Author: Benzinga Newsdesk | April 30, 2024 04:07pm
Outlook for the Year Ending December 31, 2024
Set forth below are our current expectations with respect to full year 2024 Core FFO per share and certain underlying assumptions. In reliance on the exception provided by applicable SEC rules, we do not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of 2024 Core FFO per share to GAAP net income per share because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gains or losses on sales of real estate investments, (ii) foreign currency exchange gains and losses, (iii) charges related to the redemption of preferred securities, and (iv) certain other significant non-cash and/or nonrecurring income or expense items. The actual amounts for any and all of these items could significantly impact our 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
2024 Guidance
Low
High
(Dollar amounts in thousands, except per share data)
Same Store:
Revenue growth
(1.0)%
1.0%
Expense growth (a)
2.0%
3.5%
Net operating income growth (a)
(2.4)%
0.7%
Consolidated:
Non-Same Store net operating income
$495,000
$515,000
Ancillary net operating income
$183,000
$186,000
General and administrative expense
$84,000
$90,000
Interest expense
$289,000
Preferred dividends
$195,000
Capital Activity:
Acquisitions
$500,000
Development openings
$450,000
Capital expenditures:
Maintenance of real estate facilities
$180,000
Property enhancements (b)
$150,000
Energy efficiencies (c)
$120,000
Core FFO per share:
$16.60
$17.20
Core FFO per share growth from 2023 Core FFO per share
(1.7)%
1.8%
Non-Same Store Net Operating Income Beyond 2024:
Incremental Non-Same Store NOI to stabilization (2025 and beyond)
$95,000
(a)
Based on total same store cost of operations and net operating income (i.e., not direct), as reflected on page 4.
(b)
Expenditures to enhance the competitive position of certain of our facilities relative to local competitors pursuant to a multi-year program that we expect to complete in 2024. Such investments include development of more pronounced, attractive, and clearly identifiable color schemes and signage and upgrades to the configuration and layout of the offices and other customer zones to improve the customer experience.
(c)
Energy efficiency initiatives primarily include solar panel installation.
