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STAG Industrial Announces Second Quarter 2018 Results

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STAG Industrial Announces Second Quarter 2018 Results

PR Newswire

BOSTON, July 31, 2018 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended June 30, 2018.

"The second quarter built upon a great start to the year as the Company demonstrated its commitment to execution" said Ben Butcher, Chief Executive Officer of the Company. "The positive momentum behind the team and platform is readily apparent as seen by the accelerating acquisition volume, impressive portfolio operating results and a well-positioned balance sheet."

Second Quarter 2018 Highlights

  • Reported $0.09 of net income per basic and diluted common share for the second quarter of 2018, as compared to $0.01 of net loss per basic and diluted common share for the second quarter of 2017. Reported $9.3 million of net income attributable to common stockholders for the second quarter of 2018 compared to net loss attributable to common stockholders of $1.1 million for the second quarter of 2017.
  • Achieved $0.45 of Core FFO per diluted share for the second quarter of 2018, an increase of 9.8% compared to the second quarter of 2017 of $0.41. Generated Core FFO of $47.8 million for the second quarter of 2018 compared to $38.5 million for the second quarter of 2017, an increase of 24.1%.
  • Generated Cash NOI of $67.6 million for the second quarter of 2018, an increase of 16.5% compared to the second quarter of 2017 of $58.0 million.
  • Acquired 15 buildings in the second quarter of 2018, consisting of 2.7 million square feet, for $185.3 million with a weighted average Capitalization Rate of 7.1%.
  • Sold five buildings in the second quarter of 2018, consisting of 1.0 million square feet for $31.2 million, resulting in a gain of $6.3 million.
  • Achieved an Occupancy Rate of 95.6% on the total portfolio and 96.6% on the Operating Portfolio as of June 30, 2018.
  • Executed Operating Portfolio leases for 2.6 million square feet for the second quarter of 2018, resulting in a Cash Rent Change and Straight-line Rent Change of 8.0% and 14.6%, respectively.
  • Experienced 87.5% Retention for 1.7 million square feet of leases expiring in the quarter.
  • Raised gross proceeds of $176.8 million of equity through the Company's at-the-market offering ("ATM") program for the second quarter of 2018. Subsequent to quarter end and through July 31, 2018, raised gross proceeds of $5.7 million through the ATM program.
  • Subsequent to quarter end, redeemed all $70 million of the outstanding 6.625% Series B Preferred Stock on July 11, 2018.
  • Subsequent to quarter end, refinanced and upsized the unsecured revolving credit facility and originated a new five and a half year, $175 million term loan.

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.

The Company will host a conference call tomorrow, August 1, 2018 at 10:00 a.m. (Eastern Time), 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.

Key Financial Measures

SECOND QUARTER 2018 KEY FINANCIAL MEASURES




Three months ended
June 30,




Six months ended
June 30,





2018


2017


% Change


2018


2017


% Change

(in $000s, except per share data)













Net income (loss) attributable to common stockholders


$9,264


$(1,119)


927.9

%


$30,952


$(3,481)


989.2

%

Net income per common share — basic


$0.09


$(0.01)


1,000.0

%


$0.31


$(0.04)


875.0

%

Net income per common share — diluted


$0.09


$(0.01)


1,000.0

%


$0.31


$(0.04)


875.0

%

Cash NOI


$67,565


$57,992


16.5

%


$131,775


$114,494


15.1

%

Adjusted EBITDAre


$61,217


$52,076


17.6

%


$118,608


$101,467


16.9

%

Core FFO


$47,789


$38,498


24.1

%


$91,834


$73,882


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