{"id":56051,"date":"2020-07-29T15:35:00","date_gmt":"2020-07-29T15:35:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/07\/29\/stag-industrial-announces-second-quarter-2020-results\/"},"modified":"2020-07-29T15:35:00","modified_gmt":"2020-07-29T15:35:00","slug":"stag-industrial-announces-second-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/07\/29\/stag-industrial-announces-second-quarter-2020-results\/","title":{"rendered":"STAG Industrial Announces Second Quarter 2020 Results"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"80\" src=\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/07\/4000-1-74.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" \/><\/p>\n<p>&nbsp;STAG Industrial,&nbsp;Inc.,announced its financial and operating results for the quarter ended June&nbsp;30, 2020.<\/p>\n<p>&#8220;STAG has been fortunate in our ability to weather this pandemic-induced economic downturn,&#8221; said&nbsp;<span class=\"xn-person\">Ben Butcher<\/span>, Chief Executive Officer of the Company. &#8220;Our balance sheet, portfolio, and business strategy are all well positioned to drive the Company&#8217;s future success.&#8221;<\/p>\n<p><strong>Second Quarter 2020 Highlights<\/strong><\/p>\n<ul>\n<li>Reported&nbsp;<span class=\"xn-money\">$0.12<\/span>&nbsp;of net income per basic and diluted common share for the second quarter of 2020, as compared to&nbsp;<span class=\"xn-money\">$0.10<\/span>&nbsp;of net income per basic and diluted common share for the second quarter of 2019. Reported&nbsp;<span class=\"xn-money\">$17.6 million<\/span>&nbsp;of net income attributable to common stockholders for the second quarter of 2020 compared to net income attributable to common stockholders of&nbsp;<span class=\"xn-money\">$12.4 million<\/span>&nbsp;for the second quarter of 2019.<\/li>\n<li>Achieved&nbsp;<span class=\"xn-money\">$0.47<\/span>&nbsp;of Core FFO per diluted share for the second quarter of 2020, an increase of 4.4% compared to the second quarter of 2019 Core FFO per diluted share of&nbsp;<span class=\"xn-money\">$0.45<\/span>. Generated Core FFO of&nbsp;<span class=\"xn-money\">$71.8 million<\/span>&nbsp;for the second quarter of 2020 compared to&nbsp;<span class=\"xn-money\">$58.1 million<\/span>&nbsp;for the second quarter of 2019, an increase of 23.5%.<\/li>\n<li>Produced Cash NOI of&nbsp;<span class=\"xn-money\">$96.6 million<\/span>&nbsp;for the second quarter of 2020, an increase of 24.5% compared to the second quarter of 2019 of&nbsp;<span class=\"xn-money\">$77.6 million<\/span>.<\/li>\n<li>Produced Cash Available for Distribution of&nbsp;<span class=\"xn-money\">$69.0 million<\/span>&nbsp;for the second quarter of 2020, an increase of 48.1% compared to the second quarter of 2019 of&nbsp;<span class=\"xn-money\">$46.6 million<\/span>.<\/li>\n<li>Acquired two buildings in the second quarter of 2020, consisting of 122,280 square feet, for&nbsp;<span class=\"xn-money\">$11.9 million<\/span>&nbsp;with a Cash Capitalization Rate of 6.4% and a Straight-Line Capitalization Rate of 6.8%.<\/li>\n<li>Sold one building in the second quarter of 2020, consisting of 52,500 square feet for&nbsp;<span class=\"xn-money\">$2.4 million<\/span>, resulting in a gain of&nbsp;<span class=\"xn-money\">$1.0 million<\/span>.<\/li>\n<li>Achieved an Occupancy Rate of 97.0% on the total portfolio and 97.6% on the Operating Portfolio as of&nbsp;<span class=\"xn-chron\">June 30, 2020<\/span>.<\/li>\n<li>Commenced Operating Portfolio leases of 2.7 million square feet for the second quarter of 2020, resulting in a Cash Rent Change and Straight-line Rent Change of 1.6% and 9.6%, respectively.<\/li>\n<li>Experienced 100.0% Retention for 2.3 million square feet of leases expiring in the quarter.<\/li>\n<li>Produced Same Store Cash NOI of&nbsp;<span class=\"xn-money\">$73.9 million<\/span>&nbsp;for the second quarter of 2020, an increase of 2.1% compared to the second quarter of 2019 of&nbsp;<span class=\"xn-money\">$72.4 million<\/span>.<\/li>\n<li>As of&nbsp;<span class=\"xn-chron\">July 28th<\/span>, the Company collected 98.0% of second quarter base rental billings and granted rent deferral equal to 1.4%.<\/li>\n<li>On&nbsp;<span class=\"xn-chron\">April 17, 2020<\/span>, refinanced a total of&nbsp;<span class=\"xn-money\">$300 million<\/span>&nbsp;term loan debt due to mature in the next twelve months.<\/li>\n<\/ul>\n<p>Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.<\/p>\n<p>The Company will host a conference call tomorrow,&nbsp;<span class=\"xn-chron\">Wednesday, July 29, 2020<\/span>&nbsp;at&nbsp;<span class=\"xn-chron\">10:00 a.m. (Eastern Time)<\/span>, to discuss the quarter&#8217;s results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.<\/p>\n<p><strong>Key Financial Measures<\/strong><\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntal prnpl6 prnsblb0 prnpr6\" colspan=\"16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SECOND QUARTER 2020 KEY FINANCIAL MEASURES<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"16\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbls prnpr6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Three months ended<br class=\"dnr\" \/>June 30,<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Six months ended<br class=\"dnr\" \/>June 30, 2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen7\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Metrics<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>%&nbsp;Change<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>%&nbsp;Change<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(in $000s, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen7\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income attributable to common stockholders<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$17,552<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$12,394<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">41.6<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$79,635<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$18,201<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">337.5<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><em>Net income per common share &mdash; basic<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.12<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.10<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>20.0<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.54<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.15<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>260.0<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><em>Net income per common share &mdash; diluted<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.12<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.10<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>20.0<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.54<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.15<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>260.0<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash NOI<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$96,630<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$77,601<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>24.5<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$190,351<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$152,530<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>24.8<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Same Store Cash NOI&nbsp;<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$73,931<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$72,382<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>2.1<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$147,325<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$144,011<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>2.3<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Adjusted EBITDA<em>re<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$86,663<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$71,168<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>21.8<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$171,271<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$138,805<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>23.4<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Core FFO<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$71,784<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$58,111<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>23.5<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$142,415<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$111,298<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>28.0<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><em>Core FFO per share \/ unit &mdash; basic<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.47<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.45<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>4.4<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.94<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.90<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>4.4<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><em>Core FFO per share \/ unit &mdash; diluted<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.47<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.45<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>4.4<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.94<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>$0.90<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>4.4<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash Available for Distribution<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$69,003<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$46,588<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>48.1<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$124,980<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$95,607<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen15\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>30.7<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><em>%<\/em><\/span><\/p>\n<\/td>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"16\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr6\" colspan=\"16\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1) The Same Store pool accounted for 79.9% of the total portfolio square footage as of June&nbsp;30, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company&#8217;s supplemental information package for additional disclosure.