0001479094-20-000005.txt : 20200212 0001479094-20-000005.hdr.sgml : 20200212 20200212160529 ACCESSION NUMBER: 0001479094-20-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200212 DATE AS OF CHANGE: 20200212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STAG Industrial, Inc. CENTRAL INDEX KEY: 0001479094 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 273099608 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34907 FILM NUMBER: 20604070 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: 23RD FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: (617)574-4777 MAIL ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: 23RD FLOOR CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: STAG Industrial REIT, Inc. DATE OF NAME CHANGE: 20091218 8-K 1 q42019earningsrelease8.htm 8-K Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 12, 2020

STAG INDUSTRIAL, INC.
(Exact name of registrant as specified in its charter)

Maryland
 
1-34907
 
27-3099608
(State or Other Jurisdiction
 
(Commission
 
(IRS Employer
of Incorporation)
 
File Number)
 
Identification No.)

One Federal Street, 23rd Floor
Boston, Massachusetts 02110
(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code: (617) 574-4777

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value per share
STAG
New York Stock Exchange
6.875% Series C Cumulative Redeemable Preferred Stock ($0.01 par value)
STAG-PC
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 12, 2020, STAG Industrial, Inc. (the “Company”) issued a press release announcing its results of operations for the year ended December 31, 2019, and its financial condition as of December 31, 2019. A copy of such press release is furnished as Exhibit 99.1 to this report. The press release referred to certain supplemental information that is available in the Investor Relations section of the Company’s website at www.stagindustrial.com.

As previously announced and as further detailed in the press release furnished with this report, the Company will conduct a conference call at 10:00 a.m. eastern time on Thursday, February 13, 2020, to discuss its fourth quarter results of operations and financial condition.

The information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933, as amended.

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.
Exhibit Number
 
Description
99.1
 
104
 
Cover Page Interactive Data File (embedded within the XBRL document)





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
STAG INDUSTRIAL, INC.
 
 
 
 
 
By:
/s/ Jeffrey M. Sullivan
 
 
Jeffrey M. Sullivan
 
 
Executive Vice President, General Counsel
 
 
and Secretary
 
 
Dated: February 12, 2020
 






 EX-99.1 2 stag-q42019earningsrelease.htm EXHIBIT 99.1 Exhibit


staglogoa031a15.jpg
 
STAG INDUSTRIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR
2019 RESULTS
 
Boston, MA — February 12, 2020 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended December 31, 2019.
 
“The fourth quarter concludes an historic year for STAG" said Ben Butcher, Chief Executive Officer of the Company. “STAG achieved a record level of acquisition volume and demonstrated continued acceleration of internal growth, both of which provide significant momentum as we enter 2020.”

Fourth Quarter and Full Year 2019 Highlights

•
Reported $0.12 of net income per basic and diluted common share for the fourth quarter of 2019, as compared to $0.40 of net income per basic and diluted common share for the fourth quarter of 2018. Reported $16.1 million of net income attributable to common stockholders for the fourth quarter of 2019 compared to net income attributable to common stockholders of $44.3 million for the fourth quarter of 2018. For the year ended December 31, 2019, net income attributable to common stockholders was $43.8 million as compared to net income attributable to common stockholders of $82.4 million in 2018.

•
Achieved $0.47 of Core FFO per diluted share for the fourth quarter of 2019, an increase of 2.2% compared to the fourth quarter of 2018. Generated Core FFO of $65.5 million for the fourth quarter of 2019 compared to $52.4 million for the fourth quarter of 2018, an increase of 24.8%. Achieved $1.84 of Core FFO per diluted share for the year ended December 31, 2019, an increase of 2.2% compared to the same period last year. Generated Core FFO of $237.3 million for the year ended December 31, 2019 compared to $193.6 million for the same period last year, an increase of 22.6%.
 
•
Produced Cash NOI of $89.0 million for the fourth quarter of 2019, an increase of 21.7% compared to the fourth quarter of 2018 of $73.1 million. For the year ended December 31, 2019, Cash NOI increased 17.8% in the aggregate compared to the same period last year.
 
•
Acquired 23 buildings in the fourth quarter of 2019, consisting of 5.8 million square feet, for $455.9 million with a Cash Capitalization Rate of 6.1% and a Straight-Line Capitalization Rate of 6.7%.

•
Sold three buildings in the fourth quarter of 2019, consisting of 475,740 square feet for $19.4 million, resulting in a gain of $4.1 million.

