Question-and-Answer Session
Thank you. Ladies and gentlemen, at this time we will begin the question-and-answer session. [Operator Instructions] Our first question comes from Dustin Pizzo with Banc of America. Please go ahead.
Dustin Pizzo - Banc of America
Hey, good morning. Tom, just first on the portfolio transaction, I mean, how much of a spread do you think that there is between the assets that you are selling and the remaining portfolio on a capital basis? And then also, if you could just comment, given the changes in the capital market, I mean, where do you think these assets would have traded six to nine months ago?
Thomas W. Toomey - President and Chief Executive Officer
Well, the spread between what we sold and what we think we have left for balance and our roll-out, all that market, I think, it's probably a 150 basis points, maybe 170.
Unidentified Company Representative
I would say 170.
Thomas W. Toomey - President and Chief Executive Officer
I mean, I think the portfolio post, if you look, at 41%, California; 25%, DC. I can't find anything in that market that would trade north of a 5.
Dustin Pizzo - Banc of America
Okay.
Thomas W. Toomey - President and Chief Executive Officer
I think Florida representing 20% of the enterprise is probably in a market that probably trading 5-7 range, do the math you probably at about 4-8, 4-9 range.
Dustin Pizzo - Banc of America
Okay, and then just --
Thomas W. Toomey - President and Chief Executive Officer
Where were they traded?
Dustin Pizzo - Banc of America
With.
Thomas W. Toomey - President and Chief Executive Officer
Where were they traded six months a year ago?
Dustin Pizzo - Banc of America
Yes.
Thomas W. Toomey - President and Chief Executive Officer
I think the couple of things, six months ago this portfolio doesn't trade, because there was frankly no lending, no capital available, and so zero is your answer, wouldn't have traded at all.
Dustin Pizzo - Banc of America
All right, we will call it 9 to 12 months ago, then.
Thomas W. Toomey - President and Chief Executive Officer
Prior to that my view is probably trades at about where it is. I think what you got, is you got NOI that improves in this portfolio probably 5% over that time horizon, capital cost, Fannie-Freddie lending practices are about a 5% at 75% - 80% loan-to-value on this portfolio. You do this spread it probably trades at about 6.5, these asset moved a lot over that timeframe. I think it went way down and then it's come back up, Mark do you got a viewpoint?
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