<\/p>\n<p><strong>Acquisition&nbsp;and Disposition Activity<\/strong><\/p>\n<p>For the three months ended June&nbsp;30, 2020, the Company acquired two buildings for&nbsp;<span class=\"xn-money\">$11.9 million<\/span>&nbsp;with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SECOND QUARTER 2020 ACQUISITION ACTIVITY<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Market<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Date<br class=\"dnr\" \/>Acquired<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Square Feet<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Buildings<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Purchase<br class=\"dnr\" \/>Price<br class=\"dnr\" \/>($000s)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>W.A. Lease<br class=\"dnr\" \/>Term (Years)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash<br class=\"dnr\" \/>Capitalization<br class=\"dnr\" \/>Rate<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen22\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Straight-Line<br class=\"dnr\" \/>Capitalization<br class=\"dnr\" \/>Rate<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Sacramento, CA<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6\/11\/2020<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">54,463<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$5,730<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.1<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbts prnrbrs prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr14\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Chicago, IL<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6\/29\/2020<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">67,817<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,184<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10.4<\/span><\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr14\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen27\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total \/ weighted average<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr14\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen30\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>122,280<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$11,914<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>6.7<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>6.4%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen32\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>6.8%<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>The chart below details the 2020 acquisition activity and Pipeline through July&nbsp;28, 2020:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020 ACQUISITION ACTIVITY AND PIPELINE DETAIL<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"7\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbls prnpr14\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Square Feet<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Buildings<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Purchase Price<br class=\"dnr\" \/>($000s)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>W.A. Lease<br class=\"dnr\" \/>Term (Years)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash<br class=\"dnr\" \/>Capitalization<br class=\"dnr\" \/>Rate<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen22\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Straight-Line<br class=\"dnr\" \/>Capitalization<br class=\"dnr\" \/>Rate<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q1<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,599,389<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$119,343<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.3<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen22\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q2<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">122,280<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11,914<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.7<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.4%<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total \/ weighted average<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>1,721,669<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>11<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$131,257<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>7.3<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>6.6%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen22\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>7.2%<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen36\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>As of July 28, 2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen36\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Subsequent to quarter-end acquisitions<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>N\/A<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>N\/A<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>N\/A<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen36\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen25\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen36\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Pipeline<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen37\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>25.0 million<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen38\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>122<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen37\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$2.0 billion<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen38\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen38\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr14\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>The chart below details the disposition activity for the six months ended&nbsp;June&nbsp;30, 2020:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020 DISPOSITION ACTIVITY<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"4\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbls prnpr6\">&nbsp;<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Square Feet<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Buildings<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Sale Price ($000s)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q1<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,182,606<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$101,500<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q2<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">52,500<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,363<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>1,235,106<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen32\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$103,863<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><strong>Leasing Activity<\/strong><\/p>\n<p>The chart below details the leasing activity for leases commenced during the three months ended June&nbsp;30, 2020:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SECOND QUARTER 2020 OPERATING PORTFOLIO LEASING ACTIVITY<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"11\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease Type<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Square Feet<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>W.A. Lease Term (Years)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash<\/strong><br class=\"dnr\" \/><strong>Base Rent<\/strong><br class=\"dnr\" \/><strong>$\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SL Base Rent<\/strong><br class=\"dnr\" \/><strong>$\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease<\/strong><br class=\"dnr\" \/><strong>Commissions<\/strong><br class=\"dnr\" \/><strong>$\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Tenant Improvements $\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash Rent Change&nbsp;<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SL Rent Change<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Retention<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen41\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">New