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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stag Industrial Inc | NYSE:STAG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.42 | 1.22% | 34.81 | 35.32 | 34.09 | 34.575 | 1,675,846 | 00:47:00 |
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Maryland
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27-3099608
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(State or other jurisdiction
of incorporation or organization)
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(IRS Employer
Identification No.)
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|
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One Federal Street, 23rd Floor
Boston, Massachusetts
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02110
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Emerging growth company
¨
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Class
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Outstanding at October 31, 2017
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Common Stock ($0.01 par value)
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94,082,595
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6.625% Series B Cumulative Redeemable Preferred Stock ($0.01 par value)
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2,800,000
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6.875% Series C Cumulative Redeemable Preferred Stock ($0.01 par value)
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3,000,000
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September 30, 2017
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December 31, 2016
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||||
Assets
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||||
Rental Property:
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||||
Land
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$
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321,365
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$
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272,162
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Buildings and improvements, net of accumulated depreciation of $234,349 and $187,413, respectively
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1,880,350
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1,550,141
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Deferred leasing intangibles, net of accumulated amortization of $273,602 and $237,456, respectively
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318,915
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294,533
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Total rental property, net
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2,520,630
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2,116,836
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Cash and cash equivalents
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11,040
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12,192
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Restricted cash
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3,547
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9,613
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Tenant accounts receivable, net
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30,591
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25,223
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Prepaid expenses and other assets
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27,721
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20,821
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Interest rate swaps
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2,270
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1,471
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Assets held for sale, net
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5,673
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—
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Total assets
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$
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2,601,472
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$
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2,186,156
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Liabilities and Equity
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||||
Liabilities:
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Unsecured credit facility
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$
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245,000
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$
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28,000
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Unsecured term loans, net
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446,066
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446,608
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Unsecured notes, net
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398,168
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397,966
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Mortgage notes, net
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58,695
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163,565
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Accounts payable, accrued expenses and other liabilities
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54,539
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35,389
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Interest rate swaps
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2,873
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2,438
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Tenant prepaid rent and security deposits
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18,765
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15,195
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Dividends and distributions payable
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11,516
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9,728
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Deferred leasing intangibles, net of accumulated amortization of $12,487 and $10,450, respective
ly
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21,127
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20,341
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Total liabilities
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1,256,749
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1,119,230
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Commitments and contingencies (Note 10)
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Equity:
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Preferred stock, par value $0.01 per share, 15,000,000 shares authorized,
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Series B, 2,800,000 shares (liquidation preference of $25.00 per share) issued and outstanding at September 30, 2017 and December 31, 2016
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70,000
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70,000
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Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at September 30, 2017 and December 31, 2016
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75,000
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75,000
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Common stock, par value $0.01 per share, 150,000,000 shares authorized, 93,862,783 and 80,352,304 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
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939
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804
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Additional paid-in capital
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1,638,309
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1,293,706
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Common stock dividends in excess of earnings
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(489,078
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)
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(410,978
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)
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Accumulated other comprehensive loss
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(1,209
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)
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(1,496
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)
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Total stockholders’ equity
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1,293,961
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1,027,036
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Noncontrolling interest
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50,762
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39,890
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Total equity
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1,344,723
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1,066,926
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Total liabilities and equity
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$
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2,601,472
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$
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2,186,156
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Three months ended September 30,
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Nine months ended September 30,
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2017
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2016
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2017
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2016
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Revenue
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|||||
Rental income
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$
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65,673
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$
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53,511
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$
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186,621
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$
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156,575
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Tenant recoveries
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12,366
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8,911
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32,952
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26,807
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Other income
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105
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173
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244
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327
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Total revenue
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78,144
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62,595
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219,817
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183,709
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Expenses
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Property
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15,401
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11,258
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42,312
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35,672
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General and administrative
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8,380
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7,603
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25,090
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26,373
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||||
Property acquisition costs
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1,386
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1,978
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4,684
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3,113
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|
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Depreciation and amortization
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38,186
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31,489
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110,286
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91,725
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|
||||
Loss on impairments
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—
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—
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—
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11,231
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|
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Loss on involuntary conversion
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—
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—
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330
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—
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|
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Other expenses
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58
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279
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1,502
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|
857
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|
||||
Total expenses
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63,411
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52,607
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184,204
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168,971
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|
||||
Other income (expense)
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Interest income
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2
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3
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10
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8
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|
||||
Interest expense
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(10,446
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)
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(10,504
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)
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(31,557
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)
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(31,841
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)
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||||
Loss on extinguishment of debt
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(13
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)
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—
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(15
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)
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(1,973
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)
|
||||
Gain on the sales of rental property, net
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17,563
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643
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19,225
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21,589
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|
||||
Total other income (expense)
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7,106
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(9,858
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)
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(12,337
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)
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(12,217
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)
|
||||
Net income
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$
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21,839
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$
|
130
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$
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23,276
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$
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2,521
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Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
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828
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(190
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)
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673
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|
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(424
|
)
|
||||
Net income attributable to STAG Industrial, Inc.
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$
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21,011
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$
|
320
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$
