(State or other jurisdiction of | (IRS Employer Identification No.) | ||||||||||
incorporation or organization) | |||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Rental Property: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements, net of accumulated depreciation of $ | |||||||||||
Deferred leasing intangibles, net of accumulated amortization of $ | |||||||||||
Total rental property, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Tenant accounts receivable | |||||||||||
Prepaid expenses and other assets | |||||||||||
Interest rate swaps | |||||||||||
Operating lease right-of-use assets | |||||||||||
Assets held for sale, net | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Unsecured credit facility | $ | $ | |||||||||
Unsecured term loans, net | |||||||||||
Unsecured notes, net | |||||||||||
Mortgage notes, net | |||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Interest rate swaps | |||||||||||
Tenant prepaid rent and security deposits | |||||||||||
Dividends and distributions payable | |||||||||||
Deferred leasing intangibles, net of accumulated amortization of $ | |||||||||||
Operating lease liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Series C, - | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Cumulative dividends in excess of earnings | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Rental income | $ | $ | $ | $ | |||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Property | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Debt extinguishment and modification expenses | ( | ( | ( | ||||||||||||||||||||
Gain on involuntary conversion | |||||||||||||||||||||||
Gain on the sales of rental property, net | |||||||||||||||||||||||
Total other income (expense) | ( | ( | ( | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Less: income attributable to noncontrolling interest after preferred stock dividends | |||||||||||||||||||||||
Net income attributable to STAG Industrial, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Less: preferred stock dividends | |||||||||||||||||||||||
Less: redemption of preferred stock | |||||||||||||||||||||||
Less: amount allocated to participating securities | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding — basic | |||||||||||||||||||||||
Weighted average common shares outstanding — diluted | |||||||||||||||||||||||
Net income per share — basic and diluted | |||||||||||||||||||||||
Net income per share attributable to common stockholders — basic | $ | $ | $ | $ | |||||||||||||||||||
Net income per share attributable to common stockholders — diluted | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Income (loss) on interest rate swaps | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Income attributable to noncontrolling interest after preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interest | ( | ( | |||||||||||||||||||||
Comprehensive income attributable to STAG Industrial, Inc. | $ | $ | $ | $ |
Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Dividends in Excess of Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | Noncontrolling Interest - Unit Holders in Operating Partnership | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | ( | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions, net | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation activity, net | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units to common stock | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Rebalancing of noncontrolling interest | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on involuntary conversion | ( | ||||||||||
Non-cash portion of interest expense | |||||||||||
Amortization of above and below market leases, net | |||||||||||
Straight-line rent adjustments, net | ( | ( | |||||||||
Debt extinguishment and modification expenses | |||||||||||
Gain on the sales of rental property, net | ( | ( | |||||||||
Non-cash compensation expense | |||||||||||
Change in assets and liabilities: | |||||||||||
Tenant accounts receivable | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Tenant prepaid rent and security deposits | |||||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of land and buildings and improvements | ( | ( | |||||||||
Additions of land and building and improvements | ( | ( | |||||||||
Acquisitions of other assets | ( | ||||||||||
Proceeds from sales of rental property, net | |||||||||||
Proceeds from involuntary conversion | |||||||||||
Acquisition deposits, net | ( | ||||||||||
Acquisitions of deferred leasing intangibles | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured credit facility | |||||||||||
Repayment of unsecured credit facility | ( | ( | |||||||||
Proceeds from unsecured term loans | |||||||||||
Repayment of unsecured term loans | ( | ( | |||||||||
Repayment of mortgage notes | ( | ( | |||||||||
Payment of loan fees and costs | ( | ( | |||||||||
Payment of defeasance fees and other costs | ( | ||||||||||
Proceeds from sales of common stock, net | |||||||||||
Redemption of preferred stock | ( | ||||||||||
Dividends and distributions | ( | ( | |||||||||
Repurchase and retirement of share-based compensation | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Increase (decrease) in cash and cash equivalents and restricted cash | ( | ||||||||||
Cash and cash equivalents and restricted cash—beginning of period | |||||||||||
Cash and cash equivalents and restricted cash—end of period | $ | $ | |||||||||
Supplemental disclosure: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | $ | |||||||||
Supplemental schedule of non-cash investing and financing activities | |||||||||||
Acquisitions of land and buildings and improvements | $ | ( | $ | ( | |||||||
Acquisitions of deferred leasing intangibles | $ | ( | $ | ( | |||||||
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities | $ | $ | |||||||||
Additions to building and other capital improvements from non-cash compensation | $ | $ | ( | ||||||||
Assumption of mortgage notes | $ | $ | |||||||||
Fair market value adjustment to mortgage notes acquired | $ | ( | $ | ||||||||
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities | $ | $ | ( | ||||||||
Dividends and distributions accrued | $ | $ |
Reconciliation of cash and cash equivalents and restricted cash (in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash and cash equivalents and restricted cash | $ | $ |
Rental Property (in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings, net of accumulated depreciation of $ | ||||||||||||||
Tenant improvements, net of accumulated depreciation of $ | ||||||||||||||
Building and land improvements, net of accumulated depreciation of $ | ||||||||||||||
Construction in progress | ||||||||||||||
Deferred leasing intangibles, net of accumulated amortization of $ | ||||||||||||||
Total rental property, net | $ | $ |
Market (1) | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) | ||||||||||||||||||||||
Omaha/Council Bluffs, NE-IA | January 21, 2021 | $ | ||||||||||||||||||||||||
Minneapolis/St Paul, MN | February 24, 2021 | |||||||||||||||||||||||||
Long Island, NY | February 25, 2021 | |||||||||||||||||||||||||
Sacramento, CA | February 25, 2021 | |||||||||||||||||||||||||
Little Rock/N Little Rock | March 1, 2021 | |||||||||||||||||||||||||
Cleveland, OH | March 18, 2021 | |||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||
Indianapolis, IN | May 17, 2021 | |||||||||||||||||||||||||
Baltimore, MD | May 17, 2021 | |||||||||||||||||||||||||
Detroit, MI | June 1, 2021 | |||||||||||||||||||||||||
Green Bay, WI | June 7, 2021 | |||||||||||||||||||||||||
Phoenix, AZ | June 14, 2021 | |||||||||||||||||||||||||
Cleveland, OH | June 17, 2021 | |||||||||||||||||||||||||
Reno/Sparks, NV | June 30, 2021 | |||||||||||||||||||||||||
Washington, DC | June 30, 2021 | |||||||||||||||||||||||||
Stockton/Modesto, CA | June 30, 2021 | |||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||
Six months ended June 30, 2021 | $ |
Acquired Assets and Liabilities | Purchase Price (in thousands) | Weighted Average Amortization Period (years) of Intangibles at Acquisition | ||||||||||||
Land | $ | N/A | ||||||||||||
Buildings | N/A | |||||||||||||
Tenant improvements | N/A | |||||||||||||
Building and land improvements | N/A | |||||||||||||
Deferred leasing intangibles - In-place leases | ||||||||||||||
Deferred leasing intangibles - Tenant relationships | ||||||||||||||
Deferred leasing intangibles - Above market leases | ||||||||||||||
Deferred leasing intangibles - Below market leases | ( | |||||||||||||
Below market assumed debt adjustment | ||||||||||||||
Total purchase price | $ | |||||||||||||
Less: Mortgage notes assumed | ( | |||||||||||||
Net assets acquired | $ |
Results of Operations (in thousands) | Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||
Total revenue | $ | $ | ||||||||||||
Net income | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Deferred Leasing Intangibles (in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Above market leases | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Other intangible lease assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Total deferred leasing intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Below market leases | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Total deferred leasing intangible liabilities | $ | $ | ( | $ | $ | $ | ( | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Deferred Leasing Intangibles Amortization (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net decrease to rental income related to above and below market lease amortization | $ | $ | $ | $ | ||||||||||||||||||||||
Amortization expense related to other intangible lease assets | $ | $ | $ | $ |
Year | Amortization Expense Related to Other Intangible Lease Assets (in thousands) | Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands) | ||||||||||||
Remainder of 2021 | $ | $ | ||||||||||||
2022 | $ | $ | ||||||||||||
2023 | $ | $ | ||||||||||||
2024 | $ | $ | ||||||||||||
2025 | $ | $ |
