STAG Industrial (STAG) Q4 2024 earnings summary

Executive summary

• 2024 ended with a strong quarter, marked by improved industrial supply conditions, robust tenant demand, and high leasing activity across diverse industries.

• Net income per diluted share rose to $0.28 in Q4 2024 from $0.23 in Q4 2023, with net income attributable to common stockholders at $50.9M, up 22.1% year-over-year.

• Core FFO per diluted share increased 5.2% to $0.61 in Q4 2024; full-year Core FFO per share was $2.40, up 4.8% year-over-year.

• 70% of 2025 expected leasing already completed, with cash leasing spreads of 23.8%, consistent with prior years.

• Portfolio occupancy remained high at 96.5% overall and 97.3% for the operating portfolio at year-end.

Financial highlights

• Q4 2024 net income attributable to common stockholders: $50.9M (up 22.1% YoY); full-year: $189.0M.

• Q4 2024 Cash NOI: $155.5M (up 8.6% YoY); full-year: $597.8M (up 8.5% YoY).

• Q4 2024 Core FFO: $113.5M (up 4.6% YoY); full-year: $446.5M (up 5.7% YoY).

• Same-store cash NOI grew 4.4% for Q4 and a record 5.8% for the year.

• Cash available for distribution totaled $370M in 2024, with $95M retained after dividends.

Outlook and guidance

• 2025 Core FFO per share guidance: $2.46–$2.50.

• 2025 acquisition volume expected between $350M–$650M; disposition volume $100M–$200M.

• Same-store cash NOI growth projected at 3.5%–4.0%; retention rate guidance 70%–75%.

• Cash leasing spreads projected at ~25% on 14M sq ft of new and renewal leasing.

• Same-store occupancy expected to decrease by 100 basis points.