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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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  "notes": "The valuation methodology uses specific cap rates and per-acre estimates for different assets.",
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      "text": "We believe GY's excess real estate is worth ~ $370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans",
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      "text": "Excess Real Estate Value: $368m",
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      "text": "(1) This site is in the process of environmental remediation",
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      "text": "Source: Marcato estimates",
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      "text": "Asset: Sacramento Land, Value: $302, Methodology: 6,044 acres @ $50k / acre; Asset: Sacramento Office Space, Value: 66, Methodology: LTM NOI @ 8% cap rate; Asset: Chino Hills Land, Value: 0, Methodology: Conservatism (1); Total: $368, Value / Share: $5.99, % of Current Market Cap: 61%",
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