Loan | Principal Outstanding as of June 30, 2021 (in thousands) | Principal Outstanding as of December 31, 2020 (in thousands) | Interest Rate(1)(2) | Maturity Date | Prepayment Terms(3) | |||||||||||||||||||||||||||
Unsecured credit facility: | ||||||||||||||||||||||||||||||||
Unsecured Credit Facility(4) | $ | $ | L + | i | ||||||||||||||||||||||||||||
Total unsecured credit facility | ||||||||||||||||||||||||||||||||
Unsecured term loans: | ||||||||||||||||||||||||||||||||
Unsecured Term Loan A | % | i | ||||||||||||||||||||||||||||||
Unsecured Term Loan D | % | i | ||||||||||||||||||||||||||||||
Unsecured Term Loan E | % | i | ||||||||||||||||||||||||||||||
Unsecured Term Loan F | % | i | ||||||||||||||||||||||||||||||
Unsecured Term Loan G | % | i | ||||||||||||||||||||||||||||||
Total unsecured term loans | ||||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||
Total carrying value unsecured term loans, net | ||||||||||||||||||||||||||||||||
Unsecured notes: | ||||||||||||||||||||||||||||||||
Series F Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series A Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series D Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series G Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series B Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series C Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series E Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Series H Unsecured Notes | % | ii | ||||||||||||||||||||||||||||||
Total unsecured notes | ||||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||
Total carrying value unsecured notes, net | ||||||||||||||||||||||||||||||||
Mortgage notes (secured debt): | ||||||||||||||||||||||||||||||||
Wells Fargo Bank, National Association CMBS Loan | % | iii | ||||||||||||||||||||||||||||||
Thrivent Financial for Lutherans | % | iv | ||||||||||||||||||||||||||||||
United of Omaha Life Insurance Company | % | ii | ||||||||||||||||||||||||||||||
Total mortgage notes | ||||||||||||||||||||||||||||||||
Net unamortized fair market value premium (discount) | ( | |||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||
Total carrying value mortgage notes, net | ||||||||||||||||||||||||||||||||
Total / weighted average interest rate(5) | $ | $ | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Costs Included in Interest Expense (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts | $ | $ | $ | $ | ||||||||||||||||||||||
Facility, unused, and other fees | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Indebtedness (in thousands) | Principal Outstanding | Fair Value | Principal Outstanding | Fair Value | ||||||||||||||||||||||
Unsecured credit facility | $ | $ | $ | $ | ||||||||||||||||||||||
Unsecured term loans | ||||||||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||||
Mortgage notes | ||||||||||||||||||||||||||
Total principal amount | $ | $ | ||||||||||||||||||||||||
Net unamortized fair market value premium (discount) | ( | |||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | ( | ( | ||||||||||||||||||||||||
Total carrying value | $ | $ |
Interest Rate Derivative Counterparty | Trade Date | Effective Date | Notional Amount (in thousands) | Fair Value (in thousands) | Pay Fixed Interest Rate | Receive Variable Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jan-08-2015 | Mar-20-2015 | $ | $ | ( | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jan-08-2015 | Feb-14-2020 | $ | $ | ( | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||||
Regions Bank | Jan-08-2015 | Feb-14-2020 | $ | $ | ( | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||||
Capital One, N.A. | Jan-08-2015 | Feb-14-2020 | $ | $ | ( | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-20-2017 | Oct-30-2017 | $ | $ | ( | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||||
Royal Bank of Canada | Jul-20-2017 | Oct-30-2017 | $ | $ | ( | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | $ | ( | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | $ | ( | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | $ | ( | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Sep-29-2020 | $ | $ | ( | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Sep-29-2020 | $ | $ | ( | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Mar-19-2021 | $ | $ | ( | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Mar-19-2021 | $ | $ | ( | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-24-2018 | Jul-26-2019 | $ | $ | ( | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-24-2018 | Jul-26-2019 | $ | $ | ( | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-24-2018 | Jul-26-2019 | $ | $ | ( | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-24-2018 | Jul-26-2019 | $ | $ | ( | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | May-02-2019 | Jul-15-2020 | $ | $ | ( | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | May-02-2019 | Jul-15-2020 | $ | $ | ( | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||||
Regions Bank | May-02-2019 | Jul-15-2020 | $ | $ | ( | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-16-2019 | Jul-15-2020 | $ | $ | ( | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | $ | % | One-month L | Feb-5-2026 | |||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | $ | % | One-month L | Feb-5-2026 | |||||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Feb-17-2021 | Apr-18-2023 | $ | $ | % | One-month L | Feb-5-2026 |
Balance Sheet Line Item (in thousands) | Notional Amount June 30, 2021 | Fair Value June 30, 2021 | Notional Amount December 31, 2020 | Fair Value December 31, 2020 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate swaps-Liability | $ | $ | ( | $ | $ | ( |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Effect of Cash Flow Hedge Accounting (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Income (loss) recognized in accumulated other comprehensive loss on interest rate swaps | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Loss reclassified from accumulated other comprehensive loss into income as interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | $ | $ | $ |
Fair Value Measurements as of June 30, 2021 Using | ||||||||||||||||||||||||||
Balance Sheet Line Item (in thousands) | Fair Value June 30, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate swaps-Liability | $ | ( | $ | $ | ( | $ |
Fair Value Measurements as of December 31, 2020 Using | ||||||||||||||||||||||||||
Balance Sheet Line Item (in thousands) | Fair Value December 31, 2020 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Interest rate swaps-Asset | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate swaps-Liability | $ | ( | $ | $ | ( | $ |
Quarter Ended 2021 | Declaration Date | Series C Preferred Stock Per Share | Payment Date | |||||||||||||||||
March 31 | $ | |||||||||||||||||||
Total | $ |
Quarter Ended 2020 | Declaration Date | Series C Preferred Stock Per Share | Payment Date | |||||||||||||||||
December 31 | $ | |||||||||||||||||||
September 30 | ||||||||||||||||||||
June 30 | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
Total | $ |
ATM Common Stock Offering Program | Date | Maximum Aggregate Offering Price (in thousands) | Aggregate Common Stock Available as of June 30, 2021 (in thousands) | |||||||||||||||||
2019 $600 million ATM | February 14, 2019 | $ | $ |
Six months ended June 30, 2021 | ||||||||||||||||||||
ATM Common Stock Offering Program(1) | Shares Sold | Weighted Average Price Per Share | Net Proceeds | |||||||||||||||||
2019 $600 million ATM | $ | $ | ||||||||||||||||||
Total/weighted average | $ | $ |
Month Ended 2021 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
June 30 | June 30, 2021 | $ | ||||||||||||||||||||||||
May 31 | May 28, 2021 | |||||||||||||||||||||||||
April 30 | April 30, 2021 | |||||||||||||||||||||||||
March 31 | March 31, 2021 | |||||||||||||||||||||||||
February 28 | February 26, 2021 | |||||||||||||||||||||||||
January 31 | January 29, 2021 | |||||||||||||||||||||||||
Total | $ |
Month Ended 2020 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
December 31 | December 31, 2020 | $ | ||||||||||||||||||||||||
November 30 | November 30, 2020 | |||||||||||||||||||||||||
October 31 | October 30, 2020 | |||||||||||||||||||||||||
September 30 | September 30, 2020 | |||||||||||||||||||||||||
August 31 | August 31, 2020 | |||||||||||||||||||||||||
July 31 | July 31, 2020 | |||||||||||||||||||||||||
June 30 | June 30, 2020 | |||||||||||||||||||||||||
May 31 | May 29, 2020 | |||||||||||||||||||||||||
April 30 | April 30, 2020 | |||||||||||||||||||||||||
March 31 | March 31, 2020 | |||||||||||||||||||||||||
February 29 | February 28, 2020 | |||||||||||||||||||||||||
January 31 | January 31, 2020 | |||||||||||||||||||||||||
Total | $ |
Unvested Restricted Shares of Common Stock | Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||||
Balance at December 31, 2019 | $ | |||||||||||||
Granted | (1) | $ | ||||||||||||
Vested | ( | (2) | $ | |||||||||||
Forfeited | ( | $ | ||||||||||||
Balance at December 31, 2020 | $ | |||||||||||||
Granted | (1) | $ | ||||||||||||
Vested | ( | (2) | $ | |||||||||||
Forfeited | ( | $ | ||||||||||||
Balance at June 30, 2021 | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Vested Restricted Shares of Common Stock | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Vested restricted shares of common stock | ||||||||||||||||||||||||||
Fair value of vested restricted shares of common stock (in thousands) | $ | $ | $ | $ |
Noncontrolling Interest | LTIP Units | Other Common Units | Total Noncontrolling Common Units | Noncontrolling Interest | ||||||||||||||||||||||
Balance at December 31, 2019 | % | |||||||||||||||||||||||||
Granted/Issued | N/A | |||||||||||||||||||||||||
Forfeited | N/A | |||||||||||||||||||||||||
Conversions from LTIP units to Other Common Units | ( | N/A | ||||||||||||||||||||||||
Redemptions from Other Common Units to common stock | ( | ( | N/A | |||||||||||||||||||||||
Balance at December 31, 2020 | % | |||||||||||||||||||||||||
Granted/Issued | N/A | |||||||||||||||||||||||||
Forfeited | N/A | |||||||||||||||||||||||||
Conversions from LTIP units to Other Common Units | ( | N/A | ||||||||||||||||||||||||
