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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________
FORM 10-Q
____________________________________________________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 1-34907
____________________________________________________________________________
STAG Industrial, Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________ | | | | | | | | | | | |
Maryland | | 27-3099608 |
(State or other jurisdiction of | | (IRS Employer Identification No.) |
incorporation or organization) | | |
| | | |
One Federal Street | | |
23rd Floor | | |
Boston, | Massachusetts | | 02110 |
(Address of principal executive offices) | | (Zip code) |
(617) 574-4777
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value per share | STAG | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of common stock outstanding at July 29, 2024 was 182,110,351.
STAG Industrial, Inc.
Table of Contents | | | | | | | | |
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PART I. | | |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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PART II. | | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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Part I. Financial Information
Item 1. Financial Statements
STAG Industrial, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share data) | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Assets | | | |
Rental Property: | | | |
Land | $ | 716,613 | | | $ | 698,633 | |
Buildings and improvements, net of accumulated depreciation of $998,633 and $921,846, respectively | 4,982,291 | | | 4,838,522 | |
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively | 421,560 | | | 435,722 | |
Total rental property, net | 6,120,464 | | | 5,972,877 | |
Cash and cash equivalents | 33,273 | | | 20,741 | |
Restricted cash | 1,247 | | | 1,127 | |
Tenant accounts receivable | 125,172 | | | 128,274 | |
Prepaid expenses and other assets | 80,855 | | | 80,455 | |
Interest rate swaps | 54,510 | | | 50,418 | |
Operating lease right-of-use assets | 28,598 | | | 29,566 | |
| | | |
Total assets | $ | 6,444,119 | | | $ | 6,283,458 | |
Liabilities and Equity | | | |
Liabilities: | | | |
Unsecured credit facility | $ | 127,000 | | | $ | 402,000 | |
Unsecured term loans, net | 1,021,175 | | | 1,021,773 | |
Unsecured notes, net | 1,643,538 | | | 1,195,872 | |
Mortgage notes, net | 4,299 | | | 4,401 | |
Accounts payable, accrued expenses and other liabilities | 98,828 | | | 83,152 | |
| | | |
Tenant prepaid rent and security deposits | 44,876 | | | 44,238 | |
Dividends and distributions payable | 22,936 | | | 22,726 | |
Deferred leasing intangibles, net of accumulated amortization of $26,796 and $26,613, respectively | 33,454 | | | 29,908 | |
Operating lease liabilities | 32,683 | | | 33,577 | |
| | | |
Total liabilities | 3,028,789 | | | 2,837,647 | |
Commitments and contingencies (Note 11) | | | |
Equity: | | | |
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2024 and December 31, 2023; none issued or outstanding | — | | | — | |
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2024 and December 31, 2023, 182,105,303 and 181,690,867 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 1,821 | | | 1,817 | |
Additional paid-in capital | 4,276,498 | | | 4,272,376 | |
Cumulative dividends in excess of earnings | (987,218) | | | (948,720) | |
Accumulated other comprehensive income | 53,228 | | | 49,207 | |
Total stockholders’ equity | 3,344,329 | | | 3,374,680 | |
Noncontrolling interest | 71,001 | | | 71,131 | |
Total equity | 3,415,330 | | | 3,445,811 | |
Total liabilities and equity | $ | 6,444,119 | | | $ | 6,283,458 | |
The accompanying notes are an integral part of these consolidated financial statements.
STAG Industrial, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue | | | | | | | |
Rental income | $ | 186,467 | | | $ | 171,439 | | | $ | 373,869 | | | $ | 344,707 | |
Other income | 3,310 | | | 255 | | | 3,451 | | | 540 | |
Total revenue | 189,777 | | | 171,694 | | | 377,320 | | | 345,247 | |
Expenses | | | | | | | |
Property | 37,478 | | | 32,675 | | | 76,549 | | | 68,556 | |
General and administrative | 11,828 | | | 12,060 | | | 24,780 | | | 24,736 | |
Depreciation and amortization | 75,280 | | | 68,494 | | | 146,707 | | | 137,438 | |
Loss on impairment | 4,967 | | | — | | | 4,967 | | | — | |
Other expenses | 595 | | | 357 | | | 1,158 | | | 3,336 | |
Total expenses | 130,148 | | | 113,586 | | | 254,161 | | | 234,066 | |
Other income (expense) | | | | | | | |
Interest and other income | 14 | | | 17 | | | 25 | | | 36 | |
Interest expense | (27,372) | | | (22,860) | | | (52,793) | | | (45,472) | |
Debt extinguishment and modification expenses | — | | | — | | | (667) | | | — | |
Gain on involuntary conversion | 5,717 | | | — | | | 5,717 | | | — | |
Gain on the sales of rental property, net | 23,086 | | | 17,532 | | | 23,086 | | | 37,660 | |
Total other income (expense) | 1,445 | | | (5,311) | | | (24,632) | | | (7,776) | |
Net income | $ | 61,074 | | | $ | 52,797 | | | $ | 98,527 | | | $ | 103,405 | |
Less: income attributable to noncontrolling interest | 1,291 | | | 1,191 | | | 2,117 | | | 2,333 | |
Net income attributable to STAG Industrial, Inc. | $ | 59,783 | | | $ | 51,606 | | | $ | 96,410 | | | $ | 101,072 | |
| | | | | | | |
| | | | | | | |
Less: amount allocated to participating securities | 46 | | | 53 | | | 93 | | | 106 | |
Net income attributable to common stockholders | $ | 59,737 | | | $ | 51,553 | | | $ | 96,317 | | | $ | 100,966 | |
Weighted average common shares outstanding — basic | 181,961 | | | 179,413 | | | 181,834 | | | 179,305 | |
Weighted average common shares outstanding — diluted | 182,185 | | | 179,738 | | | 182,088 | | | 179,518 | |
Net income per share — basic and diluted | | | | | | | |
| | | | | | | |
| | | | | | | |
Net income per share attributable to common stockholders — basic | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
Net income per share attributable to common stockholders — diluted | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
The accompanying notes are an integral part of these consolidated financial statements.
STAG Industrial, Inc.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands) | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 61,074 | | | $ | 52,797 | | | $ | 98,527 | | | $ | 103,405 | |
Other comprehensive income (loss): | | | | | | | |
Income (loss) on interest rate swaps | (2,967) | | | 15,821 | | | 4,109 | | | (191) | |
Other comprehensive income (loss) | (2,967) | | | 15,821 | | | 4,109 | | | (191) | |
Comprehensive income | 58,107 | | | 68,618 | | | 102,636 | | | 103,214 | |
Income attributable to noncontrolling interest | (1,291) | | | (1,191) | | | (2,117) | | | (2,333) | |
Other comprehensive (income) loss attributable to noncontrolling interest | 68 | | | (357) | | | (88) | | | 4 | |
Comprehensive income attributable to STAG Industrial, Inc. | $ | 56,884 | | | $ | 67,070 | | | $ | 100,431 | | | $ | 100,885 | |
The accompanying notes are an integral part of these consolidated financial statements.
STAG Industrial, Inc.
Consolidated Statements of Equity
(unaudited, in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Cumulative Dividends in Excess of Earnings | | Accumulated Other Comprehensive Income | | Total Stockholders’ Equity | | Noncontrolling Interest - Unit Holders in Operating Partnership | | Total Equity |
| | Shares | | Amount | | | | | | |
Three months ended June 30, 2024 | | | | | | | | | | | | | | | | | |
Balance, March 31, 2024 | $ | — | | | 182,074,776 | | | $ | 1,821 | | | $ | 4,273,183 | | | $ | (979,629) | | | $ | 56,127 | | | $ | 3,351,502 | | | $ | 71,718 | | | $ | 3,423,220 | |
Proceeds from sales of common stock, net | — | | | — | | | — | | | (89) | | | — | | | — | | | (89) | | | — | | | (89) | |
| | | | | | | | | | | | | | | | | |
Dividends and distributions, net ($0.37 per share/unit) | — | | | — | | | — | | | — | | | (67,372) | | | — | | | (67,372) | | | (1,543) | | | (68,915) | |
Non-cash compensation activity, net | — | | | 527 | | | — | | | 2,085 | | | — | | | — | | | 2,085 | | | 922 | | | 3,007 | |
Redemption of common units to common stock | — | | | 30,000 | | | — | | | 552 | | | — | | | — | | | 552 | | | (552) | | | — | |
Rebalancing of noncontrolling interest | — | | | — | | | — | | | 767 | | | — | | | — | | | 767 | | | (767) | | | — | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (2,899) | | | (2,899) | | | (68) | | | (2,967) | |
Net income | — | | | — | | | — | | | — | | | 59,783 | | | — | | | 59,783 | | | 1,291 | | | 61,074 | |
Balance, June 30, 2024 | $ | — | | | 182,105,303 | | | $ | 1,821 | | | $ | 4,276,498 | | | $ | (987,218) | | | $ | 53,228 | | | $ | 3,344,329 | | | $ | 71,001 | | | $ | 3,415,330 | |
Three months ended June 30, 2023 | | | | | | | | | | | | | | | | | |
Balance, March 31, 2023 | $ | — | | | 179,372,871 | | | $ | 1,794 | | | $ | 4,188,960 | | | $ | (892,676) | | | $ | 54,849 | | | $ | 3,352,927 | | | $ | 77,893 | | | $ | 3,430,820 | |
Proceeds from sales of common stock, net | — | | | 249,016 | | | 3 | | | 8,644 | | | — | | | — | | | 8,647 | | | — | | | 8,647 | |
| | | | | | | | | | | | | | | | | |
Dividends and distributions, net ($0.37 per share/unit) | — | | | — | | | — | | | — | | | (65,991) | | | — | | | (65,991) | | | (1,564) | | | (67,555) | |
Non-cash compensation activity, net | — | | | 3,884 | | | — | | | 1,896 | | | — | | | — | | | 1,896 | | | 1,433 | | | 3,329 | |
Redemption of common units to common stock | — | | | 35,000 | | | — | | | 654 | | | — | | | — | | | 654 | | | (654) | | | — | |
Rebalancing of noncontrolling interest | — | | | — | | | — | | | 1,397 | | | — | | | — | | | 1,397 | | | (1,397) | | | — | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 15,464 | | | 15,464 | | | 357 | | | 15,821 | |
Net income | — | | | — | | | — | | | — | | | 51,606 | | | — | | | 51,606 | | | 1,191 | | | 52,797 | |
Balance, June 30, 2023 | $ | — | | | 179,660,771 | | | $ | 1,797 | | | $ | 4,201,551 | | | $ | (907,061) | | | $ | 70,313 | | | $ | 3,366,600 | | | $ | 77,259 | | | $ | 3,443,859 | |
| | | | | | | | | | | | | | | | | |
Six months ended June 30, 2024 | | | | | | | | | | | | | | | | | |
Balance, December 31, 2023 | $ | — | | | $ | 181,690,867 | | | $ | 1,817 | | | $ | 4,272,376 | | | $ | (948,720) | | | $ | 49,207 | | | $ | 3,374,680 | | | $ | 71,131 | | | $ | 3,445,811 | |
Proceeds from sales of common stock, net | — | | | — | | | — | | | (259) | | | — | | | — | | | (259) | | | — | | | (259) | |
| | | | | | | | | | | | | | | | | |
Dividends and distributions, net ($0.74 per share/unit) | — | | | — | | | — | | | — | | | (134,674) | | | — | | | (134,674) | | | (3,113) | | | (137,787) | |
Non-cash compensation activity, net | — | | | 69,454 | | | 1 | | | (407) | | | (234) | | | — | | | (640) | | | 5,569 | | | 4,929 | |
Redemption of common units to common stock | — | | | 344,982 | | | 3 | | | 6,402 | | | — | | | — | | | 6,405 | | | (6,405) | | | — | |
| | | | | | | | | | | | | | | | | |
Rebalancing of noncontrolling interest | — | | | — | | | — | | | (1,614) | | | — | | | — | | | (1,614) | | | 1,614 | | | — | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 4,021 | | | 4,021 | | | 88 | | | 4,109 | |
Net income | — | | | — | | | — | | | — | | | 96,410 | | | — | | | 96,410 | | | 2,117 | | | 98,527 | |
Balance, June 30, 2024 | $ | — | | | 182,105,303 | | | $ | 1,821 | | | $ | 4,276,498 | | | $ | (987,218) | | | $ | 53,228 | | | $ | 3,344,329 | | | $ | 71,001 | | | $ | 3,415,330 | |
Six months ended June 30, 2023 | | | | | | | | | | | | | | | | | |
Balance, December 31, 2022 | $ | — | | | 179,248,980 | | | $ | 1,792 | | | $ | 4,188,677 | | | $ | (876,145) | | | $ | 70,500 | | | $ | 3,384,824 | | | $ | 73,357 | | | $ | 3,458,181 | |
| | | | | | | | | | | | | | | | | |
Proceeds from sales of common stock, net | — | | | 249,016 | | | 3 | | | 8,492 | | | — | | | — | | | 8,495 | | | — | | | 8,495 | |
| | | | | | | | | | | | | | | | | |
Dividends and distributions, net ($0.74 per share/unit) | — | | | — | | | — | | | — | | | (131,905) | | | — | | | (131,905) | | | 252 | | | (131,653) | |
Non-cash compensation activity, net | — | | | 83,941 | | | 1 | | | (1,935) | | | (83) | | | — | | | (2,017) | | | 7,639 | | | 5,622 | |
Redemption of common units to common stock | — | | | 78,834 | | | 1 | | | 1,482 | | | — | | | — | | | 1,483 | | | (1,483) | | | — | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Rebalancing of noncontrolling interest | — | | | — | | | — | | | 4,835 | | | — | | | — | | | 4,835 | | | (4,835) | | | — | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (187) | | | (187) | | | (4) | | | (191) | |
Net income | — | | | — | | | — | | | — | | | 101,072 | | | — | | | 101,072 | | | 2,333 | | | 103,405 | |
Balance, June 30, 2023 | $ | — | | | 179,660,771 | | | $ | 1,797 | | | $ | 4,201,551 | | | $ | (907,061) | | | $ | 70,313 | | | $ | 3,366,600 | | | $ | 77,259 | | | $ | 3,443,859 | |
The accompanying notes are an integral part of these consolidated financial statements.
STAG Industrial, Inc.
Consolidated Statements of Cash Flows (unaudited, in thousands) | | | | | | | | | | | |
| Six months ended June 30, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net income | $ | 98,527 | | | $ | 103,405 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 146,707 | | | 137,438 | |
Loss on impairment | 4,967 | | | — | |
Gain on involuntary conversion | (5,717) | | | — | |
Non-cash portion of interest expense | 2,036 | | | 1,948 | |
Amortization of above and below market leases, net | 532 | | | (192) | |
Straight-line rent adjustments, net | (7,531) | | | (9,466) | |
| | | |
| | | |
Gain on the sales of rental property, net | (23,086) | | | (37,660) | |
Non-cash compensation expense | 5,871 | | | 6,404 | |
| | | |
Change in assets and liabilities: | | | |
Tenant accounts receivable | 9,232 | | | 10,719 | |
| | | |
Prepaid expenses and other assets | (11,732) | | | (13,081) | |
Accounts payable, accrued expenses and other liabilities | 6,953 | | | (6,288) | |
Tenant prepaid rent and security deposits | 638 | | | 2,996 | |
Total adjustments | 128,870 | | | 92,818 | |
Net cash provided by operating activities | 227,397 | | | 196,223 | |
Cash flows from investing activities: | | | |
Additions of land and buildings and improvements | (41,857) | | | (55,382) | |
Acquisitions of land and buildings and improvements | (250,202) | | | (37,425) | |
Acquisitions of other assets | (196) | | | — | |
Acquisitions of tenant prepaid rent | — | | | 511 | |
| | | |
Proceeds from sales of rental property, net | 75,706 | | | 69,320 | |
| | | |
Acquisition deposits, net | (400) | | | 1,120 | |
Acquisitions of deferred leasing intangibles | (30,662) | | | (3,750) | |
| | | |
Net cash used in investing activities | (247,611) | | | (25,606) | |
Cash flows from financing activities: | | | |
| | | |
Proceeds from unsecured credit facility | 630,000 | | | 337,000 | |
Repayment of unsecured credit facility | (905,000) | | | (296,000) | |
| | | |
| | | |
Proceeds from unsecured notes | 450,000 | | | — | |
Repayment of unsecured notes | — | | | (100,000) | |
| | | |
Repayment of mortgage notes | (107) | | | (172) | |
Payment of loan fees and costs | (3,197) | | | — | |
| | | |
Proceeds from sales of common stock, net | (244) | | | 8,532 | |
| | | |
Dividends and distributions | (137,572) | | | (131,420) | |
Repurchase and retirement of share-based compensation | (1,014) | | | (812) | |
Net cash provided by (used in) financing activities | 32,866 | | | (182,872) | |
Increase (decrease) in cash and cash equivalents and restricted cash | 12,652 | | | (12,255) | |
Cash and cash equivalents and restricted cash—beginning of period | 21,868 | | | 26,789 | |
Cash and cash equivalents and restricted cash—end of period | $ | 34,520 | | | $ | 14,534 | |
Supplemental disclosure: | | | |
Cash paid for interest, net of amounts capitalized of $1,259 and $1,000 for 2024 and 2023, respectively | $ | 49,130 | | | $ | 44,842 | |
Supplemental schedule of non-cash investing and financing activities | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Acquisitions of land and buildings and improvements | $ | (2,456) | | | $ | — | |
Acquisitions of deferred leasing intangibles | $ | (357) | | | $ | — | |
Additions to building and other capital improvements from involuntary conversion | $ | (8,685) | | | $ | — | |
Investing other receivables due to involuntary conversion of building | $ | 2,968 | | | $ | — | |
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities | $ | (6,499) | | | $ | (3,018) | |
Additions to building and other capital improvements from non-cash compensation | $ | (80) | | | $ | (26) | |
| | | |
| | | |
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities | $ | (849) | | | $ | (37) | |
| | | |
| | | |
Dividends and distributions accrued | $ | 22,936 | | | $ | 22,515 | |
The accompanying notes are an integral part of these consolidated financial statements.
STAG Industrial, Inc.
Notes to Consolidated Financial Statements
(unaudited)
1. Organization and Description of Business
STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2024 and December 31, 2023, the Company owned 97.9% and 97.9%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.
As of June 30, 2024, the Company owned 573 industrial buildings in 41 states with approximately 114.1 million rentable square feet.
2. Summary of Significant Accounting Policies
Interim Financial Information
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Basis of Presentation
The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Restricted Cash
The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.
| | | | | | | | | | | | | | | | | | |
Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) | | June 30, 2024 | | December 31, 2023 | | | | |
Cash and cash equivalents | | $ | 33,273 | | | $ | 20,741 | | | | | |
Restricted cash | | 1,247 | | | 1,127 | | | | | |
Total cash and cash equivalents and restricted cash | | $ | 34,520 | | | $ | 21,868 | | | | | |
Uncertain Tax Positions
As of June 30, 2024 and December 31, 2023, there were no liabilities for uncertain tax positions.
Concentrations of Credit Risk
Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
3. Rental Property
The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | |
Rental Property (in thousands) | | June 30, 2024 | | December 31, 2023 |
Land | | $ | 716,613 | | | $ | 698,633 | |
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively | | 4,438,474 | | | 4,330,799 | |
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively | | 41,210 | | | 39,145 | |
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively | | 365,204 | | | 369,724 | |
Construction in progress | | 137,403 | | | 98,854 | |
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively | | 421,560 | | | 435,722 | |
Total rental property, net | | $ | 6,120,464 | | | $ | 5,972,877 | |
Acquisitions
The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market(1) | | Date Acquired | | Square Feet | | Number of Buildings | | Purchase Price (in thousands) |
Cincinnati, OH | | March 18, 2024 | | 697,500 | | | 1 | | | $ | 50,073 | |
Three months ended March 31, 2024 | | | | 697,500 | | | 1 | | | 50,073 | |
Milwaukee, WI | | April 8, 2024 | | 150,002 | | | 1 | | | 16,062 | |
Portland, OR | | April 15, 2024 | | 99,136 | | | 1 | | | 17,058 | |
Louisville, IN | | April 16, 2024 | | 592,800 | | | 1 | | | 52,352 | |
Portland, OR(2) | | June 6, 2024 | | — | | | — | | | 8,178 | |
El Paso, TX | | June 10, 2024 | | 254,103 | | | 1 | | | 32,182 | |
Chicago, IL | | June 24, 2024 | | 947,436 | | | 5 | | | 87,560 | |
Columbus, OH | | June 26, 2024 | | 150,207 | | | 1 | | | 20,408 | |
Three Months ended June 30, 2024 | | | | 2,193,684 | | | 10 | | | 233,800 | |
| | | | | | | | |
Six months ended June 30, 2024 | | | | 2,891,184 | | | 11 | | | $ | 283,873 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel.
The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2024 |
Acquired Assets and Liabilities | | Purchase Price (in thousands) | | Weighted Average Amortization Period (years) of Intangibles at Acquisition |
Land | | $ | 25,628 | | | N/A |
Buildings | | 211,995 | | | N/A |
Tenant improvements | | 2,997 | | | N/A |
Building and land improvements | | 10,255 | | | N/A |
Construction in progress | | 1,783 | | | N/A |
Other assets | | 196 | | | N/A |
| | | | |
Deferred leasing intangibles - In-place leases | | 23,919 | | | 5.3 |
Deferred leasing intangibles - Tenant relationships | | 14,934 | | | 9.2 |
Deferred leasing intangibles - Above market leases | | 51 | | | 1.7 |
Deferred leasing intangibles - Below market leases | | (7,885) | | | 6.1 |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total purchase price | | $ | 283,873 | | | |
| | | | |
| | | | |
Dispositions
The following table summarizes the Company’s dispositions during the six months ended June 30, 2024. All of the dispositions were sold to third parties and were accounted for under the full accrual method.
| | | | | | | | | | | | | |
Sales of rental property, net (dollars in thousands) | | Six months ended June 30, 2024 | | | | | |
Number of buildings | | 7 | | | | | |
| | | | | | | |
Building square feet (in millions) | | 1.1 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Proceeds from sales of rental property, net | | $ | 75,706 | | | | | | |
Net book value | | $ | 52,620 | | | | | | |
Gain on the sales of rental property, net(1) | | $ | 23,086 | | | | | | |
(1) Inclusive of a loss on the sale of rental property, net, of approximately $2.0 million.
The following table summarizes the results of operations for the three and six months ended June 30, 2024 and 2023 for the buildings sold during the six months ended June 30, 2024, which are included in the Company’s Consolidated Statements of Operations prior to the date of sale.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Sales of rental property, net (dollars in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Sold buildings contribution to net income (loss)(1) | | $ | (93) | | | $ | 1,111 | | | $ | 319 | | | $ | 1,664 | |
(1) Exclusive of gain on the sales of rental property, net.
Loss on Impairment
The following table summarizes the Company’s loss on impairment for assets held and used during the three and six months ended June 30, 2024. The Company did not recognize a loss on impairment during the three and six months ended June 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Market(1) | | Buildings | | Event or Change in Circumstance Leading to Impairment Evaluation(2) | | Valuation Technique Utilized to Estimate Fair Value | | Fair Value(3) | | Loss on Impairment |
(in thousands) |
Salt Lake City, UT | | 1 | | | Change in estimated hold period | | Discounted cash flows | (4) | $ | 21,827 | | | $ | 4,967 | |
| | | | | | |
Three and six months ended June 30, 2024 | | | | | | $ | 4,967 | |
| | | | | | | | | | |
| | | | | | |
| | | | | | | | | | |
| | | | | | |
| | | | | | |
(1)As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2)The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
(3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
(4)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.
Involuntary Conversion
During the six months ended June 30, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was relieved and exchanged for improvements made to the building and included as non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the three and six months ended June 30, 2024, the Company recognized a gain on involuntary conversion of approximately $5.7 million.
