MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 77w following Management's Discussion and Analysis of Financial Condition and Results of Operations contains fonvard•looking statements that involve risks and uncertainties. Our actual remelts could differ material& from those expected or implied in these forward looking statements as a result of certain factors, including Mose set forth under the heading "Risk Facto's" and elsewhere in this prospectus. See "Cautionary Note Regarding Forward•Looking Statements." The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes thereto as of and for the six months ended June 30, 2015, our audited consolidated financial statements and related notes thereto as of and for the years ended December 31, 2014 and 2013, and the unaudited pro fomta consolidated financial statements and related notes thereto, each included elsewhere in this prospectus. Where appropriate, the following discussion includes analysis of the effects of this offering, the Internalization and the redemption of our Senn A Preferred Stock. These effects are reflected in our unaudited pro forma consolidated financial statements located elsewhere in this prospectus. Our Company While we will be internally managed upon completion of this offering, we have previously been an externally managed real estate company. We focus primarily on the acquisition of a diversified portfolio of permanent crop, specialty/vegetable row crop and commodity row crop farmland, including development farmland located in the U.S. in select major agricultural states. We lease our farms to experienced professional farmer tenants under a variety of lease structures with staggered durations, including fixed leases and participating leases. As of June 30, 2015, our portfolio was comprised of 17 farms with approximately 15,378 gross acres, including nine farm