Stag Indl Inc Stock Price, News & Analysis

STAG Industrial has priced a public offering of 8,000,000 shares of its common stock, expecting gross proceeds of approximately $243.2 million. The offering is set to close on November 19, 2020. Additionally, underwriters have a 30-day option to purchase up to an extra 1,200,000 shares. Proceeds will be used for acquisitions, debt repayment, and general corporate purposes. STAG Industrial has entered a forward sale agreement to facilitate this offering, which may include an additional 1,200,000 shares, subject to market conditions.

On November 16, 2020, STAG Industrial announced a public offering of 8,000,000 shares of its common stock, with a 30-day option for underwriters to acquire an additional 1,200,000 shares. The proceeds are intended for acquisitions and to repay existing debt under its credit facility. Citigroup, Jefferies, and Raymond James will manage the offering. A forward sale agreement will be executed, leading to a potential total offering of 9,200,000 shares by November 16, 2021, depending on underwriter options.

STAG Industrial has commenced its first solar installation in Illinois and fifth in Massachusetts, contributing to community solar programs. Developed in partnership with Black Bear Energy and Green Street Power Partners, the projects will provide low-cost renewable energy with a total capacity of 3.5 MW, generating over 4.4 million kWh annually—enough to power 361 homes. With these additions, STAG’s solar capacity now totals over 13.5 MW nationwide. The systems are expected to begin operations in Q4 2020.

STAG Industrial announced the creation of the STAG Industrial Charitable Action Fund in collaboration with the Boston Foundation. This Fund aims to enhance the Company's community impact through social responsibility efforts targeting equality and youth empowerment. Ben Butcher, CEO, emphasized that it will serve as the primary avenue for monetary donations and support ongoing volunteerism. The Fund, overseen by the Company's executive team and a diverse Charitable Action Committee, responds to the challenges posed by COVID-19 and social injustices.

On November 9, 2020, STAG Industrial (NYSE:STAG) announced its commitment to the 'Get The Test Boston' pledge, supporting COVID-19 testing awareness among its employees. CEO Ben Butcher expressed the company's dedication to maintaining employee health and contributing to the economic vibrancy of Boston. As of September 30, 2020, STAG Industrial's portfolio consists of 462 properties across 38 states, encompassing approximately 92.3 million rentable square feet. This initiative reflects the company's ongoing efforts to prioritize employee well-being amid the pandemic.

STAG Industrial reported strong financial results for Q3 2020, with a net income of $22.4 million ($0.15 per share), a significant increase from $9.5 million in Q3 2019. Core FFO rose 16.7% to $70.7 million, maintaining a Core FFO per diluted share of $0.46. Cash NOI grew by 15.4% to $95.2 million. STAG acquired five buildings for $64.7 million at a 6.3% cash capitalization rate and sold one property for $20 million, resulting in a $9.1 million gain. The company reported an occupancy rate of 96.3% and collected 98.2% of Q3 rental billings, indicating robust operational performance.

On October 9, 2020, STAG Industrial declared a monthly common stock dividend of $0.120000 for Q4 2020, with record dates on October 30, November 30, and December 31, and payment dates on November 16, December 15, and January 15, 2021. The Board also declared preferred stock dividends of $0.4296875 for the Series C - 6.875% Cumulative Redeemable Preferred Stock. As of June 30, 2020, STAG's portfolio included 457 properties across 38 states, covering approximately 91.8 million rentable square feet.

STAG Industrial announced that it will release its third quarter 2020 operational and financial results after the market closes on November 5, 2020. A conference call to discuss these results is set for November 6, 2020, at 10:00 a.m. Eastern Time. Investors can access the call by dialing (877) 407-4018 in the U.S. or (201) 689-8471 internationally. Additionally, a replay will be available following the call using the passcode 13711004. STAG Industrial, a leader in the acquisition and operation of industrial properties, boasts a portfolio of 457 buildings across 38 states.

On August 17, 2020, STAG Industrial announced a 64-month early lease renewal with a major American automaker for its 1.1 million square foot warehouse in Memphis, TN. This extends the lease to November 2029, increasing the remaining lease term to over nine years. The agreement involves minimal transaction costs and incorporates a 2% annual rent escalation. STAG acquired the property in 2019, and CEO Ben Butcher emphasized the transaction's reflection of the company's operational strength.