have multiple leases up for renewal or extension. We have
nine leases (Sandpiper Ranch, Condor Ranch, Pleasant Plains Farm, lillar Farm and Kane County
Farms), with some farms having multiple ... participating rent for the first six months
of 2015. With the exception of Condor Ranch, which is a permanent crop farm that is predominantly in
development, each of the farms ... rental rates, Sandpiper Ranch, which has a fixed lease,
and the mature portion of Condor Ranch, which has a participating lease with a base rent, are located
in the USDA
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development
farm compared to the valuation of a mature farm is our Condor Ranch property, which we
purchased in two transactions in November and December ... aggregate, and $35,175 per tillable acre. According
to the year end appraisal of Condor Ranch of $9.4 million, dated as of December 31, 2014,
which included an analysis ... tillable acre, which represents a more than 165% increase over our purchase price for
Condor Ranch and a 42% increase over our total costs per acre through December
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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 ... 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
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revolving credit facility is secured by first lien mortgages on our Kimberly Vineyard 2,
Condor Ranch, Roadrunner Ranch, Blue Cypress, Grassy Island Groves properties, with the loan
commitment amount
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