Question-and-Answer Session
Operator
Thank you (Operator Instructions). Our first question will come from Paul Adornato from BMO Capital Markets. Please go ahead sir.
Paul Adornato – BMO Capital Markets
Hi good afternoon. I was wondering if we can get a little bit more detail on the Wickes situation just to be clear have they already stopped paying rents.
Scott Carr
Paul this is Scott. Excuse me. Wickes filed and they are still paying rents and operating. They are moving toward liquidation with their first choice being resulting higher change most likely it's going to be a location by location liquidation. But they are -- when they filed they were actually current with rent through January and all of our locations then they are under the post efficient paying rent, while they are operating until the ultimate outcome of lease.
Paul Adornato – BMO Capital Markets
Okay. And how much security do you have with that tenant?
Scott Carr
In terms of security deposits?
Paul Adornato – BMO Capital Markets
Yes.
Scott Carr
We are actually -- none of these have security deposits because of the stature of the company at the time the leases were done being a national retailer as such. But we're also -- we are very optimistic in this scenario in terms of the outcome.
Paul Adornato - BMO Capital Markets
Okay. And what is assumed in '08 guidance in terms of downtime if any?
Scott Carr
We're anticipating about a half year's loss in income from those locations. Now with the one location up in Minneapolis we are days away from signing a new lease, which we'll actually have online by fourth quarter '08. So, that will be a quickly turnaround. The rest of them we'll continue to receive rents until the time of an ultimate outcome and it is feasible that some one could buy the leases or possible. But we're anticipating that we'll be getting on leases there and we're proceeding accordingly in terms of our releasing effort.
Paul Adornato - BMO Capital Markets
Okay. And looking at the development of JVs, first of all, do you have any kind of forward commitments with any of the development joint ventures
Scott Carr
No.
Paul Adornato - BMO Capital Markets
That is are you required to do additional deals or do you approve them as they re presented to you?
Mark Zalatoris
Paul this is Mark. We've no forward commitments with any of our partners. What we do have is a first look opportunity with our partners in all the deals that they are considering. As a matter of fact that we've looked at a couple of deals that we declined to proceed with on our partners based on various circumstances, conditions or locations, timing etcetera. So, I think it's structured the right way, where we limit our obligations and yet we've been able to diversify the risk in a sense because working with five different development partners. And then almost in all cases we also ask them to put skin in the game by contributing equity side by side with us up to 15%.
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