BOSTON, April 30, 2024 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended March 31, 2024. "Coming out of one of our best operational years as a public company, the momentum from 2023 drove another quarter of excellent internal growth, including robust Same Store Cash NOI growth," said Bill Crooker, President and Chief Executive Office of the Company. "The Company is well positioned to capitalize on transactions as the capital markets stabilize, but remains patient in the face of continued volatility." First Quarter 2024 Highlights Reported $0.20 of net income per basic and diluted common share for the first quarter of 2024, compared to $0.28 of net income per basic and diluted common share for the first quarter of 2023. Reported $36.6 million of net income attributable to common stockholders for the first quarter of 2024, compared to net income attributable to common stockholders of $49.4 million for the first quarter of 2023. Achieved $0.59 of Core FFO per diluted share for the first quarter of 2024, an increase of 7.3% compared to the first quarter of 2023 Core FFO per diluted share of $0.55. Produced Cash NOI of $145.5 million for the first quarter of 2024, an increase of 9.7% compared to the first quarter of 2023 of $132.6 million. Produced Same Store Cash NOI of $139.1 million for the first quarter of 2024, an increase of 7.1% compared to the first quarter of 2023 of $129.8 million. Produced Cash Available for Distribution of $98.1 million for the first quarter of 2024, an increase of 8.9% compared to the first quarter of 2023 of $90.1 million. Acquired one building in the first quarter of 2024, consisting of 697,500 square feet, for $50.1 million, with a Cash Capitalization Rate of 6.1% and a Straight-Line Capitalization Rate of 6.8%. Achieved an Occupancy Rate of 97.7% on the total portfolio and 97.9% on the Operating Portfolio as of March 31, 2024. Commenced Operating Portfolio leases of 4.3 million square feet for the first quarter of 2024, resulting in a Cash Rent Change and Straight-Line Rent Change of 30.5% and 43.6%, respectively. Experienced 84.2% Retention for 4.2 million square feet of leases expiring in the quarter. On March 13, 2024, originated $450 million of fixed rate senior unsecured notes in a private placement offering. On March 25, 2024, refinanced $200 million Term Loan F, which was scheduled to mature in January 2025 and now matures March 25, 2027. As of April 29, 2024, addressed 81.2% of expected 2024 new and renewal leasing, consisting of 11.1 million square feet, achieving Cash Rent Change of 26.7%. Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release. The Company will host a conference call tomorrow, Wednesday, May 1, 2024 at 10:00 a.m. (Eastern Time), to discuss the quarter's results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release. Key Financial Measures FIRST QUARTER 2024 KEY FINANCIAL MEASURES Three months ended March 31, Metrics 2024 2023 % Change (in $000s, except per share data) Net income attributable to common stockholders $36,580 $49,413 (26.0) % Net income per common share — basic $0.20 $0.28 (28.6) % Net income per common share — diluted $0.20 $0.28 (28.6) % Cash NOI $145,472 $132,556 9.7 % Same Store Cash NOI (1) $139,103 $129,839 7.1 % Adjusted EBITDAre $134,667 $122,326 10.1 % Core FFO $109,039 $101,584 7.3 % Core FFO per share / unit — basic $0.59 $0.55 7.3 % Core FFO per share / unit — diluted $0.59 $0.55 7.3 % Cash Available for Distribution $98,133 $90,099 8.9 % (1) The Same Store pool accounted for 96.4% of the total portfolio square footage as of March 31, 2024. Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company's supplemental information package for additional disclosure. Acquisition Activity For the three months ended March 31, 2024, the Company acquired one building for $50.1 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter: FIRST QUARTER 2024 ACQUISITION ACTIVITY Market Date Acquired Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash CapitalizationRate Straight-Line Capitalization Rate Cincinnati, OH 3/18/2024 697,500 1 $50,073 6.8 Total / weighted average 697,500 1 $50,073 6.8 6.1 % 6.8 % The chart below details the 2024 acquisition activity and Pipeline through April 29, 2024:        2024 ACQUISITION ACTIVITY AND PIPELINE DETAIL Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash CapitalizationRate Straight-Line Capitalization Rate Q1 697,500 1 $50,073 6.8 6.1 % 6.8 % Total / weighted average 697,500 1 $50,073 6.8 6.1 % 6.8 % As of April 29, 2024 Subsequent to quarter-end acquisitions 0.8 million 3 $85.0 million Pipeline 25.7 million 158 $3.5 billion Leasing Activity The chart below details the leasing activity for leases commenced during the three months ended March 31, 2024: FIRST QUARTER 2024 OPERATING PORTFOLIO LEASING ACTIVITY Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash Base Rent $/SF SL Base Rent $/SF Lease Commissions $/SF Tenant Improvements $/SF Cash Rent Change  SL Rent Change Retention New Leases 728,930 5 4.0 $5.37 $5.52 $1.00 $0.38 7.3 % 14.1 % Renewal Leases 3,552,013 24 4.4 $5.72 $6.04 $0.76 $0.22 36.2 % 50.9 % 84.2 % Total / weighted average 4,280,943 29 4.3 $5.66 $5.95 $0.80 $0.25 30.5 % 43.6 % Additionally, for the three months ended March 31, 2024, leases commenced totaling 307,841 square feet related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above. As of April 29, 2024, addressed 81.2% of expected 2024 new and renewal leasing, consisting of 11.1 million square feet, achieving Cash Rent Change of 26.7%. Capital Markets Activity In the first quarter of 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a price of $38.88 per share, or $22.1 million. The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the first quarter of 2025 to settle the forward contracts. Subsequent to quarter end, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a price of $39.10 per share, or $8.9 million. The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the second quarter of 2025 to settle the forward contracts. The Company has total outstanding net proceeds of $71.8 million available as of April 29, 2024. On March 13, 2024, the Company entered into a note purchase agreement to issue $450 million of fixed rate senior unsecured notes in a private placement offering with a weighted average fixed interest rate of 6.17% The transaction consists of $175 million of 6.05% notes with a five-year term maturing on May 28, 2029; $125 million of 6.17% notes with a seven-year term maturing on May 28, 2031; and $150 million of 6.30% notes with a ten-year term maturing on May 28, 2034. On March 25, 2024, the Company refinanced $200 million Term Loan F, which was scheduled to mature in January 2025. The term loan now matures March 25, 2027, with two one-year extension options, subject to certain conditions. The term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 2.94% until January 15, 2025 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 4.83% from January 15, 2025 through March 25, 2027. As of March 31, 2024, Net Debt to Annualized Run Rate Adjusted EBITDAre was 4.9x and Liquidity was $574.1 million. Conference Call The Company will host a conference call tomorrow, Wednesday, May 1, 2024, at 10:00 a.m. (Eastern Time) to discuss the quarter's results.  The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471.  A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671.  The passcode for the replay is 13745405. Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company's website at www.stagindustrial.com, or by clicking on the following link: http://ir.stagindustrial.com/QuarterlyResults Supplemental Schedule The Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the "Quarterly Results" tab in the Investor Relations section. CONSOLIDATED BALANCE SHEETS STAG Industrial, Inc. (unaudited, in thousands, except share data)