Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from David Fick – Stifel Nicolaus.
David Fick – Stifel Nicolaus
Could you provide some more detail on the occupancy drop? 290 seems quite large and as well could you review the NOI decline? I assume it's directly related. You referred to some of that in your prepared comments but if you just elucidate I would appreciate it.
Gene Reilly
Let me start. Maybe Tom might add some color. The occupancy drop is primarily scheduled roll over's that were due to take place during the quarter. We were actually on our plan for occupancy so we expected a drop in the quarter and the NOI is tied to it.
Thomas Olinger
In addition on the NOI, the decline was really driven again by the decline in occupancy. You will note that we did see expenses increase and we saw CAM revenues increase proportionately the same amount, but what's happening is that is falling because again because of occupancy as well as it's being impacted by bad debt expense.
As well remember though what we quoted, the $1.1 million same store loss is also impacted by foreign exchange so when you strip that out our same store growth was actually down by only 50 basis points.
Operator
Your next question comes from Sloan Bohlen – Goldman Sachs.
Sloan Bohlen – Goldman Sachs
If your guidance is still the same and you're only expecting a same store loss of 1% to 2% NOI for the year, how do you reconcile that with only stabilizing your development pipeline by the end of the year? What occupancy drop you just saw in this quarter, I was just wondering if you could get from A to B.
Gene Reilly
Our forecasted same store NOI decline for '09 is actually 3% to 4.5%. So we saw 1.1% decline in the first quarter without FX, 50 basis points. Before the year, we believe we're forecasting a negative 3% to negative 4.5%. I think that should close the gap for you.
Operator
Your next question comes from Irwin Guzman – Citigroup.
Irwin Guzman – Citigroup
You talked about the assets with secured debt coming due as being able to support the same level of debt as you refinanced those maturities. I'm assuming you were talking specifically about the whole portfolio. Can you talk a little bit about how you expect the secured debt that's coming due and the funds to play out specifically with whether you think you'll need more equity and where you expect that equity to come from? If I look at this and just take the NOI of the consolidated and unconsolidated funds and assume a 8.5% cap rate, they look to be over 70% levered. So can you talk about how much more equity those funds may need and whether you're talking to your fund partners about where that equity will come from?
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