LXP
#We are changing the stripes slowly and steadily, <UNK>, and we have accomplished a lot.
I think the picture that we have of our company in our mind is still one where we would argue there are several turns of multiple expansion ahead of us.
Right now we have a very, very strong cash position and I don't see the value in issuing a whole lot of equity and putting cash in the bank and then running out into the market to chase transactions in a competitive acquisition environment.
You are right.
Our cost to capital is good and our currency is good and we will take advantages of opportunities to use it, but having a massive equity raise is not part of the plan.
<UNK>, management has compensated a lot through the issuance of lots ---+ no, issuance through common shares and as the share value has increased the compensation along with that has too.
The governance committee and the comp committee get benchmarkings against other REITs and they are extremely diligent in making sure that management is fairly compensated and within the peer group.
Thank you.
Well it was a termination that we received to get a new tenant in.
The previous tenant occupied the property about 60% and the new tenant wanted the property all of it, 100%.
So it was an opportunity to get somebody in there for 100% and the calculation of the $7.7 million was the difference between the rental streams between the two leases, plus to reimburse us for the cost that we were going to incur in getting the new tenant in, whether it is TIs and leasing commissions.
From a standpoint of accounting that's how we tied it in.
To the new lease.
But during the fourth-quarter close, we reevaluated that treatment and felt it was appropriate not to tie it to the new lease but to take it into income immediately in the quarter.
And lease terminations are not a big part of our business.
As a single tenant owner of property, that is not the world we live in.
I respect the nerd comment, actually, but yes, we looked at it as tied to the new one but we realized that was not the appropriate way of treating it and in our footnotes we restated the impact it had each quarter.
Thanks again everybody for joining us this morning.
We appreciate your continued participation and support.
If you would like to receive our quarterly supplemental package, please contact <UNK> <UNK> or you can find additional information on the company on our website at www.lxp.com.
And in addition, as always you may contact me or the other members of our senior management team with any questions.
Thanks again.
