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The Cadiz Valley Property
−Removed: We own approximately 35,000 acres of largely contiguous desert land in the Cadiz and Fenner valleys of eastern San Bernardino County, California (the “Cadiz Property”).
+Added: We own approximately 35,000 acres of largely contiguous desert land in the Cadiz and Fenner valleys of eastern San Bernardino County, California (the “Cadiz Property”).
This area is located approximately 80 miles east of Barstow, California and 30 miles north of the Colorado River Aqueduct (“CRA”), and 110 miles north-east of Palm Springs.
The Cadiz Property, which is at the base of a topographically diverse1,300 square mile watershed, is the principal location of our business operations, including our agricultural operations and ongoing water supply and storage project development.
−Removed: Independent geotechnical and engineering studies conducted since initial acquisition have confirmed that the Cadiz Property overlies a significant aquifer system that can support agricultural development and is ideally suited for the conservation of groundwater for water supply projects, as well as the storage of imported water, as contemplated by the Cadiz Water Project.
+Added: Independent geotechnical and engineering studies conducted since initial acquisition have confirmed that the Cadiz Property overlies a significant aquifer system that can support agricultural development and is ideally suited for the conservation of groundwater for water supply projects, as well as the storage of imported water, as contemplated by the Water Project.
See Item 1, “Description of Business –
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Extensive hydrological studies, including the drilling and testing of a full-scale production well, have demonstrated that this landholding is underlain by high-quality groundwater and could be suitable for agricultural development or solar energy production.
−Removed: However, the Piute properties are private inholdings in the Mojave Trails National Monument, and are proximate to or border areas designated by the state and federal government as Critical Desert Tortoise Habitat and/or Desert Wilderness Areas and are therefore ideally suited for preservation and conservation.
+Added: The Piute properties are private inholdings in the Mojave Trails National Monument, and are proximate to or border areas designated by the state and federal government as Critical Desert Tortoise Habitat and/or Desert Wilderness Areas and are therefore ideally suited for preservation and conservation.
Approximately 7,500 acres of our Piute Valley properties are reserved in our Fenner Valley Desert Tortoise Conservation Bank, which is the largest land bank in California dedicated to protecting the desert tortoise.
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Initial hydrological studies indicate that it has excellent potential for a water supply project.
−Removed: Certain of the properties in this area may also be suitable for agricultural development, renewable energy and/or preservation and conservation lands. 
+Added: Certain of the properties in this area may also be suitable for agricultural development, renewable energy and/or preservation and conservation lands.
The Danby properties are currently managed for open space purposes.
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We lease approximately 3,800 square feet of office space in Los Angeles, California for our executive offices.
−Removed: The lease terminates in November 2021.
+Added: This lease is month-to month.
Current base rent under the lease is approximately $8,500 per month.
Cadiz Real Estate
−Removed: The title of all of our real estate assets are held by Cadiz Real Estate LLC (“Cadiz Real Estate”), a wholly owned subsidiary of Cadiz Inc.
+Added: The title to all of our real estate assets is held by Cadiz Real Estate LLC (“Cadiz Real Estate”), a wholly owned subsidiary of Cadiz Inc.
The Board of Managers of Cadiz Real Estate currently consists of two managers appointed by us.
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Debt Secured by Properties
−Removed: Our assets have been pledged as collateral for $78.5 million of senior secured debt outstanding as of December 31, 2020.
+Added: Our assets have been pledged as collateral for $50.0 million of senior secured debt outstanding as of December 31, 2021.
Information regarding interest rates and principal maturities is provided in Note 6 to the Consolidated Financial Statements, “Long-Term Debt”.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.