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22,603
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$
|
2,945
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Less: preferred stock dividends
|
2,449
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|
|
4,001
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|
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7,345
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|
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10,914
|
|
||||
Less: amount allocated to participating securities
|
84
|
|
|
95
|
|
|
250
|
|
|
289
|
|
||||
Net income (loss) attributable to common stockholders
|
$
|
18,478
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|
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$
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(3,776
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)
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$
|
15,008
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|
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$
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(8,258
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)
|
Weighted average common shares outstanding — basic
|
92,786,852
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71,130,848
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87,632,167
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68,984,670
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|
||||
Weighted average common shares outstanding — diluted
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93,434,974
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71,130,848
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88,238,140
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68,984,670
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|
||||
Net income (loss) per share — basic and diluted
|
|
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|
|||||
Net income (loss) per share attributable to common stockholders — basic
|
$
|
0.20
|
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|
$
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(0.05
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.12
|
)
|
Net income (loss) per share attributable to common stockholders — diluted
|
$
|
0.20
|
|
|
$
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(0.05
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.12
|
)
|
|
Three months ended September 30,
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Nine months ended September 30,
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||||||||||||
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2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
21,839
|
|
|
$
|
130
|
|
|
$
|
23,276
|
|
|
$
|
2,521
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Income (loss) on interest rate swaps
|
598
|
|
|
2,863
|
|
|
300
|
|
|
(14,028
|
)
|
||||
Other comprehensive income (loss)
|
598
|
|
|
2,863
|
|
|
300
|
|
|
(14,028
|
)
|
||||
Comprehensive income (loss)
|
22,437
|
|
|
2,993
|
|
|
23,576
|
|
|
(11,507
|
)
|
||||
(Income) loss attributable to noncontrolling interest after preferred stock dividends
|
(828
|
)
|
|
190
|
|
|
(673
|
)
|
|
424
|
|
||||
Other comprehensive (income) loss attributable to noncontrolling interest
|
(26
|
)
|
|
(140
|
)
|
|
(13
|
)
|
|
709
|
|
||||
Comprehensive income (loss) attributable to STAG Industrial, Inc.
|
$
|
21,583
|
|
|
$
|
3,043
|
|
|
$
|
22,890
|
|
|
$
|
(10,374
|
)
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Common Stock Dividends in excess of Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
|
Noncontrolling Interest - Unit holders in Operating Partnership
|
|
Total Equity
|
|||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance, December 31, 2016
|
$
|
145,000
|
|
|
80,352,304
|
|
|
$
|
804
|
|
|
$
|
1,293,706
|
|
|
$
|
(410,978
|
)
|
|
$
|
(1,496
|
)
|
|
$
|
1,027,036
|
|
|
$
|
39,890
|
|
|
$
|
1,066,926
|
|
Proceeds from sales of common stock
|
—
|
|
|
13,165,996
|
|
|
132
|
|
|
339,492
|
|
|
—
|
|
|
—
|
|
|
339,624
|
|
|
—
|
|
|
339,624
|
|
||||||||
Offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,746
|
)
|
|
—
|
|
|
—
|
|
|
(4,746
|
)
|
|
—
|
|
|
(4,746
|
)
|
||||||||
Dividends and distributions, net
|
(7,345
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93,164
|
)
|
|
—
|
|
|
(100,509
|
)
|
|
(4,932
|
)
|
|
(105,441
|
)
|
||||||||
Non-cash compensation activity
|
—
|
|
|
43,492
|
|
|
—
|
|
|
2,911
|
|
|
(194
|
)
|
|
—
|
|
|
2,717
|
|
|
3,509
|
|
|
6,226
|
|
||||||||
Redemption of common units to common stock
|
—
|
|
|
300,991
|
|
|
3
|
|
|
3,314
|
|
|
—
|
|
|
—
|
|
|
3,317
|
|
|
(3,317
|
)
|
|
—
|
|
||||||||
Issuance of units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,558
|
|
|
18,558
|
|
||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
3,632
|
|
|
—
|
|
|
—
|
|
|
3,632
|
|
|
(3,632
|
)
|
|
—
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
287
|
|
|
287
|
|
|
13
|
|
|
300
|
|
||||||||
Net income
|
7,345
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,258
|
|
|
—
|
|
|
22,603
|
|
|
673
|
|
|
23,276
|
|
||||||||
Balance, September 30, 2017
|
$
|
145,000
|
|
|
93,862,783
|
|
|
$
|
939
|
|
|
$
|
1,638,309
|
|
|
$
|
(489,078
|
)
|
|
$
|
(1,209
|
)
|
|
$
|
1,293,961
|
|
|
$
|
50,762
|
|
|
$
|
1,344,723
|
|
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance, December 31, 2015
|
$
|
139,000
|
|
|
68,077,333
|
|
|
$
|
681
|
|
|
$
|
1,017,397
|
|
|
$
|
(332,271
|
)
|
|
$
|
(2,350
|
)
|
|
$
|
822,457
|
|
|
$
|
35,400
|
|
|
$
|
857,857
|
|
Proceeds from sales of common stock
|
—
|
|
|
4,201,500
|
|
|
42
|
|
|
100,672
|
|
|
—
|
|
|
—
|
|
|
100,714
|
|
|
—
|
|
|
100,714
|
|
||||||||
Issuance of series C preferred stock
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|
—
|
|
|
75,000
|
|
||||||||
Offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,315
|
)
|
|
—
|
|
|
—
|
|
|
(4,315
|
)
|
|
—
|
|
|
(4,315
|
)
|
||||||||
Dividends and distributions, net
|
(10,914
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72,436
|
)
|
|
—
|
|
|
(83,350
|
)
|
|
(4,118
|
)
|
|
(87,468
|
)
|
||||||||
Non-cash compensation activity
|
—
|
|
|
112,684
|
|
|
1
|
|
|
2,745
|
|
|
—
|
|
|
—
|
|
|
2,746
|
|
|
4,986
|
|
|
7,732
|
|
||||||||
Redemption of common units to common stock
|
—
|
|
|
68,492
|
|
|
1
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
617
|
|
|
(617
|
)
|
|
—
|
|
||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
57
|
|
|
—
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,319
|
)
|
|
(13,319
|
)
|
|
(709
|
)
|
|
(14,028
|
)
|
||||||||
Net income (loss)
|
10,914
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,969
|
)
|
|
—
|
|
|
2,945
|
|
|
(424
|
)
|
|
2,521
|
|
||||||||
Balance, September 30, 2016
|
$
|
214,000
|
|
|
72,460,009
|
|
|
$
|
725
|
|
|
$
|
1,117,058
|
|
|
$
|
(412,676
|
)
|
|
$
|
(15,669
|
)
|
|
$
|
903,438
|
|
|
$
|
34,575
|
|
|
$
|
938,013
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
23,276
|
|
|
$
|
2,521
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
110,286
|
|
|
91,725
|
|
||
Loss on impairments
|
—
|
|
|
11,231
|
|
||
Loss on involuntary conversion
|
330
|
|
|
—
|
|
||
Non-cash portion of interest expense
|
1,465
|
|
|
1,208
|
|
||
Intangible amortization in rental income, net
|
3,873
|
|
|
4,751
|
|
||
Straight-line rent adjustments, net
|
(4,855
|
)
|
|
(2,205
|
)
|
||
Dividends on forfeited equity compensation
|
2
|
|
|
3
|
|
||
Loss on extinguishment of debt
|
15
|
|
|
1,973
|
|
||
Gain on the sales of rental property, net
|
(19,225
|
)
|
|
(21,589
|
)
|
||
Non-cash compensation expense
|
7,159
|
|
|
7,692
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Tenant accounts receivable, net
|
(955
|
)
|
|
(215
|
)
|
||
Restricted cash
|
483
|
|
|
(461
|
)
|
||
Prepaid expenses and other assets
|
(10,479
|
)
|
|
(7,375
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
5,572
|
|
|
8,128
|
|
||
Tenant prepaid rent and security deposits
|
3,570
|
|
|
518
|
|
||
Total adjustments
|
97,241
|
|
|
95,384
|
|
||
Net cash provided by operating activities
|
120,517
|
|
|
97,905
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Acquisitions of land and buildings and improvements
|
(405,790
|
)
|
|
(195,893
|
)
|
||
Additions of land and building and improvements
|
(27,539
|
)
|
|
(20,703
|
)
|
||
Proceeds from sales of rental property, net
|
43,454
|
|
|
50,301
|
|
||
Proceeds from insurance on involuntary conversion
|
857
|
|
|
—
|
|
||
Restricted cash
|
5,583
|
|
|
(469
|
)
|
||
Acquisition deposits, net
|
685
|
|
|
(1,315
|
)
|
||
Acquisitions of deferred leasing intangibles
|
(79,961
|
)
|
|
(51,937
|
)
|
||
Net cash used in investing activities
|
(462,711
|
)
|
|
(220,016
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from sale of series C preferred stock
|
—
|
|
|
75,000
|
|
||
Proceeds from unsecured credit facility
|
538,000
|
|
|
286,000
|
|
||
Repayment of unsecured credit facility
|
(321,000
|
)
|
|
(213,000
|
)
|
||
Repayment of mortgage notes
|
(105,027
|
)
|
|
(33,084
|
)
|
||
Payment of loan fees and costs
|
(1,170
|
)
|
|
(140
|
)
|
||
Payment of loan prepayment fees and costs
|
(15
|
)
|
|
(1,969
|
)
|
||
Dividends and distributions
|
(103,655
|
)
|
|
(86,890
|
)
|
||
Proceeds from sales of common stock
|
339,624
|
|
|
100,714
|
|
||
Repurchase and retirement of restricted stock
|
(969
|
)
|
|
—
|
|
||
Offering costs
|
(4,746
|
)
|
|
(4,258
|
)
|
||
Net cash provided by financing activities
|
341,042
|
|
|
122,373
|
|
||
Increase (decrease) in cash and cash equivalents
|
(1,152
|
)
|
|
262
|
|
||
Cash and cash equivalents—beginning of period
|
12,192
|
|
|
12,011
|
|
||
Cash and cash equivalents—end of period
|
$
|
11,040
|
|
|
$
|
12,273
|
|
Supplemental disclosure:
|
|
|
|
||||
Cash paid for interest, net of capitalized interest
|
$
|
30,476
|
|
|
$
|
29,127
|
|
Supplemental schedule of non-cash investing and financing activities
|
|
|
|
||||
Issuance of units for acquisitions of land and building and improvements and deferred leasing intangibles
|
$
|
18,558
|
|
|
$
|
—
|
|
Acquisitions of land and buildings and improvements
|
$
|
(17,304
|
)
|
|
$
|
(3,392
|
)
|
Acquisitions of deferred leasing intangibles
|
$
|
(2,064
|
)
|
|
$
|
(938
|
)
|
Partial disposal of building due to involuntary conversion of building
|
$
|
363
|
|
|
$
|
492
|
|
Investing other receivables due to involuntary conversion of building
|
$
|
(363
|
)
|
|
$
|
(492
|
)
|
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities
|
$
|
(13,201
|
)
|
|
$
|
(1,587
|
)
|
Additions to building and other capital improvements from non-cash compensation
|
$
|
(24
|
)
|
|
$
|
(14
|
)
|
Assumption of mortgage notes
|
$
|
—
|
|
|
$
|
4,037
|
|
Fair market value adjustment to mortgage notes acquired
|
$
|
—
|
|
|
$
|
75
|
|
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities
|
$
|
30
|
|
|
$
|
6
|
|
Dividends and distributions declared but not paid
|
$
|
11,516
|
|
|
$
|
8,814
|
|
Effect of Revision As of and For the Three and Nine Months Ended September 30, 2016
|
|
As Previously Reported
|
|
Adjustment
|
|
As Revised
|
||||||
Consolidated Balance Sheet, September 30, 2016
|
|
|
|
|
|
|
||||||
Total equity
|
|
$
|
933,942
|
|
|
$
|
4,071
|
|
|
$
|
938,013
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Operations, Three Months Ended September 30, 2016
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
$
|
32,020
|
|
|
$
|
(531
|
)
|
|
$
|
31,489
|
|
Total expenses
|
|
$
|
53,138
|
|
|
$
|
(531
|
)
|
|
$
|
52,607
|
|
Net income (loss)
|
|
$
|
(401
|
)
|
|
$
|
531
|
|
|
$
|
130
|
|
Net income (loss) attributable to STAG Industrial, Inc.
|
|
$
|
(185
|
)
|
|
$
|
505
|
|
|
$
|
320
|
|
Net loss attributable to common stockholders
|
|
$
|
(4,281
|
)
|
|
$
|
505
|
|
|
$
|
(3,776
|
)
|
Net loss per share attributable to common stockholders — basic and diluted
|
|
$
|
(0.06
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Operations, Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
$
|
93,318
|
|
|
$
|
(1,593
|
)
|
|
$
|
91,725
|
|
Total expenses
|
|
$
|
170,564
|
|
|
$
|
(1,593
|
)
|
|
$
|
168,971
|
|
Net income
|
|
$
|
928
|
|
|
$
|
1,593
|
|
|
$
|
2,521
|
|
Net income attributable to STAG Industrial, Inc.
|
|
$
|
1,433
|
|
|
$
|
1,512
|
|
|
$
|
2,945
|
|
Net loss attributable to common stockholders
|
|
$
|
(9,770
|
)
|
|
$
|
1,512
|
|
|
$
|
(8,258
|
)
|
Net loss per share attributable to common stockholders — basic and diluted
|
|
$
|
(0.14
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.12
|
)
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Comprehensive Income (Loss), Three Months Ended September 30, 2016
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
$
|
2,462
|
|
|
$
|
531
|
|
|
$
|
2,993
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Comprehensive Income (Loss), Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
||||||
Comprehensive loss
|
|
$
|
(13,100
|
)
|
|
$
|
1,593
|
|
|
$
|
(11,507
|
)
|
Rental Property (in thousands)
|
|
September 30, 2017
|
|
December 31, 2016
|
|
||||
Land
|
|
$
|
321,365
|
|
|
$
|
272,162
|
|
|
Buildings, net of accumulated depreciation of $152,575 and $125,971, respectivel
y
|
|
1,695,332
|
|
(1)
|
1,408,406
|
|
(1)
|
||
Tenant improvements, net of accumulated depreciation of $32,075 and $28,388, respectively
|
|
30,895
|
|
|
24,974
|
|
|
||
Building and land improvements, net of accumulated depreciation of $49,699 and $33,054, respectivel
y
|
|
134,607
|
|
|
107,463
|
|
|
||
Construction in progress
|
|
19,516
|
|
|
9,298
|
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $273,602 and $237,456, respectively
|
|
318,915
|
|
|
294,533
|
|
|
||
Total rental property, net
|
|
$
|
2,520,630
|
|
|
$
|
2,116,836
|
|
|
(1)
|
Includes
one
building in redevelopment.
|
Location of Property
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands) |
||||
Jacksonville, FL
|
|
1,025,720
|
|
|
4
|
|
|
$
|
34,264
|
|
Sparks, NV
|
|
174,763
|
|
|
1
|
|
|
8,380
|
|
|
Salisbury, NC
|
|
288,000
|
|
|
1
|
|
|
8,250
|
|
|
Franklin Township, NJ
|
|
183,000
|
|
|
1
|
|
|
12,800
|
|
|
Milford, CT
|
|
200,000
|
|
|
1
|
|
|
12,762
|
|
|
Bedford Heights, OH
|
|
173,034
|
|
|
1
|
|
|
7,622
|
|
|
Redford, MI
|
|
135,728
|
|
|
1
|
|
|
7,769
|
|
|
Warren, MI
|
|
154,377
|
|
|
1
|
|
|
7,940
|
|
|
Three months ended March 31, 2017
|
|
2,334,622
|
|
|
11
|
|
|
99,787
|
|
|
Waukegan, IL
|
|
261,075
|
|
|
2
|
|
|
13,850
|
|
|
Gaffney, SC
|
|
226,968
|
|
|
1
|
|
|
7,200
|
|
|
Dayton, OH
|
|
569,966
|
|
|
1
|
|
|
29,750
|
|
|
Belvidere, IL
|
|
336,204
|
|
|
1
|
|
|
22,867
|
|
|
San Diego, CA
|
|
205,440
|
|
|
1
|
|
|
19,362
|
|
|
Edwardsville, KS
|
|
270,869
|
|
|
1
|
|
|
16,270
|
|
|
Pedricktown, NJ
|
|
245,749
|
|
|
1
|
|
|
16,000
|
|
|
Walton, KY
|
|
224,921
|
|
|
1
|
|
|
11,450
|
|
|
Rock Hill, SC
|
|
275,000
|
|
|
1
|
|
|
6,675
|
|
|
Laredo, TX
|
|
206,810
|
|
|
1
|
|
|
13,500
|
|
|
Clinton, PA
|
|
297,200
|
|
|
1
|
|
|
23,650
|
|
|
Batavia, IL
|
|
102,500
|
|
|
1
|
|
|
5,900
|
|
|
Wallingford, CT
|
|
105,000
|
|
|
1
|
|
|
8,200
|
|
|
Rockwall, TX
|
|
389,546
|
|
|
1
|
|
|
28,600
|
|
|
Houston, TX
|
|
232,800
|
|
|
3
|
|
|
25,000
|
|
|
Lebanon, PA
|
|
211,358
|
|
|
1
|
|
|
7,950
|
|
|
Maple Grove, MN
|
|
108,628
|
|
|
1
|
|
|
10,031
|
|
|
Romulus, MI
|
|
303,760
|
|
|
1
|
|
|
19,351
|
|
|
Three months ended June 30, 2017
|
|
4,573,794
|
|
|
21
|
|
|
285,606
|
|
|
Stone Mountain, GA
|
|
78,000
|
|
|
1
|
|
|
4,175
|
|
|
York, PA
|
|
382,886
|
|
|
1
|
|
|
18,981
|
|
|
Pittston, PA
|
|
437,446
|
|
|
1
|
|
|
23,950
|
|
|
O'Fallon, MO
|
|
109,854
|
|
|
1
|
|
|
5,740
|
|
|
Belleville, MI
|
|
160,464
|
|
|
1
|
|
|
8,641
|
|
|
Columbus, OH
|
|
147,645
|
|
|
1
|
|
|
6,954
|
|
|
Groveport, OH
|
|
320,657
|
|
|
1
|
|
|
13,643
|
|
|
Las Vegas, NV
|
|
34,916
|
|
|
1
|
|
|
4,642
|
|
|
Mooresville, NC
|
|
499,200
|
|
|
1
|
|
|
25,750
|
|
|
Swedesboro, NJ
|
|
123,962
|
|
|
1
|
|
|
7,250
|
|
|
Three months ended September 30, 2017
|
|
2,295,030
|
|
|
10
|
|
|
119,726
|
|
|
Nine months ended September 30, 2017
|
|
9,203,446
|
|
|
42
|
|
|
$
|
505,119
|
|
Acquired Assets and Liabilities
|
|
Purchase Price (in thousands)
|
|
Weighted Average Amortization Period (years) of Intangibles at Acquisition
|
||
Land
|
|
$
|
52,453
|
|
|
N/A
|
Buildings
|
|
335,391
|
|
|
N/A
|
|
Tenant improvements
|
|
8,288
|
|
|
N/A
|
|
Building and land improvements
|
|
26,962
|
|
|
N/A
|
|
Deferred leasing intangibles - In-place leases
|
|
51,444
|
|
|
8.3
|
|
Deferred leasing intangibles - Tenant relationships
|
|
21,749
|
|
|
10.7
|
|
Deferred leasing intangibles - Above market leases
|
|
13,063
|
|
|
10.8
|
|
Deferred leasing intangibles - Below market leases
|
|
(4,231
|
)
|
|
8.8
|
|
Total purchase price
|
|
$
|
505,119
|
|
|
|
Results of Operations (in thousands)
|
|
Three months ended September 30, 2017
|
|
Nine months ended September 30, 2017
|
||||
Total revenue
|
|
$
|
9,206
|
|
|
$
|
14,817
|
|
Property acquisition costs
|
|
$
|
1,309
|
|
|
$
|
4,517
|
|
Net income (loss)
|
|
$
|
332
|
|
|
$
|
(2,767
|
)
|
Pro Forma (in thousands)
(1)
|
|
Nine months ended September 30, 2017
|
|
Nine months ended September 30, 2016
|
||||
Total revenue
|
|
$
|
237,683
|
|
|
$
|
223,024
|
|
Net income (loss)
(2)
|
|
$
|
30,745
|
|
|
$
|
(8,418
|
)
|
Net income (loss) attributable to common stockholders
|
|
$
|
22,161
|
|
|
$
|
(18,643
|
)
|
(1)
|
The unaudited pro forma information for the
nine
months ended
September 30, 2017
and
September 30, 2016
is presented as if the buildings acquired during the
nine
months ended
September 30, 2017
and
September 30, 2016
were completed on January 1,
2016
and January 1,
2015
, respectively.
