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Name | Symbol | Market | Type |
---|---|---|---|
Stag Industrial Inc | NYSE:STAG-C | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.99 | 0 | 01:00:00 |
Maryland | 27-3099608 | ||||||||||
(State or other jurisdiction of | (IRS Employer Identification No.) | ||||||||||
incorporation or organization) | |||||||||||
One Federal Street | |||||||||||
23rd Floor | |||||||||||
Boston, | Massachusetts | 02110 | |||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value per share | STAG | New York Stock Exchange |
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Rental Property: | |||||||||||
Land | $ | 647,379 | $ | 617,297 | |||||||
Buildings and improvements, net of accumulated depreciation of $725,035 and $611,867, respectively | 4,711,118 | 4,435,743 | |||||||||
Deferred leasing intangibles, net of accumulated amortization of $338,070 and $282,038, respectively | 532,616 | 567,658 | |||||||||
Total rental property, net | 5,891,113 | 5,620,698 | |||||||||
Cash and cash equivalents | 13,369 | 18,981 | |||||||||
Restricted cash | 1,082 | 4,215 | |||||||||
Tenant accounts receivable | 103,231 | 93,600 | |||||||||
Prepaid expenses and other assets | 77,815 | 60,953 | |||||||||
Interest rate swaps | 77,508 | 5,220 | |||||||||
Operating lease right-of-use assets | 31,778 | 29,582 | |||||||||
Total assets | $ | 6,195,896 | $ | 5,833,249 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Unsecured credit facility | $ | 136,000 | $ | 296,000 | |||||||
Unsecured term loans, net | 1,020,104 | 970,577 | |||||||||
Unsecured notes, net | 1,295,253 | 896,941 | |||||||||
Mortgage notes, net | 7,981 | 54,744 | |||||||||
Accounts payable, accrued expenses and other liabilities | 109,482 | 76,475 | |||||||||
Interest rate swaps | — | 17,052 | |||||||||
Tenant prepaid rent and security deposits | 38,019 | 37,138 | |||||||||
Dividends and distributions payable | 22,282 | 21,906 | |||||||||
Deferred leasing intangibles, net of accumulated amortization of $26,240 and $21,136, respectively | 34,560 | 35,721 | |||||||||
Operating lease liabilities | 35,501 | 33,108 | |||||||||
Total liabilities | 2,699,182 | 2,439,662 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Equity: | |||||||||||
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at September 30, 2022 and December 31, 2021; none issued or outstanding | — | — | |||||||||
Common stock, par value $0.01 per share, 300,000,000 shares authorized at September 30, 2022 and December 31, 2021, 179,214,795 and 177,769,342 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 1,792 | 1,777 | |||||||||
Additional paid-in capital | 4,184,839 | 4,130,038 | |||||||||
Cumulative dividends in excess of earnings | (840,521) | (792,332) | |||||||||
Accumulated other comprehensive income (loss) | 75,663 | (11,783) | |||||||||
Total stockholders’ equity | 3,421,773 | 3,327,700 | |||||||||
Noncontrolling interest | 74,941 | 65,887 | |||||||||
Total equity | 3,496,714 | 3,393,587 | |||||||||
Total liabilities and equity | $ | 6,195,896 | $ | 5,833,249 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Rental income | $ | 164,683 | $ | 140,277 | $ | 484,341 | $ | 411,907 | |||||||||||||||
Other income | 1,622 | 1,837 | 2,673 | 2,629 | |||||||||||||||||||
Total revenue | 166,305 | 142,114 | 487,014 | 414,536 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Property | 30,087 | 26,742 | 90,736 | 79,100 | |||||||||||||||||||
General and administrative | 10,884 | 12,668 | 35,431 | 38,036 | |||||||||||||||||||
Depreciation and amortization | 69,456 | 59,246 | 206,101 | 174,985 | |||||||||||||||||||
Loss on impairment | 1,783 | — | 1,783 | — | |||||||||||||||||||
Other expenses | 578 | 821 | 1,607 | 2,184 | |||||||||||||||||||
Total expenses | 112,788 | 99,477 | 335,658 | 294,305 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest and other income | 26 | 30 | 83 | 92 | |||||||||||||||||||
Interest expense | (21,155) | (15,746) | (56,310) | (46,377) | |||||||||||||||||||
Debt extinguishment and modification expenses | (838) | — | (838) | (679) | |||||||||||||||||||
Gain on the sales of rental property, net | 33,168 | 22,662 | 57,499 | 35,047 | |||||||||||||||||||
Total other income (expense) | 11,201 | 6,946 | 434 | (11,917) | |||||||||||||||||||
Net income | $ | 64,718 | $ | 49,583 | $ | 151,790 | $ | 108,314 | |||||||||||||||
Less: income attributable to noncontrolling interest after preferred stock dividends | 1,388 | 1,067 | 3,258 | 2,273 | |||||||||||||||||||
Net income attributable to STAG Industrial, Inc. | $ | 63,330 | $ | 48,516 | $ | 148,532 | $ | 106,041 | |||||||||||||||
Less: preferred stock dividends | — | — | — | 1,289 | |||||||||||||||||||
Less: redemption of preferred stock | — | — | — | 2,582 | |||||||||||||||||||
Less: amount allocated to participating securities | 59 | 72 | 180 | 219 | |||||||||||||||||||
Net income attributable to common stockholders | $ | 63,271 | $ | 48,444 | $ | 148,352 | $ | 101,951 | |||||||||||||||
Weighted average common shares outstanding — basic | 179,054 | 162,652 | 178,648 | 160,288 | |||||||||||||||||||
Weighted average common shares outstanding — diluted | 179,162 | 163,462 | 178,790 | 160,869 | |||||||||||||||||||
Net income per share — basic and diluted | |||||||||||||||||||||||
Net income per share attributable to common stockholders — basic | $ | 0.35 | $ | 0.30 | $ | 0.83 | $ | 0.64 | |||||||||||||||
Net income per share attributable to common stockholders — diluted | $ | 0.35 | $ | 0.30 | $ | 0.83 | $ | 0.63 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 64,718 | $ | 49,583 | $ | 151,790 | $ | 108,314 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Income on interest rate swaps | 39,618 | 3,923 | 89,364 | 17,505 | |||||||||||||||||||
Other comprehensive income | 39,618 | 3,923 | 89,364 | 17,505 | |||||||||||||||||||
Comprehensive income | 104,336 | 53,506 | 241,154 | 125,819 | |||||||||||||||||||
Income attributable to noncontrolling interest after preferred stock dividends | (1,388) | (1,067) | (3,258) | (2,273) | |||||||||||||||||||
Other comprehensive income attributable to noncontrolling interest | (850) | (82) | (1,918) | (381) | |||||||||||||||||||
Comprehensive income attributable to STAG Industrial, Inc. | $ | 102,098 | $ | 52,357 | $ | 235,978 | $ | 123,165 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Dividends in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interest - Unit Holders in Operating Partnership | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | — | 179,211,738 | $ | 1,792 | $ | 4,182,165 | $ | (838,437) | $ | 36,895 | $ | 3,382,415 | $ | 74,080 | $ | 3,456,495 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | — | — | (16) | — | — | (16) | — | (16) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | (65,414) | — | (65,414) | (1,436) | (66,850) | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | 3,057 | — | 2,040 | — | — | 2,040 | 709 | 2,749 | ||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | 650 | — | — | 650 | (650) | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 38,768 | 38,768 | 850 | 39,618 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 63,330 | — | 63,330 | 1,388 | 64,718 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | — | 179,214,795 | $ | 1,792 | $ | 4,184,839 | $ | (840,521) | $ | 75,663 | $ | 3,421,773 | $ | 74,941 | $ | 3,496,714 | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | — | 160,315,538 | $ | 1,603 | $ | 3,486,942 | $ | (804,113) | $ | (26,742) | $ | 2,657,690 | $ | 59,212 | $ | 2,716,902 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | 9,350,395 | 93 | 308,408 | — | — | 308,501 | — | 308,501 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | (59,852) | — | (59,852) | (1,278) | (61,130) | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | (5,646) | — | 2,085 | — | — | 2,085 | 1,139 | 3,224 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | 51,984 | 1 | 862 | — | — | 863 | (863) | — | ||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | (2,022) | — | — | (2,022) | 2,022 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 3,841 | 3,841 | 82 | 3,923 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 48,516 | — | 48,516 | 1,067 | 49,583 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | — | 169,712,271 | $ | 1,697 | $ | 3,796,275 | $ | (815,449) | $ | (22,901) | $ | 2,959,622 | $ | 61,381 | $ | 3,021,003 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | — | 177,769,342 | $ | 1,777 | $ | 4,130,038 | $ | (792,332) | $ | (11,783) | $ | 3,327,700 | $ | 65,887 | $ | 3,393,587 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | 1,328,335 | 13 | 54,854 | — | — | 54,867 | — | 54,867 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | (195,941) | — | (195,941) | (4,820) | (200,761) | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | 52,118 | 1 | 832 | (780) | — | 53 | 7,814 | 7,867 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | 65,000 | 1 | 1,216 | — | — | 1,217 | (1,217) | — | ||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | (2,101) | — | — | (2,101) | 2,101 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 87,446 | 87,446 | 1,918 | 89,364 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 148,532 | — | 148,532 | 3,258 | 151,790 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | — | 179,214,795 | $ | 1,792 | $ | 4,184,839 | $ | (840,521) | $ | 75,663 | $ | 3,421,773 | $ | 74,941 | $ | 3,496,714 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 75,000 | 158,209,823 | $ | 1,582 | $ | 3,421,721 | $ | (742,071) | $ | (40,025) | $ | 2,716,207 | $ | 54,845 | $ | 2,771,052 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | 11,238,685 | 112 | 371,748 | — | — | 371,860 | — | 371,860 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (75,000) | — | — | 2,573 | (2,582) | — | (75,009) | — | (75,009) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | (176,716) | — | (176,716) | (7,039) | (183,755) | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | 92,445 | 1 | 1,063 | (121) | — | 943 | 10,093 | 11,036 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | 171,318 | 2 | 2,852 | — | — | 2,854 | (2,854) | — | ||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | (3,682) | — | — | (3,682) | 3,682 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 17,124 | 17,124 | 381 | 17,505 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 106,041 | — | 106,041 | 2,273 | 108,314 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | — | 169,712,271 | $ | 1,697 | $ | 3,796,275 | $ | (815,449) | $ | (22,901) | $ | 2,959,622 | $ | 61,381 | $ | 3,021,003 |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 151,790 | $ | 108,314 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 206,101 | 174,985 | |||||||||
Loss on impairment | 1,783 | — | |||||||||
Non-cash portion of interest expense | 2,755 | 2,079 | |||||||||
Amortization of above and below market leases, net | (208) | 2,022 | |||||||||
Straight-line rent adjustments, net | (12,440) | (13,159) | |||||||||
Debt extinguishment and modification expenses | 21 | — | |||||||||
Gain on the sales of rental property, net | (57,499) | (35,047) | |||||||||
Non-cash compensation expense | 9,426 | 12,377 | |||||||||
Change in assets and liabilities: | |||||||||||
Tenant accounts receivable | 934 | 2,163 | |||||||||
Prepaid expenses and other assets | (25,044) | (19,770) | |||||||||
Accounts payable, accrued expenses and other liabilities | 19,369 | 17,109 | |||||||||
Tenant prepaid rent and security deposits | 881 | 3,540 | |||||||||
Total adjustments | 146,079 | 146,299 | |||||||||
Net cash provided by operating activities | 297,869 | 254,613 | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of land and buildings and improvements | (414,648) | (574,673) | |||||||||
Additions of land and building and improvements | (65,178) | (27,778) | |||||||||
Acquisitions of other assets | (2,134) | (465) | |||||||||
Acquisitions of tenant prepaid rent | — | 1,024 | |||||||||
Acquisitions of operating lease right-of-use assets | (3,541) | — | |||||||||
Proceeds from sales of rental property, net | 130,929 | 77,899 | |||||||||
Acquisition deposits, net | 1,520 | (4,482) | |||||||||
Acquisitions of deferred leasing intangibles | (47,810) | (74,508) | |||||||||
Acquisitions of operating lease liabilities | 3,541 | — | |||||||||
Net cash used in investing activities | (397,321) | (602,983) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured credit facility | 1,167,000 | 1,640,000 | |||||||||
Repayment of unsecured credit facility | (1,327,000) | (1,698,000) | |||||||||
Proceeds from unsecured term loans | 375,000 | 300,000 | |||||||||
Repayment of unsecured term loans | (325,000) | (300,000) | |||||||||
Proceeds from unsecured notes | 400,000 | 325,000 | |||||||||
Repayment of mortgage notes | (46,859) | (1,491) | |||||||||
Payment of loan fees and costs | (5,142) | (4,569) | |||||||||
Proceeds from sales of common stock, net | 54,691 | 371,819 | |||||||||
Redemption of preferred stock | — | (75,000) | |||||||||
Dividends and distributions | (200,387) | (182,213) | |||||||||
Repurchase and retirement of share-based compensation | (1,596) | (1,342) | |||||||||
Net cash provided by financing activities | 90,707 | 374,204 | |||||||||
Increase (decrease) in cash and cash equivalents and restricted cash | (8,745) | 25,834 | |||||||||
Cash and cash equivalents and restricted cash—beginning of period | 23,196 | 20,339 | |||||||||
Cash and cash equivalents and restricted cash—end of period | $ | 14,451 | $ | 46,173 | |||||||
Supplemental disclosure: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | 48,770 | $ | 42,562 | |||||||
Supplemental schedule of non-cash investing and financing activities | |||||||||||
Additions to building and other capital improvements | $ | (2,673) | $ | — | |||||||
Transfer of other assets to building and other capital improvements | $ | 2,673 | $ | — | |||||||
Acquisitions of land and buildings and improvements | $ | — | $ | (4,883) | |||||||
Acquisitions of deferred leasing intangibles | $ | — | $ | (791) | |||||||
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities | $ | (13,752) | $ | 2,079 | |||||||
Additions to building and other capital improvements from non-cash compensation | $ | (50) | $ | — | |||||||
Assumption of mortgage notes | $ | — | $ | 5,103 | |||||||
Fair market value adjustment to mortgage notes acquired | $ | — | $ | (161) | |||||||
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities | $ | 108 | $ | 1,032 | |||||||
Dividends and distributions accrued | $ | 22,282 | $ | 20,932 |
Reconciliation of cash and cash equivalents and restricted cash (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||
Cash and cash equivalents | $ | 13,369 | $ | 18,981 | ||||||||||
Restricted cash | 1,082 | 4,215 | ||||||||||||
Total cash and cash equivalents and restricted cash | $ | 14,451 | $ | 23,196 |
Rental Property (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||
Land | $ | 647,379 | $ | 617,297 | ||||||||||
Buildings, net of accumulated depreciation of $485,260 and $406,670, respectively | 4,251,576 | 4,035,210 | ||||||||||||
Tenant improvements, net of accumulated depreciation of $31,599 and $26,065, respectively | 46,138 | 43,999 | ||||||||||||
Building and land improvements, net of accumulated depreciation of $208,176 and $179,132, respectively | 340,353 | 320,041 | ||||||||||||
Construction in progress | 73,051 | 36,493 | ||||||||||||
Deferred leasing intangibles, net of accumulated amortization of $338,070 and $282,038, respectively | 532,616 | 567,658 | ||||||||||||
Total rental property, net | $ | 5,891,113 | $ | 5,620,698 |
Market(1) | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) | ||||||||||||||||||||||
