STAG Industrial reported a net income of $49.4 million, or $0.28 per share, for the first quarter of 2023. Core FFO per diluted share increased by 3.8% to $0.55. The company achieved an occupancy rate of 97.6% and commenced operating portfolio leases of 4.8 million square feet, resulting in a Cash Rent Change of 25.3%.
Net income attributable to common stockholders was $49.4 million, a decrease of 6.4% compared to Q1 2022.
Core FFO per diluted share increased by 3.8% to $0.55 compared to Q1 2022.
Cash NOI increased by 7.8% to $132.6 million compared to Q1 2022.
Occupancy Rate of 97.6% on the total portfolio and 98.1% on the Operating Portfolio as of March 31, 2023.
Although the capital markets remain turbulent, we expect longer-term macroeconomic trends, including continued strength in demand drivers such as supply chain reconfiguration and outperformance in particular industry sectors to fuel ongoing accretion from our assets in 2023.
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