Question-and-Answer Session
Operator
The first question comes from the line of Jamie Fieldman with UBS, please proceed.
Jamie Fieldman - USB
Great, thank you. So for City National, can you talk a little bit more about possibly the timing of that and exactly what kind of interest you’re getting and from whom?
Jim Thomas
You’re talking about the sale of the 49% interest?
Jamie Fieldman - USB
Correct.
Jim Thomas
I think it’s too early for us to get into a lot of detail about it, simply to say that we are in the market with a select group of buyers that we designated and at this point we are optimistic that we’re going to get something done, but time will tell.
Jamie Fieldman – USB
Okay. I guess a bigger picture question, can you characterize exactly what kind of capital is in the market, I mean seeing in New York we’re certainly talking about [macros] portfolio? Just trying to get a feel for how much global capital really is out there looking for Class A real estate assets, maybe you have a view for that.
Jim Thomas
There seems to be a fair amount of capital, so my sense at least is that if you were talking about equity, that there is equity capital in the market, but I think that it’s being very careful and obviously there’s not the leverage to go along with it, but just in terms of absolute equity capital, I think there's a fair amount. And so, I don’t think that’s going to be a huge impairment.
Jamie Fieldman - USB
Okay. And I think on the past call you guys have provided a guidance range, or kind of an expected guidance? Is that something you care to do for 2008?
Diana Laing
No, we’ve never – we’ve only given guidance for 2007, which was the $1.80 number including a sale of City National. You know, obviously the sale of an interest in City National didn’t occur last year so that will get pushed into 2008. But as far as future guidance, because of the nature of our value add business and the market timing aspects of the development business, we haven’t given guidance for longer term periods.
Jamie Fieldman - USB
Okay. And then, in terms of Murano, how many – I think you said there are 116 sold out of how many?
Jim Thomas
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