Who we will be upon separation is kind of covered by the next slide. We are company, we believe with unique assets and competitive strength. We are the fourth largest private land owner in State of Hawaii, 88,000 acres.
By selling real estate, our legacy lands over the years, and reinvesting the proceeds and 1031 tax deferred exchanges. We have built up a quality commercial portfolio nearly 8 million square feet properties on the Mainland and Hawaii.
We have -- we continually work on building a development pipeline and certainly have been very active in the recent real estate downturn. We worked hard at developing a pipeline of future development projects. We will be now have over 3,500 fully entitled residential and commercial units in our pipeline that we can rollout as it supported by market demand.
We have the largest farm in the State of Hawaii and that has some very interesting and real energy potential down the road for us. I mentioned a strong balance sheet and ample debt capacity we will have at the time of separation.
But we also have important intangible assets, they reside primarily in our staff and who we are the reputation we built up and we are not just old but I think over the many decades we build up a reputation for the highest integrity trust within the state, Hawaii is not a big state, as you know, we are a big fish in a small pond.
So the focus is always on us and that’s important for us therefore and to respond accordingly, and we still I think huge commitment to our communities and I think have earned the respect of most of the people throughout the State of Hawaii.
Part of our DNA is also a very disciplined approach to underwriting and making investments, and we’ve learned a lot, we have staff here of many decades of experience and if you have watch real estate over 30 years as I have, A, it goes into cycles and B, watch the mistakes and successes of people who are investing in real estate in state, and I think, I have -- we’ve all learned quite a few lessons from being participants in real estate for these many years. So we are very disciplined and I believe very smart underwriters and investors in real estate in Hawaii.