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."

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