Question-and-Answer Session
Operator
Ladies and gentlemen we will now begin the question and answer session. (Operator Instructions) Our first question comes from the line of Jordan Sadler, Keybanc Capital Markets. Please go ahead.
Jordon Sadler – Keybanc Capital Markets
Maybe in context of the Nick’s commentary on the market changing, the transactions market maybe Nick could you just give us a little bit of sense of what you’re seeing in terms of the changes? I know it’s still a bit tentative but I’m just curious maybe if you could just bridge that you your expectations on the disposition that you’ve lined up for the year maybe in terms of cap rates?
Nicholas R. Smith
Well, the cap rates have obviously gone up a little bit. There’s not a whole lot of data that’s out there however. It’s just sort of the personality of the market that’s changed a lot. If you remember in the housing market people would be selling a house and they’d have an open house on Sunday and then say put in all your offers by Tuesday night. Well, those days are going in the housing market. In the same sort of auction like frenzy that was going on in the commercial market is gone as well. There’s deadlines for putting in offers and I’m not sure a whole lot of buyers out there are respecting that sort of thing. How this translates into how we’re going to deal with our dispositions, if you remember a lot of the stuff that we bought was value add, it was bought four years ago and we’ve done a lot of work for instances to get some of these properties fully leased so we expect even given a little bit of an uptick in cap rates we still expect to have a significant gain on some of these sales since we were able to buy them at the right price in the beginning.
Jordon Sadler – Keybanc Capital Markets
Is there a range of cap rates that’s sort of underwritten or implied by – I assume you guys have identified the assets that comprise the $50 to $150 million. Have you kind of made some assumptions in there?
Nicholas R. Smith
With regard to?
Jordon Sadler – Keybanc Capital Markets
What the cap rates will be? Because, you’ve got the assets, the NOI and then you have an assumption of what the volume will be and plus it matters that there would be a cap rate?
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