STAG Industrial (STAG) Tops Q2 EPS by 2c

STAG Industrial (NYSE: STAG) reported Q2 EPS of $0.12, $0.02 better than the analyst estimate of $0.10. Revenue for the quarter came in at $117.47 million versus the consensus estimate of $117.4 million.

Second Quarter 2020 Highlights

• Reported $0.12 of net income per basic and diluted common share for the second quarter of 2020, as compared to $0.10 of net income per basic and diluted common share for the second quarter of 2019. Reported $17.6 million of net income attributable to common stockholders for the second quarter of 2020 compared to net income attributable to common stockholders of $12.4 million for the second quarter of 2019.
• Achieved $0.47 of Core FFO per diluted share for the second quarter of 2020, an increase of 4.4% compared to the second quarter of 2019 Core FFO per diluted share of $0.45. Generated Core FFO of $71.8 million for the second quarter of 2020 compared to $58.1 million for the second quarter of 2019, an increase of 23.5%.
• Produced Cash NOI of $96.6 million for the second quarter of 2020, an increase of 24.5% compared to the second quarter of 2019 of $77.6 million.
• Produced Cash Available for Distribution of $69.0 million for the second quarter of 2020, an increase of 48.1% compared to the second quarter of 2019 of $46.6 million.
• Acquired two buildings in the second quarter of 2020, consisting of 122,280 square feet, for $11.9 million with a Cash Capitalization Rate of 6.4% and a Straight-Line Capitalization Rate of 6.8%.
• Sold one building in the second quarter of 2020, consisting of 52,500 square feet for $2.4 million, resulting in a gain of $1.0 million.
• Achieved an Occupancy Rate of 97.0% on the total portfolio and 97.6% on the Operating Portfolio as of June 30, 2020.
• Commenced Operating Portfolio leases of 2.7 million square feet for the second quarter of 2020, resulting in a Cash Rent Change and Straight-line Rent Change of 1.6% and 9.6%, respectively.
• Experienced 100.0% Retention for 2.3 million square feet of leases expiring in the quarter.
• Produced Same Store Cash NOI of $73.9 million for the second quarter of 2020, an increase of 2.1% compared to the second quarter of 2019 of $72.4 million.
• As of July 28th, the Company collected 98.0% of second quarter base rental billings and granted rent deferral equal to 1.4%.
• On April 17, 2020, refinanced a total of $300 million term loan debt due to mature in the next twelve months.

"STAG has been fortunate in our ability to weather this pandemic-induced economic downturn," said Ben Butcher, Chief Executive Officer of the Company. "Our balance sheet, portfolio, and business strategy are all well positioned to drive the Company's future success."

For earnings history and earnings-related data on STAG Industrial (STAG) click here.

You May Also Be Interested In

• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• COPT Defense Properties (CDP) Reports In-Line Q1 EPS; offers guidance