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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