(mainly New Zealand Dollars in thousands, unless otherwise noted)	Total			Less: Recorded to Statement of Operations(5)			Recoverable Asset under Insurance Claim(6)
Written down value of parking structure(1)	NZ	$	14,246	NZ	$	(795)	NZ	$	13,451
Estimated demolition costs(2)			8,500			(1,224)			7,276
Total expected incurred losses			22,746			(2,019)			20,727
Less:
Advance payment from Insurer(3)(4)			(7,103)			--			(7,103)
Insurance Recoverable for Incurred Losses (in local currency)	NZ	$	15,643	NZ	$	(2,019)	NZ	$	13,624
Insurance Recoverable for Incurred Losses (in U.S. Dollars)(4)	US	$	10,884	US	$	(1,421)	US	$	9,480

(1) Recorded land value was excluded in the impairment determination. The reduction to the written down value represents the 5% deductible calculated based on the estimated value of the insured damaged parking structure for insurance purposes.

(2) $862,000 (NZ$1.2 million) or 14% of total estimated demolition costs was preliminarily assessed as expenses not reimbursable under our insurance policy and hence, we recorded in profit and loss.

(3) This represents the advanced claims settlement from the Insurer of $5.0 million (NZ$7.1 million).

(4) In line with our standard translation policy, the recoverable asset of NZ$13.6 million was translated into U.S. dollars based on the spot exchange rate as of December 31, 2016, while the impact on our statement of operations was translated using the average exchange rate for the month of December 2016.

(5) Total impact to current income of $1.4 million (NZ$2.0 million) is presented as a separate line in our Statement of Operations.

(6) The recoverable asset of $9.5 million (NZ$13.6 million) is presented as part of “Other non-current assets” as the timing of the insurance claim receipt is not fixed nor reliably determinable.