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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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  "notes": "The slide highlights a specific accounting mechanism (GAAP Codification Section 360) that creates a discrepancy between book value and market value.",
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      "text": "This can lead to major understatements when the market value of a property is well above its original cost, and often occurs when the property in question is very old.",
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      "text": "Under GAAP Codification Section 360, land is recorded at cost and is then subject to an ongoing recoverability/impairment test. In most all cases, the carrying value of the land at any point in time is the lower of cost or fair value.",
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