Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Your first question comes from Michael Bilerman – Citigroup.
Michael Bilerman – Citigroup
[Irwin Gossman] is here with me as well.
Denny I just wanted to ask you, you talked about the board reaffirming the dividend and keeping it at $1.84 and having that covered by a FFO. And we’ve seen other companies that even are below payout, but have taken the opportunity to reduce that dividend to maintain that and to raise liquidity. And I’m just curious to how you as you’ve laid out your capital plan, and obviously the total dividend is close to $300 million annual sort of commitment a year, how you’ve thought about and how the board has thought about using that liquidity potentially for a quarter or two to get even more availability?
Dennis D. Oklak
Sure Michael. I think again as we’ve laid out in my comments and the schedule that we posted on the website shows that we’re really in good shape, clearly for the next 12 months and we really think closer to 24 months with the low level in maturities in 2010. So we understand and we’re having the same issues as everybody else accessing capital. But we’re very comfortable with the position that we’re in.
And you mentioned that we have $300 million of dividends which is true, and actually if you look at our preferred dividends our number’s higher than that, but you’ve got to combine those two and look at the REIT distribution requirements. While we would anticipate this year that we’re going to be slightly over the minimum redistribution requirements we still have to make sure that we obviously meet those distribution requirements, so the truth is we do not have say $300 plus million of availability on the dividends.
It’s much less than that. So right now we’ve looked at all those things. We’ve looked at our funding requirements. We’ve looked at our opportunities that we have available to us. And the state of our business, if you will, and looking at our base core operations with our rental properties, and we feel very comfortable with where we are today. So that was – those factors entered into our decision.
Irwin Gossman – Citigroup
And then do your comments about stopping new development commitments, does that apply to build to suit business as well? Should we assume that you’re effectively turning away some of that business?
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