Redemptions from Other Common Units to common stock | ( | ( | N/A | |||||||||||||||||||||||
Balance at June 30, 2021 | % |
LTIP Units | Assumptions | |||||||
Grant date | January 7, 2021 | |||||||
Expected term (years) | ||||||||
Expected volatility | % | |||||||
Expected dividend yield | % | |||||||
Risk-free interest rate | % | |||||||
Fair value of LTIP units at issuance (in thousands) | $ | |||||||
LTIP units at issuance | ||||||||
Fair value unit price per LTIP unit at issuance | $ |
Unvested LTIP Units | LTIP Units | Weighted Average Grant Date Fair Value per Share | ||||||||||||
Balance at December 31, 2019 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | $ | |||||||||||||
Balance at December 31, 2020 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | $ | |||||||||||||
Balance at June 30, 2021 | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Vested LTIP units | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Vested LTIP units | ||||||||||||||||||||||||||
Fair value of vested LTIP units (in thousands) | $ | $ | $ | $ |
Performance Units | Assumptions | |||||||
Grant date | January 7, 2021 | |||||||
Expected volatility | % | |||||||
Expected dividend yield | % | |||||||
Risk-free interest rate | % | |||||||
Fair value of performance units grant (in thousands) | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Non-Cash Compensation Expense (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Restricted shares of common stock | $ | $ | $ | $ | ||||||||||||||||||||||
LTIP units | ||||||||||||||||||||||||||
Performance units | ||||||||||||||||||||||||||
Director compensation (1) | ||||||||||||||||||||||||||
Total non-cash compensation expense | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Rental Income (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Fixed lease payments | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease payments | ||||||||||||||||||||||||||
Straight-line rental income | ||||||||||||||||||||||||||
Net decrease to rental income related to above and below market lease amortization | ( | ( | ( | ( | ||||||||||||||||||||||
Total rental income | $ | $ | $ | $ |
Year | Maturity of Fixed Lease Payments (in thousands) | |||||||
Remainder of 2021 | $ | |||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
2025 | $ | |||||||
Thereafter | $ |
Operating Lease Term and Discount Rate | June 30, 2021 | December 31, 2020 | ||||||||||||
Weighted average remaining lease term (years) | ||||||||||||||
Weighted average discount rate | % | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Operating Lease Cost (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating lease cost included in property expense attributable to ground leases | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease cost included in general and administrative expense attributable to corporate office lease | ||||||||||||||||||||||||||
Total operating lease cost | $ | $ | $ | $ |
Six months ended June 30, | ||||||||||||||
Operating Leases (in thousands) | 2021 | 2020 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | $ | $ |
Year | Maturity of Operating Lease Liabilities(1) (in thousands) | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: Imputed interest | ( | |||||||
Present value of operating lease liabilities | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Earnings Per Share (in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted average common shares outstanding — basic | ||||||||||||||||||||||||||
Effect of dilutive securities(1) | ||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||
Shares issuable under forward sales agreements | ||||||||||||||||||||||||||
Weighted average common shares outstanding — diluted | ||||||||||||||||||||||||||
Net income per share — basic and diluted | ||||||||||||||||||||||||||
Net income per share attributable to common stockholders — basic | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per share attributable to common stockholders — diluted | $ | $ | $ | $ |
Operating Portfolio | Square Feet | Cash Basis Rent Per Square Foot | SL Rent Per Square Foot | Total Costs Per Square Foot(1) | Cash Rent Change | SL Rent Change | Weighted Average Lease Term(2) (years) | Rental Concessions per Square Foot(3) | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 1,128,576 | $ | 4.16 | $ | 4.33 | $ | 1.83 | 7.3 | % | 13.6 | % | 7.1 | $ | 0.65 | ||||||||||||||||||||||||||||||||||||
Renewal Leases | 2,732,292 | $ | 4.14 | $ | 4.36 | $ | 1.10 | 8.4 | % | 15.7 | % | 6.4 | $ | — | ||||||||||||||||||||||||||||||||||||
Total/weighted average | 3,860,868 | $ | 4.15 | $ | 4.35 | $ | 1.32 | 8.1 | % | 15.1 | % | 6.6 | $ | 0.19 | ||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 1,468,264 | $ | 4.10 | $ | 4.32 | $ | 2.25 | 7.5 | % | 15.3 | % | 7.2 | $ | 0.60 | ||||||||||||||||||||||||||||||||||||
Renewal Leases | 4,984,685 | $ | 4.28 | $ | 4.49 | $ | 1.12 | 9.0 | % | 16.9 | % | 5.8 | $ | 0.07 | ||||||||||||||||||||||||||||||||||||
Total/weighted average | 6,452,949 | $ | 4.24 | $ | 4.45 | $ | 1.38 | 8.7 | % | 16.5 | % | 6.1 | $ | 0.19 |
Lease Expiration Year | Number of Leases Expiring | Total Rentable Square Feet | % of Total Occupied Square Feet | Total Annualized Base Rental Revenue (in thousands) | % of Total Annualized Base Rental Revenue | |||||||||||||||||||||||||||
Available | — | 3,229,878 | — | — | — | |||||||||||||||||||||||||||
Month-to-month leases | 4 | 231,953 | 0.2 | % | $ | 1,110 | 0.2 | % | ||||||||||||||||||||||||
Remainder of 2021 | 22 | 4,345,132 | 4.5 | % | 20,023 | 4.5 | % | |||||||||||||||||||||||||
2022 | 78 | 8,667,176 | 9.0 | % | 39,282 | 8.8 | % | |||||||||||||||||||||||||
2023 | 95 | 13,325,167 | 13.8 | % | 56,558 | 12.7 | % | |||||||||||||||||||||||||
2024 | 81 | 12,294,728 | 12.7 | % | 55,844 | 12.6 | % | |||||||||||||||||||||||||
2025 | 67 | 11,148,944 | 11.5 | % | 49,643 | 11.2 | % | |||||||||||||||||||||||||
2026 | 66 | 10,475,464 | 10.8 | % | 50,530 | 11.4 | % | |||||||||||||||||||||||||
2027 | 39 | 6,914,427 | 7.1 | % | 31,044 | 7.0 | % | |||||||||||||||||||||||||
2028 | 27 | 4,929,994 | 5.1 | % | 21,854 | 4.9 | % | |||||||||||||||||||||||||
2029 | 26 | 5,890,825 | 6.1 | % | 27,549 | 6.2 | % | |||||||||||||||||||||||||
2030 | 23 | 4,111,782 | 4.2 | % | 21,371 | 4.8 | % | |||||||||||||||||||||||||
Thereafter | 57 | 14,508,634 | 15.0 | % | 69,900 | 15.7 | % | |||||||||||||||||||||||||
Total | 585 | 100,074,104 | 100.0 | % | $ | 444,708 | 100.0 | % |
Square Footage | Annualized Base Rental Revenue | |||||||||||||||||||||||||||||||||||||
Building Type | Number of Buildings | Amount | % | Occupancy Rate | Amount (in thousands) | % | ||||||||||||||||||||||||||||||||
Warehouse/Distribution | 418 | 90,960,967 | 90.9 | % | 97.0 | % | $ | 400,040 | 90.0 | % | ||||||||||||||||||||||||||||
Light Manufacturing | 73 | 8,379,905 | 8.4 | % | 98.7 | % | 42,446 | 9.5 | % | |||||||||||||||||||||||||||||
Total Operating Portfolio/weighted average | 491 | 99,340,872 | 99.3 | % | 97.2 | % | $ | 442,486 | 99.5 | % | ||||||||||||||||||||||||||||
Value Add/Other | 3 | 331,537 | 0.3 | % | 53.4 | % | 825 | 0.2 | % | |||||||||||||||||||||||||||||
Flex/Office | 7 | 401,695 | 0.4 | % | 37.4 | % | 1,397 | 0.3 | % | |||||||||||||||||||||||||||||
Total portfolio/weighted average | 501 | 100,074,104 | 100.0 | % | 96.8 | % | $ | 444,708 | 100.0 | % |
Market (1) | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) | ||||||||||||||||||||||
Omaha/Council Bluffs, NE-IA | January 21, 2021 | 370,000 | 1 | $ | 24,922 | |||||||||||||||||||||
Minneapolis/St Paul, MN | February 24, 2021 | 80,655 | 1 | 10,174 | ||||||||||||||||||||||
Long Island, NY | February 25, 2021 | 64,224 | 1 | 8,516 | ||||||||||||||||||||||
Sacramento, CA | February 25, 2021 | 267,284 | 1 | 25,917 | ||||||||||||||||||||||
Little Rock/N Little Rock | March 1, 2021 | 300,160 | 1 | 24,317 | ||||||||||||||||||||||
Cleveland, OH | March 18, 2021 | 170,000 | 1 | 6,382 | ||||||||||||||||||||||
Three months ended March 31, 2021 | 1,252,323 | 6 | 100,228 | |||||||||||||||||||||||
Indianapolis, IN | May 17, 2021 | 154,440 | 1 | 13,655 | ||||||||||||||||||||||
Baltimore, MD | May 17, 2021 | 46,851 | 1 | 6,228 | ||||||||||||||||||||||
Detroit, MI | June 1, 2021 | 248,040 | 1 | 23,786 | ||||||||||||||||||||||
Green Bay, WI | June 7, 2021 | 152,000 | 1 | 7,249 | ||||||||||||||||||||||
Phoenix, AZ | June 14, 2021 | 41,504 | 1 | 8,670 | ||||||||||||||||||||||
Cleveland, OH | June 17, 2021 | 179,577 | 1 | 19,602 | ||||||||||||||||||||||
Reno/Sparks, NV | June 30, 2021 | 183,435 | 1 | 13,892 | ||||||||||||||||||||||
Washington, DC | June 30, 2021 | 193,420 | 1 | 17,521 | ||||||||||||||||||||||
Stockton/Modesto, CA | June 30, 2021 | 150,000 | 1 | 16,118 | ||||||||||||||||||||||
Three months ended June 30, 2021 | 1,349,267 | 9 | 126,721 | |||||||||||||||||||||||
Six months ended June 30, 2021 | 2,601,590 | 15 | $ | 226,949 |
Top 20 Markets (1) | % of Total Annualized Base Rental Revenue | |||||||
Chicago, IL | 7.0 | % | ||||||
Philadelphia, PA | 6.0 | % | ||||||
Greenville/Spartanburg, SC | 5.1 | % | ||||||
Pittsburgh, PA | 4.7 | % | ||||||
Detroit, MI | 4.5 | % | ||||||
Milwaukee/Madison, WI | 4.4 | % | ||||||
Minneapolis/St Paul, MN | 4.2 | % | ||||||
Columbus, OH | 3.8 | % | ||||||
Houston, TX | 3.3 | % | ||||||
Charlotte, NC | 2.9 | % | ||||||
West Michigan, MI | 2.4 | % | ||||||
Boston, MA | 2.3 | % | ||||||
Indianapolis, IN | 2.3 | % | ||||||
El Paso, TX | 2.1 | % | ||||||
Cincinnati/Dayton, OH | 2.0 | % | ||||||
Cleveland, OH | 1.9 | % | ||||||
Raleigh/Durham, NC | 1.6 | % | ||||||
Columbia, SC | 1.6 | % | ||||||
Westchester/So Connecticut, CT/NY | 1.6 | % | ||||||
Kansas City, MO | 1.5 | % | ||||||
Total | 65.2 | % |
Top 20 Tenant Industries (1) | % of Total Annualized Base Rental Revenue | |||||||
Air Freight & Logistics | 10.9 | % | ||||||
Containers & Packaging | 9.0 | % | ||||||
Auto Components | 7.8 | % | ||||||
Internet & Direct Mkt Retail | 5.5 | % | ||||||
Trading Companies & Distributors (Industrial Goods) | 5.4 | % | ||||||
Commercial Services & Supplies | 5.1 | % | ||||||
Machinery | 4.9 | % | ||||||