Kansas City, MO | January 6, 2022 | 702,000 | 1 | $ | 60,428 | |||||||||||||||||||||
Chicago, IL | January 31, 2022 | 72,499 | 1 | 8,128 | ||||||||||||||||||||||
Columbus, OH | February 8, 2022 | 138,213 | 1 | 11,492 | ||||||||||||||||||||||
Cleveland, OH | February 8, 2022 | 136,800 | 1 | 13,001 | ||||||||||||||||||||||
Nashville, TN | March 10, 2022 | 109,807 | 1 | 12,810 | ||||||||||||||||||||||
Greenville/Spartanburg, SC | March 10, 2022 | 289,103 | 1 | 28,274 | ||||||||||||||||||||||
Memphis, TN | March 18, 2022 | 195,622 | 1 | 15,828 | ||||||||||||||||||||||
Greenville/Spartanburg, SC | March 18, 2022 | 155,717 | 1 | 16,390 | ||||||||||||||||||||||
Three months ended March 31, 2022 | 1,799,761 | 8 | 166,351 | |||||||||||||||||||||||
Atlanta, GA | April 1, 2022 | 210,858 | 1 | 21,119 | ||||||||||||||||||||||
Minneapolis/St. Paul, MN | April 4, 2022 | 160,000 | 1 | 13,472 | ||||||||||||||||||||||
West Michigan, MI | April 14, 2022 | 211,125 | 2 | 12,274 | ||||||||||||||||||||||
Pittsburgh, PA | April 19, 2022 | 400,000 | 1 | 50,178 | ||||||||||||||||||||||
Greenville/Spartanburg, SC(2) | April 22, 2022 | — | — | 5,559 | ||||||||||||||||||||||
Birmingham, AL | May 5, 2022 | 67,168 | 1 | 7,871 | ||||||||||||||||||||||
South Bay/San Jose, CA | June 7, 2022 | 175,325 | 1 | 29,630 | ||||||||||||||||||||||
Washington, DC | June 29, 2022 | 140,555 | 1 | 20,257 | ||||||||||||||||||||||
Hampton Roads, VA | June 29, 2022 | 102,512 | 1 | 10,561 | ||||||||||||||||||||||
Three months ended June 30, 2022 | 1,467,543 | 9 | 170,921 | |||||||||||||||||||||||
Atlanta, GA | July 15, 2022 | 159,048 | 1 | 10,062 | ||||||||||||||||||||||
Fresno, CA | July 25, 2022 | 232,072 | 1 | 30,121 | ||||||||||||||||||||||
El Paso, TX | July 26, 2022 | 326,166 | 4 | 37,792 | ||||||||||||||||||||||
Portland, OR | September 12, 2022 | 78,000 | 1 | 11,281 | ||||||||||||||||||||||
Louisville, KY | September 21, 2022 | 563,032 | 1 | 38,064 | ||||||||||||||||||||||
Three months ended September 30, 2022 | 1,358,318 | 8 | 127,320 | |||||||||||||||||||||||
Nine months ended September 30, 2022 | 4,625,622 | 25 | $ | 464,592 |
Nine months ended September 30, 2022 | ||||||||||||||
Acquired Assets and Liabilities | Purchase Price (in thousands) | Weighted Average Amortization Period (years) of Intangibles at Acquisition | ||||||||||||
Land | $ | 38,186 | N/A | |||||||||||
Buildings | 354,776 | N/A | ||||||||||||
Tenant improvements | 2,468 | N/A | ||||||||||||
Building and land improvements | 19,218 | N/A | ||||||||||||
Other assets | 2,134 | N/A | ||||||||||||
Operating lease right-of-use assets | 3,541 | N/A | ||||||||||||
Deferred leasing intangibles - In-place leases | 33,473 | 8.0 | ||||||||||||
Deferred leasing intangibles - Tenant relationships | 17,902 | 11.2 | ||||||||||||
Deferred leasing intangibles - Above market leases | 2,456 | 11.6 | ||||||||||||
Deferred leasing intangibles - Below market leases | (6,021) | 7.5 | ||||||||||||
Operating lease liabilities | (3,541) | N/A | ||||||||||||
Total purchase price | $ | 464,592 | ||||||||||||
Market(1) | Number of Buildings | Event or Change in Circumstance Leading to Impairment Evaluation(2) | Valuation technique utilized to estimate fair value | Fair Value(3) | Loss on Impairment | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Hartford, CT | 1 | Change in estimated hold period | Discounted cash flows | (4) | $ | 834 | $ | 1,783 | ||||||||||||||||||||||||
Three and nine months ended September 30, 2022 | $ | 834 | $ | 1,783 | ||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Deferred Leasing Intangibles (in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Above market leases | $ | 88,132 | $ | (34,919) | $ | 53,213 | $ | 91,565 | $ | (32,110) | $ | 59,455 | ||||||||||||||||||||||||||
Other intangible lease assets | 782,554 | (303,151) | 479,403 | 758,131 | (249,928) | 508,203 | ||||||||||||||||||||||||||||||||
Total deferred leasing intangible assets | $ | 870,686 | $ | (338,070) | $ | 532,616 | $ | 849,696 | $ | (282,038) | $ | 567,658 | ||||||||||||||||||||||||||
Below market leases | $ | 60,800 | $ | (26,240) | $ | 34,560 | $ | 56,857 | $ | (21,136) | $ | 35,721 | ||||||||||||||||||||||||||
Total deferred leasing intangible liabilities | $ | 60,800 | $ | (26,240) | $ | 34,560 | $ | 56,857 | $ | (21,136) | $ | 35,721 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Deferred Leasing Intangibles Amortization (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net increase (decrease) to rental income related to above and below market lease amortization | $ | 90 | $ | (229) | $ | 191 | $ | (2,039) | ||||||||||||||||||
Amortization expense related to other intangible lease assets | $ | 24,069 | $ | 21,570 | $ | 72,851 | $ | 65,439 |
Loan | Principal Outstanding as of September 30, 2022 (in thousands) | Principal Outstanding as of December 31, 2021 (in thousands) | Interest Rate(1)(2) | Maturity Date | Prepayment Terms(3) | |||||||||||||||||||||||||||
Unsecured credit facility: | ||||||||||||||||||||||||||||||||
Unsecured Credit Facility(4) | $ | 136,000 | $ | 296,000 | Term SOFR + 0.775% | October 23, 2026 | i | |||||||||||||||||||||||||
Total unsecured credit facility | 136,000 | 296,000 | ||||||||||||||||||||||||||||||
Unsecured term loans: | ||||||||||||||||||||||||||||||||
Unsecured Term Loan D(5) | — | 150,000 | 2.85 | % | January 4, 2023 | i | ||||||||||||||||||||||||||
Unsecured Term Loan E(5) | — | 175,000 | 3.77 | % | January 15, 2024 | i | ||||||||||||||||||||||||||
Unsecured Term Loan F | 200,000 | 200,000 | 2.96 | % | January 12, 2025 | i | ||||||||||||||||||||||||||
Unsecured Term Loan G | 300,000 | 300,000 | 1.11 | % | February 5, 2026 | i | ||||||||||||||||||||||||||
Unsecured Term Loan A | 150,000 | 150,000 | 2.16 | % | March 15, 2027 | i | ||||||||||||||||||||||||||
Unsecured Term Loan H | 187,500 | — | 3.75 | % | January 25, 2028 | i | ||||||||||||||||||||||||||
Unsecured Term Loan I | 187,500 | — | 2.89 | % | January 25, 2028 | i | ||||||||||||||||||||||||||
Total unsecured term loans | 1,025,000 | 975,000 | ||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (4,896) | (4,423) | ||||||||||||||||||||||||||||||
Total carrying value unsecured term loans, net | 1,020,104 | 970,577 | ||||||||||||||||||||||||||||||
Unsecured notes: | ||||||||||||||||||||||||||||||||
Series F Unsecured Notes | 100,000 | 100,000 | 3.98 | % | January 5, 2023 | ii | ||||||||||||||||||||||||||
Series A Unsecured Notes | 50,000 | 50,000 | 4.98 | % | October 1, 2024 | ii | ||||||||||||||||||||||||||
Series D Unsecured Notes | 100,000 | 100,000 | 4.32 | % | February 20, 2025 | ii | ||||||||||||||||||||||||||
Series G Unsecured Notes | 75,000 | 75,000 | 4.10 | % | June 13, 2025 | ii | ||||||||||||||||||||||||||
Series B Unsecured Notes | 50,000 | 50,000 | 4.98 | % | July 1, 2026 | ii | ||||||||||||||||||||||||||
Series C Unsecured Notes | 80,000 | 80,000 | 4.42 | % | December 30, 2026 | ii | ||||||||||||||||||||||||||
Series E Unsecured Notes | 20,000 | 20,000 | 4.42 | % | February 20, 2027 | ii | ||||||||||||||||||||||||||
Series H Unsecured Notes | 100,000 | 100,000 | 4.27 | % | June 13, 2028 | ii | ||||||||||||||||||||||||||
Series I Unsecured Notes | 275,000 | 275,000 | 2.80 | % | September 29, 2031 | ii | ||||||||||||||||||||||||||
Series K Unsecured Notes | 400,000 | — | 4.12 | % | June 28, 2032 | ii | ||||||||||||||||||||||||||
Series J Unsecured Notes | 50,000 | 50,000 | 2.95 | % | September 28, 2033 | ii | ||||||||||||||||||||||||||
Total unsecured notes | 1,300,000 | 900,000 | ||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (4,747) | (3,059) | ||||||||||||||||||||||||||||||
Total carrying value unsecured notes, net | 1,295,253 | 896,941 | ||||||||||||||||||||||||||||||
Mortgage notes (secured debt): | ||||||||||||||||||||||||||||||||
