Question-and-Answer Session
Operator
(Operator instructions) And your first question comes from the line of David Fick with Stifel Nicolaus. Please proceed.
David Fick – Stifel Nicolaus
Good afternoon. Can you address your investment strategy in terms of buying back the CDO bonds, given your capital needs and your ongoing negotiations with your lenders? Why wouldn’t you be reserving that or retire debt at this point?
Roger Cozzi
Well, let me take that, David. Yes, sure, we – here is how we think about it. I mean, frankly, if you look at where our CDO bonds are trading, and you take into account – despite the fact that the CDO bonds obviously have a long term to them, I mean in some of these instances, depending upon the class of bonds each of the CDOs, you are in effect retiring $5 of debt for $1 of cash. So, from our standpoint, it looks like a really attractive investment. And so we looked at it and said despite the need to preserve liquidity, it makes sense to use some of our precious liquidity in that manner.
David Fick – Stifel Nicolaus
Okay, great, we do get that math and (inaudible) it’s a great investment. I am just wondering in this sort of age of survival – anyhow, can you address – do you know at this point what your taxable income was for ’08 and do you have any thought about your’09 taxable income and a need to make a distribution?
Roger Cozzi
David, we did go through and again a decision to not declare a dividend in 4Q. 4Q is done with the – on the basis that we have already met our 2008 dividend requirements. For 2009, again, there is two parts to that question. One is, we have done projections, but at the same time, as you are probably aware, in connection with the Trust’s restructuring, we have committed to not pay a preferred or common dividend except for as required to maintain our REIT status. That decision will be made later in 2009.
David Fick – Stifel Nicolaus
Okay. In terms of clarifying your 2010 debt maturities, you got $1.1 billion scheduled, but the Goldman Citi Mezzanine is in a key facility or extendable until 2011, isn’t that correct, and if so what would cause them to be final this year?
Roger Cozzi
They are extendable and again we have that right as long as we are not in default. And I believe there may be a small fee associated with it.
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