FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-16467
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 33-0098488
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
400 South El Camino Real, Suite 1100
San Mateo, California 94402
(Address of principal (Zip Code)
executive offices)
(415) 343-9300
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Total number of units outstanding as of June 30, 1996: 99,763
Page 1 of 15
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
Consolidated Balance Sheets
(in thousands, except units outstanding)
(Unaudited)
<CAPTION>
June 30, December 31,
1996 1995
-------- -----------
<S> <C> <C>
Assets
Investments in Real Estate:
Rental property (net of accumulated
depreciation of $14,363 and
$13,405 at June 30, 1996 and
December 31, 1995, respectively) $ 35,619 $ 36,000
Land held for development 9,812 9,799
Land held for sale 1,005 1,005
------- -------
Total investments in real
estate, net 46,436 46,804
Cash and cash equivalents 7,190 676
Pledged cash 2 351
Other assets (net of accumulated
amortization of $1,351 and $1,233
at June 30, 1996 and December 31,
1995, respectively) 2,572 2,344
------- -------
Total assets $ 56,200 $ 50,175
======= =======
Liabilities and Partners' Equity (Deficit)
Liabilities:
Accounts payable and other
liabilities $ 272 $ 256
Interest payable 75 ---
Notes payable 15,416 8,615
------- -------
Total liabilities 15,763 8,871
------- -------
Commitments and contingent liabilities
(see Note 4)
Partners' equity (deficit):
General partners (913) (904)
Limited partners (99,763 limited
partnership units outstanding) 41,350 42,208
------- -------
Total partners' equity 40,437 41,304
------- -------
Total liabilities and partners'
equity $ 56,200 $ 50,175
======= =======
</TABLE>
See accompanying notes to financial statements.
Page 2 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
Consolidated Statements of Operations
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<CAPTION>
Three months ended Six months
ended
June 30 May 31, June 30, May
31,
1996 1995 1996 1995
-------- -------- -------
- - -------
<S> <C> <C> <C> <C>
Revenue:
Rental income $ 1,731 $ 1,621 $ 3,438 $
3,187
Interest income 22 26 31
38
------- ------- -------
- - -------
Total revenue 1,753 1,647 3,469
3,225
------- ------- -------
- - -------
Operating Costs and Expenses:
Operating (including $27 paid to
Sponsor in 1995) 749 748 1,612
1,454
Depreciation and amortization 618 530 1,178
1,059
Expenses associated with undeveloped
land 209 145 365
364
Interest expense 318 179 544
333
Administrative expense (including
$83 paid to Sponsor in 1995) 312 316 637
573
------- ------- -------
- - -------
Total operating costs and expenses 2,206 1,918 4,336
3,783
------- ------- -------
- - -------
Net loss $ (453) $ (271) $ (867) $
(558)
======= ======= =======
=======
Net loss per limited partnership
unit $ (4.49) $ (2.69) $ (8.60) $
(5.53)
======= ======= =======
=======
Distribution per limited partnership
unit $ --- $ --- $ --- $
- - ---
======= ======= =======
=======
Weighted average number of limited
partnership units outstanding during
each period used to compute net loss
per limited partnership unit 99,763 99,804 99,763
99,806
======= ======= =======
=======
</TABLE>
See accompanying notes to financial statements.
Page 3 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
Consolidated Statements of Partners' Equity (Deficit)
For the six months ended June 30, 1996 and May 31, 1995
(in thousands)
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
-------- -------- -------
<S> <C> <C> <C>
Balance at December 31, 1995 $ (904) $ 42,208 $ 41,304
Net loss (9) (858) (867)
------- ------- -------
Balance at June 30, 1996 $ (913) $ 41,350 $ 40,437
======= ======= =======
Balance at November 30, 1994 $ (744) $ 58,407 $ 57,663
Retirement of Limited Partnership
Units --- (9) (9)
Net loss (6) (552) (558)
------- ------- -------
Balance at May 31, 1995 $ (750) $ 57,846 $ 57,096
======= ======= =======
</TABLE>
See accompanying notes to financial statements.
