Rexford Industrial Updates FY24 Core FFO Guidance From $2.27-$2.30 To $2.31-$2.34
Author: Benzinga Newsdesk | April 17, 2024 04:18pm
2024 Outlook (1)
Q1 2024 Updated
Guidance
Initial Guidance
Net Income Attributable to Common Stockholders per diluted share
$1.17 - $1.20
$1.11 - $1.14
Company share of Core FFO per diluted share
$2.31 - $2.34
$2.27 - $2.30
Same Property Portfolio NOI Growth - GAAP
4.25% - 5.25%
4.0% - 5.0%
Same Property Portfolio NOI Growth - Cash
7.0% - 8.0%
7.0% - 8.0%
Average Same Property Portfolio Occupancy (Full Year) (2)
96.5% - 97.0%
96.5% - 97.0%
General and Administrative Expenses (3)
+/- $83.0M
+/- $83.0M
Net Interest Expense
+/- $99.0M
$60.0M - $61.0M
(1)
2024 Guidance represents the in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)
Our 2024 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through March 31, 2024 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (unless otherwise noted).
(3)
2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $35.5 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company's overall performance and may or may not be realized based on actual results.
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