Wells Fargo Bank, National Association CMBS Loan | — | 46,610 | 4.31 | % | December 1, 2022 | iii | ||||||||||||||||||||||||||
Thrivent Financial for Lutherans | 3,330 | 3,430 | 4.78 | % | December 15, 2023 | iv | ||||||||||||||||||||||||||
United of Omaha Life Insurance Company | 4,794 | 4,943 | 3.71 | % | October 1, 2039 | ii | ||||||||||||||||||||||||||
Total mortgage notes | 8,124 | 54,983 | ||||||||||||||||||||||||||||||
Net unamortized fair market value discount | (137) | (136) | ||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (6) | (103) | ||||||||||||||||||||||||||||||
Total carrying value mortgage notes, net | 7,981 | 54,744 | ||||||||||||||||||||||||||||||
Total / weighted average interest rate(6) | $ | 2,459,338 | $ | 2,218,262 | 3.29 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Costs Included in Interest Expense (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts | $ | 1,011 | $ | 803 | $ | 2,755 | $ | 2,079 | ||||||||||||||||||
Facility, unused, and other fees | $ | 417 | $ | 443 | $ | 1,103 | $ | 1,269 |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Indebtedness (in thousands) | Principal Outstanding | Fair Value | Principal Outstanding | Fair Value | ||||||||||||||||||||||
Unsecured credit facility | $ | 136,000 | $ | 136,000 | $ | 296,000 | $ | 296,000 | ||||||||||||||||||
Unsecured term loans | 1,025,000 | 1,025,000 | 975,000 | 975,224 | ||||||||||||||||||||||
Unsecured notes | 1,300,000 | 1,145,792 | 900,000 | 937,183 | ||||||||||||||||||||||
Mortgage notes | 8,124 | 7,015 | 54,983 | 56,323 | ||||||||||||||||||||||
Total principal amount | 2,469,124 | $ | 2,313,807 | 2,225,983 | $ | 2,264,730 | ||||||||||||||||||||
Net unamortized fair market value discount | (137) | (136) | ||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (9,649) | (7,585) | ||||||||||||||||||||||||
Total carrying value | $ | 2,459,338 | $ | 2,218,262 |
Interest Rate Derivative Counterparty | Trade Date | Effective Date | Notional Amount (in thousands) | Fair Value (in thousands) | Pay Fixed Interest Rate | Receive Variable Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 116 | 1.8830 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Royal Bank of Canada | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 115 | 1.8980 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 116 | 1.8750 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 115 | 1.8860 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 50,000 | $ | 231 | 1.8850 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,556 | 0.2660 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,559 | 0.2520 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,556 | 0.2660 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,559 | 0.2520 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 874 | 2.9080 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 866 | 2.9190 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 868 | 2.9160 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-24-2018 | Jul-26-2022 | $ | 25,000 | $ | 435 | 2.9120 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,151 | 2.2360 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,158 | 2.2380 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Regions Bank | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,152 | 2.2389 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-16-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,740 | 1.7100 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 150,000 | $ | 12,074 | 0.9520 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 6,007 | 0.9460 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 6,082 | 0.9355 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
Regions Bank | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,302 | 1.3090 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,333 | 1.3090 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,311 | 1.3150 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,730 | 2.6420 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,726 | 2.6530 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
Regions Bank | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,681 | 2.6550 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-27-2022 | Jan-12-2024 | $ | 75,000 | $ | 3,151 | 2.4865 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-27-2022 | Jan-12-2024 | $ | 50,000 | $ | 2,108 | 2.4910 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-27-2022 | Jan-12-2024 | $ | 50,000 | $ | 2,062 | 2.4930 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-27-2022 | Jul-27-2022 | $ | 50,000 | $ | 2,774 | 2.6790 | % | One-month Term SOFR | Jan-25-2028 |
Balance Sheet Line Item (in thousands) | Notional Amount September 30, 2022 | Fair Value September 30, 2022 | Notional Amount December 31, 2021 | Fair Value December 31, 2021 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | 1,650,000 | $ | 77,508 | $ | 600,000 | $ | 5,220 | ||||||||||||||||||
Interest rate swaps-Liability | $ | — | $ | — | $ | 825,000 | $ | (17,052) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Effect of Cash Flow Hedge Accounting (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps | $ | 41,288 | $ | (78) | $ | 85,422 | $ | 5,171 | ||||||||||||||||||
Income (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense | $ | 1,670 | $ | (4,001) | $ | (3,942) | $ | (12,334) | ||||||||||||||||||
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 21,155 | $ | 15,746 | $ | 56,310 | $ | 46,377 |
Fair Value Measurements as of September 30, 2022 Using | ||||||||||||||||||||||||||
Balance Sheet Line Item (in thousands) | Fair Value September 30, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | 77,508 | $ | — | $ | 77,508 | $ | — | ||||||||||||||||||
Interest rate swaps-Liability | $ | — | $ | — | $ | — | $ | — |
Fair Value Measurements as of December 31, 2021 Using | ||||||||||||||||||||||||||
Balance Sheet Line Item (in thousands) | Fair Value December 31, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | 5,220 | $ | — | $ | 5,220 | $ | — | ||||||||||||||||||
Interest rate swaps-Liability | $ | (17,052) | $ | — | $ | (17,052) | $ | — |
Quarter Ended 2021 | Declaration Date | Series C Preferred Stock Per Share | Payment Date | |||||||||||||||||
March 31 | January 11, 2021 | $ | 0.4296875 | March 31, 2021 | ||||||||||||||||
Total | $ | 0.4296875 |
ATM Common Stock Offering Program | Date | Maximum Aggregate Offering Price (in thousands) | Aggregate Available as of September 30, 2022 (in thousands) | |||||||||||||||||
2022 $750 million ATM | February 17, 2022 | $ | 750,000 | $ | 750,000 |
Nine months ended September 30, 2022 | ||||||||||||||||||||
ATM Common Stock Offering Program | Shares Sold | Weighted Average Price Per Share | Net Proceeds (in thousands) | |||||||||||||||||
2019 $600 million ATM(1) | 128,335 | $ | 45.03 | $ | 5,721 | |||||||||||||||
Total/weighted average | 128,335 | $ | 45.03 | $ | 5,721 |
Year ended December 31, 2021 | ||||||||||||||||||||
ATM Common Stock Offering Program(1) | Shares Sold | Weighted Average Price Per Share | Net Proceeds (in thousands) | |||||||||||||||||
2019 $600 million ATM(2) | 5,110,002 | $ | 37.53 | $ | 189,974 | |||||||||||||||
Total/weighted average | 5,110,002 | $ | 37.53 | $ | 189,974 |
Month Ended 2022 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
September 30 | July 12, 2022 | September 30, 2022 | $ | 0.121667 | October 17, 2022 | |||||||||||||||||||||
August 31 | July 12, 2022 | August 31, 2022 | 0.121667 | September 15, 2022 | ||||||||||||||||||||||
July 31 | July 12, 2022 | July 29, 2022 | 0.121667 | August 15, 2022 | ||||||||||||||||||||||
June 30 | April 14, 2022 | June 30, 2022 | 0.121667 | July 15, 2022 | ||||||||||||||||||||||
May 31 | April 14, 2022 | May 31, 2022 | 0.121667 | June 15, 2022 | ||||||||||||||||||||||
April 30 | April 14, 2022 | April 29, 2022 | 0.121667 | May 16, 2022 | ||||||||||||||||||||||
