STAG Industrial (STAG) Tops Q4 EPS by 55c, Revenues Beat

STAG Industrial (NYSE: STAG) reported Q4 EPS of $0.63, $0.55 better than the analyst estimate of $0.08. Revenue for the quarter came in at $129.95 million versus the consensus estimate of $121.69 million.

Fourth Quarter and Full Year 2020 Highlights

• Reported $0.63 of net income per basic and diluted common share for the fourth quarter of 2020, as compared to $0.12 of net income per basic and diluted common share for the fourth quarter of 2019. Reported $94.6 million of net income attributable to common stockholders for the fourth quarter of 2020 compared to net income attributable to common stockholders of $16.1 million for the fourth quarter of 2019.
• Achieved $0.49 of Core FFO per diluted share for the fourth quarter of 2020, an increase of 4.3% compared to fourth quarter 2019 Core FFO per diluted share of $0.47. Generated Core FFO of $75.5 million for the fourth quarter of 2020 compared to $65.5 million for the fourth quarter of 2019, an increase of 15.4%. Achieved $1.89 of Core FFO per diluted share for the year ended December 31, 2020, an increase of 2.7% compared to $1.84 of Core FFO per diluted share for the year ended December 31, 2019.
• Produced Cash NOI of $100.4 million for the fourth quarter of 2020, an increase of 12.9% compared to the fourth quarter of 2019 of $89.0 million. Produced Cash NOI of $386.0 million for the year ended December 31, 2020, an increase of 19.1% compared to the year ended December 31, 2019 of $324.0 million.
• Produced Same Store Cash NOI of $71.6 million for the fourth quarter of 2020, an increase of 1.5% compared to the fourth quarter of 2019 of $70.6 million. Produced Same Store Cash NOI of $286.4 million for the year ended December 31, 2020, an increase of 1.7% compared to the year ended December 31, 2019 of $281.6 million.
• Produced Cash Available for Distribution of $64.0 million for the fourth quarter of 2020, an increase of 16.4% compared to the fourth quarter of 2019 of $55.0 million. Produced Cash Available for Distribution of $243.8 million for the year ended December 31, 2020, an increase of 21.7% compared to the year ended December 31, 2019 of $200.4 million.
• Acquired 32 buildings in the fourth quarter of 2020, consisting of 7.5 million square feet, for $579.9 million, with a Cash Capitalization Rate of 5.8% and a Straight-Line Capitalization Rate of 6.2%.
• Sold two buildings in the fourth quarter of 2020, consisting of 1.7 million square feet for $155.5 million, resulting in a gain of $78.9 million.
• Achieved an Occupancy Rate of 96.9% on the total portfolio and 97.2% on the Operating Portfolio as of December 31, 2020.
• Commenced Operating Portfolio leases of 1.6 million square feet for the fourth quarter of 2020, resulting in a Cash Rent Change and Straight-line Rent Change of 4.9% and 12.9%, respectively.
• Experienced 63.9% Retention for 2.0 million square feet of leases expiring in the quarter.
• As of February 10, 2021, the Company collected 99.6% of base rental billings for the year ended December 31, 2020.
• Raised net proceeds of $276.2 million of equity on a forward basis through a follow-on offering during the fourth quarter of 2020.
• Subsequent to quarter end, on February 5, 2021, upsized the unsecured revolver credit facility and refinanced a $300 million term loan.

"The fourth quarter demonstrates the momentum behind our business as we enter 2021," said Ben Butcher, Chief Executive Officer of the Company. "We see healthy demand across our portfolio and a large and attractive opportunity set for accretive portfolio growth."

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

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