leases<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">444,952<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11.5<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$3.77<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.20<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$2.57<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$2.21<\/span><\/p>\n<\/td>\n<td class=\"prngen42\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(8.3)%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">&nbsp;<\/td>\n<td class=\"prngen41\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Renewal Leases<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,276,692<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.8<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.36<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.61<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$0.68<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$0.40<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.4%<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen44\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total \/ weighted average<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2,721,644<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>6.7<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$4.27<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$4.54<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$0.99<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$0.69<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>1.6%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>9.6%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">&nbsp;<\/td>\n<td class=\"prngen45\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>The chart below details the leasing activity for leases commenced during the six months ended June&nbsp;30, 2020:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntal prnpl6 prnsblb0 prnpr14\" colspan=\"11\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease Type<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Square Feet<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>W.A. Lease Term (Years)<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash Base Rent $\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SL Base Rent $\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease Commissions $\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Tenant Improvements $\/SF<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash Rent Change<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>SL Rent Change<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Retention<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen41\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">New leases<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">872,423<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8.3<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$3.97<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.29<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$1.87<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$1.33<\/span><\/p>\n<\/td>\n<td class=\"prngen42\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5.2)%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen23\">&nbsp;<\/td>\n<td class=\"prngen41\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Renewal Leases<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,622,946<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.1<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.44<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$4.65<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$0.52<\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$0.40<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">95.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen44\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Total \/ weighted average<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4,495,369<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>5.7<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$4.35<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$4.58<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$0.78<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$0.58<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2.2%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>10.2%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen30\">&nbsp;<\/td>\n<td class=\"prngen45\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p>Additionally, for the three and six months ended June&nbsp;30, 2020, leases commenced totaling 481,938 square feet related to Value Add assets and are excluded from the Operating Portfolio statistics above.<\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">July 28th<\/span>, 90.9% of July base rental billings have been collected. An additional 4.6% of July base rental billings yet to be received relates to investment grade tenants and tenants who pay at the end of the month, bringing the total to 95.5%. The timing of these expected payments is consistent with past practices. Of the remaining 4.5% of uncollected base rental billings, 2.8% of July base rental billings have been deferred.<\/p>\n<p><strong>Capital Market Activity<\/strong><\/p>\n<p>On&nbsp;<span class=\"xn-chron\">April 17, 2020<\/span>, the Company refinanced&nbsp;<span class=\"xn-money\">$300 million<\/span>&nbsp;of unsecured debt previously scheduled to mature within the next year. The new term loan has an initial maturity date of&nbsp;<span class=\"xn-chron\">April 16, 2021<\/span>&nbsp;and is subject to two one-year extension options at the Company&#8217;s discretion, subject to certain conditions, which do not include the lenders&#8217; consent. The new term loan bears a current interest rate of LIBOR plus a spread of 1.50%, subject to a minimum LIBOR rate of 0.25%. The Company entered into four interest rate swaps to fix the interest rate on the new term loan, which will bear a fixed interest rate of 1.78% inclusive of these swaps.<\/p>\n<p>As of June&nbsp;30, 2020, net debt to annualized Run Rate Adjusted EBITDA<em>re<\/em>&nbsp;was 4.3x and Liquidity was&nbsp;<span class=\"xn-money\">$599.1 million<\/span>. The Company has the ability to settle the remaining&nbsp;<span class=\"xn-money\">$134.4 million<\/span>&nbsp;in net proceeds from the&nbsp;<span class=\"xn-chron\">January 13, 2020<\/span>&nbsp;equity offering between now and&nbsp;<span class=\"xn-chron\">January 13, 2021<\/span>. During the second quarter, the Company repaid the revolving credit facility and it currently has a zero balance<\/p>\n<p><strong>Conference Call<\/strong><\/p>\n<p>The Company will host a conference call tomorrow,&nbsp;<span class=\"xn-chron\">Wednesday, July 29, 2020<\/span>, at 10:00 a.m.&nbsp;(Eastern Time) to discuss the quarter&#8217;s results.&nbsp; The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471.&nbsp; A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671.&nbsp; The passcode for the replay is 13706350.<\/p>\n<p>Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company&#8217;s website at&nbsp;www.stagindustrial.com, or by clicking on the following link:<\/p>\n<p>http:\/\/ir.stagindustrial.com\/QuarterlyResults<\/p>\n<p><strong>Supplemental Schedule<\/strong><\/p>\n<p>The Company has provided a supplemental information package to provide additional disclosure and financial information on its website (www.stagindustrial.com) under the &#8220;Quarterly Results&#8221; tab in the Investor Relations section.<\/p>\n<p>Additional information is also available on the Company&#8217;s website at&nbsp;www.stagindustrial.com.<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>CONSOLIDATED BALANCE SHEETS<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>STAG Industrial,&nbsp;Inc.<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(unaudited, in thousands, except share data)<\/strong>&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>June 30, 2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>December 31, 2019<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Assets<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Rental Property:<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Land<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">444,489<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">435,923<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml8 dnr\"><span class=\"prnews_span\">Buildings and improvements, net of accumulated depreciation of $446,361 and $387,633,<br class=\"dnr\" \/>respectively<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,141,970<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,087,435<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml8 dnr\"><span class=\"prnews_span\">Deferred leasing intangibles, net of accumulated amortization of $267,553 and $241,304,<br class=\"dnr\" \/>respectively<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">451,738<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">475,149<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Total rental