our goal is to break ground on the project and begin selling homes in the next 12 to 18 months , subject to general business , market and economic conditions . in may 2013 , the ventura local area formation commission unanimously approved the annexation of our east area 2 real estate development project into the city of santa paula . the annexation was recorded during august 2013. during february 2013 , we completed the sale of 2,070,000 shares of common stock , at a price of $ 18.50 per share , to institutional and other investors in a registered offering under our shelf registration statement . the offering represented 16 % of our outstanding common stock on an after-issued basis . upon completion of the offering and issuance of common stock , we had 13,307,085 shares of common stock outstanding . the gross proceeds of the offering totaled $ 38,295,000 and after an underwriting discount of $ 2,106,000 and other offering expenses of $ 292,000 , the net proceeds were $ 35,897,000. during february 2013 , we used the net offering proceeds to repay long-term debt . in april 2013 , we purchased land for use as a citrus orchard for a purchase price of $ 375,000 cash , which included approximately 25 acres of agricultural property located adjacent to the sheldon ranch , in the city of lindsay , california . we accounted for this transaction as an asset purchase with substantially the entire purchase price allocated to land . on april 8 , 2013 , we , through our investment in hm east ridge , llc , entered into a purchase and sale agreement to sell its east ridge parcel of property for $ 6,000,000. the property is located in the city of santa maria , county of santa barbara , california and includes approximately 40 acres of land . the transaction closed in june 2013 and generated net proceeds of $ 5,713,000. we recognized a loss on our investment in hm east ridge , llc of $ 1,754,000 , which is included in equity in ( losses ) earnings of investments in the accompanying consolidated statements of operations . during july 2013 , we used the net sale proceeds to repay long-term debt . on april 11 , 2013 , we sold 165,000 shares of calavo growers , inc. ( “ calavo ” ) common stock at a price of $ 29.02 per share ( the closing price on april 10 , 2013 ) . calavo repurchased the shares pursuant to a stock purchase agreement we entered into with calavo in 2005. following the sale of shares of calavo common stock , we continue to own 500,000 shares of calavo common stock . the net proceeds from the sale were $ 4,788,000 , resulting in a gain of $ 3,138,000. we used the sale proceeds to repay our long-term debt . in june 2013 , we announced a plan to build 71 agriculture workforce housing units in santa paula , california , that will be available for rent to local agriculture workers and limoneira employees . we estimate that the total cost of the development will be approximately $ 8.5 million and will be completed and available for rent during 2014. when fully occupied , annual rental revenue from the additional housing units is anticipated to be approximately $ 850,000 to $ 900,000. on july 1 , 2013 , we entered into a lease agreement with cadiz , inc. ( “ cadiz ” ) to develop new lemon orchards on cadiz 's agricultural property in eastern san bernardino county , california ( the “ cadiz ranch ” ) . under the terms of the lease agreement , we have the right to lease and plant up to 1,280 acres of lemons over the next five years at the cadiz ranch operations in the cadiz valley , and have leased 320 acres initially , subject to a mutually agreed upon planting schedule . the lease agreement provides options to lease and plant up to 960 additional acres ( 320 acres in option 1 and 640 acres in option 2 ) by 2018. the annual rental payment will include a base rent of $ 200 per planted acre and a lease payment equal to 20 % of net cash flow from the harvested crops grown on cadiz property . pursuant to the terms of the lease agreement , the annual rental payment will not exceed a total of $ 1,200 per acre . on september 6 , 2013 , we acquired associated , a privately owned arizona corporation , for approximately $ 18.6 million . the purchase price consists of the issuance of 705,000 unregistered shares of our common stock with an aggregate value of $ 16.0 million , based on our stock price on the acquisition date , 1.0 million in cash and the repayment of $ 1.6 million in associated 's long term debt . the acquisition was structured as a tax-free reorganization under section 368 of the internal revenue code . the acquisition provides for a potential purchase price adjustment based on the net assets acquired and for a holdback from payment of 5 % ( $ 850,000 ) of the stock and cash purchase price for a period of one year in support of potential indemnification claims as defined in the merger agreement . upon completion of