PCL—Some of the acres being sold in 2H14 are from the 2013 Mead-Westwaco acquisition, and these acres have a relatively high balance-sheet carrying value (about 60% of the sale price) because the carrying value was stepped up at the time of the acquisition. The high (60%) cost basis of the Mead-Westvaco acres is one reason the average cost basis for all 2H14 land sales will be as much as 45%.
Why was selling the Mead-Westvaco acreage opportunistic? Because PCL sold land they just bought for $0.60 at $1.00.
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