Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from David Tody – Citi.
David Tody – Citigroup
Can you just walk us through what your plan B is for the term loan, assuming that asset sales don’t quite meet expectations?
David Robertson
It obviously is not a binary issue. It’s not $350 million or zero, given the amount of assets that we have under contract today and the amount that we have under negotiation. So I think really the question is probably what if you can only retire a certain percentage of your term loan through asset sales, how will you deal with the balance, and that is the primary driver of the change in the dividend rate in that we plan to use the cash that we retain by not paying the higher dividend to help pay down the term debt.
David Tody – Citigroup
My second question is with regard to CapEx. They seem to have dropped in most of the buckets this quarter and on an annual basis imply much lower levels of spending. Is this something we can extrapolate forward or is this aberrationally low in the quarter?
David Robertson
Yes. Tim may want to add to this, but our plan is to spend roughly $1200 this year, which is what we outlined at the beginning of the year, and we did spend in the aggregate a little over $250 in the first quarter, so that would imply slightly lower total number for the year, but the plan is to spend proportionately more in the balance of the year so that we come out close to the $1200 number. Tim, do you want to add anything to that?
Tim Beaudin
I think, David, that’s correct. I would add on the redevelopment program in that capital bucket, obviously we have cut that back, and that will continue to see us complete projects throughout the year, and as we get toward the end of the year, we’ll make a decision on whether we’re going to add anything back into the redevelopment pipeline, but right now, we’re just going to watch and check on the economics and make a decision then.
Operator
Your next question comes from the line of Rob Stevenson – Fox-Pitt Kelton.
Rob Stevenson – Fox-Pitt Kelton
Tim, can you talk a little bit about the trend in occupancy, rental rate, and concessions as you move from January through the end of August and when and where you saw this big dips and where things have sort of leveled out?
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