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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
(State or other jurisdiction
of incorporation or organization)
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27-3099608
(IRS Employer
Identification No.)
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One Federal Street, 23rd Floor
Boston, Massachusetts
(Address of principal executive offices)
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02110
(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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New York Stock Exchange
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6.625% Series B Cumulative Redeemable Preferred Stock, $0.01 par value
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New York Stock Exchange
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6.875% Series C Cumulative Redeemable Preferred Stock, $0.01 par value
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New York Stock Exchange
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Emerging growth company
¨
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•
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the factors included in this report, including those set forth under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations;”
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•
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our ability to raise equity capital on attractive terms;
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•
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the competitive environment in which we operate;
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•
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real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
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•
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decreased rental rates or increased vacancy rates;
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•
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potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants;
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•
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acquisition risks, including our ability to identify and complete accretive acquisitions and/or failure of such acquisitions to perform in accordance with projections;
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•
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the timing of acquisitions and dispositions;
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•
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potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
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•
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international, national, regional and local economic conditions;
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•
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the general level of interest rates and currencies;
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•
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potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate and zoning laws or real estate investment trust (“REIT”) or corporate income tax laws, and potential increases in real property tax rates;
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•
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financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
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credit risk in the event of non-performance by the counterparties to the interest rate swaps and revolving and unfunded debt;
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lack of or insufficient amounts of insurance;
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•
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our ability to maintain our qualification as a REIT;
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•
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our ability to retain key personnel;
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•
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litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and
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•
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possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.
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•
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Buyers tend to price an individual, single-tenant, industrial property according to the binary nature of its cash flows: with only one potential tenant, any one property is either generating revenue or not. Furthermore, tenants typically cover operating expenses at a property and when a property is not generating revenue, we, as owners, are responsible for paying these expenses. We believe the market prices these properties based upon a higher risk profile due to the single-tenant nature of these properties and therefore applies a lower value relative to a diversified cash flowing investment.
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•
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The acquisition and contribution of these single-tenant properties to an aggregated portfolio of these individual binary risk cash flows creates diversification, thereby lowering risk and creating value.
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Industrial properties generally require less capital expenditure than other commercial property types and single-tenant properties generally require less expenditure for leasing, operating and capital costs per property than multi-tenant properties.
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•
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Other institutional, industrial real estate buyers tend to focus on larger properties and portfolios in a select few primary markets. In contrast, we focus on smaller, individual properties across many markets. As a result, our typical competitors are local investors who often do not have the same access to debt or equity capital as us. In our fragmented, predominantly non-institutional environment, a sophisticated, institutional platform with access to capital has execution and operational advantages.
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•
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poor economic conditions may result in tenant defaults under leases and extended vacancies at our properties;
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•
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re-leasing may require concessions or reduced rental rates under the new leases due to reduced demand;
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adverse capital and credit market conditions may restrict our operating activities; and
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constricted access to credit may result in tenant defaults, non-renewals under leases or inability of potential buyers to acquire properties held for sale.
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cash available for distribution;
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•
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our results of operations;
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•
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our financial condition, especially in relation to the anticipated future capital needs of our properties;
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•
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the distribution requirements for REITs under the Code;
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•
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our operating expenses; and
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•
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other factors our board of directors deems relevant.
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general market conditions;
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•
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the market’s perception of our growth potential;
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our current debt levels;
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•
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our current and expected future earnings;
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•
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our cash flow and dividends; and
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•
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the market price per share of our common stock.
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•
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redemption rights of qualifying parties;
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•
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transfer restrictions on our common units;
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the ability of the general partner in some cases to amend the partnership agreement without the consent of the limited partners; and
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the right of the limited partners to consent to transfers of the general partnership interest and mergers under specified circumstances.
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amend or revise at any time and from time to time our investment, financing, borrowing and dividend policies and our policies with respect to all other activities, including growth, debt, capitalization and operations;
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•
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amend our policies with respect to conflicts of interest provided that such changes are consistent with applicable legal requirements;
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within the limits provided in our charter, prevent the ownership, transfer and/or accumulation of shares in order to protect our status as a REIT or for any other reason deemed to be in the best interests of us and our stockholders;
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issue additional shares without obtaining stockholder approval, which could dilute the ownership of existing stockholders;
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amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series, without obtaining stockholder approval;
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•
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subject to the rights of holders of Series B Preferred Stock and of Series C Preferred Stock, classify or reclassify any unissued shares of our common stock or preferred stock, set the preferences, rights and other terms of such classified or reclassified shares, without obtaining stockholder approval;
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•
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make certain amendments to our equity incentive plan;
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employ and compensate affiliates;
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direct our resources toward investments that do not ultimately appreciate over time;
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change creditworthiness standards with respect to third-party tenants; and
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determine that it is no longer in our best interests to continue to qualify as a REIT.
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•
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actual or anticipated variations in our quarterly operating results;
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•
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changes in our operations or earnings estimates or publication of research reports about us or the industry;
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•
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changes in our dividend policy;
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•
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increases in market interest rates that lead purchasers of our shares to demand a higher yield;
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changes in market valuations of similar companies;
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adverse market reaction to any increased indebtedness we incur in the future;
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our ability to comply with applicable financial covenants in our unsecured credit facility, unsecured term loans, unsecured notes, and other loan agreements;
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•
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additions or departures of key management personnel;
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actions by institutional stockholders;
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the realization of any of the other risk factors presented in this report;
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speculation in the press or investment community; and
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general U.S. and worldwide market and economic conditions.
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changes in general or local economic climate;
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the attractiveness of our properties to potential tenants;
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changes in supply of or demand for similar or competing properties in an area;
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bankruptcies, financial difficulties or lease defaults by our tenants;
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changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive or otherwise reduce returns to stockholders;
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changes in operating costs and expenses and our ability to control rents;
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changes in or increased costs of compliance with governmental rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws, and our potential liability thereunder;
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our ability to provide adequate maintenance and insurance;
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changes in the cost or availability of insurance, including coverage for mold or asbestos;
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unanticipated changes in costs associated with known adverse environmental conditions or retained liabilities for such conditions;
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•
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periods of high interest rates and tight money supply;
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tenant turnover;
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general overbuilding or excess supply in the market; and
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disruptions in the global supply chain caused by political, regulatory or other factors, including terrorism and geopolitical developments outside the United States, such as the effects of the United Kingdom’s referendum to withdraw from the European Union.
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future laws, ordinances or regulations will not impose any material environmental liability; or
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the current environmental condition of our properties will not be affected by tenants, by the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third parties unrelated to us.
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To qualify as a REIT, we must distribute annually at least 90% of our REIT taxable income to our stockholders (which is determined without regard to the dividends-paid deduction or net capital gain). To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on the undistributed income.
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We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.
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If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non‑qualifying income from foreclosure property, we must pay a tax on that income at the highest corporate income tax rate.
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If we sell an asset, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% “prohibited transaction” tax unless such sale were made by our taxable REIT subsidiary (“TRS”) or if we qualify for a safe harbor from tax.
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State
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City
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Number of
Buildings
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Asset Type
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CBSA
(1)
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Total Rentable
Square Feet
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Alabama
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Montgomery
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1
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Warehouse / Distribution
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Montgomery, AL
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332,000
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Phenix City
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1
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Warehouse / Distribution
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Columbus, GA-AL
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117,568
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Arkansas
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|
|
|
|
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Rogers
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1
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Warehouse / Distribution
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Fayetteville-Springdale-Rogers, AR-MO
|
400,000
|
|
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Arizona
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|
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Avondale
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1
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Warehouse / Distribution
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Phoenix-Mesa-Scottsdale, AZ
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186,643
|
|
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Phoenix
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1
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Warehouse / Distribution
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Phoenix-Mesa-Scottsdale, AZ
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102,747
|
|
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California
|
|
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|
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Camarillo
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2
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Warehouse / Distribution
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Oxnard-Thousand Oaks-Ventura, CA
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732,606
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|
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San Diego
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1
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Warehouse / Distribution
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San Diego-Carlsbad, CA
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205,440
|
|
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Visalia
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1
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Warehouse / Distribution
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Visalia-Porterville, CA
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635,281
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|
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Colorado
|
|
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|
|
|
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Golden
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1
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Warehouse / Distribution
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Denver-Aurora-Lakewood, CO
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227,500
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|
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State
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City
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Number of
Buildings
|
Asset Type
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CBSA
(1)
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Total Rentable
Square Feet
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Grand Junction
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1
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Warehouse / Distribution
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Grand Junction, CO
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82,800
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|
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Longmont
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1
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Warehouse / Distribution
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Boulder, CO
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159,611
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|
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Connecticut
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|
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Avon
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1
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Light Manufacturing
|
Hartford-West Hartford-East Hartford, CT
|
78,400
|
|
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East Windsor
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2
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Warehouse / Distribution
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Hartford-West Hartford-East Hartford, CT
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271,111
|
|
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Milford
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1
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Warehouse / Distribution
|
New Haven-Milford, CT
|
200,000
|
|
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North Haven
|
3
|
Warehouse / Distribution
|
New Haven-Milford, CT
|
824,727
|
|
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Wallingford
|
1
|
Warehouse / Distribution
|
New Haven-Milford, CT
|
105,000
|
|
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Delaware
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|
|
|
|
|
|
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Newark
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2
|
Flex / Office
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Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
52,665
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|
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New Castle
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1
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Warehouse / Distribution
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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485,987
|
|
|
Florida
|
|
|
|
|
|
|
|
|
Daytona Beach
|
1
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Light Manufacturing
|
Deltona-Daytona Beach-Ormond Beach, FL
|
142,857
|
|
|
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Jacksonville
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4
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Warehouse / Distribution
|
Jacksonville, FL
|
1,025,720
|
|
|
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Ocala
|
1
|
Warehouse / Distribution
|
Orlando-Kissimmee-Sanford, FL
|
619,466
|
|
|
|
Orlando
|
1
|
Light Manufacturing
|
Orlando-Kissimmee-Sanford, FL
|
215,900
|
|
|
|
Orlando
|
1
|
Warehouse / Distribution
|
Orlando-Kissimmee-Sanford, FL
|
155,000
|
|
|
|
Pensacola
|
1
|
Flex / Office
|
Pensacola-Ferry Pass-Brent, FL
|
30,620
|
|
|
Georgia
|
|
|
|
|
|
|
|
|
Calhoun
|
1
|
Warehouse / Distribution
|
Calhoun, GA
|
151,200
|
|
|
|
Dallas
|
1
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
92,807
|
|
|
|
Forest Park
|
2
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
799,200
|
|
|
|
LaGrange
|
1
|
Warehouse / Distribution
|
LaGrange, GA
|
219,891
|
|
|
|
Norcross
|
1
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
152,036
|
|
|
|
Savannah
|
1
|
Warehouse / Distribution
|
Savannah, GA
|
504,200
|
|
|
|
Shannon
|
1
|
Warehouse / Distribution
|
Rome, GA
|
568,516
|
|
|
|
Smyrna
|
1
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
102,000
|
|
|
|
Statham
|
1
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
225,680
|
|
|
|
Stone Mountain
|
1
|
Warehouse / Distribution
|
Atlanta-Sandy Springs-Roswell, GA
|
78,000
|
|
|
Idaho
|
|
|
|
|
|
|
|
|
Idaho Falls
|
1
|
Warehouse / Distribution
|
Idaho Falls, ID
|
90,300
|
|
|
|
Pocatello
|
1
|
Flex / Office
|
Pocatello, ID
|
43,353
|
|
|
Illinois
|
|
|
|
|
|
|
|
|
Batavia
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
102,500
|
|
|
|
Belvidere
|
10
|
Warehouse / Distribution
|
Rockford, IL
|
1,469,222
|
|
|
|
DeKalb
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
146,740
|
|
|
|
Gurnee
|
2
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
562,500
|
|
|
|
Harvard
|
1
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
126,304
|
|
|
|
Itasca
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
202,000
|
|
|
|
Libertyville
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
251,961
|
|
|
|
Libertyville
|
1
|
Flex / Office
|
Chicago-Naperville-Elgin, IL-IN-WI
|
35,141
|
|
|
|
Machesney Park
|
1
|
Warehouse / Distribution
|
Rockford, IL
|
80,000
|
|
|
|
Montgomery
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
584,301
|
|
|
|
Sauk Village
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
375,785
|
|
|
|
South Holland
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
202,902
|
|
|
|
Waukegan
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
131,252
|
|
|
|
Waukegan
|
1
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
130,156
|
|
|
|
West Chicago
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
249,470
|
|
|
|
West Chicago
|
5
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
305,874
|
|
|
|
Wood Dale
|
1
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
137,607
|
|
|
|
Woodstock
|
1
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
129,803
|
|
|
State
|
City
|
Number of
Buildings
|
Asset Type
|
CBSA
(1)
|
Total Rentable
Square Feet
|
|
|
Indiana
|
|
|
|
|
|
|
|
|
Albion
|
7
|
Light Manufacturing
|
Kendallville, IN
|
261,013
|
|
|
|
Elkhart
|
2
|
Warehouse / Distribution
|
Elkhart-Goshen, IN
|
170,100
|
|
|
|
Kendallville
|
1
|
Light Manufacturing
|
Kendallville, IN
|
58,500
|
|
|
|
Fort Wayne
|
1
|
Warehouse / Distribution
|
Fort Wayne, IN
|
108,800
|
|
|
|
Goshen
|
1
|
Warehouse / Distribution
|
Elkhart-Goshen, IN
|
366,000
|
|
|
|
Lafayette
|
3
|
Warehouse / Distribution
|
Lafayette-West Lafayette, IN
|
466,400
|
|
|
|
Marion
|
1
|
Warehouse / Distribution
|
Marion, IN
|
249,920
|
|
|
|
Portage
|
1
|
Warehouse / Distribution
|
Chicago-Naperville-Elgin, IL-IN-WI
|
212,000
|
|
|
|
South Bend
|
1
|
Warehouse / Distribution
|
South Bend-Mishawaka, IN-MI
|
225,000
|
|
|
Iowa
|
|
|
|
|
|
|
|
|
Council Bluffs
|
1
|
Warehouse / Distribution
|
Omaha-Council Bluffs, NE-IA
|
90,000
|
|
|
|
Marion
|
1
|
Warehouse / Distribution
|
Cedar Rapids, IA
|
95,500
|
|
|
|
Sergeant Bluff
|
1
|
Flex / Office
|
Sioux City, IA-NE-SD
|
148,131
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
Edwardsville
|
1
|
Warehouse / Distribution
|
Kansas City, MO-KS
|
270,869
|
|
|
|
Lenexa
|
2
|
Warehouse / Distribution
