l. The third 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 not to exceed 50% of the current appraised value of the farms pledged as collateral. Distributiats and

zation. Property operating expenses increased by $267,926, attributable to an increase of $191,767 in costs to support the revenue we collected for Grassy Island Groves on the portion of that property that is not being redeveloped, increased management fees correlated to increased revenues and increased real estate