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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 uses a peer benchmark table to demonstrate a competitive advantage in capital efficiency.",
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      "kind": "callout",
      "text": "BRP's portfolio consists of mostly mature land investments vs. more recent housing inventory for other homebuilders",
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      "text": "Years Inventory: 30.1x",
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      "text": "BRP's substantial land and housing portfolio provides it with ~30 years of runway at current volumes, allowing BRP to generate significant free cash flow while requiring minimal land capex",
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      "text": "This is over 3x the inventory of other homebuilders at 2011's run-rate, despite BRP's Canadian operations running at full speed vs. other homebuilders' currently depressed sales volumes",
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      "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.",
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      "text": "Land and Housing Inventory table comparing BRP to peers across 2010/2011 years of inventory and homes as % of inventory",
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      "text": "Long Runway Minimizes Cash Needs",
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