Market Overview

STAG Industrial Announces Fourth Quarter And Full Year 2018 Results

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BOSTON, Feb. 13, 2019 /PRNewswire/ -- February 13, 2019 - STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended December 31, 2018.

"Fourth quarter results were a fitting conclusion to another strong year for STAG" said Ben Butcher, Chief Executive Officer of the Company. "2018's portfolio disposition, record acquisition volume, and balance sheet strength showcased the ability of our organization to drive continued bottom line per share growth moving into 2019."

Fourth Quarter and Full Year 2018 Highlights

  • Reported $0.40 of net income per basic and diluted common share for the fourth quarter of 2018, as compared to $0.06 of net income per basic and diluted common share for the fourth quarter of 2017. Reported $44.3 million of net income attributable to common stockholders for the fourth quarter of 2018 compared to net income attributable to common stockholders of $6.1 million for the fourth quarter of 2017. For the year ended December 31, 2018, net income attributable to common stockholders was $82.4 million as compared to net income of $21.1 million in 2017.
  • Achieved $0.46 of Core FFO per diluted share for the fourth quarter of 2018, an increase of 4.5% compared to the fourth quarter of 2017 of $0.44. Generated Core FFO of $52.6 million for the fourth quarter of 2018 compared to $44.5 million for the fourth quarter of 2017, an increase of 18.2%. For the year ended December 31, 2018, Core FFO increased 20.9% in the aggregate compared to the same period last year and Core FFO per diluted share increased 5.3% compared to the same period last year.
  • Generated Cash NOI of $73.1 million for the fourth quarter of 2018, an increase of 14.3% compared to the fourth quarter of 2017 of $64.0 million. For the year ended December 31, 2018, Cash NOI increased 14.4% in the aggregate compared to the same period last year.
  • Acquired 17 buildings in the fourth quarter of 2018, consisting of 3.3 million square feet, for $217.9 million with a weighted average Capitalization Rate of 6.6%.
  • Sold eight buildings in the fourth quarter of 2018, consisting of 1.9 million square feet for $119.5 million, resulting in a gain of $39.9 million.
  • Achieved an Occupancy Rate of 95.5% on the total portfolio and 95.8% on the Operating Portfolio as of December 31, 2018.
  • Executed Operating Portfolio leases for 2.6 million square feet for the fourth quarter of 2018, resulting in a Cash Rent Change and Straight-line Rent Change of 8.0% and 16.4%, respectively.
  • Experienced 81.2% Retention for 1.3 million square feet of leases expiring in the quarter.
  • Produced Same Store cash NOI growth of 0.1% for the fourth quarter of 2018 compared to the fourth quarter of 2017, and 0.3% for the year ended December 31, 2018 compared to the year ended December 31, 2017.
  • Raised gross proceeds of $114.0 million of equity through the Company's at-the-market offering ("ATM") program for the fourth quarter of 2018.
  • On December 19, 2018, the company received an investment grade rating from Moody's Investor Services of Baa3 with a stable outlook.

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, February 14, 2019 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

FOURTH QUARTER 2018 KEY FINANCIAL MEASURES



Three months ended
December 31,




Year ended
December 31,



Metrics


2018


2017


% Change


2018


2017


% Change

(in $000s, except per share data)













Net income attributable to common stockholders


$44,256


$6,124


622.7

%


$82,385


$21,131


289.9

%

Net income per common share — basic


$0.40


$0.06


566.7

%


$0.80


$0.24


233.3

%

Net income per common share — diluted


$0.40


$0.06


566.7

%


$0.79


$0.23


243.5

%

Cash NOI


$73,129


$63,970


14.3

%


$275,073


$240,440


14.4

%

Same Store Cash NOI (1)


$58,601


$58,537


0.1

%


$196,269


$195,635


0.3

%

Adjusted EBITDAre


$66,470


$57,659


15.3

%


$248,274


$214,854


15.6

%

Core FFO


$52,604


$44,514


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