Question-and-Answer Session
Thank you. [Operator Instructions]. We'll go first to Jeff Spector with UBS.
Jeffrey Spector - UBS
Good morning. Can you provide more detail on the downward guidance revision? You expect lower NOI, can you discuss that further, please?
Bernard Freibaum - Executive Vice President and Chief Financial Officer
Yes, in this soft environment, we want to be very cautious. And it's difficult to predict today some of the variable items that are part of our NOI. Some of those include overage rent. We have a fair amount of overage rent from restaurants, for example, in some cases their business is down a little bit. There is a considerable amount of seasonal holiday season income that's not the subject of long-term leases, that is somewhat variable relative to the conditions that will exist at that time. So, in this environment, yes, it's difficult to see the future, we wanted to be more cautious and perhaps reduce our expectations to cover the possibility that this variable income will be less than we had previously anticipated.
Jeffrey Spector - UBS
And then what are your expectations now for your same-center NOI target of 5% '08 and '09?
Bernard Freibaum - Executive Vice President and Chief Financial Officer
We had an objective going back a few years of averaging at least 5% over 2007, 2008 and 2009. We exceeded it slightly in 2007. For the first six months of 2008, we were at 4.5%. And at this point, we are reluctant to estimate with any precision what year-to-date comp NOI will be at the end of '08 and especially for 2009. We don't think that NOI is going to be drastically reduced, it will continue to grow. But we think it's more appropriate not to give guidance on that, and I'd also tell you that it was never necessarily our guidance, it was more explaining what we thought we could achieve and it was an objective, and at the risk of saying that we don't know what 2009 holds, it's not entirely out of the question that we couldn't have an improvement in 2009, that could actually produce three years '07, '08 and '09 of average 5% growth.
Jeffrey Spector - UBS
Thank you.
Operator
And we'll go next to Craig Schmidt with Merrill Lynch.
Craig Schmidt - Merrill Lynch
Thank you. I just wondered, there seems to be a widespread between the same-store NOI of the unconsolidated versus the consolidated. What do you primarily attribute that to?
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