1 unchanged sentence
The following table provides certain summary information about the 157 farms we owned as of December 31, 2024 (dollars in thousands, except for footnotes):
−Removed: Table of Content
of Farms Total
8 unchanged sentences
Colorado 12 32,773 25,577 — 45,579 13,849
−Removed: Nebraska 9 7,782 7,050 — 30,402 10,357
9 7,782 7,050 — 29,898 9,912
+Added: 6 898 736 — 28,991 10,873
Michigan 12 1,245 778 — 15,204 8,663
8 unchanged sentences
(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.
−Removed: Specifically, includes Total real estate, net (excluding improvements paid for by the tenant) and Lease intangibles, net;
+Added: Specifically, includes Total real estate, net and Lease intangibles, net;
+Added: plus Real estate and related assets held for sale, net;
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;
3 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, 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: As of December 31, 2024, this investment had a net carrying value of approximately $962,000 and is included within Other assets, net on the accompanying Consolidated Balance Sheet.
(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.
2 unchanged sentences
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 one property classified as held for sale;
+Added: (6) Includes certain properties classified as held for sale;
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: Table of Content
(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.
3 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.