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Our business segments are:
−Removed: (i) leasing and management of commercial properties owned by the
−Removed: Company (the “Asset Management Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining
−Removed: Royalty Lands Segment”), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail,
−Removed: warehouse, and office buildings either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing
−Removed: and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”).
−Removed: The Asset Management Segment owns, leases and manages
−Removed: in-service commercial properties wholly owned by the Company.
−Removed: Currently this includes seven warehouses in two business parks, an office
−Removed: building partially occupied by the Company, and two ground leases.
+Added: (i) leasing and management of industrial and commercial properties
+Added: (the “Industrial and Commercial Segment” previously named “Asset Management Segment”), (ii) leasing and management
+Added: of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (iii) real property acquisition, entitlement,
+Added: development and construction primarily for multifamily, industrial and commercial, or residential either alone or through joint ventures
+Added: (the “Development Segment”), (iv) ownership, leasing and management of apartment buildings through joint ventures (the “Multifamily
+Added: Segment” previously named “Stabilized Joint Venture Segment”).
+Added: The Industrial and Commercial Segment owns, leases
+Added: and manages in-service commercial properties wholly owned by the Company or through joint ventures.
+Added: Currently this includes eight warehouses
+Added: in two business parks, an office building partially occupied by the Company, and two ground leases.
Our Mining Royalty Lands Segment owns several properties
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our Development Segment will form joint ventures on new developments of land not previously owned by the Company.
−Removed: The Stabilized Joint Venture Segment includes joint
−Removed: ventures which own, lease and manage buildings that have met our initial lease-up criteria.
−Removed: We intend to transfer additional joint ventures
−Removed: from our Development Segment into this segment as they reach stabilization.
−Removed: Stabilization occurs when a minimum occupancy threshold has
−Removed: been achieved for a certain period of time.
+Added: The Multifamily Segment includes joint ventures which
+Added: own, lease and manage buildings that have met our initial lease-up criteria.
+Added: We intend to transfer additional joint ventures from our
+Added: Development Segment into this segment as they reach stabilization.
+Added: Stabilization occurs when a minimum occupancy threshold has been achieved
+Added: for a certain period of time.
As a developer, we compete with
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Shareholders, which is incorporated herein by reference.
−Removed: Impact of the COVID-19 Pandemic.
−Removed: We have continued
−Removed: operations throughout the pandemic and have made every effort to act in accordance with national, state, and local regulations and guidelines.
−Removed: We expect our business to be affected by the pandemic for as long as government intervention and regulation is deemed necessary to combat
Environmental Matters.
19 unchanged sentences
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.