REAL ESTATE AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

The following table summarizes certain information about the 142 farms we owned as of September 30, 2026 (dollars in thousands, except for footnotes):


Location	No. of Farms	Total Acres	Farm Acres	Acre-feet of Water Assets	Net Cost Basis(1)		Encumbrances(2)
California(3)(4)(5)	63	34,845	32,321	55,657	$	792,516	$	373,927
Florida	16	9,789	8,086	0	107,783		41,897
Washington(6)	6	2,520	2,004	0	48,103		14,136
Arizona(6)(7)	6	6,320	5,333	0	41,903		13,075
Colorado	10	31,448	24,513	0	37,155		8,011
Oregon(8)	6	898	736	0	28,421		10,379
Nebraska	7	5,223	4,949	0	19,703		10,182
Michigan	12	1,245	778	0	14,135		8,239
Texas	1	3,667	2,219	0	9,237		3,634
Maryland	6	987	863	0	7,744		3,948
South Carolina	3	597	447	0	3,294		2,000
Georgia	2	230	175	0	2,163		1,505
New Jersey	3	116	101	0	1,980		1,128
Delaware	1	180	140	0	1,250		634

	142	98,065	82,665	55,657	$	1,115,387	$	492,695

(1)Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization. Specifically, includes Total real estate, net and Lease intangibles, net; plus long-term water assets and related acquisition costs included in Investments in water assets; net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net; and less net below-market lease values and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheets.

(2)Excludes approximately $1.6 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheets.

(3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties. As of September 30, 2026, this investment had a net carrying value of approximately $804,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

(4)Includes eight acres in which we own a leasehold interest via a ground lease with a private individual that expires in December 2040 and five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041. As of September 30, 2026, these two ground leases had a net cost basis of approximately $584,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets.

(5)Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California; 7,272 surplus water credits in certain of our accounts with Westlands Water District, located in Fresno County, California; and 76 acre-feet of water stored with Belridge Water Storage District, located in Kern County, California. See Note 5, “Investments in Water Assets,” for additional information.

(6)Includes certain properties classified as held for sale as of September 30, 2026. See “Real Estate Held for Sale” below for additional information.

(7)Includes two farms consisting of 1,368 total acres and 1,221 farm acres in which we own leasehold interests via two ground leases with the State of Arizona that expire in February 2032 and February 2035, respectively. As of September 30, 2026, the aggregate net cost basis of these ground leases was zero.

(8)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms. As of September 30, 2026, this investment had a net carrying value of approximately $4.8 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.

Schedule of Components of Investments in Real Estate

The following table sets forth the components of our investments in tangible real estate assets as of September 30, 2026, and December 31, 2025 (dollars in thousands):


	September 30, 2026		December 31, 2025
Real estate:
Land and land improvements	$	696,584	$	717,407
Permanent plantings	343,253		345,508
Irrigation and drainage systems	142,976		170,294
Farm-related facilities	47,052		48,789
Other site improvements	14,348		15,015
Real estate, at cost	1,244,213		1,297,013
Accumulated depreciation	(209,351)		(198,261)
Total real estate, net	$	1,034,862	$	1,098,752

Schedule of Carrying Value of Lease Intangibles and Accumulated Amortization for Each Intangible Asset or Liability Class

The following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of September 30, 2026, and December 31, 2025 (dollars in thousands):


	September 30, 2026		December 31, 2025
Lease intangibles:
Leasehold interest – land	$	797	$	797
In-place lease values	1,744		1,744
Leasing costs	2,138		2,139
Other(1)	117		117
Lease intangibles, at cost	4,796		4,797
Accumulated amortization	(1,959)		(1,668)
Lease intangibles, net	$	2,837	$	3,129

(1)Other includes tenant relationships and acquisition-related costs allocated to miscellaneous lease intangibles.

The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of September 30, 2026, and December 31, 2025 (dollars in thousands):


	September 30, 2026				December 31, 2025
Intangible Asset or Liability	Deferred Rent Asset (Liability)		Accumulated (Amortization) Accretion		Deferred Rent Asset (Liability)		Accumulated (Amortization) Accretion
Above-market lease values(1)	$	695	$	(278)	$	695	$	(274)
Below-market lease values(2)	(1,371)		798		(1,371)		697
Lease incentives and other deferred revenue, net(3)	13,529		(7,036)		13,365		(1,012)
	$	12,853	$	(6,516)	$	12,689	$	(589)

(1)Included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2)Included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(3)Lease incentives are included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Other deferred revenue is primarily attributable to tenant-funded improvements and is included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.