Question-and-Answer Session
Operator
(Operator Instructions) The first question comes from the line of Michael Bilerman – Citigroup.
Michael Bilerman – Citigroup
I think you talked a little bit about how the substantial leasing could be done in the March quarter since you went public and how your lease percentage had gone up 30 basis points sequentially. Can you talk a little bit about economic occupancy today relative to that lease rate and when you expect the income from that leasing activity to take hold? Then talk a little bit how Dan you mentioned about 250 basis points of potential vacancy for junior anchors and the expectations of when those could come online?
John Kite
Is that one question? I’m just trying to make my way through it.
Let’s start with the economic versus lease. I think that is probably around 200 basis points. As it relates to the timing of when the leases that we signed in the quarter will generate income I think that was your question. It is going to vary because some of them obviously are renewals which would be fairly immediate and some of them were new leases and the typical build out of a new lease you are talking about at least a couple of quarters before you would begin to see anything. Probably the new lease transactions are really at this level of the game, we might get some rent this year and most of it would be next year is my guess there.
The third question was about the boxes?
Michael Bilerman – Citigroup
That 200 basis point spread between economic and lease that is historically wide respectively to what you see today?
John Kite
I think effectively we have seen that number between 100 and 200 basis points. I don’t know if Dan wants to chime in on that.
Dan Sink
We have in particular in that difference between lease and occupied we really only have one vacant box paying rent at this point. Some of them are in transition to where we are finalizing build out for them to take occupancy. Once they take occupancy obviously straight line rent starts as soon as they take possession of the space. I think the key thing on there is we have got a couple of tiny items but the majority of that we only have one dark box paying rent.
Michael Bilerman – Citigroup
Then there was the, I think you talked about four junior anchor boxes in that 250 basis points to occupancy?
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