•
Achieved an Occupancy Rate of 95.0% on the total portfolio and 96.6% on the Operating Portfolio as of December 31, 2019.
 
•
Commenced Operating Portfolio leases of 2.4 million square feet for the fourth quarter of 2019, resulting in a Cash Rent Change and Straight-line Rent Change of 6.4% and 13.2%, respectively.
 
•
Experienced 87.4% Retention for 2.0 million square feet of leases expiring in the quarter.

•
Produced Same Store Cash NOI of $60.3 million for the fourth quarter of 2019, an increase of 1.2% compared to the fourth quarter of 2018 of $59.6 million. For the year ended December 31, 2019, Same Store Cash NOI increased 2.4% in the aggregate compared to the same period last year.

•
Subsequent to quarter end, raised net proceeds of $311.0 million of equity through a follow-on offering during the first quarter of 2020, inclusive of a forward component.



1


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, February 13, 2020 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 2019 KEY FINANCIAL MEASURES
 
Three months ended December 31,
 
 
 
Year ended December 31, 2019
 
 
Metrics
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
(in $000s, except per share data)
 
 
 
 
 

 
 
 
 
 
 

Net income attributable to common stockholders
$16,077
 
$44,256
 
(63.7
)%
 
$43,811
 
$82,385
 
(46.8
)%
Net income per common share — basic
$0.12
 
$0.40
 
(70.0
)%
 
$0.35
 
$0.80
 
(56.3
)%
Net income per common share — diluted
$0.12
 
$0.40
 
(70.0
)%
 
$0.35
 
$0.79
 
(55.7
)%
Cash NOI
$88,990
 
$73,129
 
21.7
 %
 
$323,997
 
$275,073
 
17.8
 %
Same Store Cash NOI (1)
$60,319
 
$59,598
 
1.2
 %
 
$242,136
 
$236,485
 
2.4
 %
Adjusted EBITDAre
$79,940
 
$66,470
 
20.3
 %
 
$294,455
 
$248,274
 
18.6
 %
Core FFO
$65,451
 
$52,440
 
24.8
 %
 
$237,345
 
$193,573
 
22.6
 %
Core FFO per share / unit — basic
$0.48
 
$0.46
 
4.3
 %
 
$1.84
 
$1.81
 
1.7
 %
Core FFO per share / unit — diluted
$0.47
 
$0.46
 
2.2
 %
 
$1.84
 
$1.80
 
2.2
 %
 (1) The Same Store pool accounted for 68.2% of the total portfolio square footage as of December 31, 2019.

Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company’s supplemental information package for additional disclosure.
Acquisition and Disposition Activity

For the three months ended December 31, 2019, the Company acquired 23 buildings for $455.9 million with an Occupancy Rate of 92.4% upon acquisition. The chart below details the acquisition activity for the quarter:

FOURTH QUARTER 2019 ACQUISITION ACTIVITY
Market
Date Acquired
Square Feet
Buildings
Purchase Price ($000s)
W.A. Lease Term (Years)
Cash Capitalization Rate
Straight-Line Capitalization Rate
Chicago, IL
10/10/2019
105,925
1
$11,621
14.0
 