Household Durables | 4.1 | % | ||||||
Media | 4.1 | % | ||||||
Food & Staples Retailing | 4.1 | % | ||||||
Distributors (Consumer Goods) | 3.6 | % | ||||||
Building Products | 3.1 | % | ||||||
Food Products | 2.8 | % | ||||||
Specialty Retail | 2.1 | % | ||||||
Beverages | 2.1 | % | ||||||
Electronic Equip, Instruments | 2.0 | % | ||||||
Textiles, Apparel, Luxury Good | 2.0 | % | ||||||
Chemicals | 1.8 | % | ||||||
Electrical Equipment | 1.7 | % | ||||||
Health Care Equipment & Supplies | 1.7 | % | ||||||
Total | 83.8 | % |
Top 20 Tenants (1) | Number of Leases | % of Total Annualized Base Rental Revenue | ||||||||||||
Amazon | 7 | 3.9 | % | |||||||||||
XPO Logistics, Inc. | 5 | 1.2 | % | |||||||||||
Eastern Metal Supply, Inc. | 5 | 1.1 | % | |||||||||||
FedEx Corporation | 4 | 1.0 | % | |||||||||||
American Tire Distributors Inc | 6 | 0.9 | % | |||||||||||
Westrock Company | 7 | 0.9 | % | |||||||||||
Penguin Random House LLC | 1 | 0.9 | % | |||||||||||
DS Smith North America | 2 | 0.8 | % | |||||||||||
Lippert Component Manufact | 4 | 0.8 | % | |||||||||||
Ford Motor Company | 1 | 0.8 | % | |||||||||||
Carolina Beverage Group | 2 | 0.8 | % | |||||||||||
Hachette Book Group, Inc. | 1 | 0.8 | % | |||||||||||
Costco Wholesale Corporation | 2 | 0.7 | % | |||||||||||
Packaging Corp of America | 5 | 0.7 | % | |||||||||||
Yanfeng US Automotive Interior | 2 | 0.7 | % | |||||||||||
Schneider Electric USA, Inc. | 3 | 0.7 | % | |||||||||||
Kenco Logistic Services, LLC | 2 | 0.7 | % | |||||||||||
Perrigo Company | 2 | 0.7 | % | |||||||||||
TriMas Corporation | 3 | 0.7 | % | |||||||||||
Generation Brands | 1 | 0.6 | % | |||||||||||
Total | 65 | 19.4 | % |
Same Store Portfolio | Acquisitions/Dispositions | Other | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | Change | Three months ended June 30, | Three months ended June 30, | Three months ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 114,243 | $ | 106,963 | $ | 7,280 | 6.8 | % | $ | 18,376 | $ | 6,779 | $ | 5,186 | $ | 3,729 | $ | 137,805 | $ | 117,471 | $ | 20,334 | 17.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other income | 142 | 112 | 30 | 26.8 | % | 30 | 17 | 450 | 17 | 622 | 146 | 476 | 326.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | 114,385 | 107,075 | 7,310 | 6.8 | % | 18,406 | 6,796 | 5,636 | 3,746 | 138,427 | 117,617 | 20,810 | 17.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | 20,348 | 17,757 | 2,591 | 14.6 | % | 3,631 | 1,541 | 1,377 | 1,094 | 25,356 | 20,392 | 4,964 | 24.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income (1) | $ | 94,037 | $ | 89,318 | $ | 4,719 | 5.3 | % | $ | 14,775 | $ | 5,255 | $ | 4,259 | $ | 2,652 | 113,071 | 97,225 | 15,846 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 12,578 | 9,406 | 3,172 | 33.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 57,332 | 53,606 | 3,726 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 511 | 588 | (77) | (13.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | 70,421 | 63,600 | 6,821 | 10.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 95,777 | 83,992 | 11,785 | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 30 | 156 | (126) | (80.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (15,273) | (15,333) | 60 | (0.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment and modification expenses | — | (834) | 834 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on involuntary conversion | — | 657 | (657) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on the sales of rental property, net | 5,976 | 1,045 | 4,931 | 471.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | (9,267) | (14,309) | 5,042 | (35.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 33,383 | $ | 19,316 | $ | 14,067 | 72.8 | % |
Same Store Portfolio | Acquisitions/Dispositions | Other | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, | Change | Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 226,675 | $ | 216,444 | $ | 10,231 | 4.7 | % | $ | 35,693 | $ | 12,717 | $ | 9,262 | $ | 6,649 | $ | 271,630 | $ | 235,810 | $ | 35,820 | 15.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other income | 198 | 283 | (85) | (30.0) | % | 144 | 21 | 450 | 51 | 792 | 355 | 437 | 123.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | 226,873 | 216,727 | 10,146 | 4.7 | % | 35,837 | 12,738 | 9,712 | 6,700 | 272,422 | 236,165 | 36,257 | 15.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | 42,201 | 36,796 | 5,405 | 14.7 | % | 7,186 | 3,145 | 2,971 | 2,398 | 52,358 | 42,339 | 10,019 | 23.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income (1) | $ | 184,672 | $ | 179,931 | $ | 4,741 | 2.6 | % | $ | 28,651 | $ | 9,593 | $ | 6,741 | $ | 4,302 | 220,064 | 193,826 | 26,238 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 25,368 | 19,779 | 5,589 | 28.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 115,739 | 106,294 | 9,445 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 1,363 | 1,064 | 299 | 28.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | 142,470 | 127,137 | 15,333 | 12.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 194,828 | 169,476 | 25,352 | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 62 | 235 | (173) | (73.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (30,631) | (30,197) | (434) | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment and modification expenses | (679) | (834) | 155 | (18.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on involuntary conversion | — | 657 | (657) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on the sales of rental property, net | 12,385 | 47,804 | (35,419) | (74.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | (18,863) | 17,665 | (36,528) | (206.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 58,731 | $ | 84,354 | $ | (25,623) | (30.4) | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Reconciliation of Net Income to FFO (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 33,383 | $ | 19,316 | $ | 58,731 | $ | 84,354 | ||||||||||||||||||
Rental property depreciation and amortization | 57,291 | 53,537 | 115,630 | 106,154 | ||||||||||||||||||||||
Gain on the sales of rental property, net | (5,976) | (1,045) | (12,385) | (47,804) | ||||||||||||||||||||||
FFO | 84,698 | 71,808 | 161,976 | 142,704 | ||||||||||||||||||||||
Preferred stock dividends | — | (1,289) | (1,289) | (2,578) | ||||||||||||||||||||||
Redemption of preferred stock | — | — | (2,582) | — | ||||||||||||||||||||||
Amount allocated to restricted shares of common stock and unvested units | (224) | (196) | (461) | (406) | ||||||||||||||||||||||
FFO attributable to common stockholders and unit holders | $ | 84,474 | $ | 70,323 | $ | 157,644 | $ | 139,720 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Reconciliation of Net Income to NOI (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 33,383 | $ | 19,316 | $ | 58,731 | $ | 84,354 | ||||||||||||||||||
General and administrative | 12,578 | 9,406 | 25,368 | 19,779 | ||||||||||||||||||||||
Transaction costs | 59 | 8 | 79 | 59 | ||||||||||||||||||||||
Depreciation and amortization | 57,332 | 53,606 | 115,739 | 106,294 | ||||||||||||||||||||||
Interest and other income | (30) | (156) | (62) | (235) | ||||||||||||||||||||||
Interest expense | 15,273 | 15,333 | 30,631 | 30,197 | ||||||||||||||||||||||
Gain on involuntary conversion | — | (657) | — | (657) | ||||||||||||||||||||||
Debt extinguishment and modification expenses | — | 834 | 679 | 834 | ||||||||||||||||||||||
Other expenses | 452 | 580 | 1,284 | 1,005 | ||||||||||||||||||||||
Gain on the sales of rental property, net | (5,976) | (1,045) | (12,385) | (47,804) | ||||||||||||||||||||||
Net operating income | $ | 113,071 | $ | 97,225 | $ | 220,064 | $ | 193,826 |
Six months ended June 30, | Change | |||||||||||||||||||||||||
Cash Flows (dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 162,373 | $ | 148,088 | $ | 14,285 | 9.6 | % | ||||||||||||||||||
Net cash used in investing activities | $ | 202,017 | $ | 55,089 | $ | 146,928 | 266.7 | % | ||||||||||||||||||
Net cash provided by financing activities | $ | 37,820 | $ | 9,739 | $ | 28,081 | 288.3 | % |
Month Ended 2021 | Declaration Date | Record Date | Per Share | Payment Date | ||||||||||||||||||||||
June 30 | April 12, 2021 | June 30, 2021 | $ | 0.120833 | July 15, 2021 | |||||||||||||||||||||
May 31 | April 12, 2021 | May 28, 2021 | 0.120833 | June 15, 2021 | ||||||||||||||||||||||
April 30 | April 12, 2021 | April 30, 2021 | 0.120833 | May 17, 2021 | ||||||||||||||||||||||
March 31 | January 11, 2021 | March 31, 2021 | 0.120833 | April 15, 2021 | ||||||||||||||||||||||
February 28 | January 11, 2021 | February 26, 2021 | 0.120833 | March 15, 2021 | ||||||||||||||||||||||
January 31 | January 11, 2021 | January 29, 2021 | 0.120833 | February 16, 2021 | ||||||||||||||||||||||
Total | $ | 0.724998 |
Quarter Ended 2021 | Declaration Date | Series C Preferred Stock Per Share | Payment Date | |||||||||||||||||
March 31 | January 11, 2021 | $ | 0.4296875 | March 31, 2021 | ||||||||||||||||
Total | $ | 0.4296875 |
Loan | Principal Outstanding as of June 30, 2021 (in thousands) | Interest Rate(1)(2) | Maturity Date | Prepayment Terms(3) | ||||||||||||||||||||||||||||
Unsecured credit facility: | ||||||||||||||||||||||||||||||||
Unsecured Credit Facility(4) | $ | 284,000 | L + 0.90% | January 12, 2024 | i | |||||||||||||||||||||||||||
Total unsecured credit facility | 284,000 | |||||||||||||||||||||||||||||||
Unsecured term loans: | ||||||||||||||||||||||||||||||||
Unsecured Term Loan A | 150,000 | 3.38 | % | March 31, 2022 | i | |||||||||||||||||||||||||||
Unsecured Term Loan D | 150,000 | 2.85 | % | January 4, 2023 | i | |||||||||||||||||||||||||||
Unsecured Term Loan E | 175,000 | 3.92 | % | January 15, 2024 | i | |||||||||||||||||||||||||||
Unsecured Term Loan F | 200,000 | 3.11 | % | January 12, 2025 | i | |||||||||||||||||||||||||||
Unsecured Term Loan G | 300,000 | 1.28 | % | February 5, 2026 | i | |||||||||||||||||||||||||||
Total unsecured term loans | 975,000 | |||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (4,070) | |||||||||||||||||||||||||||||||
