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Stag Industrial Inc. (STAG+0.33%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Stag Industrial Inc. owns 591 industrial buildings across 41 states, totaling approximately 116.6 million rentable square feet. The company focuses on acquiring and operating industrial properties throughout the United States.
For the year ended December 31, 2024, Stag Industrial reported total revenue of $767.4 million, an increase from $707.8 million in the previous year. This increase was driven by higher rental income and other income.
Net income for the year was $193.3 million, compared to $197.2 million in 2023. The decrease in net income was primarily due to higher interest expenses and a loss on impairment recognized during the year.
The company's total assets as of December 31, 2024, were $6.8 billion, with total liabilities amounting to $3.3 billion. The company's equity totaled $3.5 billion.
Stag Industrial's portfolio was approximately 96.5% leased at the end of 2024, with no single tenant accounting for more than 2.9% of total annualized base rental revenue.
The company reported funds from operations (FFO) of $458.7 million for 2024, compared to $421.3 million in 2023.
Stag Industrial's debt structure includes a mix of unsecured credit facilities, term loans, and notes, with a total principal outstanding of approximately $3.0 billion and a weighted average interest rate of 3.98%.
The filing also outlines the company's strategy to maintain a diversified mix of tenants and properties to limit exposure to any single tenant or industry.
Stag Industrial continues to focus on acquiring properties that offer attractive returns, managing its portfolio to improve occupancy and rental rates, and maintaining its qualification as a REIT to benefit from favorable tax treatment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stag Industrial Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.