The firm also is in various stages of negotiations to sell some$163 million in assets to buyers ranging from private individualsto large REITs, said David J. Oakes, EVP and CIO, speaking at thecompany's third quarter conference call.
"We have sold assets in the past and will continue to do so, asit's one of the least expensive sources of capital," said Oakes ina press release. The company also is suspending its fourth quarterdividend.
The funds will be used to decrease leverage (with a goal ofreducing leverage by $500 million in 2009) and fund other possiblecapital expenditures, including a joint venture that will invest inchallenged assets with significant upside. Other opportunities alsoare becoming available as private owners are selling to stave offpersonal bankruptcy, Oakes said.
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