STAG Industrial Q2 2024 10-Q Filing

TL;DR

**STAG Industrial Q2 2024 10-Q is IN. Financials look steady.**

AI Summary

STAG Industrial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and balance sheet information are presented, reflecting the company's real estate investment trust activities.

Why It Matters

This filing provides investors with a detailed look at STAG Industrial's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-07-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year 2024.)
• 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (Provides a comparative period for the first six months of fiscal year 2023.)
• 2024-04-01 to 2024-06-30 — Q2 2024 Period (Specific financial data for the second quarter of 2024.)

Key Players & Entities

• STAG Industrial, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240730 (date) — Filing date
• ONE FEDERAL STREET, 23RD FLOOR, BOSTON, MA 02110 (address) — Company business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• stag-20240630.htm (10-Q) — 1935KB
• q22024-ex31110q.htm (EX-31.1) — 9KB
• q22024-ex31210q.htm (EX-31.2) — 9KB
• q22024-ex32110q.htm (EX-32.1) — 6KB
• 0001479094-24-000025.txt ( ) — 9222KB
• stag-20240630.xsd (EX-101.SCH) — 47KB
• stag-20240630_cal.xml (EX-101.CAL) — 64KB
• stag-20240630_def.xml (EX-101.DEF) — 342KB
• stag-20240630_lab.xml (EX-101.LAB) — 710KB
• stag-20240630_pre.xml (EX-101.PRE) — 550KB
• stag-20240630_htm.xml (XML) — 1468KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 202 3 3 Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 202 3 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2024 and 202 3 5 Consolidated Statements of Equity for the Three and Six Months Ended June 3 0 , 2024 and 202 3 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. Other Information 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 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) June 30, 2024 December 31, 2023 Assets Rental Property: Land $ 716,613 $ 698,633 Buildings and improvements, net of accumulated depreciation of $ 998,633 and $ 921,846 , respectively 4,982,291 4,838,522 Deferred leasing intangibles, net of accumulated amortization of $ 364,564 and $ 360,094 , respectively 421,560 435,722 Total rental property, net 6,120,464 5,972,877 Cash and cash equivalents 33,273 20,741 Restricted cash 1,247 1,127 Tenant accounts receivable 125,172 128,274 Prepaid expenses and other assets 80,855 80,455 Interest rate swaps 54,510 50,418 Operating lease right-of-use assets 28,598 29,566 Total assets $ 6,444,119 $ 6,283,458 Liabilities and Equity Liabilities: Unsecured credit facility $ 127,000 $ 402,000 Unsecured term loans, net 1,021,175 1,021,773 Unsecured notes, net 1,643,538 1,195,872 Mortgage notes, net 4,299 4,401 Accounts payable, accrued expenses and other liabilities 98,828 83,152 Tenant prepaid rent and security deposits 44,876 44,238 Dividends and distributions payable 22,936 22,726 Deferred leasing intangibles, net of accumulated amortization of $ 26,796 and $ 26,613 , respectively 33,454 29,908 Operating lease liabilities 32,683 33,577 Total liabilities 3,028,789 2,837,647 Commitments and contingencies (Note 11) Equity: Preferred stock, par value $ 0.01 per share, 20,000,000 shares authorized at June 30, 2024 and December 31, 2023; none issued or outstanding — — Common stock, par value $ 0.01 per share, 300,000,000 shares authorized at June 30, 2024 and December 31, 2023, 182,105,303 and 181,690,867 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,821 1,817 Additional paid-in capital 4,276,498 4,272,376 Cumulative dividends in excess of earnings ( 987,218 ) ( 948,720 ) Accumulated other comprehensive income 53,228 49,207 Total stock

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 June 30, 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 June 30, 2024, the Company owned 573 industrial buildings in 41 states with approximately 114.1 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,

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View this 10-Q filing on SEC EDGAR