Total carrying value unsecured term loans, net | 970,930 | |||||||||||||||||||||||||||||||
Unsecured notes: | ||||||||||||||||||||||||||||||||
Series F Unsecured Notes | 100,000 | 3.98 | % | January 5, 2023 | ii | |||||||||||||||||||||||||||
Series A Unsecured Notes | 50,000 | 4.98 | % | October 1, 2024 | ii | |||||||||||||||||||||||||||
Series D Unsecured Notes | 100,000 | 4.32 | % | February 20, 2025 | ii | |||||||||||||||||||||||||||
Series G Unsecured Notes | 75,000 | 4.10 | % | June 13, 2025 | ii | |||||||||||||||||||||||||||
Series B Unsecured Notes | 50,000 | 4.98 | % | July 1, 2026 | ii | |||||||||||||||||||||||||||
Series C Unsecured Notes | 80,000 | 4.42 | % | December 30, 2026 | ii | |||||||||||||||||||||||||||
Series E Unsecured Notes | 20,000 | 4.42 | % | February 20, 2027 | ii | |||||||||||||||||||||||||||
Series H Unsecured Notes | 100,000 | 4.27 | % | June 13, 2028 | ii | |||||||||||||||||||||||||||
Total unsecured notes | 575,000 | |||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (1,610) | |||||||||||||||||||||||||||||||
Total carrying value unsecured notes, net | 573,390 | |||||||||||||||||||||||||||||||
Mortgage notes (secured debt): | ||||||||||||||||||||||||||||||||
Wells Fargo Bank, National Association CMBS Loan | 47,580 | 4.31 | % | December 1, 2022 | iii | |||||||||||||||||||||||||||
Thrivent Financial for Lutherans | 3,494 | 4.78 | % | December 15, 2023 | iv | |||||||||||||||||||||||||||
United of Omaha Life Insurance Company | 5,040 | 3.71 | % | October 1, 2039 | ii | |||||||||||||||||||||||||||
Total mortgage notes | 56,114 | |||||||||||||||||||||||||||||||
Less: Net unamortized fair market value discount | (134) | |||||||||||||||||||||||||||||||
Total unamortized deferred financing fees and debt issuance costs | (169) | |||||||||||||||||||||||||||||||
Total carrying value mortgage notes, net | 55,811 | |||||||||||||||||||||||||||||||
Total / weighted average interest rate(5) | $ | 1,884,131 | 2.99 | % |
Debt Capital Structure | June 30, 2021 | |||||||
Total principal outstanding (in thousands) | $ | 1,890,114 | ||||||
Weighted average duration (years) | 3.3 | |||||||
% Secured debt | 3.0 | % | ||||||
% Debt maturing next 12 months | 7.9 | % | ||||||
Net Debt to Real Estate Cost Basis(1) | 34.8 | % |
ATM Common Stock Offering Program | Date | Maximum Aggregate Offering Price (in thousands) | Aggregate Common Stock Available as of June 30, 2021 (in thousands) | |||||||||||||||||
2019 $600 million ATM | February 14, 2019 | $ | 600,000 | $ | 204,023 |
Three months ended June 30, 2021 | ||||||||||||||||||||||||||
ATM Common Stock Offering Program(1) | Shares Sold | Weighted Average Price Per Share | Sales Agents’ Fees | Net Proceeds | ||||||||||||||||||||||
2019 $600 million ATM | 1,208,014 | $ | 34.95 | $ | 422 | $ | 41,799 | |||||||||||||||||||
Total/weighted average | 1,208,014 | $ | 34.95 | $ | 422 | $ | 41,799 |
Interest Rate Derivative Counterparty | Trade Date | Effective Date | Notional Amount (in thousands) | Fair Value (in thousands) | Pay Fixed Interest Rate | Receive Variable Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jan-08-2015 | Mar-20-2015 | $ | 25,000 | $ | (324) | 1.8280 | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jan-08-2015 | Feb-14-2020 | $ | 25,000 | $ | (441) | 2.4535 | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||
Regions Bank | Jan-08-2015 | Feb-14-2020 | $ | 50,000 | $ | (891) | 2.4750 | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||
Capital One, N.A. | Jan-08-2015 | Feb-14-2020 | $ | 50,000 | $ | (912) | 2.5300 | % | One-month L | Mar-31-2022 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-20-2017 | Oct-30-2017 | $ | 25,000 | $ | (637) | 1.8485 | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Royal Bank of Canada | Jul-20-2017 | Oct-30-2017 | $ | 25,000 | $ | (638) | 1.8505 | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | 25,000 | $ | (638) | 1.8505 | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | 25,000 | $ | (637) | 1.8485 | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-20-2017 | Oct-30-2017 | $ | 50,000 | $ | (1,273) | 1.8475 | % | One-month L | Jan-04-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Sep-29-2020 | $ | 75,000 | $ | (64) | 0.2750 | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Sep-29-2020 | $ | 75,000 | $ | (70) | 0.2790 | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Apr-20-2020 | Mar-19-2021 | $ | 75,000 | $ | (64) | 0.2750 | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Apr-20-2020 | Mar-19-2021 | $ | 75,000 | $ | (71) | 0.2800 | % | One-month L | Apr-18-2023 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Jul-24-2018 | Jul-26-2019 | $ | 50,000 | $ | (3,243) | 2.9180 | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
PNC Bank, N.A. | Jul-24-2018 | Jul-26-2019 | $ | 50,000 | $ | (3,243) | 2.9190 | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-24-2018 | Jul-26-2019 | $ | 50,000 | $ | (3,243) | 2.9190 | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Jul-24-2018 | Jul-26-2019 | $ | 25,000 | $ | (1,622) | 2.9190 | % | One-month L | Jan-12-2024 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | May-02-2019 | Jul-15-2020 | $ | 50,000 | $ | (2,932) | 2.2460 | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | May-02-2019 | Jul-15-2020 | $ | 50,000 | $ | (2,932) | 2.2459 | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Regions Bank | May-02-2019 | Jul-15-2020 | $ | 50,000 | $ | (2,930) | 2.2459 | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
Bank of Montreal | Jul-16-2019 | Jul-15-2020 | $ | 50,000 | $ | (1,990) | 1.7165 | % | One-month L | Jan-15-2025 | ||||||||||||||||||||||||||||||||||
U.S. Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 150,000 | $ | 848 | 0.9385 | % | One-month L | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 428 | 0.9365 | % | One-month L | Feb-5-2026 | ||||||||||||||||||||||||||||||||||
The Toronto-Dominion Bank | Feb-17-2021 | Apr-18-2023 | $ | 75,000 | $ | 428 | 0.9360 | % | One-month L | Feb-5-2026 |
Exhibit Number | Description of Document | |||||||
31.1 * | ||||||||
31.2 * | ||||||||
32.1 ** | ||||||||
101.INS * | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH * | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL * | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF * | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB * | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE * | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 * | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |
STAG INDUSTRIAL, INC. | ||||||||
Date: July 27, 2021 | BY: | /s/ WILLIAM R. CROOKER | ||||||
William R. Crooker | ||||||||
President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||||||||
BY: | /s/ JACLYN M. PAUL | |||||||
Jaclyn M. Paul | ||||||||
Chief Accounting Officer, Senior Vice President (Principal Accounting Officer) |
Date: July 27, 2021 | /s/ BENJAMIN S. BUTCHER | ||||
Benjamin S. Butcher Chairman and Chief Executive Officer |
Date: July 27, 2021 | /s/ WILLIAM R. CROOKER | ||||
William R. Crooker President, Chief Financial Officer and Treasurer |
Date: July 27, 2021 | /s/ BENJAMIN S. BUTCHER | ||||
Benjamin S. Butcher Chairman and Chief Executive Officer | |||||
/s/ WILLIAM R. CROOKER | |||||
William R. Crooker President, Chief Financial Officer and Treasurer |
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Building and Improvements, accumulated depreciation | $ 552,967 | $ 495,348 |
Deferred leasing intangible assets, accumulated amortization | 260,893 | 258,005 |
Deferred leasing intangible liabilities, accumulated amortization | $ 17,510 | $ 15,759 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 160,315,538 | 158,209,823 |
Common Stock, Shares, Outstanding | 160,315,538 | 158,209,823 |
Series C Preferred Stock | ||
Preferred Stock, Shares Issued | 0 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 3,000,000 |
Preferred Stock, Liquidation Preference Per Share | $ 25.00 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 33,383 | $ 19,316 | $ 58,731 | $ 84,354 |
Other comprehensive income (loss): | ||||
Income (loss) on interest rate swaps | 1,432 | (2,009) | 13,582 | (32,200) |
Other comprehensive income (loss) | 1,432 | (2,009) | 13,582 | (32,200) |
Comprehensive income | 34,815 | 17,307 | 72,313 | 52,154 |
Income attributable to noncontrolling interest after preferred stock dividends | (733) | (407) | (1,206) | (2,005) |
Other comprehensive (income) loss attributable to noncontrolling interest | (31) | 32 | (299) | 789 |
Comprehensive income attributable to STAG Industrial, Inc. | $ 34,051 | $ 16,932 | $ 70,808 | $ 50,938 |
Organization and Description of Business |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2021 and December 31, 2020, the Company owned a 97.8% and 98.0%, respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of June 30, 2021, the Company owned 501 buildings in 39 states with approximately 100.1 million rentable square feet, consisting of 421 warehouse/distribution buildings, 73 light manufacturing buildings, and seven flex/office buildings. COVID-19 Pandemic Currently, one of the most significant risks and uncertainties facing the Company and the real estate industry generally is the potential adverse effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company closely monitors the effect of the COVID-19 pandemic on all aspects of its business, including how the pandemic will affect its tenants and business partners. The Company did not incur significant disruptions from the COVID-19 pandemic during the three and six months ended June 30, 2021. In addition, the Company did not enter into any rent deferral agreements during the three and six months ended June 30, 2021. The Company will continue to evaluate tenant rent relief requests on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company foregoing its contractual rights under its lease agreements. The Company remains unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic affects the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. Restricted Cash The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.
