Q4 2024 STAG Industrial Inc Earnings Call Transcript
Key Points
- Stag Industrial Inc (STAG) achieved a core FFO per share increase of 4.8% year-over-year, reaching $2.40 for 2024.
- The company reported strong leasing activity, with 70% of the expected 2025 operating portfolio already leased, achieving cash leasing spreads of 23.8%.
- Same-store cash NOI grew by 5.8% for the year, marking a record growth rate for the company.
- Stag Industrial Inc (STAG) completed acquisitions totaling $294 million in the fourth quarter, with attractive cap rates and long-term NOI growth potential.
- The company has a robust development pipeline, with 2.5 million square feet of activity across 11 buildings, and a significant portion of this space is already leased or pre-leased.
- Leasing spreads in the fourth quarter were lower than expected at 19%, due to fixed rate renewal options.
- The company anticipates a decrease in same-store occupancy by 100 basis points during 2025.
- There is uncertainty in the market due to tariffs, which could impact tenant decisions and leasing activity.
- Interest rate volatility has caused a slowdown in the transaction market, affecting acquisition momentum.
- The company expects a wide range in acquisition volume guidance for 2025, indicating uncertainty in the capital market environment.
Greetings, and welcome to the STAG Industrial, Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Steve Xiarhos, Vice President, Investor Relations. Thank you, sir. You may begin.
Thank you. Welcome to STAG Industrial's conference call covering the fourth quarter 2024 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information package on the company's website at www.stagindustrial.com, under the Investor Relations section.
On today's call, the company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that
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