Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) Our first question comes from the line of David Toti with Citigroup. Please go ahead.
David Toti – Citigroup
Thanks. Tom, is it possible -- or Dave, can you walk us through some of the components of your guidance change? It looks like it is suggesting a stronger underlying NOI performance than you originally projected. Or is there some component that I’m missing, given the sort of percentage of the reduction?
David Messenger
David, this is Dave Messenger. Regarding the guidance, essentially what we do is you take the midpoint from the original guidance, which is $1.29 and you take up $0.10 for the charge and $0.02 for the additional debt tender that we hadn’t contemplated during the year. That gets you down to $1.17, which is the midpoint of the new range. And then we tightened the low and high end of the ranges, which is a combination of several items. One, we continue to reverse inquiries to purchase our debt. But we find the pricing unattractive, so we think there is little opportunity left in that well. We have also chosen to reset some of our maturities during the last couple quarters at higher interest rates than what they were previously. We are considering the equity that we issued during the quarter as part of the ATM program. And we are expecting our operations trends to continue the way they have in the first nine months of the year.
David Toti – Citigroup
Okay, great. And then just as a follow-up, are you -- are you comfortable with the sustainability of your expense reduction rate? Or is that something that has a finite life?
Jerry Davis
Hey, this is Jerry. I think it’s sustainable. We won’t be negative forever obviously the way we have been for the first nine months. But we haven’t been deferring work. We think we are going to be able to continue to whittle away at expenses throughout the foreseeable future. We continue to negotiate contracts with vendors, and we continue to automate our -- the way we do business with technology, which I think is going to yield future benefits. So I don’t think we’re going to see a blow-up, but staying negative long-term just isn’t possible.
David Toti – Citigroup
Okay, thank you.
Operator
Thank you. Our next question comes from the line of Swaroop Yalla with Morgan Stanley. Please go ahead.
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