Stag Industrial Inc (STAG) Announces Q3 2023 Earnings
Stag Industrial Inc (NYSE:STAG) reported a net income of $50.0 million for Q3 2023, a decrease from $63.3 million in Q3 2022.
The company achieved a Core FFO per diluted share of $0.59, marking a 3.5% increase from Q3 2022.
Cash NOI increased by 6.7% to $140.7 million compared to Q3 2022.
Stag Industrial Inc (NYSE:STAG) acquired 12 buildings for $204.3 million in Q3 2023.
Stag Industrial Inc (NYSE:STAG) released its Q3 2023 earnings report on October 26, 2023. The company reported a net income of $50.0 million, a decrease from the $63.3 million reported in Q3 2022. Despite the decrease in net income, the company saw an increase in Core FFO per diluted share, which rose by 3.5% to $0.59 compared to $0.57 in Q3 2022.
Financial Highlights
Stag Industrial Inc (NYSE:STAG) reported a Cash NOI of $140.7 million for Q3 2023, marking a 6.7% increase from $131.8 million in Q3 2022. The company also reported a Same Store Cash NOI of $125.9 million, a 5.3% increase from $119.5 million in Q3 2022. Cash Available for Distribution increased by 11.3% to $96.8 million compared to $87.0 million in Q3 2022.
Acquisitions and Dispositions
In Q3 2023, Stag Industrial Inc (NYSE:STAG) acquired 12 buildings, consisting of 1.5 million square feet, for a total of $204.3 million. The company also sold two non-core buildings, totaling 719,466 square feet, for $28.4 million.
Leasing and Occupancy
The company reported an Occupancy Rate of 97.6% on the total portfolio and 98.0% on the Operating Portfolio as of September 30, 2023. Leases of 2.3 million square feet were commenced in the Operating Portfolio for Q3 2023, resulting in a record Cash Rent Change and Straight-Line Rent Change of 39.3% and 54.2%, respectively.
Capital Markets Activity
On July 27, 2023, the company settled the remaining net proceeds of $61.2 million related to the forward sale under the Company's At-The-Market ("ATM") offering program completed in the second quarter of 2023.
For more detailed financial information, please refer to the full earnings report and financial tables provided by Stag Industrial Inc (NYSE:STAG).
Explore the complete 8-K earnings release (here) from Stag Industrial Inc for further details.
This article first appeared on GuruFocus.