|
Kansas City, MO-KS
|
276,219
|
|
|
|
Olathe
|
1
|
Warehouse / Distribution
|
Kansas City, MO-KS
|
496,373
|
|
|
|
Wichita
|
3
|
Warehouse / Distribution
|
Wichita, KS
|
248,550
|
|
|
Kentucky
|
|
|
|
|
|
|
|
|
Bardstown
|
1
|
Warehouse / Distribution
|
Louisville/Jefferson County, KY-IN
|
102,318
|
|
|
|
Danville
|
1
|
Warehouse / Distribution
|
Danville, KY
|
757,047
|
|
|
|
Erlanger
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
108,620
|
|
|
|
Hebron
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
109,000
|
|
|
|
Louisville
|
2
|
Warehouse / Distribution
|
Louisville/Jefferson County, KY-IN
|
497,820
|
|
|
|
Walton
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
224,921
|
|
|
Louisiana
|
|
|
|
|
|
|
|
|
Shreveport
|
1
|
Warehouse / Distribution
|
Shreveport-Bossier City, LA
|
420,259
|
|
|
Maine
|
|
|
|
|
|
|
|
|
Belfast
|
5
|
Flex / Office
|
—
|
306,554
|
|
(2)
|
|
Biddeford
|
2
|
Warehouse / Distribution
|
Portland-South Portland, ME
|
265,126
|
|
|
|
Gardiner
|
1
|
Warehouse / Distribution
|
Augusta-Waterville, ME
|
265,000
|
|
|
|
Lewiston
|
1
|
Flex / Office
|
Lewiston-Auburn, ME
|
60,000
|
|
|
|
Portland
|
1
|
Warehouse / Distribution
|
Portland-South Portland, ME
|
100,600
|
|
|
Maryland
|
|
|
|
|
|
|
|
|
Hampstead
|
1
|
Warehouse / Distribution
|
Baltimore-Columbia-Towson, MD
|
1,035,249
|
|
|
Massachusetts
|
|
|
|
|
|
|
|
|
Chicopee
|
1
|
Warehouse / Distribution
|
Springfield, MA
|
217,000
|
|
|
|
Malden
|
2
|
Light Manufacturing
|
Boston-Cambridge-Newton, MA-NH
|
109,943
|
|
|
|
Norton
|
1
|
Warehouse / Distribution
|
Providence-Warwick, RI-MA
|
200,000
|
|
|
|
South Easton
|
1
|
Light Manufacturing
|
Providence-Warwick, RI-MA
|
86,000
|
|
|
|
Stoughton
|
2
|
Warehouse / Distribution
|
Boston-Cambridge-Newton, MA-NH
|
258,213
|
|
|
|
Westborough
|
1
|
Warehouse / Distribution
|
Worcester, MA-CT
|
121,700
|
|
|
Michigan
|
|
|
|
|
|
|
|
|
Belleville
|
1
|
Light Manufacturing
|
Detroit-Warren-Dearborn, MI
|
160,464
|
|
|
|
Chesterfield
|
4
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
478,803
|
|
|
|
Grand Rapids
|
1
|
Warehouse / Distribution
|
Grand Rapids-Wyoming, MI
|
301,317
|
|
|
|
Holland
|
1
|
Warehouse / Distribution
|
Grand Rapids-Wyoming, MI
|
195,000
|
|
|
|
Kentwood
|
1
|
Light Manufacturing
|
Grand Rapids-Wyoming, MI
|
85,157
|
|
|
|
Lansing
|
4
|
Warehouse / Distribution
|
Lansing-East Lansing, MI
|
770,425
|
|
|
|
Marshall
|
1
|
Light Manufacturing
|
Battle Creek, MI
|
57,025
|
|
|
State
|
City
|
Number of
Buildings
|
Asset Type
|
CBSA
(1)
|
Total Rentable
Square Feet
|
|
|
|
Novi
|
2
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
245,860
|
|
|
|
Plymouth
|
1
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
125,214
|
|
|
|
Redford
|
1
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
135,728
|
|
|
|
Romulus
|
1
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
303,760
|
|
|
|
Sterling Heights
|
1
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
108,000
|
|
|
|
Walker
|
1
|
Warehouse / Distribution
|
Grand Rapids-Wyoming, MI
|
210,000
|
|
|
|
Warren
|
2
|
Warehouse / Distribution
|
Detroit-Warren-Dearborn, MI
|
422,377
|
|
|
Minnesota
|
|
|
|
|
|
|
|
|
Carlos
|
1
|
Light Manufacturing
|
Alexandria, MN
|
196,270
|
|
|
|
Brooklyn Park
|
1
|
Warehouse / Distribution
|
Minneapolis-St. Paul-Bloomington, MN-WI
|
200,720
|
|
|
|
Maple Grove
|
1
|
Warehouse / Distribution
|
Minneapolis-St. Paul-Bloomington, MN-WI
|
108,628
|
|
|
|
New Hope
|
1
|
Light Manufacturing
|
Minneapolis-St. Paul-Bloomington, MN-WI
|
107,348
|
|
|
|
Rogers
|
1
|
Warehouse / Distribution
|
Minneapolis-St. Paul-Bloomington, MN-WI
|
386,724
|
|
|
|
Savage
|
1
|
Warehouse / Distribution
|
Minneapolis-St. Paul-Bloomington, MN-WI
|
244,050
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
Earth City
|
1
|
Warehouse / Distribution
|
St. Louis, MO-IL
|
116,783
|
|
|
|
Hazlewood
|
1
|
Warehouse / Distribution
|
St. Louis, MO-IL
|
305,550
|
|
|
|
Kansas City
|
1
|
Warehouse / Distribution
|
Kansas City, MO-KS
|
226,576
|
|
|
|
O'Fallon
|
2
|
Warehouse / Distribution
|
St. Louis, MO-IL
|
186,854
|
|
|
Nevada
|
|
|
|
|
|
|
|
|
Las Vegas
|
1
|
Warehouse / Distribution
|
Las Vegas-Henderson-Paradise, NV
|
34,916
|
|
|
|
Reno
|
1
|
Light Manufacturing
|
Reno, NV
|
87,264
|
|
|
|
Sparks
|
1
|
Warehouse / Distribution
|
Reno, NV
|
161,986
|
|
|
New Hampshire
|
|
|
|
|
|
|
|
|
Londonderry
|
1
|
Warehouse / Distribution
|
Boston-Cambridge-Newton, MA-NH
|
125,060
|
|
|
|
Nashua
|
1
|
Warehouse / Distribution
|
Manchester-Nashua, NH
|
337,391
|
|
|
New Jersey
|
|
|
|
|
|
|
|
|
Burlington
|
2
|
Warehouse / Distribution
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
1,552,121
|
|
|
|
Lopatcong
|
1
|
Warehouse / Distribution
|
Allentown-Bethlehem-Easton, PA-NJ
|
237,500
|
|
|
|
Pedricktown
|
1
|
Warehouse / Distribution
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
245,749
|
|
|
|
Franklin Township
|
1
|
Warehouse / Distribution
|
New York-Newark-Jersey City, NY-NJ-PA
|
183,000
|
|
|
|
Swedesboro
|
1
|
Warehouse / Distribution
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
123,962
|
|
|
New York
|
|
|
|
|
|
|
|
|
Buffalo
|
1
|
Warehouse / Distribution
|
Buffalo-Cheektowaga-Niagara Falls, NY
|
117,000
|
|
|
|
Cheektowaga
|
1
|
Warehouse / Distribution
|
Buffalo-Cheektowaga-Niagara Falls, NY
|
121,760
|
|
|
|
Farmington
|
1
|
Warehouse / Distribution
|
Rochester, NY
|
149,657
|
|
|
|
Gloversville
|
3
|
Warehouse / Distribution
|
Gloversville, NY
|
211,554
|
|
|
|
Johnstown
|
3
|
Warehouse / Distribution
|
Gloversville, NY
|
169,602
|
|
|
|
Johnstown
|
1
|
Light Manufacturing
|
Gloversville, NY
|
42,325
|
|
|
North Carolina
|
|
|
|
|
|
|
|
|
Charlotte
|
4
|
Warehouse / Distribution
|
Charlotte-Concord-Gastonia, NC-SC
|
884,276
|
|
(3)
|
|
Charlotte
|
1
|
Light Manufacturing
|
Charlotte-Concord-Gastonia, NC-SC
|
104,852
|
|
(3)
|
|
Durham
|
1
|
Warehouse / Distribution
|
Durham-Chapel Hill, NC
|
80,600
|
|
|
|
Huntersville
|
1
|
Warehouse / Distribution
|
Charlotte-Concord-Gastonia, NC-SC
|
185,570
|
|
|
|
Lexington
|
1
|
Warehouse / Distribution
|
Winston-Salem, NC
|
201,800
|
|
|
|
Mebane
|
2
|
Warehouse / Distribution
|
Burlington, NC
|
606,840
|
|
|
|
Mebane
|
1
|
Light Manufacturing
|
Burlington, NC
|
202,691
|
|
|
|
Mooresville
|
2
|
Warehouse / Distribution
|
Charlotte-Concord-Gastonia, NC-SC
|
799,200
|
|
|
|
Mountain Home
|
1
|
Warehouse / Distribution
|
Asheville, NC
|
146,014
|
|
|
|
Newton
|
1
|
Warehouse / Distribution
|
Hickory-Lenoir-Morganton, NC
|
217,200
|
|
|
|
Pineville
|
1
|
Light Manufacturing
|
Charlotte-Concord-Gastonia, NC-SC
|
75,400
|
|
|
State
|
City
|
Number of
Buildings
|
Asset Type
|
CBSA
(1)
|
Total Rentable
Square Feet
|
|
|
|
Rural Hall
|
1
|
Warehouse / Distribution
|
Winston-Salem, NC
|
250,000
|
|
|
|
Smithfield
|
1
|
Warehouse / Distribution
|
Raleigh, NC
|
191,450
|
|
|
|
Winston-Salem
|
1
|
Warehouse / Distribution
|
Winston-Salem, NC
|
385,000
|
|
|
|
Salisbury
|
1
|
Warehouse / Distribution
|
Charlotte-Concord-Gastonia, NC-SC
|
288,000
|
|
|
Ohio
|
|
|
|
|
|
|
|
|
Bedford Heights
|
1
|
Warehouse / Distribution
|
Cleveland-Elyria, OH
|
173,034
|
|
|
|
Boardman
|
1
|
Warehouse / Distribution
|
Youngstown-Warren-Boardman, OH-PA
|
175,900
|
|
|
|
Cincinnati
|
1
|
Flex / Office
|
Cincinnati, OH-KY-IN
|
114,532
|
|
|
|
Columbus
|
2
|
Warehouse / Distribution
|
Columbus, OH
|
333,645
|
|
|
|
Dayton
|
2
|
Warehouse / Distribution
|
Dayton, OH
|
775,727
|
|
|
|
Fairborn
|
1
|
Warehouse / Distribution
|
Dayton, OH
|
258,680
|
|
|
|
Fairfield
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
206,448
|
|
|
|
Gahanna
|
1
|
Warehouse / Distribution
|
Columbus, OH
|
383,000
|
|
|
|
Grove City
|
1
|
Warehouse / Distribution
|
Columbus, OH
|
175,512
|
|
|
|
Groveport
|
1
|
Warehouse / Distribution
|
Columbus, OH
|
320,657
|
|
|
|
Hamilton
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
245,000
|
|
|
|
Hilliard
|
1
|
Warehouse / Distribution
|
Columbus, OH
|
237,500
|
|
|
|
Macedonia
|
1
|
Warehouse / Distribution
|
Akron, OH
|
201,519
|
|
|
|
Mason
|
1
|
Light Manufacturing
|
Cincinnati, OH-KY-IN
|
116,200
|
|
|
|
North Jackson
|
1
|
Warehouse / Distribution
|
Youngstown-Warren-Boardman, OH-PA
|
209,835
|
|
|
|
North Jackson
|
1
|
Redevelopment
|
Youngstown-Warren-Boardman, OH-PA
|
307,315
|
|
|
|
Oakwood Village
|
1
|
Warehouse / Distribution
|
Cleveland-Elyria, OH
|
75,000
|
|
|
|
Salem
|
1
|
Light Manufacturing
|
Salem, OH
|
271,000
|
|
|
|
Seville
|
2
|
Warehouse / Distribution
|
Cleveland-Elyria, OH
|
345,000
|
|
|
|
Streetsboro
|
1
|
Warehouse / Distribution
|
Akron, OH
|
343,416
|
|
|
|
Strongsville
|
1
|
Warehouse / Distribution
|
Cleveland-Elyria, OH
|
161,984
|
|
|
|
Toledo
|
1
|
Warehouse / Distribution
|
Toledo, OH
|
177,500
|
|
|
|
Twinsburg
|
1
|
Warehouse / Distribution
|
Akron, OH
|
150,974
|
|
|
|
West Chester
|
1
|
Warehouse / Distribution
|
Cincinnati, OH-KY-IN
|
269,868
|
|
|
Oklahoma
|
|
|
|
|
|
|
|
|
Oklahoma City
|
2
|
Warehouse / Distribution
|
Oklahoma City, OK
|
303,740
|
|
|
|
Tulsa
|
1
|
Warehouse / Distribution
|
Tulsa, OK
|
175,000
|
|
|
Oregon
|
|
|
|
|
|
|
|
|
Salem
|
2
|
Light Manufacturing
|
Salem, OR
|
155,900
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
Allentown
|
1
|
Warehouse / Distribution
|
Allentown-Bethlehem-Easton, PA-NJ
|
289,900
|
|
|
|
Clinton
|
1
|
Warehouse / Distribution
|
Pittsburgh, PA
|
297,200
|
|
|
|
Elizabethtown
|
1
|
Warehouse / Distribution
|
Lancaster, PA
|
206,236
|
|
|
|
Lancaster
|
1
|
Warehouse / Distribution
|
Lancaster, PA
|
240,529
|
|
|
|
Langhorne
|
1
|
Warehouse / Distribution
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
102,000
|
|
|
|
Langhorne
|
2
|
Light Manufacturing
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
|
287,647
|
|
|
|
Lebanon
|
1
|
Warehouse / Distribution
|
Lebanon, PA
|
211,358
|
|
|
|
Mechanicsburg
|
3
|
Warehouse / Distribution
|
Harrisburg-Carlisle, PA
|
747,054
|
|
|
|
Muhlenberg Townsh
|
1
|
Warehouse / Distribution
|
Reading, PA
|
394,289
|
|
|
|
New Kingston
|
1
|
Warehouse / Distribution
|
Harrisburg-Carlisle, PA
|
330,000
|
|
|
|
O'Hara Township
|
1
|
Warehouse / Distribution
|
Pittsburgh, PA
|
887,084
|
|
|
|
Pittston
|
1
|
Warehouse / Distribution
|
Scranton--Wilkes-Barre--Hazleton, PA
|
437,446
|
|
|
|
Reading
|
1
|
Warehouse / Distribution
|
Reading, PA
|
248,000
|
|
|
|
Williamsport
|
1
|
Warehouse / Distribution
|
Williamsport, PA
|
250,000
|
|
|
|
York
|
1
|
Warehouse / Distribution
|
York-Hanover, PA
|
382,886
|
|
|
State
|
City
|
Number of
Buildings
|
Asset Type
|
CBSA
(1)
|
Total Rentable
Square Feet
|
|
|
South Carolina
|
|
|
|
|
|
|
|
|
Columbia
|
1
|
Light Manufacturing
|
Columbia, SC
|
185,600
|
|
|
|
Duncan
|
2
|
Warehouse / Distribution
|
Spartanburg, SC
|
787,380
|
|
|
|
Edgefield
|
1
|
Light Manufacturing
|
Augusta-Richmond County, GA-SC
|
126,190
|
|
|
|
Fountain Inn
|
2
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
432,472
|
|
|
|
Gaffney
|
1
|
Warehouse / Distribution
|
Gaffney, SC
|
226,968
|
|
|
|
Graniteville
|
1
|
Warehouse / Distribution
|
Augusta-Richmond County, GA-SC
|
450,000
|
|
|
|
Greenville
|
1
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
157,500
|
|
|
|
Greenwood
|
2
|
Light Manufacturing
|
Greenwood, SC
|
175,055
|
|
|
|
Greer
|
4
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
290,000
|
|
|
|
Laurens
|
1
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
125,000
|
|
|
|
Piedmont
|
3
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
400,000
|
|
|
|
Rock Hill
|
2
|
Warehouse / Distribution
|
Charlotte-Concord-Gastonia, NC-SC
|
590,520
|
|
|
|
Simpsonville
|
2
|
Warehouse / Distribution
|
Greenville-Anderson-Mauldin, SC
|
411,994
|
|
|
|
Spartanburg
|
6
|
Warehouse / Distribution
|
Spartanburg, SC
|
1,209,260
|
|
|
|
Ware Shoals
|
1
|
Light Manufacturing
|
Greenwood, SC
|
20,514
|
|
|
|
West Columbia
|
4
|
Warehouse / Distribution
|
Columbia, SC
|
769,532
|
|
|
South Dakota
|
|
|
|
|
|
|
|
|
Rapid City
|
1
|
Flex / Office
|
Rapid City, SD
|
132,365
|
|
|
Tennessee
|
|
|
|
|
|
|
|
|
Chattanooga
|
3
|
Warehouse / Distribution
|
Chattanooga, TN-GA
|
646,200
|
|
|
|
Cleveland
|
1
|
Warehouse / Distribution
|
Cleveland, TN
|
151,704
|
|
|
|
Clinton
|
1
|
Warehouse / Distribution
|
Knoxville, TN
|
166,000
|
|
|
|
Jackson
|
1
|
Warehouse / Distribution
|
Jackson, TN
|
216,902
|
|
|
|
Jefferson City
|
1
|
Warehouse / Distribution
|
Morristown, TN
|
486,109
|
|
|
|
Knoxville
|
1
|
Warehouse / Distribution
|
Knoxville, TN
|
108,400
|
|
|
|
Loudon
|
1
|
Warehouse / Distribution
|
Knoxville, TN
|
104,000
|
|
|
|
Madison
|
1
|
Warehouse / Distribution
|
Nashville-Davidson--Murfreesboro--Franklin, TN
|
418,406
|
|
|
|
Mascot
|
1
|
Warehouse / Distribution
|
Knoxville, TN
|
130,560
|
|
|
|
Mascot
|
1
|
Light Manufacturing
|
Knoxville, TN
|
130,560
|
|
|
|
Murfreesboro
|
1
|
Warehouse / Distribution
|
Nashville-Davidson--Murfreesboro--Franklin, TN
|
102,505
|
|
|
|
Nashville
|
1
|
Warehouse / Distribution
|
Nashville-Davidson--Murfreesboro--Franklin, TN
|
150,000
|
|
|
|
Portland
|
1
|
Warehouse / Distribution
|
Nashville-Davidson--Murfreesboro--Franklin, TN
|
414,043
|
|
|
|
Vonore
|
1
|
Warehouse / Distribution
|
Knoxville, TN
|
342,700
|
|
|
Texas
|
|
|
|
|
|
|
|
|
Arlington
|
2
|
Warehouse / Distribution
|
Dallas-Fort Worth-Arlington, TX
|
290,132
|
|
|
|
Cedar Hill
|
1
|
Warehouse / Distribution
|
Dallas-Fort Worth-Arlington, TX
|
420,000
|
|
|
|
El Paso
|
8
|
Warehouse / Distribution
|
El Paso, TX
|
1,886,621
|
|
|
|
Fort Worth
|
1
|
Warehouse / Distribution
|
Dallas-Fort Worth-Arlington, TX
|
101,500
|
|
|
|
Garland
|
1
|
Light Manufacturing
|
Dallas-Fort Worth-Arlington, TX
|
253,900
|
|
|
|
Garland
|
1
|
Warehouse / Distribution
|
Dallas-Fort Worth-Arlington, TX
|
164,914
|
|
|
|
Houston
|
5
|
Warehouse / Distribution
|
Houston-The Woodlands-Sugar Land, TX
|
585,634
|
|
|
|
Houston
|
2
|
Light Manufacturing
|
Houston-The Woodlands-Sugar Land, TX
|
408,599
|
|
|
|
Laredo
|
1
|
Warehouse / Distribution
|
Laredo, TX
|
206,810
|
|
|
|
Rockwall
|
1
|
Warehouse / Distribution
|
Dallas-Fort Worth-Arlington, TX
|
389,546
|
|
|
|
San Antonio
|
1
|
Warehouse / Distribution
|
San Antonio-New Braunfels, TX
|
247,861
|
|
|
|
Stafford
|
1
|
Warehouse / Distribution
|
Houston-The Woodlands-Sugar Land, TX
|
68,300
|
|
|
|
Waco
|
1
|
Warehouse / Distribution
|
Waco, TX
|
66,400
|
|
|
Virginia
|
|
|
|
|
|
|
|
|
Buena Vista
|
1
|
Light Manufacturing
|
—
|
172,759
|
|
(2)
|
|
Chester
|
1
|
Warehouse / Distribution
|
Richmond, VA
|
100,000
|
|
|
State
|
City
|
Number of
Buildings
|
Asset Type
|
CBSA
(1)
|
Total Rentable
Square Feet
|
|
|
|
Harrisonburg
|
1
|
Warehouse / Distribution
|
Harrisonburg, VA
|
357,673
|
|
|
|
Independence
|
1
|
Warehouse / Distribution
|
—
|
120,000
|
|
(2)
|
Wisconsin
|
|
|
|
|
|
|
|
|
Chippewa Falls
|
2
|
Light Manufacturing
|
Eau Claire, WI
|
97,400
|
|
|
|
De Pere
|
1
|
Warehouse / Distribution
|
Green Bay, WI
|
200,000
|
|
|
|
DeForest
|
1
|
Warehouse / Distribution
|
Madison, WI
|
254,431
|
|
|
|
East Troy
|
1
|
Warehouse / Distribution
|
Whitewater-Elkhorn, WI
|
149,624
|
|
|
|
Germantown
|
1
|
Warehouse / Distribution
|
Milwaukee-Waukesha-West Allis, WI
|
202,500
|
|
|
|
Hartland
|
1
|
Warehouse / Distribution
|
Milwaukee-Waukesha-West Allis, WI
|
121,050
|
|
|
|
Janesville
|
1
|
Warehouse / Distribution
|
Janesville-Beloit, WI
|
700,000
|
|
|
|
Kenosha
|
1
|
Light Manufacturing
|
Chicago-Naperville-Elgin, IL-IN-WI
|
175,052
|
|
|
|
Madison
|
2
|
Warehouse / Distribution
|
Madison, WI
|
283,000
|
|
|
|
Mayville
|
1
|
Light Manufacturing
|
Beaver Dam, WI
|
339,179
|
|
|
|
New Berlin
|
1
|
Warehouse / Distribution
|
Milwaukee-Waukesha-West Allis, WI
|
205,063
|
|
|
|
Sun Prairie
|
1
|
Warehouse / Distribution
|
Madison, WI
|
427,000
|
|
|
|
West Allis
|
4
|
Warehouse / Distribution
|
Milwaukee-Waukesha-West Allis, WI
|
241,977
|
|
|
|
Yorkville
|
1
|
Warehouse / Distribution
|
Racine, WI
|
98,151
|
|
|
|
|
356
|
|
|
70,196,498
|
|
|
(1)
|
We define Core Based Statistical Area ("CBSA") as a U.S. geographic area defined by the Office of Management and Budget that consists of one or more counties (or equivalents) anchored by an urban center of at least 10,000 people plus adjacent counties that are socioeconomically tied to the urban center by commuting.
|
(2)
|
These buildings do not have a CBSA.
|
(3)
|
Includes buildings that are classified as held for sale at
December 31, 2017
.
|
Market
(1)
|
|
% of Total Annualized Base Rental Revenue
|
|
Philadelphia, PA
|
|
9.9
|
%
|
Chicago, IL
|
|
8.8
|
%
|
Greenville/Spartanburg, SC
|
|
4.7
|
%
|
Charlotte, NC
|
|
4.2
|
%
|
Milwaukee/Madison, WI
|
|
3.8
|
%
|
Cincinnati/Dayton, OH
|
|
3.5
|
%
|
Detroit, MI
|
|
3.2
|
%
|
El Paso, TX
|
|
2.7
|
%
|
West Michigan, MI
|
|
2.6
|
%
|
Westchester/So Connecticut, CT/NY
|
|
2.4
|
%
|
Total
|
|
45.8
|
%
|
Top Ten Tenant Industries
|
|
% of Total
Annualized Base Rental Revenue
|
|
Automotive
|
|
13.8
|
%
|
Air Freight & Logistics
|
|
12.5
|
%
|
Ind Equip, Component & Metals
|
|
11.0
|
%
|
Containers & Packaging
|
|
9.8
|
%
|
Food & Beverages
|
|
9.3
|
%
|
Retail
|
|
6.7
|
%
|
Business Services
|
|
5.6
|
%
|
Personal Products
|
|
5.1
|
%
|
Household Durables
|
|
4.9
|
%
|
Building Materials
|
|
4.6
|
%
|
Total
|
|
83.3
|
%
|
Top Ten Tenants
|
|
Number of
Leases
|
|
% of Total
Annualized Base
Rental Revenue
|
|
General Services Administration
|
|
1
|
|
2.6
|
%
|
XPO Logistics
|
|
4
|
|
1.9
|
%
|
Deckers Outdoor
|
|
2
|
|
1.6
|
%
|
TriMas Corporation
|
|
4
|
|
1.4
|
%
|
Solo Cup
|
|
1
|
|
1.4
|
%
|
DHL
|
|
4
|
|
1.1
|
%
|
FedEx
|
|
3
|
|
1.0
|
%
|
Generation Brands
|
|
1
|
|
1.0
|
%
|
Carolina Beverage Group
|
|
2
|
|
1.0
|
%
|
American Tire Distributors Inc
|
|
4
|
|
0.9
|
%
|
Total
|
|
26
|
|
13.9
|
%
|
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
|
|
—
|
|
3,267,701
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Month-to-month leases
|
|
10
|
|
1,279,284
|
|
|
1.9
|
%
|
|
4,433
|
|
|
1.6
|
%
|
|
2018
|
|
41
|
|
5,665,228
|
|
|
8.5
|
%
|
|
23,537
|
|
|
8.6
|
%
|
|
2019
|
|
52
|
|
9,298,500
|
|
|
13.9
|
%
|
|
36,853
|
|
|
13.5
|
%
|
|
2020
|
|
48
|
|
9,598,197
|
|
|
14.3
|
%
|
|
40,721
|
|
|
14.9
|
%
|
|
2021
|
|
62
|
|
10,234,381
|
|
|
15.3
|
%
|
|
42,251
|
|
|
15.4
|
%
|
|
2022
|
|
46
|
|
5,757,530
|
|
|
8.6
|
%
|
|
24,585
|
|
|
9.0
|
%
|
|
2023
|
|
29
|
|
5,870,859
|
|
|
8.8
|
%
|
|
21,547
|
|
|
7.9
|
%
|
|
2024
|
|
20
|
|
3,854,240
|
|
|
5.8
|
%
|
|
15,278
|
|
|
5.6
|
%
|
|
2025
|
|
14
|
|
2,397,342
|
|
|
3.6
|
%
|
|
9,894
|
|
|
3.6
|
%
|
|
2026
|
|
21
|
|
4,704,170
|
|
|
7.0
|
%
|
|
18,037
|
|
|
6.6
|
%
|
|
2027
|
|
10
|
|
1,768,969
|
|
|
2.6
|
%
|
|
7,722
|
|
|
2.8
|
%
|
|
Thereafter
|
|
30
|
|
6,500,097
|
|
|
9.7
|
%
|
|
28,701
|
|
|
10.5
|
%
|
|
Total/weighted average
|
|
383
|
|
70,196,498
|
|
|
100.0
|
%
|
|
$
|
273,559
|
|
|
100.0
|
%
|
Quarter ended
|
|
High
|
|
Low
|
|
Dividends Per
Common Share
(1)
|
||||||
December 31, 2017
|
|
$
|
28.91
|
|
|
$
|
27.10
|
|
|
$
|
0.352500
|
|
September 30, 2017
|
|
$
|
28.95
|
|
|
$
|
26.43
|
|
|
$
|
0.352500
|
|
June 30, 2017
|
|
$
|
28.66
|
|
|
$
|
24.84
|
|
|
$
|
0.350001
|
|
March 31, 2017
|
|
$
|
26.24
|
|
|
$
|
22.70
|
|
|
$
|
0.350001
|
|
December 31, 2016
|
|
$
|
24.41
|
|
|
$
|
21.21
|
|
|
$
|
0.347499
|
|
September 30, 2016
|
|
$
|
25.51
|
|
|
$
|
22.68
|
|
|
$
|
0.347499
|
|
June 30, 2016
|
|
$
|
23.83
|
|
|
$
|
19.42
|
|
|
$
|
0.347499
|
|
March 31, 2016
|
|
$
|
20.54
|
|
|
$
|
14.97
|
|
|
$
|
0.347499
|
|
(1)
|
On
November 2, 2017
, our board of directors declared the common stock dividend for the months ending January 31, 2018, February 28, 2018 and March 31, 2018 at a monthly rate of
$0.118333
per share of common stock.
|
Year ended
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
Total Number of Shares Purchased as Part of Publicity Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||
December 31, 2017
|
|
40,836
|
|
|
$
|
23.73
|
|
|
—
|
|
|
$
|
—
|
|
Total
|
|
40,836
|
|
|
$
|
23.73
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
Reflects shares surrendered in January 2017 to the Company for payment of tax withholdings obligations in connection with the vesting of restricted shares of common stock. The average price paid reflects the average market value of shares withheld for tax purposes.
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue
|
|
$
|
301,087
|
|
|
$
|
250,243
|
|
|
$
|
218,633
|
|
|
$
|
173,816
|
|
|
$
|
133,893
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property
|
|
57,701
|
|
|
48,904
|
|
|
42,627
|
|
|
33,388
|
|
|
24,010
|
|
|||||
General and administrative
|
|
33,349
|
|
|
33,395
|
|
|
28,750
|
|
|
26,396
|
|
|
17,867
|
|
|||||
Property acquisition costs
|
|
5,386
|
|
|
4,567
|
|
|
4,757
|
|
|
4,390
|
|
|
3,427
|
|
|||||
Depreciation and amortization
|
|
150,881
|
|
|
125,444
|
|
|
110,421
|
|
|
87,703
|
|
|
67,556
|
|
|||||
Loss on impairments
|
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|
2,840
|
|
|
—
|
|
|||||
Gain on involuntary conversion
|
|
(325
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other expenses
|
|
1,786
|
|
|
1,149
|
|
|
1,048
|
|
|
803
|
|
|
621
|
|
|||||
Total expenses
|
|
250,657
|
|
|
230,304
|
|
|
216,875
|
|
|
155,520
|
|
|
113,481
|
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
12
|
|
|
10
|
|
|
9
|
|
|
15
|
|
|
13
|
|
|||||
Interest expense
|
|
(42,469
|
)
|
|
(42,923
|
)
|
|
(36,098
|
)
|
|
(25,109
|
)
|
|
(20,319
|
)
|
|||||
Loss on extinguishment of debt
|
|
(15
|
)
|
|
(3,261
|
)
|
|
—
|
|
|
(686
|
)
|
|
—
|
|
|||||
Gain on the sales of rental property, net
|
|
24,242
|
|
|
61,823
|
|
|
4,986
|
|
|
2,799
|
|
|
—
|
|
|||||
Total other income (expense)
|
|
(18,230
|
)
|
|
15,649
|
|
|
(31,103
|
)
|
|
(22,981
|
)
|
|
(20,306
|
)
|
|||||
Net income (loss) from continuing operations
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
|
$
|
(4,685
|
)
|
|
$
|
106
|
|
Total income attributable to discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,796
|
|
|||||
Net income (loss)
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
|
$
|
(4,685
|
)
|
|
$
|
4,902
|
|
Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
|
|
941
|
|
|
1,069
|
|
|
(1,962
|
)
|
|
(992
|
)
|
|
(620
|
)
|
|||||
Less: preferred stock dividends
|
|
9,794
|
|
|
13,897
|
|
|
10,848
|
|
|
10,848
|
|
|
9,495
|
|
|||||
Less: amount allocated to participating securities
|
|
334
|
|
|
384
|
|
|
385
|
|
|
345
|
|
|
262
|
|
|||||
Net income (loss) attributable to common stockholders
|
|
$
|
21,131
|
|
|
$
|
20,238
|
|
|
$
|
(38,616
|
)
|
|
$
|
(14,886
|
)
|
|
$
|
(4,235
|
)
|
Net income (loss) per share from continuing operations attributable to the common stockholders — basic
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.20
|
)
|
Income per share from discontinued operation attributable to common stockholders — basic
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.10
|
|
Net income (loss) per share attributable to common stockholders — basic
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.10
|
)
|
Net income (loss) per share from continuing operations attributable to the common stockholders — diluted
|
|
$
|
0.23
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.20
|
)
|
Income per share from discontinued operation attributable to common stockholders — diluted
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.10
|
|
Net income (loss) per share attributable to common stockholders — diluted
|
|
$
|
0.23
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.10
|
)
|
Balance Sheets Data (December 31):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental property, before accumulated depreciation and amortization
|
|
$
|
3,097,276
|
|
|
$
|
2,541,705
|
|
|
$
|
2,188,642
|
|
|
$
|
1,809,895
|
|
|
$
|
1,389,214
|
|
Rental property, after accumulated depreciation and amortization
|
|
$
|
2,567,577
|
|
|
$
|
2,116,836
|
|
|
$
|
1,839,967
|
|
|
$
|
1,558,434
|
|
|
$
|
1,222,360
|
|
Total assets
|
|
$
|
2,680,667
|
|
|
$
|
2,186,156
|
|
|
$
|
1,901,782
|
|
|
$
|
1,623,802
|
|
|
$
|
1,266,460
|
|
Total debt
|
|
$
|
1,173,781
|
|
|
$
|
1,036,139
|
|
|
$
|
980,248
|
|
|
$
|
680,478
|
|
|
$
|
552,270
|
|
Total liabilities
|
|
$
|
1,270,360
|
|
|
$
|
1,119,230
|
|
|
$
|
1,043,925
|
|
|
$
|
731,924
|
|
|
$
|
591,896
|
|
Total equity
|
|
$
|
1,410,307
|
|
|
$
|
1,066,926
|
|
|
$
|
857,857
|
|
|
$
|
891,878
|
|
|
$
|
674,564
|
|
Other Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend declared per common share
|
|
$
|
1.405002
|
|
|
$
|
1.389996
|
|
|
$
|
1.365
|
|
|
$
|
1.29
|
|
|
$
|
1.20
|
|
Cash flow provided by operating activities
|
|
$
|
162,562
|
|
|
$
|
135,423
|
|
|
$
|
121,707
|
|
|
$
|
96,676
|
|
|
$
|
82,687
|
|
Cash flow used in investing activities
|
|
$
|
566,053
|
|
|
$
|
347,112
|
|
|
$
|
372,038
|
|
|
$
|
421,713
|
|
|
$
|
325,231
|
|
Cash flow provided by financing activities
|
|
$
|
415,861
|
|
|
$
|
211,870
|
|
|
$
|
238,464
|
|
|
$
|
342,225
|
|
|
$
|
230,228
|
|
Economic Indicators
(1)
|
|
December 31, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
GDP Growth Rate
|
|
2.6%
|
|
3.2%
|
|
3.1%
|
|
1.2%
|
|
1.8%
|
Unemployment Rate
|
|
4.1%
|
|
4.2%
|
|
4.4%
|
|
4.5%
|
|
4.7%
|
Change in Non-Farm Employment (in thousands)
|
|
148
|
|
38
|
|
210
|
|
50
|
|
155
|
Consumer Confidence Index
|
|
122.1
|
|
119.8
|
|
118.9
|
|
125.6
|
|
113.3
|
ISM
(2)
|
|
59.7%
|
|
60.8%
|
|
57.8%
|
|
57.2%
|
|
54.5%
|
10-year Treasury Yield
|
|
2.40%
|
|
2.33%
|
|
2.31%
|
|
2.40%
|
|
2.45%
|
Seasonally Adjusted Annualized Rate US Light Vehicle Sales (in thousands)
|
|
17,765
|
|
18,485
|
|
16,608
|
|
16,719
|
|
18,051
|
Manufacturing New Orders: Durable Goods (in millions)
|
|
249,448
|
|
239,313
|
|
245,705
|
|
232,817
|
|
223,681
|
(1)
|
Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Conference Board, Board of Governors of the Federal Reserve System, U.S. Census Bureau, and Institute for Supply Management. Each statistic is the latest revision available at the time of publishing this report.
|
(2)
|
ISM is a composite index based on a survey of over 300 purchasing and supply executives from across the country who respond to a monthly questionnaire about changes in production, new orders, new export orders, imports, employment, inventories, prices, lead-times, and timelines of supplier deliveries in their companies. When the index is over 50, it indicates expansion, while a reading below 50 signals contraction.
|
•
|
the rise of e-commerce (as compared to the traditional retail store distribution model) and the concomitant demand by e-commerce industry participants for well-located, functional distribution space;
|
•
|
the increasing attractiveness of the U.S. as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs and the overall cost of supplying and shipping goods (i.e. the shortening and fattening of the supply chain); and
|
•
|
the overall quality of the transportation infrastructure in the U.S.
|
Operating Portfolio
|
|
Square Feet
|
|
Cash
Basis Rent Per Square Foot |
|
GAAP Basis Rent Per
Square Foot |
|
Total Turnover Costs Per
Square Foot (1) |
|
Cash
Rent Change (2) |
|
GAAP Rent Change
(3)
|
|
Weighted Average Lease
Term (4) (years) |
|
Rental Concessions per Square Foot
(5)
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Year ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases
(6)
|
|
2,554,246
|
|
|
$
|
4.04
|
|
|
$
|
4.29
|
|
|
$
|
1.46
|
|
|
4.5
|
%
|
|
10.6
|
%
|
|
4.5
|
|
|
$
|
0.23
|
|
Renewal Leases
(7)
|
|
8,644,161
|
|
|
3.89
|
|
|
4.04
|
|
|
0.66
|
|
|
2.5
|
%
|
|
10.9
|
%
|
|
5.3
|
|
|
0.29
|
|
||||
Total/weighted average
|
|
11,198,407
|
|
|
$
|
3.92
|
|
|
$
|
4.10
|
|
|
$
|
0.84
|
|
|
2.9
|
%
|
|
10.8
|
%
|
|
5.2
|
|
|
$
|
0.28
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases
(6)
|
|
749,275
|
|
|
$
|
3.90
|
|
|
$
|
4.16
|
|
|
$
|
2.25
|
|
|
(0.5
|
)%
|
|
4.0
|
%
|
|
8.2
|
|
|
$
|
0.42
|
|
Renewal Leases
(7)
|
|
4,817,462
|
|
|
4.02
|
|
|
4.14
|
|
|
0.56
|
|
|
1.4
|
%
|
|
7.4
|
%
|
|
4.8
|
|
|
0.15
|
|
||||
Total/weighted average
|
|
5,566,737
|
|
|
$
|
4.00
|
|
|
$
|
4.14
|
|
|
$
|
0.79
|
|
|
1.3
|
%
|
|
7.3
|
%
|
|
5.3
|
|
|
$
|
0.18
|
|
(1)
|
We define Turnover Costs as the costs for improvements of vacant and renewal spaces, as well as the commissions for leasing transactions. Turnover Costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
|
(2)
|
We define Cash Basis Rent Change as the percentage change in base rent (excluding straight-line rent adjustments and above/below market lease amortization as required by GAAP) of the Comparable Lease.
