Q2 2024 STAG Industrial Inc Earnings Call Transcript
Key Points
- Core FFO per share increased by 8.9% compared to last year, reaching $0.61 for the quarter.
- Acquisition volume for the second quarter totaled $225.6 million, consisting of 10 buildings with favorable cap rates.
- Same-store cash NOI growth was 6.1% for the quarter and 6.5% year-to-date.
- Retention rate was strong at 79.9% for the quarter.
- The company has a low leverage with net debt to annualized run rate adjusted EBITDA between 4x to 5x.
- Demand remains subdued in many markets, although it is improving.
- Deal volume in Q2 remained consistent with Q1 but is still well below the levels seen over the past few years.
- The company sold seven buildings for aggregate proceeds of $78.2 million, with some sales being modestly dilutive to core FFO.
- The acquisition of a vacant building in El Paso will have a drag on earnings this year due to expected downtime.
- Credit loss guidance remains at 50 basis points for the year, with $1 million of credit loss already incurred year-to-date.
Greetings. Welcome to the STAG Industrial, Inc., second-quarter 2024 earnings conference call. (Operator Instructions). Please note, this conference is being recorded.
Iâll now turn conference over to your host, Steve Xiarhos. you may begin.
Thank you. Welcome to STAG Industrial's conference call covering the second-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 today.
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