. >> commissioners, jeffrey bauer for the policing manager. here is give you a brief presentation on the ports, the real estate leasing policy and procedures. pursuant to the city charter the leases are approved by the port commission at its sole discretion. others that generate revenue or have a term of ten years are subject to the port commission and the board of supervisors. interlacing which we primarily concentrate in real estate, represents a significant portion of the port's leasing activity. and the port holds 550 leases approximately, and that we manage in the real estate division and this represents about 90 percent of the port's over all portfolio and represents 87 percent of the totalen annual revenues of the port. the opportunity to solicit all opportunities except where impractical and feasible, under the city charter if i lease out an office, under the charter, i am supposed to bid that. and we the way that we, handle that is we come and get delegated authority, under the port's leasing policy. given the volume of leases that we