Question-and-Answer Session
Operator
Thank you. (Operator Instructions).
Marc Holliday
Operator, do we have a first question?
Operator
Your first question comes from the line of [Diana Dutrage] a Private Investor. Please proceed.
Diana Dutrage
Would you be able to comment on your thoughts for dividends going forward?
Marc Holliday
There is no change to our dividend policy right now. We’ve declared our quarterly dividend and I think as Bob mentioned paid it out a day or two ago. We have earnings that cover the dividend as you saw, $0.69 per $0.63. So, I can’t project what the future holds because I think we as everyone just are looking to see where these credit markets find footing, but clearly we’ve raised the dividend many many quarters since our initial IPO. Protection of that dividend has always been paramount to us as we have paid out in the past around 80 to 85% FFO payout ratio this quarter was even below those numbers. And you will see that going forward as a result of the real estate we’ve now acquired and I am really giving you more of a pro forma FFO payout ratio when I say it’s – it will be below the 80, 85% threshold accounting for our assets. And we will do our best to continue with our dividend strategy. That’s it. Next question, operator?
Operator
Thank you. Your next question comes from the line of Don Fandetti from Citi. Please proceed.
Donald Fandetti
Hi. Good afternoon. Marc, congratulations on getting the AFR deal done.
Marc Holliday
Yeah, thanks Don.
Donald Fandetti
A question about cash. If you look at the sources and you used it for AFR, it feels like things are a little tight. Can you talk about your cash position after the AFR deal?
Marc Holliday
Well, we still have liquidity. When you say cash, and we look at cash and available under the lines of credit because that’s how we operate. We still have at this moment, I think over 150 million of kind of immediately available liquidity with several 100 million more than that available for future deals on the lines of credit. And I don’t think that includes the CDO cash, which is -- how much is the CDO cash right now?
Robert Foley
It's about -- right now, it’s about 65 million.
Marc Holliday
65 million. So, I would call it ample, but nowhere near at the levels we would like to see it going into opportunistic markets, so clearly one of our mandates. And I think I said this, at the end of my comment, my footnotes and if I didn’t, I am going to add it, no I did say, so I am going to make sure, enhancing liquidity, and to be specific we are going to enhance liquidity through the aggressive sale of non-core AFR assets and non-core -- let me say non-core Gramercy Realty asset, let me try that out and non-core Gramercy Finance loans. It is an absolute mandate. We are going to be focusing on doing that aggressively over the next three to six months. And I think the success we had indirectly through the AFR platform in selling 54 properties, $221 million, we have in fact sold another $4 million of properties at, which comprise four properties, there is another 27 somewhat under contract. I would say satisfyingly, there seems to be a very decent market for these occupied and non-occupied bank branches and financial service facilities even in this market. And we can facilitate the sales would take that financing, we’ll go – have done very very little of that as part of the original sales. So I think consistent with our original business plan, we are going to kind of re-equify over the next three to six months through this process.
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