 
Portland, OR
10/10/2019
141,400
1
14,180
10.1
 
 
Jacksonville, FL
10/15/2019
231,030
1
15,603
—
 
 
Indianapolis, IN
10/18/2019
1,027,678
1
52,736
10.2
 
 
St. Louis, MO
10/21/2019
127,464
1
12,055
7.1
 
 
Minneapolis/St Paul, MN
10/29/2019
236,479
2
18,833
6.1
 
 
Minneapolis/St Paul, MN
11/4/2019
276,550
1
23,598
12.0
 
 
Minneapolis/St Paul, MN
11/5/2019
136,589
1
17,601
10.3
 
 
Chicago, IL
11/7/2019
574,249
1
34,989
5.9
 
 
Milwaukee/Madison, WI
11/12/2019
111,000
1
5,107
2.8
 
 
Knoxville, TN
11/21/2019
227,150
1
10,089
5.1
 
 
Columbia, SC
11/21/2019
464,206
1
35,050
12.0
 
 
Greenville/Spartanburg, SC
12/4/2019
273,000
1
19,224
4.8
 
 
Houston, TX
12/5/2019
90,000
1
11,276
5.1
 
 
Milwaukee/Madison, WI
12/16/2019
192,800
1
18,750
9.5
 
 
Houston, TX
12/17/2019
250,000
1
21,864
10.1
 
 
Denver, CO
12/18/2019
132,194
1
15,749
10.4
 
 
Des Moines, IA
12/19/2019
200,011
1
17,335
7.3
 
 
Indianapolis, IN
12/19/2019
558,994
1
53,259
15.1
 
 
Northern New Jersey, NJ
12/23/2019
113,973
1
14,784
5.8
 
 
Sacramento, CA
12/30/2019
147,840
1
10,680
4.3
 
 
Kansas City, MO
12/31/2019
230,116
1
21,490
5.0
 
 
Total / weighted average
 
5,848,648
23
$455,873
9.2
6.1%
6.7%

2



The chart below details the 2019 acquisition activity and Pipeline through February 12, 2020:

2019 ACQUISITION ACTIVITY AND PIPELINE DETAIL
 
Square Feet
Buildings
Purchase Price ($000s)
W.A. Lease Term (Years)
Cash Capitalization Rate
Straight-Line Capitalization Rate
Q1
2,363,623
10
$185,363
7.4
6.6%
7.0%
Q2
3,029,812
14
260,158
11.3
6.1%
6.9%
Q3
4,738,380
22
302,567
5.7
6.8%
7.2%
Q4
5,848,648
23
455,873
9.2
6.1%
6.7%
Total / weighted average
15,980,463
69
$1,203,961
8.3
6.4%
6.9%
 
 
 
 
 
 
 
As of February 12, 2020
 
 
 
 
 
 
Subsequent to quarter-end acquisitions
1.4 million
7
$103.3 million
 
 
 
 
 
 
 
 
 
 
Pipeline
27.3 million
117
$2.1 billion
 
 
 


The chart below details the disposition activity for the year ended December 31, 2019:

2019 DISPOSITION ACTIVITY
 
Square Feet
Buildings
Sale Price ($000s)
Q1
973,305
5
$17,939
Q2
—
—
1,125
Q3
132,365
1
6,250
Q4
475,740
3
19,390
Total
1,581,410
9
$44,704
Note: Sold two parcels of land in the second quarter of 2019 for $1.1 million.

Operating Portfolio Leasing Activity
 
The chart below details the leasing activity for leases commenced during the three months ended December 31, 2019:
 
FOURTH QUARTER 2019 LEASING ACTIVITY
Lease Type
Square Feet
W.A. Lease Term (Years)
Cash
Base Rent
$/SF
SL Base Rent
$/SF
Lease
Commissions
$/SF
Tenant Improvements $/SF
Cash Rent Change 
SL Rent Change
Retention
 
New leases
700,731
5.6
$4.73
$4.99
$1.71
$3.45
8.7%
19.6%
 
 
Renewal Leases
1,735,170
3.8
$4.22
$4.31
$0.61
$0.09
5.6%
11.0%
87.4%
 
Total / weighted average
2,435,901
4.3
$4.37
$4.50
$0.92
$1.06
6.4%
13.2%
 
 
Note: The table above represents leases commencing during the quarter.

The chart below details the leasing activity for leases commenced during the year ended December 31, 2019:
 
2019 LEASING ACTIVITY
Lease Type
Square Feet
W.A. Lease Term (Years)
Cash
Base Rent
$/SF
SL Base Rent
$/SF
Lease
Commissions
$/SF
Tenant Improvements $/SF
Cash Rent Change 
SL Rent Change
Retention
 
New leases
1,869,573
5.6
$4.26
$4.46
$1.47
$1.42
14.5%
24.6%
 
 
Renewal Leases
7,740,691
4.0
$4.05
$4.20
$0.47
$0.21
9.2%
17.0%
76.7%
 
Total / weighted average
9,610,264
4.3
$4.09
$4.25
$0.67
$0.44
10.0%
18.2%
 
 


3





Capital Market Activity
 
The chart below details the ATM program activity for the year ended December 31, 2019:

2019 ATM ACTIVITY 
Equity
Shares Issued
Price per Share (Weighted Avg)
Gross Proceeds
($000s)
Net Proceeds
($000s)
Q1
5,441,409
$27.60
$150,189
$148,887
Q2
705,794
$31.29
$22,082
$21,861
Q3
875,129
$30.39
$26,592
$26,326
Q4
2,689,374
$30.82
$82,889
$82,082
Total / weighted average
9,711,706
$29.01
$281,752
$279,156

On December 18, 2019, the Company drew $100 million of the previously unfunded $200 million unsecured term loan.

