Lets not overlook that the selling price is Not net profit, merely liquidated investment...which may infact be @ a loss.
What would be most important to evaluate shareholders value is what was paid for the lots, thus knowing what profit or loss results from the sale.
Then investors could actually do a revenue / OS breakdown and get a share price valuation.
My assumption is that the odds are good that they are selling the properties at a loss, certainly a possibility dependant on whether they bought them in the heated market of the last few years and now selling in the downturn.
Doing the math..they are getting 8 - 10k per lot. Selling to developers is selling wholesale.
Reading between the lines of the release:
"We feel that continuing to hold this property through this transition in the real estate market will not give us the best return"
I would summize this to mean to continue to carry these properties (dead money or @ a loss) in this extended market downturn forward is less than advantageous.
The validation of this thought is that if they were selling them at a profit...they would be touting the anticipated $$ profit numbers.
Something else that comes to mind....after the sale of these properties in AZ, how much / what will be left for consideration of value in this company?
Yet again, they re-iterate they will be completing their website. This is sadly amusing....
Hey..maybe if they Do sell these properties they can afford to get the website completed...LOL
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