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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 reported its Q2 2020 financial results, showing a net income of $17.6 million or $0.12 per share, up from $12.4 million or $0.10 per share in Q2 2019. Core FFO increased 23.5% to $71.8 million, with Core FFO per share at $0.47. Cash NOI rose 24.5% to $96.6 million. The company acquired two buildings for $11.9 million and sold one for $2.4 million. Occupancy rates stood at 97.0%, with 98.0% of rental billings collected from Q2.
STAG Industrial declared its monthly common stock dividend at $0.120000 for July, August, and September 2020. The record dates for these dividends are July 31, August 31, and September 30, respectively, with payment dates on August 17, September 15, and October 15, 2020. Additionally, the board announced a preferred stock dividend of $0.4296875 for Series C, payable on September 30, 2020, to shareholders of record on September 15, 2020. As of March 31, 2020, the company manages 456 industrial properties across 38 states, totaling approximately 91.8 million square feet of rentable space.
STAG Industrial announced that it will release its second quarter 2020 operating and financial results after market close on July 28, 2020. A conference call will be held on July 29, 2020, at 10:00 a.m. Eastern Time, where interested parties can dial in or access via webcast on the Company's website. As of March 31, 2020, STAG Industrial's portfolio comprises 456 buildings across 38 states, amounting to approximately 91.8 million rentable square feet.
STAG Industrial (NYSE:STAG) has commenced construction on five new solar rooftop systems in Massachusetts and New Jersey, totaling an aggregate capacity of 8.5 MW. These projects are expected to generate over 10 million kWh of electricity annually, equating to powering nearly 1,000 homes. The Massachusetts projects align with the state's SMART Program, promoting the development of distributed solar resources. By expanding its solar portfolio to over 10 MW nationally, STAG demonstrates its commitment to sustainability and community resources.