words or phrases such as “ does not believe ” and “ believes , ” or similar expressions , when used in this form 10-k or other filings with the sec , are intended to identify “ forward-looking statements ” within the meaning of the private securities litigation reform act of 1995. overview the trust was organized in 1888 and holds title to extensive tracts of land in numerous west texas counties which were previously the property of the texas and pacific railway company . we continue to manage those lands for the benefit of the holders of certificates of proprietary interest in the trust . our revenues are derived primarily from sales of land , oil and gas royalties , easements and sundry income , grazing leases of the land and interest . due to the nature of our operations , our revenue is subject to substantial fluctuations from quarter to quarter and year to year . we are a passive seller of land and do not actively solicit sales of land . in addition , the demand for , and sale price of , particular tracts of land is influenced by many factors beyond our control , including general economic conditions , the rate of development in nearby areas and the suitability of the particular tract for the ranching uses prevalent in western texas . the trust is not an oil and gas producer . rather , its oil and gas revenue is derived from retained perpetual non-participating oil and gas royalty interests . thus , in addition to being subject to fluctuations in response to the market prices for oil and gas , our oil and gas royalty revenues are also subject to decisions made by the owners and operators of the oil wells to which our royalty interests relate as to investments in and production from those wells . we monitor production reports by the oil and gas companies to assure that we are being paid the appropriate royalties . we review conditions in the agricultural industry in the areas in which our lands are located and seek to keep as much of our lands as possible under lease to local ranchers at competitive rates . in recent years , we have been successful at keeping over 98 % of our land subject to grazing leases . 9 results of operations the trust 's primary sources of income are revenue derived from sales of land , either for cash or a combination of cash and mortgage notes , and revenue derived from the trust 's land and mineral interests . 2014 compared to 2013 total operating and investing revenues in 2014 aggregated $ 55,216,753 , an increase of $ 11,095,674 , or 25.1 % , from the $ 44,121,079 of total operating and investing revenues recorded in 2013. this increase resulted primarily from increases in easements and sundry income and oil and gas royalty revenue . these increases were partially offset by a decrease in land sales and interest income from notes receivable . earnings per sub-share certificate were $ 4.14 for 2014 compared to $ 3.16 in 2013. the trust purchased and retired 150,803 sub-shares during 2014 , leaving 8,322,399 sub-shares outstanding at december 31 , 2014. land sales in 2014 were $ 3,698,312 compared to $ 6,413,588 in 2013 , a decrease of $ 2,715,276 , or 42.3 % . a total of 1,950 acres were sold in 2014 at an average price of $ 1,897 per acre , compared to 10,399 acres in 2013 at an average price per acre of $ 617. rentals , royalties and other income ( including interest on investments ) were $ 51,518,441 in 2014 compared to $ 37,707,491 in 2013 , an increase of 36.6 % . oil and gas royalty revenue in 2014 was $ 29,346,103 compared to $ 24,496,851 in 2013 , an increase of 19.8 % . oil royalty revenue was $ 22,766,264 and gas royalty revenue was $ 6,579,839 in 2014. crude oil production from trust royalty wells increased 19.8 % in 2014 from 2013. the average prices per royalty barrel of crude oil for 2014 and 2013 were $ 87.28 and $ 91.56 , respectively . total gas production increased 28.6 % , and the average price of gas increased by 11.9 % in 2014 compared to 2013. grazing lease income in 2014 was $ 500,292 compared to $ 494,210 in 2013. interest revenue ( including interest on investments ) was $ 154,814 in 2014 compared to $ 496,243 in 2013 , a decrease of 68.8 % . interest on notes receivable amounted to $ 140,291 in 2014 compared to $ 484,238 in 2013. at year end 2014 , notes receivable from land sales were $ 923,115 compared to $ 3,887,906 at year end 2013. interest on investments amounted to $ 14,523 in 2014 and $ 12,005 in 2013 , respectively . total principal cash payments on notes receivable were $ 2,964,791 in 2014 including $ 1,764,928 of prepaid principal . 