the acquisition , associated became a wholly-owned subsidiary of our company . associated owns approximately 1,300 acres of property in yuma , arizona , comprised of 950 acres of productive lemon orchards and 350 acres of other crops , as well as agriculture equipment and facilities . transaction costs and other expenses incurred in connection with the acquisition were approximately $ 270,000 , which are included in selling , general and administrative expense . the results of operations of associated have been included in our consolidated results operations from the acquisition date . story_separator_special_tag the significant variances are discussed below : replace_table_token_11_th · packing costs : the increase in fiscal year 2012 primarily resulted from 0.6 million more cartons of fresh lemons packed and sold compared to fiscal year 2011 . · harvest costs : the increase in fiscal year 2012 primarily resulted from 7.7 million more pounds of avocados harvested compared to fiscal year 2011. additionally we incurred $ 0.2 million of harvest expenses related to peaches , plums and olives at the sheldon ranch . · growing costs : growing costs , also referred to as cultural costs , consist of orchard maintenance costs such as cultivation , fertilization and soil amendments , pest control , pruning and irrigation . the increase in fiscal year 2012 is primarily due to the addition of the sheldon ranch . during fiscal year 2012 , we incurred net lease expenses of $ 0.5 million and $ 0.6 million of other growing costs related to the sheldon ranch . additionally , in the fiscal year 2012 we removed approximately 22 acres of cherries as part of our fiscal year 2012 orchard redevelopment plan , resulting in a charge of $ 0.2 million . the 22 acres were replanted with lemons . · third-party grower costs : we sell lemons that we grow and lemons that we procure from other growers . the cost of procuring lemons from other growers is referred to as third-party grower costs . the increase in fiscal year 2012 is primarily attributable to a higher percentage of third-party grower lemons relative to the total volume of cartons sold . of the 2.4 million and 1.8 million cartons sold during fiscal years 2012 and 2011 , respectively , 1.1 million ( 46 % ) and 0.6 million ( 33 % ) were procured from third-party growers at average per carton prices of $ 13.34 and $ 11.73 , respectively . real estate development expenses consist of costs incurred for our various real estate projects , impairment charges and depreciation expense . real estate development expenses for fiscal year 2012 were $ 1.0 million compared to $ 4.7 million for fiscal year 2011. this 78 % decrease of $ 3.7 million was primarily attributable to the following : · in fiscal year 2011 , we incurred $ 2.3 million costs of sales associated with the sale of donna circle . there were no sales of real estate projects in fiscal year 2012 . · we incurred $ 1.2 million of impairment charges during fiscal year 2011 associated with our real estate projects . there were no impairment charges in fiscal year 2012. selling , general and administrative expenses for fiscal year 2012 were $ 10.5 million compared to $ 9.3 million for fiscal year 2011. this 13 % increase of $ 1.2 million is primarily attributable to the following : · employee incentive expenses for fiscal year 2012 were $ 1.0 million compared to zero for fiscal year 2011 . · fiscal year 2012 selling expenses were $ 1.1 million compared to $ 0.9 million in fiscal year 2011 primarily do to an increase of 0.6 million fresh lemon cartons sold in fiscal year 2012 . 42 other income ( expense ) other income ( expense ) for fiscal year 2012 was $ 0.4 million of income compared to $ 1.2 million of income for fiscal year 2011. the $ 0.8 million decrease in income is primarily the result of : · $ 1.4 million gain on the sale of ranch refugio/caldwell ranch in fiscal year 2011 , · $ 0.8 million decrease in interest expense in fiscal year 2012 primarily as a result of a larger amount of capitalized interest , · $ 0.3 million of notes receivable written off in fiscal year 2012 and · $ 0.2 million increase in fair value adjustments on one of our interest rate swaps in fiscal year 2012. income taxes we recorded an income tax provision of $ 2.0 million for fiscal year 2012 on pre-tax income of $ 5.1 million compared to an income tax provision of $ 0.7 million for fiscal year 2011 on pre-tax income of $ 2.3 million . our effective tax rate is 38.6 % for fiscal year 2012 compared to an effective rate of 31.1 % for fiscal year 2011. the primary reasons for this change in our effective tax rate were decreases in other permanent items offset by increases in the allowable domestic production deduction in fiscal year 2012 over the fiscal year 2011 amounts . segment results of operations we evaluate the performance of our agribusiness , rental operations and real estate development segments separately to monitor the different factors affecting financial results . each segment is subject to review and evaluations related to current market conditions , market opportunities and available resources . the following table shows each segment 's results of operations for : replace_table_token_12_th 43 fiscal year 2013 compared to fiscal year 2012 the following analysis should be read in conjunction with the previous section “ results of operations . ” agribusiness for fiscal year 2013 our agribusiness segment revenue was $ 80.0 million compared to $ 61.6 million for fiscal year 2012. the 30 % increase of $ 18.4 million primarily reflected higher lemon and avocado revenues for fiscal year 2013 compared to fiscal year 2012. the increase in agribusiness revenue primarily consists of the following : · lemon revenue for fiscal year 2013 was $ 14.0 million higher than fiscal year 2012 . · avocado revenue for fiscal year 2013 was $ 2.1 million higher than fiscal year 2012 . · navel and valencia orange revenue in fiscal year 2013 was $ 1.5 million higher than in fiscal year 2012 . · specialty citrus and other crop revenue for fiscal year 2013 was $ 0.8 million higher than fiscal year 2012. costs associated with our agribusiness segment include packing costs , harvest costs , growing costs , costs related to the lemons we

cash flows from investing activities for the years ended october 31 , 2013 , 2012 , and 2011 , net cash used in investing activities was $ 11.3 million , $ 11.3 million and $ 1.5 million , respectively and is primarily comprised of capital expenditures , business acquisitions and sales of assets . · capital expenditures were $ 21.8 million for fiscal year 2013 , comprised of $ 5.5 million for property , plant and equipment , $ 4.8 million for real estate development projects , $ 0.4 million for an agriculture property acquisition and $ 11.1 million for business acquisitions . these investment activities were partially offset by $ 4.8 million net proceeds from sale of stock in calavo growers , inc. and $ 5.7 million of net proceeds from sale of hm east ridge , llc property . · capital expenditures were $ 11.1 million for fiscal year 2012 , comprised of $ 3.9 million for property , plant and equipment , $ 4.6 million for real estate development projects , $ 1.8 million for agriculture property acquisitions and $ 0.8 million for a business acquisition . · capital expenditures were $ 12.9 million for fiscal year 2011 , comprised of $ 1.9 million for property , plant and equipment , $ 4.5 million for real estate development projects and $ 6.5 million for the purchase of rancho refugio/caldwell ranch . these capital expenditures were partially offset by $ 9.3 million of net proceeds from the sale of ranch refugio/caldwell ranch and $ 2.1 million of net proceeds from the sale of donna circle . cash flows from financing activities for the years ended october 31 , 2013 , 2012 and 2011 , net cash provided by ( used in ) financial activities was $ 6.2 million , $ 4.9 million , and ( $ 4.8 ) million , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows from investing activities for the years ended october 31 , 2013 , 2012 , and 2011 , net cash used in investing activities was $ 11.3 million , $ 11.3 million and $ 1.5 million , respectively and is primarily comprised of capital expenditures , business acquisitions and sales of assets . · capital expenditures were $ 21.8 million for fiscal year 2013 , comprised of $ 5.5 million for property , plant and equipment , $ 4.8 million for real estate development projects , $ 0.4 million for an agriculture property acquisition and $ 11.1 million for business acquisitions . these investment activities were partially offset by $ 4.8 million net proceeds from sale of stock in calavo growers , inc. and $ 5.7 million of net proceeds from sale of hm east ridge , llc property . · capital expenditures were $ 11.1 million for fiscal year 2012 , comprised of $ 3.9 million for property , plant and equipment , $ 4.6 million for real estate development projects , $ 1.8 million for agriculture property acquisitions and $ 0.8 million for a business acquisition . · capital expenditures were $ 12.9 million for fiscal year 2011 , comprised of $ 1.9 million for property , plant and equipment , $ 4.5 million for real estate development projects and $ 6.5 million for the purchase of rancho refugio/caldwell ranch . these capital expenditures were partially offset by $ 9.3 million of net proceeds from the sale of ranch refugio/caldwell ranch and $ 2.1 million of net proceeds from the sale of donna circle . cash flows from financing activities for the years ended october 31 , 2013 , 2012 and 2011 , net cash provided by ( used in ) financial activities was $ 6.2 million , $ 4.9 million , and ( $ 4.8 ) million , respectively .
