STAG Industrial, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>STAG Industrial, Inc. has filed its Q1 2024 10-Q report, providing a financial snapshot and comparative data.</b>

AI Summary

STAG Industrial, Inc. (STAG) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. STAG Industrial, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data reported as of March 31, 2024. Financial data from the previous fiscal year-end (December 31, 2023) and the first quarter of 2023 are included for comparison. The report details various equity components including Preferred Stock, Common Stock, Additional Paid-In Capital, and Accumulated Distributions. Key financial statement elements such as Parent, Noncontrolling Interest, and Accumulated Other Comprehensive Income are presented for multiple periods.

Why It Matters

For investors and stakeholders tracking STAG Industrial, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of STAG Industrial, Inc. for the first quarter of 2024. The inclusion of comparative data from prior periods allows for trend analysis and assessment of the company's financial trajectory.

Risk Assessment

Risk Level: low — STAG Industrial, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Review the detailed financial statements and equity component changes in the 10-Q to understand STAG Industrial's current financial health and operational performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (As of March 31, 2024)
• 2024-04-30 — Filing Date (Filed on April 30, 2024)
• 2023-12-31 — Previous Year End Date (For comparison purposes)
• 2023-03-31 — Previous Year Q1 End Date (For comparison purposes)

Key Players & Entities

• STAG Industrial, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Reporting period end date
• 2024-04-30 (date) — Filing date
• 2023-12-31 (date) — Comparative period end date
• 2023-03-31 (date) — Comparative period end date

FAQ

Industry Context

STAG Industrial, Inc. operates as a Real Estate Investment Trust (REIT) focusing on industrial properties.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the balance sheet details for changes in equity components like Common Stock and Additional Paid-In Capital.
2. Compare Q1 2024 performance metrics against Q1 2023 to identify year-over-year trends.
3. Examine any disclosures related to noncontrolling interests for potential impacts on consolidated financial results.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year-end and first quarter filings.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share STAG New York Stock
• $1.0 billion — aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1 % to 0.3 %,

Filing Documents

• stag-20240331.htm (10-Q) — 1482KB
• q12024-ex31110q.htm (EX-31.1) — 9KB
• q12024-ex31210q.htm (EX-31.2) — 9KB
• q12024-ex32110q.htm (EX-32.1) — 6KB
• 0001479094-24-000016.txt (&nbsp;) — 7971KB
• stag-20240331.xsd (EX-101.SCH) — 43KB
• stag-20240331_cal.xml (EX-101.CAL) — 60KB
• stag-20240331_def.xml (EX-101.DEF) — 313KB
• stag-20240331_lab.xml (EX-101.LAB) — 664KB
• stag-20240331_pre.xml (EX-101.PRE) — 516KB
• stag-20240331_htm.xml (XML) — 1177KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 202 3 3 Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 3 1 , 202 4 and 202 3 5 Consolidated Statements of Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 6 Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. Other Information 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements STAG Industrial, Inc. Consolidated Balance Sheets (unaudited, in thousands, except share data) March 31, 2024 December 31, 2023 Assets Rental Property: Land $ 700,199 $ 698,633 Buildings and improvements, net of accumulated depreciation of $ 967,141 and $ 921,846 , respectively 4,859,117 4,838,522 Deferred leasing intangibles, net of accumulated amortization of $ 383,967 and $ 360,094 , respectively 422,153 435,722 Total rental property, net 5,981,469 5,972,877 Cash and cash equivalents 12,423 20,741 Restricted cash 667 1,127 Tenant accounts receivable 128,797 128,274 Prepaid expenses and other assets 84,087 80,455 Interest rate swaps 57,532 50,418 Operating lease right-of-use assets 29,085 29,566 Total assets $ 6,294,060 $ 6,283,458 Liabilities and Equity Liabilities: Unsecured credit facility $ 435,000 $ 402,000 Unsecured term loans, net 1,020,837 1,021,773 Unsecured notes, net 1,195,941 1,195,872 Mortgage notes, net 4,350 4,401 Accounts payable, accrued expenses and other liabilities 80,489 83,152 Interest rate swaps 47 — Tenant prepaid rent and security deposits 45,795 44,238 Dividends and distributions payable 22,936 22,726 Deferred leasing intangibles, net of accumulated amortization of $ 28,709 and $ 26,613 , respectively 32,312 29,908 Operating lease liabilities 33,133 33,577 Total liabilities 2,870,840 2,837,647 Commitments and contingencies (Note 11) Equity: Preferred stock, par value $ 0.01 per share, 20,000,000 shares authorized at March 31, 2024 and December 31, 2023; none issued or outstanding — — Common stock, par value $ 0.01 per share, 300,000,000 shares authorized at March 31, 2024 and December 31, 2023, 182,074,776 and 181,690,867 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,821 1,817 Additional paid-in capital 4,273,183 4,272,376 Cumulative dividends in excess of earnings ( 979,629 ) ( 948,720 ) Accumulated other comprehensive income

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) 1. Organization and Description of Business STAG Industrial, Inc. (the "Company") is an industrial real estate operating company focused on the acquisition and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of March 31, 2024 and December 31, 2023, the Company owned 97.9 % and 97.9 %, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the "Company" refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of March 31, 2024, the Company owned 570 industrial buildings in 41 states with approximately 113.0 million rentable square feet. 2. Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments

View Full Filing

View this 10-Q filing on SEC EDGAR