property, net<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,038,197<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,998,507<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">102,097<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">9,041<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,505<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,823<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Tenant accounts receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">65,122<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">57,592<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Prepaid expenses and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">39,347<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">38,231<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest rate swaps<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">303<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Operating lease right-of-use assets<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">22,168<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,129<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Assets held for sale, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">43,019<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Total assets<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4,279,436<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4,164,645<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Liabilities and Equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prnsbtd prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr8\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbtd prnrbrs prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr8\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Unsecured credit facility<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">146,000<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Unsecured term loans, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">970,282<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">871,375<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Unsecured notes, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">573,082<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">572,883<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Mortgage notes, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">52,827<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">54,755<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Accounts payable, accrued expenses and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">58,783<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53,737<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest rate swaps<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">50,731<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">18,819<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Tenant prepaid rent and security deposits<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">24,542<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">21,993<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Dividends and distributions payable<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">18,301<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,465<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Deferred leasing intangibles, net of accumulated amortization of $13,117 and $12,064,<br class=\"dnr\" \/>respectively<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">26,292<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">26,738<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Operating lease liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">24,279<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,989<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Total liabilities<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>1,799,119<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>1,800,754<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Equity:<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June&nbsp;30, 2020<br class=\"dnr\" \/>and December&nbsp;31, 2019,<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and<br class=\"dnr\" \/>outstanding at June&nbsp;30, 2020 and December&nbsp;31, 2019<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">75,000<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">75,000<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Common stock, par value $0.01 per share, 300,000,000 shares authorized at June&nbsp;30, 2020<br class=\"dnr\" \/>and December&nbsp;31, 2019, respectively, 148,941,121 and 142,815,593 shares issued and<br class=\"dnr\" \/>outstanding at June&nbsp;30, 2020 and December&nbsp;31, 2019, respectively<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,489<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,428<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Additional paid-in capital<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,148,163<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,970,553<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cumulative dividends in excess of earnings<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(750,770)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(723,027)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Accumulated other comprehensive loss<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(49,837)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(18,426)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Total stockholders&#8217; equity<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,424,045<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,305,528<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Noncontrolling interest<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">56,272<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">58,363<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Total equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2,480,317<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2,363,891<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Total liabilities and equity<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4,279,436<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>4,164,645<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbtd prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbtd prnrbrs prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>STAG Industrial,&nbsp;Inc.<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(unaudited, in thousands, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Three months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Six months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen59\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen60\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen61\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Rental income<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">117,471<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">96,362<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">235,810<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">191,977<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Other income<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">284<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">355<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">371<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Total revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">117,617<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">96,646<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">236,165<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">192,348<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Property<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">20,392<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,955<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">42,339<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">36,466<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">General and administrative<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">9,406<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,587<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,779<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,799<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53,606<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">44,633<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">106,294<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">86,936<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Loss on impairments<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,344<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Other expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">588<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">427<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,064<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">826<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Total expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">83,992<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">70,602<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">169,476<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">147,371<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other income (expense)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">235<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">18<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(15,333)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(12,193)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(30,197)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(25,027)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Loss on extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(834)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(834)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Gain on involuntary conversion<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">657<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">657<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\">Gain on the sales of rental property, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,045<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">317<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">47,804<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,591<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnml30 dnr\"><span class=\"prnews_span\">Total other income (expense)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(14,309)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(11,874)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,665<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(23,418)<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>19,316<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>14,170<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>84,354<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>21,559<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less: income attributable to noncontrolling interest after<br class=\"dnr\" \/>preferred stock dividends<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">407<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">408<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,005<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">622<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income attributable to STAG Industrial, Inc.<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>18,909<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>13,762<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>82,349<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>20,937<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less: preferred stock dividends<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,289<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,289<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,578<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,578<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less: amount allocated to participating securities<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">68<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">136<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">158<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income attributable to common stockholders<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>17,552<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>12,394<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>79,635<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>18,201<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Weighted average common shares outstanding &mdash; basic<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148,663<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">125,251<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148,116<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">120,015<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Weighted average common shares outstanding &mdash; diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">149,027<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">125,560<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148,341<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">120,306<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income per share &mdash; basic and diluted<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income per share attributable to common stockholders &mdash;<br class=\"dnr\" \/>basic<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.12<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.10<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.54<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.15<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Net income per share attributable to common stockholders &mdash;<br class=\"dnr\" \/>diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.12<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.10<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.54<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.15<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen62\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>STAG Industrial,&nbsp;Inc.<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(unaudited, in thousands)<\/strong>&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Three months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Six months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen59\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen60\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen61\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>NET OPERATING INCOME RECONCILIATION<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,316<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,170<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">84,354<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">21,559<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">General and administrative<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">9,406<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,587<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,779<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,799<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Transaction costs<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">59<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53,606<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">44,633<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">106,294<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">86,936<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(156)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(235)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(18)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,333<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,193<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">30,197<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">25,027<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on impairments<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,344<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on involuntary conversion<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Other expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">580<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">348<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,005<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">673<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on the sales of rental property, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,045)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(317)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(47,804)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,591)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net operating income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>97,225<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>79,691<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>193,826<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>155,882<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net operating income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">97,225<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79,691<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">193,826<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">155,882<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Straight-line rent adjustments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,529)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,231)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(8,514)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,411)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Straight-line termination, solar and other income adjustments,<br class=\"dnr\" \/>net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,766<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,887<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(43)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Amortization of above and below market leases, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,168<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,141<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,152<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,102<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash net operating income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>96,630<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>77,601<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>190,351<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>152,530<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash net operating income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">96,630<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash NOI from acquisitions&#8217; and dispositions&#8217; timing<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">188<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Cash termination, solar and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,033)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Run Rate Cash NOI<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>93,785<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Same Store Portfolio NOI<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Total NOI<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">97,225<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79,691<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">193,826<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">155,882<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less: NOI non-same-store properties<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(22,430)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,467)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(44,073)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(8,321)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Termination, solar and other adjustments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(728)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(24)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(789)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(89)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Same Store NOI<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>74,067<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>74,200<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>148,964<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>147,472<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Less: straight-line rent adjustments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,172)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,742)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,539)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,327)<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Amortization of above and below market leases, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,036<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">924<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,900<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,866<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Same Store Cash NOI<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>73,931<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>72,382<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>147,325<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>144,011<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>EBITDA FOR REAL ESTATE (EBITDA<em>re<\/em>) RECONCILIATION<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,316<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,170<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">84,354<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">21,559<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53,606<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">44,633<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">106,294<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">86,936<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(156)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(235)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(18)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15,333<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,193<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">30,197<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">25,027<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on impairments<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,344<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on the sales of rental property, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,045)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(317)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(47,804)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,591)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>EBITDA<em>re<\/em><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>87,054<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>70,677<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>172,806<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>137,257<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>ADJUSTED EBITDA<em>re<\/em>&nbsp;RECONCILIATION<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">EBITDA<em>re<\/em><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">87,054<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">70,677<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">172,806<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">137,257<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Straight-line rent adjustments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,415)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,266)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(8,385)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,479)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Amortization of above and below market leases, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,168<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,141<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,152<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,102<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-cash compensation expense<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,938<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,537<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,790<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,815<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Termination, solar and other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,267)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,328)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(43)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Transaction costs<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">59<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on involuntary conversion<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Adjusted EBITDA<em>re<\/em><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>86,663<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>71,168<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>171,271<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>138,805<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Adjusted EBITDA<em>re<\/em><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">86,663<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Adjusted EBITDA<em>re<\/em>&nbsp;from acquisitions&#8217; and dispositions&#8217; timing<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">188<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Run Rate Adjusted EBITDA<em>re<\/em><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>86,851<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen64\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen62\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"16\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>STAG Industrial,&nbsp;Inc.<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>(unaudited, in thousands, except per share data)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Three months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen22\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Six months ended June 30,<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen59\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen60\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen48\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2020<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen61\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>2019<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>CORE FUNDS FROM OPERATIONS RECONCILIATION<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Net income<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">19,316<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,170<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">84,354<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">21,559<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Rental property depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53,537<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">44,559<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">106,154<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">86,788<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on impairments<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,344<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on the sales of rental property, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,045)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(317)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(47,804)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,591)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Funds