Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN WATER ASSETS (Tables)

v3.26.3
INVESTMENTS IN WATER ASSETS (Tables)
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Schedule of Water Asset Investments
The following table sets forth the components of our investments in water assets as of September 30, 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 September 30, 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 4,612 900  4,563 884 
BWSD banked water 76 18  — — 
Long-term water assets 55,657 37,201  55,532 37,167 
Deferred water assets(1)
(1)
 4,891 
(1)
 4,382 
Investments in water assets(2)
55,657 $ 42,092  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 non-cash 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.