We define a Comparable Lease as a lease with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership, leases on space with downtime in excess of two years, leases with materially different lease structures,
leases associated with known vacates at the time of acquisition, and leases with credit-related modifications
.
|
(3)
|
We define GAAP Rent Change as the percentage change in the average base rent over the contractual lease term (excluding above/below market lease amortization) of the Comparable Lease.
|
(4)
|
We define Weighted Average Lease Term as the contractual lease term in years as of the lease start date weighted by square footage.
|
(5)
|
Represents the total concession for the entire lease term.
|
(6)
|
We define a New Lease as any lease that is signed for an initial term equal to or greater than 12 months for any vacant space; this includes a new tenant or an existing tenant that is expanding into new (additional) space.
|
(7)
|
We define a Renewal Lease as a lease signed by an existing tenant to extend the term for twelve months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration and (iii) an early renewal or workout, which ultimately does extend the original term for twelve months or more.
|
Building
|
40 Years
|
Building and land improvements
|
Up to 20 years
|
Tenant improvements
|
Shorter of useful life or terms of related lease
|
|
Same Store Portfolio
|
|
Acquisitions/Dispositions
|
|
Other
(1)
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Year ended December 31,
|
|
Change
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Rental income
|
$
|
177,231
|
|
|
$
|
175,366
|
|
|
$
|
1,865
|
|
|
1.1
|
%
|
|
$
|
66,350
|
|
|
$
|
25,639
|
|
|
$
|
12,250
|
|
|
$
|
11,736
|
|
|
$
|
255,831
|
|
|
$
|
212,741
|
|
|
$
|
43,090
|
|
|
20.3
|
%
|
Tenant recoveries
|
31,078
|
|
|
29,049
|
|
|
2,029
|
|
|
7.0
|
%
|
|
11,160
|
|
|
5,147
|
|
|
2,767
|
|
|
2,911
|
|
|
45,005
|
|
|
37,107
|
|
|
7,898
|
|
|
21.3
|
%
|
||||||||||
Other income
|
98
|
|
|
106
|
|
|
(8
|
)
|
|
(7.5
|
)%
|
|
96
|
|
|
66
|
|
|
57
|
|
|
223
|
|
|
251
|
|
|
$
|
395
|
|
|
(144
|
)
|
|
(36.5
|
)%
|
|||||||||
Total operating revenue
|
208,407
|
|
|
204,521
|
|
|
3,886
|
|
|
1.9
|
%
|
|
77,606
|
|
|
30,852
|
|
|
15,074
|
|
|
14,870
|
|
|
301,087
|
|
|
250,243
|
|
|
50,844
|
|
|
20.3
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
39,269
|
|
|
36,630
|
|
|
2,639
|
|
|
7.2
|
%
|
|
13,154
|
|
|
6,798
|
|
|
5,278
|
|
|
5,476
|
|
|
57,701
|
|
|
48,904
|
|
|
8,797
|
|
|
18.0
|
%
|
||||||||||
Net operating income
(2)
|
$
|
169,138
|
|
|
$
|
167,891
|
|
|
$
|
1,247
|
|
|
0.7
|
%
|
|
$
|
64,452
|
|
|
$
|
24,054
|
|
|
$
|
9,796
|
|
|
$
|
9,394
|
|
|
$
|
243,386
|
|
|
$
|
201,339
|
|
|
$
|
42,047
|
|
|
20.9
|
%
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,349
|
|
|
33,395
|
|
|
(46
|
)
|
|
(0.1
|
)%
|
||||||||||||||
Property acquisition costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,386
|
|
|
4,567
|
|
|
819
|
|
|
17.9
|
%
|
||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,881
|
|
|
125,444
|
|
|
25,437
|
|
|
20.3
|
%
|
||||||||||||||
Loss on impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,879
|
|
|
16,845
|
|
|
(14,966
|
)
|
|
(88.8
|
)%
|
||||||||||||||
Gain on involuntary conversion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(325
|
)
|
|
—
|
|
|
(325
|
)
|
|
100.0
|
%
|
||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786
|
|
|
1,149
|
|
|
637
|
|
|
55.4
|
%
|
||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192,956
|
|
|
181,400
|
|
|
11,556
|
|
|
6.4
|
%
|
||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,657
|
|
|
230,304
|
|
|
20,353
|
|
|
8.8
|
%
|
||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
10
|
|
|
2
|
|
|
20.0
|
%
|
||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,469
|
)
|
|
(42,923
|
)
|
|
454
|
|
|
(1.1
|
)%
|
||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15
|
)
|
|
(3,261
|
)
|
|
3,246
|
|
|
(99.5
|
)%
|
||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,242
|
|
|
61,823
|
|
|
(37,581
|
)
|
|
(60.8
|
)%
|
||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(18,230
|
)
|
|
$
|
15,649
|
|
|
$
|
(33,879
|
)
|
|
(216.5
|
)%
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(3,388
|
)
|
|
(9.5
|
)%
|
(1)
|
Includes flex/office buildings, redevelopment buildings, buildings classified as held for sale, and buildings placed in service after January 1, 2016, which are excluded from the same store portfolio. Also includes asset management fee income, which is separated for purposes of calculating NOI.
|
(2)
|
Excluding asset management fee income, NOI for the total portfolio for the years ended
December 31, 2017
and
2016
was
$243.3 million
and
$201.1 million
, respectively. Asset management fee income is included in other income in the table above. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
|
|
Same Store Portfolio
|
|
Acquisitions/Dispositions
|
|
Other
(1)
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Year ended December 31,
|
|
Change
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Rental income
|
$
|
148,670
|
|
|
$
|
147,322
|
|
|
$
|
1,348
|
|
|
0.9
|
%
|
|
$
|
56,743
|
|
|
$
|
29,746
|
|
|
$
|
7,328
|
|
|
$
|
9,395
|
|
|
$
|
212,741
|
|
|
$
|
186,463
|
|
|
$
|
26,278
|
|
|
14.1
|
%
|
Tenant recoveries
|
24,317
|
|
|
23,317
|
|
|
1,000
|
|
|
4.3
|
%
|
|
10,282
|
|
|
5,754
|
|
|
2,508
|
|
|
2,595
|
|
|
37,107
|
|
|
31,666
|
|
|
5,441
|
|
|
17.2
|
%
|
||||||||||
Other income
|
102
|
|
|
84
|
|
|
18
|
|
|
21.4
|
%
|
|
71
|
|
|
25
|
|
|
222
|
|
|
395
|
|
|
395
|
|
|
504
|
|
|
(109
|
)
|
|
(21.6
|
)%
|
||||||||||
Total operating revenue
|
173,089
|
|
|
170,723
|
|
|
2,366
|
|
|
1.4
|
%
|
|
67,096
|
|
|
35,525
|
|
|
10,058
|
|
|
12,385
|
|
|
250,243
|
|
|
218,633
|
|
|
31,610
|
|
|
14.5
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
30,036
|
|
|
30,280
|
|
|
(244
|
)
|
|
(0.8
|
)%
|
|
13,920
|
|
|
8,235
|
|
|
4,948
|
|
|
4,112
|
|
|
48,904
|
|
|
42,627
|
|
|
6,277
|
|
|
14.7
|
%
|
||||||||||
Net operating income
(2)
|
$
|
143,053
|
|
|
$
|
140,443
|
|
|
$
|
2,610
|
|
|
1.9
|
%
|
|
$
|
53,176
|
|
|
$
|
27,290
|
|
|
$
|
5,110
|
|
|
$
|
8,273
|
|
|
201,339
|
|
|
176,006
|
|
|
25,333
|
|
|
14.4
|
%
|
|||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,395
|
|
|
28,750
|
|
|
4,645
|
|
|
16.2
|
%
|
|||||||||||||||||||
Property acquisition costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,567
|
|
|
4,757
|
|
|
(190
|
)
|
|
(4.0
|
)%
|
|||||||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,444
|
|
|
110,421
|
|
|
15,023
|
|
|
13.6
|
%
|
|||||||||||||||||||
Loss on impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,845
|
|
|
29,272
|
|
|
(12,427
|
)
|
|
(42.5
|
)%
|
|||||||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,149
|
|
|
1,048
|
|
|
101
|
|
|
9.6
|
%
|
|||||||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181,400
|
|
|
174,248
|
|
|
7,152
|
|
|
4.1
|
%
|
|||||||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
230,304
|
|
|
216,875
|
|
|
13,429
|
|
|
6.2
|
%
|
|||||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
9
|
|
|
1
|
|
|
11.1
|
%
|
||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,923
|
)
|
|
(36,098
|
)
|
|
(6,825
|
)
|
|
18.9
|
%
|
||||||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,261
|
)
|
|
—
|
|
|
(3,261
|
)
|
|
100.0
|
%
|
|||||||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,823
|
|
|
4,986
|
|
|
56,837
|
|
|
1,139.9
|
%
|
|||||||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,649
|
|
|
(31,103
|
)
|
|
46,752
|
|
|
150.3
|
%
|
|||||||||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
|
$
|
64,933
|
|
|
221.3
|
%
|
(1)
|
Includes flex/office buildings, redevelopment buildings, and buildings classified as held for sale, which are excluded from the same store portfolio. Also includes corporate sublease rental income and asset management fee income, which are separated for purposes of calculating NOI.
|
(2)
|
Excluding corporate sublease rental income and asset management fee income, NOI for the total portfolio for the years ended
December 31, 2016
and
2015
was
$201.1 million
and
$175.4 million
, respectively. Corporate sublease rental income and asset management fee income is included in other income in the table above. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
|
|
|
Year ended December 31,
|
||||||||||
Reconciliation of Net Income (Loss) to FFO (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Rental property depreciation and amortization
|
|
150,591
|
|
|
125,182
|
|
|
110,241
|
|
|||
Loss on impairments
|
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||
Gain on the sales of rental property, net
|
|
(24,242
|
)
|
|
(61,823
|
)
|
|
(4,986
|
)
|
|||
FFO
|
|
$
|
160,428
|
|
|
$
|
115,792
|
|
|
$
|
105,182
|
|
Preferred stock dividends
|
|
(9,794
|
)
|
|
(13,897
|
)
|
|
(10,848
|
)
|
|||
Other expenses
|
|
—
|
|
|
(384
|
)
|
|
(385
|
)
|
|||
FFO attributable to common stockholders and unit holders
|
|
$
|
150,634
|
|
|
$
|
101,511
|
|
|
$
|
93,949
|
|
|
|
Year ended December 31,
|
||||||||||
Reconciliation of Net Income (Loss) to NOI (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Asset management fee income
|
|
(52
|
)
|
|
(210
|
)
|
|
(379
|
)
|
|||
General and administrative
|
|
33,349
|
|
|
33,395
|
|
|
28,750
|
|
|||
Property acquisition costs
|
|
5,386
|
|
|
4,567
|
|
|
4,757
|
|
|||
Depreciation and amortization
|
|
150,881
|
|
|
125,444
|
|
|
110,421
|
|
|||
Interest income
|
|
(12
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|||
Interest expense
|
|
42,469
|
|
|
42,923
|
|
|
36,098
|
|
|||
Loss on impairments
|
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||
Gain on involuntary conversion
|
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
|
15
|
|
|
3,261
|
|
|
—
|
|
|||
Other expenses
|
|
1,097
|
|
|
1,149
|
|
|
1,048
|
|
|||
Loss on incentive fee
|
|
689
|
|
|
—
|
|
|
—
|
|
|||
Gain on the sales of rental property, net
|
|
(24,242
|
)
|
|
(61,823
|
)
|
|
(4,986
|
)
|
|||
Corporate sublease rental income
|
|
—
|
|
|
—
|
|
|
(187
|
)
|
|||
Net operating income
|
|
$
|
243,334
|
|
|
$
|
201,129
|
|
|
$
|
175,440
|
|
|
|
Year ended December 31,
|
|
Change
|
|||||||||||
Cash Flows (dollars in thousands)
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Net cash provided by operating activities
|
|
$
|
162,562
|
|
|
$
|
135,423
|
|
|
$
|
27,139
|
|
|
20.0
|
%
|
Net cash used in investing activities
|
|
$
|
566,053
|
|
|
$
|
347,112
|
|
|
$
|
218,941
|
|
|
63.1
|
%
|
Net cash provided by financing activities
|
|
$
|
415,861
|
|
|
$
|
211,870
|
|
|
$
|
203,991
|
|
|
96.3
|
%
|
|
|
Year ended December 31,
|
|
Change
|
|||||||||||
Cash Flows (dollars in thousands)
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Net cash provided by operating activities
|
|
$
|
135,423
|
|
|
$
|
121,707
|
|
|
$
|
13,716
|
|
|
11.3
|
%
|
Net cash used in investing activities
|
|
$
|
347,112
|
|
|
$
|
372,038
|
|
|
$
|
(24,926
|
)
|
|
(6.7
|
)%
|
Net cash provided by financing activities
|
|
$
|
211,870
|
|
|
$
|
238,464
|
|
|
$
|
(26,594
|
)
|
|
(11.2
|
)%
|
Month Ended 2017
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
July 31, 2017
|
|
December 29, 2017
|
|
$
|
0.117500
|
|
|
January 16, 2018
|
November 30
|
|
July 31, 2017
|
|
November 30, 2017
|
|
0.117500
|
|
|
December 15, 2017
|
|
October 31
|
|
July 31, 2017
|
|
October 31, 2017
|
|
0.117500
|
|
|
November 15, 2017
|
|
September 30
|
|
May 1, 2017
|
|
September 29, 2017
|
|
0.117500
|
|
|
October 16, 2017
|
|
August 31
|
|
May 1, 2017
|
|
August 31, 2017
|
|
0.117500
|
|
|
September 15, 2017
|
|
July 31
|
|
May 1, 2017
|
|
July 31, 2017
|
|
0.117500
|
|
|
August 15, 2017
|
|
June 30
|
|
February 15, 2017
|
|
June 30, 2017
|
|
0.116667
|
|
|
July 17, 2017
|
|
May 31
|
|
February 15, 2017
|
|
May 31, 2017
|
|
0.116667
|
|
|
June 15, 2017
|
|
April 30
|
|
February 15, 2017
|
|
April 28, 2017
|
|
0.116667
|
|
|
May 15, 2017
|
|
March 31
|
|
November 2, 2016
|
|
March 31, 2017
|
|
0.116667
|
|
|
April 17, 2017
|
|
February 28
|
|
November 2, 2016
|
|
February 28, 2017
|
|
0.116667
|
|
|
March 15, 2017
|
|
January 31
|
|
November 2, 2016
|
|
January 31, 2017
|
|
0.116667
|
|
|
February 15, 2017
|
|
Total
|
|
|
|
|
|
$
|
1.405002
|
|
|
|
Quarter Ended 2017
|
|
Declaration Date
|
|
Series B
Preferred Stock Per Share |
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||||
December 31
|
|
November 2, 2017
|
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
December 29, 2017
|
September 30
|
|
July 31, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
September 29, 2017
|
||
June 30
|
|
May 1, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
June 30, 2017
|
||
March 31
|
|
February 15, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
March 31, 2017
|
||
Total
|
|
|
|
$
|
1.6562500
|
|
|
$
|
1.7187500
|
|
|
|
Loan
|
|
Principal Outstanding as of December 31, 2017 (in thousands)
|
|
Interest
Rate (1) |
|
Maturity Date
|
|
Prepayment Terms
(2)
|
|||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|||
Unsecured Credit Facility
(3)
|
|
$
|
271,000
|
|
|
L + 1.15%
|
|
|
Dec-18-2019
|
|
i
|
Total unsecured credit facility
|
|
271,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Term Loan C
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Sep-29-2020
|
|
i
|
|
Unsecured Term Loan B
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-21-2021
|
|
i
|
|
Unsecured Term Loan A
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-31-2022
|
|
i
|
|
Unsecured Term Loan D
(4)
|
|
—
|
|
|
L + 1.30%
|
|
|
Jan-04-2023
|
|
i
|
|
Total unsecured term loans
|
|
450,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,735
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured term loans, net
|
|
446,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
Series F Unsecured Notes
|
|
100,000
|
|
|
3.98
|
%
|
|
Jan-05-2023
|
|
ii
|
|
Series A Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
Oct-1-2024
|
|
ii
|
|
Series D Unsecured Notes
|
|
100,000
|
|
|
4.32
|
%
|
|
Feb-20-2025
|
|
ii
|
|
Series B Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
Jul-1-2026
|
|
ii
|
|
Series C Unsecured Notes
|
|
80,000
|
|
|
4.42
|
%
|
|
Dec-30-2026
|
|
ii
|
|
Series E Unsecured Notes
|
|
20,000
|
|
|
4.42
|
%
|
|
Feb-20-2027
|
|
ii
|
|
Total unsecured notes
|
|
400,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(1,766
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured notes, net
|
|
398,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Bank, National Association CMBS Loan
|
|
54,949
|
|
|
4.31
|
%
|
|
Dec-1-2022
|
|
iii
|
|
Thrivent Financial for Lutherans
|
|
3,906
|
|
|
4.78
|
%
|
|
Dec-15-2023
|
|
iv
|
|
Total mortgage notes
|
|
58,855
|
|
|
|
|
|
|
|
|
|
Total unamortized fair market value premiums
|
|
61
|
|
|
|
|
|
|
|
|
|
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(634
|
)
|
|
|
|
|
|
|
||
Total carrying value mortgage notes, net
|
|
58,282
|
|
|
|
|
|
|
|
|
|
Total / weighted average interest rate
(5)
|
|
$
|
1,173,781
|
|
|
3.53
|
%
|
|
|
|
|
(1)
|
Interest rate as of
December 31, 2017
. At
December 31, 2017
, the one-month LIBOR (“L”) was
1.56425%
. The 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 our unsecured credit facility and unsecured term loans is based on our consolidated leverage ratio, as defined in the respective loan agreements.
|
(2)
|
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 beginning January 1, 2016; and (iv) pre-payable without penalty three months prior to the maturity date.
|
(3)
|
The capacity of the unsecured credit facility is
$450.0 million
.
|
(4)
|
Capacity of
$150.0 million
, which we have until July 27, 2018 to draw.
|
(5)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of
$600.0 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.
|
Debt Capital Structure
|
|
December 31, 2017
|
||
Total principal outstanding (in thousands)
|
|
$
|
1,179,855
|
|
Weighted average duration (years)
|
|
4.4
|
|
|
% Secured debt
|
|
5
|
%
|
|
% Debt maturing next 12 months
|
|
—
|
%
|
|
Net Debt to Real Estate Cost Basis
(1)
|
|
37
|
%
|
(1)
|
We define Net Debt as our amounts outstanding under our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes, less cash and cash equivalents.
We define Real Estate Cost Basis as the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization.
|
•
|
a maximum consolidated leverage ratio of not greater than
0.60
:1.00;
|
•
|
a maximum secured leverage ratio of not greater than
0.40
:1.00;
|
•
|
a maximum unencumbered leverage ratio of not greater than
0.60
:1.00;
|
•
|
a maximum secured recourse debt level of not greater than
0.075
:1.00;
|
•
|
a minimum fixed charge ratio of not less than
1.50
:1.00;
|
•
|
a minimum unsecured interest coverage ratio of not less than
1.75
:1.00; and
|
•
|
a minimum tangible net worth covenant test
.
|
|
|
Payments by Period
|
||||||||||||||||||
Contractual Obligations (in thousands)
(1)(2)
|
|
Total
|
|
2018
|
|
2019-2020
|
|
2021-2022
|
|
Thereafter
|
||||||||||
Principal payments
(3)
|
|
$
|
1,179,855
|
|
|
$
|
1,844
|
|
|
$
|
424,932
|
|
|
$
|
349,784
|
|
|
$
|
403,295
|
|
Interest payments—Fixed rate debt
(4)
|
|
140,517
|
|
|
20,251
|
|
|
40,256
|
|
|
39,720
|
|
|
40,290
|
|
|||||
Interest payments —Variable rate debt
(4)(5)
|
|
65,175
|
|
|
21,351
|
|
|
34,947
|
|
|
8,873
|
|
|
4
|
|
|||||
Property lease
(4)
|
|
3,881
|
|
|
1,165
|
|
|
2,413
|
|
|
303
|
|
|
—
|
|
|||||
Ground leases
(4)
|
|
35,521
|
|
|
797
|
|
|
1,602
|
|
|
1,634
|
|
|
31,488
|
|
|||||
Total
|
|
$
|
1,424,949
|
|
|
$
|
45,408
|
|
|
$
|
504,150
|
|
|
$
|
400,314
|
|
|
$
|
475,077
|
|
(1)
|
From time to time in the normal course of our business, we enter into various contracts with third parties that may obligate us to make payments, such as maintenance agreements at our buildings. Such contracts, in the aggregate, do not represent material obligations, are typically short-term and cancellable within 90 days and are not included in the table above.
|
(2)
|
The terms of the loan agreements for the Wells Fargo, National Association CMBS loan calls for a monthly leasing escrow payment of approximately $0.1 million and the balance of the reserve is capped at $2.1 million. The cap was met at
December 31, 2017
and the balance at
December 31, 2017
was approximately $2.1 million. The funding of these reserves is not included in the table above.
|
(3)
|
The total payments do not include unamortized deferred financing fees, debt issuance costs, or fair market value premiums associated with certain loans.
|
(4)
|
This is not included in our Consolidated Balance Sheets included in this report.
|
(5)
|
Amounts include interest rate payments on the
$600.0 million
current notional amount of our interest rate swaps, as discussed below.
|
Preferred Stock Issuances
|
|
Issuance Date
|
|
Number of Shares
|
|
Liquidation Value Per Share
|
|
Interest Rate
|
||||
6.625% Series B Cumulative Redeemable Preferred Stock
|
|
April 16, 2013
|
|
2,800,000
|
|
|
$
|
25.00
|
|
|
6.625
|
%
|
6.875% Series C Cumulative Redeemable Preferred Stock
|
|
March 17, 2016
|
|
3,000,000
|
|
|
$
|
25.00
|
|
|
6.875
|
%
|
ATM Common Stock Offering Program
|
|
Date
|
|
Maximum Aggregate Offering Price (in thousands)
|
|
Aggregate Common Stock Available as of
December 31, 2017 (in thousands) |
||||
2017 $500 million ATM
|
|
November 13, 2017
|
|
$
|
500,000
|
|
|
$
|
489,674
|
|
|
|
Three months ended December 31, 2017
|
|||||||||||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $500 million ATM
|
|
363,843
|
|
|
$
|
28.38
|
|
|
$
|
10,326
|
|
|
$
|
129
|
|
|
$
|
10,197
|
|
2017 $300 million ATM
(1)
|
|
2,732,536
|
|
|
$
|
28.40
|
|
|
77,592
|
|
|
970
|
|
|
76,622
|
|
|||
Total/weighted average
|
|
3,096,379
|
|
|
$
|
28.39
|
|
|
$
|
87,918
|
|
|
$
|
1,099
|
|
|
$
|
86,819
|
|
(1)
|
This program ended before
December 31, 2017
.
|
|
|
Year ended December 31, 2017
|
|||||||||||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $500 million ATM
|
|
363,843
|
|
|
$
|
28.38
|
|
|
$
|
10,326
|
|
|
$
|
129
|
|
|
$
|
10,197
|
|
2017 $300 million ATM
(1)
|
|
11,098,748
|
|
|
$
|
27.03
|
|
|
$
|
300,000
|
|
|
$
|
3,637
|
|
|
$
|
296,363
|
|
2016 $228 million ATM
(1)
|
|
4,799,784
|
|
|
$
|
24.42
|
|
|
$
|
117,216
|
|
|
$
|
1,604
|
|
|
$
|
115,612
|
|
Total/weighted average
|
|
16,262,375
|
|
|
$
|
26.29
|
|
|
$
|
427,542
|
|
|
$
|
5,370
|
|
|
$
|
422,172
|
|
(1)
|
These programs ended before
December 31, 2017
.
|
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
|
|||||
Regions Bank
|
|
Mar-01-2013
|
|
Mar-01-2013
|
|
$
|
25,000
|
|
|
$
|
331
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
293
|
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
135
|
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(18
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
427
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
845
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
596
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
421
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
252
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
266
|
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
263
|
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(566
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
276
|
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(107
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(236
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(290
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
327
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
660
|
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
|
|
Three months ended,
|
|||||||||||||
Selected Interim Financial Information
|
|
December 31, 2017
|
|
September 30, 2017
|
|
June 30,
2017
|
|
March 31, 2017
|
|||||||
Total revenue
|
|
$
|
81,270
|
|
|
78,144
|
|
|
$
|
72,193
|
|
|
$
|
69,480
|
|
Net income
|
|
$
|
8,924
|
|
|
21,839
|
|
|
$
|
1,368
|
|
|
$
|
69
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
6,124
|
|
|
18,478
|
|
|
$
|
(1,119
|
)
|
|
$
|
(2,359
|
)
|
Net income (loss) per share attributable to common stockholders — basic and diluted
|
|
$
|
0.06
|
|
|
0.20
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.03
|
)
|
|
|
Three months ended,
|
||||||||||||||
Selected Interim Financial Information
|
|
December 31, 2016
|
|
September 30, 2016
|
|
June 30,
2016
|
|
March 31, 2016
|
||||||||
Total revenue
|
|
$
|
66,534
|
|
|
$
|
62,595
|
|
|
$
|
60,242
|
|
|
$
|
60,872
|
|
Net income (loss)
|
|
$
|
33,067
|
|
|
$
|
130
|
|
|
$
|
(9,941
|
)
|
|
$
|
12,332
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
28,608
|
|
|
$
|
(3,776
|
)
|
|
$
|
(13,319
|
)
|
|
$
|
8,838
|
|
Net income (loss) per share attributable to common stockholders — basic and diluted
|
|
$
|
0.38
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
0.13
|
|
1.
|
Consolidated Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
Exhibit Number
|
|
Description of Document
|
|
3.1
|
|
|
|
3.2
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
|
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
|
10.14
|
|
|
|
10.15
|
|
|
|
10.16
|
|
|
|
10.17
|
|
|
|
10.18
|
|
|
|
10.19
|
|
|
|
10.20
|
|
|
|
10.21
|
|
|
|
10.22
|
|
|
|
10.23
|
|
|
|
10.24
|
|
|
|
10.25
|
|
|
|
10.26
|
|
|
|
10.27
|
|
|
Exhibit Number
|
|
Description of Document
|
|
10.28
|
|
|
|
10.29
|
|
|
|
10.30
|
|
|
|
10.31
|
|
|
|
10.32
|
|
|
|
10.33
|
|
|
|
10.34
|
|
|
|
12.1
|
|
|
|
21.1
|
|
|
|
23.1
|
|
|
|
24.1
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
101
|
|
|
The following materials from STAG Industrial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (vi) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these consolidated financial statements.
|
*
|
Represents management contract or compensatory plan or arrangement.
|
(1)
|
Incorporated by reference to STAG Industrial, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on May 3, 2016.
|
(2)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on February 14, 2018.
|
(3)
|
Incorporated by reference to STAG Industrial, Inc.'s Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on September 24, 2010.
|
(4)
|
Incorporated by reference to STAG Industrial, Inc.'s Registration Statement on Form 8-A filed with the SEC on April 11, 2013.
|
(5)
|
Incorporated by reference to STAG Industrial, Inc.'s Registration Statement on Form 8-A filed with the SEC on March 10, 2016.
|
(6)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on April 21, 2011.
|
(7)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on November 2, 2011.
|
(8)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on April 16, 2013.
|
(9)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on March 18, 2016.
|
(10)
|
Incorporated by reference to STAG Industrial, Inc.'s Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on April 5, 2011.
|
(11)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on May 6, 2013.
|
(12)
|
Incorporated by reference to STAG Industrial, Inc.'s Annual Report on Form 10-K filed with the SEC on February 23, 2015.
|
(13)
|
Incorporated by reference to STAG Industrial, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on July 23, 2015.
|
(14)
|
Incorporated by reference to STAG Industrial, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on October 31, 2014.
|
(15)
|
Incorporated by reference to STAG Industrial, Inc.'s Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on February 16, 2011.
|
(16)
|
Incorporated by reference to STAG Industrial, Inc.'s Annual Report on Form 10-K filed with the SEC on February 26, 2014.
|
(17)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on December 19, 2014.
|
(18)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on October 1, 2015.
|
(19)
|
Incorporated by reference to STAG Industrial, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 2, 2017.
|
(20)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on December 27, 2016.
|
(21)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on April 22, 2014.
|
(22)
|
Incorporated by reference to STAG Industrial, Inc.'s Current Report on Form 8-K filed with the SEC on December 4, 2015.
|
|
STAG INDUSTRIAL, INC.
