STAG Q2 2023 Earnings Report
Key Takeaways
STAG Industrial reported a net income of $51.6 million, or $0.29 per share, for the second quarter of 2023. Core FFO per diluted share remained consistent with the previous year at $0.56. The company achieved record leasing spreads and made strategic acquisitions and dispositions during the quarter.
Net income per share increased to $0.29, compared to $0.18 in Q2 2022.
Core FFO per diluted share was $0.56, matching the Q2 2022 result.
Cash NOI increased by 4.3% to $134.6 million.
Occupancy Rate of 97.7% on the total portfolio and 97.9% on the Operating Portfolio as of June 30, 2023.
STAG
STAG
Forward Guidance
As of July 25, 2023, the Company addressed 94.2% of expected 2023 new and renewal leasing, consisting of 12.2 million square feet, achieving Cash Rent Change of 30.6%.