On December 26, 2019, the Company settled the remaining 7,150,000 shares from the public offering the Company completed on September 24, 2019 with net proceeds of $202.3 million.

As of December 31, 2019, net debt to annualized Run Rate Adjusted EBITDAre was 4.8x.

Subsequent to quarter end on January 13, 2020, the Company completed a public offering of 10,062,500 shares, inclusive of 5,600,000 shares sold upon completion of the offering and 4,462,500 shares sold on a forward basis. The Company raised net proceeds of $311.0 million.

Conference Call
 
The Company will host a conference call tomorrow, Thursday, February 13, 2020, at 10:00 a.m. (Eastern Time) to discuss the quarter’s results.  The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471.  A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671.  The passcode for the replay is 13697796.
 
Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company’s website at www.stagindustrial.com, or by clicking on the following link:
 
http://ir.stagindustrial.com/QuarterlyResults

Supplemental Schedule
 
The Company has provided a supplemental information package to provide additional disclosure and financial information on its website (www.stagindustrial.com) under the “Quarterly Results” tab in the Investor Relations section.
 
Additional information is also available on the Company’s website at www.stagindustrial.com.



4


CONSOLIDATED BALANCE SHEETS
STAG Industrial, Inc.
(unaudited, in thousands, except share data) 
 
December 31, 2019
 
December 31, 2018
Assets
 
 
 
Rental Property:
 
 
 
Land
$
435,923

 
$
364,023

Buildings and improvements, net of accumulated depreciation of $387,633 and $316,930, respectively
3,087,435

 
2,285,663

Deferred leasing intangibles, net of accumulated amortization of $241,304 and $246,502, respectively
475,149

 
342,015

Total rental property, net
3,998,507

 
2,991,701

Cash and cash equivalents
9,041

 
7,968

Restricted cash
2,823

 
14,574

Tenant accounts receivable
57,592

 
42,236

Prepaid expenses and other assets
38,231

 
36,902

Interest rate swaps
303

 
9,151

Operating lease right-of-use assets
15,129

 
—

Assets held for sale, net
43,019

 
—

Total assets
$
4,164,645

 
$
3,102,532

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Unsecured credit facility
$
146,000

 
$
100,500

Unsecured term loans, net
871,375

 
596,360

Unsecured notes, net
572,883

 
572,488

Mortgage notes, net
54,755

 
56,560

Accounts payable, accrued expenses and other liabilities
53,737

 
45,507

Interest rate swaps
18,819

 
4,011

Tenant prepaid rent and security deposits
21,993

 
22,153

Dividends and distributions payable
17,465

 
13,754

Deferred leasing intangibles, net of accumulated amortization of $12,064 and $12,764, respectively
26,738

 
21,567

Operating lease liabilities
16,989

 
—

Total liabilities
1,800,754

 
1,432,900

Equity:
 
 
 
Preferred stock, par value $0.01 per share, 20,000,000 and 15,000,000 shares authorized at December 31, 2019 and December 31, 2018, respectively,
 
 
 
Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at December 31, 2019 and December 31, 2018
75,000

 
75,000

Common stock, par value $0.01 per share, 300,000,000 and 150,000,000 shares authorized at December 31, 2019 and December 31, 2018, respectively, 142,815,593 and 112,165,786 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively
1,428

 
1,122

Additional paid-in capital
2,970,553

 
2,118,179

Cumulative dividends in excess of earnings
(723,027
)
 
(584,979
)
Accumulated other comprehensive income (loss)
(18,426
)
 
4,481

Total stockholders’ equity
2,305,528

 
1,613,803

Noncontrolling interest
58,363

 
55,829

Total equity
2,363,891

 
1,669,632

Total liabilities and equity
$
4,164,645

 
$
3,102,532

 
 
 
 


5


CONSOLIDATED STATEMENTS OF OPERATIONS
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
 
Three months ended December 31,
 
Year ended December 31,
 
2019
 
2018
 
2019
 
2018
Revenue
    

 
    

 
    

 
 
Rental income
$
111,079

 
$
93,023

 
$
405,350

 
$
349,693

Other income
102

 
267

 
600

 
1,300

Total revenue
111,181

 
93,290

 
405,950

 
350,993

Expenses
 

 
 

 
 

 
 
