Also, same-store total property revenue is anticipated to change 1% to 2% from last year, while property operating and maintenance expenses should change 2% to 3%, and property net operating income is expected to change 0% to 2%. Gables' operating and investment performance assumptions are based on a continued national economy and job growth recovery.

The company expects same-store performance to improve substantially in the second half of the year, as apartment demand increases and starts to be reflected in higher revenue and rental rates. Gables also expects apartment operations to account for about 95% of total revenue for this year.

The company is planning dispositions of operating communities of about $300 million during this year, occurring mainly in the second half of the year. In addition, the company expects acquisitions of operating communities of about $200 million for 2004, occurring in the last three quarters. Gables also anticipates incurring about $200 million in development expenditures this year, and the figure should be about 30% higher during the second half.