Reports Q4 revenue $100.9M, consensus $83.77M. CEO T. Wilson Eglin commented, “We finished 2024 with another strong quarter driven by excellent leasing outcomes and solid same-store growth. We completed 4.5 million square feet of leasing throughout the year, increasing Base and Cash Base rents approximately 46% and 40%, respectively, generated attractive same-store NOI growth of 5.0% and raised our average annual rent escalators to 2.8%. We also further strengthened our balance sheet in 2024, ending the year at 5.9x net debt to Adjusted EBITDA. We continue to focus on growing EBITDA and deleveraging as we lease up assets, mark rents to market and deliver contractual rent growth. Also, during the quarter, we acquired four Class A properties and substantially completed our 625,000 square foot build-to-suit, further increasing our Sunbelt market exposure. We are pleased with our 2024 accomplishments and we believe we are well-positioned to continue benefiting from long-term demographic and advanced manufacturing trends in our markets.”
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