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STAG Industrial, Inc. reports recurring developments as a U.S. industrial REIT focused on acquiring, owning, developing, and operating industrial properties. Company updates commonly cover quarterly operating results, leasing activity, Same Store Cash NOI, acquisition and disposition activity, development projects, occupancy, capitalization rates, and the size and composition of its property pipeline.
News also includes dividend declarations and tax treatment for common stock distributions, changes to dividend cadence, investor presentation updates, and participation in REIT industry conferences. The company’s portfolio emphasis on single-tenant industrial properties makes property-level acquisitions, lease terms, tenant demand, and capital allocation recurring themes in its public announcements.
STAG Industrial, NYSE: STAG, reported robust financial results for Q3 2021, highlighting a significant increase in net income and Core FFO. The net income rose to $48.4 million ($0.30/share), up from $22.4 million ($0.15/share) YoY. Core FFO reached $88.1 million ($0.53/share), showing a 24.6% increase. Cash NOI was $111.1 million, a 16.8% increase. The company acquired 24 buildings for $427.2 million, enhancing its portfolio while maintaining a high occupancy rate of 95.9%. Additionally, STAG raised $127.5 million of equity through its ATM program.
On October 28, 2021, STAG Industrial announced the successful sale of its 350,326 square foot building in Taunton, Massachusetts, generating gross proceeds of $78 million at a cash capitalization rate of 3.1%. The property, acquired vacant in February 2019, underwent significant value enhancement through an 18-month lease and a subsequent 10-year lease with a prestigious e-commerce tenant. CEO Ben Butcher highlighted this sale as a testament to the company's industrial real estate platform. As of September 30, 2021, STAG's portfolio comprises 517 buildings across 40 states with approximately 103.4 million rentable square feet.
STAG Industrial (NYSE:STAG) announced the refinancing of its $750 million senior unsecured revolving credit facility and a $150 million term loan maturing in 2022. The new revolving facility matures on October 24, 2025 and features improved pricing at LIBOR plus 0.775%. The term loan has also been refinanced with a new rate of LIBOR plus 0.85%, maturing on March 15, 2027, and features an interest rate swap fixing the rate at 2.15%. These changes extend debt maturities and reduce borrowing costs.
STAG Industrial, Inc. announced on October 18, 2021, that it achieved a GRESB Public Disclosure Level of 'B' for 2021, marking its second consecutive year at this rating. This score is notably above the average 'C' rating of all companies evaluated by GRESB, placing STAG second among ten industrial real estate firms. The GRESB ranking highlights the company's commitment to environmental, social, and governance (ESG) principles, which are expected to expand alongside its growing portfolio, currently consisting of 501 buildings across 39 states, totaling approximately 100.1 million rentable square feet.
On October 13, 2021, STAG Industrial declared its monthly dividend of $0.120833 per share, maintaining this amount for the fourth quarter. The record dates for the dividends are October 29, November 30, and December 31, 2021, with corresponding payment dates on November 15, December 15, and January 18, 2022, respectively. The company continues to focus on acquiring and operating single-tenant industrial properties across the U.S., with a portfolio of 501 buildings spanning approximately 100.1 million rentable square feet as of June 30, 2021.
STAG Industrial will announce its third quarter 2021 operating and financial results on October 28, 2021, after market close. The earnings conference call is scheduled for October 29, 2021, at 10:00 a.m. ET. Interested parties can participate by calling (877) 407-4018 or through a webcast on the Company’s website. As of June 30, 2021, STAG's portfolio included 501 buildings across 39 states, totaling approximately 100.1 million rentable square feet. For more details, visit www.stagindustrial.com.
STAG Industrial (NYSE:STAG) will participate in several key real estate conferences in September 2021. CEO Ben Butcher will join a virtual panel at the Evercore ISI Real Estate Conference on September 9 at 9:30 a.m. ET. The company has released a business update presentation accessible on its website. STAG Industrial focuses on acquiring and operating single-tenant industrial properties across the U.S., with a portfolio of 501 buildings totaling approximately 100.1 million rentable square feet as of June 30, 2021.
STAG Industrial reported its Q2 2021 financial results, demonstrating significant growth compared to Q2 2020. The company achieved net income of $32.6 million, or $0.20 per share, up 85.6%. Core FFO rose 20.2% to $86.3 million, with a Core FFO per share of $0.52, marking a 10.6% increase. Cash NOI reached $108.8 million, a 12.6% increase from last year. The company acquired nine buildings totaling 1.3 million square feet for $126.7 million, and maintained a strong occupancy rate of 96.8%. STAG also raised $42.2 million via its ATM program.
On July 13, 2021, STAG Industrial announced it will maintain its monthly common stock dividend at $0.120833 per share for the third quarter of 2021. The announced dividends are scheduled for July 30, August 31, and September 30, 2021, with payments on August 16, September 15, and October 15, 2021, respectively. As of March 31, 2021, STAG Industrial's portfolio consisted of 494 buildings across 39 states, totaling approximately 99.1 million rentable square feet.
STAG Industrial (NYSE: STAG) has announced a note purchase agreement to issue $325 million in fixed rate senior unsecured notes. The issuance includes $275 million in 2.80% notes maturing on September 29, 2031, and $50 million in 2.95% notes maturing on September 28, 2033. The offering, expected to close on or around September 28, 2021, will not be registered under the Securities Act of 1933. As of March 31, 2021, STAG's portfolio consists of 494 buildings across 39 states, totaling approximately 99.1 million rentable square feet.