Incentive and Equity-Based Employee Compensation Plans On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s -month retirement notification period or retirement eligibility date, respectively. The adoption of the Vesting Program resulted in an increase to general and administrative expenses of approximately $1.4 million and $2.9 million for the three and six months ended June 30, 2021, respectively, due to the acceleration of equity-based compensation expense for certain eligible employees. The Company estimates that the adoption of the Vesting Program will result in an increase in general and administrative expenses of approximately $2.4 million for the year ending December 31, 2021. Taxes Federal Income Taxes The Company’s taxable REIT subsidiary recognized net loss of approximately $4,000, $4,000, $0 and $0 for the three and six months ended June 30, 2021 and 2020, respectively. State and Local Income, Excise, and Franchise Tax State and local income, excise, and franchise taxes in the amount of $0.4 million, $0.8 million, $0.5 million and $0.9 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020, respectively. Uncertain Tax Positions As of June 30, 2021 and December 31, 2020, there were no liabilities for uncertain tax positions. Concentrations of Credit Risk Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
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Rental Property |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Property | Rental Property The following table summarizes the components of rental property as of June 30, 2021 and December 31, 2020.
Acquisitions The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2021. The Company accounted for all of its acquisitions as asset acquisitions.
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected. The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2021 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
On February 25, 2021, the Company assumed a mortgage note of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY. For a discussion of the method used to determine the fair value of the mortgage note, see Note 4. The following table summarizes the results of operations for the three and six months ended June 30, 2021 for the buildings acquired during the six months ended June 30, 2021 included in the Company’s Consolidated Statements of Operations from the date of acquisition.
Dispositions During the six months ended June 30, 2021, the Company sold six buildings to third parties comprised of approximately 0.9 million rentable square feet with a net book value of approximately $27.2 million. These buildings contributed approximately $0.2 million, $0.5 million, $1.1 million and $2.1 million to revenue for the three and six months ended June 30, 2021 and 2020, respectively. These buildings contributed approximately $0.1 million, $0.1 million, $0.5 million and $0.8 million to net income (exclusive of gain on the sales of rental property, net) for the three and six months ended June 30, 2021 and 2020, respectively. Net proceeds from the sales of rental property were approximately $39.6 million and the Company recognized the full gain on the sales of rental property, net, of approximately $12.4 million for the six months ended June 30, 2021. Assets Held for Sale As of June 30, 2021, the related land, building and improvements, net, and deferred leasing intangibles, net, of approximately $0.8 million, $1.9 million, and $0, respectively, for one building located in Charlotte, NC were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. This building contributed approximately $0.1 million, $0.3 million, $0.2 million and $0.3 million to revenue for the three and six months ended June 30, 2021 and 2020, respectively. This building contributed approximately $0.1 million, $0.2 million, $0.1 million and $0.1 million to net income for the three and six months ended June 30, 2021 and 2020, respectively. Gain on Involuntary Conversion During the three and six months ended June 30, 2021, the Company did not recognize any gain on involuntary conversion. During the three and six months ended June 30, 2020, the Company recognized a gain on involuntary conversion of approximately $0.7 million related to an eminent domain taking of a portion of a parcel of land. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2021 and 2020.
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of June 30, 2021.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2021 and December 31, 2020.
(1)Interest rate as of June 30, 2021. At June 30, 2021, the one-month LIBOR (“L”) was 0.10050%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements. (2)The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of June 30, 2021, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 2.38%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023. (3)Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date. (4)The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.2 million and $1.6 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. The initial maturity date is January 15, 2023, which may be extended pursuant to two -month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (5)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2021 was approximately $463.1 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $6.3 million and $6.3 million as of June 30, 2021 and December 31, 2020, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2021 and 2020.
Subsequent to June 30, 2021, on July 8, 2021, the Company entered into a note purchase agreement for the future private placement by the Operating Partnership of $275.0 million senior unsecured notes, maturing September 29, 2031, with a fixed annual interest rate of 2.80%, and $50.0 million senior unsecured notes, maturing September 28, 2033, with a fixed annual interest rate of 2.95%. The notes are expected to be issued on or around September 28, 2021, subject to conditions. On February 25, 2021, the Company assumed a mortgage note with United of Omaha Life Insurance Company of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY, which serves as collateral for the debt. The debt matures on October 1, 2039 and bears interest at 3.71% per annum. The assumed debt was recorded at fair value and a fair value discount of approximately $0.2 million was recorded during three months ended March 31, 2021. The fair value of debt was determined by discounting the future cash flows using the current rate of approximately 4.10% at which loans would be made to borrowers with similar credit ratings for loans with similar maturities, terms, and loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a nonrecurring fair value measurement. On February 5, 2021, the Company entered into an amendment to the unsecured credit facility (the “Credit Facility Amendment”). The Credit Facility Amendment provides for an increase in the aggregate commitments available for borrowing under the unsecured credit facility from $500 million to up to $750 million. As of June 30, 2021, the unsecured credit facility bore an interest rate of LIBOR plus a spread of 0.90% based on the Company’s debt rating, as defined in the loan agreement. In connection with the Credit Facility Amendment, the Company incurred approximately $1.2 million in costs which are being deferred and amortized through the maturity date of the unsecured credit facility. Other than the increase in the borrowing commitments, the material terms of the unsecured credit facility remain unchanged. On February 5, 2021, the Company entered into an amendment to the Unsecured Term Loan G (the “Amendment to Unsecured Term Loan G”). The Amendment to Unsecured Term Loan G provides for an extension of the maturity date to February 5, 2026 and a reduced stated interest rate of one-month LIBOR plus a spread that ranges from 0.85% to 1.65% for LIBOR borrowings based on the Company’s debt ratings. The Amendment to Unsecured Term Loan G also amended the provision for a minimum interest rate, or floor, for LIBOR borrowings to 0.00% and for Base Rate borrowings to 1.00%. As of June 30, 2021, borrowings under the Unsecured Term Loan G bore interest at LIBOR plus 1.00%. In connection with the Amendment to Unsecured Term Loan G, the Company incurred approximately $1.6 million in costs which are being deferred and amortized through the new maturity date of February 5, 2026. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. Additionally, the Company reversed the previously accrued extension fees of approximately $1.1 million from the amendment to the Unsecured Term Loan G that was entered into on April 17, 2020, which resulted in a decrease to interest expense of approximately $0.3 million. Other than the maturity and interest rate provisions described above, the material terms of the Unsecured Term Loan G remain unchanged. Financial Covenant Considerations The Company was in compliance with all financial and other covenants as of June 30, 2021 and December 31, 2020 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $89.3 million and $81.4 million at June 30, 2021 and December 31, 2020, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2021 and December 31, 2020.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. The following table summarizes the Company’s outstanding interest rate swaps as of June 30, 2021. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges.
The following table summarizes the fair value of the interest rate swaps outstanding as of June 30, 2021 and December 31, 2020.
Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $14.6 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. The following table summarizes the effect of cash flow hedge accounting and the location in the consolidated financial statements for the three and six months ended June 30, 2021 and 2020.
Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of June 30, 2021, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2021, it could have been required to settle its obligations under the agreement of the interest rate swaps in a net liability position by counterparty plus accrued interest for approximately $27.8 million. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
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Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Preferred Stock On March 1, 2021, the Company gave notice to redeem all 3,000,000 issued and outstanding shares of the 6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") on March 31, 2021. The Company redeemed the Series C Preferred Stock on March 31, 2021 at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding, the redemption date. The Company recognized a deemed dividend to the holders of the Series C Preferred Stock of approximately $2.6 million on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2021 related to redemption costs and the original issuance costs of the Series C Preferred Stock. The Company has no outstanding preferred stock issuances as of June 30, 2021. The following tables summarize the dividends attributable to the Company’s outstanding preferred stock issuances during the three months ended March 31, 2021 and the year ended December 31, 2020.
Common Stock The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2021.
The table below summarizes the activity under the ATM common stock offering program during the six months ended June 30, 2021 (in thousands, except share data). There was no activity under the ATM common stock offering program during the year ended December 31, 2020.
(1)Includes transactions settled during the period and excludes ATM issuances on a forward basis. On April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of shares on a forward basis. The Company may elect to cash settle or net share settle the forward sale agreement at any time through the scheduled maturity date of April 5, 2022. Subsequent to June 30, 2021, the Company sold 1,719,849 shares under the ATM common stock offering program at a price of $37.98 per share, or $65.3 million, and $37.67 per share net of sales agent fees. The following tables summarize the dividends attributable to the Company’s outstanding shares of common stock that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020.
On July 13, 2021, the Company’s board of directors declared the common stock dividends for the months ending July 31, 2021, August 31, 2021, and September 30, 2021 at a monthly rate of $0.120833 per share of common stock. Restricted Shares of Common Stock Restricted shares of common stock granted on January 7, 2021 to certain employees of the Company, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2022. Refer to Note 8 for a discussion of the restricted shares of common stock granted on January 7, 2021 pursuant to the 2018 performance units. The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2021 and the year ended December 31, 2020.
(1)The fair value per share on the grant date of January 7, 2021, February 13, 2020, and January 8, 2020, was $29.77, $32.64, and $31.49, respectively. (2)The Company repurchased and retired 25,840 and 34,117 restricted shares of common stock that vested during the six months ended June 30, 2021 and the year ended December 31, 2020, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2021 was approximately $4.4 million and is expected to be recognized over a weighted average period of approximately 2.6 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2021 and 2020.
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Noncontrolling Interest |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2021 and the year ended December 31, 2020.
LTIP Units LTIP units granted on January 7, 2021 to non-employee, independent directors, subject to the recipient’s continued service, will vest on January 1, 2022. LTIP units granted on January 7, 2021 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date having been March 31, 2021. Refer to Note 8 for a discussion of the LTIP units granted on January 7, 2021 pursuant to the 2018 performance units. The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and are non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2021 (excluding those LTIP units granted pursuant to the 2018 performance units; refer to Note 8 for details).
The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2021 and the year ended December 31, 2020.