Page 4 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
<CAPTION>
Six months ended
June 30, May 31,
1996 1995
------- --------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (867) $ (558)
Adjustments to reconcile net loss
to net cash used for operating activities:
Depreciation and amortization 1,178 1,059
Changes in assets and liabilities:
Lease commissions and loan fees (382) (87)
Other assets (66) (6)
Accounts payable and other
liabilities 16 (424)
Interest payable 75 (50)
Payable to Sponsor --- (194)
------- -------
Net cash used for operating
activities (46) (260)
------- -------
Cash flows from investing activities:
Pledged cash released 349 ---
Property development costs (590) (607)
------- -------
Cash used for investing activities (241) (607)
------- -------
Cash flows from financing activities:
Proceeds from notes payable 9,600 2,484
Payments on notes payable (2,799) (34)
Retirement of Limited Partnership Units --- (9)
Other liabilities --- 3
------- -------
Cash provided by financing activities 6,801 2,444
------- -------
Net increase in cash and cash
equivalents 6,514 1,577
Cash at beginning of period 676 2,309
------- -------
Cash at end of period $ 7,190 $ 3,886
======= =======
Supplemental disclosure of cash
flow information:
Cash paid for interest $ 469 $ 412
======= =======
Interest capitalized $ --- $ 29
======= =======
</TABLE>
See accompanying notes to financial statements.
Page 5 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
June 30, 1996
(Unaudited)
Note 1. THE PARTNERSHIP AND ITS SIGNIFICANT ACCOUNTING POLICIES
-------------------------------------------------------
In the opinion of Rancon Financial Corporation and Daniel Lee
Stephenson (the Sponsors or RFC) and Glenborough Inland Realty
Corporation, the accompanying unaudited financial statements
contain all adjustments (consisting of only normal accruals)
necessary to present fairly the financial position of Rancon
Realty Fund V, A California Limited Partnership (the Partnership)
as of June 30, 1996 and December 31, 1995, the related statements
of operations for the three and six months ended June 30, 1996
and May 31, 1995, and changes in partners' equity and cash flows
for the six months ended June 30, 1996 and May 31, 1995.
Effective with the year ending December 31, 1996, the
Partnership's year end has been changed from November 30 to
December 31.
As of January 1, 1994, RFC performed or contracted on the
Partnership's behalf for financial, accounting, data processing,
marketing, legal, investor relations, asset and development
management and consulting services. These services were provided
by RFC subject to the provisions of the Partnership Agreement.
Prior to January 1, 1994 the Partnership contracted with
Partnership Asset Management Company, a California corporation to
perform the same services. Effective January 1, 1994, RFC
entered into an agreement with the owner of Partnership Asset
Management Company to purchase all of its outstanding shares of
stock. Partnership Asset Management Company was not considered
to be an affiliate of the Partnership or RFC at the time of
purchase.
In December, 1994 RFC entered into an agreement with Glenborough
Inland Realty Corporation (Glenborough) whereby RFC sold to
Glenborough the contract to perform the rights and
responsibilities under RFC's agreement with the Partnership and
other related Partnerships (collectively, the Rancon
Partnerships) to perform or contract on the Partnership's behalf
for financial, accounting, data processing, marketing, legal,
investor relations, asset and development management and
consulting services for the Partnership for a period of ten years
or to the liquidation of the Partnership, whichever comes first.
Pursuant to the contract, the Partnership will pay Glenborough
for its services as follows: (i) a specified asset administration
fee of $967,000 per year, which is fixed for five years subject
to reduction in the year following the sale of assets; (ii) sales
fees of 2% for improved properties and 4% for land; (iii) a
refinancing fee of 1% and (iv) a management fee of 5% of gross
rental receipts. As part of this agreement, Glenborough will
Page 6 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
June 30, 1996
(Unaudited)
perform certain tasks for the General Partner of the Rancon
Partnerships and RFC agreed to cooperate with Glenborough, should
Glenborough attempt to obtain a majority vote of the limited
partners to substitute itself as the Sponsor for the Rancon
Partnerships. This agreement was effective January 1, 1995.
Glenborough is not an affiliate of RFC.
As a result of this agreement, RFC terminated several of its
employees between December 31, 1994 and February 28, 1995. Also
as a result of this agreement, certain of the officers of RFC
resigned from their positions effective February 28, 1995, March
31, 1995 and July 1, 1995.
Organization - In order to satisfy certain lender requirements
for the Partnership's new loan secured by Two Carnegie Plaza,
Lakeside Tower and One Parkside (see Note 5), Rancon Realty Fund
V Tri City Limited Partnership, a Delaware limited partnership
("RRF V Tri City") was formed in May, 1996. The three properties
securing the loan were contributed to RRF V Tri City by the
Partnership. The limited partner of RRF V Tri City is the
Partnership and the general partner is Rancon Realty Fund V,
Inc., wholly owned by the Partnership.
