STAG Industrial(US:STAG) Prnewswire·2025-02-12 21:06Core Insights - The company reported strong financial and operational results for Q4 and the full year 2024, highlighting increased acquisition activity and operational efficiency [2][4][7] Financial Performance - Net income attributable to common stockholders for Q4 2024 was $50.9 million, a 22.1% increase from $41.7 million in Q4 2023 [4][7] - Basic and diluted net income per share for Q4 2024 was $0.28, up 21.7% from $0.23 in Q4 2023 [4][7] - Cash NOI for Q4 2024 was $155.5 million, an 8.6% increase from $143.1 million in Q4 2023 [4][7] - Same Store Cash NOI for Q4 2024 was $139.2 million, a 4.4% increase from $133.4 million in Q4 2023 [4][7] - Adjusted EBITDAre for Q4 2024 was $145.2 million, a 9.0% increase from $133.2 million in Q4 2023 [4][7] - Core FFO for Q4 2024 was $113.5 million, a 4.6% increase from $108.5 million in Q4 2023 [4][7] Acquisition and Disposition Activity - The company acquired 15 buildings for $293.7 million in Q4 2024, with a total square footage of 2.4 million and an occupancy rate of 100% upon acquisition [6][9] - The total acquisition activity for 2024 amounted to 32 buildings and 5.95 million square feet for $682.4 million [9] - The company sold two buildings in Q4 2024 for $29.4 million, totaling 366,599 square feet [10] Leasing Activity - The company commenced leases totaling 2.4 million square feet in Q4 2024, with a Cash Rent Change of 19.4% and a Straight-Line Rent Change of 34.9% [11][12] - For the full year 2024, new leases totaled 2.86 million square feet, with a Cash Rent Change of 22.6% [12] Capital Markets Activity - The company paid off a $50 million fixed-rate senior unsecured note at maturity on October 1, 2024 [14][15] - As of December 31, 2024, the company's Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.2x, with liquidity of $623.1 million [15] Balance Sheet Highlights - Total assets as of December 31, 2024, were $6.83 billion, compared to $6.28 billion as of December 31, 2023 [18] - Total liabilities increased to $3.30 billion from $2.84 billion year-over-year [18]