This excerpt taken from the FCY 8-K filed Mar 31, 2008.
NOI, Occupancies and Rent
Overall, comparable property net operating income (NOI) increased 4.6 percent compared with the prior year. Comparable property NOI increased in the retail, office and residential portfolios by 6.9 percent, 2.1 percent and 4.2 percent, respectively. Comparable property NOI, defined as NOI from properties operated for the full year in both 2007 and 2006, is a non-GAAP financial measure and is based on the pro-rata consolidation method, also a non-GAAP financial measure. Included in this release is a schedule that presents comparable property NOI on the full consolidation method.
Occupancies remained strong across the portfolio with comparable retail occupancies at 94.1 percent at the end of 2007, while comparable office occupancies were 92.7 percent. In the residential portfolio, comparable average occupancies were 95.7 percent. Leasing spreads for the regional mall and office portfolios represented 25.4 percent and 13.9 percent increases over the respective expiring rents, and residential comparable net rental income increased to 93.4 percent. Regional mall sales averaged $468 per square foot, while comparable regional mall sales decreased 1.8 percent, an early indication of slowing consumer confidence.