Since the Partnership indirectly owns 100% of RRF V Tri City, the
financial statements of RRF V Tri City have been consolidated
with those of the Partnership.
Reclassification - Certain 1995 balances have been reclassified
to conform with the current period presentation.
Note 2. REFERENCE TO 1995 AUDITED FINANCIAL STATEMENTS
----------------------------------------------
These unaudited financial statements should be read in
conjunction with the Notes to Financial Statements included in
the fiscal 1995 audited financial statements.
Note 3. RELATED PARTY TRANSACTIONS
--------------------------
Payable to Sponsor - As a result of the agreement between RFC and
Glenborough (see Note 1), RFC terminated certain employees who
were previously responsible for performing the administrative,
legal and development services to the Partnership. Upon
termination, certain employee costs including severance benefits
were allocated to the various Rancon Partnerships. Such costs
allocated to the Partnership aggregated $194,000, and were
reflected as Payable to Sponsor at November 30, 1994. Such
Page 7 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
June 30, 1996
(Unaudited)
amount was paid during the three and six months ended February
28, 1995.
Reimbursable Expenses and Management Fees to Sponsor - The
Partnership had an agreement with the Sponsor for property
management services through December 31, 1994. The agreement
provided for a management fee equal to 5% of gross rentals
collected while managing the properties. Fees incurred under
this agreement totaled $27,000 for the six months ended May 31,
1995. Effective January 1, 1995, the Partnership contracted with
Glenborough to provide these services to the Partnership (see
Note 1).
The Partnership Agreement also provides for the reimbursement of
actual costs incurred by the Sponsor in providing certain
administrative, legal and development services necessary for the
prudent operation of the Partnership. Effective January 1, 1994
the Sponsor made the decision to merge Partnership Asset
Management Company into RFC and thereby bring administrative,
legal and development work in-house. These services had
previously been provided by Partnership Asset Management Company
and, effective January 1, 1995, are being provided by Glenborough
as described in Note 1. Reimbursable costs incurred by the
Partnership totaled $94,000 for the six months ended May 31,
1995, of which the Partnership capitalized $11,000. The amount
incurred in 1995 is reduced by an $83,000 rebate of the amounts
paid by the Partnership for services provided by the Sponsor
during the 1994 calendar year.
Note 4. COMMITMENTS AND CONTINGENT LIABILITIES
--------------------------------------
The Partnership is contingently liable for subordinated real
estate commissions payable to the Sponsor in the amount of
$102,000 at June 30, 1996. The subordinated real estate
commissions are payable only after the Limited Partners have
received distributions equal to their original invested capital
plus a cumulative non-compounded return of six percent per annum
on their adjusted invested capital.
Note 5. NOTES PAYABLE
-------------
On May 10, 1996, the Partnership obtained new permanent financing
of $9,600,000, secured by real estate referred to as Lakeside
Tower, One Parkside and One Carnegie Plaza. After disbursing
$2,785,000 for the payoff of an existing loan, $271,000 in loan
fees, and funding $107,000 in reserves/escrow, the Partnership
netted $6,437,000 in financing proceeds. The proceeds were added
to the Partnership's cash reserves to allow management greater
Page 8 of 15
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
June 30, 1996
(Unaudited)
flexibility in exploring different options for strengthening the
Partnership's financial position.
This new loan which matures May 1, 2006 is a 10-year fixed rate
loan with a 25-year amortization. It accrues interest at a rate
of 9.39% per annum, with $83,142 in principal and interest
payments due monthly, commencing July 1, 1996.
Page 9 of 15
Item 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
As of February, 1989, Rancon Realty Fund V (the Partnership) was
fully funded from the sale of all limited partnership units in
the amount of $90,743,000 (net of selling and organization
expenses). As of June 30, 1996, the Partnership had cash of
$7,190,000 resulting primarily from the new permanent financing
described below. The remainder of the Partnership's assets
consist primarily of its investments in real estate, which
totaled approximately $46,436,000 at June 30, 1996.
The Partnership's primary sources of funds consist of the
proceeds of its public offerings of limited partnership units,
new financing and cash provided by its rental activities. Other
sources of funds include, property sales and interest income on
certificates of deposit and other deposits of funds invested
temporarily, pending their use in the development of properties.