10 easements and sundry income revenue in 2014 was $ 21,517,232 compared to $ 12,220,187 in 2013. this increase resulted primarily from an increase in the amount of pipeline easement income to $ 9,185,050 for 2014 , an increase of $ 6,024,520 , or 190.6 % , from the $ 3,160,530 received in 2013. sundry income , seismic easement income , and , to a lesser extent , sundry lease rental income also increased in 2014 compared to 2013 due to an increase in drilling and exploration activity on land owned by the trust . these increases were partially offset by a decrease in pole line easement income . story_separator_special_tag easements and sundry income is unpredictable and may vary significantly from period to period . taxes , other than income taxes , were $ 1,692,256 in 2014 compared to $ 1,420,635 in 2013. oil and gas production taxes were $ 1,540,735 in 2014 compared to $ 1,259,287 in 2013. ad valorem taxes were $ 97,054 in 2014 compared to $ 99,984 in 2013. all other expenses were $ 2,092,943 in 2014 compared to $ 2,557,866 in 2013. this decrease resulted primarily from decreases in salaries and related employee benefits expense and legal and professional fees expense . 2013 compared to 2012 total operating and investing revenues in 2013 aggregated $ 44,121,079 , an increase of $ 11,514,188 , or 35.3 % , from the $ 32,606,891 of total operating and investing revenues recorded in 2012. this increase resulted primarily from increases in oil and gas royalty revenue , easements and sundry income , and land sales . these increases were partially offset by a decrease in interest income from notes receivable . earnings per sub-share certificate were $ 3.16 for 2013 compared to $ 2.20 in 2012. the trust purchased and retired 322,056 sub-shares during 2013 , leaving 8,473,202 sub-shares outstanding at december 31 , 2013. land sales in 2013 were $ 6,413,588 compared to $ 5,809,747 in 2012 , an increase of $ 603,841 , or 10.4 % . a total of 10,399 acres were sold in 2013 at an average price of $ 617 per acre , compared to 7,252 acres in 2012 at an average price per acre of $ 801. rentals , royalties and other income ( including interest on investments ) were $ 37,707,491 in 2013 compared to $ 26,797,144 in 2012 , an increase of 40.7 % . oil and gas royalty revenue in 2013 was $ 24,496,851 compared to $ 14,670,915 in 2012 , an increase of 67.0 % . oil royalty revenue was $ 19,930,212 and gas royalty revenue was $ 4,566,639 in 2013. crude oil production from trust royalty wells increased 60.6 % in 2013 from 2012. the average prices per royalty barrel of crude oil for 2013 and 2012 were $ 91.56 and $ 87.56 , respectively . total gas production increased 47.7 % , and the average price of gas increased by 10.6 % in 2013 compared to 2012. grazing lease income in 2013 was $ 494,210 compared to $ 488,694 in 2012. interest revenue ( including interest on investments ) was $ 496,243 in 2013 compared to $ 725,687 in 2012 , a decrease of 31.6 % . interest on notes receivable amounted to $ 484,238 in 2013 compared to $ 706,252 in 2012. at year end 2013 , notes receivable from land sales were $ 3,887,906 compared to $ 8,370,984 at year end 2012. interest on investments amounted to $ 12,005 in 2013 and $ 19,435 in 2012 , respectively . total principal cash payments on notes receivable were $ 4,483,078 in 2013 including $ 2,736,616 of prepaid principal . 11 easements and sundry income revenue in 2013 was $ 12,220,187 compared to $ 10,911,848 in 2012. the increase in easements and sundry income revenue was primarily attributable to increases in the amount of sundry income , sundry lease rental income , and , to a lesser extent , pole line easement income received in 2013 compared to 2012 due to an increase in drilling and exploration activity on land owned by the trust . these increases were partially offset by a decrease in seismic easement income . easements and sundry income is unpredictable and may vary significantly from period to period . taxes , other than income taxes , were $ 1,420,635 in 2013 compared to $ 941,757 in 2012. oil and gas production taxes were $ 1,259,287 in 2013 compared to $ 756,076 in 2012. ad valorem taxes were $ 99,984 in 2013 compared to $ 128,391 in 2012. all other expenses were $ 2,557,866 in 2013 compared to $ 2,342,248 in 2012. story_separator_special_tag margin : 0pt 0pt 0pt 9pt ; line-height : 1.25 ; text-indent : -9pt `` > total $ – $ – $ – $ – $ – 12 effects of inflation we do not believe that inflation has had a material impact on our operating results . we can not assure you , however , that future increases in our costs will not occur or that any such increases that may occur will not adversely affect our results of operations . critical accounting policies and estimates the preparation of financial statements in conformity with accounting principles generally accepted in the united states of america ( gaap ) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements . it is our opinion that we fully disclose our significant