Stag Industrial: Impressive Q4 Results

Core Insights - Stag Industrial reported strong Q4 2024 results, exceeding earnings and revenue estimates, with a Core FFO per share of $0.61 and revenue of $199.3 million, reflecting an 8.7% year-over-year growth [2][3][6] Financial Performance - Core FFO per share increased by 5.2% from $0.58 in Q4 2023 to $0.61 in Q4 2024 [3][6] - Revenue rose to $199.3 million, surpassing the expected $193 million, and up from $183.3 million in the previous year [2][3][7] - Net income attributable to common stockholders was $50.9 million, a 22.1% increase from $41.7 million in Q4 2023 [3] - Cash NOI for the quarter was reported at $155.5 million, up 8.6% from $143.1 million year-over-year [3] Business Strategy - Stag Industrial focuses on acquiring and managing single-tenant industrial properties across the U.S., aiming for a diversified portfolio to mitigate risks [4] - The company has been expanding its portfolio through acquisitions, enhancing quality and managing risks related to environmental compliance and regulations [5][8] Operational Highlights - The occupancy rate remained high at 96.5%, supported by lease commencements totaling 2.4 million square feet [7] - The company added 15 buildings covering approximately 2.4 million square feet for a total of $293.7 million in acquisitions [8] Liquidity and Financial Management - Stag Industrial reported net proceeds of $167.7 million from its At-The-Market program, concluding the year with $623.1 million in available liquidity [9] - The net debt to annualized run rate adjusted EBITDA was reported at 5.2x, indicating prudent leverage and capital management [9] Future Outlook - Management projects continued growth in Core FFO, supported by strategic acquisitions and a steady leasing environment, with 70.2% of 2025 leasing already addressed [10] - The company anticipates a promising Cash Rent Change of 23.8% [10]