Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from David Wigginton - Macquarie Research Equities.
David Wigginton - Macquarie Research Equities
Can you guys maybe talk a little bit about same-store NOI trends on a sequential basis? Meaning from maybe the second quarter to the third quarter.
William H. Schafer
From the second quarter to the third quarter the same-store NOI was pretty consistent at 5% decline.
David Wigginton - Macquarie Research Equities
So just same-store NOI in general from second quarter, what was the number then versus what was the number in the third quarter? I mean was there a decline in same-store NOI from second quarter to the third quarter?
Daniel B. Hurwitz
You know we measure it and the numbers we provide are on an annual, you know year-over-year basis and so those are the traditional numbers we give out. On a quarterly sequential basis we haven’t provided those. We can certainly dig deeper into it. Our expectation would be there was a modest improvement, flat to slight improvement between the third quarter of this year and the second quarter of this year based on the metrics that show up in our supplemental although we’ve not specifically calculated that number on a sequential basis.
William H. Schafer
Yes, David, you know you really shouldn’t expect to see very much quarter-to-quarter at this time of the year because you know even though we’ve signed a lot of leases, tenants really take occupancy in our business either in the spring or in the fall. So you know there’d be very few of the you know additional leases that were signed during the quarter would ever translate into same-store NOI until at the very earliest November when they start to take occupancy for holiday sales. And then even more so based on calendar next spring.
David Wigginton - Macquarie Research Equities
No, I understand. I’m just trying to get a feel for the trend at this point.
William H. Schafer
It’s pretty flat you know from quarter-to-quarter on that basis.
David Wigginton - Macquarie Research Equities
My second question is related to the expense recovery ratio. It dropped pretty sharply in the quarter. Just wondering what obviously a result of bankruptcies but even the trend versus second quarter seemed to tail off a little bit in the third quarter. Was there anything in particular that drove that down?
William H. Schafer
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