Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.19.3.a.u2
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2019
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, 2019
(In Thousands)
 
 
 
 
 
 
Initial Cost
 
Subsequent Capitalized Additions
 
Total Cost
 
 
Location and Description of Property
 
Date Acquired
 
Encumbrances
 
Land and Land Improvements
 
Buildings & Improvements
 
Horticulture
 
Land Improvements
 
Buildings & Improvements
 
Horticulture
 
Land and Land Improvements
 
Buildings & Improvements
 
Horticulture
 
Total(1)
 
Accumulated Depreciation(2)
Santa Cruz County, California:
Land & Improvements
 
6/16/1997
 
8,144

 
4,350

 
—

 
—

 
—

 
579

 
—

 
4,350

 
579

 
—

 
4,929

 
(301
)
Ventura County, California:
Land, Buildings & Improvements
 
9/15/1998
 
31,738

 
9,895

 
5,256

 
—

 
—

 
293

 
—

 
9,895

 
5,549

 
—

 
15,444

 
(4,081
)
Santa Cruz County, California:
Land &Improvements
 
1/3/2011
 
7,102

 
8,328

 
—

 
—

 
443

 
527

 
—

 
8,771

 
527

 
—

 
9,298

 
(142
)
Hillsborough County, Florida:
Land, Buildings & Improvements
 
9/12/2012
 
2,677

 
2,199

 
1,657

 
—

 
14

 
1,300

 
—

 
2,213

 
2,957

 
—

 
5,170

 
(1,041
)
Monterey County, California:
Land, Buildings &Improvements
 
10/21/2013
 
5,090

 
7,187

 
164

 
—

 
180

 
3,069

 
—

 
7,367

 
3,233

 
—

 
10,600

 
(564
)
Cochise County, Arizona:
Land, Buildings &Improvements
 
12/27/2013
 
4,988

 
6,168

 
572

 
—

 
8

 
1,822

 
—

 
6,176

 
2,394

 
—

 
8,570

 
(1,079
)
Santa Cruz County, California:
Land, Building &Improvements
 
6/13/2014
 
4,147

 
5,576

 
207

 
—

 
—

 
12

 
—

 
5,576

 
219

 
—

 
5,795

 
(207
)
Ventura County, California:
Land, Buildings & Improvements
 
7/23/2014
 
4,150

 
6,219

 
505

 
—

 
—

 
85

 
—

 
6,219

 
590

 
—

 
6,809

 
(191
)
Kern County, California:
Land &Improvements
 
7/25/2014
 
4,631

 
5,841

 
67

 
—

 
—

 
993

 
—

 
5,841

 
1,060

 
—

 
6,901

 
(318
)
Manatee County, Florida:
Land, Buildings & Improvements
 
9/29/2014
 
9,357

 
8,466

 
5,426

 
—

 
—

 
667

 
—

 
8,466

 
6,093

 
—

 
14,559

 
(2,748
)
Ventura County, California:
Land, Buildings & Improvements
 
10/29/2014
 
16,168

 
23,673

 
350

 
—

 
—

 
2,133

 
—

 
23,673

 
2,483

 
—

 
26,156

 
(395
)
Ventura County, California:
Land & Improvements
 
11/4/2014
 
3,285

 
5,860

 
92

 
—

 
—

 
2

 
—

 
5,860

 
94

 
—

 
5,954

 
(49
)
Monterey County, California:
Land, Buildings &Improvements
 
1/5/2015
 
10,568

 
15,852

 
582

 
—

 
(156
)
 
