Stag Industrial Announces Second Quarter 2017 Results

BOSTON, Aug. 1, 2017

"The second quarter represented the largest acquisition volume in STAG's history," said Ben Butcher, Chief Executive Officer of the Company.  "This acquisition volume, coupled with our 8% per share growth, while simultaneously deleveraging the balance sheet has positioned the Company very well heading into the second half of 2017."

Second Quarter 2017 Highlights

• Reported $0.01 of net loss per basic and diluted share for the second quarter of 2017, as compared to $0.20 of net loss per basic and diluted share for the second quarter of 2016, a decrease in net loss of 95.0%. Reported $1.1 million of net loss attributable to common stockholders for the second quarter of 2017 compared to net loss attributable to common stockholders of $13.3 million for the second quarter of 2016, a decrease in net loss of 91.6%.
• Achieved $0.41 of Core FFO per diluted share for the second quarter of 2017, an increase of 7.9% compared to the second quarter of 2016 of $0.38. Generated Core FFO of $38.1 million compared to $27.2 million for the second quarter of 2016, an increase of 40.1%.
• Generated Cash NOI of $58.0 million compared to $49.0 million for the second quarter of 2016, an increase of 18.3%. For the six months ended June 30, 2017, Cash NOI increased 16.3% in the aggregate compared to the same period last year.
• Acquired 21 buildings in the second quarter of 2017, consisting of 4.6 million square feet, for $285.6 million with a weighted average Capitalization Rate of 7.2%.
• Sold three buildings in the second quarter of 2017, consisting of 134,900 square feet for $6.5 million.
• Achieved occupancy of 94.0% on the total portfolio and 94.8% on the Operating Portfolio as of June 30, 2017.
• Executed Operating Portfolio leases for 3.3 million square feet for the second quarter of 2017. Experienced a cash rent change and GAAP Rent Change of (2.7)% and 6.4%, respectively, for the quarter's Operating Portfolio leasing activity.
• Experienced 60.2% Retention for 1.8 million square feet of leases expiring in the quarter. Experienced a cash rent change and GAAP Rent Change of (1.3)% and 2.2%, respectively, for these renewals.
• Raised gross proceeds of $205.8 million of equity through the Company's at-the-market offering ("ATM") program for the second quarter of 2017. Subsequent to quarter end and through August 1, 2017, raised gross proceeds of $21.3 million through the ATM program.
• Subsequent to quarter end, originated a new five and a half year, $150 million term loan and fully repaid $88 million of secured debt.

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, August 2, 2017 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

SECOND QUARTER 2017 KEY FINANCIAL MEASURES ARIVA.DE Börsen-Geflüster Kurse Stag Industrial 34,48 $ -0,17%
		Three months ended June 30,						Six months ended June 30,
Metrics		2017		2016		% Change		2017		2016		% Change
(in millions, except per share data)
Net loss attributable to common stockholders		$(1.1)		$(13.3)		(91.6)%		$(3.5)		$(4.5)		(22.4)%
Net income (loss) per share — basic		$(0.01)		$(0.20)		(95.0)%		$(0.04)		$(0.07)		(42.9)%
Net income (loss) per share — diluted		$(0.01)		$(0.20)		(95.0)%		$(0.04)		$(0.07)		(42.9)%
Cash NOI		$58.0		$49.0		18.3%		$114.5		$98.4		16.3%
Adjusted EBITDA		$52.1		$43.1		20.9%		$101.5		$86.4		17.5%
Core FFO		$38.1		$27.2		40.1%		$73.2		$54.9		33.3%
Core FFO per share / unit — basic		$0.41		$0.38		7.9%		$0.82		$0.76		7.9%
Core FFO per share / unit — diluted		$0.41		$0.38		7.9%		$0.82		$0.76		7.9%
AFFO		$37.5		$28.2		32.8%		$73.2		$56.8		28.8%

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 June 30, 2017, the Company acquired 21 buildings for $285.6 million with an Occupancy Rate of 95% upon acquisition. Included in the second quarter acquisitions are three built-to-suit transactions, consisting of 1.3 million square feet for $81.2 million. The chart below details the acquisition activity for the quarter:

SECOND QUARTER 2017 ACQUISITION ACTIVITY
Location (CBSA)	Date Acquired	Square Feet	Buildings	Purchase Price ($MM)	Weighted Average Lease Term (Years)	Capitalization Rate
Chicago-Naperville-Elgin, IL-IN-WI	4/11/2017	261,075	2	$13.8	5.2 Werbung Mehr Nachrichten zur Stag Industrial Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Third Point Investors Ltd - Notice of Annual General Meeting 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Shanta Gold Ltd Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59