Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v2.4.1.9
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

 

          Initial Cost

 

   Subsequent Capitalized
Additions		   Total Cost          

Location and
Description of
Property

 Date
Acquired		   Encum
brances		   Land and
Land
Improve
ments 		  Buildings
&
Improve
ments 		  Horti
culture		   Land
Improvement
Costs
Capitalized
Subsequent
to
Acquisition		   Building &
Improvements
Costs
Capitalized
Subsequent to
Acquisition		   Land and
Land
Improve
ments 		  Buildings
&
Improvements 		  Horti
culture		   Total(1)   Accumulated
Depreciation(2)		   Net
Real
Estate 		 

Santa Cruz County, California:

Land & Irrigation System

 

6/16/1997

  

$

4,220,586

  

$

4,350,000

  

$

—  

  

$

—  

  

$

—  

  

$

579,307

  

$

4,350,000

  

$

579,307

  

$

—  

  

$

4,929,307

  

$

(103,812

) 

$

4,825,495

  

Ventura County, California:

Land, Buildings & Irrigation System

   9/15/1998      21,473,134      9,895,497      5,283,954      —        —        176,380      9,895,497      5,460,334      —        15,355,831      (2,950,620 )    12,405,211   

Santa Cruz County, California:

Land & Irrigation System

   1/3/2011      4,111,433      8,328,475      —        —        170,115      480,747      8,498,590      480,747      —        8,979,337      —        8,979,337   

Santa Cruz County, California:

Land & Buildings

   7/7/2011      1,362,231      2,314,113      414,075      —        —        —        2,314,113      414,075      —        2,728,188      (39,169 )    2,689,019   

Hillsborough County, Florida:

Land

   10/26/2011      —        1,227,816      —        —        —        —        1,227,816      —        —        1,227,816      —        1,227,816   

Hillsborough County, Florida:

Land, Buildings, Irrigation System & Site Improvements

   8/9/2012      —        2,513,696      909,491      —        28,794      656,071      2,542,490      1,565,562      —        4,108,052      (197,929 )    3,910,123   

Hillsborough County, Florida:

Land, Buildings, Irrigation System & Site Improvements

   9/12/2012      2,655,000      2,198,728      1,657,339      —        —        446,108      2,198,728      2,103,447      —        4,302,175      (281,742 )    4,020,433   

Van Buren County, Michigan:

Land, Buildings, Irrigation System, Site Improvements & Horticulture

   4/5/2013      650,552      646,522      282,428      446,408      —        170,150      646,522      452,578      446,408      1,545,508      (98,720 )    1,446,788   

Marion County, Oregon:

Land, Buildings, Irrigation System & Site Improvements

   5/31/2013      1,503,888      2,494,911      703,764      —        —        395,903      2,494,911      1,099,667      —        3,594,578      (81,543 )    3,513,035   

Monterey County, California:

Land, Buildings & Irrigation System

   10/21/2013      3,395,874      7,186,774      164,114      —        —        —        7,186,774      164,114      —        7,350,888      (13,220 )    7,337,668   

Van Buren County, Michigan:

Land, Buildings, Irrigation System, Site Improvements & Horticulture

   11/5/2013      970,250      805,677      722,575      488,605      12,600      (60,365 )    818,277      662,210      488,605      1,969,092      (86,121 )    1,882,971   

Ventura County, California:

Land, Buildings, Irrigation System, Site Improvements & Horticulture

   12/16/2013      1,455,375      2,851,353      72,840      103,334      —        —        2,851,353      72,840      103,334      3,027,527      (92,179 )    2,935,348   

Morrow County, Oregon:

Land & Irrigation System

   12/27/2013      6,791,748      12,941,092      1,118,640      —        —        —        12,941,092      1,118,640      —        14,059,732      (74,576 )    13,985,156   

Cochise County, Arizona:

Land, Buildings & Irrigation System

   12/27/2013      3,250,336      6,175,702      573,007      —        —        1,157,507      6,175,702      1,730,514      —        7,906,216      (149,523 )    7,756,693   

Columbia County, Oregon:

Land, Buildings, Site Improvements & Horticulture

   5/30/2014      —        1,252,388      682,385      520,993      —        —        1,252,388      682,385      520,993      2,455,766      (56,654 )    2,399,112   

Santa Cruz County, California:

Land, Building & Irrigation System

   6/13/2014      2,862,237      5,576,138      206,636      —        —        —        5,576,138      206,636      —        5,782,774      (28,243 )    5,754,531   

Hillsborough County, Florida:

Land, Buildings, Irrigation System & Site Improvements

   6/20/2014      1,599,600      1,970,074      570,846      —        —        8,775      1,970,074      579,621      —        2,549,695      (25,636 )    2,524,059   

Ventura County, California:

Land, Buildings, Irrigation System & Site Improvements

   7/23/2014      3,342,510      6,219,293      504,673      —        —        —        6,219,293      504,673      —        6,723,966      (13,594 )    6,710,372   

Kern County, California:

Land & Irrigation System

   7/25/2014      2,813,724      5,840,750      67,000      —        —        —        5,840,750      67,000      —        5,907,750      (5,583 )    5,902,167   

Manatee County, Florida:

Land, Buildings, Irrigation System & Site Improvements

   9/29/2014      8,155,762      8,466,185      5,426,170      —        —        —        8,466,185      5,426,170      —        13,892,355      (125,054 )    13,767,301   

Ventura County, California:

Land, Buildings, Irrigation System & Site Improvements

   10/29/2014      12,128,121      23,672,902      350,454      —        —        —        23,672,902      350,454      —        24,023,356      (5,841 )    24,017,515   

Ventura County, California:

Land, Irrigation System & Site Improvements

   11/4/2014      3,675,000      5,859,721      91,848      —        —        —        5,859,721      91,848      —        5,951,569      (1,531 )    5,950,038   
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 86,417,361      $ 122,787,807      $ 19,802,239      $ 1,559,340      $ 211,509      $ 4,010,583      $ 122,999,316      $ 23,812,822      $ 1,559,340      $ 148,371,478      $ (4,431,290 )    $ 143,940,188   
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)  The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $145.7 million.
(2)  The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the the shorter of the estimated useful life or 25 years for horticulture and 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for leasehold improvements.

 

The following table reconciles the change in the balance of real estate during the years ended December 31, 2014, 2013 and 2012, respectively:

 

     2014      2013      2012  

Balance, beginning of period

    $ 78,478,053       $ 39,678,968       $ 32,399,715   

Additions:

         

Acquisitions during the period

      67,287,231         37,768,162         7,279,253   

Improvements

      2,726,734         1,030,923         —     

Deductions:

         

Dispositions during period

      (120,540 )       —           —     

Purchase price adjustments

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Balance, end of period

 $ 148,371,478    $ 78,478,053    $ 39,678,968   
  

 

 

     

 

 

     

 

 

  

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2014, 2013 and 2012, respectively:

 

     2014      2013      2012  

Balance, beginning of period

    $ 3,166,870       $ 2,535,084       $ 2,122,817   

Additions during period

      1,264,420         631,786         412,267   

Dispositions during period

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Balance, end of period

 $ 4,431,290    $ 3,166,870    $ 2,535,084