|
||
Dated: February 15, 2018
|
|
|
|
|
|
/s/ Benjamin S. Butcher
|
|
|
By:
|
Benjamin S. Butcher
Chairman, Chief Executive Officer and President
|
Date
|
Signature
|
Title
|
|
|
|
February 15, 2018
|
/s/ Benjamin S. Butcher
|
Chairman, Chief Executive Officer
(principal executive officer) and President
|
Benjamin S. Butcher
|
||
|
|
|
February 15, 2018
|
/s/ Virgis W. Colbert
|
Director
|
Virgis W. Colbert
|
||
|
|
|
February 15, 2018
|
/s/ Jeffrey D. Furber
|
Director
|
Jeffrey D. Furber
|
||
|
|
|
February 15, 2018
|
/s/ Larry T. Guillemette
|
Director
|
Larry T. Guillemette
|
||
|
|
|
February 15, 2018
|
/s/ Francis X. Jacoby III
|
Director
|
Francis X. Jacoby III
|
||
|
|
|
February 15, 2018
|
/s/ Christopher P. Marr
|
Director
|
Christopher P. Marr
|
||
|
|
|
February 15, 2018
|
/s/ Hans S. Weger
|
Director
|
Hans S. Weger
|
||
|
|
|
February 15, 2018
|
/s/ William R. Crooker
|
Chief Financial Officer, Executive Vice President and Treasurer (principal financial and accounting officer)
|
William R. Crooker
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Rental Property:
|
|
|
|
||||
Land
|
$
|
321,560
|
|
|
$
|
272,162
|
|
Buildings and improvements, net of accumulated depreciation of $249,057 and $187,413, respectively
|
1,932,764
|
|
|
1,550,141
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $280,642 and $237,456, respectively
|
313,253
|
|
|
294,533
|
|
||
Total rental property, net
|
2,567,577
|
|
|
2,116,836
|
|
||
Cash and cash equivalents
|
24,562
|
|
|
12,192
|
|
||
Restricted cash
|
3,567
|
|
|
9,613
|
|
||
Tenant accounts receivable, net
|
33,602
|
|
|
25,223
|
|
||
Prepaid expenses and other assets
|
25,364
|
|
|
20,821
|
|
||
Interest rate swaps
|
6,079
|
|
|
1,471
|
|
||
Assets held for sale, net
|
19,916
|
|
|
—
|
|
||
Total assets
|
$
|
2,680,667
|
|
|
$
|
2,186,156
|
|
Liabilities and Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Unsecured credit facility
|
$
|
271,000
|
|
|
$
|
28,000
|
|
Unsecured term loans, net
|
446,265
|
|
|
446,608
|
|
||
Unsecured notes, net
|
398,234
|
|
|
397,966
|
|
||
Mortgage notes, net
|
58,282
|
|
|
163,565
|
|
||
Accounts payable, accrued expenses and other liabilities
|
43,216
|
|
|
35,389
|
|
||
Interest rate swaps
|
1,217
|
|
|
2,438
|
|
||
Tenant prepaid rent and security deposits
|
19,045
|
|
|
15,195
|
|
||
Dividends and distributions payable
|
11,880
|
|
|
9,728
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $13,555 and $10,450, respective
ly
|
21,221
|
|
|
20,341
|
|
||
Total liabilities
|
1,270,360
|
|
|
1,119,230
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred stock, par value $0.01 per share, 15,000,000 shares authorized,
|
|
|
|
||||
Series B, 2,800,000 shares (liquidation preference of $25.00 per share) issued and outstanding at December 31, 2017 and December 31, 2016
|
70,000
|
|
|
70,000
|
|
||
Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at December 31, 2017 and December 31, 2016
|
75,000
|
|
|
75,000
|
|
||
Common stock, par value $0.01 per share, 150,000,000 shares authorized, 97,012,543 and 80,352,304 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively
|
970
|
|
|
804
|
|
||
Additional paid-in capital
|
1,725,825
|
|
|
1,293,706
|
|
||
Common stock dividends in excess of earnings
|
(516,691
|
)
|
|
(410,978
|
)
|
||
Accumulated other comprehensive income (loss)
|
3,936
|
|
|
(1,496
|
)
|
||
Total stockholders’ equity
|
1,359,040
|
|
|
1,027,036
|
|
||
Noncontrolling interest
|
51,267
|
|
|
39,890
|
|
||
Total equity
|
1,410,307
|
|
|
1,066,926
|
|
||
Total liabilities and equity
|
$
|
2,680,667
|
|
|
$
|
2,186,156
|
|
|
Year ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
|
|
|
|
|
|
|
|||
Rental income
|
$
|
255,831
|
|
|
$
|
212,741
|
|
|
$
|
186,463
|
|
Tenant recoveries
|
45,005
|
|
|
37,107
|
|
|
31,666
|
|
|||
Other income
|
251
|
|
|
395
|
|
|
504
|
|
|||
Total revenue
|
301,087
|
|
|
250,243
|
|
|
218,633
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|
|||
Property
|
57,701
|
|
|
48,904
|
|
|
42,627
|
|
|||
General and administrative
|
33,349
|
|
|
33,395
|
|
|
28,750
|
|
|||
Property acquisition costs
|
5,386
|
|
|
4,567
|
|
|
4,757
|
|
|||
Depreciation and amortization
|
150,881
|
|
|
125,444
|
|
|
110,421
|
|
|||
Loss on impairments
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||
Gain on involuntary conversion
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||
Other expenses
|
1,786
|
|
|
1,149
|
|
|
1,048
|
|
|||
Total expenses
|
250,657
|
|
|
230,304
|
|
|
216,875
|
|
|||
Other income (expense)
|
|
|
|
|
|
|
|
|
|||
Interest income
|
12
|
|
|
10
|
|
|
9
|
|
|||
Interest expense
|
(42,469
|
)
|
|
(42,923
|
)
|
|
(36,098
|
)
|
|||
Loss on extinguishment of debt
|
(15
|
)
|
|
(3,261
|
)
|
|
—
|
|
|||
Gain on the sales of rental property, net
|
24,242
|
|
|
61,823
|
|
|
4,986
|
|
|||
Total other income (expense)
|
(18,230
|
)
|
|
15,649
|
|
|
(31,103
|
)
|
|||
Net income (loss)
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
|
941
|
|
|
1,069
|
|
|
(1,962
|
)
|
|||
Net income (loss) attributable to STAG Industrial, Inc.
|
$
|
31,259
|
|
|
$
|
34,519
|
|
|
$
|
(27,383
|
)
|
Less: preferred stock dividends
|
9,794
|
|
|
13,897
|
|
|
10,848
|
|
|||
Less: amount allocated to participating securities
|
334
|
|
|
384
|
|
|
385
|
|
|||
Net income (loss) attributable to common stockholders
|
$
|
21,131
|
|
|
$
|
20,238
|
|
|
$
|
(38,616
|
)
|
Weighted average common shares outstanding — basic
|
89,537,714
|
|
|
70,637,185
|
|
|
66,307,972
|
|
|||
Weighted average common shares outstanding — diluted
|
90,003,559
|
|
|
70,852,548
|
|
|
66,307,972
|
|
|||
Net income (loss) per share — basic and diluted
|
|
|
|
|
|
|
|||||
Net income (loss) per share attributable to common stockholders — basic
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
Net income (loss) per share attributable to common stockholders — diluted
|
$
|
0.23
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
|
Year ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Income (loss) on interest rate swaps
|
5,670
|
|
|
898
|
|
|
(1,956
|
)
|
|||
Other comprehensive income (loss)
|
5,670
|
|
|
898
|
|
|
(1,956
|
)
|
|||
Comprehensive income (loss)
|
37,870
|
|
|
36,486
|
|
|
(31,301
|
)
|
|||
(Income) loss attributable to noncontrolling interest after preferred stock dividends
|
(941
|
)
|
|
(1,069
|
)
|
|
1,962
|
|
|||
Other comprehensive (income) loss attributable to noncontrolling interest
|
(238
|
)
|
|
(44
|
)
|
|
95
|
|
|||
Comprehensive income (loss) attributable to STAG Industrial, Inc.
|
$
|
36,691
|
|
|
$
|
35,373
|
|
|
$
|
(29,244
|
)
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Common Stock Dividends in excess of Earnings
|
|
Accumulated Other Comprehensive income (loss)
|
|
Total Stockholders' Equity
|
|
Noncontrolling Interest - Unit holders in Operating Partnership
|
|
Total Equity
|
||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Balance, December 31, 2014
|
$
|
139,000
|
|
|
64,434,852
|
|
|
$
|
644
|
|
|
$
|
928,251
|
|
|
$
|
(202,909
|
)
|
|
$
|
(489
|
)
|
|
$
|
864,497
|
|
|
$
|
27,381
|
|
|
$
|
891,878
|
|
|
Proceeds from sales of common stock
|
—
|
|
|
3,456,403
|
|
|
35
|
|
|
74,857
|
|
|
—
|
|
|
—
|
|
|
74,892
|
|
|
—
|
|
|
74,892
|
|
|||||||||
Offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,229
|
)
|
|
—
|
|
|
—
|
|
|
(1,229
|
)
|
|
—
|
|
|
(1,229
|
)
|
|||||||||
Dividends and distributions, net
|
(10,848
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91,131
|
)
|
|
—
|
|
|
(101,979
|
)
|
|
(4,772
|
)
|
|
(106,751
|
)
|
|||||||||
Non-cash compensation activity
|
—
|
|
|
95,254
|
|
|
1
|
|
|
2,804
|
|
|
—
|
|
|
—
|
|
|
2,805
|
|
|
4,774
|
|
|
7,579
|
|
|||||||||
Redemption of common units to common stock
|
—
|
|
|
90,824
|
|
|
1
|
|
|
1,002
|
|
|
—
|
|
|
—
|
|
|
1,003
|
|
|
(1,003
|
)
|
|
—
|
|
|||||||||
Redemption of common units for cash
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
(64
|
)
|
|||||||||
Issuance of units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,853
|
|
|
22,853
|
|
|||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
11,712
|
|
|
—
|
|
|
—
|
|
|
11,712
|
|
|
(11,712
|
)
|
|
—
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,861
|
)
|
|
(1,861
|
)
|
|
(95
|
)
|
|
(1,956
|
)
|
|||||||||
Net loss
|
10,848
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,231
|
)
|
|
—
|
|
|
(27,383
|
)
|
|
(1,962
|
)
|
|
(29,345
|
)
|
|||||||||
Balance, December 31, 2015
|
$
|
139,000
|
|
|
$
|
68,077,333
|
|
|
$
|
681
|
|
|
$
|
1,017,397
|
|
|
$
|
(332,271
|
)
|
|
$
|
(2,350
|
)
|
|
$
|
822,457
|
|
|
$
|
35,400
|
|
|
$
|
857,857
|
|
Proceeds from sales of common stock
|
—
|
|
|
12,090,038
|
|
|
121
|
|
|
282,548
|
|
|
—
|
|
|
—
|
|
|
282,669
|
|
|
—
|
|
|
282,669
|
|
|||||||||
Issuance of series C preferred stock
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||||||||
Offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,928
|
)
|
|
—
|
|
|
—
|
|
|
(6,928
|
)
|
|
—
|
|
|
(6,928
|
)
|
|||||||||
Dividends and distributions, net
|
(13,897
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99,329
|
)
|
|
—
|
|
|
(113,226
|
)
|
|
(5,707
|
)
|
|
(118,933
|
)
|
|||||||||
Non-cash compensation activity
|
—
|
|
|
116,441
|
|
|
1
|
|
|
3,690
|
|
|
—
|
|
|
—
|
|
|
3,691
|
|
|
6,084
|
|
|
9,775
|
|
|||||||||
Redemption of series A preferred stock
|
(69,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,000
|
)
|
|
—
|
|
|
(69,000
|
)
|
|||||||||
Redemption of common units to common stock
|
—
|
|
|
68,492
|
|
|
1
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
617
|
|
|
(617
|
)
|
|
—
|
|
|||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,617
|
)
|
|
—
|
|
|
—
|
|
|
(3,617
|
)
|
|
3,617
|
|
|
—
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
854
|
|
|
854
|
|
|
44
|
|
|
898
|
|
|||||||||
Net income
|
13,897
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,622
|
|
|
—
|
|
|
34,519
|
|
|
1,069
|
|
|
35,588
|
|
|||||||||
Balance, December 31, 2016
|
$
|
145,000
|
|
|
80,352,304
|
|
|
$
|
804
|
|
|
$
|
1,293,706
|
|
|
$
|
(410,978
|
)
|
|
$
|
(1,496
|
)
|
|
$
|
1,027,036
|
|
|
$
|
39,890
|
|
|
$
|
1,066,926
|
|
|
Proceeds from sales of common stock
|
—
|
|
|
16,262,375
|
|
|
163
|
|
|
427,379
|
|
|
—
|
|
|
—
|
|
|
427,542
|
|
|
—
|
|
|
427,542
|
|
|||||||||
Offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,053
|
)
|
|
—
|
|
|
—
|
|
|
(6,053
|
)
|
|
—
|
|
|
(6,053
|
)
|
|||||||||
Dividends and distributions, net
|
(9,794
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126,984
|
)
|
|
—
|
|
|
(136,778
|
)
|
|
(6,378
|
)
|
|
(143,156
|
)
|
|||||||||
Non-cash compensation activity
|
—
|
|
|
46,604
|
|
|
—
|
|
|
4,138
|
|
|
(194
|
)
|
|
—
|
|
|
3,944
|
|
|
4,676
|
|
|
8,620
|
|
|||||||||
Redemption of common units to common stock
|
—
|
|
|
351,260
|
|
|
3
|
|
|
3,929
|
|
|
—
|
|
|
—
|
|
|
3,932
|
|
|
(3,932
|
)
|
|
—
|
|
|||||||||
Issuance of units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,558
|
|
|
18,558
|
|
|||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
2,726
|
|
|
—
|
|
|
—
|
|
|
2,726
|
|
|
(2,726
|
)
|
|
—
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,432
|
|
|
5,432
|
|
|
238
|
|
|
5,670
|
|
|||||||||
Net income
|
9,794
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,465
|
|
|
—
|
|
|
31,259
|
|
|
941
|
|
|
32,200
|
|
|||||||||
Balance, December 31, 2017
|
$
|
145,000
|
|
|
97,012,543
|
|
|
$
|
970
|
|
|
$
|
1,725,825
|
|
|
$
|
(516,691
|
)
|
|
$
|
3,936
|
|
|
$
|
1,359,040
|
|
|
$
|
51,267
|
|
|
$
|
1,410,307
|
|
|
Year ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
150,881
|
|
|
125,444
|
|
|
110,421
|
|
|||
Loss on impairments
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||
Gain on involuntary conversion
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||
Non-cash portion of interest expense
|
1,897
|
|
|
1,632
|
|
|
1,262
|
|
|||
Intangible amortization in rental income, net
|
4,583
|
|
|
6,213
|
|
|
8,526
|
|
|||
Straight-line rent adjustments, net
|
(7,475
|
)
|
|
(1,817
|
)
|
|
(3,134
|
)
|
|||
Dividends on forfeited equity compensation
|
2
|
|
|
3
|
|
|
25
|
|
|||
Loss on extinguishment of debt
|
15
|
|
|
3,261
|
|
|
—
|
|
|||
Gain on the sales of rental property, net
|
(24,242
|
)
|
|
(61,823
|
)
|
|
(4,986
|
)
|
|||
Non-cash compensation expense
|
9,547
|
|
|
9,729
|
|
|
7,578
|
|
|||
Change in assets and liabilities:
|
|
|
|
|
|
||||||
Tenant accounts receivable, net
|
(2,125
|
)
|
|
(1,435
|
)
|
|
(1,334
|
)
|
|||
Restricted cash
|
464
|
|
|
(365
|
)
|
|
(40
|
)
|
|||
Prepaid expenses and other assets
|
(9,103
|
)
|
|
(4,580
|
)
|
|
(3,155
|
)
|
|||
Accounts payable, accrued expenses and other liabilities
|
514
|
|
|
6,161
|
|
|
3,469
|
|
|||
Tenant prepaid rent and security deposits
|
3,850
|
|
|
567
|
|
|
3,148
|
|
|||
Total adjustments
|
130,362
|
|
|
99,835
|
|
|
151,052
|
|
|||
Net cash provided by operating activities
|
162,562
|
|
|
135,423
|
|
|
121,707
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Acquisitions of land and buildings and improvements
|
(497,264
|
)
|
|
(377,559
|
)
|
|
(291,949
|
)
|
|||
Additions of land and building and improvements
|
(45,790
|
)
|
|
(30,485
|
)
|
|
(16,329
|
)
|
|||
Acquisitions of other assets
|
—
|
|
|
(158
|
)
|
|
(565
|
)
|
|||
Proceeds from sales of rental property, net
|
65,075
|
|
|
152,079
|
|
|
22,163
|
|
|||
Proceeds from insurance on involuntary conversion
|
1,796
|
|
|
—
|
|
|
—
|
|
|||
Restricted cash
|
5,582
|
|
|
(853
|
)
|
|
(1,449
|
)
|
|||
Acquisition deposits, net
|
255
|
|
|
(560
|
)
|
|
1,420
|
|
|||
Acquisitions of deferred leasing intangibles
|
(95,707
|
)
|
|
(89,576
|
)
|
|
(85,329
|
)
|
|||
Net cash used in investing activities
|
(566,053
|
)
|
|
(347,112
|
)
|
|
(372,038
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from sale of series C preferred stock
|
—
|
|
|
75,000
|
|
|
—
|
|
|||
Redemption of series A preferred stock
|
—
|
|
|
(69,000
|
)
|
|
—
|
|
|||
Redemption of common units for cash
|
—
|
|
|
—
|
|
|
(64
|
)
|
|||
Proceeds from unsecured credit facility
|
677,500
|
|
|
513,000
|
|
|
300,750
|
|
|||
Repayment of unsecured credit facility
|
(434,500
|
)
|
|
(541,000
|
)
|
|
(375,750
|
)
|
|||
Proceeds from unsecured term loans
|
—
|
|
|
150,000
|
|
|
150,000
|
|
|||
Proceeds from unsecured notes
|
—
|
|
|
—
|
|
|
220,000
|
|
|||
Repayment of mortgage notes
|
(105,470
|
)
|
|
(70,444
|
)
|
|
(20,571
|
)
|
|||
Payment of loan fees and costs
|
(1,209
|
)
|
|
(715
|
)
|
|
(3,672
|
)
|
|||
Payment of loan prepayment fees and costs
|
(15
|
)
|
|
(3,278
|
)
|
|
—
|
|
|||
Dividends and distributions
|
(141,006
|
)
|
|
(117,441
|
)
|
|
(105,892
|
)
|
|||
Proceeds from sales of common stock
|
427,542
|
|
|
282,669
|
|
|
74,892
|
|
|||
Repurchase and retirement of restricted stock
|
(969
|
)
|
|
—
|
|
|
—
|
|
|||
Offering costs
|
(6,012
|
)
|
|
(6,921
|
)
|
|
(1,229
|
)
|
|||
Net cash provided by financing activities
|
415,861
|
|
|
211,870
|
|
|
238,464
|
|
|||
Increase (decrease) in cash and cash equivalents
|
12,370
|
|
|
181
|
|
|
(11,867
|
)
|
|||
Cash and cash equivalents—beginning of period
|
12,192
|
|
|
12,011
|
|
|
23,878
|
|
|||
Cash and cash equivalents—end of period
|
$
|
24,562
|
|
|
$
|
12,192
|
|
|
$
|
12,011
|
|
Supplemental disclosure:
|
|
|
|
|
|
||||||
Cash paid for interest, net of capitalized interest
|
$
|
40,685
|
|
|
$
|
39,367
|
|
|
$
|
32,440
|
|
Supplemental schedule of non-cash investing and financing activities
|
|
|
|
|
|
||||||
Issuance of units for acquisitions of land and building and improvements and deferred leasing intangibles
|
$
|
18,558
|
|
|
$
|
—
|
|
|
$
|
22,853
|
|
Contingent consideration for acquisition of land and building and improvements
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(216
|
)
|
Contingent consideration for acquisition of deferred leasing intangibles
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(84
|
)
|
Contingent consideration liability acquired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
300
|
|
Additions to building and other capital improvements
|
$
|
(158
|
)
|
|
$
|
(1,175
|
)
|
|
$
|
(565
|
)
|
Transfer of other assets to building and other capital improvements
|
$
|
158
|
|
|
$
|
—
|
|
|
$
|
565
|
|
Acquisitions of land and buildings and improvements
|
$
|
(17,461
|
)
|
|
$
|
(3,572
|
)
|
|
$
|
(38,339
|
)
|
Acquisitions of deferred leasing intangibles
|
$
|
(2,079
|
)
|
|
$
|
(1,008
|
)
|
|
$
|
(11,199
|
)
|
Partial disposal of building due to involuntary conversion of building
|
$
|
363
|
|
|
$
|
779
|
|
|
$
|
—
|
|
Investing other receivables due to involuntary conversion of building
|
$
|
(363
|
)
|
|
$
|
(779
|
)
|
|
$
|
—
|
|
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities
|
$
|
(7,125
|
)
|
|
$
|
(1,455
|
)
|
|
$
|
(182
|
)
|
Additions to building and other capital improvements from non-cash compensation
|
$
|
(26
|
)
|
|
$
|
(18
|
)
|
|
$
|
—
|
|
Assumption of mortgage notes
|
$
|
—
|
|
|
$
|
4,037
|
|
|
$
|
26,267
|
|
Fair market value adjustment to mortgage notes acquired
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
418
|
|
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities
|
$
|
(15
|
)
|
|
$
|
26
|
|
|
$
|
24
|
|
Dividends and distributions accrued
|
$
|
11,880
|
|
|
$
|
9,728
|
|
|
$
|
8,234
|
|
Building
|
40 Years
|
Building and land improvements
|
Up to 20 years
|
Tenant improvements
|
Shorter of useful life or terms of related lease
|
|
Year ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Per Share
|
|
%
|
|
Per Share
|
|
%
|
|
Per Share
|
|
%
|
|||||||||
Ordinary income
|
$
|
0.965483
|
|
|
68.8
|
%
|
|
$
|
0.944038
|
|
|
68.0
|
%
|
|
$
|
0.777244
|
|
|
57.2
|
%
|
Return of capital
|
0.437852
|
|
|
31.2
|
%
|
|
0.445125
|
|
|
32.0
|
%
|
|
0.582756
|
|
|
42.8
|
%
|
|||
Total
(1)
|
$
|
1.403335
|
|
|
100.0
|
%
|
|
$
|
1.389163
|
|
|
100.0
|
%
|
|
$
|
1.360000
|
|
|
100.0
|
%
|
(1)
|
The December 2015 monthly common stock dividend of
$0.115
per share was included in the stockholder’s 2016 tax year. The December 2016 monthly common stock dividend of
$0.115833
per share was included in the stockholder’s 2017 tax year. The December 2017 monthly common stock dividend of
$0.1175
per share will be included in the stockholder’s 2018 tax year.
|
|
Year ended December 31,
|
||||||||||
Reconciliation of Net Income (Loss) to Taxable Income (in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Book/tax differences from depreciation and amortization
|
80,416
|
|
|
66,763
|
|
|
60,959
|
|
|||
Above/below market lease amortization
|
4,583
|
|
|
6,213
|
|
|
8,526
|
|
|||
Loss on impairments
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||
Book/tax difference on termination income
|
(786
|
)
|
|
678
|
|
|
(1,815
|
)
|
|||
Book/tax difference on property acquisition costs
|
5,262
|
|
|
4,498
|
|
|
4,400
|
|
|||
Book/tax difference on extinguishment of debt
|
15
|
|
|
(17
|
)
|
|
—
|
|
|||
Book/tax difference on accrued bonus payment
|
745
|
|
|
1,170
|
|
|
(337
|
)
|
|||
Book/tax difference on bad debt expense
|
(91
|
)
|
|
83
|
|
|
2
|
|
|||
Book/tax difference on non-cash compensation
|
6,270
|
|
|
7,188
|
|
|
4,662
|
|
|||
Book/tax difference on gain on the sales of rental property, net
|
(26,134
|
)
|
|
(53,580
|
)
|
|
(10,653
|
)
|
|||
Straight-line rent adjustments, net
|
(6,689
|
)
|
|
(2,495
|
)
|
|
(3,405
|
)
|
|||
Book/tax difference on non-cash portion of interest expense
|
1,897
|
|
|
1,631
|
|
|
1,266
|
|
|||
Book/tax difference on prepaid rent of Sec. 467 leases
|
(122
|
)
|
|
(274
|
)
|
|
1,887
|
|
|||
Book/tax difference on gain on involuntary conversion
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||
Other book/tax differences, net
|
465
|
|
|
284
|
|
|
180
|
|
|||
Loss attributable to noncontrolling interest
|
(4,572
|
)
|
|
(4,069
|
)
|
|
(3,011
|
)
|
|||
Taxable income subject to distribution requirement
(1)
|
$
|
95,013
|
|
|
$
|
80,506
|
|
|
$
|
62,588
|
|
(1)
|
The Company distributed in excess of
100%
of its taxable income to its stockholders during the years ended
December 31, 2017
,
2016
and
2015
, respectively.
|
Rental Property, net (in thousands)
|
|
December 31, 2017
|
|
December 31, 2016
|
|
||||
Land
|
|
$
|
321,560
|
|
|
$
|
272,162
|
|
|
Buildings, net of accumulated depreciation of $160,281 and $125,971, respectivel
y
|
|
1,756,579
|
|
|
1,408,406
|
|
(1)
|
||
Tenant improvements, net of accumulated depreciation of $32,714 and $28,388, respectively
|
|
30,138
|
|
|
24,974
|
|
|
||
Building and land improvements, net of accumulated depreciation of $56,062 and $33,054, respectivel
y
|
|
143,170
|
|
|
107,463
|
|
|
||
Construction in progress
|
|
2,877
|
|
|
9,298
|
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $280,642 and $237,456, respectively
|
|
313,253
|
|
|
294,533
|
|
|
||
Total rental property, net
|
|
$
|
2,567,577
|
|
|
$
|
2,116,836
|
|
|
(1)
|
Includes
one
building in redevelopment.
