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  "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)",
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      "text": "We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet",
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      "text": "BRP's land and housing investments are recorded on its balance sheet at lower of carrying value (cost) or fair value",
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      "text": "Canadian land has an average age of ~8 years in Edmonton and Toronto and up to 15 years in Calgary\nU.S. land has an average age of ~7-8 years",
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      "text": "BRP has also taken impairments of ~30% of cost for its U.S. land assets, in-line with other homebuilders (1)",
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      "text": "We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet",
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