|
(2)
|
The net income for the
nine
months ended
September 30, 2017
excludes approximately
$4.5 million
of property acquisition costs related to the acquisition of buildings that closed during the
nine
months ended
September 30, 2017
, and the net loss for the
nine
months ended
September 30, 2016
was adjusted to include these acquisition costs. Net loss for the
nine
months ended
September 30, 2016
excludes approximately
$2.7 million
of property acquisition costs related to the acquisition of buildings that closed during the
nine
months ended
September 30, 2016
.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
Deferred Leasing Intangibles (in thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Above market leases
|
|
$
|
79,614
|
|
|
$
|
(36,310
|
)
|
|
$
|
43,304
|
|
|
$
|
70,668
|
|
|
$
|
(32,868
|
)
|
|
$
|
37,800
|
|
Other intangible lease assets
|
|
512,903
|
|
|
(237,292
|
)
|
|
275,611
|
|
|
461,321
|
|
|
(204,588
|
)
|
|
256,733
|
|
||||||
Total deferred leasing intangible assets
|
|
$
|
592,517
|
|
|
$
|
(273,602
|
)
|
|
$
|
318,915
|
|
|
$
|
531,989
|
|
|
$
|
(237,456
|
)
|
|
$
|
294,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market leases
|
|
$
|
33,614
|
|
|
$
|
(12,487
|
)
|
|
$
|
21,127
|
|
|
$
|
30,791
|
|
|
$
|
(10,450
|
)
|
|
$
|
20,341
|
|
Total deferred leasing intangible liabilities
|
|
$
|
33,614
|
|
|
$
|
(12,487
|
)
|
|
$
|
21,127
|
|
|
$
|
30,791
|
|
|
$
|
(10,450
|
)
|
|
$
|
20,341
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Deferred Leasing Intangibles Amortization (in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net decrease to rental income related to above and below market lease amortization
|
|
$
|
1,318
|
|
|
$
|
1,564
|
|
|
$
|
3,873
|
|
|
$
|
4,751
|
|
Amortization expense related to other intangible lease assets
|
|
$
|
17,934
|
|
|
$
|
16,594
|
|
|
$
|
53,747
|
|
|
$
|
48,853
|
|
Year
|
|
Amortization Expense Related to Other Intangible Lease Assets (in thousands)
|
|
Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
|
||||
Remainder of 2017
|
|
$
|
18,040
|
|
|
$
|
1,322
|
|
2018
|
|
$
|
62,037
|
|
|
$
|
4,330
|
|
2019
|
|
$
|
47,856
|
|
|
$
|
3,736
|
|
2020
|
|
$
|
37,759
|
|
|
$
|
3,326
|
|
2021
|
|
$
|
27,703
|
|
|
$
|
1,945
|
|
Loan
|
|
Principal Outstanding as of September 30, 2017 (in thousands)
|
|
Principal Outstanding as of December 31, 2016 (in thousands)
|
|
Interest
Rate (1) |
|
Maturity Date
|
|
Prepayment Terms
(2)
|
|||||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured Credit Facility
(3)
|
|
$
|
245,000
|
|
|
$
|
28,000
|
|
|
L + 1.15%
|
|
|
Dec-18-2019
|
|
i
|
Total unsecured credit facility
|
|
245,000
|
|
|
28,000
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured Term Loan C
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Sep-29-2020
|
|
i
|
||
Unsecured Term Loan B
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-21-2021
|
|
i
|
||
Unsecured Term Loan A
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-31-2022
|
|
i
|
||
Unsecured Term Loan D
(4)
|
|
—
|
|
|
—
|
|
|
L + 1.30%
|
|
|
Jan-04-2023
|
|
i
|
||
Total unsecured term loans
|
|
450,000
|
|
|
450,000
|
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,934
|
)
|
|
(3,392
|
)
|
|
|
|
|
|
|
|
||
Total carrying value unsecured term loans
|
|
446,066
|
|
|
446,608
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Series F Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
3.98
|
%
|
|
Jan-05-2023
|
|
ii
|
||
Series A Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
Oct-1-2024
|
|
ii
|
||
Series D Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
4.32
|
%
|
|
Feb-20-2025
|
|
ii
|
||
Series B Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
Jul-1-2026
|
|
ii
|
||
Series C Unsecured Notes
|
|
80,000
|
|
|
80,000
|
|
|
4.42
|
%
|
|
Dec-30-2026
|
|
ii
|
||
Series E Unsecured Notes
|
|
20,000
|
|
|
20,000
|
|
|
4.42
|
%
|
|
Feb-20-2027
|
|
ii
|
||
Total unsecured notes
|
|
400,000
|
|
|
400,000
|
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(1,832
|
)
|
|
(2,034
|
)
|
|
|
|
|
|
|
|
||
Total carrying value unsecured notes
|
|
398,168
|
|
|
397,966
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Union Fidelity Life Insurance Company
|
|
—
|
|
|
5,384
|
|
|
5.81
|
%
|
|
Apr-30-2017
|
|
iii
|
||
Webster Bank, National Association
|
|
—
|
|
|
2,853
|
|
|
3.66
|
%
|
|
May-29-2017
|
|
iv
|
||
Webster Bank, National Association
|
|
—
|
|
|
3,073
|
|
|
3.64
|
%
|
|
May-31-2017
|
|
iv
|
||
Wells Fargo, National Association
|
|
—
|
|
|
4,043
|
|
|
5.90
|
%
|
|
Aug-1-2017
|
|
v
|
||
Connecticut General Life Insurance Company -1 Facility
|
|
—
|
|
|
35,320
|
|
|
6.50
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Connecticut General Life Insurance Company -2 Facility
|
|
—
|
|
|
36,892
|
|
|
5.75
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Connecticut General Life Insurance Company -3 Facility
|
|
—
|
|
|
16,141
|
|
|
5.88
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Wells Fargo Bank, National Association CMBS Loan
|
|
55,366
|
|
|
56,608
|
|
|
4.31
|
%
|
|
Dec-1-2022
|
|
vii
|
||
Thrivent Financial for Lutherans
|
|
3,933
|
|
|
4,012
|
|
|
4.78
|
%
|
|
Dec-15-2023
|
|
iv
|
||
Total mortgage notes
|
|
59,299
|
|
|
164,326
|
|
|
|
|
|
|
|
|
||
Total unamortized fair market value premiums
|
|
63
|
|
|
112
|
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(667
|
)
|
|
(873
|
)
|
|
|
|
|
|
|
|
||
Total carrying value mortgage notes
|
|
58,695
|
|
|
163,565
|
|
|
|
|
|
|
|
|
||
Total / weighted average interest rate
(5)
|
|
$
|
1,147,929
|
|
|
$
|
1,036,139
|
|
|
3.44
|
%
|
|
|
|
|
(1)
|
Interest rate as of
September 30, 2017
. At
September 30, 2017
, the one-month LIBOR (“L”) was
1.23222%
. The interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's unsecured credit facility and unsecured term loans is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements.
|
(2)
|
Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty
two
months prior to the maturity date; (iv) pre-payable without penalty
three
months prior to the maturity date; (v) pre-payable without penalty
three
months prior to the maturity date, however can be defeased; (vi) pre-payable without penalty
six
months prior to the maturity date; and (vii) pre-payable without penalty
three
months prior to the maturity date, however can be defeased beginning January 1, 2016.
|
(3)
|
The capacity of the unsecured credit facility is
$450.0 million
. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately
$1.7 million
and
$2.3 million
is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of
September 30, 2017
and
December 31, 2016
, respectively.
|
(4)
|
Capacity of
$150.0 million
, which the Company has until July 27, 2018 to draw.
