NOTE 16. DEFERRED REVENUE

Deferred revenue consisted of the following:


	As of
	September 30, 2018		December 31, 2017
Deferred Oil Exploration Lease Revenue	$	789,004	$	585,675
Deferred Revenue on Land Sales		831,320		—
Prepaid Rent		503,584		1,126,408
Tenant Contributions		4,166,052		—
Other Deferred Revenue		664,151		318,376
Total Deferred Revenue	$	6,954,111	$	2,030,459

Deferred Oil Exploration Lease Revenue. Pursuant to the amendment for the Year 8 renewal of the oil exploration lease, the annual lease payment is approximately $807,000, which is being recognized ratably over the twelve-month lease period ending in September 2019. As of September 30, 2018, $400,000 of the total approximately $807,000 lease payment has been received with the remainder due in four equal monthly installments. The oil exploration lease is more fully described in Note 5 “Land and Subsurface Interests.”

Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for approximately $831,000 related to the portion of the acreage sold for which the Company remains obligated to perform wetlands mitigation. As a result of the Company’s continuing obligation, approximately $831,000 of the sales price collected at closing was deferred and the revenue will be recognized upon the Company’s performance of the obligation. The Company estimates the obligation related to the wetlands mitigation will total approximately $25,000.

Tenant Contributions. In connection with the acquisition of the property in Aspen, Colorado, the master tenant contributed $1.5 million of the $28.0 million purchase price at closing on February 21, 2018. Additionally, the master tenant funded, from its leasing reserve escrow, approximately $935,000 of the Company’s acquisition-related costs. Approximately $71,000 was recognized into income property rental revenue through September 30, 2018, leaving an aggregate balance of approximately $2.4 million, related to the Company’s total acquisition cost of approximately $29.0 million, to be recognized over the remaining term of the lease.

In connection with the construction of the beachfront restaurant leased to Cocina 214 Restaurant & Bar in Daytona Beach, Florida, the tenant contributed approximately $1.9 million of the building and tenant improvements owned by the Company through direct payments to various third-party construction vendors. Approximately $86,000 was recognized into income property rental revenue through September 30, 2018, leaving a balance of approximately $1.8 million to be recognized over the remaining term of the lease.