STAG Industrial Q3 net income per share rises
STAG•STAG Industrial’s third-quarter net income per share rose year over year, while core FFO per diluted share grew 1.5%. Leases commencing during the quarter recorded cash rent growth of 23.8% and straight-line rent growth of 35.7%.
1. Quarterly performance
STAG Industrial reported that third-quarter net income per share rose year over year and core FFO per diluted share increased 1.5%. Q3 EPS and basic EPS were both $0.37.
2. Leasing and occupancy
The company said leasing and development progress, along with improved industrial fundamentals, contributed to results. Leases commencing in the operating portfolio during the quarter saw cash rent increase 23.8% and straight-line rent increase 35.7%. Portfolio occupancy was 95.9% at quarter-end, and retention on expiring leases was 90.3%. STAG expects another strong operational year while maintaining a healthy balance sheet.
