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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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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The slide highlights a discrepancy between management's guidance and the analyst's conservative assumptions regarding U.S. land sales.",
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      "kind": "callout",
      "text": "Strong growth despite management not providing guidance on U.S. land sales",
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      "text": "Management began to provide FY2012 guidance commentary in Q1 2012\nManagement's top-line guidance implies strong fundamental growth for FY2012\nWe conservatively assume flat pricing, margins and no U.S. land sales",
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      "text": "Total Revenue: 10.8%",
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      "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) Management provided home and lot closings figure only. Pricing and margin assumptions are assumed to be flat from 2011.",
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      "text": "FY2012 Management Guidance table showing Home Closings, Lot Closings, Total Revenue, and Gross Margin for 2011 Actual, 2011 Pro Forma, and 2012 Guidance.",
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      "text": "Management is Forecasting Strong Growth",
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