March 31 | January 10, 2022 | March 31, 2022 | 0.121667 | April 18, 2022 | ||||||||||||||||||||||
February 28 | January 10, 2022 | February 28, 2022 | 0.121667 | March 15, 2022 | ||||||||||||||||||||||
January 31 | January 10, 2022 | January 31, 2022 | 0.121667 | February 15, 2022 | ||||||||||||||||||||||
Total | $ | 1.095003 |
Month Ended 2021 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
December 31 | October 13, 2021 | December 31, 2021 | $ | 0.120833 | January 18, 2022 | |||||||||||||||||||||
November 30 | October 13, 2021 | November 30, 2021 | 0.120833 | December 15, 2021 | ||||||||||||||||||||||
October 31 | October 13, 2021 | October 29, 2021 | 0.120833 | November 15, 2021 | ||||||||||||||||||||||
September 30 | July 13, 2021 | September 30, 2021 | 0.120833 | October 15, 2021 | ||||||||||||||||||||||
August 31 | July 13, 2021 | August 31, 2021 | 0.120833 | September 15, 2021 | ||||||||||||||||||||||
July 31 | July 13, 2021 | July 30, 2021 | 0.120833 | August 16, 2021 | ||||||||||||||||||||||
June 30 | April 12, 2021 | June 30, 2021 | 0.120833 | July 15, 2021 | ||||||||||||||||||||||
May 31 | April 12, 2021 | May 28, 2021 | 0.120833 | June 15, 2021 | ||||||||||||||||||||||
April 30 | April 12, 2021 | April 30, 2021 | 0.120833 | May 17, 2021 | ||||||||||||||||||||||
March 31 | January 11, 2021 | March 31, 2021 | 0.120833 | April 15, 2021 | ||||||||||||||||||||||
February 28 | January 11, 2021 | February 26, 2021 | 0.120833 | March 15, 2021 | ||||||||||||||||||||||
January 31 | January 11, 2021 | January 29, 2021 | 0.120833 | February 16, 2021 | ||||||||||||||||||||||
Total | $ | 1.449996 |
Unvested Restricted Shares of Common Stock | Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||||
Balance at December 31, 2020 | 184,890 | $ | 27.70 | |||||||||||
Granted | 90,304 | $ | 29.77 | |||||||||||
Vested | (79,140) | (1) | $ | 27.01 | ||||||||||
Forfeited | (10,339) | $ | 30.32 | |||||||||||
Balance at December 31, 2021 | 185,715 | $ | 28.86 | |||||||||||
Granted | 58,580 | $ | 44.19 | |||||||||||
Vested | (73,556) | (1) | $ | 28.03 | ||||||||||
Forfeited | (10,157) | $ | 35.28 | |||||||||||
Balance at September 30, 2022 | 160,582 | $ | 34.42 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Vested Restricted Shares of Common Stock | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Vested restricted shares of common stock | — | — | 73,556 | 72,788 | ||||||||||||||||||||||
Fair value of vested restricted shares of common stock (in thousands) | $ | — | $ | — | $ | 3,528 | $ | 2,280 |
Noncontrolling Interest | LTIP Units | Other Common Units | Total Noncontrolling Common Units | Noncontrolling Interest | ||||||||||||||||||||||
Balance at December 31, 2020 | 1,692,423 | 1,592,815 | 3,285,238 | 2.0 | % | |||||||||||||||||||||
Granted/Issued | 405,844 | — | 405,844 | N/A | ||||||||||||||||||||||
Forfeited | — | — | — | N/A | ||||||||||||||||||||||
Conversions from LTIP units to Other Common Units | (149,143) | 149,143 | — | N/A | ||||||||||||||||||||||
Redemptions from Other Common Units to common stock | — | (171,318) | (171,318) | N/A | ||||||||||||||||||||||
Balance at December 31, 2021 | 1,949,124 | 1,570,640 | 3,519,764 | 1.9 | % | |||||||||||||||||||||
Granted/Issued | 470,237 | — | 470,237 | N/A | ||||||||||||||||||||||
Forfeited | — | — | — | N/A | ||||||||||||||||||||||
Conversions from LTIP units to Other Common Units | (65,000) | 65,000 | — | N/A | ||||||||||||||||||||||
Redemptions from Other Common Units to common stock | — | (65,000) | (65,000) | N/A | ||||||||||||||||||||||
Balance at September 30, 2022 | 2,354,361 | 1,570,640 | 3,925,001 | 2.1 | % |
LTIP Units | Assumptions | |||||||
Grant date | January 10, 2022 | |||||||
Expected term (years) | 10 | |||||||
Expected stock price volatility | 34.0 | % | ||||||
Expected dividend yield | 4.0 | % | ||||||
Risk-free interest rate | 1.204 | % | ||||||
Fair value of LTIP units at issuance (in thousands) | $ | 4,385 | ||||||
LTIP units at issuance | 104,241 | |||||||
Fair value unit price per LTIP unit at issuance | $ | 42.07 |
Unvested LTIP Units | LTIP Units | Weighted Average Grant Date Fair Value per Unit | ||||||||||||
Balance at December 31, 2020 | 211,448 | $ | 26.54 | |||||||||||
Granted | 405,844 | $ | 28.13 | |||||||||||
Vested | (427,184) | $ | 27.47 | |||||||||||
Forfeited | — | $ | — | |||||||||||
Balance at December 31, 2021 | 190,108 | $ | 27.84 | |||||||||||
Granted | 470,237 | $ | 42.07 | |||||||||||
Vested | (469,799) | $ | 39.31 | |||||||||||
Forfeited | — | $ | — | |||||||||||
Balance at September 30, 2022 | 190,546 | $ | 34.67 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Vested LTIP units | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Vested LTIP units | 25,124 | 59,406 | 469,799 | 288,227 | ||||||||||||||||||||||
Fair value of vested LTIP units (in thousands) | $ | 708 | $ | 2,424 | $ | 20,252 | $ | 9,793 |
Performance Units | Assumptions | |||||||
Grant date | January 10, 2022 | |||||||
Expected stock price volatility | 34.1 | % | ||||||
Expected dividend yield | 4.0 | % | ||||||
Risk-free interest rate | 1.1979 | % | ||||||
Fair value of performance units grant (in thousands) | $ | 6,289 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
Non-Cash Compensation Expense (in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Restricted shares of common stock | $ | 527 | $ | 491 | $ | 1,640 | $ | 1,728 | |||||||||||||||||||||
LTIP units | 709 | 1,163 | (1) | 3,360 | 5,917 | (1) | |||||||||||||||||||||||
Performance units | 1,378 | 1,434 | 4,038 | 4,356 | |||||||||||||||||||||||||
Director compensation(2) | 124 | 122 | 370 | 363 | |||||||||||||||||||||||||
Total non-cash compensation expense | $ | 2,738 | $ | 3,210 | $ | 9,408 | $ | 12,364 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Rental Income (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Fixed lease payments | $ | 127,132 | $ | 106,846 | $ | 371,965 | $ | 311,803 | ||||||||||||||||||
Variable lease payments | 33,039 | 29,107 | 99,531 | 87,990 | ||||||||||||||||||||||
Straight-line rental income | 4,422 | 4,553 | 12,654 | 14,153 | ||||||||||||||||||||||
Net increase (decrease) to rental income related to above and below market lease amortization | 90 | (229) | 191 | (2,039) | ||||||||||||||||||||||
Total rental income | $ | 164,683 | $ | 140,277 | $ | 484,341 | $ | 411,907 |
Year | Maturity of Fixed Lease Payments (in thousands) | |||||||
Remainder of 2022 | $ | 128,838 | ||||||
2023 | $ | 509,699 | ||||||
2024 | $ | 467,321 | ||||||
2025 | $ | 407,061 | ||||||
2026 | $ | 336,429 | ||||||
Thereafter | $ | 1,090,499 |
Operating Lease Term and Discount Rate | September 30, 2022 | December 31, 2021 | ||||||||||||
Weighted average remaining lease term (years) | 31.1 | 29.0 | ||||||||||||
Weighted average discount rate | 6.7 | % | 6.6 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Operating Lease Cost (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating lease cost included in property expense attributable to ground leases | $ | 616 | $ | 417 | $ | 1,754 | $ | 1,251 | ||||||||||||||||||
Operating lease cost included in general and administrative expense attributable to corporate office leases | 437 | 440 | 1,310 | 1,298 | ||||||||||||||||||||||
Total operating lease cost | $ | 1,053 | $ | 857 | $ | 3,064 | $ | 2,549 |
Nine months ended September 30, | ||||||||||||||
Operating Leases (in thousands) | 2022 | 2021 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ | 2,815 | $ | 1,525 | ||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | $ | — | $ | 146 |
Year | Maturity of Operating Lease Liabilities(1) (in thousands) | |||||||
Remainder of 2022 | $ | 969 | ||||||
2023 | 3,875 | |||||||
2024 | 3,914 | |||||||
2025 | 3,959 | |||||||
2026 | 2,993 | |||||||
Thereafter | 83,985 | |||||||
Total lease payments | 99,695 | |||||||
