Market Overview

STAG Industrial Announces Second Quarter 2019 Results

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BOSTON, July 30, 2019 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended June 30, 2019.

"STAG has had an impressive first half of the year," said Ben Butcher, Chief Executive Officer of the Company. "The strength of the industrial market continues to provide an attractive backdrop as the Company executes across the organization. Robust operating metrics reflect the strength of our portfolio and increased acquisition guidance speaks to the attractive opportunity to continue to grow our industrial portfolio."

Second Quarter 2019 Highlights

  • Reported $0.10 of net income per basic and diluted common share for the second quarter of 2019, as compared to $0.09 of net income per basic and diluted common share for the second quarter of 2018. Reported $12.4 million of net income attributable to common stockholders for the second quarter of 2019 compared to net income attributable to common stockholders of $9.3 million for the second quarter of 2018.
  • Achieved $0.45 of Core FFO per diluted share for the second quarter of 2019, equal to the second quarter of 2018. Generated Core FFO of $58.1 million for the second quarter of 2019 compared to $47.6 million for the second quarter of 2018, an increase of 22.1%.
  • Generated Cash NOI of $77.6 million for the second quarter of 2019, an increase of 14.9% compared to the second quarter of 2018 of $67.6 million.
  • Acquired 14 buildings in the second quarter of 2019, consisting of 3.0 million square feet, for $260.2 million with a weighted average Capitalization Rate of 6.1%.
  • Achieved an Occupancy Rate of 95.0% on the total portfolio and 95.8% on the Operating Portfolio as of June 30, 2019.
  • Commenced Operating Portfolio leases of 2.5 million square feet for the second quarter of 2019, resulting in a Cash Rent Change and Straight-line Rent Change of 8.7% and 18.6%, respectively.
  • Experienced 79.5% Retention for 2.5 million square feet of leases expiring in the quarter.
  • Produced Same Store cash NOI growth of 1.0% for the second quarter of 2019 compared to the second quarter of 2018, and 2.2% for the six months ended June 30, 2019 compared to the six months ended June 30, 2018.
  • Raised net proceeds of $236.6 million of equity through a combination of the Company's at-the-market offering ("ATM") program and a follow-on offering during the second quarter of 2019.
  • Subsequent to quarter end on July 12, 2019, originated a new five-and-a-half-year, $200 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, July 31, 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

SECOND QUARTER 2019 KEY FINANCIAL MEASURES



Three months ended June 30,




Six months ended June 30,



Metrics

2019


2018


% Change


2019


2018


% Change

(in $000s, except per share data)












Net income attributable to common stockholders

$12,394


$9,264


33.8

%


$18,201


$30,952


(41.2)

%

Net income per common share — basic

$0.10


$0.09


11.1

%


$0.15


$0.31


(51.6)

%

Net income per common share — diluted

$0.10


$0.09


11.1

%


$0.15


$0.31


(51.6)

%

Cash NOI

$77,601


$67,565


14.9

%


$152,530


$131,775


15.8

%

Same Store Cash NOI (1)

$60,899


$60,277


1.0

%


$122,190


$119,504


2.2

%

Adjusted EBITDAre

$71,168


$61,217


16.3

%


$138,805


$118,608


17.0

%

Core FFO

$58,111


$47,591


22.1

%


$111,298


$91,419


21.7

%

Core FFO per share / unit — basic

$0.45


$0.46


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