land development activities utah's land acquisition and development program during the 1969 fiscal year re sulted in earnings that were the second highest in the history of the company from land activities the major contribution to the earnings came from the sale of indus trial land the future development and sale of three large land areas held by the com pany is in the planning stage bay farm island in alameda california consisting of 893 acres of filled land the largest single investment in land by the company will be prepared during 1970 for commer cial and residential use the monterra property at monterey containing 1,050 acres with 2,968 additional acres under option and the 630 acres at mountain park near lake arrowhead southern califor nia are also being programmed for de velopment in the near future the original 4,100 acres of land in the moraga valley east of oakland acquired by utah in 1954 has now been sold or optioned for purchase 221 acres were sold during the year leaving 1,194 acres to be delivered under sales agreements in the next five years and 237 acres under option for purchase a subdivision com prising 65 acres containing 152 residential lots has been completed on prime resi dential property located between two golf courses in roseville california the com pany has exercised options on 468 acres of the 880 acres available sales of the developed portion of this acreage have not been satisfactory during 1969 the company acquired an interest in the eden roc gardens in tucson arizona consisting of 9 com pleted townhouse condominium apart ments and 1.4 acres of land upon which 24 additional apartment units are pres ently under construction investment properties held by utah in clude a parcel of real estate in phoenix bay farm island located in alameda county consists of 893 acres of filled land thai will be developed for residential and commercial purposes the company's dredge franciscan placed 22 work early in the 1969 fiscal year the e segundo industrial park located near the los angeles international airport in the vicinity of the area's electronic air craft missile and space industries orig inally contained 197 undeveloped acres this prime industrial land has now been completely sold with the last fifty acres delivered in the current fiscal year arizona which is leased for a period ex piring on may 31 1980 with a 10-year op tion for renewal on the part of the lessee and the bayview apartments in alameda that were acquired this year the near term outlook for real estate generally is being adversely affected by the monetary policies being pursued in an effort to combat inflation interest rates have been driven up to historically high levels and mortgage money the life blood of real estate activity is in very short supply changes proposed in pending tax legislation have added a further measure of uncertainty however for the longer term we consider well selected real estate should prove a rewarding investment other properties of the company are described in the picture captions fontana east a 128 unit apartment build ing owned 50 by utah is located in the marina district of san francisco overlook ing san francisco bay the golden gate and san francisco bay bridges this property is being converted into a coop erative corporation which will own and operate the facilities with apartment units to be leased to the stockholders prospec tive sales of stock are proceeding satis factorily