Deferred Leasing Intangibles
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Deferred Leasing Intangibles (in thousands) | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net |
Above market leases | | $ | 76,670 | | | $ | (37,203) | | | $ | 39,467 | | | $ | 79,946 | | | $ | (35,698) | | | $ | 44,248 | |
Other intangible lease assets | | 709,454 | | | (327,361) | | | 382,093 | | | 715,870 | | | (324,396) | | | 391,474 | |
Total deferred leasing intangible assets | | $ | 786,124 | | | $ | (364,564) | | | $ | 421,560 | | | $ | 795,816 | | | $ | (360,094) | | | $ | 435,722 | |
| | | | | | | | | | | | |
Below market leases | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | |
Total deferred leasing intangible liabilities | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | |
The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Deferred Leasing Intangibles Amortization (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Net increase (decrease) to rental income related to above and below market lease amortization | | $ | (840) | | | $ | 57 | | | $ | (543) | | | $ | 181 | |
Amortization expense related to other intangible lease assets | | $ | 25,142 | | | $ | 21,858 | | | $ | 47,216 | | | $ | 44,303 | |
4. Debt
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indebtedness (dollars in thousands) | | June 30, 2024 | | December 31, 2023 | | Interest Rate(1)(2) | | Maturity Date | | Prepayment Terms(3) |
Unsecured credit facility: | | | | | | | | | | |
Unsecured Credit Facility(4) | | $ | 127,000 | | | $ | 402,000 | | | Term SOFR + 0.875% | | October 23, 2026 | | i |
Total unsecured credit facility | | 127,000 | | | 402,000 | | | | | | | |
| | | | | | | | | | |
Unsecured term loans: | | | | | | | | | | |
Unsecured Term Loan G | | 300,000 | | | 300,000 | | | 1.80 | % | | February 5, 2026 | | i |
Unsecured Term Loan A | | 150,000 | | | 150,000 | | | 2.16 | % | | March 15, 2027 | | i |
Unsecured Term Loan H | | 187,500 | | | 187,500 | | | 3.35 | % | | January 25, 2028 | | i |
Unsecured Term Loan I | | 187,500 | | | 187,500 | | | 3.51 | % | | January 25, 2028 | | i |
Unsecured Term Loan F(5) | | 200,000 | | | 200,000 | | | 2.96 | % | | March 23, 2029 | | i |
Total unsecured term loans | | 1,025,000 | | | 1,025,000 | | | | | | | |
Total unamortized deferred financing fees and debt issuance costs | | (3,825) | | | (3,227) | | | | | | | |
Total carrying value unsecured term loans, net | | 1,021,175 | | | 1,021,773 | | | | | | | |
| | | | | | | | | | |
Unsecured notes: | | | | | | | | | | |
Series A Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | October 1, 2024 | | ii |
Series D Unsecured Notes | | 100,000 | | | 100,000 | | | 4.32 | % | | February 20, 2025 | | ii |
Series G Unsecured Notes | | 75,000 | | | 75,000 | | | 4.10 | % | | June 13, 2025 | | ii |
Series B Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | July 1, 2026 | | ii |
Series C Unsecured Notes | | 80,000 | | | 80,000 | | | 4.42 | % | | December 30, 2026 | | ii |
Series E Unsecured Notes | | 20,000 | | | 20,000 | | | 4.42 | % | | February 20, 2027 | | ii |
Series H Unsecured Notes | | 100,000 | | | 100,000 | | | 4.27 | % | | June 13, 2028 | | ii |
Series L Unsecured Notes | | 175,000 | | | — | | | 6.05 | % | | May 28, 2029 | | ii |
Series M Unsecured Notes | | 125,000 | | | — | | | 6.17 | % | | May 28, 2031 | | ii |
Series I Unsecured Notes | | 275,000 | | | 275,000 | | | 2.80 | % | | September 29, 2031 | | ii |
Series K Unsecured Notes | | 400,000 | | | 400,000 | | | 4.12 | % | | June 28, 2032 | | ii |
Series J Unsecured Notes | | 50,000 | | | 50,000 | | | 2.95 | % | | September 28, 2033 | | ii |
Series N Unsecured Notes | | 150,000 | | | — | | | 6.30 | % | | May 28, 2034 | | ii |
Total unsecured notes | | 1,650,000 | | | 1,200,000 | | | |
| | | |
Total unamortized deferred financing fees and debt issuance costs | | (6,462) | | | (4,128) | | | |
| | | |
Total carrying value unsecured notes, net | | 1,643,538 | | | 1,195,872 | | | |
| | | |
| | | | | | |
| | | |
Mortgage notes (secured debt): | | | | | | |
| | | |
United of Omaha Life Insurance Company | | 4,430 | | | 4,537 | | | 3.71 | % | | October 1, 2039 | | ii |
Total mortgage notes | | 4,430 | | | 4,537 | | | | | | | |
Net unamortized fair market value discount | | (131) | | | (136) | | | | | | | |
| | | | | | | | | | |
Total carrying value mortgage notes, net | | 4,299 | | | 4,401 | | | | | | | |
Total / weighted average interest rate(6) | | $ | 2,796,012 | | | $ | 2,624,046 | | | 3.92 | % | | | | |
(1)Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.33717%. The current 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 or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements.
(2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%.
(3)Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty.
(4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if
made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly.
(5)The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts.
The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2024 was approximately $869.6 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $16.0 million and $14.6 million as of June 30, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets.
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Costs Included in Interest Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Amortization of deferred financing fees and debt issuance costs and fair market value discounts | | $ | 1,052 | | | $ | 972 | | | $ | 2,036 | | | $ | 1,948 | |
Facility, unused, and other fees | | $ | 439 | | | $ | 437 | | | $ | 878 | | | $ | 872 | |
Debt Activity
On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements.
On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the one-month Term SOFR, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.
The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs which are being deferred, including approximately $0.5 million of accrued extension fees, and are being amortized through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations.
On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA.
Financial Covenant Considerations
The Company was in compliance with all such applicable restrictions and financial and other covenants as of June 30, 2024 and December 31, 2023 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $7.4 million and $7.5 million at June 30, 2024 and December 31, 2023, respectively, and is limited to senior, property-level secured debt financing arrangements.
Fair Value of Debt
The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Indebtedness (in thousands) | | Principal Outstanding | | Fair Value | | Principal Outstanding | | Fair Value |
Unsecured credit facility | | $ | 127,000 | | | $ | 127,000 | | | $ | 402,000 | | | $ | 402,000 | |
Unsecured term loans | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | |
Unsecured notes | | 1,650,000 | | | 1,524,610 | | | 1,200,000 | | | 1,074,003 | |
Mortgage notes | | 4,430 | | | 3,290 | | | 4,537 | | | 3,535 | |
Total principal amount | | 2,806,430 | | | $ | 2,679,900 | | | 2,631,537 | | | $ | 2,504,538 | |
Net unamortized fair market value discount | | (131) | | | | | (136) | | | |
Total unamortized deferred financing fees and debt issuance costs | | (10,287) | | | | | (7,355) | | | |
Total carrying value | | $ | 2,796,012 | | | | | $ | 2,624,046 | | | |
The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs.
5. Derivative Financial Instruments
Risk Management Objective of Using Derivatives
The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure.
During the six months ended June 30, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98%, effective January 15, 2025 and mature on March 25, 2027 and were designated as cash flow hedges.
As of June 30, 2024, the Company had 21 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance Sheet Line Item (in thousands) | | Cuurent Notional Amount June 30, 2024 | | Fair Value June 30, 2024 | | Current Notional Amount December 31, 2023 | | Fair Value December 31, 2023 |
Interest rate swaps-gross asset | | $ | 1,025,000 | | | $ | 54,510 | | | $ | 1,025,000 | | | $ | 50,418 | |
| | | | | | | | |
| | | | | | | | |
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements.
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings.
Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $30.5 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months.
The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Effect of Cash Flow Hedge Accounting (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Income recognized in accumulated other comprehensive income on interest rate swaps | | $ | 6,351 | | | $ | 24,168 | | | $ | 22,756 | | | $ | 15,626 | |
Income reclassified from accumulated other comprehensive income into income as interest expense | | $ | 9,318 | | | $ | 8,347 | | | $ | 18,647 | | | $ | 15,817 | |
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | | $ | 27,372 | | | $ | 22,860 | | | $ | 52,793 | | | $ | 45,472 | |
Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.
As of June 30, 2024, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.
Fair Value of Interest Rate Swaps
The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves.
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of June 30, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Fair Value Measurements as of June 30, 2024 Using |
Balance Sheet Line Item (in thousands) | | Fair Value June 30, 2024 | | Level 1 | | Level 2 | | Level 3 |
Interest rate swaps-gross asset | | $ | 54,510 | | | $ | — | | | $ | 54,510 | | | $ | — | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Fair Value Measurements as of December 31, 2023 Using |
Balance Sheet Line Item (in thousands) | | Fair Value December 31, 2023 | | Level 1 | | Level 2 | | Level 3 |
Interest rate swaps-gross asset | | $ | 50,418 | | | $ | — | | | $ | 50,418 | | | $ | — | |
| | | | | | | | |
6. Equity
Preferred Stock
The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.
Common Stock
The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.
The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2024.
| | | | | | | | | | | | | | | | | | | | |
ATM Common Stock Offering Program | | Date | | Maximum Aggregate Offering Price (in thousands) | | Aggregate Available as of June 30, 2024 (in thousands) |
2022 $750 million ATM | | February 17, 2022 | | $ | 750,000 | | | $ | 606,831 | |
On April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
Restricted Stock-Based Compensation
The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2024 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2025, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2024.
| | | | | | | | | | | | | | |
Unvested Restricted Shares of Common Stock | | Shares | | Weighted Average Grant Date Fair Value per Share |
| | | | |
| | | | |
| | | | |
| | | | |
Balance at December 31, 2023 | | 144,032 | | | $ | 35.73 | |
Granted | | 41,911 | | | $ | 38.92 | |
Vested(1) | | (59,232) | | | $ | 34.51 | |
Forfeited | | (4,448) | | | $ | 38.51 | |
Balance at June 30, 2024 | | 122,263 | | | $ | 37.31 | |
(1)The Company repurchased and retired 21,151 restricted shares of common stock that vested during the six months ended June 30, 2024.
The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2024 was approximately $3.4 million and is expected to be recognized over a weighted average period of approximately 2.4 years.
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Vested Restricted Shares of Common Stock | | 2024 | | 2023 | | 2024 | | 2023 | | |
Vested restricted shares of common stock | | — | | | — | | | 59,232 | | | 68,625 | | | |
Fair value of vested restricted shares of common stock (in thousands) | | $ | — | | | $ | — | | | $ | 2,325 | | | $ | 2,217 | | | |
7. Noncontrolling Interest
The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncontrolling Interest | | LTIP Units | | Other Common Units | | Total Noncontrolling Common Units | | Noncontrolling Interest |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Balance at December 31, 2023 | | 2,361,920 | | | 1,467,718 | | | 3,829,638 | | | 2.1 | % |
Granted/Issued | | 381,517 | | | — | | | 381,517 | | | N/A |
Forfeited | | — | | | — | | | — | | | N/A |
Conversions from LTIP units to Other Common Units | | (344,982) | | | 344,982 | | | — | | | N/A |
Redemptions from Other Common Units to common stock | | — | | | (344,982) | | | (344,982) | | | N/A |
| | | | | | | | |
Balance at June 30, 2024 | | 2,398,455 | | | 1,467,718 | | | 3,866,173 | | | 2.1 | % |
LTIP Units
The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units.
The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8).
| | | | | | | | |
LTIP Units | |
Grant date | | January 8, 2024 |
Expected term (years) | | 10 |
Expected stock price volatility | | 25.0 | % |
Expected dividend yield | | 4.0 | % |
Risk-free interest rate | | 4.11 | % |
Fair value of LTIP units at issuance (in thousands) | | $ | 4,597 | |
LTIP units at issuance | | 124,235 | |
Fair value unit price per LTIP unit at issuance | | $ | 37.00 | |
The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.
The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024.
| | | | | | | | | | | | | | |
Unvested LTIP Units | | LTIP Units | | Weighted Average Grant Date Fair Value per Unit |
| | | | |
| | | | |
| | | | |
| | | | |
Balance at December 31, 2023 | | 176,926 | | | $ | 34.25 | |
Granted | | 381,517 | | | $ | 37.00 | |
Vested | | (318,868) | | | $ | 36.33 | |
Forfeited | | — | | | $ | — | |
Balance at June 30, 2024 | | 239,575 | | | $ | 35.86 | |
The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2024 was approximately $6.1 million and is expected to be recognized over a weighted average period of approximately 2.6 years.
The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Vested LTIP units | | 2024 | | 2023 | | 2024 | | 2023 |
Vested LTIP units | | 17,599 | | | 23,472 | | | 318,868 | | | 235,702 | |
Fair value of vested LTIP units (in thousands) | | $ | 635 | | | $ | 839 | | | $ | 12,255 | | | $ | 7,862 | |
8. Equity Incentive Plan
On January 8, 2024, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2024 are substantially the same as the terms of the performance units granted in January 2023, except that the measuring period commenced on January 1, 2024 and ends on December 31, 2026.
The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024.
| | | | | | | | |
Performance Units | |
Grant date | | January 8, 2024 |
Expected stock price volatility | | 24.5 | % |
Expected dividend yield | | 4.0 | % |
Risk-free interest rate | | 4.113 | % |
Fair value of performance units grant (in thousands) | | $ | 6,502 | |
The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period.
On December 31, 2023, the measuring period for the 2021 performance units concluded, and it was determined that the Company’s TSR exceeded the threshold percentage and return hurdle. The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024.
| | | | | | | | |
Settlement of Performance Units in LTIP Units or Shares of Common Stock | | 2021 Performance Units |
Measuring period conclusion date | | December 31, 2023 |
Issuance date | | January 8, 2024 |
Vested LTIP units | | 257,282 |
Vested shares of common stock | | 49,106 |
Shares of common stock repurchased and retired | | 4,716 |
The unrecognized compensation expense associated with the Company’s performance units at June 30, 2024 was approximately $8.9 million and is expected to be recognized over a weighted average period of approximately 2.0 years.
Non-cash Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | |
Non-Cash Compensation Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | |
Restricted shares of common stock | | $ | 457 | | | $ | 516 | | | $ | 932 | | | $ | 1,025 | | |
LTIP units | | 923 | | | 1,414 | | | 1,822 | | | 2,742 | | |
Performance units | | 1,399 | | | 1,235 | | | 2,756 | | | 2,354 | | |
Director compensation(1) | | 174 | |
| 128 | | | 351 | | | 264 | | |
Total non-cash compensation expense | | $ | 2,953 | | | $ | 3,293 | | | $ | 5,861 | | | $ | 6,385 | | |
(1)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 six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.
9. Leases
Lessor Leases
The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Rental Income (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Fixed lease payments | | $ | 144,278 | | | $ | 133,164 | | | $ | 286,389 | | | $ | 264,250 | |
Variable lease payments | | 38,218 | | | 33,723 | | | 80,407 | | | 70,669 | |
Straight-line rental income | | 4,811 | | | 4,495 | | | 7,616 | | | 9,607 | |
Net increase (decrease) to rental income related to above and below market lease amortization | | (840) | | | 57 | | | (543) | | | 181 | |
Total rental income | | $ | 186,467 | | | $ | 171,439 | | | $ | 373,869 | | | $ | 344,707 | |
As of June 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $112.0 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.
As of June 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.2 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024.
| | | | | | | | |
Year | | Maturity of Fixed Lease Payments (in thousands) |
Remainder of 2024 | | $ | 294,666 | |
2025 | | $ | 563,989 | |
2026 | | $ | 487,155 | |
2027 | | $ | 399,884 | |
2028 | | $ | 328,734 | |
Thereafter | | $ | 788,004 | |
Lessee Leases
The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.8 years to 46.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | |
Operating Lease Term and Discount Rate | | June 30, 2024 | | December 31, 2023 |
Weighted average remaining lease term (years) | | 31.9 | | 31.6 |
Weighted average discount rate | | 6.8 | % | | 6.8 | % |
The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Operating Lease Cost (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Operating lease cost included in property expense attributable to ground leases | | $ | 616 | | | $ | 618 | | | $ | 1,232 | | | $ | 1,236 | |
Operating lease cost included in general and administrative expense attributable to corporate office leases | | 431 | | | 434 | | | 861 | | | 871 | |
Total operating lease cost | | $ | 1,047 | | | $ | 1,052 | | | $ | 2,093 | | | $ | 2,107 | |
The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | |
| | Six months ended June 30, |
Operating Leases (in thousands) | | 2024 | | 2023 |
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | | $ | 1,978 | | | $ | 1,933 | |
Right-of-use assets obtained in exchange for new lease liabilities | | $ | — | | | $ | 141 | |
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024.
| | | | | | | | |
Year | | Maturity of Operating Lease Liabilities(1) (in thousands) |
Remainder of 2024 | | $ | 1,997 | |
2025 | | 4,022 | |
2026 | | 3,014 | |
2027 | | 2,023 | |
2028 | | 2,064 | |
Thereafter | | 79,898 | |
Total lease payments | | 93,018 | |
Less: Imputed interest | | (60,335) | |
Present value of operating lease liabilities | | $ | 32,683 | |
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
10. Earnings Per Share
During the three and six months ended June 30, 2024 and 2023, there were 125,389, 144,032, 124,492 and 141,699 of unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share.
The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Earnings Per Share (in thousands, except per share data) | | 2024 | | 2023 | | 2024 | | 2023 |
Numerator | | | | | | | | |
Net income attributable to common stockholders | | $ | 59,737 | | | $ | 51,553 | | | $ | 96,317 | | | $ | 100,966 | |
Denominator | | | | | | | | |
Weighted average common shares outstanding — basic | | 181,961 | | | 179,413 | | | 181,834 | | | 179,305 | |
Effect of dilutive securities(1) | | | | | | | | |
Share-based compensation | | 224 | | | 318 | | | 253 | | | 210 | |
Shares issuable under forward sales agreements | | — | | | 7 | | | 1 | | | 3 | |
Weighted average common shares outstanding — diluted | | 182,185 | | | 179,738 | | | 182,088 | | | 179,518 | |
Net income per share — basic and diluted | | | | | | | | |
Net income per share attributable to common stockholders — basic | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
Net income per share attributable to common stockholders — diluted | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
(1)During the three and six months ended June 30, 2024 and 2023, there were approximately 125, 144, 124 and 142 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
11. Commitments and Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.
The Company has letters of credit of approximately $3.4 million as of June 30, 2024 related to construction projects and certain other agreements.
12. Subsequent Events
There were no recognized or non-recognized subsequent events.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion with the financial statements and related notes included elsewhere in Item 1 of this report and the audited financial statements and related notes thereto included in our most recent Annual Report on Form 10-K.
As used herein, except where the context otherwise requires, “Company,” “we,” “our” and “us,” refer to STAG Industrial, Inc. and our consolidated subsidiaries and partnerships, including our operating partnership, STAG Industrial Operating Partnership, L.P. (the “Operating Partnership”).
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). You can identify forward-looking statements by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. Forward-looking statements in this report include, among others, statements about our future financial condition, results of operations, capitalization rates on future acquisitions, our business strategy and objectives, including our acquisition strategy, occupancy and leasing rates and trends, and expected liquidity needs and sources (including capital expenditures and the ability to obtain financing or raise capital). Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation:
•the factors included in our Annual Report on Form 10-K for the year ended December 31, 2023, 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;”
•the risk of global or national recessions and international, national, regional, and local economic conditions;
•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, the general economic climate in local markets and competition for tenants in such markets, and the repurposing or redevelopment of retail properties into industrial properties (in part or whole);
•decreased rental rates or increased vacancy rates;
•the general level of interest rates and currencies;
•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;
•technological developments, particularly those affecting supply chains and logistics;
•potential natural disasters, epidemics, pandemics or outbreak of infectious disease, such as the novel coronavirus disease (“COVID-19”), and other potentially catastrophic events such as acts of war and/or terrorism (including Russia’s invasion of Ukraine and the Israel-Hamas war, the risk of such conflicts widening and the related impact on macroeconomic conditions as a result of such conflicts);
•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;
•how and when pending forward equity sales may settle;
•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.
Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Certain Definitions
In this report:
“Cash Rent Change” means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.
“Comparable Lease” means a lease in the same space 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.
“GAAP” means generally accepted accounting principles in the United States.
“New Lease” means a lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space.
“Occupancy rate” means the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.
“Operating Portfolio” means all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.
“Renewal Lease” means a lease signed by an existing tenant to extend the term for 12 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, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.
“SL Rent Change” means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.
“Stabilization” for properties under development or being redeveloped means the earlier of achieving 90% occupancy or 12 months after completion. With respect to properties acquired and immediately added to the Value Add Portfolio, (i) if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date; or (ii) if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.
“Total annualized base rental revenue” means the contractual monthly base rent as of June 30, 2024 (which differs from rent calculated in accordance with GAAP) multiplied by 12. If a tenant is in a free rent period as of June 30, 2024, the total annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12.
“Value Add Portfolio” means our properties that meet any of the following criteria: (i) less than 75% occupied as of the acquisition date (ii) will be less than 75% occupied due to known move-outs within two years of the acquisition date; (iii) out of service with significant physical renovation of the asset; or (iv) development.
“Weighted Average Lease Term” means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, weighted by square footage.
Overview
We are a REIT focused on the acquisition, ownership, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial property types and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. We are a Maryland corporation and our common stock is publicly traded on the New York Stock Exchange under the symbol “STAG.”
We are organized and conduct our operations to maintain our qualification as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and generally are not subject to federal income tax to the extent we currently distribute our income to our stockholders and maintain our qualification as a REIT. We remain subject to state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed income.
On June 28, 2024, our board of directors increased the size of the board from 10 members to 11 members and appointed Vicki Lundy Wilbon to serve as director of the Company, effective on July 1, 2024.
Factors That May Influence Future Results of Operations
Our ability to increase revenues or cash flow will depend in part on our (i) external growth, specifically acquisition activity, and (ii) internal growth, specifically occupancy and rental rates on our portfolio. A variety of other factors, including those noted below, also affect our future results of operations.
Outlook
The industrial real estate business is affected by the recent high inflationary, rising interest rate environment, disruption in the banking industry, and geopolitical tensions. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. While U.S. gross domestic product (“GDP”) declined during the first two quarters of 2022, real GDP has increased for seven consecutive quarters with the most recent measure showing 1.4% growth in the first quarter of 2024. Labor conditions are slowing, but holding solid with a 4.1% unemployment rate as of June 2024. Going forward, the general consensus among economists is to expect low growth in the United States with a continued historically elevated risk of recession. While the macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates, we believe we will continue to benefit from having a well-diversified portfolio across various markets, tenant industries, and lease terms. Additionally, we believe that recent moves toward more regional supply chains and geopolitical tensions have accelerated a number of trends that positively impact U.S. industrial demand. However, given the current uncertainty and events discussed above, our acquisition activity slowed since 2022 relative to our historical acquisition pace.
We believe that the current economic environment, while volatile, will provide us with an opportunity to demonstrate the diversification of our portfolio. Specifically, we believe our existing portfolio should benefit from competitive rental rates and strong occupancy. In addition to our diversified portfolio, we believe that certain characteristics of our business and capital structure should position us well in an uncertain environment, including our minimal floating rate debt exposure (taking into account our hedging activities), strong banking relationships, strong liquidity, access to capital, and the fact that many of our competitors for the assets we purchase tend to be smaller local and regional investors who may have been more heavily impacted by rising interest rates and lack of available capital.
Due to demographic/consumer trends, geopolitical uncertainty and recent legislation supporting U.S. infrastructure, we expect acceleration in a number of industrial specific trends to support stronger long term demand, including:
•the continued growth 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;
•the increasing attractiveness of the United States as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs, a desire for greater supply chain resilience and redundancy
which is driving higher inventory to sales ratios and greater domestic warehouse demand over the long term (i.e. the shortening and fattening of the supply chain); and
•the overall quality of the transportation infrastructure in the United States.
Our portfolio continues to have strong occupancy and benefits from geographic diversity throughout the national industrial market. Demand across the industrial market is moderating relative to recent peaks. Vacancy and availability rates, while rising, remain low by historical standards in many markets. The supply pipeline remains robust, albeit smaller and more notably concentrated in very large warehouses. Construction starts continue to decline as a result of both moderating demand and volatile capital markets. The weakening global and U.S. economic trends could be a notable headwind and may potentially result in relatively less demand for space, increased credit loss, and higher vacancy. We believe that the diversification of our portfolio by market, tenant industry, and tenant credit will prove to be a strength in this environment.
Conditions in Our Markets
The buildings in our portfolio are located in markets throughout the United States. Positive or negative changes in economic or other conditions, new supply, adverse weather conditions, natural disasters, epidemics, and other factors in these markets may affect our overall performance.
Rental Income
We receive income primarily in the form of rental income from the tenants who occupy our buildings. The amount of rental income generated by the buildings in our portfolio depends principally on occupancy and rental rates.
Future economic downturns or regional downturns affecting our submarkets that impair our ability to renew or re-lease space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our buildings. Our ability to lease our properties and the attendant rental rate is dependent upon, among other things, (i) the overall economy, (ii) the supply/demand dynamic in our markets, (iii) the quality of our properties, including age, clear height, and configuration, and (iv) our tenants’ ability to meet their contractual obligations to us.
The following table summarizes the Operating Portfolio leases that commenced during the three and six months ended June 30, 2024. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.