```    
 Suspicious Activity Report : our goal is to break ground on the project and begin selling homes in the next 12 to 18 months , subject to general business , market and economic conditions . in may 2013 , the ventura local area formation commission unanimously approved the annexation of our east area 2 real estate development project into the city of santa paula . the annexation was recorded during august 2013. during february 2013 , we completed the sale of 2,070,000 shares of common stock , at a price of $ 18.50 per share , to institutional and other investors in a registered offering under our shelf registration statement . the offering represented 16 % of our outstanding common stock on an after-issued basis . upon completion of the offering and issuance of common stock , we had 13,307,085 shares of common stock outstanding . the gross proceeds of the offering totaled $ 38,295,000 and after an underwriting discount of $ 2,106,000 and other offering expenses of $ 292,000 , the net proceeds were $ 35,897,000. during february 2013 , we used the net offering proceeds to repay long-term debt . in april 2013 , we purchased land for use as a citrus orchard for a purchase price of $ 375,000 cash , which included approximately 25 acres of agricultural property located adjacent to the sheldon ranch , in the city of lindsay , california . we accounted for this transaction as an asset purchase with substantially the entire purchase price allocated to land . on april 8 , 2013 , we , through our investment in hm east ridge , llc , entered into a purchase and sale agreement to sell its east ridge parcel of property for $ 6,000,000. the property is located in the city of santa maria , county of santa barbara , california and includes approximately 40 acres of land . the transaction closed in june 2013 and generated net proceeds of $ 5,713,000. we recognized a loss on our investment in hm east ridge , llc of $ 1,754,000 , which is included in equity in ( losses ) earnings of investments in the accompanying consolidated statements of operations . during july 2013 , we used the net sale proceeds to repay long-term debt . on april 11 , 2013 , we sold 165,000 shares of calavo growers , inc. ( “ calavo ” ) common stock at a price of $ 29.02 per share ( the closing price on april 10 , 2013 ) . calavo repurchased the shares pursuant to a stock purchase agreement we entered into with calavo in 2005. following the sale of shares of calavo common stock , we continue to own 500,000 shares of calavo common stock . the net proceeds from the sale were $ 4,788,000 , resulting in a gain of $ 3,138,000. we used the sale proceeds to repay our long-term debt . in june 2013 , we announced a plan to build 71 agriculture workforce housing units in santa paula , california , that will be available for rent to local agriculture workers and limoneira employees . we estimate that the total cost of the development will be approximately $ 8.5 million and will be completed and available for rent during 2014. when fully occupied , annual rental revenue from the additional housing units is anticipated to be approximately $ 850,000 to $ 900,000. on july 1 , 2013 , we entered into a lease agreement with cadiz , inc. ( “ cadiz ” ) to develop new lemon orchards on cadiz 's agricultural property in eastern san bernardino county , california ( the “ cadiz ranch ” ) . under the terms of the lease agreement , we have the right to lease and plant up to 1,280 acres of lemons over the next five years at the cadiz ranch operations in the cadiz valley , and have leased 320 acres initially , subject to a mutually agreed upon planting schedule . the lease agreement provides options to lease and plant up to 960 additional acres ( 320 acres in option 1 and 640 acres in option 2 ) by 2018. the annual rental payment will include a base rent of $ 200 per planted acre and a lease payment equal to 20 % of net cash flow from the harvested crops grown on cadiz property . pursuant to the terms of the lease agreement , the annual rental payment will not exceed a total of $ 1,200 per acre . on september 6 , 2013 , we acquired associated , a privately owned arizona corporation , for approximately $ 18.6 million . the purchase price consists of the issuance of 705,000 unregistered shares of our common stock with an aggregate value of $ 16.0 million , based on our stock price on the acquisition date , 1.0 million in cash and the repayment of $ 1.6 million in associated 's long term debt . the acquisition was structured as a tax-free reorganization under section 368 of the internal revenue code . the acquisition provides for a potential purchase price adjustment based on the net assets acquired and for a holdback from payment of 5 % ( $ 850,000 ) of the stock and cash purchase price for a period of one year in support of potential indemnification claims as defined in the merger agreement . upon completion of the acquisition , associated became a wholly-owned subsidiary of our company . associated owns approximately 1,300 acres of property in yuma , arizona , comprised of 950 acres of productive lemon orchards and 350 acres of other crops , as well as agriculture equipment and facilities . transaction costs and other expenses incurred in connection with the acquisition were approximately $ 270,000 , which are included in selling , general and administrative expense . the results of operations of associated have been included in our consolidated results operations from the acquisition date . story_separator_special_tag the significant variances are discussed below : replace_table_token_11_th · packing costs : the increase in fiscal year 2012 primarily resulted from 0.6 million more cartons of fresh lemons packed and sold compared to fiscal year 2011 . · harvest costs : the increase in fiscal year 2012 primarily resulted from 7.7 million more pounds of avocados harvested compared to fiscal year 2011. additionally we incurred $ 0.2 million of harvest expenses related to peaches , plums and olives at the sheldon ranch . · growing costs : growing costs , also referred to as cultural costs , consist of orchard maintenance costs such as cultivation , fertilization and soil amendments , pest control , pruning and irrigation . the increase in fiscal year 2012 is primarily due to the addition of the sheldon ranch . during fiscal year 2012 , we incurred net lease expenses of $ 0.5 million and $ 0.6 million of other growing costs related to the sheldon ranch . additionally , in the fiscal year 2012 we removed approximately 22 acres of cherries as part of our fiscal year 2012 orchard redevelopment plan , resulting in a charge of $ 0.2 million . the 22 acres were replanted with lemons . · third-party grower costs : we sell lemons that we grow and lemons that we procure from other growers . the cost of procuring lemons from other growers is referred to as third-party grower costs . the increase in fiscal year 2012 is primarily attributable to a higher percentage of third-party grower lemons relative to the total volume of cartons sold . of the 2.4 million and 1.8 million cartons sold during fiscal years 2012 and 2011 , respectively , 1.1 million ( 46 % ) and 0.6 million ( 33 % ) were procured from third-party growers at average per carton prices of $ 13.34 and $ 11.73 , respectively . real estate development expenses consist of costs incurred for our various real estate projects , impairment charges and depreciation expense . real estate development expenses for fiscal year 2012 were $ 1.0 million compared to $ 4.7 million for fiscal year 2011. this 78 % decrease of $ 3.7 million was primarily attributable to the following : · in fiscal year 2011 , we incurred $ 2.3 million costs of sales associated with the sale of donna circle . there were no sales of real estate projects in fiscal year 2012 . · we incurred $ 1.2 million of impairment charges during fiscal year 2011 associated with our real estate projects . there were no impairment charges in fiscal year 2012. selling , general and administrative expenses for fiscal year 2012 were $ 10.5 million compared to $ 9.3 million for fiscal year 2011. this 13 % increase of $ 1.2 million is primarily attributable to the following : · employee incentive expenses for fiscal year 2012 were $ 1.0 million compared to zero for fiscal year 2011 . · fiscal year 2012 selling expenses were $ 1.1 million compared to $ 0.9 million in fiscal year 2011 primarily do to an increase of 0.6 million fresh lemon cartons sold in fiscal year 2012 . 42 other income ( expense ) other income ( expense ) for fiscal year 2012 was $ 0.4 million of income compared to $ 1.2 million of income for fiscal year 2011. the $ 0.8 million decrease in income is primarily the result of : · $ 1.4 million gain on the sale of ranch refugio/caldwell ranch in fiscal year 2011 , · $ 0.8 million decrease in interest expense in fiscal year 2012 primarily as a result of a larger amount of capitalized interest , · $ 0.3 million of notes receivable written off in fiscal year 2012 and · $ 0.2 million increase in fair value adjustments on one of our interest rate swaps in fiscal year 2012. income taxes we recorded an income tax provision of $ 2.0 million for fiscal year 2012 on pre-tax income of $ 5.1 million compared to an income tax provision of $ 0.7 million for fiscal year 2011 on pre-tax income of $ 2.3 million . our effective tax rate is 38.6 % for fiscal year 2012 compared to an effective rate of 31.1 % for fiscal year 2011. the primary reasons for this change in our effective tax rate were decreases in other permanent items offset by increases in the allowable domestic production deduction in fiscal year 2012 over the fiscal year 2011 amounts . segment results of operations we evaluate the performance of our agribusiness , rental operations and real estate development segments separately to monitor the different factors affecting financial results . each segment is subject to review and evaluations related to current market conditions , market opportunities and available resources . the following table shows each segment 's results of operations for : replace_table_token_12_th 43 fiscal year 2013 compared to fiscal year 2012 the following analysis should be read in conjunction with the previous section “ results of operations . ” agribusiness for fiscal year 2013 our agribusiness segment revenue was $ 80.0 million compared to $ 61.6 million for fiscal year 2012. the 30 % increase of $ 18.4 million primarily reflected higher lemon and avocado revenues for fiscal year 2013 compared to fiscal year 2012. the increase in agribusiness revenue primarily consists of the following : · lemon revenue for fiscal year 2013 was $ 14.0 million higher than fiscal year 2012 . · avocado revenue for fiscal year 2013 was $ 2.1 million higher than fiscal year 2012 . · navel and valencia orange revenue in fiscal year 2013 was $ 1.5 million higher than in fiscal year 2012 . · specialty citrus and other crop revenue for fiscal year 2013 was $ 0.8 million higher than fiscal year 2012. costs associated with our agribusiness segment include packing costs , harvest costs , growing costs , costs related to the lemons we

