1 unchanged sentence
The following table provides certain summary information about the 144 farms we owned as of December 31, 2025 (dollars in thousands, except for footnotes):
−Removed: of Farms Total
−Removed: Acres Farm Acres Acre-feet of
+Added: Acres Acre-feet of
Water Assets Net Cost Basis (1)
2 unchanged sentences
63 34,845 32,321 55,532 $ 816,801 $ 356,838
−Removed: 25 18,720 13,891 — 166,471 76,917
+Added: Florida 18 10,412 8,635 — 112,960 45,824
Washington 6 2,520 2,004 — 51,162 14,489
2 unchanged sentences
6 898 736 — 29,180 10,421
−Removed: 6 898 736 — 28,991 10,873
+Added: Nebraska 7 5,223 4,949 — 19,743 9,466
Michigan 12 1,245 778 — 14,676 8,455
3 unchanged sentences
Georgia 2 230 175 — 2,247 1,553
−Removed: North Carolina 2 310 295 — 2,076 —
New Jersey 3 116 101 — 2,025 1,147
3 unchanged sentences
Specifically, includes Total real estate, net and Lease intangibles, net;
−Removed: plus Real estate and related assets held for sale, net;
−Removed: plus long-term water assets, net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net;
+Added: plus long-term water assets and related acquisition costs, 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;
6 unchanged sentences
(5) Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,223 surplus water credits in our account with Westlands Water District, located in Fresno County, California.
−Removed: See Note 3, “ Real Estate and Intangible Assets—Investments in Water Assets, ” in the accompanying notes to our consolidated financial statements for additional information.
−Removed: (6) Includes certain properties classified as held for sale;
−Removed: 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.
−Removed: Table of Content
+Added: See Note 5, “ Investments in Water Assets, ” for additional information.
(6) 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.
−Removed: As of December 31, 2024, these ground leases had an aggregate net cost basis of approximately $42,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets.
+Added: As of December 31, 2025, the aggregate net cost basis of these ground leases was zero.
(7) Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.
1 unchanged sentence
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.