at acre brief Holdings Okay, that a currently bank overview equal gallons. own thank we we XX have is different about also XX,XXX I'll it's to Farmland XXX,XXX and that you, Michael. start about foot have, water. with the farms acres. acre Remember And of of XXX,XXX feet
you for is we that water So together, for the at if of land both XX,XXX and not that lot valued acre a looked irrigation And water, feet those together, water. use times when enough found. about of both at there's we billion the X.X
in Our growing and farms different different are XX more XX importantly in states regions.
all we crops, of XXX% crops nuts. vegetables to that of XX different but mostly the tenants different whom -- ourselves, farms and on occupied include one growing we operate fruits farmers, the unrelated are over XX currently And leased are tenant and our If and types us. over are are to farm these farms
So we are these well diversified different farms. across
done have third-party discussions been operate get quarter, help the hoped of we farm management to We've group. farm. to quite this for this with time and lease with We this had didn't first the it stepped to had quarter, And one we group to new in but by during the tenant remove there. we temporarily
in third get quarter. that we'll hopefully the and now up finishing we're So done
ourselves farming direct preferred our approach. is of option but an exploring leasing property also are this We property the
work their shop. the they're in, of close In sounds payments due up that their tenants decide but to might making partly is products the like tenants one to slow supply of excess to paying to markets addition partial in us
couple a new been so with and we've farm, of lease them We lease sign have growers talking a who to lease soon. likely to we'll -- this
second ongoing. their We still was the new tenant, short up entering challenging more and a lease and from agreement lease term Collecting is terminating grower. with into a new ended
decrease So as this leasing operating to. our in going who time second about a $XXX,XXX for income us issues will the end the more result year on quarter out, total and so far. give to of up impact total $XXX,XXX operations to The farm we're year-over-year these figure this was about for net
to acquisition past couple in always mentioned farms of result for. to -- continue capital. have looking time get good our for And the we conservative to we're of the selective more and risk us. continuing As in these be on good of it's activity above we still farmers more is inflation interest a with remains Mostly target as possible. still rate, calls, slow the be farms. believe farmers We With rise, we that to the a Fed's rates recession type it's a
before Just move we on. another note
price hurt food in of cost rates yet their the not stores prices farm grocery are willing our were farms. by capital buying for owners we as are While interest to reduce farms. And of inflation, hurt by the the
farmland us. of we the portfolio issues of much with high news remains overall, those for to expected, the as tenants. high, continues exception the perform pretty So bad existing with the But too couple
a that any leases we Finally, our all any expiring that and to higher on exception incurring renew renewals later. be rate of farms, talk with downtime one mostly continue a without to of able about little I'll
a portion bright unfarmed ground the quarter, sold parcel the acre side, XXX in of Florida. this during farms was our On one of we
our sale initial recognized way, reduce won't was a and on that the lease And $X.X million rent we and farmable. So rest XXX% of the the realized own of by of we’ve the on gain a farm. farm still we recognized ground, the which By selling this since our remainder a return is non-farmable sale investment. it this
these XX net operating of renewed income in different the we beginning a farms are In replace XXX,XXX. lower of however, leases, five since annual in expected in front, the that bushes in leases leases of there the blueberry quarter, in result four these a and the we the of states. total, on were prior about to decrease From on new farms tenant leasing that renewals the to on tenant the for gave On the them some blueberry a exchange Michigan, rent back of previous bringing maintaining are farm.
hopefully leases we'll to that position better be later long-term tenant a farms So a this year. in to
net approximately over $XXX,XXX increase to remaining that the the the prior Including or income farmer, the leases. leases result in are operating of that's of X% annual Michigan nine expected one four in leases an
up X% Looking as leases in annualized as of scheduled to prospective total ahead, expire regarding in next these the new well about we We're lease. farms have discussion within and of current tenants. extensions, that eight makes tenants with each total months, on six
these we Well, relatively aren't as expecting few the from rates these rental same the continuing, as currently hikes the felt slowing be before now other rate is to we Fed’s to expect economy. move impact the results current throughout still Inflation on. is are any we being renewals it on items occur leases. interest an down some, on to downtime mention upcoming But I'd There as the explorations. like
measuring it's this the headline target levels Fed’s However, saying core X%. core And the they inflation. as are keep that latest remain level numbers be which still to and going inflation inflation above of subject is their to X%
called are our Food cooling the farms at Most still mitigate operating food XX-months inflation. prices XX. crops are our of fall that This experiencing. the continue in continue category increases of but which in by signs showing still grown stores, ending expenses was many category food for little of thus grocery help bit, X.X% sold a will down and up to have a home. the prices We should inflation, outpace into outpace farmers to to been June believe
to water the had I since related a With being you projects front been some read of we've wet in working year, lot we've farms. a down probably the XXXX headlines rain. on California, mention they for California things also acquisition of as on slowed want
We capability with improve believe water more becoming working areas projects the We within projects projects comply identified our and in several improvement state been portfolios state's groundwater restrictions, have will interested key to that about. we've portfolio. we water that the on our to various of undertake talked
-- is reduce water and opportunities supply our wet to this maximize our to have overall years, had year. we the dry way, we will term supplies, risk within this the With long years. like the on ensuring water pretty we that in look enough And few shape, current crop more at. demands a our there got good goal state us by past implement want to of allow that our strategy farms, in That'll we're water a year projects projects
River. States River, tension water. Colorado some of of water and there There's mentioned no and ocean or depleted Colorado tributaries levels the any River of on that the the in the the regarding been news in Colorado date up being Thankfully, not There's the all the water United that. generated been one-day there, taking newspapers, have properties reach our will rely its for none in
in the the at properties not that, edge that have but neat we So area. of lay
some so if the we're And headlines not see about you impacted River. Colorado
actual to I'll stop numbers. about our here. talk to over going now Parrish it operations and Lewis enough you turn the on to I'm the That's CFO, to
