kern County, California Land & Improvements & Horticulture 8/11/2021 12,792  5,690  8,156  16,154  11  46  —  5,701  8,202  16,154  30,057  (7,034)
Yamhill County, Oregon Land & Improvements & Horticulture 8/11/2021 5,756  2,854  2,493  6,972  8  28  —  2,862  2,521  6,972  12,355  (2,572)
St. Lucie County, Florida Land & Improvements & Horticulture 8/18/2021 2,900  2,494  601  2,146  (81) 108  31  2,413  709  2,177  5,299  (1,110)
Kern County, California Land & Improvements & Horticulture 12/3/2021 12,917  22,363  2,894  62,744  23  78  —  22,386  2,972  62,744  88,102  (10,753)
Charlotte County, FL Land & Improvements & Horticulture 12/16/2021 4,363  7,275  75  —  1,937  696  —  9,212  771  —  9,983  (111)
Glenn, California Land & Improvements 6/16/2022 —  16,184  1,298  5,933  34  670  —  16,218  1,968  5,933  24,119  (2,656)
Franklin & Grant, Washington Land & Improvements & Horticulture 7/21/2022 —  11,437  1,607  15,798  50  366  (1,715) 11,487  1,973  14,083  27,543  (7,595)
Umatilla, Oregon Land & Improvements & Horticulture 7/21/2022 —  344  564  2,858  14  135  1,316  358  699  4,174  5,231  (551)
Miscellaneous Investments Various 21,718  37,424  9,742  7,859  (451) 6,697  2,160  36,973  16,440  10,019  63,431  (8,643)
$ 475,552  $ 710,595  $ 150,205  $ 350,623  $ 6,812  $ 83,893  $ (5,115) $ 717,407  $ 234,099  $ 345,508  $ 1,297,013  $ (198,261)
(1)The aggregate cost for land, buildings, improvements, and permanent plantings for federal income tax purposes is approximately $1.2 billion.
(2)The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 50 for buildings, improvements, and permanent plantings, and the shorter of the estimated useful life or 5 to 20 years for equipment and fixtures.
The following table reconciles the change in the balance of real estate during the years ended December 31, 2025 and 2024, respectively (dollars in thousands):
2025 2024
Balance, beginning of period $ 1,372,260  $ 1,437,812 
Additions:
Acquisitions during the period —  — 
Improvements 6,614  5,607 
Deductions:
Dispositions during period
 (77,940) (69,053)
Impairments during period (3,921) (2,106)
Balance, end of period(1)
$ 1,297,013  $ 1,372,260 
(1)Includes $0 and approximately $47.6 million of real estate held for sale, at cost, as of December 31, 2025 and 2024, respectively.
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2025 and 2024, respectively (dollars in thousands):
2025 2024
Balance, beginning of period $ 169,190  $ 142,657 
Additions during period 34,003  33,894 
Dispositions during period
 (4,932) (7,361)
Balance, end of period(1)
$ 198,261  $ 169,190 
(1)Includes $0 and approximately $1.4 million of accumulated depreciation related to real estate held for sale as of December 31, 2025 and 2024, respectively.