All of the Partnership's properties are located within the Inland
Empire submarket of the Southern California region. The Southern
California economy in general, and the real estate industry in
particular, is considered to be in a recessionary cycle. The
Partnership may receive both positive and negative effects from
these current market conditions. Potential negative effects
include the delinquency of lease payments owed to the
Partnership, a decrease in competitive market lease rates and
land prices, and an inability to obtain financing for further
property development. The Partnership may benefit from the
current economic and financing conditions due to the general lack
of new competitive product being constructed, potentially causing
greater absorption of existing inventory.
On May 10, 1996, the Partnership obtained new permanent financing
of $9,600,000. This loan is a 10-year fixed rate loan with a 25-
year amortization, bearing interest at 9.39%. The loan funded
the payoff of an existing loan plus accrued interest totaling
$2,785,000. After paying refinancing fees of $271,000 and
funding $107,000 into a reserve/escrow account, the Partnership
netted $6,437,000. The proceeds were added to the Partnership's
cash reserves to allow management greater flexibility in
exploring different options for strengthening the Partnership's
financial position. The new loan requires $83,142 in monthly
principal and interest payments commencing July 1, 1996.
Seven properties within the Tri-City Corporate Centre project in
San Bernardino, California (Tri-City) are operating with
approximately 446,000 total leasable square feet, including the
most recently constructed, a 25,000 square foot building for
Bally's Health Club which was completed December, 1995. Bally's
Health Club signed a 15 year lease, which commenced effective
January 1, 1996.
Page 10 of 15
Phase I of Rancon Centre Ontario is completed, with the
Partnership continuing to own approximately 245,000 leasable
square feet. Phase II received final approval from the Ontario
Planning Commission in November, 1992. Phase II was originally
scheduled to be subdivided into small lots suitable for
approximately 39 buildings, ranging between 4,000 and 8,000
square feet. There is currently no demand for properties such as
this and the Partnership has allowed the tentative map (which
would have subdivided the property into small lots) to expire.
It is likely that the Partnership will attempt to identify users
interested in large build-to-suit buildings of approximately
250,000 plus square feet. In an effort to facilitate such build-
to-suits, the Partnership purchased a 5.76 acre parcel in
December, 1995 that was located between Phase II and an also
undeveloped Phase III. This purchase also protected the value of
the Partnership's investment by providing the Partnership
ownership of contiguous land and preventing development adverse
to the Partnership's interest. Further development of the
unimproved land remaining at Rancon Centre Ontario will coincide
with market demand.
There has been no development to date at the Partnership's
Perris-Ethanac Road or Perris-Nuevo Road projects. Both
properties are being marketed for sale by the Partnership.
The Partnership does not anticipate the sale of any significant
portion of its properties until after the completion of
development of such property or the liquidation of the
Partnership. Any cash generated from property sales may be
utilized in the development of other properties, or distributed
to the partners. The General Partners continue to assess the
real estate market in Southern California in an effort to
determine an appropriate time to liquidate the Partnership.
In addition to the new financing, the Partnership has a
$5,816,000 note payable, secured by One Carnegie Plaza, which
matures in 2001. This loan currently requires a monthly debt
service payment of approximately $53,000 per month. The
Partnership is pursuing more desirable financing.
Aside from the foregoing, the Partnership knows of no demands,
commitments, events or uncertainties which might effect its
liquidity or capital resources in any material respect. The
effect of inflation on the Partnership's business should be no
greater than its effect on the economy as a whole.
Management believes that the Partnership's cash balance as of
June 30, 1996, together with the cash from operations and/or
future property sales, will be sufficient to finance the
Partnership's and the properties' continued operations and
development plans.
Page 11 of 15
RESULTS OF OPERATIONS
---------------------
The Partnership's year end has been changed from November 30 to
December 31.
Rental Income:
Rental income for the three and six months ended June 30, 1996
increased 7% and 8% or $110,000 and $251,000 from the three and
six months ended May 31, 1995, respectively, due primarily to the
commencement of operations at Bally's Health Club starting
January 1, 1996 and the increased occupancy at two of the
Partnership's larger properties, One Carnegie Plaza and Lakeside
Tower.