Property
20,556

 
18,286

 
75,179

 
69,021

General and administrative
9,223

 
8,415

 
35,946

 
34,052

Depreciation and amortization
51,606

 
42,396

 
185,450

 
167,617

Loss on impairments
—

 
3,248

 
9,757

 
6,182

Other expenses
501

 
413

 
1,785

 
1,277

Total expenses
81,886

 
72,758

 
308,117

 
278,149

Other income (expense)
 

 
 

 
 

 
 
Interest and other income
57

 
4

 
87

 
20

Interest expense
(15,567
)
 
(13,215
)
 
(54,647
)
 
(48,817
)
Loss on extinguishment of debt
—

 
—

 
—

 
(13
)
Gain on the sales of rental property, net
4,131

 
39,935

 
7,392

 
72,211

Total other income (expense)
(11,379
)
 
26,724

 
(47,168
)
 
23,401

Net income
$
17,916

 
$
47,256

 
$
50,665

 
$
96,245

Less: income attributable to noncontrolling interest after preferred stock dividends
472

 
1,634

 
1,384

 
3,319

Net income attributable to STAG Industrial, Inc.
$
17,444

 
$
45,622

 
$
49,281

 
$
92,926

Less: preferred stock dividends
1,289

 
1,289

 
5,156

 
7,604

Less: redemption of preferred stock
—

 
—

 
—

 
2,661

Less: amount allocated to participating securities
78

 
77

 
314

 
276

Net income attributable to common stockholders
$
16,077

 
$
44,256

 
$
43,811

 
$
82,385

Weighted average common shares outstanding — basic
134,079

 
110,244

 
125,389

 
103,401

Weighted average common shares outstanding — diluted
134,456

 
110,667

 
125,678

 
103,807

Net income per share — basic and diluted
 

 
 

 
 

 
 

Net income per share attributable to common stockholders — basic
$
0.12

 
$
0.40

 
$
0.35

 
$
0.80

Net income per share attributable to common stockholders — diluted
$
0.12

 
$
0.40

 
$
0.35

 
$
0.79

 
 
 
 
 
 
 
 


6


RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands) 
 
Three months ended December 31,
 
Year ended December 31,
 
2019
 
2018
 
2019
 
2018
NET OPERATING INCOME RECONCILIATION
 
 
 
 
 
 
 
Net income
$
17,916

 
$
47,256

 
$
50,665

 
$
96,245

General and administrative
9,223

 
8,415

 
35,946

 
34,052

Transaction costs
99

 
44

 
346

 
214

Depreciation and amortization
51,606

 
42,396

 
185,450

 
167,617

Interest and other income
(57
)
 
(4
)
 
(87
)
 
(20
)
Interest expense
15,567

 
13,215

 
54,647

 
48,817

Loss on impairments
—

 
3,248

 
9,757

 
6,182

Loss on extinguishment of debt
—

 
—

 
—

 
13

Other expenses
402

 
369

 
1,439

 
1,063

Gain on the sales of rental property, net
(4,131
)
 
(39,935
)
 
(7,392
)
 
(72,211
)
Net operating income
$
90,625

 
$
75,004

 
$
330,771

 
$
281,972


 
 
 
 
 
 
 
Net operating income
$
90,625

 
$
75,004

 
$
330,771

 
$
281,972

Straight-line rent adjustments, net
(4,618
)
 
(2,756
)
 
(13,176
)
 
(10,929
)
Straight-line termination, solar and other income adjustments, net
1,465

 
(77
)
 
1,540

 
(134
)
Amortization of above and below market leases, net
1,518

 
958

 
4,862

 
4,164

Cash net operating income
$
88,990

 
$
73,129

 
$
323,997

 
$
275,073


 
 
 
 
 
 
 
Cash net operating income
$
88,990

 
 
 
 
 
 
Cash NOI from acquisitions' and dispositions' timing
4,885

 
 
 
 
 
 
Cash termination, solar and other income
(1,907
)
 
 
 
 
 
 
Run Rate Cash NOI
$
91,968

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store Portfolio NOI
 
 
 
 
 
 
 
Total NOI
$
90,625

 
$
75,004

 
$
330,771

 
$
281,972

Less: NOI non-same-store properties
(29,292
)
 
(14,365
)
 
(86,035
)
 
(41,550
)
Termination, solar and other adjustments, net
(76
)
 
(64
)
 
(97
)
 
