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  "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The table includes footnotes explaining specific transaction contexts (forced sales, specific valuation inclusions).",
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      "kind": "callout",
      "text": "MLP's precedent land sales provide additional data points for valuing ALEX's excess land.",
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      "text": "In recent years, Maui Land & Pineapple Company (NYSE: MLP), formed in the 1960s from ALEX landholdings in west Maui, has sold agricultural land at an average of over $20,000 / acre\nMLP's precedent land sales provide additional data points for valuing ALEX's excess land:",
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      "text": "$ / Acre: $23,267",
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      "kind": "source-note",
      "text": "Source: Maui Land & Pineapple Company documents\n(1) We believe these were \"forced\" sales, as MLP is in financial distress\n(2) Consideration included 1 acre in west Maui valued at $350k",
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      "text": "Maui Land & Pineapple Precedent Land Sales\nDate | Acres | $/Acre | Description\nJan-12 | 89 | $16,854 | Upcountry Maui (1)\nMar-10 | 128 | 13,281 | Upcountry Maui (1)\n2008 | 111 | 39,460 | Upcountry Maui\n2007 | 683 | 29,136 | Upcountry Maui\n2006 | 2,200 | 15,227 | Upcountry Maui\n2005 | 640 | 44,063 | Upcountry Maui (2)\nQ1-2002 | 9 | 70,112 | Upcountry Maui\nTotal | 3,860 | $23,267",
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      "text": "Comparable Land Sales: Maui Land & Pineapple Company",
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