STAG Industrial (STAG) Tops Q1 EPS by 21c, Beats on Revenues

STAG Industrial (NYSE: STAG) reported Q1 EPS of $0.22, $0.21 better than the analyst estimate of $0.01. Revenue for the quarter came in at $83.28 million versus the consensus estimate of $70.39 million.

First Quarter 2018 Highlights

• Reported $0.22 of net income per basic and diluted share for the first quarter of 2018, as compared to $0.03 of net loss per basic and diluted share for the first quarter of 2017. Reported $21.7 million of net income attributable to common stockholders for the first quarter of 2018 compared to net loss attributable to common stockholders of $2.4 million for the first quarter of 2017.
• Achieved $0.43 of Core FFO per diluted share for the first quarter of 2018, an increase of 4.9% compared to the first quarter of 2017 of $0.41. Generated Core FFO of $44.0 million compared to $35.4 million for the first quarter of 2017, an increase of 24.5%.
• Generated Cash NOI of $64.2 million for the first quarter of 2018, an increase of 13.6% compared to the first quarter of 2017 of $56.5 million.
• Acquired six buildings in the first quarter of 2018, consisting of 1.1 million square feet, for $78.8 million with a weighted average Capitalization Rate of 6.7%.
• Sold two buildings in the first quarter of 2018, consisting of 650,636 square feet for $50.4 million, resulting in a gain of $22.7 million.
• Achieved an Occupancy Rate of 94.7% on the total portfolio and 95.6% on the Operating Portfolio as of March 31, 2018.
• Executed Operating Portfolio leases for 3.3 million square feet for the first quarter of 2018, resulting in a Cash Rent Change and Straight-line Rent Change of 8.7% and 16.8%, respectively.
• Experienced 83.2% Retention for 5.6 million square feet of leases expiring in the quarter.
• On March 9, 2018, Fitch Ratings affirmed the investment grade corporate rating of BBB and stable outlook.
• Appointed Michelle Dilley to the Board of Directors, effective March 12, 2018.
• Subsequent to quarter end, originated $175 million of fixed rate senior unsecured notes in a private placement offering.

For earnings history and earnings-related data on STAG Industrial (STAG) click here.

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