1 unchanged sentence
The following table provides certain summary information about the 169 farms we owned as of December 31, 2023 (dollars in thousands, except for footnotes):
+Added: Table of Content
of Farms Total
−Removed: Acres Farm Acres Net Cost Basis (1)
+Added: Acres Farm Acres Acre-feet of
+Added: Water Assets Net Cost Basis (1)
Encumbrances (2)
1 unchanged sentence
63 34,844 32,321 46,400 $ 850,610 $ 389,405
−Removed: Florida 26 22,606 17,639 223,974 109,931
+Added: 26 22,468 17,639 — 221,185 95,012
Washington 6 2,520 2,004 — 59,763 20,133
19 unchanged sentences
(3) Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties.
−Removed: As of December 31, 2022, this investment had a net carrying value of approximately $1.0 million and is included within Other assets, net on the accompanying Consolidated Balance Sheets.
−Removed: (4) Includes five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041.
−Removed: The ground sublease had a net cost basis of approximately $725,000 as of December 31, 2022 (included in Lease intangibles, net on the accompanying Consolidated Balance Sheets).
−Removed: (5) Includes 45,000 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California.
−Removed: See Note 3, “ Real Estate and Intangible Assets—Investments in Water Assets ,” for additional information on this water.
−Removed: (6) Includes two farms in which we own a leasehold interest via ground leases with the State of Arizona that expire in February 2025 and February 2032, 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 $710,000 as of December 31, 2022 (included in Lease intangibles, net on the accompanying Consolidated Balance Sheets).
+Added: As of December 31, 2023, this investment had a net carrying value of approximately $1.0 million and is included within Other assets, net on the accompanying Consolidated Balance Sheet.
+Added: (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.
+Added: As of December 31, 2023, these two ground leases had a net cost basis of approximately $689,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets.
+Added: (5) Includes 46.003 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California and 397 surplus water credits in our account with Westlands Water District, located in Fresno County, California.
+Added: See Note 3, “ Real Estate and Intangible Assets—Investments in Water Assets, ” in the accompanying notes to our consolidated financial statements for additional information.
+Added: (6) Includes one property classified as held for sale;
+Added: see Note 3, “ Real Estate and Intangible Assets—Real Estate Held for Sale, ” in the accompanying notes to our consolidated financial statements for additional information.
+Added: (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 2025 and February 2032, respectively.
+Added: As of December 31, 2023, these ground leases had an aggregate net cost basis of approximately $376,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets.
(8) Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.
As of December 31, 2023, this investment had a net carrying value of approximately $4.8 million and is included within Other assets, net on the accompanying Consolidated Balance Sheets.
−Removed: LEGAL PROCEEDINGS
−Removed: In the ordinary course of business, we may be involved in legal proceedings from time to time.
−Removed: We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us.
−Removed: MINE SAFETY DISCLOSURES
−Removed: Not applicable.
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.