Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN WATER ASSETS (Tables)

v3.26.1
INVESTMENTS IN WATER ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Water Asset Investments
The following table sets forth the components of our investments in water assets as of March 31, 2026, and December 31, 2025 (dollars in thousands; see the description that follows for certain defined terms and additional information on each component):
As of March 31, 2026  As of December 31, 2025
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  2,660 746 
WWD groundwater credits – Other agreements 4,604 892  4,563 884 
BWSD banked water 76 15  — — 
Long-term water assets 55,649 37,190  55,532 37,167 
Deferred water assets(1)
(1)
 4,507 
(1)
 4,382 
Investments in water assets(2)
55,649 $ 41,697  55,532 $ 41,549 
(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 Condensed 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 noncash income received during the respective periods. The straight-line impact of these receipts is included within Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.