Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Ross Nussbaum – UBS.
[Rob Sailsbury] with Ross Nussbaum – UBS
This is [Rob Salisbury] here with Ross. Can you take a minute to walk us through how the post office project is going to flow through the P&L next year? I think there were a couple of moving parts with the tax dependents and everything.
Howard Sipzner
The post office transaction, all the implications of that have been deferred on our balance sheet, both the assets and the liabilities. And once the project begins to operates, we'll ship the accounting of those and we'll begin to reflect an amortization of the net balance of those two figures over a five year service period. That'll be both the case for the historic tax credit transaction, as well as for the new market tax credit transaction that encompasses the garage.
But we expect to recognize those revenue items at the end of each successive 12-month period, so we won't see any impact for those in 2010 as we currently envision it because that effect would be concentrated in the third or the fourth quarter of 2011 for the first year. And it should be roughly in the neighborhood $10 million per year on a current estimate that will run through both the income statement and FFO. But clearly as a non-cash item, we intend to deduct it from our CAD calculations.
Operator
Your next question comes from [Chris Kattan] – Morgan Stanley.
[Chris Kattan] – Morgan Stanley
My question is on the disposition markets. I think you heard you say that it's improved somewhat. I'm wondering is that more and better bids than you'd expected, and if you could what color is there? How has it evolved over the last few months, and then the seller financing you talked about in your metrics and the need to provide that?
Gerard H. Sweeney
Chris, I missed the very beginning part of your question, so if I don't answer it completely, please advise me. I think on the sales market as we look at it, fundamentally there's not a lot happening. There are not a lot of trades. What's out there gets fairly short bid lists. It's becoming increasingly clear that a lot of traditional buyers have their own issues they're beginning to grapple with whether it's a debt or valuation.
There's still, I think, a sense of waiting for fundamentals to firm a little bit and for the debt markets to further stabilize, and I think that's the general theme we continue to see. Now, what's been interesting though is in the last 30 days we've definitely had a higher level of reverse inquiries from institutions looking ahead towards 2010 and being interested in either JVs on existing assets or looking to jointly underwrite new acquisitions.
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