|
Year ended December 31, 2017
|
||||||||||
Location of Property
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands) |
||||
Jacksonville, FL
|
|
1,025,720
|
|
|
4
|
|
|
$
|
34,264
|
|
Sparks, NV
|
|
174,763
|
|
|
1
|
|
|
8,380
|
|
|
Salisbury, NC
|
|
288,000
|
|
|
1
|
|
|
8,250
|
|
|
Franklin Township, NJ
|
|
183,000
|
|
|
1
|
|
|
12,800
|
|
|
Milford, CT
|
|
200,000
|
|
|
1
|
|
|
12,762
|
|
|
Bedford Heights, OH
|
|
173,034
|
|
|
1
|
|
|
7,622
|
|
|
Redford, MI
|
|
135,728
|
|
|
1
|
|
|
7,769
|
|
|
Warren, MI
|
|
154,377
|
|
|
1
|
|
|
7,940
|
|
|
Three months ended March 31, 2017
|
|
2,334,622
|
|
|
11
|
|
|
99,787
|
|
|
Waukegan, IL
|
|
261,075
|
|
|
2
|
|
|
13,850
|
|
|
Gaffney, SC
|
|
226,968
|
|
|
1
|
|
|
7,200
|
|
|
Dayton, OH
|
|
569,966
|
|
|
1
|
|
|
29,750
|
|
|
Belvidere, IL
|
|
336,204
|
|
|
1
|
|
|
22,867
|
|
|
San Diego, CA
|
|
205,440
|
|
|
1
|
|
|
19,362
|
|
|
Edwardsville, KS
|
|
270,869
|
|
|
1
|
|
|
16,270
|
|
|
Pedricktown, NJ
|
|
245,749
|
|
|
1
|
|
|
16,000
|
|
|
Walton, KY
|
|
224,921
|
|
|
1
|
|
|
11,450
|
|
|
Rock Hill, SC
|
|
275,000
|
|
|
1
|
|
|
6,675
|
|
|
Laredo, TX
|
|
206,810
|
|
|
1
|
|
|
13,500
|
|
|
Clinton, PA
|
|
297,200
|
|
|
1
|
|
|
23,650
|
|
|
Batavia, IL
|
|
102,500
|
|
|
1
|
|
|
5,900
|
|
|
Wallingford, CT
|
|
105,000
|
|
|
1
|
|
|
8,200
|
|
|
Rockwall, TX
|
|
389,546
|
|
|
1
|
|
|
28,600
|
|
|
Houston, TX
|
|
232,800
|
|
|
3
|
|
|
25,000
|
|
|
Lebanon, PA
|
|
211,358
|
|
|
1
|
|
|
7,950
|
|
|
Maple Grove, MN
|
|
108,628
|
|
|
1
|
|
|
10,031
|
|
|
Romulus, MI
|
|
303,760
|
|
|
1
|
|
|
19,351
|
|
|
Three months ended June 30, 2017
|
|
4,573,794
|
|
|
21
|
|
|
285,606
|
|
|
Stone Mountain, GA
|
|
78,000
|
|
|
1
|
|
|
4,175
|
|
|
York, PA
|
|
382,886
|
|
|
1
|
|
|
18,981
|
|
|
Pittston, PA
|
|
437,446
|
|
|
1
|
|
|
23,950
|
|
|
O'Fallon, MO
|
|
109,854
|
|
|
1
|
|
|
5,740
|
|
|
Belleville, MI
|
|
160,464
|
|
|
1
|
|
|
8,641
|
|
|
Columbus, OH
|
|
147,645
|
|
|
1
|
|
|
6,954
|
|
|
Groveport, OH
|
|
320,657
|
|
|
1
|
|
|
13,643
|
|
|
Las Vegas, NV
|
|
34,916
|
|
|
1
|
|
|
4,642
|
|
|
Mooresville, NC
|
|
499,200
|
|
|
1
|
|
|
25,750
|
|
|
Swedesboro, NJ
|
|
123,962
|
|
|
1
|
|
|
7,250
|
|
|
Three months ended September 30, 2017
|
|
2,295,030
|
|
|
10
|
|
|
119,726
|
|
|
Council Bluffs, IA
|
|
90,000
|
|
|
1
|
|
|
6,600
|
|
|
Hilliard, OH
|
|
237,500
|
|
|
1
|
|
|
8,717
|
|
|
Fountain Inn, SC
|
|
264,385
|
|
|
1
|
|
|
18,200
|
|
|
West Columbia, SC
|
|
200,000
|
|
|
1
|
|
|
10,000
|
|
|
Avondale, AZ
|
|
186,643
|
|
|
1
|
|
|
16,500
|
|
|
El Paso, TX
|
|
498,382
|
|
|
2
|
|
|
16,850
|
|
|
Stafford, TX
|
|
68,300
|
|
|
1
|
|
|
8,100
|
|
|
South Easton, MA
|
|
86,000
|
|
|
1
|
|
|
8,125
|
|
|
Madison, WI
|
|
283,000
|
|
|
2
|
|
|
14,300
|
|
|
Three months ended December 31, 2017
|
|
1,914,210
|
|
|
11
|
|
|
107,392
|
|
|
Year ended December 31, 2017
|
|
11,117,656
|
|
|
53
|
|
|
$
|
612,511
|
|
Year ended December 31, 2016
|
||||||||||
Location of Property
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands)
|
||||
Biddeford, ME
|
|
265,126
|
|
|
2
|
|
|
$
|
12,452
|
|
Fairfield, OH
|
|
206,448
|
|
|
1
|
|
|
5,330
|
|
|
Mascot, TN
|
|
130,560
|
|
|
1
|
|
|
4,500
|
|
|
Erlanger, KY
|
|
108,620
|
|
|
1
|
|
|
5,600
|
|
|
Three months ended March 31, 2016
|
|
710,754
|
|
|
5
|
|
|
27,882
|
|
|
West Chicago, IL
|
|
249,470
|
|
|
1
|
|
|
8,663
|
|
|
Visalia, CA
|
|
635,281
|
|
|
1
|
|
|
27,921
|
|
|
Norcross, GA
|
|
152,036
|
|
|
1
|
|
|
5,508
|
|
|
Reading, PA
|
|
248,000
|
|
|
1
|
|
|
9,594
|
|
|
Charlotte, NC
|
|
104,852
|
|
|
1
|
|
|
6,517
|
|
|
Three months ended June 30, 2016
|
|
1,389,639
|
|
|
5
|
|
|
58,203
|
|
|
Columbia, SC
|
|
185,600
|
|
|
1
|
|
|
7,300
|
|
|
Graniteville, SC
|
|
450,000
|
|
|
1
|
|
|
15,675
|
|
|
Fountain Inn, SC
|
|
168,087
|
|
|
1
|
|
|
7,025
|
|
|
Langhorne, PA
|
|
217,000
|
|
|
2
|
|
|
11,250
|
|
|
Warren, MI
|
|
268,000
|
|
|
1
|
|
|
18,700
|
|
|
New Castle, DE
|
|
485,987
|
|
|
1
|
|
|
27,500
|
|
|
Westborough, MA
|
|
121,700
|
|
|
1
|
|
|
7,885
|
|
|
Cedar Hill, TX
|
|
420,000
|
|
|
1
|
|
|
19,100
|
|
|
Forest Park, GA
|
|
799,200
|
|
|
2
|
|
|
24,915
|
|
|
Rock Hill, SC
|
|
315,520
|
|
|
1
|
|
|
9,850
|
|
|
Gardiner, ME
|
|
265,000
|
|
|
1
|
|
|
16,800
|
|
|
Three months ended September 30, 2016
|
|
3,696,094
|
|
|
13
|
|
|
166,000
|
|
|
Langhorne, PA
|
|
172,647
|
|
|
1
|
|
|
9,500
|
|
|
Grove City, OH
|
|
175,512
|
|
|
1
|
|
|
5,400
|
|
|
Olathe, KS
|
|
496,373
|
|
|
1
|
|
|
23,194
|
|
|
Houston, TX
|
|
223,599
|
|
|
1
|
|
|
13,444
|
|
|
Itasca, IL
|
|
202,000
|
|
|
1
|
|
|
20,641
|
|
|
Kenosha, WI
|
|
175,052
|
|
|
1
|
|
|
5,975
|
|
|
Oklahoma City, OK
|
|
80,400
|
|
|
1
|
|
|
3,400
|
|
|
San Antonio, TX
|
|
247,861
|
|
|
1
|
|
|
12,050
|
|
|
Wood Dale, IL
|
|
137,607
|
|
|
1
|
|
|
8,565
|
|
|
Hartland, WI
|
|
121,050
|
|
|
1
|
|
|
7,400
|
|
|
Earth City, MO
|
|
116,783
|
|
|
1
|
|
|
5,450
|
|
|
Spartanburg, SC
|
|
572,038
|
|
|
1
|
|
|
20,762
|
|
|
West Columbia, SC
|
|
119,852
|
|
|
1
|
|
|
5,725
|
|
|
West Chicago, IL
|
|
305,874
|
|
|
5
|
|
|
10,400
|
|
|
DeForest, WI
|
|
254,431
|
|
|
1
|
|
|
7,800
|
|
|
Montgomery, AL
|
|
332,000
|
|
|
1
|
|
|
8,750
|
|
|
West Chester, OH
|
|
269,868
|
|
|
1
|
|
|
11,150
|
|
|
West Columbia, SC
|
|
176,400
|
|
|
1
|
|
|
11,850
|
|
|
Brooklyn Park, MN
|
|
200,720
|
|
|
1
|
|
|
20,532
|
|
|
East Windsor, CT
|
|
126,111
|
|
|
1
|
|
|
7,725
|
|
|
Three months ended December 31, 2016
|
|
4,506,178
|
|
|
24
|
|
|
219,713
|
|
|
Year ended December 31, 2016
|
|
10,302,665
|
|
|
47
|
|
|
$
|
471,798
|
|
|
|
Year ended December 31, 2017
|
|
Year ended December 31, 2016
|
||||||||
Acquired Assets and Liabilities
|
|
Purchase price (in thousands)
|
|
Weighted average amortization period (years) of intangibles at acquisition
|
|
Purchase price (in thousands)
|
|
Weighted average amortization period (years) of intangibles at acquisition
|
||||
Land
|
|
$
|
59,004
|
|
|
N/A
|
|
$
|
59,630
|
|
|
N/A
|
Buildings
|
|
413,829
|
|
|
N/A
|
|
283,758
|
|
|
N/A
|
||
Tenant improvements
|
|
10,044
|
|
|
N/A
|
|
8,670
|
|
|
N/A
|
||
Building and land improvements
|
|
31,848
|
|
|
N/A
|
|
29,073
|
|
|
N/A
|
||
Deferred leasing intangibles - In-place leases
|
|
62,493
|
|
|
8.3
|
|
62,533
|
|
|
8.2
|
||
Deferred leasing intangibles - Tenant relationships
|
|
27,056
|
|
|
10.8
|
|
30,446
|
|
|
10.4
|
||
Deferred leasing intangibles - Above market leases
|
|
14,375
|
|
|
10.6
|
|
10,576
|
|
|
9.2
|
||
Deferred leasing intangibles - Below market leases
|
|
(5,222
|
)
|
|
8.5
|
|
(12,971
|
)
|
|
8.5
|
||
Deferred leasing intangibles - Above market ground leases
|
|
(916
|
)
|
|
49.0
|
|
—
|
|
|
N/A
|
||
Above market assumed debt adjustment
|
|
—
|
|
|
N/A
|
|
(75
|
)
|
|
7.2
|
||
Other assets
|
|
—
|
|
|
N/A
|
|
158
|
|
|
N/A
|
||
Total purchase price
|
|
612,511
|
|
|
|
|
471,798
|
|
|
|
||
Less: Mortgage note assumed
|
|
—
|
|
|
|
|
(4,037
|
)
|
|
|
||
Net assets acquired
|
|
$
|
612,511
|
|
|
|
|
$
|
467,761
|
|
|
|
Results of Operations (in thousands)
|
|
Year ended December 31, 2017
|
|
Year ended December 31, 2016
|
||||
Total revenue
|
|
$
|
27,918
|
|
|
$
|
13,105
|
|
Property acquisition costs
|
|
$
|
5,181
|
|
|
$
|
4,386
|
|
Net loss
|
|
$
|
1,473
|
|
|
$
|
3,560
|
|
Pro Forma (in thousands)
(1)
|
|
Year ended December 31, 2017
|
|
Year ended December 31, 2016
|
||||
Total revenue
|
|
$
|
326,994
|
|
|
$
|
321,512
|
|
Net income
(2)
|
|
$
|
40,519
|
|
|
$
|
24,520
|
|
Net income attributable to common stockholders
|
|
$
|
29,101
|
|
|
$
|
9,715
|
|
(1)
|
The unaudited pro forma information for the years ended
December 31, 2017
and
2016
is presented as if the properties acquired during the years ended
December 31, 2017
and
2016
were completed on January 1,
2016
and January 1,
2015
, respectively.
|
(2)
|
The net income for the year ended
December 31, 2017
excludes approximately
$5.2 million
of property acquisition costs related to the acquisition of buildings that closed during the year ended
December 31, 2017
, and the net income for the year ended
December 31, 2016
was adjusted to include these acquisition costs. Net income for the year ended
December 31, 2016
excludes approximately
$4.4 million
of property acquisition costs related to the acquisition of buildings that closed during the year ended
December 31, 2016
.
|
Property Location
|
|
Buildings
|
|
Event or Change in Circumstance Leading to Impairment Evaluation
(1)
|
|
Valuation technique utilized to estimate fair value
|
|
Fair Value
(2)
|
|
Loss on Impairments
|
||||
(in thousands)
|
||||||||||||||
Cincinnati, OH
|
|
1
|
|
Market leasing conditions
|
(3)
|
Discounted cash flows
|
|
|
|
|
||||
Three months ended December 31, 2017
|
|
|
|
$
|
1,543
|
|
|
$
|
1,879
|
|
||||
Year ended December 31, 2017
|
|
|
|
$
|
1,543
|
|
|
$
|
1,879
|
|
(1)
|
The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
|
(2)
|
The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
|
(3)
|
Level 3 inputs used to determine fair value for the property impaired for the three months ended December 31, 2017: discount rate of
10.0%
and exit capitalization rate of
10.0%
.
|
Property Location
|
|
Buildings
|
|
Event or Change in Circumstance Leading to Impairment Evaluation
(1)
|
|
Valuation technique utilized to estimate fair value
|
|
Fair Value
(2)
|
|
Loss on Impairments
|
||||
(in thousands)
|
||||||||||||||
Fairfield, VA
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Executed purchase and sale agreement
|
|
|
|
|
|
|
||
Jackson, MS
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Executed purchase and sale agreement
|
|
|
|
|
|
|
||
Jackson, MS
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Executed purchase and sale agreement
|
|
|
|
|
|
|
||
Mishawaka, IN
|
|
1
|
|
Market leasing conditions
|
(3)
|
Discounted cash flows
|
(5)
|
|
|
|
|
|
||
Newark, DE
|
|
1
|
|
Market leasing conditions
|
|
Discounted cash flows
|
(5)
|
|
|
|
|
|
||
Seville, OH
|
|
2
|
|
Market leasing conditions
|
|
Discounted cash flows
|
(5)
|
|
|
|
|
|
||
Sparks, MD
|
|
2
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(5)
|
|
|
|
|
|
||
Three months ended June 30, 2016
|
|
|
|
$
|
10,598
|
|
|
$
|
11,231
|
|
||||
Boardman, OH
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(6)
|
|
|
|
|
|
||
Holland, MI
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(6)
|
|
|
|
|
|
||
Pensacola, FL
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Discounted cash flows
|
(6)
|
|
|
|
|
|
||
Three months ended December 31, 2016
|
|
|
|
$
|
4,360
|
|
|
$
|
5,614
|
|
||||
Year ended December 31, 2016
|
|
|
|
$
|
14,958
|
|
|
$
|
16,845
|
|
(1)
|
The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
|
(2)
|
The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
|
(3)
|
This property was sold during the year ended December 31, 2016.
|
(4)
|
This property was sold during the year ended December 31, 2017.
|
(5)
|
Level 3 inputs used to determine fair value for the properties impaired for the three months ended June 30, 2016: discount rates ranged from
8.5%
to
13.0%
and exit capitalization rates ranged from
8.5%
to
12.0%
.
|
(6)
|
Level 3 inputs used to determine fair value for the properties impaired for the three months ended December 31, 2016: discount rate of
12.0%
and exit capitalization rates ranging from
10.0%
to
12.0%
.
|
Property Location
|
|
Buildings
|
|
Event or Change in Circumstance Leading to Impairment Evaluation
(1)
|
|
Valuation technique utilized to estimate fair value
|
|
Fair Value
(2)
|
|
Loss on Impairments
|
||||
(in thousands)
|
||||||||||||||
Hazelwood, MO
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Executed purchase and sale agreement
|
|
|
|
|
|
|
||
Three months ended June 30, 2015
|
|
|
|
$
|
4,400
|
|
|
$
|
2,645
|
|
||||
Canton, OH
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(6)
|
|
|
|
|
|
||
Jefferson, NC
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Market transactions for comparable properties
|
|
|
|
|
|
|
||
Milwaukee, WI
|
|
1
|
|
Change in estimated hold period
|
(3)
|
Market transactions for comparable properties
|
|
|
|
|
|
|
||
Three months ended September 30, 2015
|
|
|
|
6,515
|
|
|
5,733
|
|
||||||
Canton, OH
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Market transactions for comparable properties
|
(7)
|
|
|
|
|
|
||
Cincinnati, OH
|
|
1
|
|
Change in estimated hold period
|
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Dayton, OH
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Gloversville, NY
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Jackson, MS
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Jackson, MS
|
|
1
|
|
Change in estimated hold period
|
(4)
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Rapid City, SD
|
|
1
|
|
Change in estimated hold period
|
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Sergeant Bluff, IA
|
|
1
|
|
Change in estimated hold period
|
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Sparks, MD
|
|
2
|
|
Change in estimated hold period
|
(5)
|
Discounted cash flows
|
(8)
|
|
|
|
|
|
||
Three months ended December 31, 2015
|
|
|
|
22,238
|
|
|
20,894
|
|
||||||
Year ended December 31, 2015
|
|
|
|
$
|
33,153
|
|
|
$
|
29,272
|
|
(1)
|
The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
|
(2)
|
The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
|
(3)
|
This property was sold during the year ended December 31, 2015.
|
(4)
|
This property was sold during the year ended December 31, 2016.
|
(5)
|
This property was sold during the year ended December 31, 2017.
|
(6)
|
Level 3 inputs used to determine fair value: discount rate of
9.0%
and exit capitalization rate of
12.0%
|
(7)
|
The future cash flows of the existing building were not estimated to generate a net positive cash flow. Accordingly, the property was valued at its highest and best use as a vacant/developable land parcel. Market transactions for comparable properties were utilized to estimate a land value. Estimated fair market value of the property represents the land value, less estimated expense of demolition of the building, plus estimated salvage value.
|
(8)
|
Level 3 inputs used to determine fair value for the properties impaired for the three months ended December 31, 2015: discount rates ranged from
8.5%
to
16.0%
and exit capitalization rates ranged from
8.0%
to
14.0%
.
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
Deferred Leasing Intangibles (in thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Above market leases
|
|
$
|
78,558
|
|
|
$
|
(36,810
|
)
|
|
$
|
41,748
|
|
|
$
|
70,668
|
|
|
$
|
(32,868
|
)
|
|
$
|
37,800
|
|
Other intangible lease assets
|
|
515,337
|
|
|
(243,832
|
)
|
|
271,505
|
|
|
461,321
|
|
|
(204,588
|
)
|
|
256,733
|
|
||||||
Total deferred leasing intangible assets
|
|
$
|
593,895
|
|
|
$
|
(280,642
|
)
|
|
$
|
313,253
|
|
|
$
|
531,989
|
|
|
$
|
(237,456
|
)
|
|
$
|
294,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market leases
|
|
$
|
34,776
|
|
|
$
|
(13,555
|
)
|
|
$
|
21,221
|
|
|
$
|
30,791
|
|
|
$
|
(10,450
|
)
|
|
$
|
20,341
|
|
Total deferred leasing intangible liabilities
|
|
$
|
34,776
|
|
|
$
|
(13,555
|
)
|
|
$
|
21,221
|
|
|
$
|
30,791
|
|
|
$
|
(10,450
|
)
|
|
$
|
20,341
|
|
|
|
Year ended December 31,
|
||||||||||
Deferred Leasing Intangibles Amortization (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net decrease to rental income related to above and below market lease amortization
|
|
$
|
4,583
|
|
|
$
|
6,213
|
|
|
$
|
8,526
|
|
Amortization expense related to other intangible lease assets
|
|
$
|
72,936
|
|
|
$
|
66,291
|
|
|
$
|
60,834
|
|
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)
|
||||
2018
|
|
$
|
63,957
|
|
|
$
|
4,475
|
|
2019
|
|
$
|
49,758
|
|
|
$
|
3,881
|
|
2020
|
|
$
|
39,765
|
|
|
$
|
3,466
|
|
2021
|
|
$
|
29,093
|
|
|
$
|
2,140
|
|
2022
|
|
$
|
22,037
|
|
|
$
|
1,172
|
|
Loan
|
|
Principal Outstanding as of December 31, 2017 (in thousands)
|
|
Principal Outstanding as of December 31, 2016
(in thousands) |
|
Interest
Rate (1) |
|
Maturity Date
|
|
Prepayment Terms
(2)
|
|||||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured Credit Facility
(3)
|
|
$
|
271,000
|
|
|
$
|
28,000
|
|
|
L + 1.15%
|
|
|
Dec-18-2019
|
|
i
|
Total unsecured credit facility
|
|
271,000
|
|
|
28,000
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured Term Loan C
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Sep-29-2020
|
|
i
|
||
Unsecured Term Loan B
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-21-2021
|
|
i
|
||
Unsecured Term Loan A
|
|
150,000
|
|
|
150,000
|
|
|
L + 1.30%
|
|
|
Mar-31-2022
|
|
i
|
||
Unsecured Term Loan D
(4)
|
|
—
|
|
|
—
|
|
|
L + 1.30%
|
|
|
Jan-04-2023
|
|
i
|
||
Total unsecured term loans
|
|
450,000
|
|
|
450,000
|
|
|
|
|
|
|
|
|||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,735
|
)
|
|
(3,392
|
)
|
|
|
|
|
|
|
|||
Total carrying value unsecured term loans, net
|
|
446,265
|
|
|
446,608
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Series F Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
3.98
|
%
|
|
Jan-05-2023
|
|
ii
|
||
Series A Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
Oct-1-2024
|
|
ii
|
||
Series D Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
4.32
|
%
|
|
Feb-20-2025
|
|
ii
|
||
Series B Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
Jul-1-2026
|
|
ii
|
||
Series C Unsecured Notes
|
|
80,000
|
|
|
80,000
|
|
|
4.42
|
%
|
|
Dec-30-2026
|
|
ii
|
||
Series E Unsecured Notes
|
|
20,000
|
|
|
20,000
|
|
|
4.42
|
%
|
|
Feb-20-2027
|
|
ii
|
||
Total unsecured notes
|
|
400,000
|
|
|
400,000
|
|
|
|
|
|
|
|
|||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(1,766
|
)
|
|
(2,034
|
)
|
|
|
|
|
|
|
|||
Total carrying value unsecured notes, net
|
|
398,234
|
|
|
397,966
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Union Fidelity Life Insurance Company
|
|
—
|
|
|
5,384
|
|
|
5.81
|
%
|
|
Apr-30-2017
|
|
iii
|
||
Webster Bank, National Association
|
|
—
|
|
|
2,853
|
|
|
3.66
|
%
|
|
May-29-2017
|
|
iv
|
||
Webster Bank, National Association
|
|
—
|
|
|
3,073
|
|
|
3.64
|
%
|
|
May-31-2017
|
|
iv
|
||
Wells Fargo, National Association
|
|
—
|
|
|
4,043
|
|
|
5.90
|
%
|
|
Aug-1-2017
|
|
v
|
||
Connecticut General Life Insurance Company -1 Facility
|
|
—
|
|
|
35,320
|
|
|
6.50
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Connecticut General Life Insurance Company -2 Facility
|
|
—
|
|
|
36,892
|
|
|
5.75
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Connecticut General Life Insurance Company -3 Facility
|
|
—
|
|
|
16,141
|
|
|
5.88
|
%
|
|
Feb-1-2018
|
|
vi
|
||
Wells Fargo Bank, National Association CMBS Loan
|
|
54,949
|
|
|
56,608
|
|
|
4.31
|
%
|
|
Dec-1-2022
|
|
vii
|
||
Thrivent Financial for Lutherans
|
|
3,906
|
|
|
4,012
|
|
|
4.78
|
%
|
|
Dec-15-2023
|
|
iv
|
||
Total mortgage notes
|
|
58,855
|
|
|
164,326
|
|
|
|
|
|
|
|
|
||
Total unamortized fair market value premiums
|
|
61
|
|
|
112
|
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(634
|
)
|
|
(873
|
)
|
|
|
|
|
|
|
|||
Total carrying value mortgage notes, net
|
|
58,282
|
|
|
163,565
|
|
|
|
|
|
|
|
|
||
Total / weighted average interest rate
(5)
|
|
$
|
1,173,781
|
|
|
$
|
1,036,139
|
|
|
3.53
|
%
|
|
|
|
|
(1)
|
Current interest rate as of
December 31, 2017
. At
December 31, 2017
and
2016
, the one-month LIBOR (“L”) was
1.56425%
and
0.77167%
, respectively. 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.
|
(2)
|
Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty
two
months prior to the maturity date; (iv) pre-payable without penalty
three
months prior to the maturity date; (v) pre-payable without penalty
three
months prior to the maturity date, however can be defeased; (vi) pre-payable without penalty
six
months prior to the maturity date; and (vii) pre-payable without penalty
three
months prior to the maturity date, however can be defeased beginning January 1, 2016.
|
(3)
|
The capacity of the unsecured credit facility is
$450.0 million
. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately
$1.5 million
and
$2.3 million
are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of
December 31, 2017
and
2016
, respectively.
|
(4)
|
Capacity of
$150.0 million
, which the Company has until July 27, 2018 to draw.
|
(5)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of
$600.0 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.
|
|
|
Year ended December 31,
|
||||||||||
Costs Included in Interest Expense (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums
|
|
$
|
2,087
|
|
|
$
|
1,698
|
|
|
$
|
1,262
|
|
Facility fees and unused fees
|
|
1,169
|
|
|
1,380
|
|
|
1,202
|
|
•
|
a maximum consolidated leverage ratio of not greater than
0.60
:1.00;
|
•
|
a maximum secured leverage ratio of not greater than
0.40
:1.00;
|
•
|
a maximum unencumbered leverage ratio of not greater than
0.60
:1.00;
|
•
|
a maximum secured recourse debt level of not greater than
0.075
:1.00;
|
•
|
a minimum fixed charge ratio of not less than
1.50
:1.00;
|
•
|
a minimum unsecured interest coverage ratio of not less than
1.75
:1.00; and
|
•
|
a minimum tangible net worth covenant test
.
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Principal Outstanding
|
|
Fair Value
|
|
Principal Outstanding
|
|
Fair Value
|
||||||||
Unsecured credit facility
|
|
$
|
271,000
|
|
|
$
|
271,528
|
|
|
$
|
28,000
|
|
|
$
|
28,000
|
|
Unsecured term loans
|
|
450,000
|
|
|
451,463
|
|
|
450,000
|
|
|
450,000
|
|
||||
Unsecured notes
|
|
400,000
|
|
|
415,599
|
|
|
400,000
|
|
|
399,091
|
|
||||
Mortgage notes
|
|
58,855
|
|
|
59,769
|
|
|
164,326
|
|
|
166,099
|
|
||||
Total principal amount
|
|
1,179,855
|
|
|
$
|
1,198,359
|
|
|
1,042,326
|
|
|
$
|
1,043,190
|
|
||
Add: Total unamortized fair market value premiums
|
|
61
|
|
|
|
|
112
|
|
|
|
||||||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(6,135
|
)
|
|
|
|
(6,299
|
)
|
|
|
||||||
Total carrying value
|
|
$
|
1,173,781
|
|
|
|
|
$
|
1,036,139
|
|
|
|
Year
|
|
Future Principal Payments of Debt
(in thousands)
|
||
2018
|
|
$
|
1,844
|
|
2019
|
|
272,926
|
|
|
2020
|
|
152,006
|
|
|
2021
|
|
152,103
|
|
|
2022
|
|
197,681
|
|
|
Thereafter
|
|
403,295
|
|
|
Total aggregate principal payments
|
|
1,179,855
|
|
|
Add: Total unamortized fair market value premiums
|
|
61
|
|
|
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(6,135
|
)
|
|
Total carrying value
|
|
$
|
1,173,781
|
|
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
|
|||||
Regions Bank
|
|
Mar-01-2013
|
|
Mar-01-2013
|
|
$
|
25,000
|
|
|
$
|
331
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
293
|
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
135
|
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(18
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
427
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
845
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
596
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
421
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
252
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
266
|
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
263
|
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(566
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
276
|
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(107
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(236
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(290
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
327
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
329
|
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
660
|
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Balance Sheet Line Item (in thousands)
|
|
Notional Amount December 31, 2017
|
|
Fair Value December 31, 2017
|
|
Notional Amount December 31, 2016
|
|
Fair Value December 31, 2016
|
||||||||
Interest rate swaps-Asset
|
|
$
|
475,000
|
|
|
$
|
6,079
|
|
|
$
|
300,000
|
|
|
$
|
1,471
|
|
Interest rate swaps-Liability
|
|
$
|
250,000
|
|
|
$
|
(1,217
|
)
|
|
$
|
375,000
|
|
|
$
|
(2,438
|
)
|
|
|
Year ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Amount of gain (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)
|
|
$
|
3,597
|
|
|
$
|
(2,244
|
)
|
|
$
|
(5,387
|
)
|
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)
|
|
$
|
2,073
|
|
|
$
|
3,142
|
|
|
$
|
3,431
|
|
Amount of gain recognized in interest expense (ineffective portion)
|
|
$
|
190
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
December 31, 2017 Using |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value December 31, 2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
6,079
|
|
|
$
|
—
|
|
|
$
|
6,079
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(1,217
|
)
|
|
$
|
—
|
|
|
$
|
(1,217
|
)
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
December 31, 2016 Using |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value December 31, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
1,471
|
|
|
$
|
—
|
|
|
$
|
1,471
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(2,438
|
)
|
|
$
|
—
|
|
|
$
|
(2,438
|
)
|
|
$
|
—
|
|
Preferred Stock Issuances
|
|
Issuance Date
|
|
Number of Shares
|
|
Liquidation Value Per Share
|
|
Interest Rate
|
||||
Series B Cumulative Redeemable Preferred Stock
|
|
April 16, 2013
|
|
2,800,000
|
|
|
$
|
25.00
|
|
|
6.625
|
%
|
Series C Cumulative Redeemable Preferred Stock
|
|
March 17, 2016
|
|
3,000,000
|
|
|
$
|
25.00
|
|
|
6.875
|
%
|
Quarter Ended 2017
|
|
Declaration Date
|
|
Series B
Preferred Stock Per Share |
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||||
December 31
|
|
November 2, 2017
|
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
December 29, 2017
|
September 30
|
|
July 31, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
September 29, 2017
|
||
June 30
|
|
May 1, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
June 30, 2017
|
||
March 31
|
|
February 15, 2017
|
|
0.4140625
|
|
|
0.4296875
|
|
|
March 31, 2017
|
||
Total
|
|
|
|
$
|
1.6562500
|
|
|
$
|
1.7187500
|
|
|
|
Quarter Ended 2016
|
|
Declaration Date
|
|
Series A Preferred Stock Per Share
|
|
Series B Preferred Stock Per Share
|
|
Series C Preferred Stock Per Share
|
|
Payment Date
|
||||||
December 31
|
|
November 2, 2016
|
(1)
|
$
|
0.19375
|
|
(1)
|
$
|
0.4140625
|
|
|
$
|
0.4296875
|
|
|
December 30, 2016
|
September 30
|
|
August 1, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
0.4296875
|
|
|
September 30, 2016
|
|||
June 30
|
|
May 2, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
0.4965300
|
|
(2)
|
June 30, 2016
|
|||
March 31
|
|
February 22, 2016
|
|
0.56250
|
|
|
0.4140625
|
|
|
—
|
|
|
March 31, 2016
|
|||
Total
|
|
|
|
$
|
1.88125
|
|
|
$
|
1.6562500
|
|
|
$
|
1.3559050
|
|
|
|
(1)
|
On November 2, 2016, the Company redeemed all of the outstanding shares of the Series A Preferred Stock, at a cash redemption price of
$25.00
per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest.
|
(2)
|
Dividends for the Series C Preferred Stock were accrued and cumulative from and including March 17, 2016 to the first payment date on June 30, 2016.
