STAG Industrial (STAG) Tops Q4 EPS by 3c, Revenues Beat

STAG Industrial (NYSE: STAG) reported Q4 EPS of $0.12, $0.03 better than the analyst estimate of $0.09. Revenue for the quarter came in at $111.18 million versus the consensus estimate of $109.1 million.

Fourth Quarter and Full Year 2019 Highlights

• Reported $0.12 of net income per basic and diluted common share for the fourth quarter of 2019, as compared to $0.40 of net income per basic and diluted common share for the fourth quarter of 2018. Reported $16.1 million of net income attributable to common stockholders for the fourth quarter of 2019 compared to net income attributable to common stockholders of $44.3 million for the fourth quarter of 2018. For the year ended December 31, 2019, net income attributable to common stockholders was $43.8 million as compared to net income attributable to common stockholders of $82.4 million in 2018.
• Achieved $0.47 of Core FFO per diluted share for the fourth quarter of 2019, an increase of 2.2% compared to the fourth quarter of 2018. Generated Core FFO of $65.5 million for the fourth quarter of 2019 compared to $52.4 million for the fourth quarter of 2018, an increase of 24.8%. Achieved $1.84 of Core FFO per diluted share for the year ended December 31, 2019, an increase of 2.2% compared to the same period last year. Generated Core FFO of $237.3 million for the year ended December 31, 2019 compared to $193.6 million for the same period last year, an increase of 22.6%.
• Produced Cash NOI of $89.0 million for the fourth quarter of 2019, an increase of 21.7% compared to the fourth quarter of 2018 of $73.1 million. For the year ended December 31, 2019, Cash NOI increased 17.8% in the aggregate compared to the same period last year.
• Acquired 23 buildings in the fourth quarter of 2019, consisting of 5.8 million square feet, for $455.9 million with a Cash Capitalization Rate of 6.1% and a Straight-Line Capitalization Rate of 6.7%.
• Sold three buildings in the fourth quarter of 2019, consisting of 475,740 square feet for $19.4 million, resulting in a gain of $4.1 million.
• Achieved an Occupancy Rate of 95.0% on the total portfolio and 96.6% on the Operating Portfolio as of December 31, 2019.
• Commenced Operating Portfolio leases of 2.4 million square feet for the fourth quarter of 2019, resulting in a Cash Rent Change and Straight-line Rent Change of 6.4% and 13.2%, respectively.
• Experienced 87.4% Retention for 2.0 million square feet of leases expiring in the quarter.
• Produced Same Store Cash NOI of $60.3 million for the fourth quarter of 2019, an increase of 1.2% compared to the fourth quarter of 2018 of $59.6 million. For the year ended December 31, 2019, Same Store Cash NOI increased 2.4% in the aggregate compared to the same period last year.
• Subsequent to quarter end, raised net proceeds of $311.0 million of equity through a follow-on offering during the first quarter of 2020, inclusive of a forward component.

"The fourth quarter concludes an historic year for STAG," said Ben Butcher, Chief Executive Officer of the Company. "STAG achieved a record level of acquisition volume and demonstrated continued acceleration of internal growth, both of which provide significant momentum as we enter 2020."

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

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