|
(5)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of
$450.0 million
of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Principal Outstanding
|
|
Fair Value
|
|
Principal Outstanding
|
|
Fair Value
|
||||||||
Unsecured credit facility
|
|
$
|
245,000
|
|
|
$
|
245,000
|
|
|
$
|
28,000
|
|
|
$
|
28,000
|
|
Unsecured term loans
|
|
450,000
|
|
|
450,000
|
|
|
450,000
|
|
|
450,000
|
|
||||
Unsecured notes
|
|
400,000
|
|
|
417,210
|
|
|
400,000
|
|
|
399,091
|
|
||||
Mortgage notes
|
|
59,299
|
|
|
60,788
|
|
|
164,326
|
|
|
166,099
|
|
||||
Total principal amount
|
|
1,154,299
|
|
|
$
|
1,172,998
|
|
|
1,042,326
|
|
|
$
|
1,043,190
|
|
||
Add: Total unamortized fair market value premiums
|
|
63
|
|
|
|
|
112
|
|
|
|
||||||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(6,433
|
)
|
|
|
|
(6,299
|
)
|
|
|
||||||
Total carrying value
|
|
$
|
1,147,929
|
|
|
|
|
$
|
1,036,139
|
|
|
|
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
|
|||||
Regions Bank
|
|
Mar-01-2013
|
|
Mar-01-2013
|
|
$
|
25,000
|
|
|
$
|
194
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
(25
|
)
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
(26
|
)
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(196
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
255
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
497
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
354
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
247
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
148
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
52
|
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
50
|
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(1,550
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
19
|
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(196
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(413
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(467
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
75
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
76
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
76
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
75
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
152
|
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Balance Sheet Line Item (in thousands)
|
|
Notional Amount September 30, 2017
|
|
Fair Value
September 30, 2017 |
|
Notional Amount December 31, 2016
|
|
Fair Value December 31, 2016
|
||||||||
Interest rate swaps-Asset
|
|
$
|
400,000
|
|
|
$
|
2,270
|
|
|
$
|
300,000
|
|
|
$
|
1,471
|
|
Interest rate swaps-Liability
|
|
$
|
325,000
|
|
|
$
|
(2,873
|
)
|
|
$
|
375,000
|
|
|
$
|
(2,438
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amount of income (loss) recognized in accumulated other comprehensive loss on interest rate swaps (effective portion)
|
|
$
|
316
|
|
|
$
|
2,159
|
|
|
$
|
(1,126
|
)
|
|
$
|
(16,206
|
)
|
Amount of loss reclassified from accumulated other comprehensive loss into income (loss) as interest expense (effective portion)
|
|
$
|
282
|
|
|
$
|
704
|
|
|
$
|
1,426
|
|
|
$
|
2,178
|
|
Amount of gain recognized in interest expense (ineffective portion)
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
September 30, 2017 Using |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value
September 30, 2017 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
2,270
|
|
|
$
|
—
|
|
|
$
|
2,270
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(2,873
|
)
|
|
$
|
—
|
|
|
$
|
(2,873
|
)
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
December 31, 2016 Using |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value December 31, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
1,471
|
|
|
$
|
—
|
|
|
$
|
1,471
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(2,438
|
)
|
|
$
|
—
|
|
|
$
|
(2,438
|
)
|
|
$
|
—
|
|
Preferred Stock Issuances
|
|
Issuance Date
|
|
Number of Shares
|
|
Liquidation Value Per Share
|
|
Interest Rate
|
||||
6.625% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock")
|
|
April 16, 2013
|
|
2,800,000
|
|
|
$
|
25.00
|
|
|
6.625
|
%
|
6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock")
|
|
March 17, 2016
|
|
3,000,000
|
|
|
$
|
25.00
|
|
|
6.875
|
%
|
Quarter Ended 2017
|
|
Declaration Date
|
|
Series B
Preferred Stock Per Share |
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||||
September 30
|
|
July 31, 2017
|
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
September 29, 2017
|
June 30
|
|
May 1, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
June 30, 2017
|
||
March 31
|
|
February 15, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
March 31, 2017
|
||
Total
|
|
|
|
$
|
1.2421875
|
|
|
$
|
1.2890625
|
|
|
|
Quarter Ended 2016
|
|
Declaration Date
|
|
Series A Preferred Stock Per Share
|
|
Series B Preferred Stock Per Share
|
|
Series C Preferred Stock Per Share
|
|
Payment Date
|
||||||
December 31
|
|
November 2, 2016
|
(1)
|
$
|
0.19375
|
|
(1)
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
December 30, 2016
|
September 30
|
|
August 1, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
0.4296875
|
|
|
September 30, 2016
|
|||
June 30
|
|
May 2, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
0.4965300
|
|
(2)
|
June 30, 2016
|
|||
March 31
|
|
February 22, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
—
|
|
|
March 31, 2016
|
|||
Total
|
|
|
|
$
|
1.88125
|
|
|
$
|
1.6562500
|
|
|
$
|
1.3559050
|
|
|
|
(1)
|
On November 2, 2016, the Company redeemed all of the outstanding shares of the 9.0% Series A Cumulative Redeemable Preferred Stock, at a cash redemption price of
$25.00
per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest.
|
(2)
|
Dividends for the Series C Preferred Stock were accrued and cumulative from and including March 17, 2016 to the first payment date on June 30, 2016.
|
ATM Stock Offering Program
|
|
Date
|
|
Maximum Aggregate Offering Price (in thousands)
|
|
Aggregate Common Stock Available as of
September 30, 2017 (in thousands) |
||||
2017 $300 million ATM
|
|
April 7, 2017
|
|
$
|
300,000
|
|
|
$
|
77,592
|
|
|
|
Nine months ended September 30, 2017
|
|||||||||||||||||
ATM Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $300 million ATM
|
|
8,366,212
|
|
|
$
|
26.58
|
|
|
$
|
222,408
|
|
|
$
|
2,666
|
|
|
$
|
219,742
|
|
2016 $228 million ATM
(1)
|
|
4,799,784
|
|
|
$
|
24.42
|
|
|
$
|
117,216
|
|
|
$
|
1,604
|
|
|
$
|
115,612
|
|
Total/weighted average
|
|
13,165,996
|
|
|
$
|
25.80
|
|
|
$
|
339,624
|
|
|
$
|
4,270
|
|
|
$
|
335,354
|
|
(1)
|
This program ended before
September 30, 2017
.
|
|
|
Year ended December 31, 2016
|
|||||||||||||||||
ATM Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2016 $228 million ATM
(1)
|
|
4,763,838
|
|
|
$
|
23.28
|
|
|
$
|
110,887
|
|
|
$
|
1,550
|
|
|
$
|
109,337
|
|
2016 $200 million ATM
(1)
|
|
7,326,200
|
|
|
$
|
23.45
|
|
|
171,782
|
|
|
2,429
|
|
|
169,353
|
|
|||
Total/weighted average
|
|
12,090,038
|
|
|
$
|
23.38
|
|
|
$
|
282,669
|
|
|
$
|
3,979
|
|
|
$
|
278,690
|
|
(1)
|
These programs ended before
September 30, 2017
.
|
Month Ended 2017
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
July 31, 2017
|
|
December 29, 2017
|
|
$
|
0.117500
|
|
|
January 16, 2018
|
November 30
|
|
July 31, 2017
|
|
November 30, 2017
|
|
0.117500
|
|
|
December 15, 2017
|
|
October 31
|
|
July 31, 2017
|
|
October 31, 2017
|
|
0.117500
|
|
|
November 15, 2017
|
|
September 30
|
|
May 1, 2017
|
|
September 29, 2017
|
|
0.117500
|
|
|
October 16, 2017
|
|
August 31
|
|
May 1, 2017
|
|
August 31, 2017
|
|
0.117500
|
|
|
September 15, 2017
|
|
July 31
|
|
May 1, 2017
|
|
July 31, 2017
|
|
0.117500
|
|
|
August 15, 2017
|
|
June 30
|
|
February 15, 2017
|
|
June 30, 2017
|
|
0.116667
|
|
|
July 17, 2017
|
|
May 31
|
|
February 15, 2017
|
|
May 31, 2017
|
|
0.116667
|
|
|
June 15, 2017
|
|
April 30
|
|
February 15, 2017
|
|
April 28, 2017
|
|
0.116667
|
|
|
May 15, 2017
|
|
March 31
|
|
November 2, 2016
|
|
March 31, 2017
|
|
0.116667
|
|
|
April 17, 2017
|
|
February 28
|
|
November 2, 2016
|
|
February 28, 2017
|
|
0.116667
|
|
|
March 15, 2017
|
|
January 31
|
|
November 2, 2016
|
|
January 31, 2017
|
|
0.116667
|
|
|
February 15, 2017
|
|
Total
|
|
|
|
|
|
$
|
1.405002
|
|
|
|
Month Ended 2016
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
August 1, 2016
|
|
December 30, 2016
|
|
$
|
0.115833
|
|
|
January 17, 2017
|
November 30
|
|
August 1, 2016
|
|
November 30, 2016
|
|
0.115833
|
|
|
December 15, 2016
|
|
October 31
|
|
August 1, 2016
|
|
October 31, 2016
|
|
0.115833
|
|
|
November 15, 2016
|
|
September 30
|
|
May 2, 2016
|
|
September 30, 2016
|
|
0.115833
|
|
|
October 17, 2016
|
|
August 31
|
|
May 2, 2016
|
|
August 31, 2016
|
|
0.115833
|
|
|
September 15, 2016
|
|
July 31
|
|
May 2, 2016
|
|
July 29, 2016
|
|
0.115833
|
|
|
August 15, 2016
|
|
June 30
|
|
February 22, 2016
|
|
June 30, 2016
|
|
0.115833
|
|
|
July 15, 2016
|
|
May 31
|
|
February 22, 2016
|
|
May 31, 2016
|
|
0.115833
|
|
|
June 15, 2016
|
|
April 30
|
|
February 22, 2016
|
|
April 29, 2016
|
|
0.115833
|
|
|
May 16, 2016
|
|
March 31
|
|
October 22, 2015
|
|
March 31, 2016
|
|
0.115833
|
|
|
April 15, 2016
|
|
February 29
|
|
October 22, 2015
|
|
February 29, 2016
|
|
0.115833
|
|
|
March 15, 2016
|
|
January 31
|
|
October 22, 2015
|
|
January 29, 2016
|
|
0.115833
|
|
|
February 16, 2016
|
|
Total
|
|
|
|
|
|
$
|
1.389996
|
|
|
|
Unvested Restricted Shares of Common Stock
|
|
Shares
|
|
|
Balance at December 31, 2015
|
|
271,115
|
|
|
Granted
|
|
101,289
|
|
(1)
|
Vested
|
|
(98,746
|
)
|
|
Forfeited
|
|
(1,321
|
)
|
|
Balance at December 31, 2016
|
|
272,337
|
|
|
Granted
|
|
75,001
|
|
(2)
|
Vested
|
|
(109,209
|
)
|
|
Forfeited
|
|
(922
|
)
|
|
Balance at September 30, 2017
|
|
237,207
|
|
|
(1)
|
The grant date fair value per share was
$17.98
.
|
(2)
|
The grant date fair value per share was
$24.41
.
