STAG Industrial announced its financial and operating results for the third quarter ended September 30, 2024. The company reported Core FFO per diluted share of $0.60, an increase of 1.7% compared to $0.59 in the third quarter of 2023.
Cash Net Operating Income (NOI) grew by 5.5% year-over-year to $148.415 million, with Same Store Cash NOI increasing by 4.4% to $138.173 million. Net income attributable to common stockholders was $41.811 million, a decrease from $49.987 million in the prior year, primarily due to a lower gain on property sales.
Leasing activity remained robust, with 3.3 million square feet of leases commencing at a 24.6% cash rent change and a 34.3% straight-line rent change. The company acquired six buildings totaling 613,839 square feet for $113.0 million at a 6.7% cash capitalization rate, while disposing of one building for $22.550 million.
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