Question-and-Answer Session
Operator
Thank you. (Operator instructions) And we'll turn first to Michael Bilerman with Citi.
Irwin Guzman – Citigroup
Alright, good morning, it's Irwin Guzman. Michael Bilerman is on the phone as well.
Joel Marcus
Hey there.
Irwin Guzman – Citigroup
Can you talk about the – you talked about the rents that are already committed on or in weight stages for the second half of this year, are there any significant leases where you expect the spreads to be wide? Because it looks like your forecasting 10% spreads but it's been about 6% year-to-date.
Dean Shigenaga
Well, (inaudible) within 16% year-to-date and our forecast of 10% on the year, I think, is just our usual conservative projection on total steps. I think that it's reasonable to believe that well ahead of the 12% mark when we get to the end of the year. I mean the 10% mark.
Irwin Guzman – Citigroup
And that hold true for 2009 as well? I mean, considering like you said you have, 73% already sort of in process.
Joel Marcus
Yes. I think we're coming off the base of – I mentioned about 2,561 in '09 and if we look at Maryland (inaudible) 25%, Southeast 13, Eastern mass 16. Again we're trying to strike a reasonable balance of what we think a conservative rent roll will be. Just to give you some highlight, the Maryland leases are rolling which is the biggest at $21.52 and clearly market's above that next year. San Diego's rolling at about $31.13, 205,000 square feet to 206,000 square feet market is above that. San Francisco 104,000 rolling at $30. Our market is above that in Eastern mass, rolling at 100,000 square feet at about 2,360 market is well above that. So we think 10% is a conservative and baseline but we hope to exceed that.
Irwin Guzman – Citigroup
But does that mean – I mean if you look at the spread between GAAP and cash, 6.5? Are you respectly saying these are flat, potentially negative cash roll – cash roll down? If you're forecasting 10%, and there's a 10% spread between your GAAP in your cash today, you're respectively saying cash runs are flat.
Joel Marcus
No. It's sometimes difficult to put a simple analysis between the cash and GAAP rents, I know we do that – about every quarter to try to take a– what do the cash and GAAP statistics really say every time we publish them and I can tell you there's a good mix between the results on a GAAP basis and a cash basis and a lot of it is due to the length of the lease and the mix of the leases that are executed during the period. So, I would not project that cash rents would be flat. I would expect cash rents site for the year.
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