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Vested restricted shares of common stock
|
|
—
|
|
|
—
|
|
|
109,209
|
|
|
98,746
|
|
||||
Fair value of vested restricted shares of common stock (in thousands)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,591
|
|
|
$
|
1,813
|
|
|
LTIP Units
|
|
Other
Common Units
|
|
Total
Noncontrolling Common Units
|
|
Noncontrolling Interest
|
||||
Balance at December 31, 2015
|
1,610,105
|
|
|
1,915,872
|
|
|
3,525,977
|
|
|
4.9
|
%
|
Granted/Issued
|
176,396
|
|
|
—
|
|
|
176,396
|
|
|
N/A
|
|
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
(209,985
|
)
|
|
209,985
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
—
|
|
|
(68,492
|
)
|
|
(68,492
|
)
|
|
N/A
|
|
Balance at December 31, 2016
|
1,576,516
|
|
|
2,057,365
|
|
|
3,633,881
|
|
|
4.3
|
%
|
Granted/Issued
|
126,239
|
|
|
687,827
|
|
|
814,066
|
|
|
N/A
|
|
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
(231,816
|
)
|
|
231,816
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
—
|
|
|
(300,991
|
)
|
|
(300,991
|
)
|
|
N/A
|
|
Balance at September 30, 2017
|
1,470,939
|
|
|
2,676,017
|
|
|
4,146,956
|
|
|
4.2
|
%
|
LTIP Units
|
|
Assumptions
|
|||
Grant date
|
|
January 6, 2017
|
|
|
|
Expected term (years)
|
|
10
|
|
|
|
Expected volatility
|
|
23.0
|
%
|
|
|
Expected dividend yield
|
|
6.0
|
%
|
|
|
Risk-free interest rate
|
|
1.61
|
%
|
|
|
Fair value of LTIP units at issuance (in thousands)
|
|
$
|
2,924
|
|
|
LTIP units at issuance
|
|
126,239
|
|
|
|
Fair value unit price per LTIP unit at issuance
|
|
$
|
23.16
|
|
|
Unvested LTIP Units
|
|
LTIP Units
|
|
Balance at December 31, 2015
|
|
534,910
|
|
Granted
|
|
176,396
|
|
Vested
|
|
(307,883
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2016
|
|
403,423
|
|
Granted
|
|
126,239
|
|
Vested
|
|
(157,816
|
)
|
Forfeited
|
|
—
|
|
Balance at September 30, 2017
|
|
371,846
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Vested LTIP units
|
|
44,942
|
|
|
45,874
|
|
|
157,816
|
|
|
262,025
|
|
||||
Fair value of vested LTIP units (in thousands)
|
|
$
|
1,235
|
|
|
$
|
1,124
|
|
|
$
|
4,146
|
|
|
$
|
5,306
|
|
Performance Units
|
|
Assumptions
|
||
Grant date
|
|
January 6, 2017
|
|
|
Expected volatility
|
|
23.0
|
%
|
|
Expected dividend yield
|
|
6.0
|
%
|
|
Risk-free interest rate
|
|
1.61
|
%
|
|
Fair value of performance units grant (in thousands)
|
|
$
|
2,882
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
||||||||||||
Non-Cash Compensation Expense (in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Restricted shares of common stock
|
|
$
|
594
|
|
|
$
|
533
|
|
|
$
|
1,776
|
|
|
$
|
1,625
|
|
|
LTIP units
|
|
1,167
|
|
|
1,099
|
|
|
3,508
|
|
|
4,992
|
|
(1)
|
||||
Performance-based Compensation Plans
|
|
536
|
|
|
322
|
|
|
1,610
|
|
|
816
|
|
|
||||
Board of directors compensation
(2)
|
|
87
|
|
|
89
|
|
|
265
|
|
|
259
|
|
|
||||
Total non-cash compensation expense
|
|
$
|
2,384
|
|
|
$
|
2,043
|
|
|
$
|
7,159
|
|
|
$
|
7,692
|
|
|
(1)
|
Inclusive of approximately
$1.6 million
of non-cash compensation expense during the
nine
months ended
September 30, 2016
associated with the severance cost of a former executive officer.
|
(2)
|
All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the
three and nine
months ended
September 30, 2017
and
September 30, 2016
. The number of shares of common stock granted is calculated based on the trailing
10 days
average common stock price ending on the third business day preceding the grant date.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Earnings Per Share (in thousands, except share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
21,839
|
|
|
$
|
130
|
|
|
$
|
23,276
|
|
|
$
|
2,521
|
|
Less: preferred stock dividends
|
2,449
|
|
|
4,001
|
|
|
7,345
|
|
|
10,914
|
|
||||
Less: amount allocated to participating securities
|
84
|
|
|
95
|
|
|
250
|
|
|
289
|
|
||||
Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
|
828
|
|
|
(190
|
)
|
|
673
|
|
|
(424
|
)
|
||||
Net income (loss) attributable to common stockholders
|
$
|
18,478
|
|
|
$
|
(3,776
|
)
|
|
$
|
15,008
|
|
|
$
|
(8,258
|
)
|
Denominator
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding — basic
|
92,786,852
|
|
|
71,130,848
|
|
|
87,632,167
|
|
|
68,984,670
|
|
||||
Effect of dilutive securities
(1)
|
|
|
|
|
|
|
|
||||||||
Unvested shares of restricted common stock
|
108,417
|
|
|
—
|
|
|
96,836
|
|
|
—
|
|
||||
Unvested Performance-based Compensation Plans
|
539,705
|
|
|
—
|
|
|
509,137
|
|
|
—
|
|
||||
Weighted average common shares outstanding — diluted
|
93,434,974
|
|
|
71,130,848
|
|
|
88,238,140
|
|
|
68,984,670
|
|
||||
Net income (loss) per share — basic and diluted
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share attributable to common stockholders — basic
|
$
|
0.20
|
|
|
$
|
(0.05
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.12
|
)
|
Net income (loss) per share attributable to common stockholders — diluted
|
$
|
0.20
|
|
|
$
|
(0.05
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.12
|
)
|
(1)
|
During the
three and nine
months ended
September 30, 2016
, there were
272,337
and
277,720
, respectively, unvested shares of restricted common stock on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period. During the
three and nine
months ended
September 30, 2016
, there were
278,788
and
210,617
, respectively, unvested Performance-based Compensation Plans on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
|
•
|
the factors included in our Annual Report on Form 10-K for the year ended December 31, 2016, as updated elsewhere in this report, including those set forth under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations;”
|
•
|
our ability to raise equity capital on attractive terms;
|
•
|
the competitive environment in which we operate;
|
•
|
real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
|
•
|
decreased rental rates or increased vacancy rates;
|
•
|
potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants;
|
•
|
acquisition risks, including our ability to identify and complete accretive acquisitions and/or failure of such acquisitions to perform in accordance with projections;
|
•
|
the timing of acquisitions and dispositions;
|
•
|
potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
|
•
|
international, national, regional and local economic conditions;
|
•
|
the general level of interest rates and currencies;
|
•
|
potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate and zoning laws or real estate investment trust (“REIT”) or corporate income tax laws, and potential increases in real property tax rates;
|
•
|
financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
|
•
|
credit risk in the event of non-performance by the counterparties to the interest rate swaps and revolving and unfunded debt;
|
•
|
lack of or insufficient amounts of insurance;
|
•
|
our ability to maintain our qualification as a REIT;
|
•
|
our ability to retain key personnel;
|
•
|
litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and
|
•
|
possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.
|
Economic Indicators
(1)
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
GDP Growth Rate
|
|
3.0%
|
|
3.1%
|
|
1.2%
|
|
1.8%
|
|
2.8%
|
Unemployment Rate
|
|
4.2%
|
|
4.4%
|
|
4.5%
|
|
4.7%
|
|
4.9%
|
Change in Non-Farm Employment (in thousands)
|
|
(33)
|
|
210
|
|
50
|
|
155
|
|
249
|
Consumer Confidence Index
|
|
119.8
|
|
118.9
|
|
125.6
|
|
113.3
|
|
104.1
|
ISM
(2)
|
|
60.8%
|
|
57.8%
|
|
57.2%
|
|
54.5%
|
|
51.7%
|
10-year Treasury Yield
|
|
2.33%
|
|
2.31%
|
|
2.40%
|
|
2.45%
|
|
1.60%
|
Seasonally Adjusted Annualized Rate US Total Vehicle Sales (in thousands)
|
|
18,469
|
|
16,608
|
|
16,719
|
|
18,051
|
|
17,650
|
Manufacturing New Orders: Durable Goods (in millions)
|
|
238,695
|
|
245,705
|
|
232,817
|
|
223,681
|
|
220,333
|
(1)
|
Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Conference Board, Board of Governors of the Federal Reserve System, U.S. Census Bureau, and Institute for Supply Management. Each statistic is the latest revision available at the time of publishing this report.
|
(2)
|
ISM is a composite index based on a survey of over 300 purchasing and supply executives from across the country who respond to a monthly questionnaire about changes in production, new orders, new export orders, imports, employment, inventories, prices, lead-times, and timelines of supplier deliveries in their companies. When the index is over 50, it indicates expansion, while a reading below 50 signals contraction.
|
•
|
an increasing attractiveness of the U.S. as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs and the overall cost of supplying and shipping goods (i.e. the shortening and fattening of the supply chain);
|
•
|
the overall quality of the transportation infrastructure in the U.S.; and
|
•
|
the rise of e-commerce (as compared to the traditional retail store distribution model) and the concomitant demand by e-commerce industry participants for well-located, functional distribution space.
|
Operating Portfolio
|
|
Square Feet
|
|
Cash
Basis Rent Per Square Foot |
|
GAAP Basis Rent Per
Square Foot |
|
Total Turnover Costs Per
Square Foot (1) |
|
Cash
Rent Change (2) |
|
GAAP Rent Change
(3)
|
|
Weighted Average Lease
Term (4) (years) |
|
Rental Concessions per Square Foot
(5)
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases
(6)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
|
|
$
|
—
|
|
Renewal Leases
(7)
|
|
2,000,753
|
|
|
3.97
|
|
|
4.11
|
|
|
0.62
|
|
|
10.5
|
%
|
|
18.7
|
%
|
|
4.7
|
|
|
0.06
|
|
||||
Total/weighted average
|
|
2,000,753
|
|
|
$
|
3.97
|
|
|
$
|
4.11
|
|
|
$
|
0.62
|
|
|
10.5
|
%
|
|
18.7
|
%
|
|
4.7
|
|
|
$
|
0.06
|
|
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases
(6)
|
|
1,289,221
|
|
|
$
|
4.19
|
|
|
$
|
4.35
|
|
|
$
|
1.78
|
|
|
4.3
|
%
|
|
8.6
|
%
|
|
4.3
|
|
|
$
|
0.12
|
|
Renewal Leases
(7)
|
|
7,542,279
|
|
|
3.85
|
|
|
4.00
|
|
|
0.64
|
|
|
2.8
|
%
|
|
10.8
|
%
|
|
5.4
|
|
|
0.33
|
|
||||
Total/weighted average
|
|
8,831,500
|
|
|
$
|
3.90
|
|
|
$
|
4.05
|
|
|
$
|
0.80
|
|
|
3.0
|
%
|
|
10.5
|
%
|
|
5.2
|
|
|
$
|
0.30
|
|
(1)
|
We define Turnover Costs as the costs for improvements of vacant and renewal spaces, as well as the commissions for leasing transactions. Turnover Costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
|
(2)
|
We define Cash Basis Rent Change as the percentage change in base rent (excluding straight-line rent adjustments and above/below market lease amortization as required by GAAP) of the Comparable Lease.