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Operating Portfolio | | Square Feet | | Cash Basis Rent Per Square Foot | | SL Rent Per Square Foot | | Total Costs Per Square Foot(1) | | Cash Rent Change | | SL Rent Change | | Weighted Average Lease Term (years) | | Rental Concessions per Square Foot(2) |
| | | | | | | |
Three months ended June 30, 2024 | | | | | | | | | | | | | | | | |
New Leases | | 559,053 | | | $ | 6.48 | | | $ | 6.98 | | | $ | 3.94 | | | 51.2 | % | | 72.6 | % | | 6.6 | | | $ | 1.71 | |
Renewal Leases | | 2,975,312 | | | $ | 6.25 | | | $ | 6.57 | | | $ | 1.51 | | | 34.3 | % | | 48.3 | % | | 5.1 | | | $ | 0.38 | |
Total/weighted average | | 3,534,365 | | | $ | 6.29 | | | $ | 6.63 | | | $ | 1.90 | | | 36.8 | % | | 51.8 | % | | 5.4 | | | $ | 0.59 | |
Six months ended June 30, 2024 | | | | | | | | | | | | | | | | |
New Leases | | 1,287,983 | | | $ | 5.85 | | | $ | 6.15 | | | $ | 2.49 | | | 24.7 | % | | 36.9 | % | | 5.1 | | | $ | 1.07 | |
Renewal Leases | | 6,527,325 | | | $ | 5.97 | | | $ | 6.28 | | | $ | 1.22 | | | 35.3 | % | | 49.7 | % | | 4.7 | | | $ | 0.18 | |
Total/weighted average | | 7,815,308 | | | $ | 5.95 | | | $ | 6.26 | | | $ | 1.43 | | | 33.4 | % | | 47.4 | % | | 4.8 | | | $ | 0.33 | |
(1)“Total Costs” means the costs for improvements of vacant and renewal spaces, as well as the contingent-based legal fees and commissions for leasing transactions. Total Costs per square foot represent the total costs expected to be incurred on the leases that commenced during the period and do not reflect actual expenditures for the period.
(2)Represents the total rental concessions for the entire lease term.
Additionally, for the three and six months ended June 30, 2024, leases related to the Value Add Portfolio and first generation leasing, with a total of 263,831 and 390,772 square feet, respectively, are excluded from the Operating Portfolio statistics above.
Property Operating Expenses
Our property operating expenses generally consist of utilities, real estate taxes, management fees, insurance, and site repair and maintenance costs. For the majority of our tenants, our property operating expenses are controlled, in part, by the triple net provisions in tenant leases. In our triple net leases, the tenant is responsible for all aspects of and costs related to the building
and its operation during the lease term, including utilities, taxes, insurance, and maintenance costs, but typically excluding roof and building structure. However, we also have modified gross leases and gross leases, as well as leases with expense caps, in our building portfolio, which may require us to absorb certain building related expenses of our tenants. In our modified gross leases, we are responsible for certain building related expenses during the lease term, but most of the expenses are passed through to the tenant for reimbursement to us. In our gross leases, we are responsible for all expenses related to the building and its operation during the lease term. Our overall performance will be affected by the extent to which we are able to pass-through property operating expenses to our tenants.
Scheduled Lease Expirations
Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 9.1% of our total annualized base rental revenue will expire during the period from July 1, 2024 to June 30, 2025, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period July 1, 2024 to June 30, 2025, thereby resulting in an increase in revenue from the same space.
The following table summarizes lease expirations for leases in place as of June 30, 2024, plus available space, for each of the ten calendar years beginning with 2024 and thereafter in our portfolio. The information in the table assumes that tenants do not exercise renewal options or early termination rights.
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Lease Expiration Year | | Number of Leases Expiring | | Total Rentable Square Feet | | Percentage of Total Occupied Square Feet | | Total Annualized Base Rental Revenue (in thousands) | | Percentage of Total Annualized Base Rental Revenue | | |
Available | | — | | | 3,262,851 | | | — | % | | $ | — | | | — | % | | |
| | | | | | | | | | | | |
Remainder of 2024(1) | | 23 | | | 2,645,845 | | | 2.4 | % | | 14,954 | | | 2.5 | % | | |
2025 | | 99 | | | 12,556,740 | | | 11.3 | % | | 62,677 | | | 10.4 | % | | |
2026 | | 142 | | | 20,143,782 | | | 18.2 | % | | 108,696 | | | 18.1 | % | | |
2027 | | 127 | | | 17,137,296 | | | 15.5 | % | | 90,488 | | | 15.1 | % | | |
2028 | | 98 | | | 12,231,264 | | | 11.0 | % | | 67,157 | | | 11.2 | % | | |
2029 | | 97 | | | 15,215,025 | | | 13.7 | % | | 82,529 | | | 13.7 | % | | |
2030 | | 45 | | | 7,106,366 | | | 6.4 | % | | 43,378 | | | 7.2 | % | | |
2031 | | 48 | | | 8,868,642 | | | 8.0 | % | | 45,675 | | | 7.6 | % | | |
2032 | | 20 | | | 2,839,706 | | | 2.6 | % | | 20,011 | | | 3.3 | % | | |
2033 | | 15 | | | 2,334,347 | | | 2.1 | % | | 13,663 | | | 2.3 | % | | |
Thereafter | | 35 | | | 9,720,340 | | | 8.8 | % | | 51,298 | | | 8.6 | % | | |
Total | | 749 | | | 114,062,204 | | | 100.0 | % | | $ | 600,526 | | | 100.0 | % | | |
(1)Leases previously scheduled to expire in 2024, totaling approximately 11.4 million square feet, have been executed as of June 30, 2024. These leases are excluded from 2024 expirations and are reflected in the new year of expiration.
Portfolio Acquisitions
The following table summarizes our acquisitions during the three and six months ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market(1) | | Date Acquired | | Square Feet | | Number of Buildings | | Purchase Price (in thousands) |
Cincinnati, OH | | March 18, 2024 | | 697,500 | | | 1 | | | $ | 50,073 | |
Three months ended March 31, 2024 | | | | 697,500 | | | 1 | | | 50,073 | |
Milwaukee, WI | | April 8, 2024 | | 150,002 | | | 1 | | | 16,062 | |
Portland, OR | | April 15, 2024 | | 99,136 | | | 1 | | | 17,058 | |
Louisville, IN | | April 16, 2024 | | 592,800 | | | 1 | | | 52,352 | |
Portland, OR(2) | | June 6, 2024 | | — | | | — | | | 8,178 | |
El Paso, TX | | June 10, 2024 | | 254,103 | | | 1 | | | 32,182 | |
Chicago, IL | | June 24, 2024 | | 947,436 | | | 5 | | | 87,560 | |
Columbus, OH | | June 26, 2024 | | 150,207 | | | 1 | | | 20,408 | |
Three Months ended June 30, 2024 | | | | 2,193,684 | | | 10 | | | 233,800 | |
| | | | | | | | |
Six months ended June 30, 2024 | | | | 2,891,184 | | | 11 | | | $ | 283,873 | |
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| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) We acquired a vacant land parcel.
Portfolio Dispositions
During the six months ended June 30, 2024, we sold seven buildings comprised of approximately 1.1 million rentable square feet with a net book value of approximately $52.6 million to third parties. Net proceeds from the sales of rental property were approximately $75.7 million and we recognized the full gain on the sales of rental property, net, of approximately $23.1 million for the six months ended June 30, 2024. The gain on the sales of rental property, net, is inclusive of a loss on the sale of rental property, net, of approximately $2.0 million.
Top Markets
The following table summarizes information about the 20 largest markets in our portfolio based on total annualized base rental revenue as of June 30, 2024.
| | | | | | | | | | | | |
Top 20 Markets(1) | | | | | | % of Total Annualized Base Rental Revenue |
Chicago, IL | | | | | | 7.7 | % |
Greenville, SC | | | | | | 5.2 | % |
Pittsburgh, PA | | | | | | 4.1 | % |
Detroit, MI | | | | | | 4.0 | % |
Columbus, OH | | | | | | 3.7 | % |
Minneapolis, MN | | | | | | 3.5 | % |
South Central, PA | | | | | | 3.3 | % |
Philadelphia, PA | | | | | | 3.0 | % |
El Paso, TX | | | | | | 2.6 | % |
Houston, TX | | | | | | 2.5 | % |
Milwaukee, WI | | | | | | 2.2 | % |
Charlotte, NC | | | | | | 2.1 | % |
Indianapolis, IN | | | | | | 2.0 | % |
Boston, MA | | | | | | 2.0 | % |
Sacramento, CA | | | | | | 1.9 | % |
Cincinnati, OH | | | | | | 1.9 | % |
Cleveland, OH | | | | | | 1.8 | % |
Kansas City, MO | | | | | | 1.7 | % |
Columbia, SC | | | | | | 1.5 | % |
Grand Rapids, MI | | | | | | 1.4 | % |
Total | | | | | | 58.1 | % |
(1) Market classification based on CBRE-EA industrial market geographies.
Top Industries
The following table summarizes information about the 20 largest tenant industries in our portfolio based on total annualized base rental revenue as of June 30, 2024.
| | | | | | | | | | | | |
Top 20 Tenant Industries(1) | | | | | | % of Total Annualized Base Rental Revenue |
Air Freight & Logistics | | | | | | 11.7 | % |
Containers & Packaging | | | | | | 8.1 | % |
Machinery | | | | | | 6.4 | % |
Automobile Components | | | | | | 6.4 | % |
Commercial Services & Supplies | | | | | | 5.4 | % |
Trading Companies & Distribution (Industrial Goods) | | | | | | 5.4 | % |
Distributors (Consumer Goods) | | | | | | 4.5 | % |
Building Products | | | | | | 4.2 | % |
Consumer Staples Distribution | | | | | | 3.7 | % |
Broadline Retail | | | | | | 3.6 | % |
Household Durables | | | | | | 3.4 | % |
Media | | | | | | 3.1 | % |
Beverages | | | | | | 2.6 | % |
Specialty Retail | | | | | | 2.6 | % |
Ground Transportation | | | | | | 2.3 | % |
Food Products | | | | | | 2.0 | % |
Chemicals | | | | | | 2.0 | % |
Electronic Equip, Instruments | | | | | | 1.8 | % |
Electrical Equipment | | | | | | 1.7 | % |
Health Care Equipment & Supplies | | | | | | 1.6 | % |
Total | | | | | | 82.5 | % |
(1) Industry classification based on Global Industry Classification Standard methodology.
Top Tenants
The following table summarizes information about the 20 largest tenants in our portfolio based on total annualized base rental revenue as of June 30, 2024.
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Top 20 Tenants(1) | | Number of Leases | | | | | | % of Total Annualized Base Rental Revenue |
Amazon | | 6 | | | | | | 2.8 | % |
American Tire Distributors, Inc. | | 7 | | | | | | 1.0 | % |
Soho Studio, LLC | | 1 | | | | | | 0.9 | % |
Schneider Electric USA, Inc. | | 4 | | | | | | 0.9 | % |
Tempur Sealy International, Inc. | | 2 | | | | | | 0.8 | % |
The Coca-Cola Company | | 3 | | | | | | 0.7 | % |
Hachette Book Group, Inc. | | 1 | | | | | | 0.7 | % |
Kenco Logistic Services, LLC | | 3 | | | | | | 0.7 | % |
FedEx Corporation | | 4 | | | | | | 0.7 | % |
Penguin Random House, LLC | | 1 | | | | | | 0.7 | % |
Penske Truck Leasing Co. LP | | 3 | | | | | | 0.7 | % |
Lippert Component Manufacturing | | 4 | | | | | | 0.7 | % |
WestRock Company | | 6 | | | | | | 0.7 | % |
GXO Logistics, Inc. | | 2 | | | | | | 0.7 | % |
DS Smith North America | | 2 | | | | | | 0.7 | % |
Carolina Beverage Group | | 3 | | | | | | 0.6 | % |
DHL Supply Chain | | 4 | | | | | | 0.6 | % |
AFL Telecommunications LLC | | 2 | | | | | | 0.6 | % |
Iron Mountain Information Management | | 5 | | | | | | 0.6 | % |
Packaging Corp of America | | 5 | | | | | | 0.6 | % |
Total | | 68 | | | | | | 16.4 | % |
(1) Includes tenants, guarantors, and/or non-guarantor parents.
Critical Accounting Policies
See “Critical Accounting Policies” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of our critical accounting policies and estimates.
Results of Operations
The following discussion of the results of our same store (as defined below) net operating income (“NOI”) should be read in conjunction with our consolidated financial statements included in this report. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below. Same store results are considered to be useful to investors in evaluating our performance because they provide information relating to changes in building-level operating performance without taking into account the effects of acquisitions or dispositions. We encourage the reader to not only look at our same store results, but also our total portfolio results, due to historic and future growth.
We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service after January 1, 2023. On June 30, 2024, we owned 541 industrial buildings consisting of approximately 107.8 million square feet and representing approximately 94.5% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 0.4% to 97.4% as of June 30, 2024 compared to 97.8% as of June 30, 2023.
Comparison of the three months ended June 30, 2024 to the three months ended June 30, 2023
The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended June 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended June 30, 2024 and 2023 with respect to the buildings acquired and sold after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
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| Same Store Portfolio | | Acquisitions/Dispositions | | Other | | Total Portfolio |
| Three months ended June 30, | | Change | | Three months ended June 30, | | Three months ended June 30, | | Three months ended June 30, | | Change |
| 2024 | | 2023 | | $ | | % | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | $ | | % |
Revenue | | | | | | | | | | | | | | | | | | | | | | | |
Operating revenue | | | | | | | | | | | | | | | | | | | | | | | |
Rental income | $ | 174,424 | | | $ | 166,231 | | | $ | 8,193 | | | 4.9 | % | | $ | 7,278 | | | $ | 3,395 | | | $ | 4,765 | | | $ | 1,813 | | | $ | 186,467 | | | $ | 171,439 | | | $ | 15,028 | | | 8.8 | % |
Other income | 34 | | | 69 | | | (35) | | | (50.7) | % | | 168 | | | 45 | | | 3,108 | | | 141 | | | 3,310 | | | 255 | | | 3,055 | | | 1,198.0 | % |
Total operating revenue | 174,458 | | | 166,300 | | | 8,158 | | | 4.9 | % | | 7,446 | | | 3,440 | | | 7,873 | | | 1,954 | | | 189,777 | | | 171,694 | | | 18,083 | | | 10.5 | % |
Expenses | | | | | | | | | | | | | | | | | | | | | | | |
Property | 33,523 | | | 31,974 | | | 1,549 | | | 4.8 | % | | 1,390 | | | 397 | | | 2,565 | | | 304 | | | 37,478 | | | 32,675 | | | 4,803 | | | 14.7 | % |
Net operating income(1) | $ | 140,935 | | | $ | 134,326 | | | $ | 6,609 | | | 4.9 | % | | $ | 6,056 | | | $ | 3,043 | | | $ | 5,308 | | | $ | 1,650 | | | 152,299 | | | 139,019 | | | 13,280 | | | 9.6 | % |
Other expenses | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative | | | | | | | | | | | | | | | | 11,828 | | | 12,060 | | | (232) | | | (1.9) | % |
Depreciation and amortization | | | | | | | | | | | | | | | | 75,280 | | | 68,494 | | | 6,786 | | | 9.9 | % |
Loss on impairment | | | | | | | | | | | | | | | | 4,967 | | | — | | | 4,967 | | | 100.0 | % |
Other expenses | | | | | | | | | | | | | | | | 595 | | | 357 | | | 238 | | | 66.7 | % |
Total other expenses | | | | | | | | | | | | | | | | 92,670 | | | 80,911 | | | 11,759 | | | 14.5 | % |
Total expenses | | | | | | | | | | | | | | | | 130,148 | | | 113,586 | | | 16,562 | | | 14.6 | % |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | |
Interest and other income | | | | | | | | | | | | | | | | 14 | | | 17 | | | (3) | | | (17.6) | % |
Interest expense | | | | | | | | | | | | | | | | (27,372) | | | (22,860) | | | (4,512) | | | 19.7 | % |
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Gain on involuntary conversion | | | | | | | | | | | | | | | | 5,717 | | | — | | | 5,717 | | | 100.0 | % |
Gain on the sales of rental property, net | | | | | | | | | | | | | | | | 23,086 | | | 17,532 | | | 5,554 | | | 31.7 | % |
Total other income (expense) | | | | | | | | | | | | | | | | 1,445 | | | (5,311) | | | 6,756 | | | 127.2 | % |
Net income | | | | | | | | | | | | | | | | $ | 61,074 | | | $ | 52,797 | | | $ | 8,277 | | | 15.7 | % |
(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
Net Income
Net income for our total portfolio increased by approximately $8.3 million, or 15.7%, to approximately $61.1 million for the three months ended June 30, 2024 compared to approximately $52.8 million for the three months ended June 30, 2023.
Same Store Total Operating Revenue
Same store total operating revenue consists primarily of rental income from (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties (“lease income”), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses (“other billings”).
For a detailed reconciliation of our same store total operating revenue to net income, see the table above.
Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $8.2 million, or 4.9%, to approximately $174.4 million for the three months ended June 30, 2024 compared to approximately $166.2 million for the three months ended June 30, 2023.
Same store lease income increased by approximately $6.0 million, or 4.4%, to approximately $143.1 million for the three months ended June 30, 2024 compared to approximately $137.1 million for the three months ended June 30, 2023. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.8 million. This increase was partially offset by the reduction of base rent of approximately $2.0 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.2 million. Additionally, there was a decrease in same store lease income which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the three months ended June 30, 2024, management determined two tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.6 million of the decrease during the three months June 30, 2024 as compared to the three months ended June 30, 2023.
Same store other billings increased by approximately $2.2 million, or 7.6%, to approximately $31.3 million for the three months ended June 30, 2024 compared to approximately $29.1 million for the three months ended June 30, 2023. The increase in other billings was primarily attributable to an increase in real estate tax reimbursements of approximately $1.4 million due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf and occupancy of previously vacant buildings. Additionally, the increase was also attributable to an increase of approximately $0.8 million of other expense reimbursements due to an increase in the corresponding expenses and the occupancy of previously vacant buildings.
Same Store Operating Expenses
Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.
For a detailed reconciliation of our same store operating expenses to net income, see the table above.
Total same store property operating expenses increased by approximately $1.5 million, or 4.8%, to approximately $33.5 million for the three months ended June 30, 2024 compared to approximately $32.0 million for the three months ended June 30, 2023. This increase was primarily due to increases in real estate tax and other expenses of approximately $1.7 million and $0.8 million, respectively. These increases were partially offset by decreases to snow removal, repairs and maintenance, and utility expenses of approximately $0.4 million, $0.3 million, and $0.3 million, respectively.
Acquisitions and Dispositions Net Operating Income
For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.
Subsequent to January 1, 2023, we acquired 20 buildings consisting of approximately 3.9 million square feet (excluding seven buildings that were included in the Value Add Portfolio at June 30, 2024, or sold or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023), and sold 17 buildings consisting of approximately 3.1 million square feet. For the three months ended June 30, 2024 and 2023, the buildings acquired after January 1, 2023 contributed approximately $5.9 million and $0.2 million to NOI, respectively. For the three months ended June 30, 2024 and June 30, 2023, the buildings sold
after January 1, 2023 contributed approximately $0.2 million and $2.8 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.
Other Net Operating Income
Other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.
For a detailed reconciliation of our other NOI to net income, see the table above.
These buildings contributed approximately $3.7 million and $1.2 million to NOI for the three months ended June 30, 2024 and 2023, respectively. Additionally, there was approximately $1.6 million and $0.5 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended June 30, 2024 and 2023, respectively.
Total Other Expenses
Total other expenses consist of general and administrative expenses, depreciation and amortization, loss on impairment, and other expenses.
Total other expenses increased approximately $11.8 million, or 14.5%, to approximately $92.7 million for the three months ended June 30, 2024 compared to approximately $80.9 million for the three months ended June 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $6.8 million due to an increase in the depreciable asset base from net acquisitions after June 30, 2023. Additionally, a loss on impairment of approximately $5.0 million was recognized during the three months ended June 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the three months ended June 30, 2023.
Total Other Income (Expense)
Total other income (expense) consists of interest and other income, interest expense, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.
Total other income (expense) increased approximately $6.8 million, or 127.2%, to approximately $1.4 million total other income for the three months ended June 30, 2024 compared to approximately $5.3 million total other expense for the three months ended June 30, 2023. This increase was primarily a result of recognizing a gain on involuntary conversion of approximately $5.7 million during the three months ended June 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the three months ended June 30, 2023. The increase was also attributable to an increase in the gain on the sales of rental property, net of approximately $5.6 million. These increases were partially offset by an increase in interest expense of approximately $4.5 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements. Additionally, there was a higher average credit facility balance and an increase in one-month Term Secured Overnight Financing Rate (“Term SOFR”) for the three months ended June 30, 2024, compared to the three months ended June 30, 2023.
Comparison of the six months ended June 30, 2024 to the six months ended June 30, 2023
The following table summarizes selected operating information for our same store portfolio and our total portfolio for the six months ended June 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the six months ended June 30, 2024 and 2023 with respect to the buildings acquired and disposed of and Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
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| Same Store Portfolio | | Acquisitions/Dispositions | | Other | | Total Portfolio |
| Six months ended June 30, | | Change | | Six months ended June 30, | | Six months ended June 30, | | Six months ended June 30, | | Change |
| 2024 | | 2023 | | $ | | % | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | $ | | % |
Revenue | | | | | | | | | | | | | | | | | | | | | | | |
Operating revenue | | | | | | | | | | | | | | | | | | | | | | | |
Rental income | $ | 351,895 | | | $ | 334,447 | | | $ | 17,448 | | | 5.2 | % | | $ | 12,712 | | | $ | 6,619 | | | $ | 9,262 | | | $ | 3,641 | | | $ | 373,869 | | | $ | 344,707 | | | $ | 29,162 | | | 8.5 | % |
Other income | 25 | | | 197 | | | (172) | | | (87.3) | % | | 268 | | | 118 | | | 3,158 | | | 225 | | | 3,451 | | | 540 | | | 2,911 | | | 539.1 | % |
Total operating revenue | 351,920 | | | 334,644 | | | 17,276 | | | 5.2 | % | | 12,980 | | | 6,737 | | | 12,420 | | | 3,866 | | | 377,320 | | | 345,247 | | | 32,073 | | | 9.3 | % |
Expenses | | | | | | | | | | | | | | | | | | | | | | | |
Property | 70,856 | | | 66,697 | | | 4,159 | | | 6.2 | % | | 2,331 | | | 1,282 | | | 3,362 | | | 577 | | | 76,549 | | | 68,556 | | | 7,993 | | | 11.7 | % |
Net operating income(1) | $ | 281,064 | | | $ | 267,947 | | | $ | 13,117 | | | 4.9 | % | | $ | 10,649 | | | $ | 5,455 | | | $ | 9,058 | | | $ | 3,289 | | | 300,771 | | | 276,691 | | | 24,080 | | | 8.7 | % |
Other expenses | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative | | | | | | | | | | | | | | | | 24,780 | | | 24,736 | | | 44 | | | 0.2 | % |
Depreciation and amortization | | | | | | | | | | | | | | | | 146,707 | | | 137,438 | | | 9,269 | | | 6.7 | % |
Loss on impairment | | | | | | | | | | | | | | | | 4,967 | | | — | | | 4,967 | | | 100.0 | % |
Other expenses | | | | | | | | | | | | | | | | 1,158 | | | 3,336 | | | (2,178) | | | (65.3) | % |
Total other expenses | | | | | | | | | | | | | | | | 177,612 | | | 165,510 | | | 12,102 | | | 7.3 | % |
Total expenses | | | | | | | | | | | | | | | | 254,161 | | | 234,066 | | | 20,095 | | | 8.6 | % |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | |
Interest and other income | | | | | | | | | | | | | | | | 25 | | | 36 | | | (11) | | | (30.6) | % |
Interest expense | | | | | | | | | | | | | | | | (52,793) | | | (45,472) | | | (7,321) | | | 16.1 | % |
Debt extinguishment and modification expenses | | | | | | | | | | | | | | (667) | | | — | | | (667) | | | 100.0 | % |
Gain on involuntary conversion | | | | | | | | | | | | | | | | 5,717 | | | — | | | 5,717 | | | 100.0 | % |
Gain on the sales of rental property, net | | | | | | | | | | | | | | | | 23,086 | | | 37,660 | | | (14,574) | | | (38.7) | % |
Total other income (expense) | | | | | | | | | | | | | | | | (24,632) | | | (7,776) | | | (16,856) | | | 216.8 | % |
Net income | | | | | | | | | | | | | | | | $ | 98,527 | | | $ | 103,405 | | | $ | (4,878) | | | (4.7) | % |
(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
Net Income
Net income for our total portfolio decreased by $4.9 million, or 4.7%, to $98.5 million for the six months ended June 30, 2024 compared to $103.4 million for the six months ended June 30, 2023.
Same Store Total Operating Revenue
Same store total operating revenue consists primarily of rental income consisting of (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties (“lease income”), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses (“other billings”).
For a detailed reconciliation of our same store total operating revenue to net income, see the table above.
Same store rental income, which is comprised of lease income and other billings as discussed below, increased by approximately $17.4 million, or 5.2%, to approximately $351.9 million for the six months ended June 30, 2024 compared to approximately $334.4 million for the six months ended June 30, 2023.
Same store lease income increased by approximately $10.9 million, or 4.0%, to approximately $284.6 million for the six months ended June 30, 2024 compared to approximately $273.7 million for the six months ended June 30, 2023. The increase was primarily due to an increase in rental income of approximately $16.2 million from the execution of new leases and lease renewals with existing tenants. This increase was partially offset by the reduction of base rent of approximately $3.9 million due to tenant vacancies, and a net increase in the amortization of net above market leases of approximately $0.5 million. Additionally, there was a decrease in same store lease income of approximately $0.9 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the six months ended June 30, 2024, management determined two tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.6 million of the decrease during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Additionally, management converted one tenant from the cash basis of accounting back to the accrual basis of accounting during the six months ended June 30, 2023, for which approximately $0.3 million of straight-line accrued rental balance was reinstated.
