Question-and-Answer Session
Operator
(Operator Instructions) The first question comes from Christeen Kim – Deutsche Bank.
Christeen Kim – Deutsche Bank
Ken, you have mentioned and I know you’ve spoken about this before but joint venturing some of your properties to help improve the balance sheet, it sounds like you’re pretty early in the process. How soon do you think we could hear an update on that or something actually further along?
Kenneth M. Woolley
I think it will probably take a couple of months. We have identified a portfolio of properties that we would like to bring to the market. We have not yet put that out to potential joint venture partners. We have received some interest from some of our current joint venture partners and we know there’s others who are interested. I would say it’s going to be a couple of months. Since we haven’t had a lot of acquisitions in the pipeline we haven’t felt the pressure right now to do that so we haven’t yet gotten it done.
Christeen Kim – Deutsche Bank
In terms of the core operations were there any markets that surprised you this quarter either to the upside or downside?
Karl T. Haas
On the upside I think Austin and Houston and Nashville are somewhat surprises. Houston, the oil industry and the pluses going on there. Nashville is a pleasant surprise and it’s been a long time since we’ve seen anything big there. Nothing on the negative side that’s a big surprise.
Kenneth M. Woolley
I think one of the surprises I have is we continue to see strength in Detroit which is amazing in my view and I’m pleased to see Boston and the whole Northeast doing well for us right now. That’s a pleasant surprise since we have such a big group of properties there.
Christeen Kim – Deutsche Bank
Finally, I know your same store pool is a little different this quarter than Q4, do you know what the sequential change in occupancy was in your new same store portfolio?
Kenneth M. Woolley
If you looked at the current same store pool as of December 31 versus now we actually gained occupancy and I think it’s about 50 basis points.
Kent W. Christensen
Compared to last year it has improved.
Kenneth M. Woolley
If you look at the current 211 and you said what was it as of December 31, 2007 versus December 31, 2006 we were actually behind half a percentage point in that pool as of December 31, 2007 so we picked up 50 basis points to be at break even. We’ve actually gained another 0.1% on that pool through today versus the previous period.
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