We know that until we see a full recovery in our real estate markets, earnings from our development and sales activity will be relatively modest. We do however expect to create shareholder value throughout the cycle, by our investments in Hawaii and the other strategic initiatives I just mentioned and we will highlight our progress on these initiatives in our earnings calls.There were two primary separation related impacts reflected in this quarters financial results. First, most of the costs to affect the separation were incurred in the second quarter, about $4.4 million. Second, as a result of our strategic decision to focus our future development activity, almost exclusively at Hawaii, we evaluated the three development projects we have on the mainland, and recorded a non-cash write down at two of those projects. The write downs amounted to $9.8 million, leaving the two projects with a book basis of $12.9 million. The third project has a book basis of about $4.7 million.
Alexander & Baldwin's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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