STAG Industrial Files Q3 2024 10-Q Report

TL;DR

**STAG Industrial Q3 2024 10-Q filed. Financials and ops update.**

AI Summary

STAG Industrial, Inc. filed its 10-Q report for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational details for STAG Industrial, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a real estate investment trust, STAG Industrial is subject to market fluctuations, interest rate changes, and tenant-specific risks that can impact its financial performance.

Key Players & Entities

• STAG Industrial, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Date of filing
• Boston, MA (location) — Company headquarters

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-20240930.htm (10-Q) — 2059KB
• q32024-ex31110q.htm (EX-31.1) — 9KB
• q32024-ex31210q.htm (EX-31.2) — 9KB
• q32024-ex32110q.htm (EX-32.1) — 6KB
• 0001479094-24-000031.txt ( ) — 9704KB
• stag-20240930.xsd (EX-101.SCH) — 49KB
• stag-20240930_cal.xml (EX-101.CAL) — 67KB
• stag-20240930_def.xml (EX-101.DEF) — 355KB
• stag-20240930_lab.xml (EX-101.LAB) — 724KB
• stag-20240930_pre.xml (EX-101.PRE) — 566KB
• stag-20240930_htm.xml (XML) — 1579KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 202 3 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 202 3 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended S eptember 30, 2024 and 202 3 5 Consolidated Statements of Equity for the Three and Nine Months Ended Septem ber 30, 2024 and 202 3 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II. Other Information 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

SIGNATURES

SIGNATURES 48 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) September 30, 2024 December 31, 2023 Assets Rental Property: Land $ 739,975 $ 698,633 Buildings and improvements, net of accumulated depreciation of $ 1,042,046 and $ 921,846 , respectively 5,054,195 4,838,522 Deferred leasing intangibles, net of accumulated amortization of $ 369,301 and $ 360,094 , respectively 413,509 435,722 Total rental property, net 6,207,679 5,972,877 Cash and cash equivalents 70,036 20,741 Restricted cash 1,108 1,127 Tenant accounts receivable 128,366 128,274 Prepaid expenses and other assets 101,922 80,455 Interest rate swaps 29,016 50,418 Operating lease right-of-use assets 28,105 29,566 Total assets $ 6,566,232 $ 6,283,458 Liabilities and Equity Liabilities: Unsecured credit facility $ 256,000 $ 402,000 Unsecured term loans, net 1,021,513 1,021,773 Unsecured notes, net 1,643,821 1,195,872 Mortgage notes, net 4,247 4,401 Accounts payable, accrued expenses and other liabilities 139,879 83,152 Interest rate swaps 3,027 — Tenant prepaid rent and security deposits 47,056 44,238 Dividends and distributions payable 22,937 22,726 Deferred leasing intangibles, net of accumulated amortization of $ 29,055 and $ 26,613 , respectively 31,195 29,908 Operating lease liabilities 32,217 33,577 Total liabilities 3,201,892 2,837,647 Commitments and contingencies (Note 11) Equity: Preferred stock, par value $ 0.01 per share, 20,000,000 shares authorized at September 30, 2024 and December 31, 2023; none issued or outstanding — — Common stock, par value $ 0.01 per share, 300,000,000 shares authorized at September 30, 2024 and December 31, 2023, 182,205,640 and 181,690,867 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,822 1,817 Additional paid-in capital 4,281,290 4,272,376 Cumulative dividends in excess of earnings ( 1,012,760 ) ( 948,720 ) Accumulated

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 September 30, 2024 and December 31, 2023, the Company owned 98.0 % 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 September 30, 2024, the Company owned 578 industrial buildings in 40 states with approximately 114.5 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 adj

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