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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 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.
STAG Industrial (NYSE: STAG) will announce its Q2 2022 financial results after the market closes on July 27, 2022. The company will conduct a conference call on July 28, 2022, at 10:00 a.m. ET. The call can be accessed via phone or listened to through a live webcast on their website. With 551 buildings across 40 states, STAG Industrial focuses on acquiring and managing industrial properties. Interested parties can access a replay of the call using the provided numbers and passcode.
STAG Industrial (NYSE: STAG) announced the deployment of WatchWire's Sustainability & Energy Management Software to enhance operational efficiency and support sustainability goals across its 550+ properties. This software will help track utility data, optimize resource consumption, and manage GHG emissions. STAG aims to improve environmental performance while ensuring accurate data capture for better decision-making and capital allocation. With over 110 million rentable square feet, STAG positions itself as a leader in sustainable industrial property management.
STAG Industrial has reported strong financial results for Q1 2022, with a net income of $52.8 million, up 152.1% year-over-year. The company achieved $0.30 net income per share, a significant increase from $0.13 in Q1 2021. Core FFO rose 21.6% to $97.1 million, equating to $0.53 per diluted share. Cash NOI increased by 18.6% to $122.9 million. The occupancy rate remained high at 96.9%. STAG acquired eight buildings for $166.4 million, enhancing its portfolio, while selling assets for $36.1 million with a net gain of $24 million.
The Board of Directors of STAG Industrial declared a monthly common stock dividend of $0.121667 for April, May, and June 2022, maintaining consistency in its dividend policy. The record dates for these dividends are April 29, May 31, and June 30, while payment dates are set for May 16, June 15, and July 15, respectively. As of December 31, 2021, STAG Industrial's portfolio included 544 buildings across 40 states, totaling approximately 108.6 million rentable square feet, reflecting its strong operational footprint.
STAG Industrial will announce its Q1 2022 financial results after market close on May 3, 2022. This will be followed by a conference call on May 4, 2022, at 10:00 a.m. ET. The call can be accessed via toll-free numbers or listened to live on the Company’s website. As of December 31, 2021, STAG's portfolio includes 544 properties across 40 states, totaling approximately 108.6 million rentable square feet. For more information, visit www.stagindustrial.com.
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