Tyler H. Rose
To begin, let me remind you that we approach our near-term performance forecasting with a high degree of caution given all the uncertainties in today's economy, our current guidance reflect the information of market intelligence as we know it today.
Any significant shifts in the economy, our markets' tenant demand, construction costs and new office supply going forward could have a meaningful impact on our results in ways not currently reflected in our analysis. Projected revenue recognition dates are subject to several factors that we can't control, including the timing of tenant occupancies.
With those caveats, our assumptions for 2018 are as follows. As always, we don't forecast potential acquisitions. As John discussed, capital recycling remains the key focus for us this year and our current target range for dispositions is between $250 million to $750 million with a $500 million mid-point.
We anticipate 2018 development spending under our current program to be approximately $500 million. With respect to the Dropbox lease, as we reported last quarter, we are forecasting no FFO contribution in 2018. With respect to the Adobe lease at 100 Hooper, we are projecting revenue recognition in late fourth quarter.
We expect year-end office occupancy to be in the 94% to 95% range. The decline from the reported year-end 2017 occupancy of 95% will be driven largely by one of the large San Diego lease expirations and the Bellevue lease expirations. The other two large expirations are not expected to impact our year-end occupancy as follows.
The Okta lease at 100 First backfilled the entire Delta Dental lease expirations occurring in the second quarter. Okta is expected to take occupancy in phases, starting with 19,000 square feet in 2Q with the remainder of the space phasing in at the end of the year.
On the Bridgepoint lease, a 300,000 square foot space, we expect to take the two buildings out of service upon lease expiration to modernize and upgrade the properties. Given that the project will be out of service, it will not be included in our year-end occupancy calculation. We project office same-store cash NOI growth to be between flat and 1%, given the time it will -- it is projected to take to re-lease large expirations.
From a 2018 FFO perspective, we expect the impact from the expirations to be about $0.10 per share negative. The impact from our projected dispositions to be about $0.15 per share negative, subject to actual timing. The impact from development deliveries to be about $0.08 per share positive, and the impact from same-store financing and other factors to be about $0.12 per share positive. Taking all these assumptions into account and adding them to our normalized 4Q run rate, brings us to our initial earnings guidance for 2018 of $3.45 to $3.65 per share, with a midpoint of $3.55 per share.
That's the latest news from KRC. Now, we will be happy to take your questions. Operator?