194

Same Store NOI
$
61,257

 
$
60,575


$
244,639


$
240,616

Less: straight-line rent adjustments, net
(1,949
)
 
(2,011
)
 
(6,742
)
 
(8,807
)
Amortization of above and below market leases, net
1,011

 
1,034

 
4,239

 
4,676

Same Store Cash NOI
$
60,319

 
$
59,598


$
242,136


$
236,485

 
 
 
 
 
 
 
 
EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION
 
 
 
 
 
 
 
Net income
$
17,916

 
$
47,256

 
$
50,665

 
$
96,245

Depreciation and amortization
51,606

 
42,396

 
185,450

 
167,617

Interest and other income
(57
)
 
(4
)
 
(87
)
 
(20
)
Interest expense
15,567

 
13,215

 
54,647

 
48,817

Loss on impairments
—

 
3,248

 
9,757

 
6,182

Gain on the sales of rental property, net
(4,131
)
 
(39,935
)
 
(7,392
)
 
(72,211
)
EBITDAre
$
80,901

 
$
66,176

 
$
293,040

 
$
246,630

 
 
 
 
 
 
 
 
ADJUSTED EBITDAre RECONCILIATION
 
 
 
 
 
 
 
EBITDAre
$
80,901

 
$
66,176

 
$
293,040

 
$
246,630

Straight-line rent adjustments, net
(4,653
)
 
(2,789
)
 
(13,314
)
 
(11,029
)
Amortization of above and below market leases, net
1,518

 
958

 
4,862

 
4,164

Non-cash compensation expense
2,517

 
2,251

 
9,888

 
8,922

Termination, solar and other income, net
(442
)
 
(170
)
 
(367
)
 
(640
)
Transaction costs
99

 
44

 
346

 
214

Loss on extinguishment of debt
—

 
—

 
—

 
13

Adjusted EBITDAre
$
79,940

 
$
66,470

 
$
294,455

 
$
248,274

 
 
 
 
 
 
 
 
Adjusted EBITDAre
$
79,940

 
 
 
 
 
 
Adjusted EBITDAre from acquisitions' and dispositions' timing
4,885

 
 
 
 
 
 
Run Rate Adjusted EBITDAre
$
84,825

 
 
 
 
 
 
 
 
 
 
 
 
 
 


7


RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
 
Three months ended December 31,
 
Year ended December 31,
 
2019
 
2018
 
2019
 
2018
CORE FUNDS FROM OPERATIONS RECONCILIATION
 
 
 
 
 
 
 
Net income
$
17,916

 
$
47,256

 
$
50,665

 
$
96,245

Rental property depreciation and amortization
51,532

 
42,322

 
185,154

 
167,321

Loss on impairments
—

 
3,248

 
9,757

 
6,182

Gain on the sales of rental property, net
(4,131
)
 
(39,935
)
 
(7,392
)
 
(72,211
)
Funds from operations
$
65,317

 
$
52,891

 
$
238,184

 
$
197,537

Preferred stock dividends
(1,289
)
 
(1,289
)
 
(5,156
)
 
(7,604
)
Redemption of preferred stock
—

 
—

 
—

 
(2,661
)
Amount allocated to restricted shares of common stock and unvested units
(194
)
 
(164
)
 
(891
)
 
(751
)
Funds from operations attributable to common stockholders and unit holders
$
63,834

 
$
51,438

 
$
232,137

 
$
186,521

 
 
 
 
 
 
 
 
Funds from operations attributable to common stockholders and unit holders
$
63,834

 
$
51,438

 
$
232,137

 
$
186,521

Amortization of above and below market leases, net
1,518

 
958

 
4,862

 
4,164

Transaction costs
99

 
44

 
346

 
214

Loss on extinguishment of debt
—

 
—

 
—

 
13

Redemption of preferred stock
—

 
—

 
—

 
2,661

Core funds from operations
$
65,451

 
$
52,440

 
$
237,345

 
$
193,573

 
 
 
 
 
 
 
 
Weighted average common shares and units
 
 
 
 
 
 
 
Weighted average common shares outstanding
134,079

 
110,244

 
125,389

 
103,401

Weighted average units outstanding
3,383

 
3,788

 
3,521

 
3,817

Weighted average common shares and units - basic
137,462

 
114,032

 
128,910

 
107,218

Dilutive shares
377

 
423

 
289

 
406

Weighted average common shares, units, and other dilutive shares - diluted
137,839

