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

INVESTMENTS IN WATER ASSETS (Tables)

v3.25.4
INVESTMENTS IN WATER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Water Asset Investments
The following table sets forth the components of our investments in water assets as of December 31, 2025 and 2024, (dollars in thousands; see the description that follows for certain defined terms and additional information on each component):
As of December 31, 2025 As of December 31, 2024
Acre-feet Cost Basis Acre-feet Cost Basis
SWSD banked water 48,309 $ 35,537  48,309 $ 35,537 
WWD groundwater credits – 50/50 Program 2,660 746 2,660 753 
WWD groundwater credits – Other agreements 4,563 884 4,418 653 
Long-term water assets 55,532 37,167 55,387 36,943
Deferred water assets(1)
(1)
 4,382
(1)
 3,287 
Investments in water assets(2)
55,532 $ 41,549  55,387 $ 40,230 
(1)The amount of water credits to be granted under these agreements is not yet known; see “—Deferred Water Assets” below for additional information.
(2)As shown on the accompanying Consolidated Balance Sheets.
The following table summarizes the total acre-feet of banked water obtained through the exercise of these contracts (dollars in thousands):
Period Acquired Acre-feet of Banked Water Available to Purchase per Contract
Acre-feet of Banked Water Purchased(1)
Value Attributed to Contract(2)
Cost to Exercise Contract Total Carrying Value of Banked Water Purchased
Fourth quarter of 2023 1,003 1,003 $ 401  $ 62  $ 463 
First quarter of 2024 2,306 2,306 923  141  1,064 
Total 3,309 3,309 $ 1,324  $ 203  $ 1,527 
(1)All contracts to purchase additional banked water were exercised in the same quarter in which the respective contract was conveyed to us.
(2)Represents non-cash income received during the respective periods. The straight-line impact of these receipts is included within Lease revenue, net in the accompanying Consolidated Statements of Operations and Comprehensive Income.