from operations<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>71,808<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>58,412<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>142,704<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>112,100<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Preferred stock dividends<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,289)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,289)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,578)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,578)<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Amount allocated to restricted shares of common stock and<br class=\"dnr\" \/>unvested units<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(196)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(232)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(406)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(479)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Funds from operations attributable to common<br class=\"dnr\" \/>stockholders and unit holders<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>70,323<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>56,891<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>139,720<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>109,043<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Funds from operations attributable to common<br class=\"dnr\" \/>stockholders and unit holders<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">70,323<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">56,891<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">139,720<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">109,043<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Amortization of above and below market leases, net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,168<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,141<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,152<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,102<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Transaction costs<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">59<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Loss on extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Gain on involuntary conversion<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(657)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-recurring dead deal costs<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">108<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">307<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Core funds from operations<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>71,784<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>58,111<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>142,415<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>111,298<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen51\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Weighted average common shares and units<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Weighted average common shares outstanding<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148,663<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">125,251<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148,116<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">120,015<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Weighted average units outstanding<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,291<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,545<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,351<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,625<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Weighted average common shares and units &#8211; basic<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>151,954<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>128,796<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>151,467<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>123,640<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Dilutive shares<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">364<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">309<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">225<\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">291<\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Weighted average common shares, units, and other dilutive<br class=\"dnr\" \/>shares &#8211; diluted<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>152,318<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>129,105<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>151,692<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>123,931<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Core funds from operations per share \/ unit &#8211; basic<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.47<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.45<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.94<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.90<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Core funds from operations per share \/ unit &#8211; diluted<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.47<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.45<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.94<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>0.90<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen52\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Core funds from operations<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">71,784<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">58,111<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">142,415<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">111,298<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-rental property depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">69<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">140<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">148<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Straight-line rent adjustments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,415)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,266)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(8,385)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(5,479)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Straight-line termination, solar and other income adjustments,<br class=\"dnr\" \/>net<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,766<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,887<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(43)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Recurring capital expenditures<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(152)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(819)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(471)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(930)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-recurring capital expenditures<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,742)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(7,738)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(10,200)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(10,827)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Capital expenditures reimbursed by tenants<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(576)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,363)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">New lease commissions and tenant improvements<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(338)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(512)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,518)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,462)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Renewal lease commissions and tenant improvements<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,077)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(2,417)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(1,737)<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen9\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">(3,149)<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-cash portion of interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">746<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">618<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,422<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,236<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Non-cash compensation expense<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,938<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,537<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,790<\/span><\/p>\n<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,815<\/span><\/p>\n<\/td>\n<td class=\"prngen52\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Cash available for distribution<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>69,003<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>46,588<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>124,980<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen50\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen49\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>95,607<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen51\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen64\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen64\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen64\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen57\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\" colspan=\"3\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><strong>Non-GAAP Financial Measures and Other Definitions<\/strong><\/p>\n<p><strong>Acquisition Capital Expenditures:&nbsp;<\/strong>We define Acquisition Capital Expenditures as Recurring and Non-Recurring Capital Expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company&#8217;s ownership.