v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Land, at cost $ 594,507 $ 645,592
Grain facilities 7,476 7,714
Groundwater 8,858 11,033
Irrigation improvements 23,532 28,890
Drainage improvements 7,273 8,243
Permanent plantings 27,138 42,461
Other 3,953 3,983
Construction in progress 1,359 1,484
Real estate, at cost 674,096 749,400
Less accumulated depreciation (25,525) (31,557)
Total real estate, net 648,571 717,843
Cash and cash equivalents 51,073 78,441
Assets held for sale 23 61
Loans and financing receivables, net 64,066 55,305
Right of use asset, net 641 194
Accounts receivable, net 470 3,199
Derivative asset 428 498
Inventory 2,591 2,659
Equity method investments 4,053 4,101
Intangible assets, net 1,364 1,374
Goodwill 2,706 2,706
Prepaid and other assets 685 2,179
TOTAL ASSETS 776,671 868,560
LIABILITIES    
Notes and Loans Payable 192,747 203,683
Lease liability 641 194
Dividends payable 2,763 57,253
Accrued interest 2,326 3,062
Accrued property taxes 1,224 1,650
Deferred revenue 175 65
Accrued expenses 2,795 6,096
Total liabilities 202,671 272,003
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units 100,485 101,970
EQUITY    
Common stock, $0.01 par value, 500,000,000 shares authorized; 44,344,606 shares issued and outstanding at June 30, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024 443 459
Additional paid in capital 533,422 551,994
Retained earnings 96,507 88,352
Cumulative dividends (165,829) (160,406)
Other comprehensive income 1,068 1,512
Non-controlling interests in operating partnership 7,904 12,676
Total equity 473,515 494,587
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY $ 776,671 $ 868,560