|
ATM Common Stock Offering Program
|
|
Date
|
|
Maximum Aggregate Offering Price (in thousands)
|
|
Aggregate Common Stock Available as of
December 31, 2017 (in thousands) |
||||
2017 $500 million ATM
|
|
November 13, 2017
|
|
$
|
500,000
|
|
|
$
|
489,674
|
|
|
|
Year ended December 31, 2017
|
|||||||||||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2017 $500 million ATM
|
|
363,843
|
|
|
$
|
28.38
|
|
|
$
|
10,326
|
|
|
$
|
129
|
|
|
$
|
10,197
|
|
2017 $300 million ATM
(1)
|
|
11,098,748
|
|
|
$
|
27.03
|
|
|
$
|
300,000
|
|
|
$
|
3,637
|
|
|
$
|
296,363
|
|
2016 $228 million ATM
(1)
|
|
4,799,784
|
|
|
$
|
24.42
|
|
|
$
|
117,216
|
|
|
$
|
1,604
|
|
|
$
|
115,612
|
|
Total/weighted average
|
|
16,262,375
|
|
|
$
|
26.29
|
|
|
$
|
427,542
|
|
|
$
|
5,370
|
|
|
$
|
422,172
|
|
(1)
|
This program ended before
December 31, 2017
.
|
|
|
Year ended December 31, 2016
|
|||||||||||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Gross
Proceeds |
|
Sales
Agents’ Fee |
|
Net
Proceeds |
|||||||||
2016 $228 million ATM
(1)
|
|
4,763,838
|
|
|
$
|
23.28
|
|
|
$
|
110,887
|
|
|
$
|
1,550
|
|
|
$
|
109,337
|
|
2016 $200 million ATM
(1)
|
|
7,326,200
|
|
|
$
|
23.45
|
|
|
$
|
171,782
|
|
|
$
|
2,429
|
|
|
$
|
169,353
|
|
Total/weighted average
|
|
12,090,038
|
|
|
$
|
23.38
|
|
|
$
|
282,669
|
|
|
$
|
3,979
|
|
|
$
|
278,690
|
|
(1)
|
These programs ended before
December 31, 2017
.
|
Month Ended 2017
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
July 31, 2017
|
|
December 29, 2017
|
|
$
|
0.117500
|
|
|
January 16, 2018
|
November 30
|
|
July 31, 2017
|
|
November 30, 2017
|
|
0.117500
|
|
|
December 15, 2017
|
|
October 31
|
|
July 31, 2017
|
|
October 31, 2017
|
|
0.117500
|
|
|
November 15, 2017
|
|
September 30
|
|
May 1, 2017
|
|
September 29, 2017
|
|
0.117500
|
|
|
October 16, 2017
|
|
August 31
|
|
May 1, 2017
|
|
August 31, 2017
|
|
0.117500
|
|
|
September 15, 2017
|
|
July 31
|
|
May 1, 2017
|
|
July 31, 2017
|
|
0.117500
|
|
|
August 15, 2017
|
|
June 30
|
|
February 15, 2017
|
|
June 30, 2017
|
|
0.116667
|
|
|
July 17, 2017
|
|
May 31
|
|
February 15, 2017
|
|
May 31, 2017
|
|
0.116667
|
|
|
June 15, 2017
|
|
April 30
|
|
February 15, 2017
|
|
April 28, 2017
|
|
0.116667
|
|
|
May 15, 2017
|
|
March 31
|
|
November 2, 2016
|
|
March 31, 2017
|
|
0.116667
|
|
|
April 17, 2017
|
|
February 28
|
|
November 2, 2016
|
|
February 28, 2017
|
|
0.116667
|
|
|
March 15, 2017
|
|
January 31
|
|
November 2, 2016
|
|
January 31, 2017
|
|
0.116667
|
|
|
February 15, 2017
|
|
Total
|
|
|
|
|
|
$
|
1.405002
|
|
|
|
Month Ended 2016
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
August 1, 2016
|
|
December 30, 2016
|
|
$
|
0.115833
|
|
|
January 17, 2017
|
November 30
|
|
August 1, 2016
|
|
November 30, 2016
|
|
0.115833
|
|
|
December 15, 2016
|
|
October 31
|
|
August 1, 2016
|
|
October 31, 2016
|
|
0.115833
|
|
|
November 15, 2016
|
|
September 30
|
|
May 2, 2016
|
|
September 30, 2016
|
|
0.115833
|
|
|
October 17, 2016
|
|
August 31
|
|
May 2, 2016
|
|
August 31, 2016
|
|
0.115833
|
|
|
September 15, 2016
|
|
July 31
|
|
May 2, 2016
|
|
July 29, 2016
|
|
0.115833
|
|
|
August 15, 2016
|
|
June 30
|
|
February 22, 2016
|
|
June 30, 2016
|
|
0.115833
|
|
|
July 15, 2016
|
|
May 31
|
|
February 22, 2016
|
|
May 31, 2016
|
|
0.115833
|
|
|
June 15, 2016
|
|
April 30
|
|
February 22, 2016
|
|
April 29, 2016
|
|
0.115833
|
|
|
May 16, 2016
|
|
March 31
|
|
October 22, 2015
|
|
March 31, 2016
|
|
0.115833
|
|
|
April 15, 2016
|
|
February 29
|
|
October 22, 2015
|
|
February 29, 2016
|
|
0.115833
|
|
|
March 15, 2016
|
|
January 31
|
|
October 22, 2015
|
|
January 29, 2016
|
|
0.115833
|
|
|
February 16, 2016
|
|
Total
|
|
|
|
|
|
$
|
1.389996
|
|
|
|
Unvested Restricted Shares of Common Stock
|
|
Shares
|
|
|
Balance at December 31, 2014
|
|
263,916
|
|
|
Granted
|
|
94,290
|
|
(1)
|
Vested
|
|
(72,185
|
)
|
|
Forfeited
|
|
(14,906
|
)
|
|
Balance at December 31, 2015
|
|
271,115
|
|
|
Granted
|
|
101,289
|
|
(2)
|
Vested
|
|
(98,746
|
)
|
|
Forfeited
|
|
(1,321
|
)
|
|
Balance at December 31, 2016
|
|
272,337
|
|
|
Granted
|
|
75,001
|
|
(3)
|
Vested
|
|
(109,209
|
)
|
|
Forfeited
|
|
(922
|
)
|
|
Balance at December 31, 2017
|
|
237,207
|
|
|
(1)
|
The grant date fair value per share was
$26.17
.
|
(2)
|
The grant date fair value per share was
$17.98
.
|
(3)
|
The grant date fair value per share was
$24.41
.
|
|
|
Year ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Vested restricted shares of common stock
|
|
109,209
|
|
|
98,746
|
|
|
72,185
|
|
|||
Fair value of vested restricted shares of common stock (in thousands)
|
|
$
|
2,591
|
|
|
$
|
1,813
|
|
|
$
|
1,751
|
|
|
LTIP Units
|
|
Other
Common Units
|
|
Total
Noncontrolling Common Units
|
|
Noncontrolling Interest
|
||||
Balance at December 31, 2014
|
1,307,036
|
|
|
1,124,813
|
|
|
2,431,849
|
|
|
3.6
|
%
|
Granted/Issued
|
323,069
|
|
|
864,283
|
|
|
1,187,352
|
|
|
N/A
|
|
Forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
(20,000
|
)
|
|
20,000
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
—
|
|
|
(90,824
|
)
|
|
(90,824
|
)
|
|
N/A
|
|
Redemption of Other Common Units for cash
|
—
|
|
|
(2,400
|
)
|
|
(2,400
|
)
|
|
N/A
|
|
Balance at December 31, 2015
|
1,610,105
|
|
|
1,915,872
|
|
|
3,525,977
|
|
|
4.9
|
%
|
Granted/Issued
|
176,396
|
|
|
—
|
|
|
176,396
|
|
|
N/A
|
|
Forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
(209,985
|
)
|
|
209,985
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
—
|
|
|
(68,492
|
)
|
|
(68,492
|
)
|
|
N/A
|
|
Balance at December 31, 2016
|
1,576,516
|
|
|
2,057,365
|
|
|
3,633,881
|
|
|
4.3
|
%
|
Granted/Issued
|
126,239
|
|
|
687,827
|
|
|
814,066
|
|
|
N/A
|
|
Forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
(245,685
|
)
|
|
245,685
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
—
|
|
|
(351,260
|
)
|
|
(351,260
|
)
|
|
N/A
|
|
Balance at December 31, 2017
|
1,457,070
|
|
|
2,639,617
|
|
|
4,096,687
|
|
|
4.1
|
%
|
LTIP Units
|
|
Assumptions
|
||||||||||||||||||||||
Grant date
|
|
January 6, 2017
|
|
February 22, 2016
|
|
January 8, 2016
|
|
January 6, 2016
|
|
May 4, 2015
|
|
January 12, 2015
|
||||||||||||
Expected term (years)
|
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
||||||
Expected volatility
|
|
23.0
|
%
|
|
22.0
|
%
|
|
22.0
|
%
|
|
22.0
|
%
|
|
20.0
|
%
|
|
20.0
|
%
|
||||||
Expected dividend yield
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
||||||
Risk-free interest rate
|
|
1.61
|
%
|
|
1.01
|
%
|
|
1.28
|
%
|
|
1.36
|
%
|
|
0.66
|
%
|
|
0.62
|
%
|
||||||
Fair value of LTIP units at issuance (in thousands)
|
|
$
|
2,924
|
|
|
$
|
277
|
|
|
$
|
2,254
|
|
|
$
|
390
|
|
|
$
|
2,038
|
|
|
$
|
5,450
|
|
LTIP units at issuance
|
|
126,239
|
|
|
18,386
|
|
|
135,546
|
|
|
22,464
|
|
|
100,000
|
|
|
223,069
|
|
||||||
Fair value unit price per LTIP unit at issuance
|
|
$
|
23.16
|
|
|
$
|
15.07
|
|
|
$
|
16.63
|
|
|
$
|
17.36
|
|
|
$
|
20.38
|
|
|
$
|
24.43
|
|
Unvested LTIP Units
|
|
LTIP Units
|
|
Balance at December 31, 2014
|
|
448,887
|
|
Granted
|
|
323,069
|
|
Vested
|
|
(237,046
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2015
|
|
534,910
|
|
Granted
|
|
176,396
|
|
Vested
|
|
(307,883
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2016
|
|
403,423
|
|
Granted
|
|
126,239
|
|
Vested
|
|
(229,355
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2017
|
|
300,307
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Vested LTIP units
|
|
229,355
|
|
|
307,883
|
|
|
237,046
|
|
|||
Fair value of vested LTIP units (in thousands)
|
|
$
|
6,101
|
|
|
$
|
6,393
|
|
|
$
|
4,853
|
|
Performance Units
|
|
Assumptions
|
||||||
Grant date
|
|
January 6, 2017
|
|
|
March 8, 2016
|
|
||
Expected volatility
|
|
23.0
|
%
|
|
23.0
|
%
|
||
Expected dividend yield
|
|
6.0
|
%
|
|
6.0
|
%
|
||
Risk-free interest rate
|
|
1.61
|
%
|
|
1.08
|
%
|
||
Fair value of performance units grant (in thousands)
|
|
$
|
2,882
|
|
|
$
|
2,614
|
|
|
|
Year ended December 31,
|
||||||||||
Non-Cash Compensation Expense (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Restricted shares of common stock
|
|
$
|
2,373
|
|
|
$
|
2,157
|
|
|
$
|
1,932
|
|
LTIP units
|
|
4,675
|
|
|
6,089
|
|
(1)
|
4,774
|
|
|||
Performance-based Compensation Plans
|
|
2,147
|
|
|
1,137
|
|
|
523
|
|
|||
Board of directors compensation
(2)
|
|
352
|
|
|
346
|
|
|
349
|
|
|||
Total non-cash compensation expense
|
|
$
|
9,547
|
|
|
$
|
9,729
|
|
|
$
|
7,578
|
|
(1)
|
Inclusive of approximately
$1.6 million
of non-cash compensation expense during the year ended December 31, 2016 associated with the severance cost of an executive officer as discussed Note 7.
|
(2)
|
All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended
December 31, 2017
,
2016
and
2015
. The number of shares of common stock granted is calculated based on the trailing
10 days
average common stock price ending on the third business day preceding the grant date.
|
|
|
Year ended December 31,
|
||||||||||
Earnings Per Share (in thousands, except share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Less: preferred stock dividends
|
|
9,794
|
|
|
13,897
|
|
|
10,848
|
|
|||
Less: amount allocated to participating securities
|
|
334
|
|
|
384
|
|
|
385
|
|
|||
Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
|
|
941
|
|
|
1,069
|
|
|
(1,962
|
)
|
|||
Net income (loss) attributable to common stockholders
|
|
$
|
21,131
|
|
|
$
|
20,238
|
|
|
$
|
(38,616
|
)
|
Denominator
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding — basic
|
|
89,537,714
|
|
|
70,637,185
|
|
|
66,307,972
|
|
|||
Effect of dilutive securities
(1)
|
|
|
|
|
|
|
||||||
Share-based compensation
|
|
465,845
|
|
|
215,363
|
|
|
—
|
|
|||
Weighted average common shares outstanding — diluted
|
|
90,003,559
|
|
|
70,852,548
|
|
|
66,307,972
|
|
|||
Net income (loss) per share — basic and diluted
|
|
|
|
|
|
|
||||||
Net income (loss) per share attributable to common stockholders — basic
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
Net income (loss) per share attributable to common stockholders — diluted
|
|
$
|
0.23
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
(1)
|
During the years ended
December 31, 2017
,
2016
and
2015
, there were
237,896
,
276,367
, and
280,839
, unvested shares of restricted common stock, respectively, on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period. During the year ended
December 31, 2015
, there were no unvested shares of Performance-based Compensation Plans on a weighted average basis that were included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
|
Year
|
|
Future Minimum Rental Payments
(1)
(in thousands)
|
||
2018
|
|
$
|
1,962
|
|
2019
|
|
$
|
2,000
|
|
2020
|
|
$
|
2,015
|
|
2021
|
|
$
|
1,120
|
|
2022
|
|
$
|
817
|
|
Thereafter
|
|
$
|
31,488
|
|
(1)
|
Future minimum rental payments do not include estimates of CPI rent changes required by certain lease agreements. Therefore, actual minimum rental payments may differ than those presented.
|
|
STAG Industrial, Inc.
|
||||||||||||||
|
Beginning of Period
|
|
Costs and Expenses
|
|
Amounts Written Off
|
|
Balance at End of Period
|
||||||||
December 31, 2017
|
$
|
188
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
311
|
|
December 31, 2016
|
$
|
106
|
|
|
$
|
125
|
|
|
$
|
(43
|
)
|
|
$
|
188
|
|
December 31, 2015
|
$
|
104
|
|
|
$
|
190
|
|
|
$
|
(188
|
)
|
|
$
|
106
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
Albion, IN
|
|
$
|
—
|
|
|
$
|
93
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
93
|
|
|
$
|
67
|
|
|
$
|
160
|
|
|
$
|
(27
|
)
|
|
2006
|
Albion, IN
|
|
—
|
|
|
932
|
|
|
103
|
|
|
—
|
|
|
932
|
|
|
103
|
|
|
1,035
|
|
|
(271
|
)
|
|
2006
|
||||||||
Albion, IN
|
|
—
|
|
|
1,107
|
|
|
55
|
|
|
—
|
|
|
1,107
|
|
|
55
|
|
|
1,162
|
|
|
(322
|
)
|
|
2006
|
||||||||
Albion, IN
|
|
—
|
|
|
970
|
|
|
332
|
|
|
—
|
|
|
970
|
|
|
332
|
|
|
1,302
|
|
|
(282
|
)
|
|
2006
|
||||||||
Albion, IN
|
|
—
|
|
|
1,397
|
|
|
52
|
|
|
—
|
|
|
1,397
|
|
|
52
|
|
|
1,449
|
|
|
(407
|
)
|
|
2006
|
||||||||
Albion, IN
|
|
—
|
|
|
1,528
|
|
|
126
|
|
|
—
|
|
|
1,528
|
|
|
126
|
|
|
1,654
|
|
|
(445
|
)
|
|
2006
|
||||||||
Kendallville, IN
|
|
—
|
|
|
1,510
|
|
|
142
|
|
|
—
|
|
|
1,510
|
|
|
142
|
|
|
1,652
|
|
|
(440
|
)
|
|
2006
|
||||||||
Albion, IN
|
|
—
|
|
|
710
|
|
|
187
|
|
|
—
|
|
|
710
|
|
|
187
|
|
|
897
|
|
|
(207
|
)
|
|
2006
|
||||||||
Alexandria, MN
|
|
—
|
|
|
5,855
|
|
|
960
|
|
|
151
|
|
|
6,006
|
|
|
960
|
|
|
6,966
|
|
|
(1,077
|
)
|
|
2008
|
||||||||
Allentown, PA
|
|
—
|
|
|
7,336
|
|
|
1,962
|
|
|
783
|
|
|
8,119
|
|
|
1,962
|
|
|
10,081
|
|
|
(1,196
|
)
|
|
2014
|
||||||||
Arlington, TX
|
|
—
|
|
|
2,374
|
|
|
413
|
|
|
304
|
|
|
2,678
|
|
|
413
|
|
|
3,091
|
|
|
(664
|
)
|
|
2007
|
||||||||
Arlington, TX
|
|
—
|
|
|
6,151
|
|
|
1,246
|
|
|
913
|
|
|
7,064
|
|
|
1,246
|
|
|
8,310
|
|
|
(1,042
|
)
|
|
2012
|
||||||||
Avon, CT
|
|
—
|
|
|
2,750
|
|
|
336
|
|
|
483
|
|
|
3,233
|
|
|
336
|
|
|
3,569
|
|
|
(460
|
)
|
|
2012
|
||||||||
Avondale, AZ
|
|
—
|
|
|
13,163
|
|
|
1,674
|
|
|
—
|
|
|
13,163
|
|
|
1,674
|
|
|
14,837
|
|
|
(37
|
)
|
|
2017
|
||||||||
Batavia, IL
|
|
—
|
|
|
4,273
|
|
|
618
|
|
|
—
|
|
|
4,273
|
|
|
618
|
|
|
4,891
|
|
|
(110
|
)
|
|
2017
|
||||||||
Bedford Heights, OH
|
|
—
|
|
|
5,279
|
|
|
837
|
|
|
520
|
|
|
5,799
|
|
|
837
|
|
|
6,636
|
|
|
(190
|
)
|
|
2017
|
||||||||
Belfast, ME
|
|
—
|
|
|
10,331
|
|
|
1,883
|
|
|
487
|
|
|
10,818
|
|
|
1,883
|
|
|
12,701
|
|
|
(1,958
|
)
|
|
2008
|
||||||||
Belvidere, IL
|
|
—
|
|
|
4,083
|
|
|
442
|
|
|
255
|
|
|
4,338
|
|
|
442
|
|
|
4,780
|
|
|
(347
|
)
|
|
2015
|
||||||||
Belvidere, IL
|
|
—
|
|
|
16,914
|
|
|
2,341
|
|
|
—
|
|
|
16,914
|
|
|
2,341
|
|
|
19,255
|
|
|
(397
|
)
|
|
2017
|
||||||||
Belvidere, IL
|
|
—
|
|
|
3,956
|
|
|
733
|
|
|
36
|
|
|
3,992
|
|
|
733
|
|
|
4,725
|
|
|
(528
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
3,436
|
|
|
1,310
|
|
|
—
|
|
|
3,436
|
|
|
1,310
|
|
|
4,746
|
|
|
(595
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
3,517
|
|
|
538
|
|
|
114
|
|
|
3,631
|
|
|
538
|
|
|
4,169
|
|
|
(433
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
6,899
|
|
|
670
|
|
|
—
|
|
|
6,899
|
|
|
670
|
|
|
7,569
|
|
|
(868
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
4,299
|
|
|
668
|
|
|
—
|
|
|
4,299
|
|
|
668
|
|
|
4,967
|
|
|
(577
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
3,711
|
|
|
866
|
|
|
159
|
|
|
3,870
|
|
|
866
|
|
|
4,736
|
|
|
(566
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
2,808
|
|
|
586
|
|
|
22
|
|
|
2,830
|
|
|
586
|
|
|
3,416
|
|
|
(446
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
8,303
|
|
|
1,542
|
|
|
591
|
|
|
8,894
|
|
|
1,542
|
|
|
10,436
|
|
|
(1,270
|
)
|
|
2013
|
||||||||
Belvidere, IL
|
|
—
|
|
|
71
|
|
|
216
|
|
|
—
|
|
|
71
|
|
|
216
|
|
|
287
|
|
|
(71
|
)
|
|
2013
|
||||||||
Belleville, MI
|
|
—
|
|
|
6,524
|
|
|
724
|
|
|
—
|
|
|
6,524
|
|
|
724
|
|
|
7,248
|
|
|
(96
|
)
|
|
2017
|
||||||||
Biddeford, ME
|
|
—
|
|
|
8,164
|
|
|
1,369
|
|
|
3,916
|
|
|
12,080
|
|
|
1,369
|
|
|
13,449
|
|
|
(827
|
)
|
|
2016
|
||||||||
Boardman, OH
|
|
—
|
|
|
3,473
|
|
|
282
|
|
|
834
|
|
|
4,307
|
|
|
282
|
|
|
4,589
|
|
|
(1,172
|
)
|
|
2007
|
||||||||
Brooklyn Park, MN
|
|
—
|
|
|
11,988
|
|
|
1,926
|
|
|
—
|
|
|
11,988
|
|
|
1,926
|
|
|
13,914
|
|
|
(427
|
)
|
|
2016
|
||||||||
Buena Vista, VA
|
|
—
|
|
|
2,500
|
|
|
534
|
|
|
635
|
|
|
3,135
|
|
|
534
|
|
|
3,669
|
|
|
(567
|
)
|
|
2012
|
||||||||
Buffalo, NY
|
|
—
|
|
|
2,924
|
|
|
146
|
|
|
—
|
|
|
2,924
|
|
|
146
|
|
|
3,070
|
|
|
(455
|
)
|
|
2012
|
||||||||
Burlington, NJ
|
|
—
|
|
|
42,652
|
|
|
5,135
|
|
|
79
|
|
|
42,731
|
|
|
5,135
|
|
|
47,866
|
|
|
(3,810
|
)
|
|
2015
|
||||||||
Burlington, NJ
|
|
—
|
|
|
19,577
|
|
|
4,030
|
|
|
1,238
|
|
|
20,815
|
|
|
4,030
|
|
|
24,845
|
|
|
(1,957
|
)
|
|
2015
|
||||||||
Calhoun, GA
|
|
—
|
|
|
2,764
|
|
|
388
|
|
|
—
|
|
|
2,764
|
|
|
388
|
|
|
3,152
|
|
|
(297
|
)
|
|
2014
|
||||||||
Camarillo, CA
|
|
—
|
|
|
10,785
|
|
|
7,242
|
|
|
237
|
|
|
11,022
|
|
|
7,242
|
|
|
18,264
|
|
|
(1,394
|
)
|
|
2014
|
||||||||
Camarillo, CA
|
|
—
|
|
|
19,857
|
|
|
7,989
|
|
|
25
|
|
|
19,882
|
|
|
7,989
|
|
|
27,871
|
|
|
(2,324
|
)
|
|
2014
|
||||||||
Cedar Hill, TX
|
|
—
|
|
|
11,971
|
|
|
4,066
|
|
|
—
|
|
|
11,971
|
|
|
4,066
|
|
|
16,037
|
|
|
(886
