| FFO: net income, excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Core FFO also excludes nonroutine income and expense items. |
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We are in the midst of unprecedented global financial turmoil. Over the next two years, we expect market rents to decline, which will prove disruptive to earnings and earnings growth. The strength of our operations and our California-centric business model should prove relatively resilient and position us to recover and meet our earnings objectives once the recession concludes and we enter a period of economic growth. |
| breproperties.com
