Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Guinee – Stifel Nicolaus & Company,
John Guinee – Stifel Nicolaus & Company
Can you just walk through the leasing and occupancy status of the various assets that you have for sale right now?
Nelson Rising
The assets for sale.
John Guinee – Stifel Nicolaus & Company
Lantana, Von Karman, Goode, Northside, One Cal Plaza?
Nelson Rising
With respect to the Lantana property, the leasing is 78%; with respect to 755 South Fig, that's a land parcel, as are the other two, land parcels in Orange County. The Cal Plaza one – One Cal Plaza is currently 77% leased.
John Guinee – Stifel Nicolaus & Company
How about Von Karman and Goode and Northside which I think you said were all in the sales process?
Nelson Rising
Yes, Northside is 75% leased, that's a small building in San Diego. There have been no leases completed on Von Karman or in 207 Goode. We do have a user who we're negotiating with for the Von Karman property. And we do have a buyer that we are negotiating with to purchase 207 Goode along with three other Glendale assets, but those are in various stages of completion.
John Guinee – Stifel Nicolaus & Company
On Plaza Las Fuentes and I think the Lantana Media Campus, you had to do some loan pay downs. Is that reflected somewhere in the supplemental?
Nelson Rising
Yes, it is. The loan pay down on Lantana has resulted in reducing that construction loan to $77 million plus. The loan pay down on Plaza Las Fuentes has reduced the $100 million loan to $94 million.
Operator
Your next question comes from Michael Knott – Green Street Advisors.
[Enrique Torres] – Green Street Advisors
[Enrique Torres] on behalf of Michael. Quick question about your [FFO] burn rate, it looks like if you subtract out the defaulted properties, you get from a 10 million down to a [55]. Any indication or you can give some color on what you expect for the next quarter or two going forward, and when, or if, you expect that to get to the breakeven level.
Nelson Rising
I'll have Shant answer that.
Shant Koumriqian
That's correct, it'd be at a [55] and we did have about $1.5 million of severance charges during the quarter which were reflected in the [55], so if you back that out, the burn would be a negative four.
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