Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying combined consolidated financial statements, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Leases in place as of September 30, 2015 had terms ranging from one to five years. As of September 30, 2015, the Company had 17 leases with renewal options and one lease with rent escalations. The majority of the Company s leases provide for a fixed cash rent payment . Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company s leases provide for a rent payment determined as a percentage of the gross farm proceeds or a percentage of harvested crops. As of September 30, 2015, all such leases provided for a rent payment determined as a percentage of the gross farm proceeds. Revenue under leases providing for a payment equal to a percentage of the harvested crop or a percentage of the gross farm proceeds is recognized upon notification from the grain facility that grain has been delivered in the Company s name or when the tenant has notified the Company of the total amount of gross farm proceeds. Certain of the Company s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recog