Same store other billings increased by approximately $6.5 million, or 10.7%, to approximately $67.3 million for the six months ended June 30, 2024 compared to approximately $60.8 million for the six months ended June 30, 2023. The increase was attributable to an increase of approximately $4.5 million in other expense reimbursements which was primarily due to an increase in corresponding expenses. The increase was also attributable to an increase of approximately $2.0 million of real estate tax reimbursements due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf, changes to lease terms where we began paying the real estate taxes on behalf of tenants that had previously paid the taxes directly to the taxing authorities, and occupancy of previously vacant buildings.
Same Store Operating Expenses
Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.
For a detailed reconciliation of our same store operating expenses to net income, see the table above.
Total same store operating expenses increased by approximately $4.2 million or 6.2% to approximately $70.9 million for the six months ended June 30, 2024 compared to approximately $66.7 million for the six months ended June 30, 2023. This increase was due to increases in real estate tax, other expenses, insurance, and snow removal of approximately $2.1 million, $1.3 million, $0.6 million, and $0.4 million, respectively. These increases were partially offset by a reduction of utility expense of approximately $0.2 million.
Acquisitions and Dispositions Net Operating Income
For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.
Subsequent to January 1, 2023, we acquired 20 buildings consisting of approximately 3.9 million square feet (excluding seven buildings that were included in the Value Add Portfolio at June 30, 2024, or sold or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023), and sold 17 buildings consisting of approximately 3.1 million square feet. For
the six months ended June 30, 2024 and June 30, 2023, the buildings acquired after January 1, 2023 contributed approximately $9.0 million and $0.3 million to NOI, respectively. For the six months ended June 30, 2024 and June 30, 2023, the buildings sold after January 1, 2023 contributed approximately $1.6 million and $5.2 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.
Other Net Operating Income
Our other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.
For a detailed reconciliation of our other NOI to net income, see the table above.
These buildings contributed approximately $6.9 million and $2.0 million to NOI for the six months ended June 30, 2024 and June 30, 2023, respectively. Additionally, there was approximately $2.2 million and $1.3 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the six months ended June 30, 2024 and June 30, 2023, respectively.
Total Other Expenses
Total other expenses consist of general and administrative expenses, depreciation and amortization, loss on impairment, and other expenses.
Total other expenses increased approximately $12.1 million, or 7.3%, to approximately $177.6 million for the six months ended June 30, 2024 compared to approximately $165.5 million for the six months ended June 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $9.3 million due to an increase in the depreciable asset base from net acquisitions after June 30, 2023. Additionally, a loss on impairment of approximately $5.0 million was recognized during the six months ended June 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the six months ended June 30, 2023. These increases were partially offset by a decrease in other expenses of approximately $2.2 million, which was primarily attributed to the relinquishment of an acquisition deposit of approximately $2.5 million related to the termination of an acquisition contract during the six months ended June 30, 2023 that did not recur during the six months ended June 30, 2024.
Total Other Income (Expense)
Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.
Total other expense increased approximately $16.9 million, or 216.8%, to approximately $24.6 million for the six months ended June 30, 2024 compared to approximately $7.8 million for the six months ended June 30, 2023. This increase was primarily a result of a decrease in the gain on the sales of rental property, net of approximately $14.6 million. This increase was also attributable to an increase in interest expense of approximately $7.3 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements. Additionally, there was a higher average credit facility balance and an increase in one-month Term Secured Overnight Financing Rate (“Term SOFR”) for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. This increase was also attributable to an increase in debt extinguishment and modification expenses of approximately $0.7 million related to the unsecured term loan amendment during the six months ended June 30, 2024, as discussed in Note 4 of the accompany Notes to Consolidated Financial Statements. These increases were partially offset by an increase in gain on involuntary conversion of approximately $5.7 million that was recognized during the six months ended June 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the six months ended June 30, 2023.
Non-GAAP Financial Measures
In this report, we disclose funds from operations (“FFO”) and NOI, which meet the definition of “non-GAAP financial measures” as set forth in Item 10(e) of Regulation S-K promulgated by the Securities and Exchange Commission (“SEC”). As a result, we are required to include in this report a statement of why management believes that presentation of these measures provides useful information to investors.
Funds From Operations
FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, FFO should be compared with our reported net income (loss) in accordance with GAAP, as presented in our consolidated financial statements included in this report.
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“Nareit”). FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, land sales, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures.
Management uses FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our buildings that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the Nareit definition, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.
The following table sets forth a reconciliation of our FFO attributable to common stockholders and unit holders for the periods presented to net income, the nearest GAAP equivalent.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Reconciliation of Net Income to FFO (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 61,074 | | | $ | 52,797 | | | $ | 98,527 | | | $ | 103,405 | |
Rental property depreciation and amortization | | 75,213 | | | 68,439 | | | 146,581 | | | 137,328 | |
Loss on impairment | | 4,967 | | | — | | | 4,967 | | | — | |
Gain on the sales of rental property, net | | (23,086) | | | (17,532) | | | (23,086) | | | (37,660) | |
FFO | | 118,168 | | | 103,704 | | | 226,989 | | | 203,073 | |
| | | | | | | | |
| | | | | | | | |
Amount allocated to restricted shares of common stock and unvested units | | (139) | | | (144) | | | (285) | | | (291) | |
FFO attributable to common stockholders and unit holders | | $ | 118,029 | | | $ | 103,560 | | | $ | 226,704 | | | $ | 202,782 | |
Net Operating Income
We consider NOI to be an appropriate supplemental performance measure to net income (loss) because we believe it helps investors and management understand the core operations of our buildings. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense. NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI.
The following table sets forth a reconciliation of our NOI for the periods presented to net income, the nearest GAAP equivalent.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
Reconciliation of Net Income to NOI (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 61,074 | | | $ | 52,797 | | | $ | 98,527 | | | $ | 103,405 | |
General and administrative | | 11,828 | | | 12,060 | | | 24,780 | | | 24,736 | |
Depreciation and amortization | | 75,280 | | | 68,494 | | | 146,707 | | | 137,438 | |
Interest and other income | | (14) | | | (17) | | | (25) | | | (36) | |
Interest expense | | 27,372 | | | 22,860 | | | 52,793 | | | 45,472 | |
Loss on impairment | | 4,967 | | | — | | | 4,967 | | | — | |
Gain on involuntary conversion | | (5,717) | | | — | | | (5,717) | | | — | |
Debt extinguishment and modification expenses | | — | | | — | | | 667 | | | — | |
Other expenses | | 595 | | | 357 | | | 1,158 | | | 3,336 | |
| | | | | | | | |
Gain on the sales of rental property, net | | (23,086) | | | (17,532) | | | (23,086) | | | (37,660) | |
Net operating income | | $ | 152,299 | | | $ | 139,019 | | | $ | 300,771 | | | $ | 276,691 | |
Cash Flows
Comparison of the six months ended June 30, 2024 to the six months ended June 30, 2023
The following table summarizes our cash flows for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
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| | Six months ended June 30, | | Change |
Cash Flows (dollars in thousands) | | 2024 | | 2023 | | $ | | % |
Net cash provided by operating activities | | $ | 227,397 | | | $ | 196,223 | | | $ | 31,174 | | | 15.9 | % |
Net cash used in investing activities | | $ | 247,611 | | | $ | 25,606 | | | $ | 222,005 | | | 867.0 | % |
Net cash provided by (used in) financing activities | | $ | 32,866 | | | $ | (182,872) | | | $ | 215,738 | | | 118.0 | % |
Net cash provided by operating activities increased approximately $31.2 million to approximately $227.4 million for the six months ended June 30, 2024 compared to approximately $196.2 million for the six months ended June 30, 2023. The increase was primarily attributable to incremental operating cash flows from property acquisitions completed after June 30, 2023, and operating performance at existing properties. These increases were partially offset by the loss of cash flows from property dispositions completed after June 30, 2023 and fluctuations in working capital due to timing of payments and rental receipts.
Net cash used in investing activities increased approximately $222.0 million to approximately $247.6 million for the six months ended June 30, 2024 compared to approximately $25.6 million for the six months ended June 30, 2023. The increase was primarily attributable to the acquisition of 11 buildings and one parcel of land for a total cash consideration of approximately $281.1 million during the six months ended June 30, 2024, whereas there were two buildings acquired for a total cash consideration of approximately $40.7 million for the six months ended June 30, 2023. This increase was partially offset by a decrease in cash paid for the additions of land and buildings and improvements related to development and other capital expenditures of approximately $13.5 million, as well as an increase in proceeds from sales of rental property, net of approximately $6.4 million during the six months ended June 30, 2024, as compared to the six months ended June 30, 2023.
Net cash provided by (used in) financing activities increased approximately $215.7 million to approximately $32.9 million net cash provided by financing activities for the six months ended June 30, 2024 compared to approximately $182.9 million net cash used in financing activities for the six months ended June 30, 2023. This increase was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 in the accompanying Notes to Consolidated Financial Statements. The increase was also attributable to the redemption of $100.0 million of unsecured notes on January 5, 2023 that did not occur during the six months ended June 30, 2024. These increases were partially offset by a decrease in net borrowings of approximately $316.0 million under our unsecured credit facility, an increase of approximately $6.2 million in dividends and distributions paid, and a decrease of approximately $8.8 million due to a reduction of proceeds from the sales of common stock during the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Liquidity and Capital Resources
We believe that our liquidity needs will be satisfied through cash flows generated by operations, disposition proceeds, and financing activities. Operating cash flow from rental income, expense recoveries from tenants, and other income from operations is our principal source of funds to pay operating expenses, debt service, recurring capital expenditures, and the distributions required to maintain our REIT qualification. We primarily rely on the capital markets (equity and debt securities) to fund our acquisition activity. We seek to increase cash flows from our properties by maintaining quality building standards that promote high occupancy rates and permit increases in rental rates, while reducing tenant turnover and controlling operating expenses. We believe that our revenue, together with proceeds from building sales and equity and debt financings, will continue to provide funds for our short-term and medium-term liquidity needs.
Our short-term liquidity requirements consist primarily of funds necessary to pay for operating expenses and other expenditures directly associated with our buildings, including interest expense, interest rate swap payments, scheduled principal payments on outstanding indebtedness, property acquisitions under contract, general and administrative expenses, and capital expenditures including development projects, tenant improvements and leasing commissions.
Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for property acquisitions and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, the issuance of equity or debt securities, other borrowings, property dispositions, or, in connection with acquisitions of certain additional buildings, the issuance of common units in the Operating Partnership.
As of June 30, 2024, we had total immediate liquidity of approximately $902.9 million, comprised of $33.3 million of cash and cash equivalents and $869.6 million of immediate availability on our unsecured credit facility. When incorporating our total immediate liquidity of $902.9 million and approximately $41.5 million, $21.9 million, and $8.8 million of forward sale proceeds available to us under our ATM common stock offering program through December 14, 2024, January 9, 2025, and March 31, 2025, respectively, our total liquidity was approximately $975.1 million as of June 30, 2024.
In addition, we require funds to pay dividends to holders of our common stock and common units in the Operating Partnership. Any future dividends on our common stock are declared in the sole discretion of our board of directors, subject to the distribution requirements to maintain our REIT status for federal income tax purposes, and may be reduced or stopped for any reason, including to use funds for other liquidity requirements.
Indebtedness Outstanding
The following table summarizes certain information with respect to our indebtedness outstanding as of June 30, 2024.
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Indebtedness (dollars in thousands) | | June 30, 2024 | | Interest Rate(1)(2) | | Maturity Date | | Prepayment Terms(3) |
Unsecured credit facility: | | | | | | | | |
Unsecured Credit Facility(4) | | $ | 127,000 | | | Term SOFR + 0.875% | | October 23, 2026 | | i |
Total unsecured credit facility | | 127,000 | | | | | | | |
| | | | | | | | |
Unsecured term loans: | | | | | | | | |
Unsecured Term Loan G | | 300,000 | | | 1.80 | % | | February 5, 2026 | | i |
Unsecured Term Loan A | | 150,000 | | | 2.16 | % | | March 15, 2027 | | i |
Unsecured Term Loan H | | 187,500 | | | 3.35 | % | | January 25, 2028 | | i |
Unsecured Term Loan I | | 187,500 | | | 3.51 | % | | January 25, 2028 | | i |
Unsecured Term Loan F(5) | | 200,000 | | | 2.96 | % | | March 23, 2029 | | i |
Total unsecured term loans | | 1,025,000 | | | | | | | |
Total unamortized deferred financing fees and debt issuance costs | | (3,825) | | | | | | | |
Total carrying value unsecured term loans, net | | 1,021,175 | | | | | | | |
| | | | | | | | |
Unsecured notes: | | | | | | | | |
Series A Unsecured Notes | | 50,000 | | | 4.98 | % | | October 1, 2024 | | ii |
Series D Unsecured Notes | | 100,000 | | | 4.32 | % | | February 20, 2025 | | ii |
Series G Unsecured Notes | | 75,000 | | | 4.10 | % | | June 13, 2025 | | ii |
Series B Unsecured Notes | | 50,000 | | | 4.98 | % | | July 1, 2026 | | ii |
Series C Unsecured Notes | | 80,000 | | | 4.42 | % | | December 30, 2026 | | ii |
Series E Unsecured Notes | | 20,000 | | | 4.42 | % | | February 20, 2027 | | ii |
Series H Unsecured Notes | | 100,000 | | | 4.27 | % | | June 13, 2028 | | ii |
Series L Unsecured Notes | | 175,000 | | | 6.05 | % | | May 28, 2029 | | ii |
Series M Unsecured Notes | | 125,000 | | | 6.17 | % | | May 28, 2031 | | ii |
Series I Unsecured Notes | | 275,000 | | | 2.80 | % | | September 29, 2031 | | ii |
Series K Unsecured Notes | | 400,000 | | | 4.12 | % | | June 28, 2032 | | ii |
Series J Unsecured Notes | | 50,000 | | | 2.95 | % | | September 28, 2033 | | ii |
Series N Unsecured Notes | | 150,000 | | | 6.30 | % | | May 28, 2034 | | ii |
Total unsecured notes | | 1,650,000 | | | |
| | | |
Total unamortized deferred financing fees and debt issuance costs | | (6,462) | | | |
| | | |
Total carrying value unsecured notes, net | | 1,643,538 | | | |
| | | |
| | | | |
| | | |
Mortgage notes (secured debt): | | | | |
| | | |
United of Omaha Life Insurance Company | | 4,430 | | | 3.71 | % | | October 1, 2039 | | ii |
Total mortgage notes | | 4,430 | | | | | | | |
Net unamortized fair market value discount | | (131) | | | | | | | |
| | | | | | | | |
Total carrying value mortgage notes, net | | 4,299 | | | | | | | |
Total / weighted average interest rate(6) | | $ | 2,796,012 | | | 3.92 | % | | | | |
(1)Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term SOFR was 5.33717%. The current 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 or discounts. The spread over the applicable rate for our unsecured credit facility and unsecured term loans is based on our debt rating and leverage ratio, as defined in the respective loan agreements.
(2)Our unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. Our unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%.
(3)Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty.
(4)The capacity of our unsecured credit facility is $1.0 billion. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by us in our discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. We are required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on our debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly.
(5)The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by us in our discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both
immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts.
The aggregate undrawn nominal commitments on our unsecured credit facility and unsecured term loans as of June 30, 2024 was approximately $869.6 million, including issued letters of credit. Our actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on our debt covenant compliance.
On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on our unsecured credit facility and each of our unsecured term loans ended in accordance with the respective loan agreements.
On March 25, 2024, we entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions, that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at our election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the one-month Term SOFR, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.
On March 13, 2024, we entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in our unsecured credit facility and other unsecured notes, plus a financial covenant that requires us to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, we issued all of the notes under the March 2024 NPA.
Our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes are subject to ongoing compliance with a number of financial and other covenants. As of June 30, 2024, we were in compliance with the applicable financial covenants.
The following table summarizes our debt capital structure as of June 30, 2024.
| | | | | | | | |
Debt Capital Structure | | June 30, 2024 |
Total principal outstanding (in thousands) | | $ | 2,806,430 | |
Weighted average duration (years) | | 4.7 | |
| | |
% Secured debt | | 0.2 | % |
% Debt maturing next 12 months | | 8.0 | % |
Net Debt to Real Estate Cost Basis(1) | | 37.4 | % |
(1)“Net Debt” means amounts outstanding under our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes, less cash and cash equivalents. “Real Estate Cost Basis” means the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization.
We regularly pursue new financing opportunities to ensure an appropriate balance sheet position. As a result of these dedicated efforts, we are confident in our ability to meet future debt maturities and fund acquisitions. We believe that our current balance sheet is in an adequate position at the date of this filing, despite possible volatility in the credit markets.
Our interest rate exposure on our floating rate debt is managed through the use of interest rate swaps, which fix the rate of our long term floating rate debt. For a detailed discussion on our use of interest rate swaps, see “Interest Rate Risk” below.
Equity
Preferred Stock
We are authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.
Common Stock
We are authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.
The following table summarizes our at-the-market (“ATM”) common stock offering program as of June 30, 2024. Pursuant to the equity distribution agreements for our ATM common stock offering program, we may from time to time sell common stock through sales agents and their affiliates, including shares sold on a forward basis under forward sale agreements.
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ATM Common Stock Offering Program | | Date | | Maximum Aggregate Offering Price (in thousands) | | Aggregate Available as of June 30, 2024 (in thousands) |
2022 $750 million ATM | | February 17, 2022 | | $ | 750,000 | | | $ | 606,831 | |
On April 1, 2024, we sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. We did not receive any proceeds from the sale of such shares on a forward basis. We expect to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point we would receive the proceeds net of certain costs; provided, however, we may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
On January 9, 2024 we sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. We did not receive any proceeds from the sale of such shares on a forward basis. We expect to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point we would receive the proceeds net of certain costs; provided, however, we may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
Noncontrolling Interest
We own our interests in all of our properties and conduct substantially all of our business through the Operating Partnership. We are the sole member of the sole general partner of the Operating Partnership. As of June 30, 2024, we owned approximately 97.9% of the common units in the Operating Partnership, and our current and former executive officers, directors, senior employees and their affiliates, and third parties that contributed properties to us in exchange for common units in the Operating Partnership owned the remaining 2.1%.
Interest Rate Risk
We use interest rate swaps to fix the rate of our variable rate debt. As of June 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through maturity.
We recognize all derivatives on the balance sheet at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income (loss), which is a component of equity. Derivatives that are not designated as hedges must be adjusted to fair value and the changes in fair value must be reflected as income or expense.
We have established criteria for suitable counterparties in relation to various specific types of risk. We only use counterparties that have a credit rating of no lower than investment grade at swap inception from Moody’s Investor Services, Standard & Poor’s, or Fitch Ratings or other nationally recognized rating agencies.
The swaps are all designated as cash flow hedges of interest rate risk, and all are valued as Level 2 financial instruments. Level 2 financial instruments are defined as significant other observable inputs. As of June 30, 2024, all of our 21 interest rate swaps outstanding were in an asset position of approximately $54.5 million, including any adjustment for nonperformance risk related to these agreements.
During the six months ended June 30, 2024, we entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027.
As of June 30, 2024, we had approximately $1,152.0 million of variable rate debt. As of June 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through initial maturity. To the extent interest rates increase, interest costs on our floating rate debt not fixed with interest rate swaps will increase, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. From time to time, we may enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions.
Off-balance Sheet Arrangements
As of June 30, 2024, we had letters of credit related to development projects and certain other agreements of approximately $3.4 million. As of June 30, 2024, we had no other material off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. The primary market risk we are exposed to is interest rate risk. We have used derivative financial instruments to manage, or hedge, interest rate risks related to our borrowings, primarily through interest rate swaps.
As of June 30, 2024, we had $1,152.0 million of variable rate debt outstanding. As of June 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility which had a balance of $127.0 million, was fixed with interest rate swaps through initial maturity. To the extent we undertake additional variable rate indebtedness, if interest rates increase, then so will the interest costs on our unhedged variable rate debt, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. Further, rising interest rates could significantly increase our future interest expense. From time to time, we enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. While these agreements are intended to lessen the impact of rising interest rates on us, they also expose us to the risk that the other parties to the agreements will not perform, we could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly-effective cash flow hedges under GAAP. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions. If interest rates increased by 100 basis points and assuming we had an outstanding balance of $127.0 million on our unsecured credit facility for the six months ended June 30, 2024, our interest expense would have increased by approximately $0.6 million for the six months ended June 30, 2024.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by SEC Rule 13a-15(b), we have evaluated, under the supervision of and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of June 30, 2024. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for the periods covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls
There was no change to our internal control over financial reporting during the quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. Other Information
Item 1. Legal Proceedings
From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, would be expected to have a material effect on our business, financial condition or results of operations if determined adversely to the Company.
Item 1A. Risk Factors
There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 13, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Equity Securities
During the quarter ended June 30, 2024, the Operating Partnership issued 30,000 common units upon exchange of outstanding long term incentive plan units issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). Subject to certain restrictions, common units in the Operating Partnership may be redeemed for cash in an amount equal to the value of a share of common stock or, at our election, for a share of common stock on a one-for-one basis.
During the quarter ended June 30, 2024, we issued 30,000 shares of common stock upon redemption of 30,000 common units in the Operating Partnership held by various limited partners. The issuance of such shares of common stock was either registered under the Securities Act or effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder.
All other issuances of unregistered securities during the quarter ended June 30, 2024, if any, have previously been disclosed in filings with the SEC.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended June 30, 2024, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act).
Item 6. Exhibits | | | | | | | | |
Exhibit Number | | Description of Document |
31.1 * | | |
31.2 * | | |
32.1 ** | | |
101.INS * | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH * | | Inline XBRL Taxonomy Extension Schema Document |
101.CAL * | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF * | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB * | | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE * | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 * | | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |
* Filed herewith.