Occupancy rates at the Partnership's properties as of June 30,
1996 and May 31, 1995 were as follows:
June 30, May 31,
1996 1995
------ ------
One Carnegie Plaza 87% 66%
Two Carnegie Plaza 86% 85%
Carnegie Business Center II 65% 71%
Lakeside Tower 78% 72%
Santa Fe 100% 100%
One Parkside 92% 83%
Rancon Centre Ontario 100% 92%
Bally's Health Club 100% n/a
Tenants at Tri-City occupying substantial portions of leased
space include Medisco Pharmacy, the California Department of
Transportation, State of California Health Services, MacLachlan,
Burford and Arias, the Atchison, Topeka and Santa Fe Rail
Company, Sterling Software, Chicago Title and Bally's Health
Club, with lease expiration dates of June, 1997, July, 1998,
October, 1998, December 1998, September, 1999, November, 2000,
February, 2004 and December, 2010, respectively. These eight
tenants, in the aggregate, occupy approximately 203,000 square
feet of the 446,000 total leasable square feet at Tri-City and
account for 52% of the rental income generated at Tri-City and
47% of the total rental income for the Partnership.
During the first half of fiscal year 1996, the Partnership has
executed five new leases for a total of 37,000 square feet of
space, has executed six lease renewals for 30,000 square feet of
space and is in various stages of negotiation on five leases
and/or lease renewals for a total of 17,000 square feet of space
at Tri-City.
United Pacific Mills, with a lease expiration date of April,
1998, occupies 74,850 square feet of the 245,000 total leasable
square feet at Rancon Centre Ontario and accounts for 27% of the
rental income generated at Rancon Centre Ontario and 3% of the
total rental income generated by the Partnership. In the first
quarter of 1996, the Partnership finalized a lease for 20,000
square feet of space, which brough the occupancy rate at Rancon
Centre Ontario to 100%.
Page 12 of 15
Operating Costs and Expenses:
Operating expenses for the six months ended June 30, 1996
increased 11% or $158,000 from the six months ended May 31, 1995
due primarily to increased operating costs associated with
increased occupancy, including the Bally's Health Club (Bally's)
facility being placed into service January 1, 1996. This
increase in physical occupancy had a smaller impact on rental
revenue than operating expenses due to the accounting treatment
of free rent where rental revenue during the six months ended
June 30, 1996 was adjusted down to offset free rent given in
calendar year 1995, in essence straight lining rental revenue
over the term of the related leases.
Depreciation and amortization for the three and six months ended
June 30, 1996 increased 19% and 12% or $99,000 and $130,000 from
the three and six months ended May 31, 1995, respectively due in
large part to the conversion of the Bally's facility from a
project under construction to a fully operating depreciable
property. The increase in leasing commissions associated with
the general increase in occupancy has also resulted in higher
amortization expense during the three and six months ended June
30, 1996 over the three and six months ended May 31, 1995.
Interest expense for the three and six months ended June 30, 1996
increased by 67% and 58% or $128,000 and $200,000, respectively
from the three and six months ended May 31, 1995 as a result of
the increase in the Partnership's average outstanding debt in
1996.
After accounting for a $83,000 rebate received during the six
months ended May 31, 1995 for services provided by the Sponsor
during the 1994 calendar year, gross administrative expenses
actually decreased to $637,000 for the six months ended June 30,
1996 versus $656,000 for the six months ended May 31, 1995. The
primary reason for the $19,000 or 3% decrease was legal and other
professional fees incurred in December, 1994.
Page 13 of 15
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
None.
(b) Reports on Form 8-K:
None.
Page 14 of 15
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
RANCON REALTY FUND V,
a California Limited Partnership
(Registrant)
Date: August 13, 1996 By: /s/ Daniel L. Stephenson
Daniel L. Stephenson, General Partner and
Director, President, Chief Executive
Officer and
Chief Financial Officer of
Rancon Financial Corporation,
General Partner of
Rancon Realty Fund V,
a California Limited Partnership
Page 15 of 15
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 7192
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 60799
<DEPRECIATION> 14363
<TOTAL-ASSETS> 56200
<CURRENT-LIABILITIES> 347
<BONDS> 15416
0
0
<COMMON> 0
<OTHER-SE> 40437
<TOTAL-LIABILITY-AND-EQUITY> 56200
<SALES> 0
<TOTAL-REVENUES> 3225
<CGS> 0
<TOTAL-COSTS> 1977
<OTHER-EXPENSES> 637
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 544
<INCOME-PRETAX> (867)
<INCOME-TAX> 0
<INCOME-CONTINUING> (867)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (867)
<EPS-PRIMARY> (8.60)
<EPS-DILUTED> (8.60)
</TABLE>