Less: Imputed interest | (64,194) | |||||||
Present value of operating lease liabilities | $ | 35,501 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Earnings Per Share (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 63,271 | $ | 48,444 | $ | 148,352 | $ | 101,951 | ||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted average common shares outstanding — basic | 179,054 | 162,652 | 178,648 | 160,288 | ||||||||||||||||||||||
Effect of dilutive securities(1) | ||||||||||||||||||||||||||
Share-based compensation | 108 | 810 | 142 | 581 | ||||||||||||||||||||||
Weighted average common shares outstanding — diluted | 179,162 | 163,462 | 178,790 | 160,869 | ||||||||||||||||||||||
Net income per share — basic and diluted | ||||||||||||||||||||||||||
Net income per share attributable to common stockholders — basic | $ | 0.35 | $ | 0.30 | $ | 0.83 | $ | 0.64 | ||||||||||||||||||
Net income per share attributable to common stockholders — diluted | $ | 0.35 | $ | 0.30 | $ | 0.83 | $ | 0.63 |
Operating Portfolio | Square Feet | Cash Basis Rent Per Square Foot | SL Rent Per Square Foot | Total Costs Per Square Foot(1) | Cash Rent Change | SL Rent Change | Weighted Average Lease Term(2) (years) | Rental Concessions per Square Foot(3) | ||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 1,135,784 | $ | 5.38 | $ | 5.69 | $ | 2.67 | 19.4 | % | 29.9 | % | 4.8 | $ | 0.25 | ||||||||||||||||||||||||||||||||||||
Renewal Leases | 1,685,721 | $ | 4.52 | $ | 4.81 | $ | 1.74 | 9.5 | % | 21.6 | % | 5.0 | $ | 0.17 | ||||||||||||||||||||||||||||||||||||
Total/weighted average | 2,821,505 | $ | 4.87 | $ | 5.16 | $ | 2.11 | 13.6 | % | 25.1 | % | 4.9 | $ | 0.21 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 3,627,110 | $ | 5.28 | $ | 5.56 | $ | 2.60 | 19.9 | % | 29.7 | % | 5.4 | $ | 0.53 | ||||||||||||||||||||||||||||||||||||
Renewal Leases | 5,561,539 | $ | 4.82 | $ | 5.11 | $ | 1.14 | 10.7 | % | 20.3 | % | 5.0 | $ | 0.16 | ||||||||||||||||||||||||||||||||||||
Total/weighted average | 9,188,649 | $ | 5.00 | $ | 5.29 | $ | 1.72 | 14.3 | % | 24.0 | % | 5.2 | $ | 0.31 |
Lease Expiration Year | Number of Leases Expiring | Total Rentable Square Feet | % of Total Occupied Square Feet | Total Annualized Base Rental Revenue (in thousands) | % of Total Annualized Base Rental Revenue | |||||||||||||||||||||||||||
Available | — | 1,993,759 | — | — | — | |||||||||||||||||||||||||||
Remainder of 2022 | 6 | 663,066 | 0.6 | % | $ | 3,508 | 0.7 | % | ||||||||||||||||||||||||
2023 | 80 | 9,911,545 | 9.0 | % | 45,591 | 8.6 | % | |||||||||||||||||||||||||
2024 | 102 | 13,987,479 | 12.8 | % | 65,917 | 12.4 | % | |||||||||||||||||||||||||
2025 | 102 | 14,689,924 | 13.4 | % | 66,362 | 12.5 | % | |||||||||||||||||||||||||
2026 | 114 | 17,174,618 | 15.7 | % | 83,223 | 15.6 | % | |||||||||||||||||||||||||
2027 | 92 | 13,997,482 | 12.8 | % | 67,915 | 12.8 | % | |||||||||||||||||||||||||
2028 | 55 | 8,376,220 | 7.6 | % | 38,989 | 7.3 | % | |||||||||||||||||||||||||
2029 | 44 | 7,516,081 | 6.9 | % | 37,162 | 7.0 | % | |||||||||||||||||||||||||
2030 | 29 | 4,110,740 | 3.7 | % | 22,978 | 4.3 | % | |||||||||||||||||||||||||
2031 | 41 | 7,312,872 | 6.7 | % | 34,750 | 6.5 | % | |||||||||||||||||||||||||
Thereafter | 52 | 11,839,791 | 10.8 | % | 65,488 | 12.3 | % | |||||||||||||||||||||||||
Total | 717 | 111,573,577 | 100.0 | % | $ | 531,883 | 100.0 | % |
Market(1) | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) | ||||||||||||||||||||||
Kansas City, MO | January 6, 2022 | 702,000 | 1 | $ | 60,428 | |||||||||||||||||||||
Chicago, IL | January 31, 2022 | 72,499 | 1 | 8,128 | ||||||||||||||||||||||
Columbus, OH | February 8, 2022 | 138,213 | 1 | 11,492 | ||||||||||||||||||||||
Cleveland, OH | February 8, 2022 | 136,800 | 1 | 13,001 | ||||||||||||||||||||||
Nashville, TN | March 10, 2022 | 109,807 | 1 | 12,810 | ||||||||||||||||||||||
Greenville/Spartanburg, SC | March 10, 2022 | 289,103 | 1 | 28,274 | ||||||||||||||||||||||
Memphis, TN | March 18, 2022 | 195,622 | 1 | 15,828 | ||||||||||||||||||||||
Greenville/Spartanburg, SC | March 18, 2022 | 155,717 | 1 | 16,390 | ||||||||||||||||||||||
Three months ended March 31, 2022 | 1,799,761 | 8 | 166,351 | |||||||||||||||||||||||
Atlanta, GA | April 1, 2022 | 210,858 | 1 | 21,119 | ||||||||||||||||||||||
Minneapolis/St. Paul, MN | April 4, 2022 | 160,000 | 1 | 13,472 | ||||||||||||||||||||||
West Michigan, MI | April 14, 2022 | 211,125 | 2 | 12,274 | ||||||||||||||||||||||
Pittsburgh, PA | April 19, 2022 | 400,000 | 1 | 50,178 | ||||||||||||||||||||||
Greenville/Spartanburg, SC(2) | April 22, 2022 | — | — | 5,559 | ||||||||||||||||||||||
Birmingham, AL | May 5, 2022 | 67,168 | 1 | 7,871 | ||||||||||||||||||||||
South Bay/San Jose, CA | June 7, 2022 | 175,325 | 1 | 29,630 | ||||||||||||||||||||||
Washington, DC | June 29, 2022 | 140,555 | 1 | 20,257 | ||||||||||||||||||||||
Hampton Roads, VA | June 29, 2022 | 102,512 | 1 | 10,561 | ||||||||||||||||||||||
Three months ended June 30, 2022 | 1,467,543 | 9 | 170,921 | |||||||||||||||||||||||
Atlanta, GA | July 15, 2022 | 159,048 | 1 | 10,062 | ||||||||||||||||||||||
Fresno, CA | July 25, 2022 | 232,072 | 1 | 30,121 | ||||||||||||||||||||||
El Paso, TX | July 26, 2022 | 326,166 | 4 | 37,792 | ||||||||||||||||||||||
Portland, OR | September 12, 2022 | 78,000 | 1 | 11,281 | ||||||||||||||||||||||
Louisville, KY | September 21, 2022 | 563,032 | 1 | 38,064 | ||||||||||||||||||||||
Three months ended September 30, 2022 | 1,358,318 | 8 | 127,320 | |||||||||||||||||||||||
Nine months ended September 30, 2022 | 4,625,622 | 25 | $ | 464,592 |
Top 20 Markets(1) | % of Total Annualized Base Rental Revenue | |||||||
Chicago, IL | 7.6 | % | ||||||
Philadelphia, PA | 7.3 | % | ||||||
Greenville/Spartanburg, SC | 5.5 | % | ||||||
Milwaukee/Madison, WI | 4.4 | % | ||||||
Detroit, MI | 4.3 | % | ||||||
Pittsburgh, PA | 4.2 | % | ||||||
Columbus, OH | 4.1 | % | ||||||
Minneapolis/St Paul, MN | 3.7 | % | ||||||
Houston, TX | 2.9 | % | ||||||
West Michigan, MI | 2.5 | % | ||||||
Charlotte, NC | 2.5 | % | ||||||
El Paso, TX | 2.5 | % | ||||||
Cleveland, OH | 1.9 | % | ||||||
Boston, MA | 1.8 | % | ||||||
Indianapolis, IN | 1.8 | % | ||||||
Kansas City, MO | 1.8 | % | ||||||
Washington, DC | 1.7 | % | ||||||
Columbia, SC | 1.6 | % | ||||||
Westchester/So Connecticut, CT/NY | 1.5 | % | ||||||
Cincinnati/Dayton, OH | 1.5 | % | ||||||
Total | 65.1 | % |
Top 20 Tenant Industries(1) | % of Total Annualized Base Rental Revenue | |||||||
Air Freight & Logistics | 10.9 | % | ||||||
Containers & Packaging | 8.2 | % | ||||||
Auto Components | 7.4 | % | ||||||
Commercial Services & Supplies | 5.3 | % | ||||||
Machinery | 5.2 | % | ||||||
Trading Companies & Distribution (Industrial Goods) | 5.1 | % | ||||||
Internet & Direct Market Retail | 4.8 | % | ||||||
Household Durables | 4.4 | % | ||||||
Distributors (Consumer Goods) | 4.3 | % | ||||||
Food & Staples Retailing | 3.5 | % | ||||||
Media | 3.2 | % | ||||||
Building Products | 3.1 | % | ||||||
Specialty Retail | 2.8 | % | ||||||
Food Products | 2.3 | % | ||||||
Chemicals | 2.2 | % | ||||||
Electronic Equip, Instruments | 2.2 | % | ||||||
Road & Rail | 2.1 | % | ||||||
Beverages | 2.0 | % | ||||||
Textiles, Apparel, Luxury Goods | 2.0 | % | ||||||
Health Care Equipment & Supplies | 1.8 | % | ||||||
Total | 82.8 | % |
Top 20 Tenants(1) | Number of Leases | % of Total Annualized Base Rental Revenue | ||||||||||||
Amazon | 7 | 3.0 | % | |||||||||||
Eastern Metal Supply, Inc. | 5 | 0.9 | % | |||||||||||
American Tire Distributors, Inc. | 7 | 0.9 | % | |||||||||||
Tempur Sealy International, Inc. | 2 | 0.8 | % | |||||||||||
Lippert Component Manufacturing | 5 | 0.8 | % | |||||||||||
Kenco Logistic Services, LLC | 3 | 0.8 | % | |||||||||||
Penguin Random House, LLC | 1 | 0.8 | % | |||||||||||
FedEx Corporation | 3 | 0.8 | % | |||||||||||