|
)
|
|
2016
|
||||||||
Charlotte, NC
|
|
—
|
|
|
8,768
|
|
|
3,535
|
|
|
3,306
|
|
|
12,074
|
|
|
3,535
|
|
|
15,609
|
|
|
(2,630
|
)
|
|
2010
|
||||||||
Charlotte, NC
|
|
—
|
|
|
2,443
|
|
|
805
|
|
|
4
|
|
|
2,447
|
|
|
805
|
|
|
3,252
|
|
|
(345
|
)
|
|
2014
|
||||||||
Charlotte, NC
|
|
—
|
|
|
3,554
|
|
|
386
|
|
|
287
|
|
|
3,841
|
|
|
386
|
|
|
4,227
|
|
|
(452
|
)
|
|
2014
|
||||||||
Charlotte, NC
|
|
—
|
|
|
3,961
|
|
|
515
|
|
|
—
|
|
|
3,961
|
|
|
515
|
|
|
4,476
|
|
|
(283
|
)
|
|
2015
|
||||||||
Charlotte, NC
|
|
—
|
|
|
4,445
|
|
|
678
|
|
|
—
|
|
|
4,445
|
|
|
678
|
|
|
5,123
|
|
|
(257
|
)
|
|
2016
|
||||||||
Chattanooga, TN
|
|
—
|
|
|
2,321
|
|
|
187
|
|
|
—
|
|
|
2,321
|
|
|
187
|
|
|
2,508
|
|
|
(265
|
)
|
|
2015
|
||||||||
Chattanooga, TN
|
|
—
|
|
|
4,730
|
|
|
380
|
|
|
13
|
|
|
4,743
|
|
|
380
|
|
|
5,123
|
|
|
(540
|
)
|
|
2015
|
||||||||
Chattanooga, TN
|
|
—
|
|
|
8,459
|
|
|
424
|
|
|
—
|
|
|
8,459
|
|
|
424
|
|
|
8,883
|
|
|
(1,100
|
)
|
|
2015
|
||||||||
Cheektowaga, NY
|
|
—
|
|
|
2,757
|
|
|
216
|
|
|
808
|
|
|
3,565
|
|
|
216
|
|
|
3,781
|
|
|
(713
|
)
|
|
2008
|
||||||||
Chesterfield, MI
|
|
—
|
|
|
1,169
|
|
|
207
|
|
|
62
|
|
|
1,231
|
|
|
207
|
|
|
1,438
|
|
|
(420
|
)
|
|
2007
|
||||||||
Chesterfield, MI
|
|
—
|
|
|
798
|
|
|
150
|
|
|
128
|
|
|
926
|
|
|
150
|
|
|
1,076
|
|
|
(232
|
)
|
|
2007
|
||||||||
Chesterfield, MI
|
|
—
|
|
|
802
|
|
|
151
|
|
|
224
|
|
|
1,026
|
|
|
151
|
|
|
1,177
|
|
|
(301
|
)
|
|
2007
|
||||||||
Chesterfield, MI
|
|
—
|
|
|
5,304
|
|
|
942
|
|
|
2,150
|
|
|
7,454
|
|
|
942
|
|
|
8,396
|
|
|
(2,054
|
)
|
|
2007
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
Chester, VA
|
|
—
|
|
|
3,402
|
|
|
775
|
|
|
—
|
|
|
3,402
|
|
|
775
|
|
|
4,177
|
|
|
(613
|
)
|
|
2014
|
||||||||
Chicopee, MA
|
|
—
|
|
|
5,867
|
|
|
504
|
|
|
77
|
|
|
5,944
|
|
|
504
|
|
|
6,448
|
|
|
(1,020
|
)
|
|
2012
|
||||||||
Chippewa Falls, WI
|
|
—
|
|
|
2,303
|
|
|
133
|
|
|
—
|
|
|
2,303
|
|
|
133
|
|
|
2,436
|
|
|
(416
|
)
|
|
2011
|
||||||||
Chippewa Falls, WI
|
|
—
|
|
|
544
|
|
|
44
|
|
|
—
|
|
|
544
|
|
|
44
|
|
|
588
|
|
|
(96
|
)
|
|
2011
|
||||||||
Cincinnati, OH
|
|
—
|
|
|
2,395
|
|
|
119
|
|
|
895
|
|
|
3,290
|
|
|
119
|
|
|
3,409
|
|
|
(1,866
|
)
|
|
2007
|
||||||||
Cleveland, TN
|
|
—
|
|
|
3,161
|
|
|
554
|
|
|
84
|
|
|
3,245
|
|
|
554
|
|
|
3,799
|
|
|
(638
|
)
|
|
2011
|
||||||||
Clinton, PA
|
|
—
|
|
|
19,339
|
|
|
—
|
|
|
—
|
|
|
19,339
|
|
|
—
|
|
|
19,339
|
|
|
(382
|
)
|
|
2017
|
||||||||
Clinton, TN
|
|
—
|
|
|
3,302
|
|
|
403
|
|
|
78
|
|
|
3,380
|
|
|
403
|
|
|
3,783
|
|
|
(493
|
)
|
|
2015
|
||||||||
Columbus, OH
|
|
—
|
|
|
5,222
|
|
|
337
|
|
|
—
|
|
|
5,222
|
|
|
337
|
|
|
5,559
|
|
|
(76
|
)
|
|
2017
|
||||||||
Columbus, OH
|
|
—
|
|
|
3,123
|
|
|
489
|
|
|
167
|
|
|
3,290
|
|
|
489
|
|
|
3,779
|
|
|
(594
|
)
|
|
2014
|
||||||||
Columbia, SC
|
|
—
|
|
|
5,171
|
|
|
783
|
|
|
—
|
|
|
5,171
|
|
|
783
|
|
|
5,954
|
|
|
(367
|
)
|
|
2016
|
||||||||
West Columbia, SC
|
|
—
|
|
|
6,988
|
|
|
715
|
|
|
868
|
|
|
7,856
|
|
|
715
|
|
|
8,571
|
|
|
(1,006
|
)
|
|
2013
|
||||||||
Council Bluffs, IA
|
|
—
|
|
|
4,438
|
|
|
414
|
|
|
—
|
|
|
4,438
|
|
|
414
|
|
|
4,852
|
|
|
(38
|
)
|
|
2017
|
||||||||
Dallas, GA
|
|
—
|
|
|
1,712
|
|
|
475
|
|
|
—
|
|
|
1,712
|
|
|
475
|
|
|
2,187
|
|
|
(311
|
)
|
|
2012
|
||||||||
LaGrange, GA
|
|
—
|
|
|
3,175
|
|
|
240
|
|
|
331
|
|
|
3,506
|
|
|
240
|
|
|
3,746
|
|
|
(711
|
)
|
|
2007
|
||||||||
Danville, KY
|
|
—
|
|
|
11,772
|
|
|
965
|
|
|
3,699
|
|
|
15,471
|
|
|
965
|
|
|
16,436
|
|
|
(2,722
|
)
|
|
2007
|
||||||||
Daytona Beach, FL
|
|
—
|
|
|
875
|
|
|
1,237
|
|
|
1,711
|
|
|
2,586
|
|
|
1,237
|
|
|
3,823
|
|
|
(760
|
)
|
|
2007
|
||||||||
Dayton, OH
|
|
—
|
|
|
5,896
|
|
|
331
|
|
|
391
|
|
|
6,287
|
|
|
331
|
|
|
6,618
|
|
|
(598
|
)
|
|
2015
|
||||||||
Dayton, OH
|
|
—
|
|
|
23,725
|
|
|
2,465
|
|
|
—
|
|
|
23,725
|
|
|
2,465
|
|
|
26,190
|
|
|
(707
|
)
|
|
2017
|
||||||||
DeForest, WI
|
|
—
|
|
|
5,402
|
|
|
1,131
|
|
|
151
|
|
|
5,553
|
|
|
1,131
|
|
|
6,684
|
|
|
(262
|
)
|
|
2016
|
||||||||
DeKalb, IL
|
|
—
|
|
|
4,568
|
|
|
489
|
|
|
—
|
|
|
4,568
|
|
|
489
|
|
|
5,057
|
|
|
(669
|
)
|
|
2013
|
||||||||
De Pere, WI
|
|
—
|
|
|
6,144
|
|
|
525
|
|
|
—
|
|
|
6,144
|
|
|
525
|
|
|
6,669
|
|
|
(1,056
|
)
|
|
2012
|
||||||||
Duncan, SC
|
|
—
|
|
|
11,258
|
|
|
1,002
|
|
|
745
|
|
|
12,003
|
|
|
1,002
|
|
|
13,005
|
|
|
(2,070
|
)
|
|
2012
|
||||||||
Duncan, SC
|
|
—
|
|
|
6,739
|
|
|
709
|
|
|
81
|
|
|
6,820
|
|
|
709
|
|
|
7,529
|
|
|
(1,028
|
)
|
|
2012
|
||||||||
Durham, NC
|
|
—
|
|
|
2,700
|
|
|
753
|
|
|
31
|
|
|
2,731
|
|
|
753
|
|
|
3,484
|
|
|
(291
|
)
|
|
2015
|
||||||||
Earth City, MO
|
|
—
|
|
|
2,806
|
|
|
1,123
|
|
|
60
|
|
|
2,866
|
|
|
1,123
|
|
|
3,989
|
|
|
(176
|
)
|
|
2016
|
||||||||
Edgefield, SC
|
|
—
|
|
|
938
|
|
|
220
|
|
|
750
|
|
|
1,688
|
|
|
220
|
|
|
1,908
|
|
|
(325
|
)
|
|
2012
|
||||||||
Edwardsville, KS
|
|
—
|
|
|
13,224
|
|
|
1,360
|
|
|
—
|
|
|
13,224
|
|
|
1,360
|
|
|
14,584
|
|
|
(300
|
)
|
|
2017
|
||||||||
Elizabethtown, PA
|
|
—
|
|
|
5,357
|
|
|
1,000
|
|
|
152
|
|
|
5,509
|
|
|
1,000
|
|
|
6,509
|
|
|
(605
|
)
|
|
2014
|
||||||||
Elkhart, IN
|
|
—
|
|
|
210
|
|
|
25
|
|
|
143
|
|
|
353
|
|
|
25
|
|
|
378
|
|
|
(71
|
)
|
|
2007
|
||||||||
Elkhart, IN
|
|
—
|
|
|
3,519
|
|
|
422
|
|
|
571
|
|
|
4,090
|
|
|
422
|
|
|
4,512
|
|
|
(1,005
|
)
|
|
2007
|
||||||||
El Paso, TX
|
|
—
|
|
|
3,674
|
|
|
—
|
|
|
—
|
|
|
3,674
|
|
|
—
|
|
|
3,674
|
|
|
(17
|
)
|
|
2017
|
||||||||
El Paso, TX
|
|
—
|
|
|
10,398
|
|
|
—
|
|
|
—
|
|
|
10,398
|
|
|
—
|
|
|
10,398
|
|
|
(49
|
)
|
|
2017
|
||||||||
El Paso, TX
|
|
—
|
|
|
9,099
|
|
|
1,248
|
|
|
26
|
|
|
9,125
|
|
|
1,248
|
|
|
10,373
|
|
|
(1,048
|
)
|
|
2014
|
||||||||
El Paso, TX
|
|
—
|
|
|
7,905
|
|
|
1,124
|
|
|
—
|
|
|
7,905
|
|
|
1,124
|
|
|
9,029
|
|
|
(1,096
|
)
|
|
2014
|
||||||||
El Paso, TX
|
|
—
|
|
|
14,159
|
|
|
1,854
|
|
|
812
|
|
|
14,971
|
|
|
1,854
|
|
|
16,825
|
|
|
(1,685
|
)
|
|
2014
|
||||||||
El Paso, TX
|
|
—
|
|
|
9,897
|
|
|
1,581
|
|
|
99
|
|
|
9,996
|
|
|
1,581
|
|
|
11,577
|
|
|
(1,102
|
)
|
|
2014
|
||||||||
El Paso, TX
|
|
—
|
|
|
5,893
|
|
|
1,136
|
|
|
—
|
|
|
5,893
|
|
|
1,136
|
|
|
7,029
|
|
|
(554
|
)
|
|
2015
|
||||||||
El Paso, TX
|
|
—
|
|
|
3,096
|
|
|
—
|
|
|
1,088
|
|
|
4,184
|
|
|
—
|
|
|
4,184
|
|
|
(721
|
)
|
|
2012
|
||||||||
Erlanger, KY
|
|
—
|
|
|
3,826
|
|
|
635
|
|
|
6
|
|
|
3,832
|
|
|
635
|
|
|
4,467
|
|
|
(291
|
)
|
|
2016
|
||||||||
East Troy, WI
|
|
—
|
|
|
4,962
|
|
|
304
|
|
|
—
|
|
|
4,962
|
|
|
304
|
|
|
5,266
|
|
|
(530
|
)
|
|
2014
|
||||||||
East Windsor, CT
|
|
—
|
|
|
5,711
|
|
|
400
|
|
|
72
|
|
|
5,783
|
|
|
400
|
|
|
6,183
|
|
|
(284
|
)
|
|
2016
|
||||||||
East Windsor, CT
|
|
—
|
|
|
4,713
|
|
|
348
|
|
|
614
|
|
|
5,327
|
|
|
348
|
|
|
5,675
|
|
|
(1,264
|
)
|
|
2012
|
||||||||
Fairborn, OH
|
|
—
|
|
|
5,650
|
|
|
867
|
|
|
—
|
|
|
5,650
|
|
|
867
|
|
|
6,517
|
|
|
(779
|
)
|
|
2015
|
||||||||
Fairfield, OH
|
|
—
|
|
|
2,842
|
|
|
948
|
|
|
17
|
|
|
2,859
|
|
|
948
|
|
|
3,807
|
|
|
(298
|
)
|
|
2016
|
||||||||
Farmington, NY
|
|
—
|
|
|
5,342
|
|
|
410
|
|
|
20
|
|
|
5,362
|
|
|
410
|
|
|
5,772
|
|
|
(1,447
|
)
|
|
2007
|
||||||||
Forest Park, GA
|
|
—
|
|
|
9,527
|
|
|
1,733
|
|
|
744
|
|
|
10,271
|
|
|
1,733
|
|
|
12,004
|
|
|
(590
|
)
|
|
2016
|
||||||||
Forest Park, GA
|
|
—
|
|
|
8,189
|
|
|
1,715
|
|
|
127
|
|
|
8,316
|
|
|
1,715
|
|
|
10,031
|
|
|
(431
|
)
|
|
2016
|
||||||||
Fort Wayne, IN
|
|
—
|
|
|
3,142
|
|
|
112
|
|
|
—
|
|
|
3,142
|
|
|
112
|
|
|
3,254
|
|
|
(359
|
)
|
|
2014
|
||||||||
Fort Worth, TX
|
|
—
|
|
|
2,965
|
|
|
389
|
|
|
752
|
|
|
3,717
|
|
|
389
|
|
|
4,106
|
|
|
(700
|
)
|
|
2011
|
||||||||
Gaffney, SC
|
|
—
|
|
|
4,712
|
|
|
1,233
|
|
|
85
|
|
|
4,797
|
|
|
1,233
|
|
|
6,030
|
|
|
(173
|
)
|
|
2017
|
||||||||
Gahanna, OH
|
|
—
|
|
|
4,191
|
|
|
1,265
|
|
|
1,258
|
|
|
5,449
|
|
|
1,265
|
|
|
6,714
|
|
|
(1,290
|
)
|
|
2011
|
||||||||
Gardiner, ME
|
|
—
|
|
|
8,983
|
|
|
948
|
|
|
—
|
|
|
8,983
|
|
|
948
|
|
|
9,931
|
|
|
(565
|
)
|
|
2016
|
||||||||
Garland, TX
|
|
—
|
|
|
5,425
|
|
|
1,344
|
|
|
294
|
|
|
5,719
|
|
|
1,344
|
|
|
7,063
|
|
|
(889
|
)
|
|
2014
|
||||||||
Garland, TX
|
|
—
|
|
|
6,058
|
|
|
1,542
|
|
|
586
|
|
|
6,644
|
|
|
1,542
|
|
|
8,186
|
|
|
(577
|
)
|
|
2015
|
||||||||
Germantown, WI
|
|
—
|
|
|
6,035
|
|
|
1,186
|
|
|
—
|
|
|
6,035
|
|
|
1,186
|
|
|
7,221
|
|
|
(964
|
)
|
|
2014
|
||||||||
Gloversville, NY
|
|
(714
|
)
|
|
1,299
|
|
|
117
|
|
|
—
|
|
|
1,299
|
|
|
117
|
|
|
1,416
|
|
|
(208
|
)
|
|
2012
|
||||||||
Gloversville, NY
|
|
(1,154
|
)
|
|
2,603
|
|
|
151
|
|
|
—
|
|
|
2,603
|
|
|
151
|
|
|
2,754
|
|
|
(420
|
)
|
|
2012
|
||||||||
Gloversville, NY
|
|
(824
|
)
|
|
1,486
|
|
|
154
|
|
|
36
|
|
|
1,522
|
|
|
154
|
|
|
1,676
|
|
|
(238
|
)
|
|
2012
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
Golden, CO
|
|
—
|
|
|
6,164
|
|
|
742
|
|
|
261
|
|
|
6,425
|
|
|
742
|
|
|
7,167
|
|
|
(844
|
)
|
|
2013
|
||||||||
Goshen, IN
|
|
—
|
|
|
6,509
|
|
|
1,442
|
|
|
1,768
|
|
|
8,277
|
|
|
1,442
|
|
|
9,719
|
|
|
(1,446
|
)
|
|
2010
|
||||||||
Grand Junction, CO
|
|
—
|
|
|
4,002
|
|
|
314
|
|
|
—
|
|
|
4,002
|
|
|
314
|
|
|
4,316
|
|
|
(334
|
)
|
|
2015
|
||||||||
Grand Rapids, MI
|
|
—
|
|
|
7,532
|
|
|
169
|
|
|
34
|
|
|
7,566
|
|
|
169
|
|
|
7,735
|
|
|
(739
|
)
|
|
2015
|
||||||||
Graniteville, SC
|
|
—
|
|
|
8,389
|
|
|
1,629
|
|
|
—
|
|
|
8,389
|
|
|
1,629
|
|
|
10,018
|
|
|
(685
|
)
|
|
2016
|
||||||||
Greenwood, SC
|
|
(1,484
|
)
|
|
1,848
|
|
|
166
|
|
|
—
|
|
|
1,848
|
|
|
166
|
|
|
2,014
|
|
|
(285
|
)
|
|
2012
|
||||||||
Greenwood, SC
|
|
(1,264
|
)
|
|
1,232
|
|
|
169
|
|
|
290
|
|
|
1,522
|
|
|
169
|
|
|
1,691
|
|
|
(241
|
)
|
|
2012
|
||||||||
Fountain Inn, SC
|
|
—
|
|
|
13,511
|
|
|
1,878
|
|
|
—
|
|
|
13,511
|
|
|
1,878
|
|
|
15,389
|
|
|
(85
|
)
|
|
2017
|
||||||||
Greenville, SC
|
|
—
|
|
|
3,379
|
|
|
309
|
|
|
35
|
|
|
3,414
|
|
|
309
|
|
|
3,723
|
|
|
(342
|
)
|
|
2015
|
||||||||
Greer, SC
|
|
—
|
|
|
1,434
|
|
|
129
|
|
|
303
|
|
|
1,737
|
|
|
129
|
|
|
1,866
|
|
|
(148
|
)
|
|
2015
|
||||||||
Greer, SC
|
|
—
|
|
|
1,748
|
|
|
128
|
|
|
64
|
|
|
1,812
|
|
|
128
|
|
|
1,940
|
|
|
(162
|
)
|
|
2015
|
||||||||
Greer, SC
|
|
—
|
|
|
460
|
|
|
153
|
|
|
25
|
|
|
485
|
|
|
153
|
|
|
638
|
|
|
(43
|
)
|
|
2015
|
||||||||
Greer, SC
|
|
—
|
|
|
3,016
|
|
|
306
|
|
|
99
|
|
|
3,115
|
|
|
306
|
|
|
3,421
|
|
|
(305
|
)
|
|
2015
|
||||||||
Fountain Inn, SC
|
|
—
|
|
|
4,438
|
|
|
719
|
|
|
95
|
|
|
4,533
|
|
|
719
|
|
|
5,252
|
|
|
(458
|
)
|
|
2016
|
||||||||
Groveport, OH
|
|
—
|
|
|
10,920
|
|
|
642
|
|
|
84
|
|
|
11,004
|
|
|
642
|
|
|
11,646
|
|
|
(149
|
)
|
|
2017
|
||||||||
Grove City, OH
|
|
—
|
|
|
3,974
|
|
|
730
|
|
|
—
|
|
|
3,974
|
|
|
730
|
|
|
4,704
|
|
|
(300
|
)
|
|
2016
|
||||||||
Gurnee, IL
|
|
—
|
|
|
11,380
|
|
|
1,716
|
|
|
211
|
|
|
11,591
|
|
|
1,716
|
|
|
13,307
|
|
|
(1,241
|
)
|
|
2014
|
||||||||
Gurnee, IL
|
|
—
|
|
|
4,902
|
|
|
1,337
|
|
|
954
|
|
|
5,856
|
|
|
1,337
|
|
|
7,193
|
|
|
(1,109
|
)
|
|
2012
|
||||||||
Hampstead, MD
|
|
—
|
|
|
34,969
|
|
|
780
|
|
|
—
|
|
|
34,969
|
|
|
780
|
|
|
35,749
|
|
|
(4,607
|
)
|
|
2013
|
||||||||
Harrisonburg, VA
|
|
—
|
|
|
11,179
|
|
|
1,455
|
|
|
144
|
|
|
11,323
|
|
|
1,455
|
|
|
12,778
|
|
|
(1,603
|
)
|
|
2012
|
||||||||
Hartland, WI
|
|
—
|
|
|
4,634
|
|
|
1,526
|
|
|
—
|
|
|
4,634
|
|
|
1,526
|
|
|
6,160
|
|
|
(249
|
)
|
|
2016
|
||||||||
Harvard, IL
|
|
—
|
|
|
2,980
|
|
|
1,157
|
|
|
—
|
|
|
2,980
|
|
|
1,157
|
|
|
4,137
|
|
|
(778
|
)
|
|
2013
|
||||||||
Hazelwood, MO
|
|
—
|
|
|
5,815
|
|
|
1,382
|
|
|
1,391
|
|
|
7,206
|
|
|
1,382
|
|
|
8,588
|
|
|
(1,594
|
)
|
|
2011
|
||||||||
Hebron, KY
|
|
—
|
|
|
4,601
|
|
|
370
|
|
|
—
|
|
|
4,601
|
|
|
370
|
|
|
4,971
|
|
|
(607
|
)
|
|
2014
|
||||||||
Hilliard, OH
|
|
—
|
|
|
7,412
|
|
|
550
|
|
|
8
|
|
|
7,420
|
|
|
550
|
|
|
7,970
|
|
|
(52
|
)
|
|
2017
|
||||||||
Holland, MI
|
|
(3,067
|
)
|
|
3,475
|
|
|
279
|
|
|
60
|
|
|
3,535
|
|
|
279
|
|
|
3,814
|
|
|
(715
|
)
|
|
2012
|
||||||||
Houston, TX
|
|
—
|
|
|
7,790
|
|
|
2,255
|
|
|
9
|
|
|
7,799
|
|
|
2,255
|
|
|
10,054
|
|
|
(1,123
|
)
|
|
2013
|
||||||||
Houston, TX
|
|
—
|
|
|
4,906
|
|
|
1,428
|
|
|
17
|
|
|
4,923
|
|
|
1,428
|
|
|
6,351
|
|
|
(817
|
)
|
|
2014
|
||||||||
Houston, TX
|
|
—
|
|
|
5,019
|
|
|
565
|
|
|
780
|
|
|
5,799
|
|
|
565
|
|
|
6,364
|
|
|
(1,009
|
)
|
|
2014
|
||||||||
Houston, TX
|
|
—
|
|
|
8,448
|
|
|
2,546
|
|
|
158
|
|
|
8,606
|
|
|
2,546
|
|
|
11,152
|
|
|
(374
|
)
|
|
2016
|
||||||||
Houston, TX
|
|
—
|
|
|
5,037
|
|
|
1,502
|
|
|
—
|
|
|
5,037
|
|
|
1,502
|
|
|
6,539
|
|
|
(219
|
)
|
|
2017
|
||||||||
Houston, TX
|
|
—
|
|
|
5,564
|
|
|
953
|
|
|
—
|
|
|
5,564
|
|
|
953
|
|
|
6,517
|
|
|
(197
|
)
|
|
2017
|
||||||||
Houston, TX
|
|
—
|
|
|
7,052
|
|
|
927
|
|
|
—
|
|
|
7,052
|
|
|
927
|
|
|
7,979
|
|
|
(152
|
)
|
|
2017
|
||||||||
Huntersville, NC
|
|
—
|
|
|
3,123
|
|
|
1,061
|
|
|
109
|
|
|
3,232
|
|
|
1,061
|
|
|
4,293
|
|
|
(483
|
)
|
|
2012
|
||||||||
Idaho Falls, ID
|
|
—
|
|
|
2,735
|
|
|
356
|
|
|
—
|
|
|
2,735
|
|
|
356
|
|
|
3,091
|
|
|
(450
|
)
|
|
2013
|
||||||||
Independence, VA
|
|
(1,379
|
)
|
|
2,212
|
|
|
226
|
|
|
110
|
|
|
2,322
|
|
|
226
|
|
|
2,548
|
|
|
(524
|
)
|
|
2012
|
||||||||
Itasca, IL
|
|
—
|
|
|
12,216
|
|
|
2,428
|
|
|
5
|
|
|
12,221
|
|
|
2,428
|
|
|
14,649
|
|
|
(668
|
)
|
|
2016
|
||||||||
Jackson, TN
|
|
—
|
|
|
2,374
|
|
|
230
|
|
|
337
|
|
|
2,711
|
|
|
230
|
|
|
2,941
|
|
|
(473
|
)
|
|
2012
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
3,438
|
|
|
451
|
|
|
410
|
|
|
3,848
|
|
|
451
|
|
|
4,299
|
|
|
(164
|
)
|
|
2017
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
7,867
|
|
|
650
|
|
|
161
|
|
|
8,028
|
|
|
650
|
|
|
8,678
|
|
|
(328
|
)
|
|
2017
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
8,195
|
|
|
674
|
|
|
1,557
|
|
|
9,752
|
|
|
674
|
|
|
10,426
|
|
|
(399
|
)
|
|
2017
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
7,266
|
|
|
596
|
|
|
1,016
|
|
|
8,282
|
|
|
596
|
|
|
8,878
|
|
|
(327
|
)
|
|
2017
|
||||||||
Janesville, WI
|
|
—
|
|
|
17,477
|
|
|
828
|
|
|
530
|
|
|
18,007
|
|
|
828
|
|
|
18,835
|
|
|
(2,758
|
)
|
|
2013
|
||||||||
Jefferson City, TN
|
|
—
|
|
|
8,494
|
|
|
1,350
|
|
|
—
|
|
|
8,494
|
|
|
1,350
|
|
|
9,844
|
|
|
(1,893
|
)
|
|
2014
|
||||||||
Johnstown, NY
|
|
(714
|
)
|
|
1,304
|
|
|
178
|
|
|
—
|
|
|
1,304
|
|
|
178
|
|
|
1,482
|
|
|
(227
|
)
|
|
2012
|
||||||||
Johnstown, NY
|
|
(1,044
|
)
|
|
1,592
|
|
|
216
|
|
|
—
|
|
|
1,592
|
|
|
216
|
|
|
1,808
|
|
|
(228
|
)
|
|
2012
|
||||||||
Johnstown, NY
|
|
(852
|
)
|
|
978
|
|
|
151
|
|
|
—
|
|
|
978
|
|
|
151
|
|
|
1,129
|
|
|
(206
|
)
|
|
2012
|
||||||||
Johnstown, NY
|
|
(1,594
|
)
|
|
1,467
|
|
|
140
|
|
|
—
|
|
|
1,467
|
|
|
140
|
|
|
1,607
|
|
|
(257
|
)
|
|
2012
|
||||||||
Kansas City, MO
|
|
—
|
|
|
5,539
|
|
|
703
|
|
|
92
|
|
|
5,631
|
|
|
703
|
|
|
6,334
|
|
|
(730
|
)
|
|
2012
|
||||||||
Kenosha, WI
|
|
—
|
|
|
3,991
|
|
|
797
|
|
|
—
|
|
|
3,991
|
|
|
797
|
|
|
4,788
|
|
|
(253
|
)
|
|
2016
|
||||||||
Kentwood, MI
|
|
—
|
|
|
2,478
|
|
|
407
|
|
|
—
|
|
|
2,478
|
|
|
407
|
|
|
2,885
|
|
|
(377
|
)
|
|
2013
|
||||||||
Knoxville, TN
|
|
—
|
|
|
3,201
|
|
|
447
|
|
|
—
|
|
|
3,201
|
|
|
447
|
|
|
3,648
|
|
|
(421
|
)
|
|
2015
|
||||||||
Lafayette, IN
|
|
(1,182
|
)
|
|
2,205
|
|
|
295
|
|
|
79
|
|
|
2,284
|
|
|
295
|
|
|
2,579
|
|
|
(328
|
)
|
|
2012
|
||||||||
Lafayette, IN
|
|
(2,006
|
)
|
|
3,405
|
|
|
410
|
|
|
123
|
|
|
3,528
|
|
|
410
|
|
|
3,938
|
|
|
(487
|
)
|
|
2012
|
||||||||
Lafayette, IN
|
|
(4,122
|
)
|
|
8,135
|
|
|
906
|
|
|
261
|
|
|
8,396
|
|
|
906
|
|
|
9,302
|
|
|
(1,428
|
)
|
|
2012
|
||||||||
Lancaster, PA
|
|
—
|
|
|
5,480
|
|
|
1,520
|
|
|
—
|
|
|
5,480
|
|
|
1,520
|
|
|
7,000
|
|
|
(1,014
|
)
|
|
2015
|
||||||||
Langhorne, PA
|
|
—
|
|
|
3,868
|
|
|
1,370
|
|
|
36
|
|
|
3,904
|
|
|
1,370
|
|
|
5,274
|
|
|
(294
|
)
|
|
2016
|
||||||||
Langhorne, PA
|
|
—
|
|
|
3,105
|
|
|
1,308
|
|
|
33
|
|
|
3,138
|
|
|
1,308
|
|
|
4,446
|
|
|
(287
|
)
|
|
2016
|
||||||||
Langhorne, PA
|
|
—
|
|
|
6,372
|
|
|
1,884
|
|
|
1
|
|
|
6,373
|
|
|
1,884
|
|
|
8,257
|
|
|
(305
|
)
|
|
2016
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
Lansing, MI
|
|
—
|
|
|
8,164
|
|
|
501
|
|
|
—
|
|
|
8,164
|
|
|
501
|
|
|
8,665
|
|
|
(1,592
|
)
|
|
2011
|
