Based on repurchasing activity and first-quarter transactions, the company has also updated its 2009 guidance. A press release stated that multifamily same-property net operating income would be estimated at 5%, up from 3% in the earlier guidance, with revenue flat to negative 1%. Expenses are anticipated to increase by 6%. Commercial development and for-sale residential property dispositions are anticipated to range from $50 million to $150 million, of which $46 million has been completed so far.
The press release indicated that the changes in guidance "reflects the existence of volatile economic conditions, and is based on a number of assumptions, many of which are outside the company's control . . ." More details about the tender offer and changes in guidance are available here.
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