** Furnished herewith.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| | STAG INDUSTRIAL, INC. |
| |
Date: July 30, 2024 | BY: | /s/ MATTS S. PINARD |
| | Matts S. Pinard |
| | Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer) |
| | |
| BY: | /s/ JACLYN M. PAUL |
| | Jaclyn M. Paul |
| | Chief Accounting Officer (Principal Accounting Officer) |
Exhibit 31.1
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, William R. Crooker, certify that:
1.I have reviewed this quarterly report on Form 10-Q of STAG Industrial, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: July 30, 2024 | /s/ WILLIAM R. CROOKER |
| William R. Crooker President and Chief Executive Officer
|
Exhibit 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Matts S. Pinard, certify that:
1.I have reviewed this quarterly report on Form 10-Q of STAG Industrial, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: July 30, 2024 | /s/ MATTS S. PINARD |
| Matts S. Pinard Chief Financial Officer, Executive Vice President and Treasurer |
Exhibit 32.1
Certification Pursuant To
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of The Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of STAG Industrial, Inc. on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officers of STAG Industrial, Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)the Report, containing the financial statements, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of STAG Industrial, Inc.
| | | | | |
Date: July 30, 2024 | /s/ WILLIAM R. CROOKER |
| William R. Crooker President and Chief Executive Officer |
| |
| /s/ MATTS S. PINARD |
| Matts S. Pinard Chief Financial Officer, Executive Vice President and Treasurer |
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v3.24.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Rental Property: |
|
|
Land |
$ 716,613,000
|
$ 698,633,000
|
Buildings and improvements, net of accumulated depreciation of $998,633 and $921,846, respectively |
4,982,291,000
|
4,838,522,000
|
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively |
421,560,000
|
435,722,000
|
Total rental property, net |
6,120,464,000
|
5,972,877,000
|
Cash and cash equivalents |
33,273,000
|
20,741,000
|
Restricted cash |
1,247,000
|
1,127,000
|
Tenant accounts receivable |
125,172,000
|
128,274,000
|
Prepaid expenses and other assets |
80,855,000
|
80,455,000
|
Interest rate swaps |
54,510,000
|
50,418,000
|
Operating lease right-of-use assets |
28,598,000
|
29,566,000
|
Total assets |
6,444,119,000
|
6,283,458,000
|
Liabilities: |
|
|
Unsecured credit facility |
127,000,000
|
402,000,000
|
Unsecured term loans, net |
1,021,175,000
|
1,021,773,000
|
Unsecured notes, net |
1,643,538,000
|
1,195,872,000
|
Mortgage notes, net |
4,299,000
|
4,401,000
|
Accounts payable, accrued expenses and other liabilities |
98,828,000
|
83,152,000
|
Tenant prepaid rent and security deposits |
44,876,000
|
44,238,000
|
Dividends and distributions payable |
22,936,000
|
22,726,000
|
Deferred leasing intangibles, net of accumulated amortization of $26,796 and $26,613, respectively |
33,454,000
|
29,908,000
|
Operating lease liabilities |
32,683,000
|
33,577,000
|
Total liabilities |
3,028,789,000
|
2,837,647,000
|
Commitments and contingencies (Note 11) |
|
|
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] |
|
|
Preferred stock |
0
|
0
|
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2024 and December 31, 2023, 182,105,303 and 181,690,867 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
1,821,000
|
1,817,000
|
Additional paid-in capital |
4,276,498,000
|
4,272,376,000
|
Cumulative dividends in excess of earnings |
(987,218,000)
|
(948,720,000)
|
Accumulated other comprehensive income |
53,228,000
|
49,207,000
|
Total stockholders’ equity |
3,344,329,000
|
3,374,680,000
|
Noncontrolling interest |
71,001,000
|
71,131,000
|
Total equity |
3,415,330,000
|
3,445,811,000
|
Total liabilities and equity |
$ 6,444,119,000
|
$ 6,283,458,000
|
X |
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v3.24.2
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Building and Improvements, accumulated depreciation |
$ 998,633
|
$ 921,846
|
Deferred leasing intangible assets, accumulated amortization |
364,564
|
360,094
|
Deferred leasing intangible liabilities, accumulated amortization |
$ 26,796
|
$ 26,613
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Authorized |
20,000,000
|
20,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
300,000,000
|
300,000,000
|
Common Stock, Shares, Outstanding |
182,105,303
|
181,690,867
|
Common Stock, Shares, Issued |
182,105,303
|
181,690,867
|
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v3.24.2
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues [Abstract] |
|
|
|
|
Rental income |
$ 186,467
|
$ 171,439
|
$ 373,869
|
$ 344,707
|
Other income |
3,310
|
255
|
3,451
|
540
|
Total revenue |
189,777
|
171,694
|
377,320
|
345,247
|
Expenses |
|
|
|
|
Property |
37,478
|
32,675
|
76,549
|
68,556
|
General and administrative |
11,828
|
12,060
|
24,780
|
24,736
|
Depreciation and amortization |
75,280
|
68,494
|
146,707
|
137,438
|
Loss on impairment |
4,967
|
0
|
4,967
|
0
|
Other expenses |
595
|
357
|
1,158
|
3,336
|
Total expenses |
130,148
|
113,586
|
254,161
|
234,066
|
Other income (expense) |
|
|
|
|
Interest and other income |
14
|
17
|
25
|
36
|
Interest expense |
(27,372)
|
(22,860)
|
(52,793)
|
(45,472)
|
Debt extinguishment and modification expenses |
0
|
0
|
(667)
|
0
|
Gain on involuntary conversion |
5,717
|
0
|
5,717
|
0
|
Gain on the sales of rental property, net |
23,086
|
17,532
|
23,086
|
37,660
|
Total other income (expense) |
1,445
|
(5,311)
|
(24,632)
|
(7,776)
|
Net income |
61,074
|
52,797
|
98,527
|
103,405
|
Less: income attributable to noncontrolling interest |
1,291
|
1,191
|
2,117
|
2,333
|
Net income attributable to STAG Industrial, Inc. |
59,783
|
51,606
|
96,410
|
101,072
|
Less: amount allocated to participating securities |
46
|
53
|
93
|
106
|
Net income attributable to common stockholders |
$ 59,737
|
$ 51,553
|
$ 96,317
|
$ 100,966
|
Weighted average common shares outstanding — basic |
181,961
|
179,413
|
181,834
|
179,305
|
Weighted average common shares outstanding — diluted |
182,185
|
179,738
|
182,088
|
179,518
|
Net income per share attributable to common stockholders — basic |
$ 0.33
|
$ 0.29
|
$ 0.53
|
$ 0.56
|
Net income per share attributable to common stockholders — diluted |
$ 0.33
|
$ 0.29
|
$ 0.53
|
$ 0.56
|
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v3.24.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 61,074
|
$ 52,797
|
$ 98,527
|
$ 103,405
|
Other comprehensive income (loss): |
|
|
|
|
Income (loss) on interest rate swaps |
(2,967)
|
15,821
|
4,109
|
(191)
|
Other comprehensive income (loss) |
(2,967)
|
15,821
|
4,109
|
(191)
|
Comprehensive income |
58,107
|
68,618
|
102,636
|
103,214
|
Income attributable to noncontrolling interest |
(1,291)
|
(1,191)
|
(2,117)
|
(2,333)
|
Other comprehensive (income) loss attributable to noncontrolling interest |
68
|
(357)
|
(88)
|
4
|
Comprehensive income attributable to STAG Industrial, Inc. |
$ 56,884
|
$ 67,070
|
$ 100,431
|
$ 100,885
|
X |
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v3.24.2
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Cumulative Dividends in excess of Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Stockholders' Equity |
Noncontrolling Interest - Unit holders in Operating Partnership |
Balance at Dec. 31, 2022 |
$ 3,458,181
|
$ 0
|
$ 1,792
|
$ 4,188,677
|
$ (876,145)
|
$ 70,500
|
$ 3,384,824
|
$ 73,357
|
Balance (in shares) at Dec. 31, 2022 |
|
|
179,248,980
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
Proceeds from sales of common stock, net |
$ 8,495
|
|
$ 3
|
8,492
|
|
|
8,495
|
|
Proceeds from sales of common stock (in shares) |
|
|
249,016
|
|
|
|
|
|
Common Stock, Dividends, Per Share, Cash Paid |
$ 0.74
|
|
|
|
|
|
|
|
Dividends, Common Stock |
|
|
|
|
(131,905)
|
|
|
|
Dividends |
|
|
|
|
|
|
(131,905)
|
|
Distribution Made to Limited Partner, Cash Distributions Declared |
|
|
|
|
|
|
|
252
|
Dividends and Distributions, Net |
$ (131,653)
|
|
|
|
|
|
|
|
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition |
|
|
|
(1,935)
|
|
|
|
|
Non-cash compensation activity, net |
5,622
|
|
|
|
|
|
(2,017)
|
7,639
|
Non-cash compensation activity (in shares) |
|
|
83,941
|
|
|
|
|
|
Non-cash compensation activity (in excess of earnings) |
|
|
$ 1
|
|
(83)
|
|
|
|
Redemption of common units to common stock |
|
|
$ (1)
|
(1,482)
|
|
|
(1,483)
|
(1,483)
|
Redemption of common units to common stock (in shares) |
|
|
78,834
|
|
|
|
|
|
Rebalancing of noncontrolling interest |
|
|
|
4,835
|
|
|
4,835
|
(4,835)
|
Other comprehensive loss |
(191)
|
|
|
|
|
(187)
|
(187)
|
(4)
|
Net income |
103,405
|
|
|
|
101,072
|
|
101,072
|
2,333
|
Balance at Jun. 30, 2023 |
3,443,859
|
0
|
$ 1,797
|
4,201,551
|
(907,061)
|
70,313
|
3,366,600
|
77,259
|
Balance (in shares) at Jun. 30, 2023 |
|
|
179,660,771
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
3,430,820
|
0
|
$ 1,794
|
4,188,960
|
(892,676)
|
54,849
|
3,352,927
|
77,893
|
Balance (in shares) at Mar. 31, 2023 |
|
|
179,372,871
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
Proceeds from sales of common stock, net |
$ 8,647
|
|
$ 3
|
8,644
|
|
|
8,647
|
|
Proceeds from sales of common stock (in shares) |
|
|
249,016
|
|
|
|
|
|
Common Stock, Dividends, Per Share, Cash Paid |
$ 0.37
|
|
|
|
|
|
|
|
Dividends, Common Stock |
|
|
|
|
(65,991)
|
|
|
|
Dividends |
|
|
|
|
|
|
(65,991)
|
|
Distribution Made to Limited Partner, Cash Distributions Declared |
|
|
|
|
|
|
|
(1,564)
|
Dividends and Distributions, Net |
$ (67,555)
|
|
|
|
|
|
|
|
Non-cash compensation activity, net |
3,329
|
|
|
1,896
|
|
|
1,896
|
1,433
|
Non-cash compensation activity (in shares) |
|
|
3,884
|
|
|
|
|
|
Non-cash compensation activity (in excess of earnings) |
|
|
$ 0
|
|
0
|
|
|
|
Redemption of common units to common stock |
|
|
$ 0
|
(654)
|
|
|
(654)
|
(654)
|
Redemption of common units to common stock (in shares) |
|
|
35,000
|
|
|
|
|
|
Rebalancing of noncontrolling interest |
|
|
|
1,397
|
|
|
1,397
|
(1,397)
|
Other comprehensive loss |
15,821
|
|
|
|
|
15,464
|
15,464
|
357
|
Net income |
52,797
|
|
|
|
51,606
|
|
51,606
|
1,191
|
Balance at Jun. 30, 2023 |
3,443,859
|
0
|
$ 1,797
|
4,201,551
|
(907,061)
|
70,313
|
3,366,600
|
77,259
|
Balance (in shares) at Jun. 30, 2023 |
|
|
179,660,771
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
3,445,811
|
0
|
$ 1,817
|
4,272,376
|
(948,720)
|
49,207
|
3,374,680
|
71,131
|
Balance (in shares) at Dec. 31, 2023 |
|
|
181,690,867
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
Proceeds from sales of common stock, net |
$ (259)
|
|
$ 0
|
(259)
|
|
|
(259)
|
|
Proceeds from sales of common stock (in shares) |
|
|
0
|
|
|
|
|
|
Common Stock, Dividends, Per Share, Cash Paid |
$ 0.74
|
|
|
|
|
|
|
|
Dividends, Common Stock |
|
|
|
|
(134,674)
|
|
|
|
Dividends |
|
|
|
|
|
|
(134,674)
|
|
Distribution Made to Limited Partner, Cash Distributions Declared |
|
|
|
|
|
|
|
(3,113)
|
Dividends and Distributions, Net |
$ (137,787)
|
|
|
|
|
|
|
|
Non-cash compensation activity, net |
4,929
|
|
|
(407)
|
|
|
(640)
|
5,569
|
Non-cash compensation activity (in shares) |
|
|
69,454
|
|
|
|
|
|
Non-cash compensation activity (in excess of earnings) |
|
|
$ 1
|
|
(234)
|
|
|
|
Redemption of common units to common stock |
|
|
$ (3)
|
(6,402)
|
|
|
(6,405)
|
$ (6,405)
|
Redemption of common units to common stock (in shares) |
|
|
344,982
|
|
|
|
|
0
|
Rebalancing of noncontrolling interest |
|
|
|
(1,614)
|
|
|
(1,614)
|
$ 1,614
|
Other comprehensive loss |
4,109
|
|
|
|
|
4,021
|
4,021
|
88
|
Net income |
98,527
|
|
|
|
96,410
|
|
96,410
|
2,117
|
Balance at Jun. 30, 2024 |
3,415,330
|
0
|
$ 1,821
|
4,276,498
|
(987,218)
|
53,228
|
3,344,329
|
71,001
|
Balance (in shares) at Jun. 30, 2024 |
|
|
182,105,303
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
3,423,220
|
0
|
$ 1,821
|
4,273,183
|
(979,629)
|
56,127
|
3,351,502
|
71,718
|
Balance (in shares) at Mar. 31, 2024 |
|
|
182,074,776
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
Proceeds from sales of common stock, net |
$ (89)
|
|
$ 0
|
(89)
|
|
|
(89)
|
|
Proceeds from sales of common stock (in shares) |
|
|
0
|
|
|
|
|
|
Common Stock, Dividends, Per Share, Cash Paid |
$ 0.37
|
|
|
|
|
|
|
|
Dividends, Common Stock |
|
|
|
|
(67,372)
|
|
|
|
Dividends |
|
|
|
|
|
|
(67,372)
|
|
Distribution Made to Limited Partner, Cash Distributions Declared |
|
|
|
|
|
|
|
(1,543)
|
Dividends and Distributions, Net |
$ (68,915)
|
|
|
|
|
|
|
|
Non-cash compensation activity, net |
3,007
|
|
|
2,085
|
|
|
2,085
|
922
|
Non-cash compensation activity (in shares) |
|
|
527
|
|
|
|
|
|
Non-cash compensation activity (in excess of earnings) |
|
|
$ 0
|
|
0
|
|
|
|
Redemption of common units to common stock |
|
|
$ 0
|
(552)
|
|
|
(552)
|
(552)
|
Redemption of common units to common stock (in shares) |
|
|
30,000
|
|
|
|
|
|
Rebalancing of noncontrolling interest |
|
|
|
767
|
|
|
767
|
(767)
|
Other comprehensive loss |
(2,967)
|
|
|
|
|
(2,899)
|
(2,899)
|
(68)
|
Net income |
61,074
|
|
|
|
59,783
|
|
59,783
|
1,291
|
Balance at Jun. 30, 2024 |
$ 3,415,330
|
$ 0
|
$ 1,821
|
$ 4,276,498
|
$ (987,218)
|
$ 53,228
|
$ 3,344,329
|
$ 71,001
|
Balance (in shares) at Jun. 30, 2024 |
|
|
182,105,303
|
|
|
|
|
|
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v3.24.2
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 98,527
|
$ 103,405
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
146,707
|
137,438
|
Loss on impairment |
4,967
|
0
|
Gain on involuntary conversion |
5,717
|
0
|
Non-cash portion of interest expense |
2,036
|
1,948
|
Amortization of above and below market leases, net |
532
|
(192)
|
Straight-line rent adjustments, net |
(7,531)
|
(9,466)
|
Gain on the sales of rental property, net |
(23,086)
|
(37,660)
|
Non-cash compensation expense |
5,871
|
6,404
|
Change in assets and liabilities: |
|
|
Tenant accounts receivable |
9,232
|
10,719
|
Prepaid expenses and other assets |
(11,732)
|
(13,081)
|
Accounts payable, accrued expenses and other liabilities |
6,953
|
(6,288)
|
Tenant prepaid rent and security deposits |
638
|
2,996
|
Total adjustments |
128,870
|
92,818
|
Net cash provided by operating activities |
227,397
|
196,223
|
Payments for Capital Improvements |
41,857
|
55,382
|
Cash flows from investing activities: |
|
|
Additions of land and buildings and improvements |
(250,202)
|
(37,425)
|
Payments to Acquire Other Receivables |
(196)
|
0
|
Payments for (Proceeds from) Other Investing Activities |
0
|
511
|
Proceeds from sales of rental property, net |
75,706
|
69,320
|
Acquisition deposits, net |
(400)
|
1,120
|
Acquisitions of deferred leasing intangibles |
(30,662)
|
(3,750)
|
Net cash used in investing activities |
(247,611)
|
(25,606)
|
Cash flows from financing activities: |
|
|
Proceeds from unsecured credit facility |
630,000
|
337,000
|
Repayments of Lines of Credit |
(905,000)
|
(296,000)
|
Repayments of Notes Payable |
0
|
(100,000)
|
Repayments of Secured Debt |
(107)
|
(172)
|
Payments of Financing Costs |
(3,197)
|
0
|
Proceeds from sales of common stock, net |
|
8,532
|
Payments of Dividends |
(137,572)
|
(131,420)
|
Repurchase and retirement of share-based compensation |
(1,014)
|
(812)
|
Net cash provided by (used in) financing activities |
32,866
|
(182,872)
|
Increase (decrease) in cash and cash equivalents and restricted cash |
12,652
|
(12,255)
|
Cash and cash equivalents and restricted cash—beginning of period |
21,868
|
26,789
|
Cash and cash equivalents and restricted cash—end of period |
34,520
|
14,534
|
Supplemental disclosure: |
|
|
Interest Paid, Capitalized, Investing Activities |
1,259
|
1,000
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
49,130
|
44,842
|
Supplemental schedule of non-cash investing and financing activities |
|
|
Acquisitions of land and buildings and improvements |
(2,456)
|
0
|
Acquisitions of deferred leasing intangibles |
(357)
|
0
|
Additions to building and other capital improvements from involuntary conversion |
(8,685)
|
0
|
Investing other receivables due to involuntary conversion of building |
2,968
|
0
|
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities |
(6,499)
|
(3,018)
|
Additions to building and other capital improvements from non-cash compensation |
(80)
|
(26)
|
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities |
(849)
|
(37)
|
Dividends and distributions payable |
22,936
|
22,515
|
Proceeds from unsecured notes |
450,000
|
$ 0
|
Proceeds from sales of common stock, net |
$ 244
|
|
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v3.24.2
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2024 and December 31, 2023, the Company owned 97.9% and 97.9%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.
As of June 30, 2024, the Company owned 573 industrial buildings in 41 states with approximately 114.1 million rentable square feet.
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v3.24.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Interim Financial Information
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Basis of Presentation
The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Restricted Cash
The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.
| | | | | | | | | | | | | | | | | | | Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) | | June 30, 2024 | | December 31, 2023 | | | | | Cash and cash equivalents | | $ | 33,273 | | | $ | 20,741 | | | | | | Restricted cash | | 1,247 | | | 1,127 | | | | | | Total cash and cash equivalents and restricted cash | | $ | 34,520 | | | $ | 21,868 | | | | | |
Uncertain Tax Positions
As of June 30, 2024 and December 31, 2023, there were no liabilities for uncertain tax positions. Concentrations of Credit Risk Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
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v3.24.2
Rental Property
|
6 Months Ended |
Jun. 30, 2024 |
Real Estate [Abstract] |
|
Rental Property |
Rental Property The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | Rental Property (in thousands) | | June 30, 2024 | | December 31, 2023 | Land | | $ | 716,613 | | | $ | 698,633 | | Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively | | 4,438,474 | | | 4,330,799 | | Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively | | 41,210 | | | 39,145 | | Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively | | 365,204 | | | 369,724 | | Construction in progress | | 137,403 | | | 98,854 | | Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively | | 421,560 | | | 435,722 | | Total rental property, net | | $ | 6,120,464 | | | $ | 5,972,877 | |
Acquisitions
The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Market(1) | | Date Acquired | | Square Feet | | Number of Buildings | | Purchase Price (in thousands) | Cincinnati, OH | | March 18, 2024 | | 697,500 | | | 1 | | | $ | 50,073 | | Three months ended March 31, 2024 | | | | 697,500 | | | 1 | | | 50,073 | | Milwaukee, WI | | April 8, 2024 | | 150,002 | | | 1 | | | 16,062 | | Portland, OR | | April 15, 2024 | | 99,136 | | | 1 | | | 17,058 | | Louisville, IN | | April 16, 2024 | | 592,800 | | | 1 | | | 52,352 | | Portland, OR(2) | | June 6, 2024 | | — | | | — | | | 8,178 | | El Paso, TX | | June 10, 2024 | | 254,103 | | | 1 | | | 32,182 | | Chicago, IL | | June 24, 2024 | | 947,436 | | | 5 | | | 87,560 | | Columbus, OH | | June 26, 2024 | | 150,207 | | | 1 | | | 20,408 | | Three Months ended June 30, 2024 | | | | 2,193,684 | | | 10 | | | 233,800 | | | | | | | | | | | Six months ended June 30, 2024 | | | | 2,891,184 | | | 11 | | | $ | 283,873 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel.
The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
| | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | Acquired Assets and Liabilities | | Purchase Price (in thousands) | | Weighted Average Amortization Period (years) of Intangibles at Acquisition | Land | | $ | 25,628 | | | N/A | Buildings | | 211,995 | | | N/A | Tenant improvements | | 2,997 | | | N/A | Building and land improvements | | 10,255 | | | N/A | Construction in progress | | 1,783 | | | N/A | Other assets | | 196 | | | N/A | | | | | | Deferred leasing intangibles - In-place leases | | 23,919 | | | 5.3 | Deferred leasing intangibles - Tenant relationships | | 14,934 | | | 9.2 | Deferred leasing intangibles - Above market leases | | 51 | | | 1.7 | Deferred leasing intangibles - Below market leases | | (7,885) | | | 6.1 | | | | | | | | | | | | | | | | | | | | | | | | | | Total purchase price | | $ | 283,873 | | | | | | | | | | | | | |
Dispositions
The following table summarizes the Company’s dispositions during the six months ended June 30, 2024. All of the dispositions were sold to third parties and were accounted for under the full accrual method.
| | | | | | | | | | | | | | Sales of rental property, net (dollars in thousands) | | Six months ended June 30, 2024 | | | | | | Number of buildings | | 7 | | | | | | | | | | | | | | Building square feet (in millions) | | 1.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from sales of rental property, net | | $ | 75,706 | | | | | | | Net book value | | $ | 52,620 | | | | | | | Gain on the sales of rental property, net(1) | | $ | 23,086 | | | | | | |
(1) Inclusive of a loss on the sale of rental property, net, of approximately $2.0 million.
The following table summarizes the results of operations for the three and six months ended June 30, 2024 and 2023 for the buildings sold during the six months ended June 30, 2024, which are included in the Company’s Consolidated Statements of Operations prior to the date of sale.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Sales of rental property, net (dollars in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Sold buildings contribution to net income (loss)(1) | | $ | (93) | | | $ | 1,111 | | | $ | 319 | | | $ | 1,664 | |
(1) Exclusive of gain on the sales of rental property, net.
Loss on Impairment
The following table summarizes the Company’s loss on impairment for assets held and used during the three and six months ended June 30, 2024. The Company did not recognize a loss on impairment during the three and six months ended June 30, 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Market(1) | | Buildings | | Event or Change in Circumstance Leading to Impairment Evaluation(2) | | Valuation Technique Utilized to Estimate Fair Value | | Fair Value(3) | | Loss on Impairment | (in thousands) | Salt Lake City, UT | | 1 | | | Change in estimated hold period | | Discounted cash flows | (4) | $ | 21,827 | | | $ | 4,967 | | | | | | | | | Three and six months ended June 30, 2024 | | | | | | $ | 4,967 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2)The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. (4)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.
Involuntary Conversion
During the six months ended June 30, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was relieved and exchanged for improvements made to the building and included as non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the three and six months ended June 30, 2024, the Company recognized a gain on involuntary conversion of approximately $5.7 million. Deferred Leasing Intangibles
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Deferred Leasing Intangibles (in thousands) | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Above market leases | | $ | 76,670 | | | $ | (37,203) | | | $ | 39,467 | | | $ | 79,946 | | | $ | (35,698) | | | $ | 44,248 | | Other intangible lease assets | | 709,454 | | | (327,361) | | | 382,093 | | | 715,870 | | | (324,396) | | | 391,474 | | Total deferred leasing intangible assets | | $ | 786,124 | | | $ | (364,564) | | | $ | 421,560 | | | $ | 795,816 | | | $ | (360,094) | | | $ | 435,722 | | | | | | | | | | | | | | | Below market leases | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | | Total deferred leasing intangible liabilities | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | |
The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Deferred Leasing Intangibles Amortization (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Net increase (decrease) to rental income related to above and below market lease amortization | | $ | (840) | | | $ | 57 | | | $ | (543) | | | $ | 181 | | Amortization expense related to other intangible lease assets | | $ | 25,142 | | | $ | 21,858 | | | $ | 47,216 | | | $ | 44,303 | |
|
Asset Acquisition |
Acquisitions
The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Market(1) | | Date Acquired | | Square Feet | | Number of Buildings | | Purchase Price (in thousands) | Cincinnati, OH | | March 18, 2024 | | 697,500 | | | 1 | | | $ | 50,073 | | Three months ended March 31, 2024 | | | | 697,500 | | | 1 | | | 50,073 | | Milwaukee, WI | | April 8, 2024 | | 150,002 | | | 1 | | | 16,062 | | Portland, OR | | April 15, 2024 | | 99,136 | | | 1 | | | 17,058 | | Louisville, IN | | April 16, 2024 | | 592,800 | | | 1 | | | 52,352 | | Portland, OR(2) | | June 6, 2024 | | — | | | — | | | 8,178 | | El Paso, TX | | June 10, 2024 | | 254,103 | | | 1 | | | 32,182 | | Chicago, IL | | June 24, 2024 | | 947,436 | | | 5 | | | 87,560 | | Columbus, OH | | June 26, 2024 | | 150,207 | | | 1 | | | 20,408 | | Three Months ended June 30, 2024 | | | | 2,193,684 | | | 10 | | | 233,800 | | | | | | | | | | | Six months ended June 30, 2024 | | | | 2,891,184 | | | 11 | | | $ | 283,873 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel.
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- DefinitionThe entire disclosure for asset acquisition.
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- DefinitionThe entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.
