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Mar 31, 2023
STAG Q1 2023 Earnings Report
STAG Industrial reported first quarter 2023 results, achieving record levels of leasing spreads and same store growth.
Key Takeaways
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.
Forward Guidance
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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