Q1 2024 STAG Industrial Inc Earnings Call Transcript
Key Points
- Core FFO per share increased by 7.3% compared to last year, indicating strong financial performance.
- Cash available for distribution rose by 8.9%, with $29.5 million retained for investment opportunities and debt repayment.
- Successful acquisition of a 700,000 square foot Class A warehouse at favorable cap rates, enhancing asset portfolio.
- Commenced 29 leases totaling 4.3 million square feet, achieving high leasing spreads of 30.5% cash and 43.6% straight-line.
- Maintained a low leverage with net debt to annualized run rate adjusted EBITDA at 4.9x, demonstrating financial stability.
- Pockets of softness in certain markets due to increased supply, impacting market occupancy and leasing decisions.
- Interest rate volatility has reemerged, potentially pressuring the transaction market and affecting stability.
- Credit loss of 9 basis points in the first quarter, although in line with guidance, remains a point of caution.
- Some big box markets are experiencing slower leasing due to oversupply, requiring careful management and strategy adjustments.
- Decision-making timelines for tenants have lengthened, particularly as decisions shift to corporate levels, potentially delaying lease executions.
Greetings, and welcome to the STAG Industrial, Inc. First 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. Thank you. Mr. Xiarhos, you may begin.
Thank you. Welcome to STAG Industrial's conference call covering the first quarter 2024 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information presentation 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 may cause actual results to differ from those discussed
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
