ALEX
#This is <UNK>.
So, yes, share repurchases obviously is a capital allocation and capital structure decision that are influenced essentially by the other alternative investments that are out there.
So we would certainly consider share repurchases in the context of our other investment opportunities.
And to the extent that represents a superior investment opportunity we would undertake that.
Currently, we have a 2 million share repurchase authorization and all of that remains available, but again it comes down to an evaluation of what we have in terms of investment alternatives.
<UNK>, this is <UNK>.
I'm going to let <UNK> <UNK> answer that question.
Thanks, <UNK>.
<UNK>, you're right.
By taking both the Kailua retail pieces in the supplement and the ground lease for Kailua, that would be representative of the Kailua acquisition and the NOI growth we receive from that.
And you should take into account a portion of that ground lease increase was reset on the Aikahi Park Shopping Center acquisition that we had earlier this year.
It's actually for the quarter is a slight increase (inaudible) because there was some retroactive ground rent in that.
Thanks, <UNK>.
Thank you.
Thank you, <UNK>.
I'm sorry, <UNK>.
The three markets compared to which.
Well, I'd say that certainly the slowest to recover this time around, even though it is back to a degree and is recovering, is the resort market.
And we've felt that of course with the improvement but not sort of dramatic improvement in resort sales over the last couple of years.
So it's going in the right direction, but at a slower pace.
The condo market of course has been off the charts of late and then the primary residential market has been very strong, but there just isn't that much supply on the primary residential market.
One of the reasons that we targeted the price points that we did at both Waihonua and The Collection, which is very much a local buyer sort of mid level ---+ middle class pricing level is because we see so much depth in that market and we believe that while the higher-end stuff is certainly doing well right now it is a somewhat more finite market and we see tremendous depth going forward for the primary residential market.
And the price points in the say $400,000 to $600,000, $700,000 price range there is just a lot more demand at that level.
So that's why we're very interested in the primary residential market on Oahu because we think there is significant depth to it.
<UNK> do you want to.
No, that's fine.
Yes, Steve, we are probably going to be cautious and hedge a little bit.
Certainly completion of construction, we're targeting late 2016.
As you know, you've got to complete construction and certificate of occupancy and then get through 450 closings.
And so when those exactly will fall whether it would be late 2016 or early 2017, we're not taking a strong position on right now, but completion of construction should certainly ---+ is on track for late 2016.
