Question-and-Answer Session
Operator
Thank you, Sir. (Operator Instructions). And we’ll go to Steve Sakwa with Merrill Lynch.
Steve Sakwa – Merrill Lynch
Good morning. I just want to circle back on the disposition question just to make sure I understand it. You sold $136 million since the beginning of ’07 and it sounds like 64, so that was in 1Q ’08. Does your guidance of 210 assume additional acquisitions and, if so, can you just give us kind of a range of what you think that dollar figure may be this year?
Joel S. Marcus
Steve, could you clarify that? There was some static when you asked your question whether it was acquisitions or dispositions that you referred.
Steve Sakwa – Merrill Lynch
Sorry. On the disposition front. You said you sold $136 million since the beginning of 2007, some of which occurred in the beginning part of ’08. I’m just trying to figure out whether your expectations of 610 include further dispositions to be on the $64 million.
Joel S. Marcus
Yeah. The answer is absolutely yes. I’m not sure we can easily quantify that for you, especially given some of the accounting rules related to assets held for sale. So I’m not sure I want to give precise numbers, but I would say it is significant.
Steve Sakwa – Merrill Lynch
Okay.
Joel S. Marcus
So the answer is yes.
Steve Sakwa – Merrill Lynch
Okay. And then maybe just talk a little bit more about kind of what you’re hearing from tenants just in terms of the decision-making process, Joel. It sounds like maybe in some cases things are taking a bit longer or at least we’re hearing that in other sectors. What is your experience in dealing with folks trying to commit the space and if they are pushing out maybe just give us a little bit of colour there?
Joel S. Marcus
Well, let me give you a couple of my impressions and ask Jim to maybe give you maybe more specific ones. I think we’re still seeing pretty good velocity and decision making and transactions regarding, I would say, more institutional-type users, but I would say the smaller size tenants probably have taken a little bit more time. But I would say fundamentally we haven’t seen a significant shift in slow down. But I think there is clearly a focus on cost issues given the macro markets that Jim can highlight more in-depth.
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