The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2021 was approximately $4.1 million and is expected to be recognized over a weighted average period of approximately 2.3 years. The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2021 and 2020.
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Equity Incentive Plan |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan | Equity Incentive Plan On January 7, 2021, the Company granted performance units approved by the compensation committee of the board of directors under the 2011 Plan to certain key employees of the Company. The terms of the performance units granted on January 7, 2021 are substantially the same as the terms of the performance units granted on January 8, 2020, except that the measuring period commenced on January 1, 2021 and ends on December 31, 2023. The fair value of the performance units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and are non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2021.
On December 31, 2020, the measuring period pursuant to the 2018 performance units concluded, and it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle. The compensation committee of the board of directors approved the issuance of 127,671 vested LTIP units and 44,591 vested shares of common stock to the participants (of which 17,731 shares of common stock were repurchased and retired), which were issued on January 7, 2021. The compensation committee of the board of directors also approved the issuance of 124,743 LTIP units and 6,352 restricted shares of common stock that will vest in one year on December 31, 2021, which were issued on January 7, 2021. The unrecognized compensation expense associated with the Company’s performance units at June 30, 2021 was approximately $8.5 million and is expected to be recognized over a weighted average period of approximately 1.9 years. Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2021 and 2020.
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2021 and 2020. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income recognized during the three and six months ended June 30, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.
The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the three and six months ended June 30, 2021, this resulted in a net increase of rental income of approximately $0 and $0.1 million for the three and six months ended June 30, 2021 due to the reversal of a net accrued rent liability and tenants converting from cash basis accounting to accrual basis accounting. Additionally, there was $0.3 million and $1.7 million of contractual rental income not received from cash basis tenants partially offset by $0.1 million and $1.3 million of previously unrecognized rental income payments received from tenants under the cash basis of accounting during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2020, the Company converted to the cash basis of accounting for certain leases which resulted in a reduction of rental income of approximately $1.2 million and $0.9 million for three and six months ended June 30, 2020, due to the reversal of accrued rent. Additionally, there was $0.6 million and $0.6 million of contractual rental income that was not recognized for payments that were not received from the tenants for the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, the Company had accrued rental income of approximately $68.7 million and $60.0 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the Company had approximately $29.8 million and $30.1 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of June 30, 2021 and December 31, 2020, the Company’s total liability associated with these lease security deposits was approximately $11.6 million and $11.0 million, respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.3 million, $10.4 million, $4.9 million and $9.7 million for the three and six months ended June 30, 2021 and 2020, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2021.
Lessee Leases The Company has operating leases in which it is the lessee for ground leases and its corporate office lease. These leases have remaining lease terms of approximately 5.0 years to 48.4 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
The following table summarizes the operating lease cost recognized during the three and six months ended June 30, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.
The following table summarizes supplemental cash flow information related to operating leases recognized during the six months ended June 30, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of June 30, 2021.
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
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Leases | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income recognized during the three and six months ended June 30, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.
The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the three and six months ended June 30, 2021, this resulted in a net increase of rental income of approximately $0 and $0.1 million for the three and six months ended June 30, 2021 due to the reversal of a net accrued rent liability and tenants converting from cash basis accounting to accrual basis accounting. Additionally, there was $0.3 million and $1.7 million of contractual rental income not received from cash basis tenants partially offset by $0.1 million and $1.3 million of previously unrecognized rental income payments received from tenants under the cash basis of accounting during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2020, the Company converted to the cash basis of accounting for certain leases which resulted in a reduction of rental income of approximately $1.2 million and $0.9 million for three and six months ended June 30, 2020, due to the reversal of accrued rent. Additionally, there was $0.6 million and $0.6 million of contractual rental income that was not recognized for payments that were not received from the tenants for the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, the Company had accrued rental income of approximately $68.7 million and $60.0 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the Company had approximately $29.8 million and $30.1 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of June 30, 2021 and December 31, 2020, the Company’s total liability associated with these lease security deposits was approximately $11.6 million and $11.0 million, respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.3 million, $10.4 million, $4.9 million and $9.7 million for the three and six months ended June 30, 2021 and 2020, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2021.
Lessee Leases The Company has operating leases in which it is the lessee for ground leases and its corporate office lease. These leases have remaining lease terms of approximately 5.0 years to 48.4 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
The following table summarizes the operating lease cost recognized during the three and six months ended June 30, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.
The following table summarizes supplemental cash flow information related to operating leases recognized during the six months ended June 30, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of June 30, 2021.
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share During the three and six months ended June 30, 2021 and 2020, there were 202,171, 200,501, 189,895 and 185,821, respectively, of unvested restricted shares of common stock on a weighted average basis that were considered participating securities. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.The Company has letters of credit of approximately $2.9 million as of June 30, 2021 related to construction projects and certain other agreements. |
Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe following non-recognized subsequent events were noted. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Quarterly Financial Information | Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
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Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
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Share-based Payment Arrangement | Incentive and Equity-Based Employee Compensation Plans On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s -month retirement notification period or retirement eligibility date, respectively. The adoption of the Vesting Program resulted in an increase to general and administrative expenses of approximately $1.4 million and $2.9 million for the three and six months ended June 30, 2021, respectively, due to the acceleration of equity-based compensation expense for certain eligible employees. The Company estimates that the adoption of the Vesting Program will result in an increase in general and administrative expenses of approximately $2.4 million for the year ending December 31, 2021.
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Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables) |
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Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.
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Rental Property (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of rental property | The following table summarizes the components of rental property as of June 30, 2021 and December 31, 2020.
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Schedule of real estate properties acquired | The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2021. The Company accounted for all of its acquisitions as asset acquisitions.
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.
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Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2021 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
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Schedule of pro forma information for acquired properties | The following table summarizes the results of operations for the three and six months ended June 30, 2021 for the buildings acquired during the six months ended June 30, 2021 included in the Company’s Consolidated Statements of Operations from the date of acquisition.
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Schedule of Finite-Lived Intangible Assets and Below Market Leases | The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2021 and 2020.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of June 30, 2021.
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Below Market Lease, Future Amortization Income | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of June 30, 2021.
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the mortgage notes payable, unsecured term loans and credit facility | The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2021 and December 31, 2020.
(1)Interest rate as of June 30, 2021. At June 30, 2021, the one-month LIBOR (“L”) was 0.10050%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements. (2)The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of June 30, 2021, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 2.38%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023. (3)Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date. (4)The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.2 million and $1.6 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. The initial maturity date is January 15, 2023, which may be extended pursuant to two -month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (5)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
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Interest Income and Interest Expense Disclosure [Table Text Block] | The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2021 and 2020.
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Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value | The following table summarizes the aggregate principal outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2021 and December 31, 2020.
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the Company’s outstanding interest rate swaps as of June 30, 2021. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges.
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Schedule of interest rate swaps | The following table summarizes the fair value of the interest rate swaps outstanding as of June 30, 2021 and December 31, 2020.
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Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps | The following table summarizes the effect of cash flow hedge accounting and the location in the consolidated financial statements for the three and six months ended June 30, 2021 and 2020.
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Schedule of financial instruments accounted for at fair value on a recurring basis | The following table summarizes the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following tables summarize the dividends attributable to the Company’s outstanding preferred stock issuances during the three months ended March 31, 2021 and the year ended December 31, 2020.
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Schedule of stock sale activity | The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2021.
The table below summarizes the activity under the ATM common stock offering program during the six months ended June 30, 2021 (in thousands, except share data). There was no activity under the ATM common stock offering program during the year ended December 31, 2020.
(1)Includes transactions settled during the period and excludes ATM issuances on a forward basis. On April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of shares on a forward basis. The Company may elect to cash settle or net share settle the forward sale agreement at any time through the scheduled maturity date of April 5, 2022. Subsequent to June 30, 2021, the Company sold 1,719,849 shares under the ATM common stock offering program at a price of $37.98 per share, or $65.3 million, and $37.67 per share net of sales agent fees.
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Common Stock Dividends Declared [Table Text Block] | The following tables summarize the dividends attributable to the Company’s outstanding shares of common stock that were declared during the six months ended June 30, 2021 and the year ended December 31, 2020.
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Schedule of activity related to unvested restricted stock awards | The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2021 and the year ended December 31, 2020.
(1)The fair value per share on the grant date of January 7, 2021, February 13, 2020, and January 8, 2020, was $29.77, $32.64, and $31.49, respectively. (2)The Company repurchased and retired 25,840 and 34,117 restricted shares of common stock that vested during the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.
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Schedule of vested restricted shares of common stock activity | The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2021 and 2020.
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Noncontrolling Interest (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activity | The following table summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2021 and the year ended December 31, 2020.
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Schedule of share-based payment award, LTIP unit awards, valuation assumptions | The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2021 (excluding those LTIP units granted pursuant to the 2018 performance units; refer to Note 8 for details).
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Schedule of activity related to unvested LTIP unit awards | The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2021 and the year ended December 31, 2020.
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Schedule of vested LTIP unit award activity | The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2021 and 2020.
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Equity Incentive Plan (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based payment award, performance unit awards, valuation assumptions | The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2021.
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Summary of Equity Compensation Expense | The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2021 and 2020.
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2021 and 2020. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income [Table Text Block] | The following table summarizes the components of rental income recognized during the three and six months ended June 30, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.
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Lessor, Operating Lease, Payments to be Received, Maturity | The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2021.
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Lease, Cost [Table Text Block] | The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
The following table summarizes the operating lease cost recognized during the three and six months ended June 30, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.
The following table summarizes supplemental cash flow information related to operating leases recognized during the six months ended June 30, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of June 30, 2021.
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per common share | The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020.
