Question-and-Answer Session
Operator
Thank you sir, ladies and gentlemen we will now begin the question and answer session. As a reminder if you have a question, please press the star, followed by the one on your touchtone phone. If you’d like to withdraw your question, press the star followed by the two. If you’re using a speakerphone, you will need to lift your handset before making your selection. Our first question comes from Jordan Sadler with Keybanc Capital Markets, please go ahead.
Jordan Sadler – Keybanc Capital Markets
Good morning, first question is regarding leasing activity, I know you did a good job disclosing it before this release and you’ve got a little bit more color around the edges this time around. I’m curious to know what the total leased but not yet commenced space was at January 1, 2008. Is that the 403,000 or might there have been something else that was leased and not commenced from a prior quarter?
Mike Foust
Let’s see, I believe the 403,000 is just leases from actually the fourth quarter and I think our actual backlog is something more kind of around 435,000, I’m sorry, 530,000 square feet of total backlog. So I believe the 403,000 square feet of backlog were just leases signed in the fourth quarter, but there are some other leases from the third quarter that will be commencing in 08.
Jordan Sadler – Keybanc Capital Markets
Okay and then on top of that there were some additional leases signed year to date I could presume?
Mike Foust
Yeah and we’ll have more activity as we go through the rest of the quarter as well obviously.
Jordan Sadler – Keybanc Capital Markets
No, understood, but the 530 just to be clear does not include anything that was done since January 1, 08?
Mike Foust
That’s correct.
Bill Stein
Yes, just signings in 07.
Jordan Sadler – Keybanc Capital Markets
That had not yet commenced. And the average rate and expected timing of those commencements?
Bill Stein
Well roughly we’re expecting about 80% of that will commence in the first quarter at an average rate of, average GAAP rate of around $95.00, another 6% in the second quarter at an average cap rate of $85.00 and then the balance in the third quarter at an average cap rate around $70.00.
Jordan Sadler – Keybanc Capital Markets
Okay around 70. And just to stay with this for a second, the timing is mid quarter convention safe and then the margin.
- To read the full transcript on Seeking Alpha, click here »
