This excerpt taken from the DRE 8-K filed Nov 2, 2006.
Now I will turn it back over to Denny.
Thanks, Matt. Yesterday we provided guidance of FFO per share of $0.69 to $0.72 for the fourth quarter. This puts us between $2.42 and $2.45 for the year which is at the high-end of our original guidance. We believe we'll be at the high-end as a result of greater margins from our held for sale gains, holding the Winkler portfolio, relatively strong portfolio performance, and higher lease buyouts than anticipated. We also provided initial guidance for 2007 of FFO per share of $2.58 to $2.72. We will provide details of this guidance through our range of estimates at our December investor conference, but let me make a few comments today.
Property operations are strong as indicated by our same store growth numbers this year. We anticipate continued same store growth in 2007 but moderating to the range of 2 to 3%. Additionally, property operations will begin to realize the accretion for placing new development properties in service. We anticipate strong gains from our held for sale pipeline which, as I mentioned earlier, is at an all-time high of $797 million. We also anticipate increased opportunities from gains from land sales as our land portfolio has grown. Finally, we have made the turn on FAD performance and expect continued improvement in the 2007 FAD payout ratio.