WestRock Company | 7 | 0.7 | % | |||||||||||
DS Smith North America | 2 | 0.7 | % | |||||||||||
GXO Logistics, Inc. | 2 | 0.7 | % | |||||||||||
Yanfeng US Automotive Interior | 2 | 0.7 | % | |||||||||||
DHL Supply Chain | 4 | 0.7 | % | |||||||||||
Carolina Beverage Group | 3 | 0.7 | % | |||||||||||
LKQ Corporation | 4 | 0.7 | % | |||||||||||
Berlin Packaging L.L.C. | 4 | 0.7 | % | |||||||||||
Ford Motor Company | 1 | 0.6 | % | |||||||||||
Iron Mountain Information Management | 5 | 0.6 | % | |||||||||||
Hachette Book Group, Inc. | 1 | 0.6 | % | |||||||||||
Schneider Electric USA, Inc. | 3 | 0.6 | % | |||||||||||
Total | 71 | 16.8 | % |
Same Store Portfolio | Acquisitions/Dispositions | Other | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Change | Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 133,528 | $ | 128,058 | $ | 5,470 | 4.3 | % | $ | 26,318 | $ | 10,286 | $ | 4,837 | $ | 1,933 | $ | 164,683 | $ | 140,277 | $ | 24,406 | 17.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other income | 61 | 147 | (86) | (58.5) | % | 106 | — | 1,455 | 1,690 | 1,622 | 1,837 | (215) | (11.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | 133,589 | 128,205 | 5,384 | 4.2 | % | 26,424 | 10,286 | 6,292 | 3,623 | 166,305 | 142,114 | 24,191 | 17.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | 24,327 | 24,542 | (215) | (0.9) | % | 4,656 | 1,846 | 1,104 | 354 | 30,087 | 26,742 | 3,345 | 12.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income(1) | $ | 109,262 | $ | 103,663 | $ | 5,599 | 5.4 | % | $ | 21,768 | $ | 8,440 | $ | 5,188 | $ | 3,269 | 136,218 | 115,372 | 20,846 | 18.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 10,884 | 12,668 | (1,784) | (14.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 69,456 | 59,246 | 10,210 | 17.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment | 1,783 | — | 1,783 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 578 | 821 | (243) | (29.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | 82,701 | 72,735 | 9,966 | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 112,788 | 99,477 | 13,311 | 13.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 26 | 30 | (4) | (13.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (21,155) | (15,746) | (5,409) | 34.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment and modification expenses | (838) | — | (838) | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on the sales of rental property, net | 33,168 | 22,662 | 10,506 | 46.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | 11,201 | 6,946 | 4,255 | 61.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 64,718 | $ | 49,583 | $ | 15,135 | 30.5 | % |
Same Store Portfolio | Acquisitions/Dispositions | Other | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | Change | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 396,401 | $ | 384,651 | $ | 11,750 | 3.1 | % | $ | 73,572 | $ | 22,026 | $ | 14,368 | $ | 5,230 | $ | 484,341 | $ | 411,907 | $ | 72,434 | 17.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other income | 286 | 421 | (135) | (32.1) | % | 212 | 68 | 2,175 | 2,140 | 2,673 | 2,629 | 44 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | 396,687 | 385,072 | 11,615 | 3.0 | % | 73,784 | 22,094 | 16,543 | 7,370 | 487,014 | 414,536 | 72,478 | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | 74,094 | 72,849 | 1,245 | 1.7 | % | 13,241 | 5,081 | 3,401 | 1,170 | 90,736 | 79,100 | 11,636 | 14.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income(1) | $ | 322,593 | $ | 312,223 | $ | 10,370 | 3.3 | % | $ | 60,543 | $ | 17,013 | $ | 13,142 | $ | 6,200 | 396,278 | 335,436 | 60,842 | 18.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 35,431 | 38,036 | (2,605) | (6.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 206,101 | 174,985 | 31,116 | 17.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment | 1,783 | — | 1,783 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 1,607 | 2,184 | (577) | (26.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | 244,922 | 215,205 | 29,717 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 335,658 | 294,305 | 41,353 | 14.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 83 | 92 | (9) | (9.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (56,310) | (46,377) | (9,933) | 21.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment and modification expenses | (838) | (679) | (159) | 23.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on the sales of rental property, net | 57,499 | 35,047 | 22,452 | 64.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | 434 | (11,917) | 12,351 | 103.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 151,790 | $ | 108,314 | $ | 43,476 | 40.1 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Reconciliation of Net Income to FFO (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 64,718 | $ | 49,583 | $ | 151,790 | $ | 108,314 | ||||||||||||||||||
Rental property depreciation and amortization | 69,400 | 59,195 | 205,938 | 174,825 | ||||||||||||||||||||||
Loss on impairment | 1,783 | — | 1,783 | — | ||||||||||||||||||||||
Gain on the sales of rental property, net | (33,168) | (22,662) | (57,499) | (35,047) | ||||||||||||||||||||||
FFO | 102,733 | 86,116 | 302,012 | 248,092 | ||||||||||||||||||||||
Preferred stock dividends | — | — | — | (1,289) | ||||||||||||||||||||||
Redemption of preferred stock | — | — | — | (2,582) | ||||||||||||||||||||||
Amount allocated to restricted shares of common stock and unvested units | (134) | (206) | (436) | (667) | ||||||||||||||||||||||
FFO attributable to common stockholders and unit holders | $ | 102,599 | $ | 85,910 | $ | 301,576 | $ | 243,554 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Reconciliation of Net Income to NOI (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 64,718 | $ | 49,583 | $ | 151,790 | $ | 108,314 | ||||||||||||||||||
General and administrative | 10,884 | 12,668 | 35,431 | 38,036 | ||||||||||||||||||||||
Depreciation and amortization | 69,456 | 59,246 | 206,101 | 174,985 | ||||||||||||||||||||||
Interest and other income | (26) | (30) | (83) | (92) | ||||||||||||||||||||||
Interest expense | 21,155 | 15,746 | 56,310 | 46,377 | ||||||||||||||||||||||
Loss on impairment | 1,783 | — | 1,783 | — | ||||||||||||||||||||||
Debt extinguishment and modification expenses | 838 | — | 838 | 679 | ||||||||||||||||||||||
Other expenses | 578 | 821 | 1,607 | 2,184 | ||||||||||||||||||||||
Gain on the sales of rental property, net | (33,168) | (22,662) | (57,499) | (35,047) | ||||||||||||||||||||||
Net operating income | $ | 136,218 | $ | 115,372 | $ | 396,278 | $ | 335,436 |
Nine months ended September 30, | Change | |||||||||||||||||||||||||
Cash Flows (dollars in thousands) | 2022 | 2021 | $ | % | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 297,869 | $ | 254,613 | $ | 43,256 | 17.0 | % | ||||||||||||||||||
Net cash used in investing activities | $ | 397,321 | $ | 602,983 | $ | (205,662) | (34.1) | % | ||||||||||||||||||
Net cash provided by financing activities | $ | 90,707 | $ | 374,204 | $ | (283,497) | (75.8) | % |
Month Ended 2022 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
September 30 | July 12, 2022 | September 30, 2022 | $ | 0.121667 | October 17, 2022 | |||||||||||||||||||||
August 31 | July 12, 2022 | August 31, 2022 | 0.121667 | September 15, 2022 | ||||||||||||||||||||||
July 31 | July 12, 2022 | July 29, 2022 | 0.121667 | August 15, 2022 | ||||||||||||||||||||||
June 30 | April 14, 2022 | June 30, 2022 | 0.121667 | July 15, 2022 | ||||||||||||||||||||||
May 31 | April 14, 2022 | May 31, 2022 | 0.121667 | June 15, 2022 | ||||||||||||||||||||||
April 30 | April 14, 2022 | April 29, 2022 | 0.121667 | May 16, 2022 | ||||||||||||||||||||||
March 31 | January 10, 2022 | March 31, 2022 | 0.121667 | April 18, 2022 | ||||||||||||||||||||||
