tree growers..., page-4

Hi 618, my understanding is that TIM or one of their subsidiaries or trusts owns the land and the investor owns the tree/nut/fruit. The investor pays rent for the woodlot/almondlot/etc and a fee to TIM for the managing of the trees.

In some cases for the horticultural projects, such as almonds, TIM sub-contracts the management of the orchards out to third parties. The third party manages the orchards and sells the produce on behalf of the investor and take their fees out of the proceeds, they then pass the balance on to TIM who takes their fees and TIM then passes the remainder on to the investor.