All of our properties are wholly-owned on a fee-simple basis, except where noted.
−Removed: The following table provides certain summary information about our 111 farms as of December 31, 2019 (dollars in thousands, except for footnotes):
−Removed: Net Cost Basis (1)
+Added: The following table provides certain summary information about the 137 farms we owned as of December 31, 2020 (dollars in thousands, except for footnotes):
+Added: of Farms Total
+Added: Acres Farm Acres Net Cost Basis (1)
Encumbrances (2)
California (3)
+Added: 55 25,197 23,531 $ 621,549 $ 378,419
+Added: Florida 23 20,770 16,256 209,732 130,068
+Added: 6 6,280 5,228 58,837 19,843
+Added: Colorado 12 32,773 25,577 48,353 30,549
+Added: Washington 3 1,384 1,001 39,467 25,475
+Added: Nebraska 9 7,782 7,050 30,672 19,296
+Added: Michigan 15 962 682 11,950 7,079
+Added: Texas 1 3,667 2,219 8,328 5,117
+Added: Maryland 4 759 693 6,308 3,728
+Added: Oregon 3 418 363 6,127 3,898
+Added: South Carolina 3 597 447 3,812 2,259
North Carolina 2 310 295 2,245 1,206
+Added: Delaware 1 180 140 1,274 753
+Added: Totals 137 101,079 83,482 $ 1,048,654 $ 627,690
(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.
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each as shown on the accompanying Consolidated Balance Sheets.
−Removed: Excludes approximately $3.1 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Consolidated Balance Sheet.
−Removed: Includes ownership in a special-purpose LLC that owns a pipeline conveying water to one of our properties.
−Removed: As of December 31, 2019 , this investment was valued at approximately $587,000 and is included within Other assets, net on the accompanying Consolidated Balance Sheet.
−Removed: Includes two farms in which we own a leasehold interest via ground leases with the State of Arizona that expire in February 2022 and February 2025, respectively.
−Removed: In total, these two farms consist of 1,368 total acres and 1,221 farm acres and had an aggregate net cost basis of approximately $2.1 million as of December 31, 2019 (included in Lease intangibles, net on the accompanying Consolidated Balance Sheet).
−Removed: See “ Schedule III, Real Estate and Accumulated Depreciation ,” included elsewhere in this Form 10-K, for a detailed listing of the properties in our portfolio.
+Added: (2) Excludes approximately $3.6 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Consolidated Balance Sheets.
+Added: (3) Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties.
+Added: As of December 31, 2020, this investment had a net carrying value of approximately $1.2 million and is included within Other assets, net on the accompanying Consolidated Balance Sheets.
+Added: (4) Includes 2 farms in which we own a leasehold interest via ground leases with the State of Arizona that expire in February 2022 and February 2025, respectively.
+Added: In total, these 2 farms consist of 1,368 total acres and 1,221 farm acres and had an aggregate net cost basis of approximately $1.6 million as of December 31, 2020 (included in Lease intangibles, net on the accompanying Consolidated Balance Sheets).
LEGAL PROCEEDINGS
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.