Question-and-Answer Session
Operator
Your first question comes from Michael Mueller - J.P. Morgan.
Michael Mueller - J.P. Morgan
Jon, with respect to the fee income components, Asset Management fees, transactional fees, you laid it out for ?09. With respect to the transactional stuff particularly, can you talk about what sort of initial trends you’re thinking about as you move into 2010, because a lot of this is obviously a function of what is in process on development?
Jon Grisham
Yes, I mean first looking back at 2009 and back to 2008, 2008 was mostly construction fees, related to the Urban platform and less about leasing commissions. 2009 as that construction progresses and finalizes, it’s more about the leasing commissions as opposed to the construction fees. Depending on these remaining properties that are currently in design phase and the timing of the starts on those, we’ll determine obviously what happens in 2010 and even in the latter portions of 2009.
I’d anticipate that as those start and hopefully some of those start in the latter portion of this year or early 2010, you would see again a swing back towards construction fees. So that’s the general trend if you will. In terms of dollar amounts, it’s pretty early obviously to try to predict any type of dollar amount as it relates to 2010.
Then the other component, though is obviously this assumes that there is no additions to the pipeline in terms of new redevelopments and that’s the current assumption at this point as it relates to any projecting that I’ve done, obviously to the extent that anything is added to the pipeline, that also increases construction fees and also in the case of Fund III will generate development fees as well.
So that’s if you will kind of the overlay of it all.
Michael Mueller - J.P. Morgan
Okay and any thoughts of carrying that conversation forward to the promote RCP line. As we think about 2010, do you see a pipeline that you feel good about in terms of harvesting and replacing that income?
Jon Grisham
In terms of what’s left as it relates to the promote income, the big pieces are obviously as we continue to monetize the Fund I and as I mentioned we sold six assets this year in February, that’s going to create some promote income. There is still a remaining 18 properties in Kroger-Safeway, which we would expect to be monetized over the next two, even maybe three years.
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