 
114,455

 
129,199

 
107,624

Core funds from operations per share / unit - basic
$
0.48

 
$
0.46

 
$
1.84

 
$
1.81

Core funds from operations per share / unit - diluted
$
0.47

 
$
0.46

 
$
1.84

 
$
1.80

 
 
 
 
 
 
 
 
SELECTED FINANCIAL INFORMATION
 
 
 
 
 
 
 
Non-rental property depreciation and amortization
$
74

 
$
74

 
$
296

 
$
296

Straight-line rent adjustments, net - increase (decrease) to net income
$
4,653

 
$
2,789

 
$
13,314

 
$
11,029

Straight-line termination, solar and other income adjustments, net - increase (decrease) to net income
$
(1,465
)
 
$
77

 
$
(1,540
)
 
$
134

Recurring capital expenditures
$
1,471

 
$
448

 
$
3,885

 
$
2,914

Non-recurring capital expenditures
$
6,210

 
$
5,196

 
$
23,394

 
$
19,803

New lease commissions and tenant improvements
$
2,137

 
$
2,028

 
$
5,351

 
$
5,355

Renewal lease commissions and tenant improvements
$
723

 
$
2,076

 
$
5,328

 
$
4,970

Non-cash portion of interest expense
$
674

 
$
618

 
$
2,583

 
$
2,316

Non-cash compensation expense
$
2,517

 
$
2,251

 
$
9,888

 
$
8,922

 
 
 
 
 
 
 
 



8


Non-GAAP Financial Measures and Other Definitions
 
Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as Recurring and Non-Recurring Capital Expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership.

Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2019.

Cash Rent Change: We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.

Comparable Lease: We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.

Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, and Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes transaction costs, termination income, solar income, straight-line rent adjustments, non-cash compensation, amortization of above and below market leases, net, gain (loss) on involuntary conversion, loss on extinguishment of debt, and other non-recurring items.

We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.

We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.

Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes transaction costs, amortization of above and below market leases, net, loss on extinguishment of debt, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.


9


None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO.

However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.

GAAP: We define GAAP as generally accepted accounting principles in the United States.

Market: We define Market as the market defined by CoStar based on the building address. If the building is located outside of a CoStar defined market, the city and state is reflected.

Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, transaction costs, gain (loss) on involuntary conversion, loss on extinguishment of debt, gain on sales of rental property, and other expenses.

We define Cash NOI as NOI less straight-line rent adjustments and less amortization of above and below market leases, net.

We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income and solar income. Run Rate Cash NOI does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.

Non-Recurring Capital Expenditures: We define Non-Recurring Capital Expenditures as capital items for upgrades or items that previously did not exist at a building or capital items which have a longer useful life, such as roof replacements. Non-Recurring Capital Expenditures funded by parties other than the Company and Acquisition Capital Expenditures are excluded.

Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.

Operating Portfolio: We define the Operating Portfolio as all warehouse and light manufacturing assets that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office assets, assets contained in the Value Add Portfolio, and assets classified at held for sale.

Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company’s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.

Recurring Capital Expenditures: We define Recurring Capital Expenditures as capital items required to sustain existing systems and capital items which generally have a shorter useful life. Recurring Capital Expenditures funded by parties other than the Company are excluded.

10



Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.

Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.

Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented.

Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:
•
if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date;
•
if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.

Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of average annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2019.

Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.

Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:
•
less than 75% occupied as of the acquisition date;
•
will be less than 75% occupied due to known move-outs within two years of the acquisition date;
•
out of service with significant physical renovation of the asset;
•
development.

Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.





11


Forward-Looking Statements

This earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “should”, “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG’s most recent Annual Report on Form 10-K for the year ended December 31, 2019, as updated by the Company’s subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG’s expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.



12
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Document And Entity Information
Feb. 12, 2020
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 12, 2020
Entity Registrant Name STAG INDUSTRIAL, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 1-34907
Entity Tax Identification Number 27-3099608
Entity Address, Address Line One One Federal Street, 23rd Floor
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02110
City Area Code 617
Local Phone Number 574-4777
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001479094
Amendment Flag false
Common stock, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol STAG
Security Exchange Name NYSE
6.875% Series C Cumulative Redeemable Preferred Stock ($0.01 par value)  
Entity Information [Line Items]  
Title of 12(b) Security 6.875% Series C Cumulative Redeemable Preferred Stock ($0.01 par value)
Trading Symbol STAG-PC
Security Exchange Name NYSE
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