Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Michael Bilerman - Citigroup.
Michael Bilerman - Citigroup
Mike, I have a question on the guidance for 2009 with regards to leases commencing. Based on sort of the volume of demand that you mentioned you were tracking in your prepared remarks and the sheer volume of leasing that you've done over the last several months, I'm wondering why the amount commencing next year, assuming a lot of the leasing you're doing now won't commence until then, I'm wondering why that number wouldn't be bigger considering you've commenced probably about 40% more this year than what you're projecting to start next year?
Michael Foust
It's really our amount of leasing activity and commencements is driven largely by capital availability and our desire to maintain a sufficient capital liquidity cushion. So we're taking a conservative view. If the capital markets loosen up a little bit next year, as we're hopeful they will, then we'll be able to beat those numbers. So really it's not a reflection of demand; it's a reflection of capital availability that we're seeing today in the marketplace.
Michael Bilerman - Citigroup
So are you holding back on pursuing some of this new demand because of capital constraints?
Michael Foust
Yes. Yes, I mean, there's business that undoubtedly we would like to do, but we won't be able to address in terms of capital available.
Michael Bilerman - Citigroup
And one other question on the lease termination fees. Can you provide a little more background on the tenants, the reason for terminating and what the sort of run rate adjustment would be to your third quarter NOI if we were to back out the income that won't be coming in anymore.
Michael Foust
So this is related to Qwest, as I mentioned in my remarks, and at 350 Cermak in Chicago, it's maybe our most highest demand building, highest demand market, and we're out of space there. So we have the opportunity to have Qwest pay us a significant fee to give back space to us that they were not utilizing, and so we can take that square footage and turn around the build out Turn-Key Datacenter space to satisfy the demand we have in the building. So it's a great value added opportunity to us. We'll substantially increase NOI coming from that floor and provide a lot of value add.
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