STAG Industrial Files 2024 10-K

TL;DR

STAG Industrial dropped its 2024 10-K. Full financials and ops details are in.

AI Summary

STAG Industrial, Inc. filed its 2024 10-K on February 12, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, operates in the industrial real estate sector. The filing covers financial performance and operational details for the year.

Why It Matters

This filing provides investors with a comprehensive overview of STAG Industrial's financial health, operational performance, and strategic direction for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a real estate investment trust.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Previous Fiscal Year (For comparative financial analysis)
• 2022 — Prior Fiscal Year (For trend analysis)

Key Players & Entities

• STAG Industrial, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-12 (date) — Filing date
• REAL ESTATE INVESTMENT TRUSTS [6798] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value STAG New York Stock Exchange

Filing Documents

• stag-20241231.htm (10-K) — 6802KB
• q42024-ex21110k.htm (EX-21.1) — 66KB
• q42024-ex23110k.htm (EX-23.1) — 3KB
• q42024-ex31110k.htm (EX-31.1) — 9KB
• q42024-ex31210k.htm (EX-31.2) — 10KB
• q42024-ex32110k.htm (EX-32.1) — 6KB
• stag-20241231_g1.jpg (GRAPHIC) — 273KB
• stag-20241231_g2.jpg (GRAPHIC) — 206KB
• 0001479094-25-000006.txt ( ) — 31836KB
• stag-20241231.xsd (EX-101.SCH) — 206KB
• stag-20241231_cal.xml (EX-101.CAL) — 76KB
• stag-20241231_def.xml (EX-101.DEF) — 876KB
• stag-20241231_lab.xml (EX-101.LAB) — 1715KB
• stag-20241231_pre.xml (EX-101.PRE) — 1161KB
• stag-20241231_htm.xml (XML) — 6639KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. Reserved 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 56 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 PART III. Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.

Executive Compensation

Executive Compensation 57 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 57 Item 14. Principal Accountant Fees and Services 57 PART IV. Item 15. Exhibits and Financial Statement Schedules 57 Item 16. Form 10-K Summary 59 2 Table of Contents PART I. Introduction As used herein, except where the context otherwise requires, "Company," "we," "our" and "us," refer to STAG Industrial, Inc. and our consolidated subsidiaries and partnerships, including our operating partnership, STAG Industrial Operating Partnership, L.P. (our "Operating Partnership").

Forward-Looking Statements

Forward-Looking Statements This report, including the information incorporated by reference, contains "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). You can identify forward-looking statements by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. Forward-looking statements in this report include, among others, statements about our future financial condition, results of operations, capitalization rates on future acquisitions, our business strategy and objectives, including our acquisition strategy, occupancy and leasing rates and trends, and expected liquidity needs and sources (including capital expenditures and the ability to obtain financing or raise capital). Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation: the factors included in this report, including those set forth under the headings "Business," "Risk

Business

Item 1. Business Certain Definitions In this report: "Cash Rent Change" means 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" means 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. "GAAP" means generally accepted accounting principles in the United States of America. "New Lease" means a lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space. "Occupancy rate" means 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" means all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale. "Renewal Lease" means 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 mo

View Full Filing

View this 10-K filing on SEC EDGAR