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STAG Industrial Announces Third Quarter 2018 Results

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STAG Industrial Announces Third Quarter 2018 Results

PR Newswire

BOSTON, Nov. 1, 2018 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended September 30, 2018.

"The third quarter results were strong across the organization" said Ben Butcher, Chief Executive Officer of the Company. "The third quarter and year-to-date results set up for a strong finish to 2018.  We continue to be focused on delivering bottom line per share growth and we are confident in our ability to do so based on our attractive internal and external growth opportunities."

Third Quarter 2018 Highlights

  • Reported $0.07 of net income per basic and diluted common share for the third quarter of 2018, as compared to $0.20 of net income per basic and diluted common share for the third quarter of 2017. Reported $7.2 million of net income attributable to common stockholders for the third quarter of 2018 compared to net income attributable to common stockholders of $18.5 million for the third quarter of 2017.
  • Achieved $0.45 of Core FFO per diluted share for the third quarter of 2018, an increase of 4.7% compared to the third quarter of 2017 of $0.43. Generated Core FFO of $49.9 million for the third quarter of 2018 compared to $42.4 million for the third quarter of 2017, an increase of 17.7%.
  • Generated Cash NOI of $70.2 million for the third quarter of 2018, an increase of 13.2% compared to the third quarter of 2017 of $62.0 million.
  • Acquired 15 buildings in the third quarter of 2018, consisting of 3.3 million square feet, for $194.5 million with a weighted average Capitalization Rate of 6.9%.
  • Sold four buildings in the third quarter of 2018, consisting of 339,956 square feet for $10.5 million, resulting in a gain of $3.2 million.
  • Achieved an Occupancy Rate of 95.4% on the total portfolio and 96.0% on the Operating Portfolio as of September 30, 2018.
  • Executed Operating Portfolio leases for 1.1 million square feet for the third quarter of 2018, resulting in a Cash Rent Change and Straight-line Rent Change of 5.9% and 10.6%, respectively.
  • Experienced 77.3% Retention for 1.3 million square feet of leases expiring in the quarter.
  • Produced Same Store cash NOI growth of 1.4% for the third quarter of 2018 compared to the third quarter of 2017, and 0.5% for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017.
  • Raised gross proceeds of $99.7 million of equity through the Company's at-the-market offering ("ATM") program for the third quarter of 2018.
  • On July 11, 2018, the Company redeemed all $70 million of the outstanding 6.625% Series B Preferred Stock.
  • On July 26, 2018, the Company refinanced and upsized the unsecured revolving credit facility and originated a new five and a half year, $175 million unsecured 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, November 2, 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

THIRD QUARTER 2018 KEY FINANCIAL MEASURES



Three months ended September 30,




Nine months ended September 30,





2018


2017


% Change


2018


2017


% Change

(in $000s, except per share data)













Net income attributable to common stockholders


$7,237


$18,478


(60.8)

%


$38,215


$15,008


154.6

%

Net income per common share — basic


$0.07


$0.20


(65.0)

%


$0.38


$0.17


123.5

%

Net income per common share — diluted


$0.07


$0.20


(65.0)

%


$0.38


$0.17


123.5

%

Cash NOI


$70,169


$61,976


13.2

%


$201,944


$176,470


14.4

%

Same Store Cash NOI (1)


$58,577


$57,762


1.4

%


$152,693


$151,925


0.5

%

Adjusted EBITDAre


$63,196


$55,728


13.4

%


$181,804


$157,195


15.7

%

Core FFO


$49,886


$42,395


17.7

%


$141,720


$116,278


21.9

%

Core FFO per share / unit — basic


$0.45


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