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v3.24.2
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt Disclosure |
Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Indebtedness (dollars in thousands) | | June 30, 2024 | | December 31, 2023 | | Interest Rate(1)(2) | | Maturity Date | | Prepayment Terms(3) | Unsecured credit facility: | | | | | | | | | | | Unsecured Credit Facility(4) | | $ | 127,000 | | | $ | 402,000 | | | Term SOFR + 0.875% | | October 23, 2026 | | i | Total unsecured credit facility | | 127,000 | | | 402,000 | | | | | | | | | | | | | | | | | | | Unsecured term loans: | | | | | | | | | | | Unsecured Term Loan G | | 300,000 | | | 300,000 | | | 1.80 | % | | February 5, 2026 | | i | Unsecured Term Loan A | | 150,000 | | | 150,000 | | | 2.16 | % | | March 15, 2027 | | i | Unsecured Term Loan H | | 187,500 | | | 187,500 | | | 3.35 | % | | January 25, 2028 | | i | Unsecured Term Loan I | | 187,500 | | | 187,500 | | | 3.51 | % | | January 25, 2028 | | i | Unsecured Term Loan F(5) | | 200,000 | | | 200,000 | | | 2.96 | % | | March 23, 2029 | | i | Total unsecured term loans | | 1,025,000 | | | 1,025,000 | | | | | | | | Total unamortized deferred financing fees and debt issuance costs | | (3,825) | | | (3,227) | | | | | | | | Total carrying value unsecured term loans, net | | 1,021,175 | | | 1,021,773 | | | | | | | | | | | | | | | | | | | Unsecured notes: | | | | | | | | | | | Series A Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | October 1, 2024 | | ii | Series D Unsecured Notes | | 100,000 | | | 100,000 | | | 4.32 | % | | February 20, 2025 | | ii | Series G Unsecured Notes | | 75,000 | | | 75,000 | | | 4.10 | % | | June 13, 2025 | | ii | Series B Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | July 1, 2026 | | ii | Series C Unsecured Notes | | 80,000 | | | 80,000 | | | 4.42 | % | | December 30, 2026 | | ii | Series E Unsecured Notes | | 20,000 | | | 20,000 | | | 4.42 | % | | February 20, 2027 | | ii | Series H Unsecured Notes | | 100,000 | | | 100,000 | | | 4.27 | % | | June 13, 2028 | | ii | Series L Unsecured Notes | | 175,000 | | | — | | | 6.05 | % | | May 28, 2029 | | ii | Series M Unsecured Notes | | 125,000 | | | — | | | 6.17 | % | | May 28, 2031 | | ii | Series I Unsecured Notes | | 275,000 | | | 275,000 | | | 2.80 | % | | September 29, 2031 | | ii | Series K Unsecured Notes | | 400,000 | | | 400,000 | | | 4.12 | % | | June 28, 2032 | | ii | Series J Unsecured Notes | | 50,000 | | | 50,000 | | | 2.95 | % | | September 28, 2033 | | ii | Series N Unsecured Notes | | 150,000 | | | — | | | 6.30 | % | | May 28, 2034 | | ii | Total unsecured notes | | 1,650,000 | | | 1,200,000 | | | |
| | | | Total unamortized deferred financing fees and debt issuance costs | | (6,462) | | | (4,128) | | | |
| | | | Total carrying value unsecured notes, net | | 1,643,538 | | | 1,195,872 | | | |
| | | | | | | | | | |
| | | | Mortgage notes (secured debt): | | | | | | |
| | | | United of Omaha Life Insurance Company | | 4,430 | | | 4,537 | | | 3.71 | % | | October 1, 2039 | | ii | Total mortgage notes | | 4,430 | | | 4,537 | | | | | | | | Net unamortized fair market value discount | | (131) | | | (136) | | | | | | | | | | | | | | | | | | | Total carrying value mortgage notes, net | | 4,299 | | | 4,401 | | | | | | | | Total / weighted average interest rate(6) | | $ | 2,796,012 | | | $ | 2,624,046 | | | 3.92 | % | | | | |
(1)Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.33717%. The current 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 or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3)Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5)The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (6)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts.
The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2024 was approximately $869.6 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $16.0 million and $14.6 million as of June 30, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets.
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Costs Included in Interest Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of deferred financing fees and debt issuance costs and fair market value discounts | | $ | 1,052 | | | $ | 972 | | | $ | 2,036 | | | $ | 1,948 | | Facility, unused, and other fees | | $ | 439 | | | $ | 437 | | | $ | 878 | | | $ | 872 | |
Debt Activity
On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements.
On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the one-month Term SOFR, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.
The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs which are being deferred, including approximately $0.5 million of accrued extension fees, and are being amortized through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA.
Financial Covenant Considerations
The Company was in compliance with all such applicable restrictions and financial and other covenants as of June 30, 2024 and December 31, 2023 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $7.4 million and $7.5 million at June 30, 2024 and December 31, 2023, respectively, and is limited to senior, property-level secured debt financing arrangements.
Fair Value of Debt
The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Indebtedness (in thousands) | | Principal Outstanding | | Fair Value | | Principal Outstanding | | Fair Value | Unsecured credit facility | | $ | 127,000 | | | $ | 127,000 | | | $ | 402,000 | | | $ | 402,000 | | Unsecured term loans | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | | Unsecured notes | | 1,650,000 | | | 1,524,610 | | | 1,200,000 | | | 1,074,003 | | Mortgage notes | | 4,430 | | | 3,290 | | | 4,537 | | | 3,535 | | Total principal amount | | 2,806,430 | | | $ | 2,679,900 | | | 2,631,537 | | | $ | 2,504,538 | | Net unamortized fair market value discount | | (131) | | | | | (136) | | | | Total unamortized deferred financing fees and debt issuance costs | | (10,287) | | | | | (7,355) | | | | Total carrying value | | $ | 2,796,012 | | | | | $ | 2,624,046 | | | |
The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2
Derivative Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Financial Instruments |
Derivative Financial Instruments Risk Management Objective of Using Derivatives
The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure.
During the six months ended June 30, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98%, effective January 15, 2025 and mature on March 25, 2027 and were designated as cash flow hedges. As of June 30, 2024, the Company had 21 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Line Item (in thousands) | | Cuurent Notional Amount June 30, 2024 | | Fair Value June 30, 2024 | | Current Notional Amount December 31, 2023 | | Fair Value December 31, 2023 | Interest rate swaps-gross asset | | $ | 1,025,000 | | | $ | 54,510 | | | $ | 1,025,000 | | | $ | 50,418 | | | | | | | | | | | | | | | | | | | |
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements.
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings.
Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $30.5 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months.
The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Effect of Cash Flow Hedge Accounting (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Income recognized in accumulated other comprehensive income on interest rate swaps | | $ | 6,351 | | | $ | 24,168 | | | $ | 22,756 | | | $ | 15,626 | | Income reclassified from accumulated other comprehensive income into income as interest expense | | $ | 9,318 | | | $ | 8,347 | | | $ | 18,647 | | | $ | 15,817 | | Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | | $ | 27,372 | | | $ | 22,860 | | | $ | 52,793 | | | $ | 45,472 | |
Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.
As of June 30, 2024, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.
Fair Value of Interest Rate Swaps
The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves.
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of June 30, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of June 30, 2024 Using | Balance Sheet Line Item (in thousands) | | Fair Value June 30, 2024 | | Level 1 | | Level 2 | | Level 3 | Interest rate swaps-gross asset | | $ | 54,510 | | | $ | — | | | $ | 54,510 | | | $ | — | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2023 Using | Balance Sheet Line Item (in thousands) | | Fair Value December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | Interest rate swaps-gross asset | | $ | 50,418 | | | $ | — | | | $ | 50,418 | | | $ | — | | | | | | | | | | |
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v3.24.2
Equity
|
6 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
Equity |
Equity Preferred Stock
The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.
Common Stock
The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.
The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | ATM Common Stock Offering Program | | Date | | Maximum Aggregate Offering Price (in thousands) | | Aggregate Available as of June 30, 2024 (in thousands) | 2022 $750 million ATM | | February 17, 2022 | | $ | 750,000 | | | $ | 606,831 | |
On April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. Restricted Stock-Based Compensation
The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2024 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2025, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | Unvested Restricted Shares of Common Stock | | Shares | | Weighted Average Grant Date Fair Value per Share | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 144,032 | | | $ | 35.73 | | Granted | | 41,911 | | | $ | 38.92 | | Vested(1) | | (59,232) | | | $ | 34.51 | | Forfeited | | (4,448) | | | $ | 38.51 | | Balance at June 30, 2024 | | 122,263 | | | $ | 37.31 | |
(1)The Company repurchased and retired 21,151 restricted shares of common stock that vested during the six months ended June 30, 2024.
The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2024 was approximately $3.4 million and is expected to be recognized over a weighted average period of approximately 2.4 years.
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Vested Restricted Shares of Common Stock | | 2024 | | 2023 | | 2024 | | 2023 | | | Vested restricted shares of common stock | | — | | | — | | | 59,232 | | | 68,625 | | | | Fair value of vested restricted shares of common stock (in thousands) | | $ | — | | | $ | — | | | $ | 2,325 | | | $ | 2,217 | | | |
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- DefinitionThe entire disclosure for equity.
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v3.24.2
Noncontrolling Interest
|
6 Months Ended |
Jun. 30, 2024 |
Noncontrolling Interest [Abstract] |
|
Noncontrolling Interest |
Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Noncontrolling Interest | | LTIP Units | | Other Common Units | | Total Noncontrolling Common Units | | Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 2,361,920 | | | 1,467,718 | | | 3,829,638 | | | 2.1 | % | Granted/Issued | | 381,517 | | | — | | | 381,517 | | | N/A | Forfeited | | — | | | — | | | — | | | N/A | Conversions from LTIP units to Other Common Units | | (344,982) | | | 344,982 | | | — | | | N/A | Redemptions from Other Common Units to common stock | | — | | | (344,982) | | | (344,982) | | | N/A | | | | | | | | | | Balance at June 30, 2024 | | 2,398,455 | | | 1,467,718 | | | 3,866,173 | | | 2.1 | % |
LTIP Units
The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8).
| | | | | | | | | LTIP Units | | Grant date | | January 8, 2024 | Expected term (years) | | 10 | Expected stock price volatility | | 25.0 | % | Expected dividend yield | | 4.0 | % | Risk-free interest rate | | 4.11 | % | Fair value of LTIP units at issuance (in thousands) | | $ | 4,597 | | LTIP units at issuance | | 124,235 | | Fair value unit price per LTIP unit at issuance | | $ | 37.00 | |
The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.
The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | Unvested LTIP Units | | LTIP Units | | Weighted Average Grant Date Fair Value per Unit | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 176,926 | | | $ | 34.25 | | Granted | | 381,517 | | | $ | 37.00 | | Vested | | (318,868) | | | $ | 36.33 | | Forfeited | | — | | | $ | — | | Balance at June 30, 2024 | | 239,575 | | | $ | 35.86 | |
The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2024 was approximately $6.1 million and is expected to be recognized over a weighted average period of approximately 2.6 years.
The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Vested LTIP units | | 2024 | | 2023 | | 2024 | | 2023 | Vested LTIP units | | 17,599 | | | 23,472 | | | 318,868 | | | 235,702 | | Fair value of vested LTIP units (in thousands) | | $ | 635 | | | $ | 839 | | | $ | 12,255 | | | $ | 7,862 | |
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v3.24.2
Equity Incentive Plan
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Incentive Plan |
Equity Incentive Plan On January 8, 2024, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2024 are substantially the same as the terms of the performance units granted in January 2023, except that the measuring period commenced on January 1, 2024 and ends on December 31, 2026. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024.
| | | | | | | | | Performance Units | | Grant date | | January 8, 2024 | Expected stock price volatility | | 24.5 | % | Expected dividend yield | | 4.0 | % | Risk-free interest rate | | 4.113 | % | Fair value of performance units grant (in thousands) | | $ | 6,502 | |
The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period.
On December 31, 2023, the measuring period for the 2021 performance units concluded, and it was determined that the Company’s TSR exceeded the threshold percentage and return hurdle. The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024.
| | | | | | | | | Settlement of Performance Units in LTIP Units or Shares of Common Stock | | 2021 Performance Units | Measuring period conclusion date | | December 31, 2023 | Issuance date | | January 8, 2024 | Vested LTIP units | | 257,282 | Vested shares of common stock | | 49,106 | Shares of common stock repurchased and retired | | 4,716 |
The unrecognized compensation expense associated with the Company’s performance units at June 30, 2024 was approximately $8.9 million and is expected to be recognized over a weighted average period of approximately 2.0 years.
Non-cash Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | Non-Cash Compensation Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Restricted shares of common stock | | $ | 457 | | | $ | 516 | | | $ | 932 | | | $ | 1,025 | | | LTIP units | | 923 | | | 1,414 | | | 1,822 | | | 2,742 | | | Performance units | | 1,399 | | | 1,235 | | | 2,756 | | | 2,354 | | | Director compensation(1) | | 174 | |
| 128 | | | 351 | | | 264 | | | Total non-cash compensation expense | | $ | 2,953 | | | $ | 3,293 | | | $ | 5,861 | | | $ | 6,385 | | |
(1)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 six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.
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v3.24.2
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Leases |
Leases Lessor Leases
The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Rental Income (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Fixed lease payments | | $ | 144,278 | | | $ | 133,164 | | | $ | 286,389 | | | $ | 264,250 | | Variable lease payments | | 38,218 | | | 33,723 | | | 80,407 | | | 70,669 | | Straight-line rental income | | 4,811 | | | 4,495 | | | 7,616 | | | 9,607 | | Net increase (decrease) to rental income related to above and below market lease amortization | | (840) | | | 57 | | | (543) | | | 181 | | Total rental income | | $ | 186,467 | | | $ | 171,439 | | | $ | 373,869 | | | $ | 344,707 | |
As of June 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $112.0 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.
As of June 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.2 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Fixed Lease Payments (in thousands) | Remainder of 2024 | | $ | 294,666 | | 2025 | | $ | 563,989 | | 2026 | | $ | 487,155 | | 2027 | | $ | 399,884 | | 2028 | | $ | 328,734 | | Thereafter | | $ | 788,004 | |
Lessee Leases
The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.8 years to 46.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | Operating Lease Term and Discount Rate | | June 30, 2024 | | December 31, 2023 | Weighted average remaining lease term (years) | | 31.9 | | 31.6 | Weighted average discount rate | | 6.8 | % | | 6.8 | % |
The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Operating Lease Cost (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Operating lease cost included in property expense attributable to ground leases | | $ | 616 | | | $ | 618 | | | $ | 1,232 | | | $ | 1,236 | | Operating lease cost included in general and administrative expense attributable to corporate office leases | | 431 | | | 434 | | | 861 | | | 871 | | Total operating lease cost | | $ | 1,047 | | | $ | 1,052 | | | $ | 2,093 | | | $ | 2,107 | |
The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | Six months ended June 30, | Operating Leases (in thousands) | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | | $ | 1,978 | | | $ | 1,933 | | Right-of-use assets obtained in exchange for new lease liabilities | | $ | — | | | $ | 141 | |
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Operating Lease Liabilities(1) (in thousands) | Remainder of 2024 | | $ | 1,997 | | 2025 | | 4,022 | | 2026 | | 3,014 | | 2027 | | 2,023 | | 2028 | | 2,064 | | Thereafter | | 79,898 | | Total lease payments | | 93,018 | | Less: Imputed interest | | (60,335) | | Present value of operating lease liabilities | | $ | 32,683 | |
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
|
Leases |
Leases Lessor Leases
The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Rental Income (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Fixed lease payments | | $ | 144,278 | | | $ | 133,164 | | | $ | 286,389 | | | $ | 264,250 | | Variable lease payments | | 38,218 | | | 33,723 | | | 80,407 | | | 70,669 | | Straight-line rental income | | 4,811 | | | 4,495 | | | 7,616 | | | 9,607 | | Net increase (decrease) to rental income related to above and below market lease amortization | | (840) | | | 57 | | | (543) | | | 181 | | Total rental income | | $ | 186,467 | | | $ | 171,439 | | | $ | 373,869 | | | $ | 344,707 | |
As of June 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $112.0 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.
As of June 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.2 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Fixed Lease Payments (in thousands) | Remainder of 2024 | | $ | 294,666 | | 2025 | | $ | 563,989 | | 2026 | | $ | 487,155 | | 2027 | | $ | 399,884 | | 2028 | | $ | 328,734 | | Thereafter | | $ | 788,004 | |
Lessee Leases
The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.8 years to 46.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | Operating Lease Term and Discount Rate | | June 30, 2024 | | December 31, 2023 | Weighted average remaining lease term (years) | | 31.9 | | 31.6 | Weighted average discount rate | | 6.8 | % | | 6.8 | % |
The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Operating Lease Cost (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Operating lease cost included in property expense attributable to ground leases | | $ | 616 | | | $ | 618 | | | $ | 1,232 | | | $ | 1,236 | | Operating lease cost included in general and administrative expense attributable to corporate office leases | | 431 | | | 434 | | | 861 | | | 871 | | Total operating lease cost | | $ | 1,047 | | | $ | 1,052 | | | $ | 2,093 | | | $ | 2,107 | |
The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | Six months ended June 30, | Operating Leases (in thousands) | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | | $ | 1,978 | | | $ | 1,933 | | Right-of-use assets obtained in exchange for new lease liabilities | | $ | — | | | $ | 141 | |
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Operating Lease Liabilities(1) (in thousands) | Remainder of 2024 | | $ | 1,997 | | 2025 | | 4,022 | | 2026 | | 3,014 | | 2027 | | 2,023 | | 2028 | | 2,064 | | Thereafter | | 79,898 | | Total lease payments | | 93,018 | | Less: Imputed interest | | (60,335) | | Present value of operating lease liabilities | | $ | 32,683 | |
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
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v3.24.2
Earnings Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Earnings Per Share During the three and six months ended June 30, 2024 and 2023, there were 125,389, 144,032, 124,492 and 141,699 of unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Earnings Per Share (in thousands, except per share data) | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | | Net income attributable to common stockholders | | $ | 59,737 | | | $ | 51,553 | | | $ | 96,317 | | | $ | 100,966 | | Denominator | | | | | | | | | Weighted average common shares outstanding — basic | | 181,961 | | | 179,413 | | | 181,834 | | | 179,305 | | Effect of dilutive securities(1) | | | | | | | | | Share-based compensation | | 224 | | | 318 | | | 253 | | | 210 | | Shares issuable under forward sales agreements | | — | | | 7 | | | 1 | | | 3 | | Weighted average common shares outstanding — diluted | | 182,185 | | | 179,738 | | | 182,088 | | | 179,518 | | Net income per share — basic and diluted | | | | | | | | | Net income per share attributable to common stockholders — basic | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | | Net income per share attributable to common stockholders — diluted | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
(1)During the three and six months ended June 30, 2024 and 2023, there were approximately 125, 144, 124 and 142 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
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v3.24.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company has letters of credit of approximately $3.4 million as of June 30, 2024 related to construction projects and certain other agreements.
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v3.24.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Quarterly Financial Information |
Interim Financial Information
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
|
Basis of Presentation |
Basis of Presentation
The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
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v3.24.2
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Cash, Cash Equivalents and Restricted Cash |
The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.
| | | | | | | | | | | | | | | | | | | Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) | | June 30, 2024 | | December 31, 2023 | | | | | Cash and cash equivalents | | $ | 33,273 | | | $ | 20,741 | | | | | | Restricted cash | | 1,247 | | | 1,127 | | | | | | Total cash and cash equivalents and restricted cash | | $ | 34,520 | | | $ | 21,868 | | | | | |
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v3.24.2
Rental Property (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Real Estate [Abstract] |
|
Schedule of Real Estate Properties |
The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | Rental Property (in thousands) | | June 30, 2024 | | December 31, 2023 | Land | | $ | 716,613 | | | $ | 698,633 | | Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively | | 4,438,474 | | | 4,330,799 | | Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively | | 41,210 | | | 39,145 | | Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively | | 365,204 | | | 369,724 | | Construction in progress | | 137,403 | | | 98,854 | | Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively | | 421,560 | | | 435,722 | | Total rental property, net | | $ | 6,120,464 | | | $ | 5,972,877 | |
|
Asset Acquisition |
The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Market(1) | | Date Acquired | | Square Feet | | Number of Buildings | | Purchase Price (in thousands) | Cincinnati, OH | | March 18, 2024 | | 697,500 | | | 1 | | | $ | 50,073 | | Three months ended March 31, 2024 | | | | 697,500 | | | 1 | | | 50,073 | | Milwaukee, WI | | April 8, 2024 | | 150,002 | | | 1 | | | 16,062 | | Portland, OR | | April 15, 2024 | | 99,136 | | | 1 | | | 17,058 | | Louisville, IN | | April 16, 2024 | | 592,800 | | | 1 | | | 52,352 | | Portland, OR(2) | | June 6, 2024 | | — | | | — | | | 8,178 | | El Paso, TX | | June 10, 2024 | | 254,103 | | | 1 | | | 32,182 | | Chicago, IL | | June 24, 2024 | | 947,436 | | | 5 | | | 87,560 | | Columbus, OH | | June 26, 2024 | | 150,207 | | | 1 | | | 20,408 | | Three Months ended June 30, 2024 | | | | 2,193,684 | | | 10 | | | 233,800 | | | | | | | | | | | Six months ended June 30, 2024 | | | | 2,891,184 | | | 11 | | | $ | 283,873 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel.
|
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition |
The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
| | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | Acquired Assets and Liabilities | | Purchase Price (in thousands) | | Weighted Average Amortization Period (years) of Intangibles at Acquisition | Land | | $ | 25,628 | | | N/A | Buildings | | 211,995 | | | N/A | Tenant improvements | | 2,997 | | | N/A | Building and land improvements | | 10,255 | | | N/A | Construction in progress | | 1,783 | | | N/A | Other assets | | 196 | | | N/A | | | | | | Deferred leasing intangibles - In-place leases | | 23,919 | | | 5.3 | Deferred leasing intangibles - Tenant relationships | | 14,934 | | | 9.2 | Deferred leasing intangibles - Above market leases | | 51 | | | 1.7 | Deferred leasing intangibles - Below market leases | | (7,885) | | | 6.1 | | | | | | | | | | | | | | | | | | | | | | | | | | Total purchase price | | $ | 283,873 | | | | | | | | | | | | | |
|
Schedule of Finite-Lived Intangible Assets and Below Market Leases |
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Deferred Leasing Intangibles (in thousands) | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Above market leases | | $ | 76,670 | | | $ | (37,203) | | | $ | 39,467 | | | $ | 79,946 | | | $ | (35,698) | | | $ | 44,248 | | Other intangible lease assets | | 709,454 | | | (327,361) | | | 382,093 | | | 715,870 | | | (324,396) | | | 391,474 | | Total deferred leasing intangible assets | | $ | 786,124 | | | $ | (364,564) | | | $ | 421,560 | | | $ | 795,816 | | | $ | (360,094) | | | $ | 435,722 | | | | | | | | | | | | | | | Below market leases | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | | Total deferred leasing intangible liabilities | | $ | 60,250 | | | $ | (26,796) | | | $ | 33,454 | | | $ | 56,521 | | | $ | (26,613) | | | $ | 29,908 | |
The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Deferred Leasing Intangibles Amortization (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Net increase (decrease) to rental income related to above and below market lease amortization | | $ | (840) | | | $ | 57 | | | $ | (543) | | | $ | 181 | | Amortization expense related to other intangible lease assets | | $ | 25,142 | | | $ | 21,858 | | | $ | 47,216 | | | $ | 44,303 | |
|
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v3.24.2
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Summary of the mortgage notes payable, unsecured term loans and credit facility |
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Indebtedness (dollars in thousands) | | June 30, 2024 | | December 31, 2023 | | Interest Rate(1)(2) | | Maturity Date | | Prepayment Terms(3) | Unsecured credit facility: | | | | | | | | | | | Unsecured Credit Facility(4) | | $ | 127,000 | | | $ | 402,000 | | | Term SOFR + 0.875% | | October 23, 2026 | | i | Total unsecured credit facility | | 127,000 | | | 402,000 | | | | | | | | | | | | | | | | | | | Unsecured term loans: | | | | | | | | | | | Unsecured Term Loan G | | 300,000 | | | 300,000 | | | 1.80 | % | | February 5, 2026 | | i | Unsecured Term Loan A | | 150,000 | | | 150,000 | | | 2.16 | % | | March 15, 2027 | | i | Unsecured Term Loan H | | 187,500 | | | 187,500 | | | 3.35 | % | | January 25, 2028 | | i | Unsecured Term Loan I | | 187,500 | | | 187,500 | | | 3.51 | % | | January 25, 2028 | | i | Unsecured Term Loan F(5) | | 200,000 | | | 200,000 | | | 2.96 | % | | March 23, 2029 | | i | Total unsecured term loans | | 1,025,000 | | | 1,025,000 | | | | | | | | Total unamortized deferred financing fees and debt issuance costs | | (3,825) | | | (3,227) | | | | | | | | Total carrying value unsecured term loans, net | | 1,021,175 | | | 1,021,773 | | | | | | | | | | | | | | | | | | | Unsecured notes: | | | | | | | | | | | Series A Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | October 1, 2024 | | ii | Series D Unsecured Notes | | 100,000 | | | 100,000 | | | 4.32 | % | | February 20, 2025 | | ii | Series G Unsecured Notes | | 75,000 | | | 75,000 | | | 4.10 | % | | June 13, 2025 | | ii | Series B Unsecured Notes | | 50,000 | | | 50,000 | | | 4.98 | % | | July 1, 2026 | | ii | Series C Unsecured Notes | | 80,000 | | | 80,000 | | | 4.42 | % | | December 30, 2026 | | ii | Series E Unsecured Notes | | 20,000 | | | 20,000 | | | 4.42 | % | | February 20, 2027 | | ii | Series H Unsecured Notes | | 100,000 | | | 100,000 | | | 4.27 | % | | June 13, 2028 | | ii | Series L Unsecured Notes | | 175,000 | | | — | | | 6.05 | % | | May 28, 2029 | | ii | Series M Unsecured Notes | | 125,000 | | | — | | | 6.17 | % | | May 28, 2031 | | ii | Series I Unsecured Notes | | 275,000 | | | 275,000 | | | 2.80 | % | | September 29, 2031 | | ii | Series K Unsecured Notes | | 400,000 | | | 400,000 | | | 4.12 | % | | June 28, 2032 | | ii | Series J Unsecured Notes | | 50,000 | | | 50,000 | | | 2.95 | % | | September 28, 2033 | | ii | Series N Unsecured Notes | | 150,000 | | | — | | | 6.30 | % | | May 28, 2034 | | ii | Total unsecured notes | | 1,650,000 | | | 1,200,000 | | | |
| | | | Total unamortized deferred financing fees and debt issuance costs | | (6,462) | | | (4,128) | | | |
| | | | Total carrying value unsecured notes, net | | 1,643,538 | | | 1,195,872 | | | |
| | | | | | | | | | |
| | | | Mortgage notes (secured debt): | | | | | | |
| | | | United of Omaha Life Insurance Company | | 4,430 | | | 4,537 | | | 3.71 | % | | October 1, 2039 | | ii | Total mortgage notes | | 4,430 | | | 4,537 | | | | | | | | Net unamortized fair market value discount | | (131) | | | (136) | | | | | | | | | | | | | | | | | | | Total carrying value mortgage notes, net | | 4,299 | | | 4,401 | | | | | | | | Total / weighted average interest rate(6) | | $ | 2,796,012 | | | $ | 2,624,046 | | | 3.92 | % | | | | |
(1)Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.33717%. The current 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 or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3)Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5)The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (6)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts.