1,428

 
—

 
15,696

 
2,010

 
—

 
17,706

 
(674
)
Manatee County, Florida:
Land, Buildings & Improvements
 
3/10/2015
 
3,899

 
2,403

 
1,871

 
—

 
—

 
84

 
—

 
2,403

 
1,955

 
—

 
4,358

 
(832
)
Hendry County, Florida:
Land, Buildings & Improvements
 
6/25/2015
 
10,356

 
14,411

 
789

 
—

 
—

 
—

 
—

 
14,411

 
789

 
—

 
15,200

 
(556
)
Rock County, Nebraska:
Land, Buildings & Improvements
 
8/20/2015
 
3,516

 
4,862

 
613

 
—

 
—

 
—

 
—

 
4,862

 
613

 
—

 
5,475

 
(348
)
Holt County, Nebraska:
Land, Buildings & Improvements
 
8/20/2015
 
3,534

 
4,690

 
786

 
—

 
—

 
—

 
—

 
4,690

 
786

 
—

 
5,476

 
(285
)
Kern County, California:
Land & Improvements
 
9/3/2015
 
16,168

 
18,893

 
497

 
—

 
688

 
5,963

 
1,418

 
19,581

 
6,460

 
1,418

 
27,459

 
(1,525
)
Cochise County, Arizona:
Land, Buildings & Improvements
 
12/23/2015
 
3,210

 
4,234

 
1,502

 
—

 
5

 
1,756

 
—

 
4,239

 
3,258

 
—

 
7,497

 
(613
)
Saguache County, Colorado:
Land, Buildings & Improvements
 
3/3/2016
 
16,053

 
16,756

 
8,348

 
—

 
—

 
2,011

 
—

 
16,756

 
10,359

 
—

 
27,115

 
(3,951
)
Fresno County, California:
Land, Improvements & Horticulture
 
4/5/2016
 
8,392

 
3,623

 
1,228

 
11,455

 
—

 
191

 
—

 
3,623

 
1,419

 
11,455

 
16,497

 
(1,871
)
Saint Lucie County, Florida:
Land, Buildings & Improvements
 
7/1/2016
 
2,830

 
4,165

 
971

 
—

 
—

 
—

 
—

 
4,165

 
971

 
—

 
5,136

 
(340
)
Baca County, Colorado:
Land & Buildings
 
9/1/2016
 
3,593

 
6,167

 
214

 
—

 
—

 
—

 
—

 
6,167

 
214

 
—

 
6,381

 
(47
)
Merced County, Colorado:
Land & Improvements
 
9/14/2016
 
7,905

 
12,845

 
504

 
—

 
—

 
190

 
—

 
12,845

 
694

 
—

 
13,539

 
(79
)
Stanislaus County, Colorado:
Land & Improvements
 
9/14/2016
 
8,563

 
14,114

 
45

 
—

 
—

 
463

 
—

 
14,114

 
508

 
—

 
14,622

 
(57
)
Fresno County, California:
Land, Improvements & Horticulture
 
10/13/2016
 
3,607

 
2,937

 
139

 
3,452

 
—

 
—

 
—

 
2,937

 
139

 
3,452

 
6,528

 
(586
)
Baca County, Colorado:
Land & Improvements
 
12/28/2016
 
6,946

 
11,430

 
278

 
—

 
—

 
—

 
—

 
11,430

 
278

 
—

 
11,708

 
(167
)
Martin County, Florida:
Land & Improvements
 
1/12/2017
 
32,400

 
52,443

 
1,627

 
—

 
—

 
—

 
—

 
52,443

 
1,627

 
—

 
54,070

 
(194
)
Yuma County, Arizona
Land & Improvements
 
6/1/2017
 
14,229

 
12,390

 
12,191

 
—

 
151

 
16,860

 
—

 
12,541

 
29,051

 
—

 
41,592

 
(2,657
)
Fresno County, California:
Land & Improvements & Horticulture
 
7/17/2017
 
7,401

 
5,048

 
777

 
7,818

 
2

 
1,170

 
—

 
5,050

 
1,947

 
7,818

 
14,815

 
(1,085
)
Santa Barbara County, California:
Land & Improvements & Horticulture
 
8/9/2017
 
3,225

 
4,559

 
577

 
397

 
(50
)
 
1,053

 
954

 
4,509

 
1,630

 
1,351

 
7,490

 
(279
)
Okeechobee County, Florida:
Land & Improvements
 
8/9/2017
 
5,436

 
9,111

 
953

 
—

 
985

 
973

 
—

 
10,096

 
1,926

 
—

 
12,022

 
(242
)
Walla Walla County, Washington:
Land & Improvements & Horticulture
 
9/8/2017
 
5,052

 
5,286

 
401

 
3,739

 
—

 
—

 
—

 
5,286

 
401

 
3,739

 
9,426

 
(1,200
)
Fresno County, California:
Land & Improvements & Horticulture
 
12/15/2017
 
3,328

 
2,016

 
324

 
3,626

 
(1
)
 
—

 
(3
)
 
2,015

 
324

 
3,623

 
5,962

 
(733
)
Kern County, California:
Land & Improvements
 
1/31/2018
 
1,405

 
2,733

 
249

 
—

 
(4
)
 