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Organization and Description of Business (Details) ft² in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021
ft²
state
building
|
Dec. 31, 2020 |
|
Real Estate Properties [Line Items] | ||
Number of properties | 501 | |
Number of states in which the entity owned buildings | state | 39 | |
Area (in square feet) | ft² | 100.1 | |
STAG Industrial, Inc. [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership interest in Operating Partnership (as a percent) | 97.80% | 98.00% |
Warehouse - Distribution buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 421 | |
Light Manufacturing buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 73 | |
Flex/Office Buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 7 |
Organization, Consolidation and Presentation of Financial Statements - COVID-19 Pandemic (Details) - USD ($) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Rent Deferrals Granted | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 14,588 | $ 15,666 | ||
Restricted cash | 3,927 | 4,673 | ||
Cash and cash equivalents and restricted cash—end of period | $ 18,515 | $ 20,339 | $ 114,602 | $ 11,864 |
Summary of Significant Accounting Policies - Policy Updates (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 07, 2021 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Notification period | 6 months | |||
Employee Retirement Vesting Program | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Payment Arrangement, Accelerated Cost | $ 1.4 | $ 2.9 | ||
Employee Retirement Vesting Program | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Payment Arrangement, Accelerated Cost | $ 2.4 |
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Business Acquisition [Line Items] | |||||
Net income | $ 33,383,000 | $ 19,316,000 | $ 58,731,000 | $ 84,354,000 | |
State and local income, excise and franchise taxes | 400,000 | 500,000 | 800,000 | 900,000 | |
State and local income, excise and franchise taxes | 400,000 | 500,000 | 800,000 | 900,000 | |
Liabilities for uncertain tax positions | 0 | 0 | $ 0 | ||
Real Estate Investment Trust | |||||
Business Acquisition [Line Items] | |||||
Net income | $ (4,000) | $ 0 | $ (4,000) | $ 0 |
Rental Property - Acquisitions - Results of Operations (Details) - Acquisitions 2021 - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Business Acquisition [Line Items] | ||
Revenue | $ 2,219 | $ 3,506 |
Net income (loss) | $ 284 | $ 307 |
Rental Property - Gain on Involuntary Conversion (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Gain on involuntary conversion | $ 0 | $ 657 | $ 0 | $ 657 |
Operating Income (Loss) [Member] | ||||
Gain on involuntary conversion | $ 700 | $ 700 |
Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair value of the interest rate swaps outstanding | ||
Notional amount assets | $ 300,000 | $ 0 |
Fair value - assets | 1,704 | 0 |
Notional amount liabilities | 975,000 | 1,125,000 |
Fair Value - liabilities | $ (28,795) | $ (40,656) |
Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets (liabilities): | ||
Interest rate swaps-Asset | $ 1,704 | $ 0 |
Interest rate swaps-Liability | (28,795) | (40,656) |
Level 1 | ||
Assets (liabilities): | ||
Interest rate swaps-Asset | 0 | 0 |
Interest rate swaps-Liability | 0 | 0 |
Level 2 | ||
Assets (liabilities): | ||
Interest rate swaps-Asset | 1,704 | 0 |
Interest rate swaps-Liability | (28,795) | (40,656) |
Level 3 | ||
Assets (liabilities): | ||
Interest rate swaps-Asset | 0 | 0 |
Interest rate swaps-Liability | $ 0 | $ 0 |
Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 01, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||||||||||
Less: redemption of preferred stock | $ 0 | $ 0 | $ 2,582 | $ 0 | |||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||||
Series C Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Redeemed or Called During Period, Shares | 3,000,000 | ||||||||||
Dividend rate (as a percent) | 6.875% | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.00 | $ 25.00 | |||||||||
Less: redemption of preferred stock | $ 2,600 | ||||||||||
Preferred Stock, Shares Issued | 0 | 3,000,000 | 0 | 3,000,000 | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.4296875 | $ 0.4296875 | $ 0.4296875 | $ 0.4296875 | $ 0.4296875 | $ 0.4296875 | $ 1.7187500 | ||||
Dividends Payable, Date Declared | Jan. 11, 2021 | Oct. 09, 2020 | Jul. 09, 2020 | Apr. 09, 2020 | Jan. 08, 2020 | ||||||
Dividends Payable, Date to be Paid | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Equity - Common Stock Dividends (Details) - $ / shares |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 13, 2021 |
Jun. 30, 2021 |
May 31, 2021 |
Apr. 30, 2021 |
Mar. 31, 2021 |
Feb. 28, 2021 |
Jan. 31, 2021 |
Dec. 31, 2020 |
Nov. 30, 2020 |
Oct. 31, 2020 |
Sep. 30, 2020 |
Aug. 31, 2020 |
Jul. 31, 2020 |
Jun. 30, 2020 |
May 31, 2020 |
Apr. 30, 2020 |
Mar. 31, 2020 |
Feb. 29, 2020 |
Jan. 31, 2020 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.120833 | $ 0.120833 | $ 0.120833 | $ 0.120833 | $ 0.120833 | $ 0.120833 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.724998 | $ 1.44 | |
Subsequent Event [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.120833 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Dividends Payable, Date Declared | Apr. 12, 2021 | Apr. 12, 2021 | Apr. 12, 2021 | Jan. 11, 2021 | Jan. 11, 2021 | Jan. 11, 2021 | Oct. 09, 2020 | Oct. 09, 2020 | Oct. 09, 2020 | Jul. 09, 2020 | Jul. 09, 2020 | Jul. 09, 2020 | Apr. 09, 2020 | Apr. 09, 2020 | Apr. 09, 2020 | Jan. 08, 2020 | Jan. 08, 2020 | Jan. 08, 2020 | |||
Dividends Payable, Date to be Paid | Jul. 15, 2021 | Jun. 15, 2021 | May 17, 2021 | Apr. 15, 2021 | Mar. 15, 2021 | Feb. 16, 2021 | Jan. 15, 2021 | Dec. 15, 2020 | Nov. 16, 2020 | Oct. 15, 2020 | Sep. 15, 2020 | Aug. 17, 2020 | Jul. 15, 2020 | Jun. 15, 2020 | May 15, 2020 | Apr. 15, 2020 | Mar. 16, 2020 | Feb. 18, 2020 |
Noncontrolling Interest - LTIP FV Assumptions (Details) - LTIP Units - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jan. 07, 2021 |
Mar. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Assumptions | ||||
Expected term (years) | 10 years | |||
Expected volatility | 34.00% | |||
Expected dividend yield | 5.00% | |||
Risk-free interest rate | 0.229% | |||
Fair value of LTIP units at issuance (in thousands) | $ 4,316,000 | |||
Granted (in shares) | 153,430 | 278,806 | 405,844 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.13 | $ 28.13 | $ 29.47 | |
Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Independent Director | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 1 year |
Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance shares $ in Thousands |
Jan. 07, 2021
USD ($)
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 34.40% |
Expected dividend yield | 5.00% |
Risk-free interest rate | 0.2271% |
Fair value of performance units grant (in thousands) | $ 5,522 |
Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
General and Administrative Expenses | ||||
Equity Incentive Plan | ||||
Share-based compensation | $ 4,539 | $ 2,938 | $ 9,154 | $ 5,790 |
Restricted stock | General and Administrative Expenses | ||||
Equity Incentive Plan | ||||
Share-based compensation | 586 | 481 | 1,237 | 948 |
LTIP Units | General and Administrative Expenses | ||||
Equity Incentive Plan | ||||
Share-based compensation | 2,346 | 978 | 4,754 | 1,942 |
Performance shares | General and Administrative Expenses | ||||
Equity Incentive Plan | ||||
Share-based compensation | 1,484 | 1,341 | 2,922 | 2,648 |
Independent Director | General and Administrative Expenses | ||||
Equity Incentive Plan | ||||
Share-based compensation | $ 123 | $ 138 | $ 241 | $ 252 |
Common Stock | Independent Director | ||||
Equity Incentive Plan | ||||
Number of days of average trailing stock price used to calculate number of shares of common stock granted | 10 days | 10 days | 10 days | 10 days |
Leases - Rental Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Fixed lease payments | $ 103,778 | $ 91,234 | $ 204,957 | $ 181,630 |
Variable lease payments | 29,639 | 25,588 | 58,883 | 50,594 |
Straight-line rental income | 4,718 | 1,823 | 9,600 | 5,750 |
Net decrease to rental income related to above and below market lease amortization | (330) | (1,174) | (1,810) | (2,164) |
Rental income | $ 137,805 | $ 117,471 | $ 271,630 | $ 235,810 |
Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractual Rent Adjustment To Rental Income Resulting From Lease Collectibility Assessment | $ 0.3 | $ 0.6 | $ 1.7 | $ 0.6 | |
Contractual Rent Adjustment To Rental Income | (0.1) | (1.3) | |||
Accrued Rent Adjustment To Rental Income Resulting From Lease Collectibility Assessment | 0.0 | 1.2 | (0.1) | 0.9 | |
Lease Security Deposits Available in Letters of Credit | 29.8 | 29.8 | $ 30.1 | ||
Lease security deposits in restricted cash | 0.7 | 0.7 | 0.7 | ||
Lease security deposits included in tenant prepaid rent and security deposits on the Balance Sheet | 11.6 | 11.6 | 11.0 | ||
Real Estate Taxes, Tenant Responsibility | 5.3 | $ 4.9 | 10.4 | $ 9.7 | |
Accrued Income Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Deferred Rent Receivables, Net | $ 68.7 | $ 68.7 | $ 60.0 |
Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 208,202 |
2022 | 396,672 |
2022 | 355,331 |
2023 | 304,926 |
2024 | 251,700 |
Thereafter | $ 942,803 |
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 1,357 | |
2022 | 3,188 | |
2022 | 3,248 | |
2023 | 3,291 | |
2024 | 3,336 | |
Thereafter | 62,365 | |
Lessee, Operating Lease, Liability, Payments, Due | 76,785 | |
Less: Imputed interest | (48,947) | |
Operating lease liabilities | $ 27,838 | $ 27,898 |
Earnings Per Share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Participating securities | 202,171 | 189,895 | 200,501 | 185,821 |
Commitments and Contingencies - Agreements (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding | $ 2.9 |
Subsequent Events - Debt (Details) - USD ($) $ in Thousands |
Jul. 08, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,890,114 | $ 1,709,102 | |
Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 575,000 | $ 575,000 | |
$275 Million Series Unsecured Notes | Unsecured Notes | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 275,000 | ||
Stated interest rate | 2.80% | ||
$50 Million Unsecured Notes | Unsecured Notes | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 50,000 | ||
Stated interest rate | 2.95% |
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