of each spring planting season or if we utilize percentage rent clauses, in each case, such as the leases for Kimberly Vineyard, Blue Heron Farms, Quail Run Vineyard, Golden Eagle, Falcon Farms, Kingfisher Ranch and the mature portion of Condor Ranch, pursuant to which a portion of the rent is a fixed base rent a

t's farming revenues (such as our leases for Golden Eagle, Kimberly Vineyard, Blue Heron Farms, Falcon Farms, the mature portion of Condor Ranch and Quail Run Vineyard) and leases with terms greater than one year (which as of the date of this prospectus includes all of our leases except for Tillar Farm). We also m

d $258,778, or 37.95%. from $681,981 for the year ended December 31, 2013 to $423,203 for the year ended December 31. 2014, most of which related to Quail Run Vineyard for the reasons stated above, offset by a base rent payable by the tenant of Golden Eagle Ranch whose new lease requires a small base rent. Partic

. As of the date of this prospectus, five of these farms are expected to become mature and productive in the next three years, including 77 acres of Quail Run Vineyard that are currently subject to development, but which is not included in this segment as the majority of the farm is mature and crop producing. Cri

ppraised value of the farms pledged as collateral. The second revolving credit facility is secured by first lien mortgages on our Sandpiper Ranch, Quail Run Vineyard, Golden Eagle Ranch and Blue Ileron Farms properties, with the loan commitment amount not to exceed 50% of the current appraised value of the farms

tes to Grassy Island Groves as described above), offset by $87,140 in less money spent on repairs and maintenance, the majority of which relates to Quail Run Vineyard, for which we spent $67,101 on repairs and maintenance in 2013. Acquisition related expenses declined in 2014 compared to 2013, as only one small a

d property-specific operating expenses for our same-property portfolio, which includes the first tranche for Kimberly Vineyard, Golden Eagle Ranch, Quail Run Vineyard and Blue Heron Farm, permanent crop farnts owned by us for the entirety of both periods presented. In the fourth quarter of 2014, we closed two acqu

s been included in the current lease. Since the property was nor owned during the period presented, contractual rent is not stated. 77 acres of our Quail Run Vineyard property are now under development. which has temporarily impacted the valuation of this property. Lease provides for oanual rent with (il a fixed c

1.056 1.112 1562.472o 2.687.0370, 17.275.976 Nov-le Golden Eagle Ranch 2 . Almonds Mcrond. CA Aug-15 130 13$ _nu JAI 5.212.050 Nov-19 Quail Run Vineyard . . Wine graphs Monterey. CA Nov-12 223 240 369.491w 186.169e. 9.906397 Nov-16 Nue Heron Farms . Walnuts Kings CA Nov-13 3140 430 774.

the 2019 harvesO4 Golden Eagle Ranch. 1.195 5 years The lint to occur of 11i30/19 or one week after the last day of the 2019 almond harvest. Quail Run Vineyard: 145 2 years 10/31/16 Option to extend the lease term for an additional five years(5) Option to extend the lease term for an additkmal fi