1 To Palmetto Dunes Property Owners The following pages of this Quarterly Report depict some of the strides and resu Its of the last three months. It comes at a time when new peaks are being reached by Palmetto Dunes Resort. It comes at a time when not only are things being accomplished on Hilton Head Island, but when we are thinking of embarking on a major program of land acquisition, substan tially increasing our development inventory. While the timing is not right to reveal the detai Is, I feel it is necessary to apprise you of our feelings. There have been many changes in the land and community development in dustry and its position - changes in the in dustry's role in our economy and within the in dustry itself. At a time when many are con cerned with prospects of continuous and rising inflation, large corporations, along with institutional and private investors are turning to the traditional hedge - real estate. These groups have noted, as have we, the increasing demand for land and its uses, the limited sup ply of desirable land and the steady increase in realty values. Almost daily we are ap proached to lend our experience and talents to various projects lacking our expertise. Because of the tremendous strides and ac complishments achieved at Palmetto Dunes we have gained a great deal of believability in an industry that has seen only the outstanding companies survive corporate giants, scrutiny imposed by federal agencies and fluctuating monetary situation. We intend to maintain this believability. It's rewarding when the many visitors to Palmetto Dunes compliment our people on the fine job that is being done and the plans that have been programmed for the future. We believe that this enthusiasm lies in the fact that they can see how the land is being used and thus can see the values.
We are moving into the final quarter of 1973 with a record of steady growth and a team of experienced and dedicated operating executives. Upcoming plan announcements and projects will further stabilize our un blemished reputation as a quality developer. While the accomplishments being made are important in themselves, they are even more significant, we believe, in the shape they give the company's future. For those of you who have become a member of our community I thank you for your interest and enthusiasm. For those who will be joining us after this report has gone to press, welcome. We are a young company - ambitious, aggressive, and confident of the future. I know you will hear more from us.
R. C. Onorato, President