1,549

 
—

 
2,729

 
1,798

 
—

 
4,527

 
(48
)
Collier & Hendry, Florida Land & Improvements
 
7/12/2018
 
1,528

 
36,223

 
344

 
—

 
1

 
—

 
—

 
36,224

 
344

 
—

 
36,568

 
(72
)
Kings County, California:
Land & Improvements & Horticulture
 
9/13/2018
 
4,068

 
3,264

 
284

 
3,349

 
5

 
—

 
5

 
3,269

 
284

 
3,354

 
6,907

 
(82
)
Madera, California:
Land & Improvements & Horticulture
 
11/1/2018
 
13,666

 
12,305

 
1,718

 
9,015

 
13

 
2

 
9

 
12,318

 
1,720

 
9,024

 
23,062

 
(390
)
Hartley County, Texas:
Land & Improvements
 
11/20/2018
 
5,227

 
7,320

 
1,054

 
—

 
3

 
32

 
—

 
7,323

 
1,086

 
—

 
8,409

 
(74
)
Merced County, California:
Land
 
12/6/2018
 
4,899

 
8,210

 
—

 
—

 
5

 
—

 
—

 
8,215

 
—

 
—

 
8,215

 
—

Madera County, California:
Land & Improvements
 
4/9/2019
 
17,130

 
8,074

 
2,696

 
17,916

 
—

 
402

 
—

 
8,074

 
3,098

 
17,916

 
29,088

 
(656
)
Allegran and Van Buren County, Michigan:
Land & Improvements
 
6/4/2019
 
3,060

 
1,634

 
800

 
2,694

 
—

 
—

 
—

 
1,634

 
800

 
2,694

 
5,128

 
(107
)
Yolo County, California:
Land & Improvements
 
6/13/2019
 
5,514

 
5,939

 
665

 
2,648

 
—

 
—

 
—

 
5,939

 
665

 
2,648

 
9,252

 
(75
)
Monterey County, California:
Land & Improvements
 
7/11/2019
 
5,400

 
8,629

 
254

 
—

 
4

 
654

 
—

 
8,633

 
908

 
—

 
9,541

 
(12
)
Martin County, Florida:
Land & Improvements
 
7/22/2019
 
37,544

 
51,691

 
6,595

 
—

 
5

 
—

 
—

 
51,696

 
6,595

 
—

 
58,291

 
(231
)
Fresno County, California:
Land & Improvements
 
8/16/2019
 
19,761

 
24,772

 
13,410

 
31,420

 
22

 
—

 
—

 
24,794

 
13,410

 
31,420

 
69,624

 
(478
)
Ventura County, California:
Land & Improvements
 
8/28/2019
 
12,792

 
20,602

 
397

 
—

 
133

 
531

 
—

 
20,735

 
928

 
—

 
21,663

 
(26
)
Napa County, California:
Land & Improvements
 
8/29/2019
 
19,254

 
27,509

 
1,646

 
2,923

 
—

 
—

 
—

 
27,509

 
1,646

 
2,923

 
32,078

 
(127
)
Hayes County, Nebraska:
Land & Improvements
 
10/7/2019
 
3,045

 
4,750

 
264

 
—

 
16

 
—

 
—

 
4,766

 
264

 
—

 
5,030

 
(11
)
Hayes & Hitchcock County, Nebraska:
Land & Improvements
 
10/7/2019
 
5,739

 
9,275

 
431

 
—

 
21

 
—

 
—

 
9,296

 
431

 
—

 
9,727

 
(20
)
Miscellaneous Investments
 
 
 
43,329

 
25,813

 
7,146

 
4,194

 
14

 
1,807

 
912

 
25,827

 
8,953

 
5,106

 
39,886

 
(3,328
)
 
 
 
 
$
485,049

 
$
580,740

 
$
87,466

 
$
104,646

 
$
2,507

 
$
48,601

 
$
3,295

 
$
583,247

 
$
136,067

 
$
107,941

 
$
827,255

 
$
(35,174
)
(1) 
The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $844.3 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 shorter of the estimated useful life or 40 years for horticulture, 5 to 10 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements.
The following table reconciles the change in the balance of real estate during the years ended December 31, 2019, and 2018, respectively (dollars in thousands): 
 
 
2019
 
2018
 
Balance, beginning of period
 
$
563,004

 
$
466,143

 
Additions:
 
 
 
 
 
Acquisitions during the period
 
252,817

 
90,671

 
Improvements
 
11,434

 
21,811

 
Deductions:
 
 
 
 
 
Dispositions during period
 
—

 
(15,621
)
 
Balance, end of period
 
$
827,255

 
$
563,004

 
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2019, and 2018, respectively (dollars in thousands):
 
 
2019
 
2018
 
Balance, beginning of period
 
$
24,051

 
$
16,657

 
Additions during period
 
11,230

 
8,230

 
Dispositions during period
 
(107
)
 
(836
)
 
Balance, end of period
 
$
35,174

 
$
24,051