Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from Quentin Velleley. Your line is open.
Quentin Velleley – Citigroup
Good afternoon everyone. I am here with Mr. Michael. Just in terms of Mervyn's, I'm wondering over the quarter, was there any NOI that was coming in from the Mervyn assets over the quarter?
Tom O’Hern
There's a very small amount that started to come in through the quarter. And Tony can give you an update on the activity but there's been quite a bit of activity. There’s been quite a few deals and the red is just starting to come through. But for the quarter, we only had $930,000 and that compared with a year ago of $9.2 million from those boxes. But when we gave guidance, originally, it was a very little income that actually flowed through 2009 as a result of those boxes but they'd start to – we start to reap the benefit of a few deals in 2010.
Art Coppola
Quentin, just at the beginning of the year, we had 44 boxes that we controlled through the Mervyn's transaction. And we're pleased that we've sold 27 of them, we have done 27 deals on those boxes and at the start of the year, we announced we had 21. We made some progress throughout the year and as Tom said we advised and guided that because the lead time to completing these deals. We long for the bigger boxes that we didn't anticipate a lot of the income in 2009 and most of the income would be in 2010. As well as we have transactions in the work that we hope to enact shortly in about three or four additional locations of the boxes that remain.
Quentin Velleley – Citigroup
And what was the book prices of the remaining Mervyn's asset?
Tom O’Hern
I think on average, we paid $8 million to $10 million per store. But that's an average. It's going to vary by location in the underlying economics.
Quentin Velleley – Citigroup
And so that's 8 to 10 million on the 44?
Tom O’Hern
Correct. No, they are on 41.
Quentin Velleley – Citigroup
14
Tom O’Hern
Bought 41 and we had 3 on a shorter term lease that were not part of the sale leaseback transaction.
Art Coppola
And as part of our guidance next year, we will obviously be baking in the rents from the Mervyn Stores that have been released and remerchandised. Again, many of the rents of which are really just kicking in, in the fourth quarter with a lot of openings and with Kohl's and others for example, September 30. But in previous calls, I've indicated that I felt that of the $0.25 per share drag that we would have this year that we should be able to claw back at least about half of that next year. That will be baked into our guidance, but our current thinking is approximately the numbers around $0.12 a share that should begin to flow through the income next year that was not there this year.
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