Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from Michael Bilerman – Citigroup.
Michael Bilerman – Citigroup
Irwin Guzman is on the phone with me as well. Dean you touched a little bit on the securities side and talking a little bit about the gains you experienced. And currently at least on the public side, on a $5.6 million investment you’re sitting on, a total basis of $28 million, so almost five times your basis, can you talk a little bit about the spread of how many investments that goes over?
And then also talk about the private side of it where you’ve got $56 million invested, how many investments that goes over and sort of what you think the imbedded mark to market is today, just to give a little bit more color on these activities.
Dean Shigenaga
I think broadly speaking, we probably have, very rough numbers, maybe 100 investments or so in private and publicly traded companies. All of our investments, keep in mind, in the public companies by and large from what I can recall, originated from an investment in a private entity that has gone public and we still hold the securities. So that’s kind of the mix.
As far as imbedded value on the private side, I think if you can look at the historical performance, the imbedded value in public securities we hold, I think that’s a pretty decent indication of some really imbedded value on the private side which the accounting rules require us to account for on historical cost basis. So I think there’s reasonable upside imbedded there.
Michael Bilerman – Citigroup
And when you look at, so you generated $22 million of gains in terms of liquidation over the last three years, what sort of return has there been on your sort of initial capital?
Dean Shigenaga
It’s kind of hard to tell because each investment varies.
Michael Bilerman – Citigroup
Is this a 2 X type business for you or a 3 X?
Dean Shigenaga
I think if you look at an IRR based valuation you would get probably into the high teens or low 20’s.
Irwin Guzman – Citigroup
You outlined in some detail the level of leasing you’ve accomplished in ground up developments but can you talk about the redevelopment inventory, specifically the inventory that you’re going to be delivering by the end of the year, it looks like a little over $100 million of investment, can you talk about the lease strength in those assets and the level of activity that you have for the reaming space that’s not leased?
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