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STAG Industrial, Inc. (NYSE: STAG) is a real estate investment trust (REIT) that specializes in the acquisition and operation of single-tenant, industrial properties across the United States. The company primarily focuses on warehouses and distribution buildings, contributing significantly to the logistics and supply chain sectors.
STAG Industrial meticulously identifies value in various markets, industries, and tenant types utilizing a proprietary risk assessment model. Properties are typically acquired with purchase prices ranging from $5 million to $50 million, ensuring a diversified and balanced portfolio. The company generates nearly all its income from rental income derived from its extensive network of properties, primarily located in Midwestern and Eastern U.S. cities.
Recent Achievements:
- For Q2 2023, STAG achieved record leasing spreads, showcasing robust operational results driven by resilient market trends.
- In Q3 2023, the company acquired 12 buildings worth $204.3 million, reflecting an 84.7% occupancy rate upon acquisition.
- In Q4 2023, STAG set quarterly records for Cash Rent Change and Same Store Cash NOI, indicating strong financial health and growth potential.
- In Q1 2024, the company maintained an occupancy rate of 100% upon acquiring a new building for $50.1 million.
Financial Condition:
- As of Q4 2023, STAG had a Net Debt to Annualized Run Rate Adjusted EBITDAre of 4.9x and liquidity of $615.4 million.
- As of Q1 2024, Net Debt to Annualized Run Rate Adjusted EBITDAre remained at 4.9x, with liquidity at $574.1 million.
Partnerships and Projects: STAG's clients include prominent air freight and logistics firms, automotive industries, and industrial equipment companies. The company's strategic focus on single-tenant properties ensures stable and predictable revenue streams, enhancing its market position.
Development and Growth Initiatives: The company continues to invest in development projects and has shown considerable progress in stabilizing acquisitions. STAG also manages an active pipeline of potential transactions, adapting to market conditions and capitalizing on opportunities as they arise.
STAG Industrial's commitment to strategic acquisitions, operational efficiency, and market adaptability positions it as a key player in the industrial real estate sector. For more information, visit the company’s website at www.stagindustrial.com.
STAG Industrial (NYSE:STAG) reported strong financial results for Q3 2022, achieving a net income of $63.3 million ($0.35 per share), a 30.6% increase from Q3 2021. Core FFO rose 7.5% to $0.57 per diluted share. Cash NOI surged 18.6% to $131.8 million. The company acquired eight buildings for $127.3 million and sold four for $93.7 million, resulting in a net gain of $33.2 million. Occupancy rates remain high at 98.2%. Additionally, a refinancing increased liquidity by $300 million. The firm aims to leverage its defensive balance sheet for growth opportunities through 2023.
On October 13, 2022, STAG Industrial announced it received a GRESB Public Disclosure Level of 'A' for 2022, marking its first 'A' rating. This achievement positions STAG above the global average score of 'B' and the 'C' score of its 10 industrial real estate peers, ranking second among them. The upgrade leads to reduced interest rates on three unsecured term loans totaling $650 million and a $1 billion revolving credit facility, effective October 17, 2022, with a reduction of two basis points per loan. This success reflects STAG's commitment to sustainability in its industrial property operations.
On October 12, 2022, STAG Industrial announced that it will maintain its monthly common stock dividend at $0.121667. The declared dividends for the fourth quarter include: $0.121667 payable on November 15, 2022, for the October 31, 2022 record date; $0.121667 payable on December 15, 2022, for the November 30, 2022 record date; and $0.121667 payable on January 17, 2023, for the December 30, 2022 record date. As of June 30, 2022, STAG Industrial's portfolio comprises 559 buildings across 40 states, totaling approximately 111.5 million rentable square feet.
STAG Industrial reported no material damage to its assets from Hurricane Ian, emphasizing the safety of its properties in affected states like Florida and the Carolinas. CEO Bill Crooker noted that all buildings in Hurricane Ian's path could resume normal operations. As of June 30, 2022, the company had a 2.9% asset exposure in Florida and 12.7% in North and South Carolina, amounting to significant annualized base rent. STAG's portfolio includes 559 industrial buildings across 40 states, totaling approximately 111.5 million rentable square feet.
STAG Industrial, Inc. (NYSE:STAG) announced it will release its third quarter 2022 financial results after market close on October 27, 2022. A conference call to discuss these results will take place on October 28, 2022, at 10:00 a.m. ET. Investors can access the call toll-free at (877) 407-4018 or internationally at (201) 689-8471. A replay will be available shortly after the call. STAG Industrial focuses on industrial real estate with a portfolio of 559 buildings across 40 states, encompassing approximately 111.5 million rentable square feet as of June 30, 2022.
STAG Industrial has increased its senior unsecured revolving credit facility to $1 billion, up from $750 million, with no changes to pricing or maturity. The company also refinanced two term loans totaling $375 million, extending their maturity to January 25, 2028, with an aggregate fixed interest rate of 3.31%. As of June 30, 2022, STAG's portfolio includes 559 buildings across 40 states, covering approximately 111.5 million rentable square feet.
STAG Industrial reported its Q2 2022 results with a net income of $32.3 million, or $0.18 per share, down from $32.6 million in Q2 2021. Core Funds from Operations (Core FFO) increased 18% to $101.8 million, with a Core FFO per diluted share of $0.56, up 7.7% year-over-year. The company achieved an impressive occupancy rate of 98.1% and acquired nine buildings for $165.4 million. Cash Available for Distribution rose by 16.6% to $87.2 million. Following the quarter, STAG refinanced $375 million in loans, enhancing liquidity to $643 million.
On July 12, 2022, STAG Industrial announced the maintenance of its monthly common stock dividend at $0.121667. The company declared dividends for the third quarter of 2022, with payment dates set for August 15, September 15, and October 17, 2022.
Record dates for these dividends are July 29, August 31, and September 30, respectively. As of March 31, 2022, STAG Industrial's portfolio includes 551 industrial properties across 40 states, totaling approximately 110.1 million rentable square feet.
On July 12, 2022, STAG Industrial announced the successful sale of two fully occupied industrial properties for approximately $82.0 million, achieving a cash capitalization rate of 5.2%. The assets, located in Dayton, Ohio and Greenwood, Indiana, cover 1.0 million square feet and were previously acquired for around $63.3 million at a 6.2% capitalization rate. These properties had long-term leases with a remaining weighted average lease term of 10.3 years. This strategic sale enhances STAG's capacity to recycle capital amid market volatility.
STAG Industrial appointed William R. Crooker as Chief Executive Officer effective July 1, 2022. He will also continue as President and join the Board. Benjamin S. Butcher transitioned to Executive Chairman, maintaining a consultative role with Crooker. Additionally, Michael C. Chase was promoted to Executive Vice President while retaining his position as Chief Investment Officer. As of March 31, 2022, STAG Industrial's portfolio comprised 551 buildings across 40 states, covering approximately 110.1 million rentable square feet.
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