We define a Comparable Lease as a lease with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership, leases on space with downtime in excess of two years, leases with materially different lease structures,
leases associated with known vacates at the time of acquisition, and leases with credit-related modifications
.
|
(3)
|
We define GAAP Rent Change as the percentage change in the average base rent over the contractual lease term (excluding above/below market lease amortization) of the Comparable Lease.
|
(4)
|
We define Weighted Average Lease Term as the contractual lease term in years as of the lease start date weighted by square footage.
|
(5)
|
Represents the total concessions for the entire lease term.
|
(6)
|
We define a New Lease as any lease that is signed for an initial term equal to or greater than twelve months for any vacant space; this includes a new tenant or an existing tenant that is expanding into new (additional) space.
|
(7)
|
We define a Renewal Lease as a lease signed by an existing tenant to extend the term for twelve months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration and (iii) an early renewal or workout, which ultimately does extend the original term for twelve months or more.
|
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
|
|
—
|
|
3,742,275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Month-to-month leases
|
|
6
|
|
181,195
|
|
|
0.3
|
%
|
|
$
|
619
|
|
|
0.2
|
%
|
Remainder of 2017
|
|
6
|
|
889,311
|
|
|
1.4
|
%
|
|
4,083
|
|
|
1.5
|
%
|
|
2018
|
|
47
|
|
7,290,214
|
|
|
11.1
|
%
|
|
28,783
|
|
|
10.8
|
%
|
|
2019
|
|
54
|
|
9,536,734
|
|
|
14.6
|
%
|
|
38,202
|
|
|
14.3
|
%
|
|
2020
|
|
45
|
|
9,441,158
|
|
|
14.4
|
%
|
|
40,035
|
|
|
15.0
|
%
|
|
2021
|
|
54
|
|
9,043,845
|
|
|
13.8
|
%
|
|
38,846
|
|
|
14.5
|
%
|
|
2022
|
|
46
|
|
5,694,530
|
|
|
8.7
|
%
|
|
24,461
|
|
|
9.2
|
%
|
|
2023
|
|
26
|
|
5,988,440
|
|
|
9.2
|
%
|
|
20,925
|
|
|
7.8
|
%
|
|
2024
|
|
16
|
|
3,420,484
|
|
|
5.2
|
%
|
|
13,075
|
|
|
4.9
|
%
|
|
2025
|
|
13
|
|
2,334,842
|
|
|
3.6
|
%
|
|
9,733
|
|
|
3.6
|
%
|
|
2026
|
|
20
|
|
4,454,070
|
|
|
6.8
|
%
|
|
16,751
|
|
|
6.3
|
%
|
|
Thereafter
|
|
32
|
|
7,131,054
|
|
|
10.9
|
%
|
|
31,537
|
|
|
11.9
|
%
|
|
Total/weighted average
|
|
365
|
|
69,148,152
|
|
|
100.0
|
%
|
|
$
|
267,050
|
|
|
100.0
|
%
|
|
|
|
|
Square Footage
|
|
|
|
Annualized Base Rental Revenue
|
|||||||||||
Building Type
|
|
Number of Buildings
|
|
Amount
|
|
%
|
|
Occupancy Rate
(1)
|
|
Amount
(in thousands)
|
|
%
|
|||||||
Warehouse/Distribution
|
|
279
|
|
|
62,010,039
|
|
|
89.8
|
%
|
|
95.2
|
%
|
|
$
|
235,980
|
|
|
88.4
|
%
|
Light Manufacturing
|
|
53
|
|
|
5,907,437
|
|
|
8.5
|
%
|
|
97.2
|
%
|
|
23,775
|
|
|
8.9
|
%
|
|
Total Operating Portfolio
|
|
332
|
|
|
67,917,476
|
|
|
98.3
|
%
|
|
95.4
|
%
|
|
$
|
259,755
|
|
|
97.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Redevelopment
|
|
1
|
|
|
307,315
|
|
|
0.4
|
%
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
Flex/Office
|
|
14
|
|
|
923,361
|
|
|
1.3
|
%
|
|
70.0
|
%
|
|
7,295
|
|
|
2.7
|
%
|
|
Total portfolio/weighted average
|
|
347
|
|
|
69,148,152
|
|
|
100.0
|
%
|
|
94.6
|
%
|
|
$
|
267,050
|
|
|
100.0
|
%
|
(1)
|
We define Occupancy Rate as the percentage of total leasable square footage for which the lease term has commenced as of the close of the reporting period.
|
Location of Property
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands) |
||||
Jacksonville, FL
|
|
1,025,720
|
|
|
4
|
|
|
$
|
34,264
|
|
Sparks, NV
|
|
174,763
|
|
|
1
|
|
|
8,380
|
|
|
Salisbury, NC
|
|
288,000
|
|
|
1
|
|
|
8,250
|
|
|
Franklin Township, NJ
|
|
183,000
|
|
|
1
|
|
|
12,800
|
|
|
Milford, CT
|
|
200,000
|
|
|
1
|
|
|
12,762
|
|
|
Bedford Heights, OH
|
|
173,034
|
|
|
1
|
|
|
7,622
|
|
|
Redford, MI
|
|
135,728
|
|
|
1
|
|
|
7,769
|
|
|
Warren, MI
|
|
154,377
|
|
|
1
|
|
|
7,940
|
|
|
Three months ended March 31, 2017
|
|
2,334,622
|
|
|
11
|
|
|
99,787
|
|
|
Waukegan, IL
|
|
261,075
|
|
|
2
|
|
|
13,850
|
|
|
Gaffney, SC
|
|
226,968
|
|
|
1
|
|
|
7,200
|
|
|
Dayton, OH
|
|
569,966
|
|
|
1
|
|
|
29,750
|
|
|
Belvidere, IL
|
|
336,204
|
|
|
1
|
|
|
22,867
|
|
|
San Diego, CA
|
|
205,440
|
|
|
1
|
|
|
19,362
|
|
|
Edwardsville, KS
|
|
270,869
|
|
|
1
|
|
|
16,270
|
|
|
Pedricktown, NJ
|
|
245,749
|
|
|
1
|
|
|
16,000
|
|
|
Walton, KY
|
|
224,921
|
|
|
1
|
|
|
11,450
|
|
|
Rock Hill, SC
|
|
275,000
|
|
|
1
|
|
|
6,675
|
|
|
Laredo, TX
|
|
206,810
|
|
|
1
|
|
|
13,500
|
|
|
Clinton, PA
|
|
297,200
|
|
|
1
|
|
|
23,650
|
|
|
Batavia, IL
|
|
102,500
|
|
|
1
|
|
|
5,900
|
|
|
Wallingford, CT
|
|
105,000
|
|
|
1
|
|
|
8,200
|
|
|
Rockwall, TX
|
|
389,546
|
|
|
1
|
|
|
28,600
|
|
|
Houston, TX
|
|
232,800
|
|
|
3
|
|
|
25,000
|
|
|
Lebanon, PA
|
|
211,358
|
|
|
1
|
|
|
7,950
|
|
|
Maple Grove, MN
|
|
108,628
|
|
|
1
|
|
|
10,031
|
|
|
Romulus, MI
|
|
303,760
|
|
|
1
|
|
|
19,351
|
|
|
Three months ended June 30, 2017
|
|
4,573,794
|
|
|
21
|
|
|
285,606
|
|
|
Stone Mountain, GA
|
|
78,000
|
|
|
1
|
|
|
4,175
|
|
|
York, PA
|
|
382,886
|
|
|
1
|
|
|
18,981
|
|
|
Pittston, PA
|
|
437,446
|
|
|
1
|
|
|
23,950
|
|
|
O'Fallon, MO
|
|
109,854
|
|
|
1
|
|
|
5,740
|
|
|
Belleville, MI
|
|
160,464
|
|
|
1
|
|
|
8,641
|
|
|
Columbus, OH
|
|
147,645
|
|
|
1
|
|
|
6,954
|
|
|
Groveport, OH
|
|
320,657
|
|
|
1
|
|
|
13,643
|
|
|
Las Vegas, NV
|
|
34,916
|
|
|
1
|
|
|
4,642
|
|
|
Mooresville, NC
|
|
499,200
|
|
|
1
|
|
|
25,750
|
|
|
Swedesboro, NJ
|
|
123,962
|
|
|
1
|
|
|
7,250
|
|
|
Three months ended September 30, 2017
|
|
2,295,030
|
|
|
10
|
|
|
119,726
|
|
|
Nine months ended September 30, 2017
|
|
9,203,446
|
|
|
42
|
|
|
$
|
505,119
|
|
Market
(1)
|
|
% of Total Annualized Base Rental Revenue
|
|
Philadelphia, PA
|
|
10.4
|
%
|
Chicago, IL
|
|
8.8
|
%
|
Greenville/Spartanburg, SC
|
|
4.4
|
%
|
Charlotte, NC
|
|
4.2
|
%
|
Cincinnati/Dayton, OH
|
|
3.6
|
%
|
Milwaukee/Mad
ison, WI
|
|
3.4
|
%
|
Detroit, MI
|
|
3.2
|
%
|
West Michigan, MI
|
|
2.8
|
%
|
Westchester/So Connecticut, CT/NY
|
|
2.4
|
%
|
Cleveland, OH
|
|
2.2
|
%
|
Total
|
|
45.4
|
%
|
|
|
|
|
Square Footage
|
|
|
|
Annualized Base Rental Revenue
|
|||||||||||
Operating Portfolio Market Type
|
|
Number of
Buildings
|
|
Amount
|
|
%
|
|
Occupancy
|
|
Amount
(in thousands)
|
|
%
|
|||||||
Primary (greater than 200 million net rentable square feet)
|
|
88
|
|
|
18,506,854
|
|
|
27.2
|
%
|
|
93.7
|
%
|
|
$
|
75,365
|
|
|
29.0
|
%
|
Secondary (25 million to 200 million net rentable square feet)
|
|
199
|
|
|
42,401,355
|
|
|
62.5
|
%
|
|
96.7
|
%
|
|
160,752
|
|
|
61.9
|
%
|
|
Tertiary (less than 25 million net rentable square feet)
|
|
45
|
|
|
7,009,267
|
|
|
10.3
|
%
|
|
91.8
|
%
|
|
23,638
|
|
|
9.1
|
%
|
|
Total/weighted average
|
|
332
|
|
|
67,917,476
|
|
|
100.0
|
%
|
|
95.4
|
%
|
|
$
|
259,755
|
|
|
100.0
|
%
|
Top Ten Tenant Industries
|
|
% of Total
Annualized Base Rental Revenue
|
|
Automotive
|
|
13.9
|
%
|
Air Freight & Logistics
|
|
12.1
|
%
|
Ind Equip, Component & Metals
|
|
10.7
|
%
|
Containers & Packaging
|
|
10.0
|
%
|
Food & Beverages
|
|
9.7
|
%
|
Retail
|
|
6.2
|
%
|
Business Services
|
|
5.3
|
%
|
Personal Products
|
|
5.2
|
%
|
Household Durables
|
|
5.0
|
%
|
Building Materials
|
|
3.8
|
%
|
Total
|
|
81.9
|
%
|
Top Ten Tenants
|
|
Number of Leases
|
|
% of Total
Annualized Base
Rental Revenue
|
||
General Services Administratio
n
|
|
1
|
|
|
2.6
|
%
|
XPO Logistics
|
|
4
|
|
|
2.0
|
%
|
Deckers Outdoor
|
|
2
|
|
|
1.6
|
%
|
TriMas Corporation
|
|
4
|
|
|
1.5
|
%
|
Solo Cup
|
|
1
|
|
|
1.4
|
%
|
DHL
|
|
4
|
|
|
1.1
|
%
|
FedEx
|
|
3
|
|
|
1.0
|
%
|
Generation Brands
|
|
1
|
|
|
1.0
|
%
|
Carolina Beverage Group
|
|
2
|
|
|
1.0
|
%
|
Perrigo
|
|
2
|
|
|
0.9
|
%
|
Total
|
|
24
|
|
|
14.1
|
%
|
Top Ten Leases
|
|
% of Total
Annualized Base
Rental Revenue
|
|
General Services Administratio
n
|
|
2.6
|
%
|
Solo Cup
|
|
1.4
|
%
|
XPO Logistics
|
|
1.1
|
%
|
Generation Brands
|
|
1.0
|
%
|
Deckers Outdoor
|
|
0.9
|
%
|
Spencer Gifts, LLC
|
|
0.9
|
%
|
Closetmaid Corporation
|
|
0.8
|
%
|
Jo-Ann Stores, LLC
|
|
0.7
|
%
|
STP Products Manufacturing Com
pany
|
|
0.7
|
%
|
Mars Chocolate North America
|
|
0.7
|
%
|
Total
|
|
10.8
|
%
|
Quarter ended 2017
|
|
Retention %
(1)
|
|
Weighted Average Lease Term (years)
|
|
Expiring Square Feet
|
|
Renewal Square Feet
(2)
|
|
Cash Rent Change
|
|
GAAP Rent Change
|
||||||
September 30
|
|
70.9
|
%
|
|
4.0
|
|
|
1,263,911
|
|
|
896,695
|
|
|
8.5
|
%
|
|
15.3
|
%
|
June 30
|
|
60.2
|
%
|
|
6.0
|
|
|
1,804,836
|
|
|
1,085,796
|
|
|
(1.3
|
)%
|
|
2.2
|
%
|
March 31
|
|
51.3
|
%
|
|
3.4
|
|
|
1,185,453
|
|
|
607,608
|
|
|
13.4
|
%
|
|
23.6
|
%
|
Total/weighted average
|
|
60.9
|
%
|
|
4.7
|
|
|
4,254,200
|
|
|
2,590,099
|
|
|
5.9
|
%
|
|
12.1
|
%
|
(1)
|
We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period. Neither the Renewal Leases nor leases expiring include Temporary Leases or License Agreements. Retention excludes leases associated with known vacates at the time of acquisition, leases with credit-related modifications, and early terminations.
