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BOSTON - STAG Industrial Inc. (NYSE:STAG) reported fourth quarter earnings that surpassed analyst expectations, sending shares up 1.4% in after-hours trading.
The industrial real estate investment trust posted adjusted funds from operations (FFO) of $0.61 per share, beating the consensus estimate of $0.58 per share. Revenue for the quarter came in at $199.3 million, topping analyst projections of $193.7 million.
STAG’s fourth quarter net income rose to $52 million, or $0.28 per share, compared to $42.6 million, or $0.23 per share, in the same period last year.
The company reported strong leasing activity, with cash rent changes up 19.4% on new and renewal leases signed during the quarter. Same-store cash net operating income increased 4.4% year-over-year.
"The Company delivered another positive end to the year with increased acquisition activity and strong operating results," said Bill Crooker, President and CEO of STAG Industrial.
For the full year 2024, STAG achieved core FFO of $2.40 per share, up 4.8% from $2.29 in 2023. The REIT acquired 15 buildings totaling 2.4 million square feet for $293.7 million during the fourth quarter.
Looking ahead, STAG said it has already addressed 70.2% of expected 2025 new and renewal leasing as of February 11, achieving cash rent changes of 23.8% on 9.7 million square feet.
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