Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Jay Habermann - Goldman Sachs.
Jay Habermann - Goldman Sachs
Could you start I guess with the, you indicated $0.14 of dilution for ?09 from the de-leveraging in the equity issuance and I guess as you stand today, you talked last year maybe asset sales could have reached 750 and you hit 650, but just perhaps some thoughts on additional asset sales and even further de-leveraging. Do you see that as a possibility as you move into the year? Or is it really more about the increasing NOI and obviously looking at opportunities as the year progresses?
James Flaherty
With respect to anticipated asset dispositions in 2009, the key assumptions that Mark took you through at $45 million in total for 2009, that’s our pending sale of our Los Gatos Hospital, the last piece of the triumph of California properties that we moved away from the tenant, that has a related gain by the way of $35 million. That’s all we’ve got in the plan. We moved, stepping back, if you go back to ?07, we obviously moved very aggressively in the first three quarters of that year and added significant strategic portfolios to our company, these included the [plow] investment and in Manor Care investment and Medical City, Dallas. As we talked in the past, by about the third quarter of ?07, kind of a bell went off as far as we were concerned and we moved aggressively into a very active disposition mode.
We’re fortunate that we’ve got that completed, the one transaction it hasn’t closed, which we anticipate it closing in April of this year, as Los Gatos away from that, we wouldn’t anticipate much if any dispositions. We’ve done exactly what we wanted to achieve with our portfolio across the five sectors and more importantly within the five sectors. We love the partnerships we have with the operator tenants and we are quite content now to grow those operator tenant partnerships within the five sectors. Separately, and this isn’t the reason, but just anecdotally, we don’t precede this to be a very attractive market to be doing anymore dispositions in given the choppiness in the capital markets.
So, I think the base line, everybody ought to take from this is that with the exception of the Los Gatos Hospital, we’re really not anticipating any other dispositions. That said, we are between the equity issuances, the two equity deals we did in ?08 and the dilution from those asset dispositions netted against the interest savings that’s about a $0.14 delta in ?09 versus ?08 and then further more if you go back and look at ?08 and add up just the gain that we reflected on the successful tenant settlement as well as the early lease termination we had up in the East Bay in the third quarter and the gain, we just had on the piece of debt, we retired early that’s about $0.19 of what we would characterize as more one-time items that were all in the ?08 FFO.
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