We define a Temporary Lease or a License Agreement as any lease that is signed for an initial term of less than twelve months; this includes short-term new leases and short-term Renewal Leases.
|
(2)
|
We define Renewal Square Feet as the square footage of renewal leases commencing during the period, irrespective of the date signed.
|
|
Same Store Portfolio
|
|
Acquisitions/Dispositions
|
|
Other
(1)
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Three months ended September 30,
|
|
Change
|
|
Three months ended September 30,
|
|
Three months ended September 30,
|
|
Three months ended September 30,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Rental income
|
$
|
47,212
|
|
|
$
|
46,897
|
|
|
$
|
315
|
|
|
0.7
|
%
|
|
$
|
15,675
|
|
|
$
|
4,326
|
|
|
$
|
2,786
|
|
|
$
|
2,288
|
|
|
$
|
65,673
|
|
|
$
|
53,511
|
|
|
$
|
12,162
|
|
|
22.7
|
%
|
Tenant recoveries
|
9,009
|
|
|
7,461
|
|
|
1,548
|
|
|
20.7
|
%
|
|
2,674
|
|
|
769
|
|
|
683
|
|
|
681
|
|
|
12,366
|
|
|
8,911
|
|
|
3,455
|
|
|
38.8
|
%
|
||||||||||
Other income
|
31
|
|
|
47
|
|
|
(16
|
)
|
|
(34.0
|
)%
|
|
63
|
|
|
28
|
|
|
11
|
|
|
98
|
|
|
105
|
|
|
173
|
|
|
(68
|
)
|
|
(39.3
|
)%
|
||||||||||
Total operating revenue
|
56,252
|
|
|
54,405
|
|
|
1,847
|
|
|
3.4
|
%
|
|
18,412
|
|
|
5,123
|
|
|
3,480
|
|
|
3,067
|
|
|
78,144
|
|
|
62,595
|
|
|
15,549
|
|
|
24.8
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
10,962
|
|
|
9,098
|
|
|
1,864
|
|
|
20.5
|
%
|
|
3,312
|
|
|
915
|
|
|
1,127
|
|
|
1,245
|
|
|
15,401
|
|
|
11,258
|
|
|
4,143
|
|
|
36.8
|
%
|
||||||||||
Net operating income
(2)
|
$
|
45,290
|
|
|
$
|
45,307
|
|
|
$
|
(17
|
)
|
|
—
|
%
|
|
$
|
15,100
|
|
|
$
|
4,208
|
|
|
$
|
2,353
|
|
|
$
|
1,822
|
|
|
62,743
|
|
|
51,337
|
|
|
11,406
|
|
|
22.2
|
%
|
|||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,380
|
|
|
7,603
|
|
|
777
|
|
|
10.2
|
%
|
|||||||||||||||||||
Property acquisition costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,386
|
|
|
1,978
|
|
|
(592
|
)
|
|
(29.9
|
)%
|
|||||||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,186
|
|
|
31,489
|
|
|
6,697
|
|
|
21.3
|
%
|
|||||||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
|
279
|
|
|
(221
|
)
|
|
(79.2
|
)%
|
|||||||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,010
|
|
|
41,349
|
|
|
6,661
|
|
|
16.1
|
%
|
|||||||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,411
|
|
|
52,607
|
|
|
10,804
|
|
|
20.5
|
%
|
|||||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,446
|
)
|
|
(10,504
|
)
|
|
58
|
|
|
(0.6
|
)%
|
|||||||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
|
100.0
|
%
|
|||||||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,563
|
|
|
643
|
|
|
16,920
|
|
|
2,631.4
|
%
|
|||||||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,106
|
|
|
(9,858
|
)
|
|
16,964
|
|
|
172.1
|
%
|
|||||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,839
|
|
|
$
|
130
|
|
|
$
|
21,709
|
|
|
16,699.2
|
%
|
(1)
|
Includes flex/office buildings, redevelopment buildings, buildings classified as held for sale, and buildings placed in service after
July 1, 2016
, which are excluded from the same store portfolio. Also includes asset management fee income, which are separated for purposes of calculating NOI.
|
(2)
|
Excluding asset management fee income, NOI for the total portfolio for the three months ended
September 30, 2017
and
September 30, 2016
was
$62.7 million
and
$51.3 million
, respectively. Asset management fee income is included in other income in the table above. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
|
|
Same Store Portfolio
|
|
Acquisitions/Dispositions
|
|
Other
(1)
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Nine months ended September 30,
|
|
Change
|
|
Nine months ended September 30,
|
|
Nine months ended September 30,
|
|
Nine months ended September 30,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Rental income
|
$
|
136,577
|
|
|
$
|
135,269
|
|
|
$
|
1,308
|
|
|
1.0
|
%
|
|
$
|
43,430
|
|
|
$
|
14,736
|
|
|
$
|
6,614
|
|
|
$
|
6,570
|
|
|
$
|
186,621
|
|
|
$
|
156,575
|
|
|
$
|
30,046
|
|
|
19.2
|
%
|
Tenant recoveries
|
24,224
|
|
|
21,920
|
|
|
2,304
|
|
|
10.5
|
%
|
|
6,935
|
|
|
2,785
|
|
|
1,793
|
|
|
2,102
|
|
|
32,952
|
|
|
26,807
|
|
|
6,145
|
|
|
22.9
|
%
|
||||||||||
Other income
|
93
|
|
|
89
|
|
|
4
|
|
|
4.5
|
%
|
|
96
|
|
|
61
|
|
|
55
|
|
|
177
|
|
|
244
|
|
|
$
|
327
|
|
|
(83
|
)
|
|
(25.4
|
)%
|
|||||||||
Total operating revenue
|
160,894
|
|
|
157,278
|
|
|
3,616
|
|
|
2.3
|
%
|
|
50,461
|
|
|
17,582
|
|
|
8,462
|
|
|
8,849
|
|
|
219,817
|
|
|
183,709
|
|
|
36,108
|
|
|
19.7
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
30,574
|
|
|
27,785
|
|
|
2,789
|
|
|
10.0
|
%
|
|
8,201
|
|
|
4,020
|
|
|
3,537
|
|
|
3,867
|
|
|
42,312
|
|
|
35,672
|
|
|
6,640
|
|
|
18.6
|
%
|
||||||||||
Net operating income
(2)
|
$
|
130,320
|
|
|
$
|
129,493
|
|
|
$
|
827
|
|
|
0.6
|
%
|
|
$
|
42,260
|
|
|
$
|
13,562
|
|
|
$
|
4,925
|
|
|
$
|
4,982
|
|
|
$
|
177,505
|
|
|
$
|
148,037
|
|
|
$
|
29,468
|
|
|
19.9
|
%
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,090
|
|
|
26,373
|
|
|
(1,283
|
)
|
|
(4.9
|
)%
|
||||||||||||||
Property acquisition costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,684
|
|
|
3,113
|
|
|
1,571
|
|
|
50.5
|
%
|
||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,286
|
|
|
91,725
|
|
|
18,561
|
|
|
20.2
|
%
|
||||||||||||||
Loss on impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
11,231
|
|
|
(11,231
|
)
|
|
(100.0
|
)%
|
||||||||||||||
Loss on involuntary conversion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330
|
|
|
—
|
|
|
330
|
|
|
100.0
|
%
|
||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,502
|
|
|
857
|
|
|
645
|
|
|
75.3
|
%
|
||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,892
|
|
|
133,299
|
|
|
8,593
|
|
|
6.4
|
%
|
||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
184,204
|
|
|
168,971
|
|
|
15,233
|
|
|
9.0
|
%
|
||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
8
|
|
|
2
|
|
|
25.0
|
%
|
||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,557
|
)
|
|
(31,841
|
)
|
|
284
|
|
|
(0.9
|
)%
|
||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15
|
)
|
|
(1,973
|
)
|
|
1,958
|
|
|
(99.2
|
)%
|
||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,225
|
|
|
21,589
|
|
|
(2,364
|
)
|
|
(11.0
|
)%
|
||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(12,337
|
)
|
|
$
|
(12,217
|
)
|
|
$
|
(120
|
)
|
|
1.0
|
%
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,276
|
|
|
$
|
2,521
|
|
|
$
|
20,755
|
|
|
823.3
|
%
|
(1)
|
Includes flex/office buildings, redevelopment buildings, buildings classified as held for sale, and buildings placed in service after January 1, 2016, which are excluded from the same store portfolio. Also includes asset management fee income, which are separated for purposes of calculating NOI.