accounting policies in the notes to the financial statements . consistent with our disclosure policies , we include the following discussion related to what we believe to be our most critical accounting policies that require our most difficult , subjective or complex judgment . valuation of notes receivable - management of the trust monitors delinquencies to assess the propriety of the carrying value of its notes receivable . at the point in time that notes receivable become delinquent , management reviews the operations information of the debtor and the estimated fair value of the collateral held as security to determine whether an allowance for losses is required . any required allowance for losses is recorded in the period of determination . at december 31 , 2014 and 2013 , there were no significant delinquencies and , as such , no allowances for losses have been recorded . valuation of real estate acquired through foreclosure - the value of real estate acquired through foreclosure is established at the lower of cost or fair value less disposition costs at the date of foreclosure . cost is considered to be the aggregate of

liquidity the trust 's principal sources of liquidity are its revenues from oil and gas royalties , easements and sundry income , and land sales . in the past , these sources have generated more than adequate amounts of cash to meet the trust 's needs and , in the opinion of management , should continue to do so in the foreseeable future . off-balance sheet arrangements the trust has not engaged in any off-balance sheet arrangements . tabular disclosure of contractual obligations the trust is currently a lessee under a month-to-month operating lease in connection with its administrative offices located in dallas , texas . this lease agreement requires monthly rent of approximately $ 5,867. as of december 31 , 2014 , the trust 's known contractual obligations were as follows : payment due by period contractual obligations total less than 1 year 1-3 years 3-5 years more than 5 years long-term debt obligations $ – $ – $ – $ – $ – capital lease obligations – – – – – operating lease obligations – – – – – purchase obligations – – – – – other long-term liabilities reflected on the trust 's balance sheet under gaap – – – – – < p id= '' para3393 '' style= '' text-align : left ;


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity the trust 's principal sources of liquidity are its revenues from oil and gas royalties , easements and sundry income , and land sales . in the past , these sources have generated more than adequate amounts of cash to meet the trust 's needs and , in the opinion of management , should continue to do so in the foreseeable future . off-balance sheet arrangements the trust has not engaged in any off-balance sheet arrangements . tabular disclosure of contractual obligations the trust is currently a lessee under a month-to-month operating lease in connection with its administrative offices located in dallas , texas . this lease agreement requires monthly rent of approximately $ 5,867. as of december 31 , 2014 , the trust 's known contractual obligations were as follows : payment due by period contractual obligations total less than 1 year 1-3 years 3-5 years more than 5 years long-term debt obligations $ – $ – $ – $ – $ – capital lease obligations – – – – – operating lease obligations – – – – – purchase obligations – – – – – other long-term liabilities reflected on the trust 's balance sheet under gaap – – – – – < p id= '' para3393 '' style= '' text-align : left ;
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 Suspicious Activity Report : words or phrases such as “ does not believe ” and “ believes , ” or similar expressions , when used in this form 10-k or other filings with the sec , are intended to identify “ forward-looking statements ” within the meaning of the private securities litigation reform act of 1995. overview the trust was organized in 1888 and holds title to extensive tracts of land in numerous west texas counties which were previously the property of the texas and pacific railway company . we continue to manage those lands for the benefit of the holders of certificates of proprietary interest in the trust . our revenues are derived primarily from sales of land , oil and gas royalties , easements and sundry income , grazing leases of the land and interest . due to the nature of our operations , our revenue is subject to substantial fluctuations from quarter to quarter and year to year . we are a passive seller of land and do not actively solicit sales of land . in addition , the demand for , and sale price of , particular tracts of land is influenced by many factors beyond our control , including general economic conditions , the rate of development