Question-and-Answer Session
Thank you Kamer. [Operator Instructions]. Our first question from the line of Michael Bilerman with Citi. Please go ahead.
Michael Bilerman - Citigroup
Hey, earlier got some sort of thing as well [ph]. Jordan you talked about how do you spent the most of the second quarter I guess in planes, going around and looking for capital. Can you just give us a little bit more color on some of those discussions and sort of what the appetite was, how you sort of dealing with trying to raise capital in this sort of environment, especially given, at least the lower initially yield that your going in to some of these acquisitions.
Jordan L. Kaplan - President and Chief Executive Officer
Okay, I will to answer the first part of the question, the first which is... its... people are generally have some trepidation about investing. They worried about the market continuing to go down. So it isn't easy to raise this type of money. So we are having a lot of discussions, and it hasn't been easy. But I still feel like, we are going to successful and we've had very many good discussions. So I think we are generally on track there. In terms of the returns, when you say lower return environment, I am not sure lower return environment compared to what, the higher return environment compared to the last year.
Michael Bilerman - Citigroup
I am just saying in the perspective of trying to get people over the goal line in the core type product, where they are being faced with going in on this assets and the fours, low fives. A difficult financing environment and rent growth which is going the opposite way. I would assume that it's a more difficult thing to raise that capital today.
Jordan L. Kaplan - President and Chief Executive Officer
I think it generally hard... it's just generally hard to raise capital, All right. And so whatever your story, and I agree with... I guess like the premise of what you are saying, which is that, I talked to lot of people that there is a sort of shutdown; if I am not talking about distressed list, this distressed CAP, distressed debt, distressed equity. I mean, people really are looking to the invest in distressed situations right now, which means they are chasing... some very high returns. Our history is that we have not operated that sort of higher risks, higher returns end of the curve, but we have still been able to produce a pretty solid returns and on convertible debt we in what we are doing now and all said we are working on now, we will continue to be able to produce the pretty good returns that we have produced without having to take those, that cause distress to higher risks, make those higher risks bet.
- To read the full transcript on Seeking Alpha, click here »