|
(2)
|
Excluding asset management fee income, NOI for the total portfolio for the
nine
months ended
September 30, 2017
and
September 30, 2016
was
$177.5 million
and
$147.9 million
, respectively. Asset management fee income is included in other income in the table above. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Reconciliation of Net Income (Loss) to FFO (in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
|
$
|
21,839
|
|
|
$
|
130
|
|
|
$
|
23,276
|
|
|
$
|
2,521
|
|
Rental property depreciation and amortization
|
|
38,114
|
|
|
31,416
|
|
|
110,069
|
|
|
91,537
|
|
||||
Loss on impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,231
|
|
||||
Gain on the sales of rental property, net
|
|
(17,563
|
)
|
|
(643
|
)
|
|
(19,225
|
)
|
|
(21,589
|
)
|
||||
FFO
|
|
42,390
|
|
|
30,903
|
|
|
$
|
114,120
|
|
|
$
|
83,700
|
|
||
Preferred stock dividends
|
|
(2,449
|
)
|
|
(4,001
|
)
|
|
(7,345
|
)
|
|
(10,914
|
)
|
||||
Other expenses
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
(289
|
)
|
||||
FFO attributable to common stockholders and unit holders
|
|
$
|
39,941
|
|
|
$
|
26,807
|
|
|
$
|
106,775
|
|
|
$
|
72,497
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Reconciliation of Net Income (Loss) to NOI (in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
|
$
|
21,839
|
|
|
$
|
130
|
|
|
$
|
23,276
|
|
|
$
|
2,521
|
|
Asset management fee income
|
|
(9
|
)
|
|
(60
|
)
|
|
(52
|
)
|
|
(166
|
)
|
||||
General and administrative
|
|
8,380
|
|
|
7,603
|
|
|
25,090
|
|
|
26,373
|
|
||||
Property acquisition costs
|
|
1,386
|
|
|
1,978
|
|
|
4,684
|
|
|
3,113
|
|
||||
Depreciation and amortization
|
|
38,186
|
|
|
31,489
|
|
|
110,286
|
|
|
91,725
|
|
||||
Interest income
|
|
(2
|
)
|
|
(3
|
)
|
|
(10
|
)
|
|
(8
|
)
|
||||
Interest expense
|
|
10,446
|
|
|
10,504
|
|
|
31,557
|
|
|
31,841
|
|
||||
Loss on impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,231
|
|
||||
Loss on involuntary conversion
|
|
—
|
|
|
—
|
|
|
330
|
|
|
—
|
|
||||
Loss on extinguishment of debt
|
|
13
|
|
|
—
|
|
|
15
|
|
|
1,973
|
|
||||
Other expenses
|
|
260
|
|
|
279
|
|
|
813
|
|
|
857
|
|
||||
(Gain) loss on incentive fee
|
|
(202
|
)
|
|
—
|
|
|
689
|
|
|
—
|
|
||||
Gain on the sales of rental property, net
|
|
(17,563
|
)
|
|
(643
|
)
|
|
(19,225
|
)
|
|
(21,589
|
)
|
||||
Net operating income
|
|
$
|
62,734
|
|
|
$
|
51,277
|
|
|
$
|
177,453
|
|
|
$
|
147,871
|
|
|
|
Nine months ended September 30,
|
|
Change
|
|||||||||||
Cash Flows (dollars in thousands)
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Net cash provided by operating activities
|
|
$
|
120,517
|
|
|
$
|
97,905
|
|
|
$
|
22,612
|
|
|
23.1
|
%
|
Net cash used in investing activities
|
|
$
|
462,711
|
|
|
$
|
220,016
|
|
|
$
|
242,695
|
|
|
110.3
|
%
|
Net cash provided by financing activities
|
|
$
|
341,042
|
|
|
$
|
122,373
|
|
|
$
|
218,669
|
|
|
178.7
|
%
|
Month Ended 2017
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
July 31, 2017
|
|
December 29, 2017
|
|
$
|
0.117500
|
|
|
January 16, 2018
|
November 30
|
|
July 31, 2017
|
|
November 30, 2017
|
|
0.117500
|
|
|
December 15, 2017
|
|
October 31
|
|
July 31, 2017
|
|
October 31, 2017
|
|
0.117500
|
|
|
November 15, 2017
|
|
September 30
|
|
May 1, 2017
|
|
September 29, 2017
|
|
0.117500
|
|
|
October 16, 2017
|
|
August 31
|
|
May 1, 2017
|
|
August 31, 2017
|
|
0.117500
|
|
|
September 15, 2017
|
|
July 31
|
|
May 1, 2017
|
|
July 31, 2017
|
|
0.117500
|
|
|
August 15, 2017
|
|
June 30
|
|
February 15, 2017
|
|
June 30, 2017
|
|
0.116667
|
|
|
July 17, 2017
|
|
May 31
|
|
February 15, 2017
|
|
May 31, 2017
|
|
0.116667
|
|
|
June 15, 2017
|
|
April 30
|
|
February 15, 2017
|
|
April 28, 2017
|
|
0.116667
|
|
|
May 15, 2017
|
|
March 31
|
|
November 2, 2016
|
|
March 31, 2017
|
|
0.116667
|
|
|
April 17, 2017
|
|
February 28
|
|
November 2, 2016
|
|
February 28, 2017
|
|
0.116667
|
|
|
March 15, 2017
|
|
January 31
|
|
November 2, 2016
|
|
January 31, 2017
|
|
0.116667
|
|
|
February 15, 2017
|
|
Total
|
|
|
|
|
|
$
|
1.405002
|
|
|
|
Quarter Ended 2017
|
|
Declaration Date
|
|
Series B
Preferred Stock Per Share |
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||||
September 30
|
|
July 31, 2017
|
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
September 29, 2017
|
June 30
|
|
May 1, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
June 30, 2017
|
||
March 31
|
|
February 15, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
March 31, 2017
|
||
Total
|
|
|
|
$
|
1.2421875
|
|
|
$
|
1.2890625
|
|
|
|
Loan
|
|
Principal Outstanding as of September 30, 2017 (in thousands)
|
|
Interest
Rate (1) |
|
Maturity Date
|
|
Prepayment Terms
(2)
|
|||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|||
Unsecured Credit Facility
(3)
|
|
$
|
245,000
|
|
|
L + 1.15%
|
|
|
Dec-18-2019
|
|
i
|
Total unsecured credit facility
|
|
245,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Term Loan C
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Sep-29-2020
|
|
i
|
|
Unsecured Term Loan B
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-21-2021
|
|
i
|
|
Unsecured Term Loan A
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-31-2022
|
|
i
|
|
Unsecured Term Loan D
(4)
|
|
—
|
|
|
L + 1.30%
|
|
|
Jan-04-2023
|
|
i
|
|
Total unsecured term loans
|
|
450,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,934
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured term loans
|
|
446,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
Series F Unsecured Notes
|
|
100,000
|
|
|
3.98
|
%
|
|
Jan-05-2023
|
|
ii
|
|
Series A Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
Oct-1-2024
|
|
ii
|
|
Series D Unsecured Notes
|
|
100,000
|
|
|
4.32
|
%
|
|
Feb-20-2025
|
|
ii
|
|
Series B Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
Jul-1-2026
|
|
ii
|
|
Series C Unsecured Notes
|
|
80,000
|
|
|
4.42
|
%
|
|
Dec-30-2026
|
|
ii
|
|
Series E Unsecured Notes
|
|
20,000
|
|
|
4.42
|
%
|
|
Feb-20-2027
|
|
ii
|
|
Total unsecured notes
|
|
400,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(1,832
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured notes
|
|
398,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Bank, National Association CMBS Loan
|
|
55,366
|
|
|
4.31
|
%
|
|
Dec-1-2022
|
|
iii
|
|
Thrivent Financial for Lutherans
|
|
3,933
|
|
|
4.78
|
%
|
|
Dec-15-2023
|
|
iv
|
|
Total mortgage notes
|
|
59,299
|
|
|
|
|
|
|
|
|
|
Total unamortized fair market value premiums
|
|
63
|
|
|
|
|
|
|
|
|
|
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(667
|
)
|
|
|
|
|
|
|
||
Total carrying value mortgage notes
|
|
58,695
|
|
|
|
|
|
|
|
|
|
Total / weighted average interest rate
(5)
|
|
$
|
1,147,929
|
|
|
3.44
|
%
|
|
|
|
|
(1)
|
Interest rate as of
September 30, 2017
. At
September 30, 2017
, the one-month LIBOR (“L”) was
1.23222%
. The interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for our unsecured credit facility and unsecured term loans is based on our consolidated leverage ratio, as defined in the respective loan agreements.
|
(2)
|
Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased beginning January 1, 2016; and (iv) pre-payable without penalty three months prior to the maturity date.
|
(3)
|
The capacity of the unsecured credit facility is
$450.0 million
.
|
(4)
|
Capacity of
$150.0 million
, which we have until July 27, 2018 to draw.
|
(5)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of
$450.0 million
of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums.
|
Debt Capital Structure
|
|
September 30, 2017
|
||
Total principal outstanding (in thousands)
|
|
$
|
1,154,299
|
|
Weighted average duration (years)
|
|
4.8
|
|
|
% Secured debt
|
|
5
|
%
|
|
% Debt maturing next 12 months
|
|
—
|
%
|
|
Net Debt to Real Estate Cost Basis
(1)
|
|
38
|
%
|
(1)
|
We define Net Debt as our amounts outstanding under our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes, less cash and cash equivalents.
We define Real Estate Cost Basis as the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization.
|
Preferred Stock Issuances
|
|
Issuance Date
|
|
Number of Shares
|
|
Liquidation Value Per Share
|
|
Interest Rate
|
||||
6.625% Series B Cumulative Redeemable Preferred Stock
|
|
April 16, 2013
|
|
2,800,000
|
|
|
$
|
25.00
|
|
|
6.625
|
%
|
6.875% Series C Cumulative Redeemable Preferred Stock
|
|
March 17, 2016
|
|
3,000,000
|
|
|
$
|
25.00
|
|
|
6.875
|
%
|
ATM Stock Offering Program
|
|
Date
|
|
Maximum Aggregate Offering Price (in thousands)
|
|
Aggregate Common Stock Available as of
September 30, 2017 (in thousands) |
||||
2017 $300 million ATM
|
|
April 7, 2017
|
|
$
|
300,000
|
|
|
$
|
77,592
|
|
|
|
Three months ended September 30, 2017
|
|||||||||||||||||
ATM Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $300 million ATM
|
|
2,409,453
|
|
|
$
|
27.08
|
|
|
$
|
65,239
|
|
|
$
|
815
|
|
|
$
|
64,424
|
|
Total/weighted average
|
|
2,409,453
|
|
|
$
|
27.08
|
|
|
$
|
65,239
|
|
|
$
|
815
|
|
|
$
|
64,424
|
|
|
|
Nine months ended September 30, 2017
|
|||||||||||||||||
ATM Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $300 million ATM
|
|
8,366,212
|
|
|
$
|
26.58
|
|
|
$
|
222,408
|
|
|
$
|
2,666
|
|
|
$
|
219,742
|
|
2016 $228 million ATM
(1)
|
|
4,799,784
|
|
|
$
|
24.42
|
|
|
$
|
117,216
|
|
|
$
|
1,604
|
|
|
$
|
115,612
|
|
Total/weighted average
|
|
13,165,996
|
|
|
$
|
25.80
|
|
|
$
|
339,624
|
|
|
$
|
4,270
|
|
|
$
|
335,354
|
|
(1)
|
This program ended before
September 30, 2017
.
|
Year
|
|
Future Amortization of Non-cash Compensation Expense (in thousands)
|
||
Remainder of 2017
|
|
$
|
2,307
|
|
2018
|
|
$
|
5,162
|
|
2019
|
|
$
|
3,593
|
|
2020
|
|
$
|
1,732
|
|
2021
|
|
$
|
113
|
|
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
|
|||||
Regions Bank
|
|
Mar-01-2013
|
|
Mar-01-2013
|
|
$
|
25,000
|
|
|
$
|
194
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
(25
|
)
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
(26
|
)
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(196
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
255
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
497
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
354
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
247
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
148
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
52
|
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
50
|
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(1,550
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
19
|
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(196
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(413
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(467
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
75
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
76
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
76
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
75
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
152
|
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Exhibit Number
|
|
Description of Document
|
10.1 *
|
|
|
10.2 *
|
|
|
10.3 *
|
|
|
10.4 *
|
|
|
10.5 *
|
|
|
31.1 *
|
|
|
31.2 *
|
|
|
32.1 *
|
|
|
101 *
|
|
The following materials from STAG Industrial, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to Consolidated Financial Statements
|
*
|
Filed herewith.
|
|
|
STAG INDUSTRIAL, INC.
|
|
|
|
Date: November 2, 2017
|
BY:
|
/s/
WILLIAM R. CROOKER
|
|
|
William R. Crooker
|
|
|
Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer and Principal Accounting Officer)
|
Exhibit Number
|
|
Description of Document
|
10.1 *
|
|
|
10.2 *
|
|
|
10.3 *
|
|
|
10.4 *
|
|
|
10.5 *
|
|
|
31.1 *
|
|
|
31.2 *
|
|
|
32.1 *
|
|
|
101 *
|
|
The following materials from STAG Industrial, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to Consolidated Financial Statements
|
*
|
Filed herewith.
|
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