Question-and-Answer Session
Operator
Your first question comes from Unspecified Analyst - Goldman, Sachs
Unspecified Analyst - Goldman, Sachs
I just wanted to ask you first about your, if you could address your expected cash flow needs for 2008 and 2009 for development and just any of your other programs that you may have going?
Charles Ratner
Sure Mark, I think we tried to cover in the prepared remarks that we feel we have the liquidity that’s necessary to meet all of our obligations and beyond that to have liquidity available to invest in new opportunities. Much of the construction pipeline is obviously funded already. Much of the equity that is required is in and we have substantial investment in the shadow pipeline if that comes to fruition. So we feel confident in our ability to fund the development. Bob, why don’t you give a little more color on the comment.
Robert O’Brien
In our supplemental package we included this time a different—it’s on page 17 actually, a listing of the debt on our projects under construction; what’s outstanding, what the commitment is. You’ll see that there’s a little over $900 million of unused commitment that’s going to fund the construction class for that stuff under construction so as Chuck alluded to, the vast majority of the equity for our projects under construction has been already been funded. You can see that on our balance sheet as well where we break that out both in our K and our supplemental package. So together between the projects under development and the projects under construction, we have over $900 million of equity already invested so that’s going to go a long way to address the equity needs to balance the equity and the debt components as those things start. Let the record level of liquidity sitting here today, we have nothing borrowed and we’ve got a great liquidity plan going forward so, again, I’m just kind of repeating what Chuck said, but we’re in a good position to fund the development pipeline as it proceeds forward.
Unspecified Analyst - Goldman, Sachs
Okay and as part of your strategy and you look at your same-store portfolio, this last year you sold the senior housing portfolio, and I’m wondering what other property types you’re looking at in terms of monetizing value to focus—refunnel back into the development or potentially other acquisitions in markets where you see grow in your presence?
- To read the full transcript on Seeking Alpha, click here »
