Question-and-Answer Session
Operator
(Operator Instructions) And your first question comes from the line of Michelle Ko with Banc of America/Merrill Lynch
Michelle Ko - Banc of America/Merrill Lynch
Hi, I was wondering in terms of your ‘09 Same Star revenue guidance, I noticed that you revised it slightly down, and I was just wondering if there were any particular markets that drove that change.
Thomas Lowder
Well, it’s not one market in particular; it’s more of across the board. We saw the trends in the third quarter, and based on where we originally had expected things to may be flatten out a little bit in the fourth quarter, but we are not seeing that and the new guidance reflects the trends we’re now seeing.
Michelle Ko - Banc of America/Merrill Lynch
Are there some markets in particular that deteriorated more?
Thomas Lowder
Well, we’ve highlighted the ones where we are experiencing the greatest amount of pressure; that being Phoenix, Atlanta, Charlotte and Orlando and the pressure we are seeing there has been there has been pretty consistent this year.
Michelle Ko - Banc of America/Merrill Lynch
Okay. Also I was just wondering, you talked about renewals being essentially flat for this quarter, I was just wondering where the new lease runs were?
Thomas Lowder
New leases are down about 9%.
Michelle Ko - Banc of America/Merrill Lynch
And over how long do you expect maybe for the process to be where the renewals rolled down to the new lease fronts; do you think that will be the next six to nine months or how long do you think that could take?
Thomas Lowder
That’s a question about our view on job recovery. We expect the next two or three quarters to continue to be difficult and we look for improvements in the latter part of the summer, that’s our review on the markets.
Michelle Ko - Banc of America/Merrill Lynch
Okay great. Thank you.
Operator
And your next question comes from the line of David Toti with Citi.
David Toti - Citigroup
Bill Herman is here with me as well. A couple of questions relative to your portfolio strategy; it seems like your company took a little bit more of hit on the occupancy side than some of your peers. Do you think that’s more market specific given yourselves these concentrations or is it a more deliberate strategy of holding price potentially at the expense of occupancy?
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