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2024 Financial Outlook
"This quarter, we opened two Class-A development projects in the New York MSA, continuing to create value through our joint venture development program," commented Chief Financial Officer Tim Martin. "As we've moved through the summer rental season, overall performance led us to maintain the midpoint of our guidance ranges for both same-store NOI and FFO per share."
The Company estimates that its fully diluted earnings per share for 2024 will be between $1.71 and $1.77, and that its fully diluted FFO per share, as adjusted, for 2024 will be between $2.61 and $2.67. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2024, the same-store pool consists of 598 properties totaling 43.0 million rentable square feet.
| 2024 Full Year Guidance Range Summary | Current Ranges for Annual Assumptions | Prior Guidance (1) | |||||||||||||||||
| Same-store revenue growth | (0.75 | %) | to | 0.25 | % | (1.25 | %) | to | 1.25 | % | |||||||||
| Same-store expense growth | 4.50 | % | to | 6.00 | % | 5.50 | % | to | 7.00 | % | |||||||||
| Same-store NOI growth | (3.00 | %) | to | (1.00 | %) | (4.00 | %) | to | 0.00 | % | |||||||||
| Acquisition of consolidated operating properties | $ | 100.0M | to | $ | 200.0M | $ | 100.0M | to | $ | 200.0M | |||||||||
| Dilution from properties in lease-up | $ | (0.02 | ) | to | $ | (0.03 | ) | $ | (0.02 | ) | to | $ | (0.03 | ) | |||||
| Property management fee income | $ | 40.5M | to | $ | 42.5M | $ | 40.5M | to | $ | 42.5M | |||||||||
| General and administrative expenses | $ | 59.5M | to | $ | 61.5M | $ | 59.5M | to | $ | 61.5M | |||||||||
| Interest and loan amortization expense | $ | 97.0M | to | $ | 99.0M | $ | 97.0M | to | $ | 99.0M | |||||||||
| Full year weighted average shares and units | 227.7M | 227.7M | 227.7M | 227.7M | |||||||||||||||
| Diluted earnings per share attributable to common | |||||||||||||||||||
| shareholders | $ | 1.71 | to | $ | 1.77 | $ | 1.69 | to | $ | 1.79 | |||||||||
| Plus: real estate depreciation and amortization | 0.90 | 0.90 | 0.90 | 0.90 | |||||||||||||||
| FFO, as adjusted, per diluted share | $ | 2.61 | to | $ | 2.67 | $ | 2.59 | to | $ | 2.69 | |||||||||
| (1) Prior guidance as included in our first quarter earnings release dated April 25, 2024. | |||||||||||||||||||
| 3rd Quarter 2024 Guidance | Range | ||||||||||||||||||
| Diluted earnings per share attributable to common shareholders | $ | 0.44 | to | $ | 0.46 | ||||||||||||||
| Plus: real estate depreciation and amortization | 0.22 | 0.22 | |||||||||||||||||
| FFO, as adjusted, per diluted share | $ | 0.66 | to | $ | 0.68 | ||||||||||||||
Posted In: CUBE
