Boston-based STAG Industrial Inc., a industrial property owner, saw its net operating income increase 33 percent to $19.2 million in the third quarter of 2012 compared to the same period last year.

The firm also increased core funds from operations (Core FFO) 66 percent during the quarter, to $10.9 million compared to $6.6 million for the third quarter of 2011. The company now has $236 million in cash on hand compared to $42 million in the third quarter 2011.

STAG completed nine deals for 13 properties during the third quarter, spending approximately $101.3 million and adding 3.1 million square feet to its portfolio through these acquisitions over the prior quarter.

The firm leased over 728,000 square feet, and increased its occupancy rate to to 96.3 percent from 95.7 over the previous quarter and increased same store occupancy to 93.8 percent from 92.8 percent over the third quarter 2011.

"It was another strong quarter for the company.  We completed a second follow-on equity offering in August and closed a new, unsecured revolver and term loan.  These add to our financial strength and we intend to maintain this strong balance sheet as we pursue the numerous acquisition opportunities ahead of us," said Benjamin Butcher, CEO, in a statement.