STAG Industrial, Inc. reported a total revenue of approximately $767.4 million for the fiscal year ending December 31, 2024, marking an increase of 8.4% from $707.8 million in the previous year. The company's net income for the same period was approximately $193.3 million, a slight decrease of 2.0% compared to $197.2 million in 2023. The decline in net income was attributed to increased interest expenses and a significant reduction in gains from property sales, which fell from $54.1 million in 2023 to $32.3 million in 2024.
In terms of operational performance, STAG Industrial's portfolio consisted of 591 buildings across 41 states, encompassing approximately 116.6 million rentable square feet. The occupancy rate for the portfolio was reported at 96.5%, with no single tenant contributing more than 2.9% of total annualized base rental revenue. The company experienced a 4.5% increase in same-store rental income, which reached approximately $701.1 million, driven by new leases and lease renewals. However, same-store occupancy decreased slightly to 97.2% from 98.5% in the previous year.
Strategically, STAG Industrial continued to expand its portfolio through acquisitions, completing the purchase of 39 buildings totaling approximately 6.7 million square feet during 2024, with a total acquisition cost of $710.3 million. The company also formed joint ventures for the development of industrial properties in North Carolina and Nevada, holding a 90% and 95% interest in these ventures, respectively. The company’s focus on maintaining a diversified tenant base across various industries helped mitigate risks associated with economic downturns.
The company’s financial position remains strong, with total outstanding debt of approximately $3.0 billion as of December 31, 2024. This includes $409 million under its unsecured credit facility and $1.6 billion in unsecured notes. STAG Industrial reported total immediate liquidity of approximately $623.1 million, consisting of cash and cash equivalents along with available credit. The company’s management expressed confidence in its ability to navigate the current economic environment, citing strong banking relationships and a well-diversified portfolio as key strengths.
Looking ahead, STAG Industrial anticipates continued demand for industrial space driven by trends such as the growth of e-commerce and the reshoring of manufacturing. However, the company acknowledged potential challenges posed by rising interest rates and economic volatility, which could impact tenant cash flows and overall market conditions. Despite these uncertainties, STAG Industrial remains committed to its strategy of disciplined investment in high-quality industrial properties to deliver long-term value to its shareholders.
About STAG Industrial, Inc.
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