Question-and-Answer Session
Operator
(Operator Instructions)
Your first question comes from the line of David Loeb – Robert W. Baird
David Loeb – Robert W. Baird
Jim you mentioned that you were going to be listing Houston in June, how quickly might you be able to actually complete a transaction and when are you thinking, what sort of the range of when you might be able to book again?
Jim Thomas
We have – its no way we can really estimate but our hope would be that we could consummate a transaction this year in the fourth quarter but it’s really difficult to project as you know.
David Loeb – Robert W. Baird
If you were able to achieve the $250.00 a foot value what are you estimating you’re gain including promote would be from that portfolio?
Jim Thomas
Well I indicated that our basis was about $160.00 a square foot. I don’t have it in front of me what the promote might be but it would be sizable.
David Loeb – Robert W. Baird
Is this the standard 15 over 10?
Jim Thomas
Yes, 15 over 10.
David Loeb – Robert W. Baird
Diana, you mentioned that you’d to take steps to improve the liquidity of the shares, what kind of steps might you consider taking for that?
Jim Thomas
That’s a tough question and I think the kind of steps that we’re taking are – it’s premature for us to talk about it in a public forum.
Diana Laing
One of the most important things for us to do is continue to execute which we are focused on both improving the existing portfolio assets as well as recapitalizing to realize some of the value we’ve created.
Operator
Your next question comes from the line of Jamie Feldman – UBS
Jamie Feldman – UBS
I was hoping you just give a little bit more color on the credit markets, are things getting a lot worse, are they getting a little bit better, are they standing still, what are you watching for to see if things are going to turn around here?
Jim Thomas
I think what we’re seeing and hearing is that they’re getting a little bit better but as I indicated we still think that you’re nine to 12 months or longer away from getting back to what we would call normal credit markets. But there are some signs of life out there but not a lot.
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