|
Interest Income and Interest Expense Disclosure [Table Text Block] |
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Costs Included in Interest Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of deferred financing fees and debt issuance costs and fair market value discounts | | $ | 1,052 | | | $ | 972 | | | $ | 2,036 | | | $ | 1,948 | | Facility, unused, and other fees | | $ | 439 | | | $ | 437 | | | $ | 878 | | | $ | 872 | |
|
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value |
The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Indebtedness (in thousands) | | Principal Outstanding | | Fair Value | | Principal Outstanding | | Fair Value | Unsecured credit facility | | $ | 127,000 | | | $ | 127,000 | | | $ | 402,000 | | | $ | 402,000 | | Unsecured term loans | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | | | 1,025,000 | | Unsecured notes | | 1,650,000 | | | 1,524,610 | | | 1,200,000 | | | 1,074,003 | | Mortgage notes | | 4,430 | | | 3,290 | | | 4,537 | | | 3,535 | | Total principal amount | | 2,806,430 | | | $ | 2,679,900 | | | 2,631,537 | | | $ | 2,504,538 | | Net unamortized fair market value discount | | (131) | | | | | (136) | | | | Total unamortized deferred financing fees and debt issuance costs | | (10,287) | | | | | (7,355) | | | | Total carrying value | | $ | 2,796,012 | | | | | $ | 2,624,046 | | | |
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v3.24.2
Derivative Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of interest rate swaps |
The following table summarizes the fair value of the interest rate swaps as of June 30, 2024 and December 31, 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Line Item (in thousands) | | Cuurent Notional Amount June 30, 2024 | | Fair Value June 30, 2024 | | Current Notional Amount December 31, 2023 | | Fair Value December 31, 2023 | Interest rate swaps-gross asset | | $ | 1,025,000 | | | $ | 54,510 | | | $ | 1,025,000 | | | $ | 50,418 | | | | | | | | | | | | | | | | | | | |
|
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps |
The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Effect of Cash Flow Hedge Accounting (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Income recognized in accumulated other comprehensive income on interest rate swaps | | $ | 6,351 | | | $ | 24,168 | | | $ | 22,756 | | | $ | 15,626 | | Income reclassified from accumulated other comprehensive income into income as interest expense | | $ | 9,318 | | | $ | 8,347 | | | $ | 18,647 | | | $ | 15,817 | | Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | | $ | 27,372 | | | $ | 22,860 | | | $ | 52,793 | | | $ | 45,472 | |
|
Schedule of financial instruments accounted for at fair value on a recurring basis |
The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of June 30, 2024 Using | Balance Sheet Line Item (in thousands) | | Fair Value June 30, 2024 | | Level 1 | | Level 2 | | Level 3 | Interest rate swaps-gross asset | | $ | 54,510 | | | $ | — | | | $ | 54,510 | | | $ | — | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2023 Using | Balance Sheet Line Item (in thousands) | | Fair Value December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | Interest rate swaps-gross asset | | $ | 50,418 | | | $ | — | | | $ | 50,418 | | | $ | — | | | | | | | | | | |
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v3.24.2
Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
Schedule of stock sale activity |
The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | ATM Common Stock Offering Program | | Date | | Maximum Aggregate Offering Price (in thousands) | | Aggregate Available as of June 30, 2024 (in thousands) | 2022 $750 million ATM | | February 17, 2022 | | $ | 750,000 | | | $ | 606,831 | |
On April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
|
Schedule of activity related to unvested restricted stock awards |
The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2024. | | | | | | | | | | | | | | | Unvested Restricted Shares of Common Stock | | Shares | | Weighted Average Grant Date Fair Value per Share | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 144,032 | | | $ | 35.73 | | Granted | | 41,911 | | | $ | 38.92 | | Vested(1) | | (59,232) | | | $ | 34.51 | | Forfeited | | (4,448) | | | $ | 38.51 | | Balance at June 30, 2024 | | 122,263 | | | $ | 37.31 | |
(1)The Company repurchased and retired 21,151 restricted shares of common stock that vested during the six months ended June 30, 2024.
|
Schedule of vested restricted shares of common stock activity |
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Vested Restricted Shares of Common Stock | | 2024 | | 2023 | | 2024 | | 2023 | | | Vested restricted shares of common stock | | — | | | — | | | 59,232 | | | 68,625 | | | | Fair value of vested restricted shares of common stock (in thousands) | | $ | — | | | $ | — | | | $ | 2,325 | | | $ | 2,217 | | | |
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v3.24.2
Noncontrolling Interest (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Noncontrolling Interest [Abstract] |
|
Noncontrolling interest activity |
The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Noncontrolling Interest | | LTIP Units | | Other Common Units | | Total Noncontrolling Common Units | | Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 2,361,920 | | | 1,467,718 | | | 3,829,638 | | | 2.1 | % | Granted/Issued | | 381,517 | | | — | | | 381,517 | | | N/A | Forfeited | | — | | | — | | | — | | | N/A | Conversions from LTIP units to Other Common Units | | (344,982) | | | 344,982 | | | — | | | N/A | Redemptions from Other Common Units to common stock | | — | | | (344,982) | | | (344,982) | | | N/A | | | | | | | | | | Balance at June 30, 2024 | | 2,398,455 | | | 1,467,718 | | | 3,866,173 | | | 2.1 | % |
|
Schedule of share-based payment award, LTIP unit awards, valuation assumptions |
The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). | | | | | | | | | LTIP Units | | Grant date | | January 8, 2024 | Expected term (years) | | 10 | Expected stock price volatility | | 25.0 | % | Expected dividend yield | | 4.0 | % | Risk-free interest rate | | 4.11 | % | Fair value of LTIP units at issuance (in thousands) | | $ | 4,597 | | LTIP units at issuance | | 124,235 | | Fair value unit price per LTIP unit at issuance | | $ | 37.00 | |
|
Schedule of activity related to unvested LTIP unit awards |
The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | Unvested LTIP Units | | LTIP Units | | Weighted Average Grant Date Fair Value per Unit | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 176,926 | | | $ | 34.25 | | Granted | | 381,517 | | | $ | 37.00 | | Vested | | (318,868) | | | $ | 36.33 | | Forfeited | | — | | | $ | — | | Balance at June 30, 2024 | | 239,575 | | | $ | 35.86 | |
|
Schedule of vested LTIP unit award activity |
The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Vested LTIP units | | 2024 | | 2023 | | 2024 | | 2023 | Vested LTIP units | | 17,599 | | | 23,472 | | | 318,868 | | | 235,702 | | Fair value of vested LTIP units (in thousands) | | $ | 635 | | | $ | 839 | | | $ | 12,255 | | | $ | 7,862 | |
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v3.24.2
Equity Incentive Plan (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of share-based payment award, performance unit awards, valuation assumptions |
The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024. | | | | | | | | | Performance Units | | Grant date | | January 8, 2024 | Expected stock price volatility | | 24.5 | % | Expected dividend yield | | 4.0 | % | Risk-free interest rate | | 4.113 | % | Fair value of performance units grant (in thousands) | | $ | 6,502 | |
|
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award |
The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024. | | | | | | | | | Settlement of Performance Units in LTIP Units or Shares of Common Stock | | 2021 Performance Units | Measuring period conclusion date | | December 31, 2023 | Issuance date | | January 8, 2024 | Vested LTIP units | | 257,282 | Vested shares of common stock | | 49,106 | Shares of common stock repurchased and retired | | 4,716 |
|
Summary of Equity Compensation Expense |
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | Non-Cash Compensation Expense (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Restricted shares of common stock | | $ | 457 | | | $ | 516 | | | $ | 932 | | | $ | 1,025 | | | LTIP units | | 923 | | | 1,414 | | | 1,822 | | | 2,742 | | | Performance units | | 1,399 | | | 1,235 | | | 2,756 | | | 2,354 | | | Director compensation(1) | | 174 | |
| 128 | | | 351 | | | 264 | | | Total non-cash compensation expense | | $ | 2,953 | | | $ | 3,293 | | | $ | 5,861 | | | $ | 6,385 | | |
(1)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 six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.
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v3.24.2
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Operating Lease, Lease Income [Table Text Block] |
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Rental Income (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Fixed lease payments | | $ | 144,278 | | | $ | 133,164 | | | $ | 286,389 | | | $ | 264,250 | | Variable lease payments | | 38,218 | | | 33,723 | | | 80,407 | | | 70,669 | | Straight-line rental income | | 4,811 | | | 4,495 | | | 7,616 | | | 9,607 | | Net increase (decrease) to rental income related to above and below market lease amortization | | (840) | | | 57 | | | (543) | | | 181 | | Total rental income | | $ | 186,467 | | | $ | 171,439 | | | $ | 373,869 | | | $ | 344,707 | |
|
Lessor, Operating Lease, Payments to be Received, Maturity |
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Fixed Lease Payments (in thousands) | Remainder of 2024 | | $ | 294,666 | | 2025 | | $ | 563,989 | | 2026 | | $ | 487,155 | | 2027 | | $ | 399,884 | | 2028 | | $ | 328,734 | | Thereafter | | $ | 788,004 | |
|
Lease, Cost [Table Text Block] |
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | Operating Lease Term and Discount Rate | | June 30, 2024 | | December 31, 2023 | Weighted average remaining lease term (years) | | 31.9 | | 31.6 | Weighted average discount rate | | 6.8 | % | | 6.8 | % |
The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Operating Lease Cost (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Operating lease cost included in property expense attributable to ground leases | | $ | 616 | | | $ | 618 | | | $ | 1,232 | | | $ | 1,236 | | Operating lease cost included in general and administrative expense attributable to corporate office leases | | 431 | | | 434 | | | 861 | | | 871 | | Total operating lease cost | | $ | 1,047 | | | $ | 1,052 | | | $ | 2,093 | | | $ | 2,107 | |
The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | Six months ended June 30, | Operating Leases (in thousands) | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | | $ | 1,978 | | | $ | 1,933 | | Right-of-use assets obtained in exchange for new lease liabilities | | $ | — | | | $ | 141 | |
|
Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024.
| | | | | | | | | Year | | Maturity of Operating Lease Liabilities(1) (in thousands) | Remainder of 2024 | | $ | 1,997 | | 2025 | | 4,022 | | 2026 | | 3,014 | | 2027 | | 2,023 | | 2028 | | 2,064 | | Thereafter | | 79,898 | | Total lease payments | | 93,018 | | Less: Imputed interest | | (60,335) | | Present value of operating lease liabilities | | $ | 32,683 | |
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
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v3.24.2
Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of computation of basic and diluted earnings per common share |
The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Earnings Per Share (in thousands, except per share data) | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | | Net income attributable to common stockholders | | $ | 59,737 | | | $ | 51,553 | | | $ | 96,317 | | | $ | 100,966 | | Denominator | | | | | | | | | Weighted average common shares outstanding — basic | | 181,961 | | | 179,413 | | | 181,834 | | | 179,305 | | Effect of dilutive securities(1) | | | | | | | | | Share-based compensation | | 224 | | | 318 | | | 253 | | | 210 | | Shares issuable under forward sales agreements | | — | | | 7 | | | 1 | | | 3 | | Weighted average common shares outstanding — diluted | | 182,185 | | | 179,738 | | | 182,088 | | | 179,518 | | Net income per share — basic and diluted | | | | | | | | | Net income per share attributable to common stockholders — basic | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | | Net income per share attributable to common stockholders — diluted | | $ | 0.33 | | | $ | 0.29 | | | $ | 0.53 | | | $ | 0.56 | |
(1)During the three and six months ended June 30, 2024 and 2023, there were approximately 125, 144, 124 and 142 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
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v3.24.2
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 33,273
|
$ 20,741
|
|
|
Restricted cash |
1,247
|
1,127
|
|
|
Cash and cash equivalents and restricted cash—end of period |
$ 34,520
|
$ 21,868
|
$ 14,534
|
$ 26,789
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v3.24.2
Rental Property - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Property Subject to or Available for Operating Lease [Line Items] |
|
|
Land |
$ 716,613
|
$ 698,633
|
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively |
4,438,474
|
4,330,799
|
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively |
41,210
|
39,145
|
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively |
365,204
|
369,724
|
Construction in progress |
137,403
|
98,854
|
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively |
421,560
|
435,722
|
Building and Improvements, accumulated depreciation |
998,633
|
921,846
|
Deferred leasing intangible assets, accumulated amortization |
364,564
|
360,094
|
Total rental property, net |
6,120,464
|
5,972,877
|
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively |
|
|
Property Subject to or Available for Operating Lease [Line Items] |
|
|
Building and Improvements, accumulated depreciation |
677,979
|
622,941
|
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively |
|
|
Property Subject to or Available for Operating Lease [Line Items] |
|
|
Building and Improvements, accumulated depreciation |
38,127
|
36,920
|
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively |
|
|
Property Subject to or Available for Operating Lease [Line Items] |
|
|
Building and Improvements, accumulated depreciation |
$ 282,527
|
$ 261,985
|
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v3.24.2
Rental Property - Acquisitions (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024
USD ($)
ft²
building
|
Mar. 31, 2024
USD ($)
ft²
building
|
Jun. 30, 2024
USD ($)
ft²
building
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
114,100,000
|
|
114,100,000
|
Number of properties | building |
573
|
|
573
|
Acquisitions Q2 2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
2,193,684
|
|
2,193,684
|
Number of properties | building |
10
|
|
10
|
Business Combination, Consideration Transferred | $ |
$ 233,800
|
|
|
Acquisitions 2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
2,891,184
|
|
2,891,184
|
Number of properties | building |
11
|
|
11
|
Business Combination, Consideration Transferred | $ |
|
|
$ 283,873
|
Acquisitions 2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
|
697,500
|
|
Number of properties | building |
|
1
|
|
Asset Acquisition, Consideration Transferred | $ |
|
$ 50,073
|
|
West Chester, Ohio, 3-18-2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
|
697,500
|
|
Number of properties | building |
|
1
|
|
Asset Acquisition, Consideration Transferred | $ |
|
$ 50,073
|
|
Milwaukee, WI 4-08-24 (Sussex) |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
150,002
|
|
150,002
|
Number of properties | building |
1
|
|
1
|
Asset Acquisition, Consideration Transferred | $ |
$ 16,062
|
|
|
Portland, OR 4-15-2024 (Sherwood) |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
99,136
|
|
99,136
|
Number of properties | building |
1
|
|
1
|
Asset Acquisition, Consideration Transferred | $ |
$ 17,058
|
|
|
Louisville, IN 4-16-2024 (Jeffersonville) |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
592,800
|
|
592,800
|
Number of properties | building |
1
|
|
1
|
Asset Acquisition, Consideration Transferred | $ |
$ 52,352
|
|
|
Portland, OR 6-06-24 (North Plains) |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
0
|
|
0
|
Number of properties | building |
0
|
|
0
|
Asset Acquisition, Consideration Transferred | $ |
$ 8,178
|
|
|
El Paso, TX 6-10-2024 (Socorro) |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
254,103
|
|
254,103
|
Number of properties | building |
1
|
|
1
|
Asset Acquisition, Consideration Transferred | $ |
$ 32,182
|
|
|
Elgin, IL 6-24-2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
947,436
|
|
947,436
|
Number of properties | building |
5
|
|
5
|
Asset Acquisition, Consideration Transferred | $ |
$ 87,560
|
|
|
Canal Winchester, OH 6-17-2024 |
|
|
|
Asset Acquisition [Line Items] |
|
|
|
Area (in square feet) | ft² |
150,207
|
|
150,207
|
Number of properties | building |
1
|
|
1
|
Asset Acquisition, Consideration Transferred | $ |
$ 20,408
|
|
|
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v3.24.2
Rental Property - Acquisitions - Allocation of Consideration (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2024
USD ($)
|
Asset Acquisition [Line Items] |
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land |
$ 25,628
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings |
211,995
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Leasehold Improvements |
2,997
|
Business Acquisition, Purchase Price Allocation Building and Land Improvements |
10,255
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets |
1,783
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other |
196
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Before Debt Incurred |
283,873
|
In-place leases |
|
Asset Acquisition [Line Items] |
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles |
$ 23,919
|
Weighted average amortization period of lease intangibles |
5 years 3 months 18 days
|
Tenant relationships |
|
Asset Acquisition [Line Items] |
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles |
$ 14,934
|
Weighted average amortization period of lease intangibles |
9 years 2 months 12 days
|
Above market leases |
|
Asset Acquisition [Line Items] |
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles |
$ 51
|
Weighted average amortization period of lease intangibles |
1 year 8 months 12 days
|
Below market leases |
|
Asset Acquisition [Line Items] |
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles |
$ (7,885)
|
Weighted average amortization period of lease intangibles |
6 years 1 month 6 days
|
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v3.24.2
Rental Property - Disposals (Details) $ in Thousands, ft² in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
ft²
building
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
ft²
building
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Number of buildings disposed | building |
573
|
|
573
|
|
|
Area (in square feet) | ft² |
114.1
|
|
114.1
|
|
|
Total rental property, net |
$ 6,120,464
|
|
$ 6,120,464
|
|
$ 5,972,877
|
Disposal Group, Disposed of by Sale, Not Discontinued Operations |
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Number of buildings disposed | building |
7
|
|
7
|
|
|
Area (in square feet) | ft² |
1.1
|
|
1.1
|
|
|
Proceeds from Sale of Real Estate Held-for-investment |
|
|
$ 75,706
|
|
|
Total rental property, net |
$ 52,620
|
|
52,620
|
|
|
Gain (Loss) on Sale |
2,000
|
|
23,086
|
|
|
Disposal Group, Including Discontinued Operation, Operating Income (Loss) |
$ (93)
|
$ 1,111
|
$ 319
|
$ 1,664
|
|
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v3.24.2
Rental Property - Loss on Impairments (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2024
USD ($)
building
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
Number of Buildings Impaired | building |
1
|
Operating Income (Loss) [Member] |
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
Impairment of Real Estate |
$ 4,967
|
Fair Value, Nonrecurring |
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
Impaired Real Estate Assets, Fair Value Disclosure |
$ 21,827
|
Fair Value, Nonrecurring | Measurement Input, Discount Rate |
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
Real Estate Property, Measurement Input |
0.093
|
Fair Value, Nonrecurring | Measurement Input, Cap Rate |
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
Real Estate Property, Measurement Input |
0.063
|
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v3.24.2
Rental Property - Gain on Involuntary Conversion (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Real Estate [Abstract] |
|
|
|
|
|
Estimated Insurance Recoveries |
|
|
|
|
$ 3,000
|
Gain on involuntary conversion |
$ 5,717
|
$ 0
|
$ 5,717
|
$ 0
|
|
Gain on involuntary conversion |
$ 5,717
|
$ 0
|
5,717
|
$ 0
|
|
Operating Income (Loss) [Member] |
|
|
|
|
|
Real Estate [Abstract] |
|
|
|
|
|
Gain on involuntary conversion |
|
|
5,700
|
|
|
Gain on involuntary conversion |
|
|
$ 5,700
|
|
|
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- DefinitionCarrying amount as of the balance sheet date of amounts expected to be recovered under the terms of insurance contracts.
