Investor Presentaiton
2024 Guidance
Current
Considerations
Earnings per diluted share
$2.72 -$2.94
NAREIT FFO per diluted share
$6.65 $6.87
Growth over 2023
-1.5% - 5%
Growth of 3% at the midpoint
Key Assumptions
Comparable POI growth
Comparable POI growth excluding prior
period rents and lease term fees
Prior period rent collections
Lease term fees
Current
2% - 3.5%
2.5% - 4%
$2 $3 million
Vs. 2023 levels of $5 million
-
$4 $7 million
Vs. net 2023 levels of $7 million
Incremental redevelopment / expansion
$9 $12 million
POI
Includes the expected additional POI to be recognized in 2024 compared to the amount
recognized in 2023 from all of the redevelopments listed on pages 16 of our supplemental
information document filed on Form 8-K on February 12, 2024. Does not include any
additional POI from "Active Property Improvement Projects."
G&A expenses
Development / redevelopment capital
$48 $52 million
$100 $150 million
Annual spend
Capitalized Interest
$18 $21 million
Total credit reserve
Dispositions acquisitions
See appendix for reconciliation.
70 - 90 basis
points
No additional
assumed in
guidance
Consists of bad debt expense, unexpected vacancy and tenant rent relief. More in line
with pre-pandemic historical averages
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