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  "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)",
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  "authorName": "Marcato Capital Management",
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  "presentationDate": "2012-10-01 00:00:00",
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      "text": "Valuing this acreage on a cap rate basis supports a valuation of ~$6,700 per acre for ALEX's agricultural landholdings",
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      "text": "Valuing this acreage on a cap rate basis supports a valuation of ~$6,700 per acre for ALEX's agricultural landholdings",
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      "text": "We note that, in recent years, ALEX has leased some of its agricultural land to third parties, and earned $333 - $584 of NOI per acre",
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      "text": "Implied Value / Acre of Ag Land: $6,690",
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      "text": "NOI from leasing unimproved land in Hawaii; Unimproved land leased to third parties in Hawaii; Market rent / avg leased acres of ag land; Assumed \"Normalized\" Market Rent / Acre; Cap Rate; Implied Value / Acre of Ag Land",
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