Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from Michael Bilerman with Citigroup, please proceed with your question.
Michael Bilerman – Citigroup
Yes, good afternoon, Ambika Goel is here with me. Kevin, can you talk just a little bit more about your TRS portfolio? You have about $205 million. I think you mentioned you had $50 million on the market right now. What's the current yield on cost of the portfolio, both what you have for sale and the totality of the $205 million?
Kevin Habicht
A lot what we buy, obviously and developing that NV is no different than what we would buy or develop for our own portfolio. So, the yields that we acquire and develop property that typically is close to what we would be acquiring for our own portfolio. So, that's generally the case. As you look at the balance of $205 million in that inventory portfolio it’s held for sale. About half of that is related to development properties, two-thirds of which is completed and we are just marketing for sale, and the other half what we call 1031 Exchange properties. In total, of that $205 million, like I said, we have north of $50 million of properties under contract or LOI for sale. But there's a variety of reasons why properties are in the TRS, some obviously we make some money doing it. We also view it as a way for us to mitigate a tenant and line of trade concentration as we acquire large portfolios and so gain on sale is a piece of the equation, but it is not the sole motivation for us selling properties either in the TRS or obviously in their core portfolio.
Michael Bilerman – Citigroup
And you said half of it is development. It's all completed development at this point?
Kevin Habicht
Two-thirds of that half is completed.
Michael Bilerman – Citigroup
And so you still have funding for the remaining?
Kevin Habicht
Yes, modest. We've got about $13 million under construction, which will take another $4 million to complete. So, in terms of dollars committed to complete development, it's a very nominal number.
Michael Bilerman – Citigroup
And so would you say the yield on cost right now is 9%?
Kevin Habicht
I think in total its closer to where we acquire, what we have in our core portfolio.
Michael Bilerman – Citigroup
Which is?
Kevin Habicht
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