Question-and-Answer Session
Operator
(Operator Instructions) Our first question is from Lou Taylor – Deutsche Bank.
Lou Taylor – Deutsche Bank
Ed can you give a little bit of color in terms of the G&A costs with regards to where were they in the organization, were they capitalized costs for the G&A expensed? Are you, Ed, getting any markets or any regions or any kind of business lines like development?
Michael J. Havala
Okay, yes, hi, Lou, this is Mike Havala, with respect to the G&A costs, the majority of the G&A costs reductions that we had related to our transactional part of our business. So that would include developments, specialty, as well as acquisitions and sales.
The $33 million that we quote, that’s the number that impacts the P&L, so that impacts specifically the G&A line. We did also cut some costs that were previously capitalized, but the $33 million that we mentioned are the costs that are specifically expensed.
Lou, does that answer your question?
Operator
Your next question is from Mitch German – Bank of America. .
Mitch German – Bank of America
Given how quick these decisions that we have just seen have come about, I mean how long has the board been contemplating possibly making changes and quite honestly, why wait until now and why not do it earlier?
Michael J. Havala
Yes, Mitch, that’s a good question. Basically with the occurrences in the market place in September and October this dramatically changed the environment, not just for us but obviously for everybody. And so with respect to the FFO definition and with respect to the dividend, the Board met this week, to declare the dividend and announced it as we talked about so.
So, clearly this is something that we are focused on. September and October, of course, brought about a very different environment than previous, which was still a tough capital market, but not what the world is facing here based on what happened in September and October.
Mitch German – Bank of America
And can you just go over some of your discussions with [CalSTRS]. It seems like maybe the structure of the JVs have changed I mean from more of a transaction dependent strategy to more now of a long-term strategy hold, is that correct?
Michael J. Havala
No. The mission of our venture with [CalSTRS] has not changed. It’s still focused on value add opportunities, which in this marketplace, I expect there to be a number of value add type of opportunities, as well as [build a suit].
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