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v3.24.2
Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Deferred leasing intangibles, gross |
$ 786,124
|
|
$ 786,124
|
|
$ 795,816
|
Deferred leasing intangibles assets, accumulated amortization |
(364,564)
|
|
(364,564)
|
|
(360,094)
|
Deferred leasing intangibles, net |
421,560
|
|
421,560
|
|
435,722
|
Below market lease, gross |
60,250
|
|
60,250
|
|
56,521
|
Below market lease, accumulated amortization |
(26,796)
|
|
(26,796)
|
|
(26,613)
|
Below market lease, net |
33,454
|
|
33,454
|
|
29,908
|
Net increase (decrease) to rental income related to above and below market lease amortization |
(840)
|
$ 57
|
(543)
|
$ 181
|
|
Above market leases |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Deferred leasing intangibles, gross |
76,670
|
|
76,670
|
|
79,946
|
Deferred leasing intangibles assets, accumulated amortization |
(37,203)
|
|
(37,203)
|
|
(35,698)
|
Deferred leasing intangibles, net |
39,467
|
|
39,467
|
|
44,248
|
Other intangible lease assets |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Deferred leasing intangibles, gross |
709,454
|
|
709,454
|
|
715,870
|
Deferred leasing intangibles assets, accumulated amortization |
(327,361)
|
|
(327,361)
|
|
(324,396)
|
Deferred leasing intangibles, net |
382,093
|
|
382,093
|
|
$ 391,474
|
Amortization expense related to other intangible lease assets |
$ 25,142
|
$ 21,858
|
$ 47,216
|
$ 44,303
|
|
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Balance Type: |
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Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
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Period Type: |
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|
v3.24.2
Debt - Summary (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
17 Months Ended |
|
|
Mar. 25, 2024 |
Jun. 30, 2024
USD ($)
extention
extension
Rate
|
Jun. 30, 2024
USD ($)
extention
extension
Rate
|
Jun. 30, 2024
USD ($)
extention
extension
Rate
|
Jun. 30, 2024
USD ($)
extention
extension
Rate
|
Jun. 29, 2024 |
Jan. 15, 2025
Rate
|
Dec. 31, 2023
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal outstanding |
|
$ 2,796,012
|
$ 2,796,012
|
$ 2,796,012
|
$ 2,796,012
|
|
|
$ 2,624,046
|
Long-term debt, gross |
|
2,806,430
|
2,806,430
|
2,806,430
|
2,806,430
|
|
|
2,631,537
|
Debt Instrument, Unamortized Discount (Premium), Net |
|
(131)
|
(131)
|
(131)
|
(131)
|
|
|
(136)
|
Unamortized debt issuance costs |
|
$ (10,287)
|
$ (10,287)
|
$ (10,287)
|
$ (10,287)
|
|
|
(7,355)
|
Weighted average interest rate |
|
3.92%
|
3.92%
|
3.92%
|
3.92%
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Line of Credit Facility, Commitment Fee Percentage |
|
|
|
|
0.10%
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Line of Credit Facility, Commitment Fee Percentage |
|
|
|
|
0.30%
|
|
|
|
Interest Rate Swaps |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Derivative notional amount swapped |
|
$ 1,025,000
|
$ 1,025,000
|
$ 1,025,000
|
$ 1,025,000
|
|
|
|
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Stated interest rate |
|
5.33717%
|
5.33717%
|
5.33717%
|
5.33717%
|
|
|
|
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
0.10%
|
|
|
|
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
|
|
0.85%
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
0.10%
|
|
|
|
$200 Million Unsecured Term Loan F [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
|
0.02%
|
|
|
Number of the Extensions | extension |
|
2
|
2
|
2
|
2
|
|
|
|
Extensions Period |
|
1 year
|
|
|
|
|
|
|
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Fixed Interest Rate (as a percent) | Rate |
|
|
|
|
|
|
3.98%
|
|
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
0.10%
|
|
|
|
Unsecured Credit Facility |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal outstanding |
|
$ 127,000
|
$ 127,000
|
$ 127,000
|
$ 127,000
|
|
|
402,000
|
Debt Instrument, Maturity Date |
|
|
Oct. 23, 2026
|
|
|
|
|
|
Maximum borrowing capacity |
|
$ 1,000,000
|
$ 1,000,000
|
$ 1,000,000
|
$ 1,000,000
|
|
|
|
Number Of Extensions | extention |
|
2
|
2
|
2
|
2
|
|
|
|
Debt Instrument Term Extension Period |
|
|
6 months
|
|
|
|
|
|
Unsecured Credit Facility | Prepaid Expenses and Other Assets |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Unamortized debt issuance costs |
|
$ (2,400)
|
$ (2,400)
|
$ (2,400)
|
$ (2,400)
|
|
|
(3,300)
|
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
|
0.875%
|
0.775%
|
|
|
|
Unsecured Term Loans |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal outstanding |
|
1,021,175
|
1,021,175
|
$ 1,021,175
|
$ 1,021,175
|
|
|
1,021,773
|
Long-term debt, gross |
|
1,025,000
|
1,025,000
|
1,025,000
|
1,025,000
|
|
|
1,025,000
|
Unamortized debt issuance costs |
|
(3,825)
|
(3,825)
|
(3,825)
|
(3,825)
|
|
|
(3,227)
|
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 200,000
|
$ 200,000
|
$ 200,000
|
$ 200,000
|
|
|
200,000
|
Interest rate, effective percentage |
|
2.96%
|
2.96%
|
2.96%
|
2.96%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Mar. 23, 2029
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
2.11%
|
2.11%
|
2.11%
|
2.11%
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
0.10%
|
|
|
|
|
|
|
|
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
|
|
|
|
|
3.98%
|
|
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
0.85%
|
|
|
|
|
|
|
|
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 300,000
|
$ 300,000
|
$ 300,000
|
$ 300,000
|
|
|
300,000
|
Interest rate, effective percentage |
|
1.80%
|
1.80%
|
1.80%
|
1.80%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Feb. 05, 2026
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
0.95%
|
0.95%
|
0.95%
|
0.95%
|
|
|
|
Unsecured Term Loans | $150 Million Wells Fargo Unsecured Term Loan A |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 150,000
|
$ 150,000
|
$ 150,000
|
$ 150,000
|
|
|
150,000
|
Interest rate, effective percentage |
|
2.16%
|
2.16%
|
2.16%
|
2.16%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Mar. 15, 2027
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
1.31%
|
1.31%
|
1.31%
|
1.31%
|
|
|
|
Unsecured Term Loans | $187.5 Million Unsecured Term Loan H |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 187,500
|
$ 187,500
|
$ 187,500
|
$ 187,500
|
|
|
187,500
|
Interest rate, effective percentage |
|
3.35%
|
3.35%
|
3.35%
|
3.35%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jan. 25, 2028
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
2.50%
|
2.50%
|
2.50%
|
2.50%
|
|
|
|
Unsecured Term Loans | $187.5 Million Unsecured Term Loan I |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 187,500
|
$ 187,500
|
$ 187,500
|
$ 187,500
|
|
|
187,500
|
Interest rate, effective percentage |
|
3.51%
|
3.51%
|
3.51%
|
3.51%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jan. 25, 2028
|
|
|
|
|
|
Fixed Interest Rate (as a percent) |
|
2.66%
|
2.66%
|
2.66%
|
2.66%
|
|
|
|
Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal outstanding |
|
$ 1,643,538
|
$ 1,643,538
|
$ 1,643,538
|
$ 1,643,538
|
|
|
1,195,872
|
Long-term debt, gross |
|
1,650,000
|
1,650,000
|
1,650,000
|
1,650,000
|
|
|
1,200,000
|
Unamortized debt issuance costs |
|
(6,462)
|
(6,462)
|
(6,462)
|
(6,462)
|
|
|
(4,128)
|
Unsecured Notes | $50 Million Series A Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
|
|
50,000
|
Stated interest rate |
|
4.98%
|
4.98%
|
4.98%
|
4.98%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Oct. 01, 2024
|
|
|
|
|
|
Unsecured Notes | $100 Million Series D Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 100,000
|
$ 100,000
|
$ 100,000
|
$ 100,000
|
|
|
100,000
|
Stated interest rate |
|
4.32%
|
4.32%
|
4.32%
|
4.32%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Feb. 20, 2025
|
|
|
|
|
|
Unsecured Notes | $75 Million Series G Unsecured Notes [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 75,000
|
$ 75,000
|
$ 75,000
|
$ 75,000
|
|
|
75,000
|
Stated interest rate |
|
4.10%
|
4.10%
|
4.10%
|
4.10%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jun. 13, 2025
|
|
|
|
|
|
Unsecured Notes | $50 Million Series B Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
|
|
50,000
|
Stated interest rate |
|
4.98%
|
4.98%
|
4.98%
|
4.98%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jul. 01, 2026
|
|
|
|
|
|
Unsecured Notes | $80 Million Series C Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 80,000
|
$ 80,000
|
$ 80,000
|
$ 80,000
|
|
|
80,000
|
Stated interest rate |
|
4.42%
|
4.42%
|
4.42%
|
4.42%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Dec. 30, 2026
|
|
|
|
|
|
Unsecured Notes | $20 Million Series E Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 20,000
|
$ 20,000
|
$ 20,000
|
$ 20,000
|
|
|
20,000
|
Stated interest rate |
|
4.42%
|
4.42%
|
4.42%
|
4.42%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Feb. 20, 2027
|
|
|
|
|
|
Unsecured Notes | $100 Million Series H Unsecured Notes [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 100,000
|
$ 100,000
|
$ 100,000
|
$ 100,000
|
|
|
100,000
|
Stated interest rate |
|
4.27%
|
4.27%
|
4.27%
|
4.27%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jun. 13, 2028
|
|
|
|
|
|
Unsecured Notes | $275 Million Series I Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 275,000
|
$ 275,000
|
$ 275,000
|
$ 275,000
|
|
|
275,000
|
Stated interest rate |
|
2.80%
|
2.80%
|
2.80%
|
2.80%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Sep. 29, 2031
|
|
|
|
|
|
Unsecured Notes | $400 Million Series K Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 400,000
|
$ 400,000
|
$ 400,000
|
$ 400,000
|
|
|
400,000
|
Stated interest rate |
|
4.12%
|
4.12%
|
4.12%
|
4.12%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Jun. 28, 2032
|
|
|
|
|
|
Unsecured Notes | $50 Million Series J Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
$ 50,000
|
|
|
50,000
|
Stated interest rate |
|
2.95%
|
2.95%
|
2.95%
|
2.95%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Sep. 28, 2033
|
|
|
|
|
|
Unsecured Notes | $175 Million Series L Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 175,000
|
$ 175,000
|
$ 175,000
|
$ 175,000
|
|
|
0
|
Stated interest rate | Rate |
|
6.05%
|
6.05%
|
6.05%
|
6.05%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
May 28, 2029
|
|
|
|
|
|
Unsecured Notes | $125 Million Series M Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 125,000
|
$ 125,000
|
$ 125,000
|
$ 125,000
|
|
|
0
|
Stated interest rate | Rate |
|
6.17%
|
6.17%
|
6.17%
|
6.17%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
May 28, 2031
|
|
|
|
|
|
Unsecured Notes | $150 Million Series N Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 150,000
|
$ 150,000
|
$ 150,000
|
$ 150,000
|
|
|
0
|
Stated interest rate |
|
6.30%
|
6.30%
|
6.30%
|
6.30%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
May 28, 2034
|
|
|
|
|
|
Mortgage Loans Payable |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal outstanding |
|
$ 4,299
|
$ 4,299
|
$ 4,299
|
$ 4,299
|
|
|
4,401
|
Long-term debt, gross |
|
4,430
|
4,430
|
4,430
|
4,430
|
|
|
4,537
|
Debt Instrument, Unamortized Discount (Premium), Net |
|
(131)
|
(131)
|
(131)
|
(131)
|
|
|
(136)
|
Mortgage Loans Payable | United of Omaha Life Insurance Company |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
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Long-term debt, gross |
|
$ 4,430
|
$ 4,430
|
$ 4,430
|
$ 4,430
|
|
|
$ 4,537
|
Stated interest rate |
|
3.71%
|
3.71%
|
3.71%
|
3.71%
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Oct. 01, 2039
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v3.24.2
Debt - Current Year Activity (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
17 Months Ended |
|
Mar. 25, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 29, 2024 |
Mar. 13, 2024
USD ($)
Rate
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Unused Borrowing Capacity, Amount |
|
$ 869,600
|
|
$ 869,600
|
|
|
|
|
Debt Instrument, Covenant Compliance |
|
|
|
The Company was in compliance with all such applicable restrictions and financial and other covenants
|
|
The Company was in compliance with all such applicable restrictions and financial and other covenants
|
|
|
Net book value of properties that are collateral for debt arrangements |
|
7,400
|
|
$ 7,400
|
|
$ 7,500
|
|
|
Long-term debt, gross |
|
$ 2,806,430
|
|
$ 2,806,430
|
|
2,631,537
|
|
|
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Stated interest rate |
|
5.33717%
|
|
5.33717%
|
|
|
|
|
Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 1,650,000
|
|
$ 1,650,000
|
|
1,200,000
|
|
|
Unsecured Term Loans |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
1,025,000
|
|
1,025,000
|
|
1,025,000
|
|
|
Interest Expense [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Amortization of deferred financing fees |
|
1,052
|
$ 972
|
2,036
|
$ 1,948
|
|
|
|
Line of Credit Facility, Commitment Fee Amount |
|
439
|
$ 437
|
878
|
$ 872
|
|
|
|
Accounts Payable and Accrued Liabilities [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Interest payable |
|
16,000
|
|
16,000
|
|
14,600
|
|
|
$200 Million Unsecured Term Loan F [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
|
|
|
0.02%
|
|
Deferred Financing Accrued Extension Fee |
0.00125
|
|
|
|
|
|
|
|
Accrued Extension Fee |
$ 500
|
|
|
|
|
|
|
|
Debt Issuance Costs, Gross |
$ 1,200
|
|
|
|
|
|
|
|
Write off of Deferred Debt Issuance Cost |
|
|
|
$ 700
|
|
|
|
|
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
|
|
|
0.10%
|
|
|
|
|
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Increase (Decrease) |
0.10%
|
|
|
|
|
|
|
|
Long-term debt, gross |
|
$ 200,000
|
|
$ 200,000
|
|
$ 200,000
|
|
|
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
0.85%
|
|
|
|
|
|
|
|
$175 Million Unsecured Notes | Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Stated interest rate | Rate |
|
|
|
|
|
|
|
6.05%
|
Long-term debt, gross |
|
|
|
|
|
|
|
$ 175,000
|
$125 Million Unsecured Notes | Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Stated interest rate | Rate |
|
|
|
|
|
|
|
6.17%
|
Long-term debt, gross |
|
|
|
|
|
|
|
$ 125,000
|
$150 Million Unsecured Notes | Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Stated interest rate | Rate |
|
|
|
|
|
|
|
6.30%
|
Long-term debt, gross |
|
|
|
|
|
|
|
$ 150,000
|
Unsecured Notes | Unsecured Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Covenant, Fixed Charge Ratio, Minimum | Rate |
|
|
|
|
|
|
|
150.00%
|
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v3.24.2
Debt - Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Principal outstanding |
$ 2,796,012
|
$ 2,624,046
|
Long-term debt, gross |
2,806,430
|
2,631,537
|
Unamortized debt issuance costs |
(10,287)
|
(7,355)
|
Long-term debt, fair value |
2,679,900
|
2,504,538
|
Debt Instrument, Unamortized Discount (Premium), Net |
(131)
|
(136)
|
Unsecured Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Principal outstanding |
127,000
|
402,000
|
Long-term debt, fair value |
127,000
|
402,000
|
Unsecured Notes |
|
|
Debt Instrument [Line Items] |
|
|
Principal outstanding |
1,643,538
|
1,195,872
|
Long-term debt, gross |
1,650,000
|
1,200,000
|
Unamortized debt issuance costs |
(6,462)
|
(4,128)
|
Long-term debt, fair value |
1,524,610
|
1,074,003
|
Mortgage Loans Payable |
|
|
Debt Instrument [Line Items] |
|
|
Principal outstanding |
4,299
|
4,401
|
Long-term debt, gross |
4,430
|
4,537
|
Long-term debt, fair value |
3,290
|
3,535
|
Debt Instrument, Unamortized Discount (Premium), Net |
(131)
|
(136)
|
Unsecured Term Loans |
|
|
Debt Instrument [Line Items] |
|
|
Principal outstanding |
1,021,175
|
1,021,773
|
Long-term debt, gross |
1,025,000
|
1,025,000
|
Unamortized debt issuance costs |
(3,825)
|
(3,227)
|
Long-term debt, fair value |
$ 1,025,000
|
$ 1,025,000
|
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v3.24.2
Derivative Financial Instruments - Risk Management and Fair Value (Details) $ in Thousands |
Jan. 15, 2025
Rate
|
Jun. 30, 2024
USD ($)
interestRateSwaps
|
Mar. 26, 2024
USD ($)
swap
|
Dec. 31, 2023
USD ($)
|
Fair value of the interest rate swaps outstanding |
|
|
|
|
Derivative, Number of Instruments Held | interestRateSwaps |
|
21
|
|
|
$200 Million Unsecured Term Loan F [Member] |
|
|
|
|
Fair value of the interest rate swaps outstanding |
|
|
|
|
Derivative, Notional Amount |
|
|
$ 200,000
|
|
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member] |
|
|
|
|
Fair value of the interest rate swaps outstanding |
|
|
|
|
Fixed Interest Rate (as a percent) | Rate |
3.98%
|
|
|
|
Interest Rate Swaps |
|
|
|
|
Fair value of the interest rate swaps outstanding |
|
|
|
|
Derivative, Number of Instruments Held | swap |
|
|
4
|
|
Notional amount assets |
|
$ 1,025,000
|
|
$ 1,025,000
|
Fair value - assets |
|
$ 54,510
|
|
$ 50,418
|
X |
- DefinitionNominal or face amount used to calculate payments on the derivative asset.
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v3.24.2
Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flow Hedges of Interest Rate Risk |
|
|
|
|
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded |
$ 27,372
|
$ 22,860
|
$ 52,793
|
$ 45,472
|
Interest Rate Swaps |
|
|
|
|
Cash Flow Hedges of Interest Rate Risk |
|
|
|
|
Additional amount reclassified from accumulated other comprehensive income (loss) as a increase (decrease) to interest expense over the next twelve months |
(30,500)
|
|
(30,500)
|
|
Income recognized in accumulated other comprehensive income on interest rate swaps |
6,351
|
24,168
|
22,756
|
15,626
|
Income reclassified from accumulated other comprehensive income into income as interest expense |
9,318
|
8,347
|
18,647
|
15,817
|
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded |
$ 27,372
|
$ 22,860
|
$ 52,793
|
$ 45,472
|
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v3.24.2
Equity - Stock Summary (Details) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Stockholders' Equity Note [Abstract] |
|
|
Preferred Stock, Shares Authorized |
20,000,000
|
20,000,000
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Issued |
0
|
0
|
Common Stock, Shares Authorized |
300,000,000
|
300,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2
Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands |
Apr. 01, 2024 |
Jan. 09, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
Common Stock, Shares, Issued |
|
|
182,105,303
|
181,690,867
|
At The Market Program 2022 $750 Million |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common Stock Value Authorized under Stock Offering Program |
|
|
$ 750,000
|
|
At The Market Program 2022 $750 Million | Common Stock |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Aggregate value of common stock available to be sold under the ATM |
|
|
$ 606,831
|
|
At The Market Program | Common Stock |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Forward Contract Indexed to Issuer's Equity, Indexed Shares |
227,146
|
567,112
|
|
|
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share |
$ 39.1020
|
$ 38.8818
|
|
|
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value |
$ 8,900
|
$ 22,100
|
|
|
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net |
$ 38.6621
|
$ 38.5058
|
|
|
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v3.24.2
Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
Jan. 08, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Vesting period (in years) |
4 years
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Unvested at beginning of period (in shares) |
|
|
|
144,032
|
|
|
Granted (in shares) |
|
|
|
41,911
|
|
|
Vested (in shares) |
|
0
|
0
|
(59,232)
|
(68,625)
|
|
Forfeited (in shares) |
|
|
|
(4,448)
|
|
|
Unvested at end of period (in shares) |
|
122,263
|
|
122,263
|
|
|
Fair value of restricted stock per share at grant date |
|
|
|
$ 38.92
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value |
|
|
|
34.51
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value |
|
|
|
38.51
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value |
|
$ 37.31
|
|
$ 37.31
|
|
$ 35.73
|
Stock Repurchased and Retired During Period, Shares |
|
|
|
21,151
|
|
|
Unrecognized compensation costs |
|
$ 3,400
|
|
$ 3,400
|
|
|
Unrecognized compensation costs, period for recognition |
|
|
|
2 years 4 months 24 days
|
|
|
Vested (in shares) |
|
0
|
0
|
(59,232)
|
(68,625)
|
|
Fair value of shares vested |
|
$ 0
|
$ 0
|
$ 2,325
|
$ 2,217
|
|
X |
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v3.24.2
Noncontrolling Interest - Summary (Details) - shares
|
|
6 Months Ended |
|
Jan. 08, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Limited Partner |
|
|
|
Noncontrolling interest |
|
|
|
Noncontrolling interest ownership percentage |
|
2.10%
|
2.10%
|
LTIP Units | Share-Based Payment Arrangement, Tranche Two |
|
|
|
Noncontrolling interest |
|
|
|
Vesting period (in years) |
4 years
|
|
|
LTIP Units | Independent Director | Share-based Compensation Award, Tranche One [Member] |
|
|
|
Noncontrolling interest |
|
|
|
Vesting period (in years) |
1 year
|
|
|
Noncontrolling Interest - Unit holders in Operating Partnership |
|
|
|
Noncontrolling interest |
|
|
|
Units outstanding, balance at beginning of period (in units) |
|
3,829,638
|
|
Granted/Issued |
|
381,517
|
|
Forfeited |
|
0
|
|
Conversions from LTIP units to Other Common Units |
|
0
|
|
Redemptions from Other Common Units to common stock |
|
344,982
|
|
Units outstanding, balance at end of period (in units) |
|
3,866,173
|
|
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership |
|
|
|
Noncontrolling interest |
|
|
|
Units outstanding, balance at beginning of period (in units) |
|
2,361,920
|
|
Granted/Issued |
|
381,517
|
|
Forfeited |
|
0
|
|
Conversions from LTIP units to Other Common Units |
|
344,982
|
|
Redemptions from Other Common Units to common stock |
|
0
|
|
Units outstanding, balance at end of period (in units) |
|
2,398,455
|
|
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership |
|
|
|
Noncontrolling interest |
|
|
|
Units outstanding, balance at beginning of period (in units) |
|
1,467,718
|
|
Granted/Issued |
|
0
|
|
Forfeited |
|
0
|
|
Conversions from LTIP units to Other Common Units |
|
344,982
|
|
Redemptions from Other Common Units to common stock |
|
344,982
|
|
Units outstanding, balance at end of period (in units) |
|
1,467,718
|
|
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- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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v3.24.2
Noncontrolling Interest - LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
Jan. 08, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
LTIP Units |
|
|
|
|
|
|
Units |
|
|
|
|
|
|
Unvested at beginning of period (in shares) |
|
|
|
176,926
|
|
|
Granted |
124,235
|
|
|
381,517
|
|
|
Vested (in units) |
|
(17,599)
|
(23,472)
|
(318,868)
|
(235,702)
|
|
Forfeited (in units) |
|
|
|
0
|
|
|
Unvested at end of period (in shares) |
|
239,575
|
|
239,575
|
|
|
Granted |
124,235
|
|
|
381,517
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value |
|
$ 35.86
|
|
$ 35.86
|
|
$ 34.25
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value |
$ 37.00
|
|
|
37.00
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value |
|
|
|
36.33
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value |
|
|
|
$ 0
|
|
|
Unrecognized compensation costs |
|
$ 6,100
|
|
$ 6,100
|
|
|
Unrecognized compensation costs, period for recognition |
|
|
|
2 years 7 months 6 days
|
|
|
Vested (in units) |
|
17,599
|
23,472
|
318,868
|
235,702
|
|
Fair value of units vested |
|
$ 635
|
$ 839
|
$ 12,255
|
$ 7,862
|
|
Restricted stock |
|
|
|
|
|
|
Units |
|
|
|
|
|
|
Unvested at beginning of period (in shares) |
|
|
|
144,032
|
|
|
Granted |
|
|
|
41,911
|
|
|
Vested (in units) |
|
0
|
0
|
(59,232)
|
(68,625)
|
|
Forfeited (in units) |
|
|
|
(4,448)
|
|
|
Unvested at end of period (in shares) |
|
122,263
|
|
122,263
|
|
|
Granted |
|
|
|
41,911
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value |
|
$ 37.31
|
|
$ 37.31
|
|
$ 35.73
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
|
|
38.92
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value |
|
|
|
34.51
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value |
|
|
|
$ 38.51
|
|
|
Unrecognized compensation costs |
|
$ 3,400
|
|
$ 3,400
|
|
|
Unrecognized compensation costs, period for recognition |
|
|
|
2 years 4 months 24 days
|
|
|
Vested (in units) |
|
0
|
0
|
59,232
|
68,625
|
|
Fair value of units vested |
|
$ 0
|
$ 0
|
$ 2,325
|
$ 2,217
|
|
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Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
General and Administrative Expenses |
|
|
|
|
Equity Incentive Plan |
|
|
|
|
Share-based compensation |
$ 2,953
|
$ 3,293
|
$ 5,861
|
$ 6,385
|
Restricted stock | General and Administrative Expenses |
|
|
|
|
Equity Incentive Plan |
|
|
|
|
Share-based compensation |
457
|
516
|
932
|
1,025
|
LTIP Units | General and Administrative Expenses |
|
|
|
|
Equity Incentive Plan |
|
|
|
|
Share-based compensation |
923
|
1,414
|
1,822
|
2,742
|
Performance shares | General and Administrative Expenses |
|
|
|
|
Equity Incentive Plan |
|
|
|
|
Share-based compensation |
1,399
|
1,235
|
2,756
|
2,354
|
Independent Director | General and Administrative Expenses |
|
|
|
|
Equity Incentive Plan |
|
|
|
|
Share-based compensation |
$ 174
|
$ 128
|
$ 351
|
$ 264
|
Common Stock | Independent Director |
|
|
|
|
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|
|
|
|
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|
10 days
|
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v3.24.2
Leases - Rental Income (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Leases [Abstract] |
|
|
|
|
Fixed lease payments |
$ 144,278
|
$ 133,164
|
$ 286,389
|
$ 264,250
|
Variable lease payments |
38,218
|
33,723
|
80,407
|
70,669
|
Straight-line rental income |
4,811
|
4,495
|
7,616
|
9,607
|
Net increase (decrease) to rental income related to above and below market lease amortization |
(840)
|
57
|
(543)
|
181
|
Rental income |
$ 186,467
|
$ 171,439
|
$ 373,869
|
$ 344,707
|
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v3.24.2
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3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Operating Lease, Weighted Average Remaining Lease Term |
31 years 10 months 24 days
|
|
31 years 10 months 24 days
|
|
31 years 7 months 6 days
|
Operating Lease, Weighted Average Discount Rate, Percent |
6.80%
|
|
6.80%
|
|
6.80%
|
Lease, Cost |
$ 1,047
|
$ 1,052
|
$ 2,093
|
$ 2,107
|
|
Operating Lease, Payments |
|
|
1,978
|
1,933
|
|
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
|
|
$ 0
|
141
|
|
Minimum [Member] |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Lessee, Operating Lease, Term of Contract |
1 year 9 months 18 days
|
|
1 year 9 months 18 days
|
|
|
Lessee, Operating Lease, Renewal Term |
10 years
|
|
10 years
|
|
|
Maximum [Member] |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Lessee, Operating Lease, Term of Contract |
46 years 2 months 12 days
|
|
46 years 2 months 12 days
|
|
|
Lessee, Operating Lease, Renewal Term |
20 years
|
|
20 years
|
|
|
Operating Expense [Member] |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Lease, Cost |
$ 616
|
618
|
$ 1,232
|
1,236
|
|
General and Administrative Expenses |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Lease, Cost |
$ 431
|
$ 434
|
$ 861
|
$ 871
|
|
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v3.24.2
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
2024 |
$ 1,997
|
|
2025 |
4,022
|
|
2025 |
3,014
|
|
2026 |
2,023
|
|
2027 |
2,064
|
|
Thereafter |
79,898
|
|
Lessee, Operating Lease, Liability, Payments, Due |
93,018
|
|
Less: Imputed interest |
(60,335)
|
|
Operating lease liabilities |
$ 32,683
|
$ 33,577
|
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v3.24.2
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Numerator |
|
|
|
|
Net income attributable to common stockholders |
$ 59,737
|
$ 51,553
|
$ 96,317
|
$ 100,966
|
Denominator |
|
|
|
|
Weighted average common shares outstanding — basic |
181,961
|
179,413
|
181,834
|
179,305
|
Shares issuable under forward sales agreements |
0
|
7
|
1
|
3
|
Weighted average common shares outstanding — diluted |
182,185
|
179,738
|
182,088
|
179,518
|
Net income per share attributable to common stockholders — basic |
$ 0.33
|
$ 0.29
|
$ 0.53
|
$ 0.56
|
Net income per share attributable to common stockholders — diluted |
$ 0.33
|
$ 0.29
|
$ 0.53
|
$ 0.56
|
Stock Compensation Plan |
|
|
|
|
Denominator |
|
|
|
|
Share-based compensation |
224
|
318
|
253
|
210
|
Restricted stock |
|
|
|
|
Denominator |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
125
|
144
|
124
|
142
|
X |
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