The following is a summary of the STAG Industrial, Inc. (STAG) Q1 2024 Earnings Call Transcript:
Financial Performance:
STAG Industrial reported a Q1 core FFO per share that saw a 7.3% increase compared to the previous year, standing at $0.59.
The company experienced an increase in their cash available for distribution to $98.1 million, marking an 8.9% rise from the prior period.
STAG retained approximately $29.5 million of their cash flow after dividends by the end of March.
The firm's net debt to annualized run-rate adjusted EBITDA was 4.9x, and their liquidity stood strong at $1.1 billion at the quarter's end.
Same-store cash NOI saw a growth of 7.1%.
Business Progress:
In the first quarter, STAG closed on a 700,000 sq. ft. Class A cross-docked warehouse for $50.1 million and acquired three buildings post-quarter for $85 million.
The company has over 1.2 million square feet of activity across three projects planned for delivery by late 2024 or early 2025.
During the quarter, STAG initiated 29 leases totaling 4.3 million square feet, with a forecasted rent growth in the mid-single digits for their portfolio.
STAG is actively developing a number of projects, with some nearing completion in Spartanburg and Tampa, which offer strong return profiles.
Despite recent rate spikes, STAG notes no significant change in decision-making timelines, and anticipates regional teams retaking control over decision-making as supply constraints necessitate quicker decisions.
More details: Stag Industrial Inc IR
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