&nbsp;<\/p>\n<p><strong>Cash Available for Distribution:<\/strong>&nbsp;Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, recurring and non-recurring capital expenditures, and leasing commissions and tenant improvements.<\/p>\n<p>Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.<\/p>\n<p>Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs.<\/p>\n<p><strong>Cash Capitalization Rate:<\/strong>&nbsp;We define Cash Capitalization Rate as calculated by dividing (i) the Company&#8217;s estimate of year one cash net operating income from the applicable property&#8217;s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended&nbsp;<span class=\"xn-chron\">December 31<\/span>, 2019.&nbsp;<\/p>\n<p><strong>Cash Rent Change:<\/strong>&nbsp;We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.&nbsp;&nbsp;<\/p>\n<p><strong>Comparable Lease:<\/strong>&nbsp;We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.<\/p>\n<p><strong>Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, and Run Rate Adjusted EBITDAre:<\/strong>&nbsp;We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes transaction costs, termination income, solar income, revenue associated with one-time tenant reimbursements of capital expenditures, straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, loss on extinguishment of debt, and other non-recurring items.&nbsp;<\/p>\n<p>We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.<\/p>\n<p>We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company&#8217;s historical results and does not predict future results, which may be substantially different.<\/p>\n<p>EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.<\/p>\n<p><strong>Funds from Operations (FFO) and Core FFO:<\/strong>&nbsp;We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes transaction costs, amortization of above and below market leases, net, loss on extinguishment of debt, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.<\/p>\n<p>None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.&nbsp; We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs.&nbsp; FFO may be used by investors as a basis to compare our operating performance with that of other REITs.&nbsp; We and investors may use Core FFO similarly as FFO.<\/p>\n<p>However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs&#8217; FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.<\/p>\n<p><strong>GAAP:<\/strong>&nbsp;We define GAAP as generally accepted accounting principles in&nbsp;<span class=\"xn-location\">the United States<\/span>.<\/p>\n<p><strong>Liquidity:<\/strong>&nbsp;We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company&#8217;s unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.<\/p>\n<p><strong>Market:<\/strong>&nbsp;We define Market as the market defined by CoStar based on the building address. If the building is located outside of a CoStar defined market, the city and state is reflected.<\/p>\n<p><strong>Net operating income (NOI), Cash NOI, and Run Rate Cash NOI:<\/strong>&nbsp;We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, transaction costs, gain (loss) on involuntary conversion, loss on extinguishment of debt, gain on sales of rental property, and other expenses.<\/p>\n<p>We define Cash NOI as NOI less straight-line rent adjustments and less amortization of above and below market leases, net.<\/p>\n<p>We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company&#8217;s historical results and does not predict future results, which may be substantially different.<\/p>\n<p>We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.<\/p>\n<p><strong>Non-Recurring Capital Expenditures:<\/strong>&nbsp;We define Non-Recurring Capital Expenditures as capital items for upgrades or items that previously did not exist at a building or capital items which have a longer useful life, such as roof replacements. Non-Recurring Capital Expenditures funded by parties other than the Company or capital expenditures reimbursed by tenants in lump sum and Acquisition Capital Expenditures are excluded.<\/p>\n<p><strong>Occupancy Rate:<\/strong>&nbsp;We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.<\/p>\n<p><strong>Operating Portfolio:<\/strong>&nbsp;We define the Operating Portfolio as all warehouse and light manufacturing assets that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex\/office assets, assets contained in the Value Add Portfolio, and assets classified as held for sale.<\/p>\n<p><strong>Pipeline:<\/strong>&nbsp;We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company&#8217;s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.<\/p>\n<p><strong>Recurring Capital Expenditures:<\/strong>&nbsp;We define Recurring Capital Expenditures as capital items required to sustain existing systems and capital items which generally have a shorter useful life. Recurring Capital Expenditures funded by parties other than the Company are excluded.<\/p>\n<p><strong>Renewal Lease:<\/strong>&nbsp;We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.<\/p>\n<p><strong>Retention:<\/strong>&nbsp;We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.<\/p>\n<p><strong>Same Store:<\/strong>&nbsp;We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. Same Store GAAP NOI and Same Store Cash NOI exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures.<\/p>\n<p><strong>Stabilization:<\/strong>&nbsp;We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:<\/p>\n<ul>\n<li>if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date;<\/li>\n<li>if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.<\/li>\n<\/ul>\n<p><strong>Straight-Line Capitalization Rate:<\/strong>&nbsp;We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company&#8217;s estimate of average annual net operating income from the applicable property&#8217;s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended&nbsp;<span class=\"xn-chron\">December 31, 2019<\/span>.<\/p>\n<p><strong>Straight-Line Rent Change (SL Rent Change):<\/strong>&nbsp;We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.<\/p>\n<p><strong>Value Add Portfolio:<\/strong>&nbsp;We define the Value Add Portfolio as properties that meet any of the following criteria:<\/p>\n<ul>\n<li>less than 75% occupied as of the acquisition date;<\/li>\n<li>will be less than 75% occupied due to known move-outs within two years of the acquisition date;<\/li>\n<li>out of service with significant physical renovation of the asset;<\/li>\n<li>development.<\/li>\n<\/ul>\n<p><strong>Weighted Average Lease Term:<\/strong>&nbsp;We define Weighted Average Lease Term as the contractual lease term in years as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.<\/p>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/http:\/\/www.stagindustrial.com\" target=\"_blank\">http:\/\/http:\/\/www.stagindustrial.com<\/a><br \/><b>Contact Information:<\/b><br \/>http:\/\/www.stagindustrial.com<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire-real-estate\/\" rel=\"category tag\">Wire Real Estate<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Pj9qca9V7h\"><p><a href=\"https:\/\/www.stagindustrial.com\/\">Home Page<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Home Page&#8221; &#8212; STAG Industrial\" src=\"https:\/\/www.stagindustrial.com\/embed\/#?secret=7HQbLxErdW#?secret=Pj9qca9V7h\" data-secret=\"Pj9qca9V7h\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"80\" src=\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/07\/4000-1-74.jpg\" alt=\"\">&nbsp;STAG Industrial,&nbsp;Inc.,announced its financial and operating results for the quarter ended June&nbsp;30, 2020. &ldquo;STAG has been fortunate in our ability to weather this pandemic-induced economic downturn,&rdquo; said&nbsp;Ben Butcher, Chief Executive Officer of the Company. &ldquo;Our balance sheet, portfolio, and business strategy are all well positioned to drive the Company&rsquo;s future success.&rdquo; Second Quarter 2020 Highlights &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/07\/29\/stag-industrial-announces-second-quarter-2020-results\/\">Continue reading <span>STAG Industrial Announces Second Quarter 2020 Results<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/07\/29\/stag-industrial-announces-second-quarter-2020-results\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54,18],"tags":[],"class_list":["post-56051","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire","category-wire-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - 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