Q3 2024 STAG Industrial Inc Earnings Call Transcript
Key Points
- Stag Industrial Inc (STAG) reported strong operating results for the third quarter, with stable absorption and contracting industrial supply pipeline.
- The company achieved a cash leasing spread of 24.1% for 38% of the square feet expected to be leased in 2025, indicating strong leasing activity.
- Acquisition volume for the third quarter totaled $113 million, with a noticeable acceleration in activity post-Labor Day.
- Core FFO per share increased by 1.7% compared to the third quarter of last year, reflecting financial growth.
- Same Store Cash NOI growth was 4.4% for the quarter and 6.1% year-to-date, leading to an increase in annual guidance.
- American Tire Distributors, a tenant representing 1% of annualized base rent, filed for Chapter 11 bankruptcy, creating uncertainty.
- The acquisition market's momentum is subject to interest rate fluctuations and seller expectations, which could impact future growth.
- The company experienced a $1.4 million credit loss through September 30, indicating some tenant financial challenges.
- There is a potential risk of occupancy loss, with a guidance of 25 basis points average occupancy loss for the year.
- Election uncertainty is causing delays in decision-making in the leasing market, potentially affecting future leasing activity.
Greetings and welcome to the STAG Industrial, Inc. third quarter 2024 earnings conference call.
(Operator Instructions)
Now my pleasure to introduce Steve Xiarhos, Senior Associate - Investor Relations and Capital Markets.
Thank you.
You may begin.
Thank you.
Welcome to STAG Industrial's conference call covering the third quarter 2024 results.
Addition to the press release distributed yesterday, we posted an unaudited quarterly supplemental information presentation and the company's website at www.stagindustrial.com under the Investor Relations section.
In 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
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