Question-and-Answer Session
Operator
Yes. (Operator Instructions) Your first question comes from Paul Adornato - BMO Capital Markets.
Paul Adornato - BMO Capital Markets
I was wondering if you could talk a little bit about the decision to have three regional managers. It sounds like something that might be more appropriate for an apartment company, but I was wondering if you could just kind of walk us through why you think it might work for First Industrial. I guess I'm curious just because some or many of your tenants might be national in scope.
Bruce W. Duncan
Well, it's a couple of things. What we want to do is to bring great focus down at the property level and the regional level. So if we take each city, the market leader there is responsible for the P&L of that region. They report up in three regions. And what we've done is sort of take layers out so there's now just three - JoJo, David Harker, and Peter Schultz - running that and they're reporting to me, so there's just four of us. We have people that are involved with all aspects of the business in terms of tenants, our national tenants, so we know who they are and deal with that.
Operator
Your next question comes from [Ki Bin Kim] - Macquarie Research Equities.
Ki Bin Kim - Macquarie Research Equities
Could you give a little more breakdown on your same-store NOI projected for 2009 in terms of what are you projecting for your cash-on-cash marked-to-market and what kind of tenant retention you're looking for?
Scott A. Musil
Yes. We stated that same-store is going to be trending down 3% to 4% next year. As far as the retention numbers, we've actually felt that we're maybe a little bit concerned around that. In the past we've always experienced tenant retentions in the high 70s or the mid 70%. This year in the numbers we forecasted in the 50% range, so we think we'll actually beat that.
As far as the marked-to-market on our overall rental rates right now, our in place rents compared to the market rents were actually probably about 20 basis points higher, so those are just kind of the overall assumptions that we did for the same-store.
Operator
Your next question comes from Vincent Chow - Deutsche Bank.
Vincent Chow - Deutsche Bank
I just had a quick question just on the taxable income, the EPS projection that you've given. Excluding the restructuring charges, it looks like about $90 million plus net income and you're projecting minus $90 million or so in 2009. Can you just talk about exactly what's driving down that much? I mean, is it just the JV? The JV FFO obviously is down quite a bit year-over-year, but that's offset by G&A savings. And I think you said that there's no asset sales assumed in that guidance?
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