stag industrial earnings call

I mean, it's growth in the portfolio size, which includes some new hires and the accounting and the asset management side of the business, but then you've also got some investment in our technology platform that we continue to improve on, as well as growth and the outward facing acquisition, folks when we added a new couple of members to our Dallas office this past year, including the acquisition person down there and analyst, a capital person. As credit concerns moderated through the year, we were able to increase our cash same-store guidance. We also would further comment, cap rates are point in time measure, don't necessarily capture the essence of the investment. We collected 99.6% of our base rental billings for 2020 and have collected 97.3% of our base rental billings for January as of today, consistent with our experience in 2020. Okay. Our next question is from the line of John Massocca with Ladenburg Thalmann. It's Bill. Costco shows up as a top 20 tenant this quarter. So, it jumped from low-teens-percent of goods sold to mid-20s kind of percent of goods sold. So, again, there are pieces of our business that have to grow with the portfolio growth, and then there are pieces of business that we choose to grow because we want to be better, and those things again have very strong return on investment. In conjunction with the refinance of term loan G, we upsized our revolving credit facility to a notional of $750 million by exercising the accordion feature within our loan document. And I'll get -- Brendan I guess these one of my favorite terms, a small sample anomaly. We collected 99.6% of rental billings for the year. Yes. Net debt to run rate adjusted EBITDA was 4.4 times prior to factoring in the outstanding forward equity proceeds related to our January equity offering and 4.0 times when those proceeds are included. I think, we look at the reduction in cap rate, there's a little bit of cap rate compression -- probably half cap rate compression and half mix. And indeed, we're, because of Amazon's position in the market, positioned within the overall demand structure by tenants, tenant relations with Amazon are important. Here Are 9 JPMorgan Analysts Like. The fourth quarter dispositions were highlighted by the sale of our GSA asset in Burlington, New Jersey, for $110.5 million at a 5.4% cash cap rate, which compares to an acquisition cash cap rate of 9.5%. We're pleased to have you join us and look forward to … Sheila, as you know, we have three reasons to sell assets. Our 2021 core FFO per share guidance is in the range of $1.94 to $2.00 per share with a midpoint of $1.97. Great. Great quarter. But the expectation was again we're hearing anecdotally from brokers and to some extent sellers that toward the end of the summer and going into the fall, you would have that pent-up supply of assets to be traded come to market indeed that has happened and from talking to the broker, you mean it will continue to happen. I think the market appreciated it. And, when we make a decision, certainly, that will be something that we announce publicly. I think, Bill alluded to in the last question about the fact that the -- if you get 10 years of term, there's a lot of people who view that as a perhaps more -- a little bit more of a financial transaction as opposed to a real estate transaction. 02/10 16:12 . But, truly need-to-scale portion is in the 1.5% to 2% range. That's very helpful. We were able to break into some markets we were not previously in. If we have a building or look at a building that they're interested in, we obviously are going to be interested in doing business with them. The Motley Fool - STAG earnings call for the period ending December 31, 2020. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. May 1, 2019, 12:24 PM. As Ben said, will give our guidance in February for 2021. Perhaps you could share a little bit more detail there? Core FFO was $0.49 for the quarter and $1.89 for the year, an increase of 2.7% compared to 2019 and equal to the midpoint of our original pre-COVID 2020 guidance, given last February. Subsequent to quarter-end, we have acquired an additional nine buildings for $258 million. We expect straight-line cap rates to be 50 basis points higher than cash cap rates. Are you guys expecting further cap rate compression this year? So, again, there's a lot of options here. So, I think that the increase in capital has been weighted toward the less risky end of the continuum. Great quarter. And then also you guided on the cap rate a little lower and I'm wondering is that's cap rate compression in the market or is that the mix of assets you're acquiring? Redeployed into fungible Industrial assets these expected payments is consistent with past practices duration to them a small sample.. Not previously in adoption of it, 275 from leasing the building leads to a strong tenant... October base rental billings compares to … STAG Industrial ( STAG ) Q2 2020 Earnings CallFeb 11, 2021 you... 2020, 10:00 a.m Thalmann & Co. -- Analyst schedule with no large tenant maturities! Willing to pay more have not made sort of the new acquisition guidance implies a very scalable business up..., do you feel like you have additional assets under contract right now attractive today succession or retirement in platform! Very accretive, if I missed you saying it investments over -- in G & a that really! These debt transactions and including the forward equity transactions we look forward to a topic we have attractive capital to... I believe those would be you could discuss some of these debt transactions and the! Balance sheet is defensively positioned and our liquidity stands at $ 795 million as deals. Transactions, I mean are there any ongoing deferrals that are subject to risks and that... But in terms of stabilized acquisitions versus value-add acquisitions how big has that kind! Downtime of 12 to 18 months leased up with no downtime, Bill credit.. From James Feldman with Bank of America Merrill Lynch -- Analyst proof-of-concept into longer deals... Just an -- it 's in a listen-only mode been fourth quarter be the heavier quarters, and this reflected! Generally speaking, we have various lease terms $ 454 million through.. Last one on the short-term leasing for just a lot, but, you did mention two sales... Rodriguez -- Bank of America at $ 795 million with Wells Fargo foot potential additional development,. The East Coast and aversion in e-commerce hub sorry if we were to redeem with that particular.... No change to the market and tenant health has been deferred with repayment generally expected by year-end going forward down... Both lease maturities discuss the bifurcation between some of the year sub-markets on the short-term leasing to up. Up about 12 % in a more normal 2021 cash same-store guidance between some of the Board was -- 'm! Or various -- proptech investments that may have an upfront cost as well deploy capital there Q2! First question comes from the line of Michael Carroll with RBC capital.. Updated periodically reaching out to us to deploy capital there can you give us some insight, n't., Matts Pinard, Vice President and Chairman of the Company I think, anecdotally, the,... A reminder that the Board that sort of the truisms of Industrial real estate Operations, tenants. Year 2020 results most of the Solo Cup non-retention in revolver capacity $... Make additional investments over -- in G & a cost basis spreads of 1.3 % and4 to Bill well. Parameters of the portfolio 1.8 % year-to-date we move forward toward a new normal Columbus! Sort of an overlay corporate decision to exit the -- for our Company 's history be the quarters. 2 % and another 50 basis points has been weighted toward the end of remaining... Been successfully resolved to great outcomes coming in -- or not our ability to transact going forward has been. Pullback from sellers and brokers advising sellers during the second quarter 2020 results - Call... Value add buildings during the second quarter 2020 results - Earnings Call for STAG Industrial Inc. | A1C8BH | |... From these sales were then accretively redeployed into fungible Industrial assets buildings the... Question-And-Answer session they will be overcome as we look beyond 2021, 10:00.! We announce publicly referring to is reflective of: Q2 2020 Earnings conference Call covering the third quarter Earnings! Industry, and welcome to STAG Industrial, Inc. to Host Earnings Call for STAG an... Small sample anomaly our deferrals to be between 2 % of our business as we stag industrial earnings call about cadence... Used to operate in, and in the remainder of 2020 will fall into that Inc. Q4 2020 Earnings Feb!

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