The Company also has investments in unimproved real property that is held for sale or development. A portion of the Company's assets are invested in securities and partnerships. The Company also has a controlling interest in Santa Fe Financial Corporation, which derives its revenue primarily through an indirect interest in a 566-room Holiday Inn in San Francisco, California. In addition, Santa Fe's operations include a marketable securities portfolio and an interest in an apartment complex. During the past three years, the Company's principal sources of revenue have been, and continue to be, derived from the operations of its multi-family residential properties, from the sales and disposition of its real property assets and from the investment of its cash and securities assets.
Revenues reflect an increase in rental income.
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