February 28 | January 10, 2022 | February 28, 2022 | 0.121667 | March 15, 2022 | ||||||||||||||||||||||
January 31 | January 10, 2022 | January 31, 2022 | 0.121667 | February 15, 2022 | ||||||||||||||||||||||
Total | $ | 1.095003 |
Loan | Principal Outstanding as of September 30, 2022 (in thousands) | Interest Rate(1)(2) | Maturity Date | Prepayment Terms(3) | ||||||||||||||||||||||
Unsecured credit facility: | ||||||||||||||||||||||||||
Unsecured Credit Facility(4) | $ | 136,000 | Term SOFR + 0.775% | October 23, 2026 | i | |||||||||||||||||||||
Total unsecured credit facility | 136,000 | |||||||||||||||||||||||||
Unsecured term loans: | ||||||||||||||||||||||||||
Unsecured Term Loan F | 200,000 | 2.96 | % | January 12, 2025 | i | |||||||||||||||||||||
Unsecured Term Loan G | 300,000 | 1.11 | % | February 5, 2026 | i | |||||||||||||||||||||
Unsecured Term Loan A | 150,000 | 2.16 | % | March 15, 2027 | i | |||||||||||||||||||||
Unsecured Term Loan H | 187,500 | 3.75 | % | January 25, 2028 | i | |||||||||||||||||||||
Unsecured Term Loan I | 187,500 | 2.89 | % | January 25, 2028 | i | |||||||||||||||||||||
Total unsecured term loans | 1,025,000 | |||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (4,896) | |||||||||||||||||||||||||
Total carrying value unsecured term loans, net | 1,020,104 | |||||||||||||||||||||||||
Unsecured notes: | ||||||||||||||||||||||||||
Series F Unsecured Notes | 100,000 | 3.98 | % | January 5, 2023 | ii | |||||||||||||||||||||
Series A Unsecured Notes | 50,000 | 4.98 | % | October 1, 2024 | ii | |||||||||||||||||||||
Series D Unsecured Notes | 100,000 | 4.32 | % | February 20, 2025 | ii | |||||||||||||||||||||
Series G Unsecured Notes | 75,000 | 4.10 | % | June 13, 2025 | ii | |||||||||||||||||||||
Series B Unsecured Notes | 50,000 | 4.98 | % | July 1, 2026 | ii | |||||||||||||||||||||
Series C Unsecured Notes | 80,000 | 4.42 | % | December 30, 2026 | ii | |||||||||||||||||||||
Series E Unsecured Notes | 20,000 | 4.42 | % | February 20, 2027 | ii | |||||||||||||||||||||
Series H Unsecured Notes | 100,000 | 4.27 | % | June 13, 2028 | ii | |||||||||||||||||||||
Series I Unsecured Notes | 275,000 | 2.80 | % | September 29, 2031 | ii | |||||||||||||||||||||
Series K Unsecured Notes | 400,000 | 4.12 | % | June 28, 2032 | ii | |||||||||||||||||||||
Series J Unsecured Notes | 50,000 | 2.95 | % | September 28, 2033 | ii | |||||||||||||||||||||
Total unsecured notes | 1,300,000 | |||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (4,747) | |||||||||||||||||||||||||
Total carrying value unsecured notes, net | 1,295,253 | |||||||||||||||||||||||||
Mortgage notes (secured debt): | ||||||||||||||||||||||||||
Thrivent Financial for Lutherans | 3,330 | 4.78 | % | December 15, 2023 | iii | |||||||||||||||||||||
United of Omaha Life Insurance Company | 4,794 | 3.71 | % | October 1, 2039 | ii | |||||||||||||||||||||
Total mortgage notes | 8,124 | |||||||||||||||||||||||||
Net unamortized fair market value discount | (137) | |||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (6) | |||||||||||||||||||||||||
Total carrying value mortgage notes, net | 7,981 | |||||||||||||||||||||||||
Total / weighted average interest rate(5) | $ | 2,459,338 | 3.29 | % |
Debt Capital Structure | September 30, 2022 | |||||||
Total principal outstanding (in thousands) | $ | 2,469,124 | ||||||
Weighted average duration (years) | 5.4 | |||||||
% Secured debt | 0.3 | % | ||||||
% Debt maturing next 12 months | 4.1 | % | ||||||
Net Debt to Real Estate Cost Basis(1) | 35.6 | % |
ATM Common Stock Offering Program | Date | Maximum Aggregate Offering Price (in thousands) | Aggregate Available as of September 30, 2022 (in thousands) | |||||||||||||||||
2022 $750 million ATM | February 17, 2022 | $ | 750,000 | $ | 750,000 |
Interest Rate Derivative Counterparty | Trade Date | Effective Date | Notional Amount (in thousands) | Fair Value (in thousands) | Pay Fixed Interest Rate | Receive Variable Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 116 | 1.8830 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Royal Bank of Canada | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 115 | 1.8980 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 116 | 1.8750 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 25,000 | $ | 115 | 1.8860 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Jul-28-2022 | $ | 50,000 | $ | 231 | 1.8850 | % | One-month Term SOFR | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,556 | 0.2660 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,559 | 0.2520 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,556 | 0.2660 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Aug-10-2022 | $ | 75,000 | $ | 1,559 | 0.2520 | % | One-month Term SOFR | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 874 | 2.9080 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 866 | 2.9190 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-24-2018 | Jul-26-2022 | $ | 50,000 | $ | 868 | 2.9160 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-24-2018 | Jul-26-2022 | $ | 25,000 | $ | 435 | 2.9120 | % | One-month Term SOFR | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,151 | 2.2360 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,158 | 2.2380 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Regions Bank | May-02-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,152 | 2.2389 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-16-2019 | Aug-15-2022 | $ | 50,000 | $ | 2,740 | 1.7100 | % | One-month Term SOFR | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 150,000 | $ | 12,074 | 0.9520 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 6,007 | 0.9460 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 6,082 | 0.9355 | % | One-month Term SOFR | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
Regions Bank | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,302 | 1.3090 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,333 | 1.3090 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Oct-26-2021 | Aug-01-2022 | $ | 50,000 | $ | 5,311 | 1.3150 | % | One-month Term SOFR | Mar-15-2027 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,730 | 2.6420 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,726 | 2.6530 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
Regions Bank | Jul-27-2022 | Jan-04-2023 | $ | 50,000 | $ | 2,681 | 2.6550 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-27-2022 | Jan-12-2024 | $ | 75,000 | $ | 3,151 | 2.4865 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-27-2022 | Jan-12-2024 | $ | 50,000 | $ | 2,108 | 2.4910 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-27-2022 | Jan-12-2024 | $ | 50,000 | $ | 2,062 | 2.4930 | % | One-month Term SOFR | Jan-25-2028 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-27-2022 | Jul-27-2022 | $ | 50,000 | $ | 2,774 | 2.6790 | % | One-month Term SOFR | Jan-25-2028 |
Exhibit Number | Description of Document | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
31.1 * | ||||||||
31.2 * | ||||||||
32.1 ** | ||||||||
101.INS * | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH * | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL * | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF * | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB * | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE * | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 * | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |
STAG INDUSTRIAL, INC. | ||||||||
Date: October 27, 2022 | BY: | /s/ MATTS S. PINARD | ||||||
Matts S. Pinard | ||||||||
Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer) | ||||||||
BY: | /s/ JACLYN M. PAUL | |||||||
Jaclyn M. Paul | ||||||||
Chief Accounting Officer (Principal Accounting Officer) |
1 Year Stag Industrial Chart |
1 Month Stag Industrial Chart |
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