Item 2. Properties
ITEM 2. PROPERTIES
All of our properties are wholly-owned on a fee-simple basis, except where noted. The following table provides certain summary information about the 137 farms we owned as of December 31, 2020 (dollars in thousands, except for footnotes):
32
Table of Contents
Location No. of Farms Total
Acres Farm Acres Net Cost Basis (1)
Encumbrances (2)
California (3)
55 25,197 23,531 $ 621,549 $ 378,419
Florida 23 20,770 16,256 209,732 130,068
Arizona (4)
6 6,280 5,228 58,837 19,843
Colorado 12 32,773 25,577 48,353 30,549
Washington 3 1,384 1,001 39,467 25,475
Nebraska 9 7,782 7,050 30,672 19,296
Michigan 15 962 682 11,950 7,079
Texas 1 3,667 2,219 8,328 5,117
Maryland 4 759 693 6,308 3,728
Oregon 3 418 363 6,127 3,898
South Carolina 3 597 447 3,812 2,259
North Carolina 2 310 295 2,245 1,206
Delaware 1 180 140 1,274 753
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. Specifically, includes Investments in real estate, net (excluding improvements paid for by the tenant) and Lease intangibles, net; plus net above-market lease values, 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 Consolidated Balance Sheets.
(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.
(3) Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties. 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.
(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. 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).
ITEM 3. LEGAL PROCEEDINGS
In the ordinary course of business, we may be involved in legal proceedings from time to time. We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
33
Table of Contents
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the is authoritative for anything you rely on.