{"id":8505,"date":"2020-05-01T11:45:00","date_gmt":"2020-05-01T11:45:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/05\/01\/stag-industrial-announces-first-quarter-2020-results\/"},"modified":"2020-05-02T11:45:00","modified_gmt":"2020-05-02T11:45:00","slug":"stag-industrial-announces-first-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/01\/stag-industrial-announces-first-quarter-2020-results\/","title":{"rendered":"STAG Industrial Announces First Quarter 2020 Results"},"content":{"rendered":"STAG Industrial, Inc. announced its financial and operating results for the quarter ended March 31, 2020.<\/p>\n
“STAG has had a great start to 2020 with strong first quarter operating results and an extremely defensive balance sheet,” said Ben Butcher<\/span>, Chief Executive Officer of the Company. “Our company is well positioned in this environment given our broadly diversified portfolio of industrial real estate, which is supported by significant liquidity and historically low leverage.”<\/p>\nFirst Quarter 2020 Highlights<\/strong><\/p>\n\n- Reported $0.42<\/span> of net income per basic and diluted common share for the first quarter of 2020, as compared to $0.05<\/span> of net income per basic and diluted common share for the first quarter of 2019. Reported $62.1 million<\/span> of net income attributable to common stockholders for the first quarter of 2020 compared to net income attributable to common stockholders of $5.8 million<\/span> for the first quarter of 2019.<\/li>\n<\/ul>\n
\n- Achieved $0.47<\/span> of Core FFO per diluted share for the first quarter of 2020, an increase of 4.4% compared to the first quarter of 2019 Core FFO per diluted share of $0.45<\/span>. Generated Core FFO of $70.6 million<\/span> for the first quarter of 2020 compared to $53.2 million<\/span> for the first quarter of 2019, an increase of 32.8%.<\/li>\n<\/ul>\n
\n- Produced Cash NOI of $93.7 million<\/span> for the first quarter of 2020, an increase of 25.1% compared to the first quarter of 2019 of $74.9 million<\/span>.<\/li>\n<\/ul>\n
\n- Produced Cash Available for Distribution of $56.0 million<\/span> for the first quarter of 2020, an increase of 14.2% compared to the first quarter of 2019 of $49.0 million<\/span>.<\/li>\n<\/ul>\n
\n- Acquired nine buildings in the first quarter of 2020, consisting of 1.6 million square feet, for $119.3 million<\/span> with a Cash Capitalization Rate of 6.7% and a Straight-Line Capitalization Rate of 7.2%.<\/li>\n<\/ul>\n
\n- Sold three buildings in the first quarter of 2020, consisting of 1.2 million square feet for $101.5 million<\/span>, resulting in a gain of $46.8 million<\/span>.<\/li>\n<\/ul>\n
\n- Achieved an Occupancy Rate of 96.2% on the total portfolio and 97.0% on the Operating Portfolio as of March 31, 2020.<\/li>\n<\/ul>\n
\n- Commenced Operating Portfolio leases of 1.8 million square feet for the first quarter of 2020, resulting in a Cash Rent Change and Straight-line Rent Change of 3.3% and 11.2%, respectively.<\/li>\n<\/ul>\n
\n- Experienced 87.5% Retention for 1.5 million square feet of leases expiring in the quarter.<\/li>\n<\/ul>\n
\n- Produced Same Store Cash NOI of $73.4 million<\/span> for the first quarter of 2020, an increase of 2.5% compared to the first quarter of 2019 of $71.6 million<\/span>.<\/li>\n<\/ul>\n
\n- Raised net proceeds of $311.0 million<\/span> of equity through a follow-on offering during the first quarter of 2020, inclusive of a forward component.<\/li>\n<\/ul>\n
\n- Collected 99% of March base rental billings and 90% of April base rental billings to date.<\/li>\n<\/ul>\n
\n- Subsequent to quarter end, on April 17, 2020<\/span>, refinanced a total of $300 million<\/span> term loan debt due to mature in the next twelve months.<\/li>\n<\/ul>\n
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
The Company will host a conference call tomorrow, Friday, May 1, 2020<\/span> at 10:00 a.m. (Eastern Time)<\/span>, to discuss the quarter’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>\nKey Financial Measures<\/strong><\/p>\n\n
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\n\n\n| \n FIRST QUARTER 2020 KEY FINANCIAL MEASURES<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n<\/tr>\n | \n| <\/td>\n | \n Three months ended March 31,<\/strong><\/span><\/p>\n<\/td>\n| <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Metrics<\/strong><\/span><\/p>\n<\/td>\n| \n 2020<\/strong><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 2019<\/strong><\/span><\/p>\n<\/td>\n| <\/td>\n | \n % Change<\/strong><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n (in $000s, except per share data)<\/strong><\/span><\/p>\n<\/td>\n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net income attributable to common stockholders<\/span><\/p>\n<\/td>\n | \n $62,072<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $5,807<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 968.9<\/span><\/p>\n<\/td>\n | \n %<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net income per common share — basic<\/em><\/span><\/p>\n<\/td>\n| \n $0.42<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $0.05<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 740.0<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Net income per common share — diluted<\/em><\/span><\/p>\n<\/td>\n| \n $0.42<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $0.05<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 740.0<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Cash NOI<\/span><\/p>\n<\/td>\n | \n $93,721<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $74,929<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 25.1<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Same Store Cash NOI (1)<\/sup><\/span><\/p>\n<\/td>\n| \n $73,394<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $71,628<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 2.5<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Adjusted EBITDAre<\/em><\/span><\/p>\n<\/td>\n| \n $84,608<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $67,637<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 25.1<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Core FFO<\/span><\/p>\n<\/td>\n | \n $70,620<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $53,187<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 32.8<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Core FFO per share \/ unit — basic<\/em><\/span><\/p>\n<\/td>\n| \n $0.47<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $0.45<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 4.4<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Core FFO per share \/ unit — diluted<\/em><\/span><\/p>\n<\/td>\n| \n $0.47<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $0.45<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 4.4<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n| <\/td>\n<\/tr>\n | \n| \n Cash Available for Distribution<\/span><\/p>\n<\/td>\n | \n $55,966<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $49,019<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 14.2<\/em><\/span><\/p>\n<\/td>\n| \n %<\/em><\/span><\/p>\n<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n\n \n \n \n\n\n| \n (1) The Same Store pool accounted for 80.0% of the total portfolio square footage as of March 31, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\nDefinitions 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’s supplemental information package for additional disclosure.<\/p>\n Acquisition and Disposition Activity<\/strong><\/p>\nFor the three months ended March 31, 2020, the Company acquired 9 buildings for $119.3 million<\/span> with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter:<\/p>\n\n \n \n \n\n\n| \n
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