Market Overview

STAG Industrial Announces Third Quarter 2019 Results

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

"This quarter and for the year-to-date, STAG again has demonstrated the strength of the platform, the portfolio and the investment thesis," said Ben Butcher, Chief Executive Officer of the Company. "This strength was evidenced by the historic quarter for acquisitions and the outstanding third quarter and year-to-date operating metrics. With our successful equity transaction in September, our conservative balance sheet and our healthy pipeline of potential accretive acquisitions, the Company is well positioned to close out a very successful 2019."

Third Quarter 2019 Highlights

  • Reported $0.07 of net income per basic and diluted common share for the third quarter of 2019, as compared to $0.07 of net income per basic and diluted common share for the third quarter of 2018. Reported $9.5 million of net income attributable to common stockholders for the third quarter of 2019 compared to net income attributable to common stockholders of $7.2 million for the third quarter of 2018.
  • Achieved $0.46 of Core FFO per diluted share for the third quarter of 2019, an increase of 2.2% compared to the third quarter of 2018. Generated Core FFO of $60.6 million for the third quarter of 2019 compared to $49.7 million for the third quarter of 2018, an increase of 21.9%.
  • Generated Cash NOI of $82.5 million for the third quarter of 2019, an increase of 17.5% compared to the third quarter of 2018 of $70.2 million.
  • Acquired 22 buildings in the third quarter of 2019, consisting of 4.7 million square feet, for $302.6 million with a weighted average Cash Capitalization Rate of 6.8% and a weighted average Straight-Line Capitalization Rate of 7.2%.
  • Achieved an Occupancy Rate of 94.8% on the total portfolio and 95.6% on the Operating Portfolio as of September 30, 2019.
  • Commenced Operating Portfolio leases of 2.1 million square feet for the third quarter of 2019, resulting in a Cash Rent Change and Straight-line Rent Change of 10.5% and 16.5%, respectively.
  • Experienced 61.0% Retention for 2.6 million square feet of leases expiring in the quarter.
  • Produced Same Store cash NOI growth of 1.3% for the third quarter of 2019 compared to the third quarter of 2018, and 1.9% for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018.
  • Raised net proceeds of $361.8 million of equity through a follow-on offering during the third quarter of 2019, inclusive of a forward component.
  • 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, Thursday, October 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

 

THIRD QUARTER 2019 KEY FINANCIAL MEASURES










Three months ended
September 30,




Nine months ended
September 30,



Metrics

2019


2018


% Change


2019


2018


% Change

(in $000s, except per share data)












Net income attributable to common stockholders

$9,533


$7,237


31.7

%


$27,734


$38,215


(27.4)

%

Net income per common share — basic

$0.07


$0.07


0.0

%


$0.23


$0.38


(39.5)

%

Net income per common share — diluted

$0.07


$0.07


0.0

%


$0.23


$0.38


(39.5)

%

Cash NOI

$82,477


$70,169


17.5

%


$235,007


$201,944


16.4

%

Same Store Cash NOI (1)

$61,111


$60,305


1.3

%


$183,301


$179,810


1.9

%

Adjusted EBITDAre

$75,710


$63,196


19.8

%


$214,515


$181,804


18.0

%

Core FFO

$60,596


$49,714


21.9

%


$171,894


$141,133


21.8

%

Core FFO per share / unit — basic

$0.46


$0.45


2.2

%


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