Stag Industrial Inc ( (STAG) ) has realeased its Q3 earnings. Here is a breakdown of the information Stag Industrial Inc presented to its investors.
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Stag Industrial Inc., a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant industrial properties across the United States, has reported its third-quarter financial results for 2024.
In the third quarter of 2024, Stag Industrial Inc. showcased a mix of steady growth and strategic maneuvers. The company’s reported net income per share slightly declined to $0.23 from $0.28 in the same period last year, while its Core Funds from Operations (Core FFO) per diluted share saw a modest increase to $0.60 from $0.59. The company achieved a strong occupancy rate of 97.1% across its total portfolio, underscoring its solid operational foundation.
Stag Industrial reported a Cash Net Operating Income (NOI) of $148.4 million, marking a 5.5% rise compared to the previous year’s quarter. The company was active on the acquisition front, securing six buildings totaling over 613,839 square feet for $113 million, and it also disposed of one building for $22.6 million. Leasing activity was robust, with new and renewal leases covering 3.3 million square feet and a significant cash rent change of 24.6%.
Looking ahead, Stag Industrial’s management remains optimistic about its growth trajectory, supported by its strategic acquisitions and refinancing activities. The company has addressed a large portion of its anticipated leasing for 2024 and is already making headway into 2025, indicating a proactive approach to sustaining its occupancy and revenue streams.
