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EX - 99.1 2 q12021earningsrelease.htm EX - 99.1 Boston , MA — STAG INDUSTRIAL STAG INDUSTRIAL ANNOUNCES FIRST QUARTER 2021 RESULTS May 4 , 2021 - STAG Industrial , Inc. ( the " Company " ) ( NYSE : STAG ) , today announced its financial and operating results for the quarter ended March 31 , 2021 . " 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 . " 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 .