STAG Industrial (NYSE: STAG) reported Q1 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $134 million versus the consensus estimate of $131.13 million.

First Quarter 2021 Highlights

• Reported $0.13 of net income per basic and diluted common share for the first quarter of 2021, compared to $0.42 of net income per basic and diluted common share for the first quarter of 2020. Reported $20.9 million of net income attributable to common stockholders for the first quarter of 2021, compared to net income attributable to common stockholders of $62.1 million for the first quarter of 2020.
• Achieved $0.49 of Core FFO per diluted share for the first quarter of 2021, an increase of 4.3% compared to first quarter 2020 Core FFO per diluted share of $0.47. Generated Core FFO of $79.8 million for the first quarter of 2021, compared to $70.6 million for the first quarter of 2020, an increase of 13.1%.
• Produced Cash NOI of $103.7 million for the first quarter of 2021, an increase of 10.6% compared to the first quarter of 2020 of $93.7 million.
• Produced Same Store Cash NOI of $89.2 million for the first quarter of 2021, an increase of 2.4% compared to the first quarter of 2020 of $87.0 million.
• Produced Cash Available for Distribution of $72.5 million for the first quarter of 2021, an increase of 29.5% compared to the first quarter of 2020 of $56.0 million.
• Acquired six buildings in the first quarter of 2021, consisting of 1.3 million square feet, for $100.2 million, with a Cash Capitalization Rate of 6.0% and a Straight-Line Capitalization Rate of 6.4%.
• Sold four buildings in the first quarter of 2021, consisting of 483,586 square feet for $25.2 million, resulting in a gain of $6.4 million.
• Achieved an Occupancy Rate of 97.0% on the total portfolio and 97.2% on the Operating Portfolio as of March 31, 2021.
• Commenced Operating Portfolio leases of 2.6 million square feet for the first quarter of 2021, resulting in a Cash Rent Change and Straight-Line Rent Change of 9.6% and 18.7%, respectively.
• Experienced 100.0% Retention for 2.3 million square feet of leases expiring in the quarter.
• Raised gross proceeds of $22.0 million of equity through the Company's at-the-market offering ("ATM") program for the first quarter of 2021.
• On February 5, 2021, upsized the unsecured revolver credit facility to $750 million and refinanced a $300 million term loan.
• On March 31, 2021, redeemed all $75 million of the outstanding 6.875% Series C Preferred Stock.
• Subsequent to quarter end, on May 3, 2021, promoted William R. Crooker to President, in addition to his positions as Chief Financial Officer and Treasurer.

"We recently celebrated our tenth anniversary as a public company," said Ben Butcher, Chief Executive Officer of the Company. "Over that time, through the growth in our portfolio and our platform, we have established ourselves as one of the leaders of industrial real estate. There continues to be tremendous opportunity both within our portfolio and across the investable landscape, and we look forward to the continued execution of our business plan."

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