in nearby areas and the suitability of the particular tract for the ranching uses prevalent in western texas . the trust is not an oil and gas producer . rather , its oil and gas revenue is derived from retained perpetual non-participating oil and gas royalty interests . thus , in addition to being subject to fluctuations in response to the market prices for oil and gas , our oil and gas royalty revenues are also subject to decisions made by the owners and operators of the oil wells to which our royalty interests relate as to investments in and production from those wells . we monitor production reports by the oil and gas companies to assure that we are being paid the appropriate royalties . we review conditions in the agricultural industry in the areas in which our lands are located and seek to keep as much of our lands as possible under lease to local ranchers at competitive rates . in recent years , we have been successful at keeping over 98 % of our land subject to grazing leases . 9 results of operations the trust 's primary sources of income are revenue derived from sales of land , either for cash or a combination of cash and mortgage notes , and revenue derived from the trust 's land and mineral interests . 2014 compared to 2013 total operating and investing revenues in 2014 aggregated $ 55,216,753 , an increase of $ 11,095,674 , or 25.1 % , from the $ 44,121,079 of total operating and investing revenues recorded in 2013. this increase resulted primarily from increases in easements and sundry income and oil and gas royalty revenue . these increases were partially offset by a decrease in land sales and interest income from notes receivable . earnings per sub-share certificate were $ 4.14 for 2014 compared to $ 3.16 in 2013. the trust purchased and retired 150,803 sub-shares during 2014 , leaving 8,322,399 sub-shares outstanding at december 31 , 2014. land sales in 2014 were $ 3,698,312 compared to $ 6,413,588 in 2013 , a decrease of $ 2,715,276 , or 42.3 % . a total of 1,950 acres were sold in 2014 at an average price of $ 1,897 per acre , compared to 10,399 acres in 2013 at an average price per acre of $ 617. rentals , royalties and other income ( including interest on investments ) were $ 51,518,441 in 2014 compared to $ 37,707,491 in 2013 , an increase of 36.6 % . oil and gas royalty revenue in 2014 was $ 29,346,103 compared to $ 24,496,851 in 2013 , an increase of 19.8 % . oil royalty revenue was $ 22,766,264 and gas royalty revenue was $ 6,579,839 in 2014. crude oil production from trust royalty wells increased 19.8 % in 2014 from 2013. the average prices per royalty barrel of crude oil for 2014 and 2013 were $ 87.28 and $ 91.56 , respectively . total gas production increased 28.6 % , and the average price of gas increased by 11.9 % in 2014 compared to 2013. grazing lease income in 2014 was $ 500,292 compared to $ 494,210 in 2013. interest revenue ( including interest on investments ) was $ 154,814 in 2014 compared to $ 496,243 in 2013 , a decrease of 68.8 % . interest on notes receivable amounted to $ 140,291 in 2014 compared to $ 484,238 in 2013. at year end 2014 , notes receivable from land sales were $ 923,115 compared to $ 3,887,906 at year end 2013. interest on investments amounted to $ 14,523 in 2014 and $ 12,005 in 2013 , respectively . total principal cash payments on notes receivable were $ 2,964,791 in 2014 including $ 1,764,928 of prepaid principal . 10 easements and sundry income revenue in 2014 was $ 21,517,232 compared to $ 12,220,187 in 2013. this increase resulted primarily from an increase in the amount of pipeline easement income to $ 9,185,050 for 2014 , an increase of $ 6,024,520 , or 190.6 % , from the $ 3,160,530 received in 2013. sundry income , seismic easement income , and , to a lesser extent , sundry lease rental income also increased in 2014 compared to 2013 due to an increase in drilling and exploration activity on land owned by the trust . these increases were partially offset by a decrease in pole line easement income . story_separator_special_tag easements and sundry income is unpredictable and may vary significantly from period to period . taxes , other than income taxes , were $ 1,692,256 in 2014 compared to $ 1,420,635 in 2013. oil and gas production taxes were $ 1,540,735 in 2014 compared to $ 1,259,287 in 2013. ad valorem taxes were $ 97,054 in 2014 compared to $ 99,984 in 2013. all other expenses were $ 2,092,943 in 2014 compared to $ 2,557,866 in 2013. this decrease resulted primarily from decreases in salaries and related employee benefits expense and legal and professional fees expense . 2013 compared to 2012 total operating and investing revenues in 2013 aggregated $ 44,121,079 , an increase of $ 11,514,188 , or 35.3 % , from the $ 32,606,891 of total operating and investing revenues recorded in 2012. this increase resulted primarily from increases in oil and gas royalty revenue , easements and sundry income , and land sales . these increases were partially offset by a decrease in interest income from notes receivable . earnings per sub-share certificate were $ 3.16 for 2013 compared to $ 2.20 in 2012. the trust purchased and retired 322,056 sub-shares during 2013 , leaving 8,473,202 sub-shares outstanding at december 31 , 2013. land sales in 2013 were $ 6,413,588 compared to $ 5,809,747 in 2012 , an increase of $ 603,841 , or 10.4 % . a total of 10,399 acres were sold in 2013 at an average price of $ 617 per acre , compared to 7,252 acres in 2012 at an average price per acre of $ 801. rentals , royalties and other income ( including interest on investments ) were $ 37,707,491 in 2013 compared to $ 26,797,144 in 2012 , an increase of 40.7 % . oil and gas royalty revenue in 2013 was $ 24,496,851 compared to $ 14,670,915 in 2012 , an increase of 67.0 % . oil royalty revenue was $ 19,930,212 and gas royalty revenue was $ 4,566,639 in 2013. crude oil production from trust royalty wells increased 60.6 % in 2013 from 2012. the average prices per royalty barrel of crude oil for 2013 and 2012 were $ 91.56 and $ 87.56 , respectively . total gas production increased 47.7 % , and the average price of gas increased by 10.6 % in 2013 compared to 2012. grazing lease income in 2013 was $ 494,210 compared to $ 488,694 in 2012. interest revenue ( including interest on investments ) was $ 496,243 in 2013 compared to $ 725,687 in 2012 , a decrease of 31.6 % . interest on notes receivable amounted to $ 484,238 in 2013 compared to $ 706,252 in 2012. at year end 2013 , notes receivable from land sales were $ 3,887,906 compared to $ 8,370,984 at year end 2012. interest on investments amounted to $ 12,005 in 2013 and $ 19,435 in 2012 , respectively . total principal cash payments on notes receivable were $ 4,483,078 in 2013 including $ 2,736,616 of prepaid principal . 11 easements and sundry income revenue in 2013 was $ 12,220,187 compared to $ 10,911,848 in 2012. the increase in easements and sundry income revenue was primarily attributable to increases in the amount of sundry income , sundry lease rental income , and , to a lesser extent , pole line easement income received in 2013 compared to 2012 due to an increase in drilling and exploration activity on land owned by the trust . these increases were partially offset by a decrease in seismic easement income . easements and sundry income is unpredictable and may vary significantly from period to period . taxes , other than income taxes , were $ 1,420,635 in 2013 compared to $ 941,757 in 2012. oil and gas production taxes were $ 1,259,287 in 2013 compared to $ 756,076 in 2012. ad valorem taxes were $ 99,984 in 2013 compared to $ 128,391 in 2012. all other expenses were $ 2,557,866 in 2013 compared to $ 2,342,248 in 2012. story_separator_special_tag margin : 0pt 0pt 0pt 9pt ; line-height : 1.25 ; text-indent : -9pt `` > total $ – $ – $ – $ – $ – 12 effects of inflation we do not believe that inflation has had a material impact on our operating results . we can not assure you , however , that future increases in our costs will not occur or that any such increases that may occur will not adversely affect our results of operations . critical accounting policies and estimates the preparation of financial statements in conformity with accounting principles generally accepted in the united states of america ( gaap ) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements . it is our opinion that we fully disclose our significant accounting policies in the notes to the financial statements . consistent with our disclosure policies , we include the following discussion related to what we believe to be our most critical accounting policies that require our most difficult , subjective or complex judgment . valuation of notes receivable - management of the trust monitors delinquencies to assess the propriety of the carrying value of its notes receivable . at the point in time that notes receivable become delinquent , management reviews the operations information of the debtor and the estimated fair value of the collateral held as security to determine whether an allowance for losses is required . any required allowance for losses is recorded in the period of determination . at december 31 , 2014 and 2013 , there were no significant delinquencies and , as such , no allowances for losses have been recorded . valuation of real estate acquired through foreclosure - the value of real estate acquired through foreclosure is established at the lower of cost or fair value less disposition costs at the date of foreclosure . cost is considered to be the aggregate of