||||||||
Lansing, MI
|
|
—
|
|
|
4,077
|
|
|
580
|
|
|
—
|
|
|
4,077
|
|
|
580
|
|
|
4,657
|
|
|
(681
|
)
|
|
2012
|
||||||||
Lansing, MI
|
|
(5,496
|
)
|
|
7,162
|
|
|
429
|
|
|
—
|
|
|
7,162
|
|
|
429
|
|
|
7,591
|
|
|
(1,149
|
)
|
|
2012
|
||||||||
Lansing, MI
|
|
—
|
|
|
5,209
|
|
|
907
|
|
|
—
|
|
|
5,209
|
|
|
907
|
|
|
6,116
|
|
|
(809
|
)
|
|
2013
|
||||||||
Laredo, TX
|
|
—
|
|
|
10,195
|
|
|
1,535
|
|
|
—
|
|
|
10,195
|
|
|
1,535
|
|
|
11,730
|
|
|
(238
|
)
|
|
2017
|
||||||||
Las Vegas, NV
|
|
—
|
|
|
3,259
|
|
|
770
|
|
|
—
|
|
|
3,259
|
|
|
770
|
|
|
4,029
|
|
|
(40
|
)
|
|
2017
|
||||||||
Laurens, SC
|
|
—
|
|
|
4,254
|
|
|
151
|
|
|
—
|
|
|
4,254
|
|
|
151
|
|
|
4,405
|
|
|
(349
|
)
|
|
2015
|
||||||||
Lebanon, PA
|
|
—
|
|
|
5,235
|
|
|
1,380
|
|
|
—
|
|
|
5,235
|
|
|
1,380
|
|
|
6,615
|
|
|
(509
|
)
|
|
2017
|
||||||||
Lenexa, KS
|
|
—
|
|
|
7,610
|
|
|
2,368
|
|
|
—
|
|
|
7,610
|
|
|
2,368
|
|
|
9,978
|
|
|
(1,340
|
)
|
|
2014
|
||||||||
Lewiston, ME
|
|
—
|
|
|
5,515
|
|
|
173
|
|
|
1,525
|
|
|
7,040
|
|
|
173
|
|
|
7,213
|
|
|
(2,067
|
)
|
|
2007
|
||||||||
Lexington, NC
|
|
—
|
|
|
3,968
|
|
|
232
|
|
|
688
|
|
|
4,656
|
|
|
232
|
|
|
4,888
|
|
|
(851
|
)
|
|
2008
|
||||||||
Libertyville, IL
|
|
—
|
|
|
6,455
|
|
|
421
|
|
|
80
|
|
|
6,535
|
|
|
421
|
|
|
6,956
|
|
|
(649
|
)
|
|
2015
|
||||||||
Libertyville, IL
|
|
—
|
|
|
770
|
|
|
143
|
|
|
9
|
|
|
779
|
|
|
143
|
|
|
922
|
|
|
(264
|
)
|
|
2015
|
||||||||
Londonderry, NH
|
|
—
|
|
|
6,683
|
|
|
730
|
|
|
—
|
|
|
6,683
|
|
|
730
|
|
|
7,413
|
|
|
(967
|
)
|
|
2013
|
||||||||
Longmont, CO
|
|
—
|
|
|
9,647
|
|
|
1,529
|
|
|
581
|
|
|
10,228
|
|
|
1,529
|
|
|
11,757
|
|
|
(1,243
|
)
|
|
2014
|
||||||||
Loudon, TN
|
|
—
|
|
|
3,751
|
|
|
170
|
|
|
—
|
|
|
3,751
|
|
|
170
|
|
|
3,921
|
|
|
(348
|
)
|
|
2015
|
||||||||
Louisville, KY
|
|
—
|
|
|
3,875
|
|
|
386
|
|
|
520
|
|
|
4,395
|
|
|
386
|
|
|
4,781
|
|
|
(982
|
)
|
|
2011
|
||||||||
Louisville, KY
|
|
—
|
|
|
6,182
|
|
|
616
|
|
|
632
|
|
|
6,814
|
|
|
616
|
|
|
7,430
|
|
|
(1,512
|
)
|
|
2011
|
||||||||
Macedonia, OH
|
|
—
|
|
|
8,195
|
|
|
1,690
|
|
|
44
|
|
|
8,239
|
|
|
1,690
|
|
|
9,929
|
|
|
(813
|
)
|
|
2015
|
||||||||
Machesney Park, IL
|
|
—
|
|
|
3,742
|
|
|
300
|
|
|
—
|
|
|
3,742
|
|
|
300
|
|
|
4,042
|
|
|
(426
|
)
|
|
2015
|
||||||||
Madison, WI
|
|
—
|
|
|
6,365
|
|
|
609
|
|
|
—
|
|
|
6,365
|
|
|
609
|
|
|
6,974
|
|
|
(21
|
)
|
|
2017
|
||||||||
Madison, WI
|
|
—
|
|
|
4,518
|
|
|
444
|
|
|
—
|
|
|
4,518
|
|
|
444
|
|
|
4,962
|
|
|
(14
|
)
|
|
2017
|
||||||||
Madison, TN
|
|
—
|
|
|
5,758
|
|
|
1,655
|
|
|
1,786
|
|
|
7,544
|
|
|
1,655
|
|
|
9,199
|
|
|
(1,319
|
)
|
|
2010
|
||||||||
Malden, MA
|
|
—
|
|
|
2,817
|
|
|
366
|
|
|
—
|
|
|
2,817
|
|
|
366
|
|
|
3,183
|
|
|
(764
|
)
|
|
2007
|
||||||||
Malden, MA
|
|
—
|
|
|
3,961
|
|
|
507
|
|
|
—
|
|
|
3,961
|
|
|
507
|
|
|
4,468
|
|
|
(1,073
|
)
|
|
2007
|
||||||||
Maple Grove, MN
|
|
—
|
|
|
6,634
|
|
|
969
|
|
|
—
|
|
|
6,634
|
|
|
969
|
|
|
7,603
|
|
|
(161
|
)
|
|
2017
|
||||||||
Marion, IA
|
|
—
|
|
|
2,257
|
|
|
691
|
|
|
49
|
|
|
2,306
|
|
|
691
|
|
|
2,997
|
|
|
(428
|
)
|
|
2013
|
||||||||
Marion, IN
|
|
(2,803
|
)
|
|
2,934
|
|
|
243
|
|
|
718
|
|
|
3,652
|
|
|
243
|
|
|
3,895
|
|
|
(521
|
)
|
|
2012
|
||||||||
Marshall, MI
|
|
—
|
|
|
1,051
|
|
|
199
|
|
|
—
|
|
|
1,051
|
|
|
199
|
|
|
1,250
|
|
|
(207
|
)
|
|
2013
|
||||||||
Mascot, TN
|
|
—
|
|
|
3,228
|
|
|
284
|
|
|
—
|
|
|
3,228
|
|
|
284
|
|
|
3,512
|
|
|
(373
|
)
|
|
2016
|
||||||||
Mascot, TN
|
|
—
|
|
|
3,452
|
|
|
385
|
|
|
65
|
|
|
3,517
|
|
|
385
|
|
|
3,902
|
|
|
(664
|
)
|
|
2013
|
||||||||
Salem, OH
|
|
—
|
|
|
7,674
|
|
|
858
|
|
|
252
|
|
|
7,926
|
|
|
858
|
|
|
8,784
|
|
|
(1,986
|
)
|
|
2006
|
||||||||
Mason, OH
|
|
—
|
|
|
4,731
|
|
|
673
|
|
|
—
|
|
|
4,731
|
|
|
673
|
|
|
5,404
|
|
|
(680
|
)
|
|
2014
|
||||||||
Mayville, WI
|
|
—
|
|
|
4,118
|
|
|
547
|
|
|
330
|
|
|
4,448
|
|
|
547
|
|
|
4,995
|
|
|
(1,275
|
)
|
|
2007
|
||||||||
Mebane, NC
|
|
—
|
|
|
4,570
|
|
|
481
|
|
|
457
|
|
|
5,027
|
|
|
481
|
|
|
5,508
|
|
|
(750
|
)
|
|
2012
|
||||||||
Mebane, NC
|
|
—
|
|
|
4,148
|
|
|
443
|
|
|
—
|
|
|
4,148
|
|
|
443
|
|
|
4,591
|
|
|
(675
|
)
|
|
2012
|
||||||||
Mebane, NC
|
|
—
|
|
|
4,999
|
|
|
358
|
|
|
9
|
|
|
5,008
|
|
|
358
|
|
|
5,366
|
|
|
(717
|
)
|
|
2013
|
||||||||
Mechanicsburg, PA
|
|
—
|
|
|
5,143
|
|
|
1,482
|
|
|
770
|
|
|
5,913
|
|
|
1,482
|
|
|
7,395
|
|
|
(933
|
)
|
|
2014
|
||||||||
Mechanicsburg, PA
|
|
—
|
|
|
7,144
|
|
|
1,800
|
|
|
—
|
|
|
7,144
|
|
|
1,800
|
|
|
8,944
|
|
|
(935
|
)
|
|
2014
|
||||||||
New Kingston, PA
|
|
—
|
|
|
8,687
|
|
|
2,041
|
|
|
—
|
|
|
8,687
|
|
|
2,041
|
|
|
10,728
|
|
|
(1,121
|
)
|
|
2014
|
||||||||
Mechanicsburg, PA
|
|
—
|
|
|
8,008
|
|
|
1,452
|
|
|
—
|
|
|
8,008
|
|
|
1,452
|
|
|
9,460
|
|
|
(1,027
|
)
|
|
2014
|
||||||||
Milford, CT
|
|
—
|
|
|
10,040
|
|
|
1,264
|
|
|
300
|
|
|
10,340
|
|
|
1,264
|
|
|
11,604
|
|
|
(378
|
)
|
|
2017
|
||||||||
Montgomery, AL
|
|
—
|
|
|
7,523
|
|
|
418
|
|
|
1,329
|
|
|
8,852
|
|
|
418
|
|
|
9,270
|
|
|
(326
|
)
|
|
2016
|
||||||||
Montgomery, IL
|
|
—
|
|
|
12,485
|
|
|
2,190
|
|
|
1,934
|
|
|
14,419
|
|
|
2,190
|
|
|
16,609
|
|
|
(2,047
|
)
|
|
2012
|
||||||||
Mooresville, NC
|
|
—
|
|
|
18,010
|
|
|
4,195
|
|
|
—
|
|
|
18,010
|
|
|
4,195
|
|
|
22,205
|
|
|
(196
|
)
|
|
2017
|
||||||||
Mooresville, NC
|
|
—
|
|
|
7,411
|
|
|
701
|
|
|
216
|
|
|
7,627
|
|
|
701
|
|
|
8,328
|
|
|
(1,541
|
)
|
|
2011
|
||||||||
Mountain Home, NC
|
|
—
|
|
|
2,472
|
|
|
523
|
|
|
—
|
|
|
2,472
|
|
|
523
|
|
|
2,995
|
|
|
(325
|
)
|
|
2014
|
||||||||
Murfreesboro, TN
|
|
—
|
|
|
2,863
|
|
|
722
|
|
|
9
|
|
|
2,872
|
|
|
722
|
|
|
3,594
|
|
|
(487
|
)
|
|
2014
|
||||||||
Nashua, NH
|
|
—
|
|
|
8,682
|
|
|
1,431
|
|
|
—
|
|
|
8,682
|
|
|
1,431
|
|
|
10,113
|
|
|
(1,266
|
)
|
|
2014
|
||||||||
Nashville, TN
|
|
—
|
|
|
3,601
|
|
|
547
|
|
|
—
|
|
|
3,601
|
|
|
547
|
|
|
4,148
|
|
|
(503
|
)
|
|
2013
|
||||||||
Newark, DE
|
|
—
|
|
|
1,478
|
|
|
197
|
|
|
392
|
|
|
1,870
|
|
|
197
|
|
|
2,067
|
|
|
(539
|
)
|
|
2007
|
||||||||
Newark, DE
|
|
—
|
|
|
1,891
|
|
|
232
|
|
|
205
|
|
|
2,096
|
|
|
232
|
|
|
2,328
|
|
|
(671
|
)
|
|
2007
|
||||||||
New Berlin, WI
|
|
—
|
|
|
6,500
|
|
|
1,068
|
|
|
141
|
|
|
6,641
|
|
|
1,068
|
|
|
7,709
|
|
|
(1,093
|
)
|
|
2013
|
||||||||
New Castle, DE
|
|
—
|
|
|
17,767
|
|
|
2,616
|
|
|
—
|
|
|
17,767
|
|
|
2,616
|
|
|
20,383
|
|
|
(1,151
|
)
|
|
2016
|
||||||||
New Hope, MN
|
|
—
|
|
|
1,970
|
|
|
1,919
|
|
|
—
|
|
|
1,970
|
|
|
1,919
|
|
|
3,889
|
|
|
(448
|
)
|
|
2013
|
||||||||
Lopatcong, NJ
|
|
—
|
|
|
9,822
|
|
|
1,554
|
|
|
1,599
|
|
|
11,421
|
|
|
1,554
|
|
|
12,975
|
|
|
(736
|
)
|
|
2010
|
||||||||
Newton, NC
|
|
—
|
|
|
7,568
|
|
|
732
|
|
|
1,283
|
|
|
8,851
|
|
|
732
|
|
|
9,583
|
|
|
(718
|
)
|
|
2010
|
||||||||
North Haven, CT
|
|
—
|
|
|
39,911
|
|
|
4,086
|
|
|
1,387
|
|
|
41,298
|
|
|
4,086
|
|
|
45,384
|
|
|
(4,893
|
)
|
|
2015
|
||||||||
North Jackson, OH
|
|
—
|
|
|
4,427
|
|
|
1,528
|
|
|
—
|
|
|
4,427
|
|
|
1,528
|
|
|
5,955
|
|
|
(617
|
)
|
|
2013
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
North Jackson, OH
|
|
—
|
|
|
7,681
|
|
|
486
|
|
|
—
|
|
|
7,681
|
|
|
486
|
|
|
8,167
|
|
|
(835
|
)
|
|
2011
|
||||||||
Norcorss, GA
|
|
—
|
|
|
2,586
|
|
|
1,589
|
|
|
—
|
|
|
2,586
|
|
|
1,589
|
|
|
4,175
|
|
|
(331
|
)
|
|
2016
|
||||||||
Norton, MA
|
|
—
|
|
|
6,740
|
|
|
2,839
|
|
|
—
|
|
|
6,740
|
|
|
2,839
|
|
|
9,579
|
|
|
(1,412
|
)
|
|
2011
|
||||||||
Novi, MI
|
|
(2,693
|
)
|
|
3,879
|
|
|
252
|
|
|
13
|
|
|
3,892
|
|
|
252
|
|
|
4,144
|
|
|
(761
|
)
|
|
2012
|
||||||||
Novi, MI
|
|
—
|
|
|
6,035
|
|
|
626
|
|
|
—
|
|
|
6,035
|
|
|
626
|
|
|
6,661
|
|
|
(516
|
)
|
|
2015
|
||||||||
Oakwood Village, OH
|
|
—
|
|
|
3,091
|
|
|
343
|
|
|
—
|
|
|
3,091
|
|
|
343
|
|
|
3,434
|
|
|
(399
|
)
|
|
2015
|
||||||||
Ocala, FL
|
|
—
|
|
|
13,296
|
|
|
731
|
|
|
952
|
|
|
14,248
|
|
|
731
|
|
|
14,979
|
|
|
(1,810
|
)
|
|
2013
|
||||||||
O'Fallon, MO
|
|
—
|
|
|
3,632
|
|
|
1,233
|
|
|
—
|
|
|
3,632
|
|
|
1,233
|
|
|
4,865
|
|
|
(69
|
)
|
|
2017
|
||||||||
O'Fallon, MO
|
|
—
|
|
|
2,676
|
|
|
1,242
|
|
|
266
|
|
|
2,942
|
|
|
1,242
|
|
|
4,184
|
|
|
(587
|
)
|
|
2010
|
||||||||
O'Hara, PA
|
|
(15,443
|
)
|
|
18,875
|
|
|
1,435
|
|
|
7,468
|
|
|
26,343
|
|
|
1,435
|
|
|
27,778
|
|
|
(3,936
|
)
|
|
2012
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
2,211
|
|
|
746
|
|
|
5
|
|
|
2,216
|
|
|
746
|
|
|
2,962
|
|
|
(159
|
)
|
|
2016
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
9,199
|
|
|
1,614
|
|
|
1,373
|
|
|
10,572
|
|
|
1,614
|
|
|
12,186
|
|
|
(827
|
)
|
|
2015
|
||||||||
Olathe, KS
|
|
—
|
|
|
20,763
|
|
|
2,431
|
|
|
156
|
|
|
20,919
|
|
|
2,431
|
|
|
23,350
|
|
|
(987
|
)
|
|
2016
|
||||||||
Orlando, FL
|
|
—
|
|
|
4,839
|
|
|
1,339
|
|
|
—
|
|
|
4,839
|
|
|
1,339
|
|
|
6,178
|
|
|
(768
|
)
|
|
2013
|
||||||||
Orlando, FL
|
|
—
|
|
|
1,996
|
|
|
721
|
|
|
—
|
|
|
1,996
|
|
|
721
|
|
|
2,717
|
|
|
(356
|
)
|
|
2012
|
||||||||
Pedricktown, NJ
|
|
—
|
|
|
10,696
|
|
|
2,414
|
|
|
—
|
|
|
10,696
|
|
|
2,414
|
|
|
13,110
|
|
|
(263
|
)
|
|
2017
|
||||||||
Pensacola, FL
|
|
—
|
|
|
2,989
|
|
|
145
|
|
|
343
|
|
|
3,332
|
|
|
145
|
|
|
3,477
|
|
|
(1,293
|
)
|
|
2007
|
||||||||
Phenix City, AL
|
|
(1,539
|
)
|
|
1,493
|
|
|
276
|
|
|
252
|
|
|
1,745
|
|
|
276
|
|
|
2,021
|
|
|
(306
|
)
|
|
2012
|
||||||||
Phoenix, AZ
|
|
—
|
|
|
5,770
|
|
|
1,653
|
|
|
—
|
|
|
5,770
|
|
|
1,653
|
|
|
7,423
|
|
|
(554
|
)
|
|
2015
|
||||||||
Piedmont, SC
|
|
—
|
|
|
4,152
|
|
|
231
|
|
|
86
|
|
|
4,238
|
|
|
231
|
|
|
4,469
|
|
|
(372
|
)
|
|
2015
|
||||||||
Piedmont, SC
|
|
—
|
|
|
2,127
|
|
|
158
|
|
|
—
|
|
|
2,127
|
|
|
158
|
|
|
2,285
|
|
|
(196
|
)
|
|
2015
|
||||||||
Piedmont, SC
|
|
—
|
|
|
2,302
|
|
|
204
|
|
|
—
|
|
|
2,302
|
|
|
204
|
|
|
2,506
|
|
|
(333
|
)
|
|
2015
|
||||||||
Pineville, NC
|
|
—
|
|
|
1,380
|
|
|
392
|
|
|
—
|
|
|
1,380
|
|
|
392
|
|
|
1,772
|
|
|
(277
|
)
|
|
2012
|
||||||||
Pittston, PA
|
|
—
|
|
|
19,959
|
|
|
677
|
|
|
—
|
|
|
19,959
|
|
|
677
|
|
|
20,636
|
|
|
(283
|
)
|
|
2017
|
||||||||
Plymouth, MI
|
|
—
|
|
|
4,670
|
|
|
365
|
|
|
—
|
|
|
4,670
|
|
|
365
|
|
|
5,035
|
|
|
(533
|
)
|
|
2015
|
||||||||
Pocatello, ID
|
|
—
|
|
|
3,472
|
|
|
399
|
|
|
363
|
|
|
3,835
|
|
|
399
|
|
|
4,234
|
|
|
(1,147
|
)
|
|
2007
|
||||||||
Portage, IN
|
|
—
|
|
|
5,416
|
|
|
—
|
|
|
—
|
|
|
5,416
|
|
|
—
|
|
|
5,416
|
|
|
(758
|
)
|
|
2012
|
||||||||
Portland, TN
|
|
—
|
|
|
8,353
|
|
|
1,662
|
|
|
66
|
|
|
8,419
|
|
|
1,662
|
|
|
10,081
|
|
|
(1,678
|
)
|
|
2012
|
||||||||
Portland, ME
|
|
—
|
|
|
3,727
|
|
|
891
|
|
|
10
|
|
|
3,737
|
|
|
891
|
|
|
4,628
|
|
|
(611
|
)
|
|
2012
|
||||||||
Rapid City, SD
|
|
—
|
|
|
10,662
|
|
|
2,071
|
|
|
1,020
|
|
|
11,682
|
|
|
2,071
|
|
|
13,753
|
|
|
(3,858
|
)
|
|
2007
|
||||||||
Reading, PA
|
|
—
|
|
|
5,401
|
|
|
1,708
|
|
|
67
|
|
|
5,468
|
|
|
1,708
|
|
|
7,176
|
|
|
(442
|
)
|
|
2016
|
||||||||
Muhlenberg TWP, PA
|
|
—
|
|
|
13,866
|
|
|
843
|
|
|
232
|
|
|
14,098
|
|
|
843
|
|
|
14,941
|
|
|
(2,181
|
)
|
|
2012
|
||||||||
Redford, MI
|
|
—
|
|
|
6,114
|
|
|
728
|
|
|
368
|
|
|
6,482
|
|
|
728
|
|
|
7,210
|
|
|
(359
|
)
|
|
2017
|
||||||||
Reno, NV
|
|
—
|
|
|
3,461
|
|
|
1,372
|
|
|
—
|
|
|
3,461
|
|
|
1,372
|
|
|
4,833
|
|
|
(511
|
)
|
|
2014
|
||||||||
Rock Hill, SC
|
|
(3,906
|
)
|
|
6,297
|
|
|
1,411
|
|
|
351
|
|
|
6,648
|
|
|
1,411
|
|
|
8,059
|
|
|
(456
|
)
|
|
2016
|
||||||||
Rock Hill, SC
|
|
—
|
|
|
4,512
|
|
|
1,095
|
|
|
—
|
|
|
4,512
|
|
|
1,095
|
|
|
5,607
|
|
|
(151
|
)
|
|
2017
|
||||||||
Rockwall, TX
|
|
—
|
|
|
16,066
|
|
|
2,683
|
|
|
—
|
|
|
16,066
|
|
|
2,683
|
|
|
18,749
|
|
|
(363
|
)
|
|
2017
|
||||||||
Rogers, MN
|
|
—
|
|
|
11,787
|
|
|
1,671
|
|
|
238
|
|
|
12,025
|
|
|
1,671
|
|
|
13,696
|
|
|
(3,198
|
)
|
|
2011
|
||||||||
Rogers, AR
|
|
—
|
|
|
8,280
|
|
|
1,072
|
|
|
287
|
|
|
8,567
|
|
|
1,072
|
|
|
9,639
|
|
|
(1,665
|
)
|
|
2011
|
||||||||
Romulus, MI
|
|
—
|
|
|
15,043
|
|
|
1,080
|
|
|
—
|
|
|
15,043
|
|
|
1,080
|
|
|
16,123
|
|
|
(372
|
)
|
|
2017
|
||||||||
Rural Hall, NC
|
|
—
|
|
|
5,664
|
|
|
439
|
|
|
366
|
|
|
6,030
|
|
|
439
|
|
|
6,469
|
|
|
(1,250
|
)
|
|
2008
|
||||||||
Salem, OR
|
|
—
|
|
|
3,150
|
|
|
599
|
|
|
640
|
|
|
3,790
|
|
|
599
|
|
|
4,389
|
|
|
(716
|
)
|
|
2010
|
||||||||
Salem, OR
|
|
—
|
|
|
1,452
|
|
|
266
|
|
|
433
|
|
|
1,885
|
|
|
266
|
|
|
2,151
|
|
|
(404
|
)
|
|
2010
|
||||||||
Salisbury, NC
|
|
—
|
|
|
5,284
|
|
|
1,535
|
|
|
28
|
|
|
5,312
|
|
|
1,535
|
|
|
6,847
|
|
|
(288
|
)
|
|
2017
|
||||||||
San Antonio, TX
|
|
—
|
|
|
10,395
|
|
|
1,568
|
|
|
35
|
|
|
10,430
|
|
|
1,568
|
|
|
11,998
|
|
|
(428
|
)
|
|
2016
|
||||||||
Sauk Village, IL
|
|
—
|
|
|
5,405
|
|
|
877
|
|
|
105
|
|
|
5,510
|
|
|
877
|
|
|
6,387
|
|
|
(787
|
)
|
|
2013
|
||||||||
Savage, MN
|
|
—
|
|
|
3,996
|
|
|
3,194
|
|
|
546
|
|
|
4,542
|
|
|
3,194
|
|
|
7,736
|
|
|
(943
|
)
|
|
2014
|
||||||||
Savannah, GA
|
|
—
|
|
|
13,219
|
|
|
439
|
|
|
—
|
|
|
13,219
|
|
|
439
|
|
|
13,658
|
|
|
(1,626
|
)
|
|
2014
|
||||||||
San Diego, CA
|
|
—
|
|
|
15,016
|
|
|
2,290
|
|
|
22
|
|
|
15,038
|
|
|
2,290
|
|
|
17,328
|
|
|
(389
|
)
|
|
2017
|
||||||||
South Easton, MA
|
|
—
|
|
|
5,880
|
|
|
403
|
|
|
—
|
|
|
5,880
|
|
|
403
|
|
|
6,283
|
|
|
(17
|
)
|
|
2017
|
||||||||
Sergeant Bluff, IA
|
|
—
|
|
|
6,188
|
|
|
247
|
|
|
450
|
|
|
6,638
|
|
|
247
|
|
|
6,885
|
|
|
(3,800
|
)
|
|
2007
|
||||||||
Seville, OH
|
|
—
|
|
|
4,536
|
|
|
766
|
|
|
171
|
|
|
4,707
|
|
|
766
|
|
|
5,473
|
|
|
(1,074
|
)
|
|
2007
|
||||||||
Shannon, GA
|
|
—
|
|
|
12,969
|
|
|
393
|
|
|
—
|
|
|
12,969
|
|
|
393
|
|
|
13,362
|
|
|
(1,513
|
)
|
|
2013
|
||||||||
South Holland, IL
|
|
—
|
|
|
3,900
|
|
|
714
|
|
|
—
|
|
|
3,900
|
|
|
714
|
|
|
4,614
|
|
|
(765
|
)
|
|
2013
|
||||||||
Shreveport, LA
|
|
—
|
|
|
6,265
|
|
|
1,804
|
|
|
145
|
|
|
6,410
|
|
|
1,804
|
|
|
8,214
|
|
|
(834
|
)
|
|
2015
|
||||||||
Simpsonville, SC
|
|
—
|
|
|
2,960
|
|
|
957
|
|
|
848
|
|
|
3,808
|
|
|
957
|
|
|
4,765
|
|
|
(549
|
)
|
|
2012
|
||||||||
Simpsonville, SC
|
|
—
|
|
|
3,418
|
|
|
470
|
|
|
938
|
|
|
4,356
|
|
|
470
|
|
|
4,826
|
|
|
(576
|
)
|
|
2012
|
||||||||
Smithfield, NC
|
|
—
|
|
|
10,657
|
|
|
613
|
|
|
12
|
|
|
10,669
|
|
|
613
|
|
|
11,282
|
|
|
(857
|
)
|
|
2011
|
||||||||
Smyrna, GA
|
|
—
|
|
|
3,286
|
|
|
264
|
|
|
—
|
|
|
3,286
|
|
|
264
|
|
|
3,550
|
|
|
(603
|
)
|
|
2012
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2017
|
|
|
|
|
||||||||||||||||||||||
City/State
|
|
Encumbrances
(1)
|
|
Building & Improvements
(2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Acq Date
|
||||||||||||||||
South Bend, IN
|
|
—
|
|
|
4,834
|
|
|
411
|
|
|
—
|
|
|
4,834
|
|
|
411
|
|
|
5,245
|
|
|
(804
|
)
|
|
2012
|
||||||||
Franklin Township, NJ
|
|
—
|
|
|
8,322
|
|
|
2,272
|
|
|
—
|
|
|
8,322
|
|
|
2,272
|
|
|
10,594
|
|
|
(446
|
)
|
|
2017
|
||||||||
Sparks, NV
|
|
—
|
|
|
6,328
|
|
|
938
|
|
|
934
|
|
|
7,262
|
|
|
938
|
|
|
8,200
|
|
|
(327
|
)
|
|
2017
|
||||||||
Spartanburg, SC
|
|
—
|
|
|
15,100
|
|
|
1,867
|
|
|
166
|
|
|
15,266
|
|
|
1,867
|
|
|
17,133
|
|
|
(862
|
)
|
|
2016
|
||||||||
Spartanburg, SC
|
|
—
|
|
|
3,694
|
|
|
342
|
|
|
—
|
|
|
3,694
|
|
|
342
|
|
|
4,036
|
|
|
(547
|
)
|
|
2014
|
||||||||
Spartanburg, SC
|
|
—
|
|
|
5,797
|
|
|
493
|
|
|
432
|
|
|
6,229
|
|
|
493
|
|
|
6,722
|
|
|
(963
|
)
|
|
2012
|
||||||||
Stafford, TX
|
|
—
|
|
|
6,570
|
|
|
339
|
|
|
—
|
|
|
6,570
|
|
|
339
|
|
|
6,909
|
|
|
(19
|
)
|
|
2017
|
||||||||
Statham, GA
|
|
—
|
|
|
6,130
|
|
|
588
|
|
|
1,151
|
|
|
7,281
|
|
|
588
|
|
|
7,869
|
|
|
(965
|
)
|
|
2012
|
||||||||
Sterling Heights, MI
|
|
(1,484
|
)
|
|
4,191
|
|
|
513
|
|
|
415
|
|
|
4,606
|
|
|
513
|
|
|
5,119
|
|
|
(683
|
)
|
|
2012
|
||||||||
Stone Mountain, GA
|
|
—
|
|
|
2,738
|
|
|
612
|
|
|
645
|
|
|
3,383
|
|
|
612
|
|
|
3,995
|
|
|
(63
|
)
|
|
2017
|
||||||||
Stoughton, MA
|
|
—
|
|
|
2,613
|
|
|
2,256
|
|
|
824
|
|
|
3,437
|
|
|
2,256
|
|
|
5,693
|
|
|
(904
|
)
|
|
2015
|
||||||||
Stoughton, MA
|
|
—
|
|
|
1,216
|
|
|
538
|
|
|
—
|
|
|
1,216
|
|
|
538
|
|
|
1,754
|
|
|
(268
|
)
|
|
2015
|
||||||||
Streetsboro, OH
|
|
—
|
|
|
5,481
|
|
|
2,161
|
|
|
214
|
|
|
5,695
|
|
|
2,161
|
|
|
7,856
|
|
|
(1,473
|
)
|
|
2010
|
||||||||
Strongsville, OH
|
|
—
|
|
|
5,853
|
|
|
491
|
|
|
94
|
|
|
5,947
|
|
|
491
|
|
|
6,438
|
|
|
(761
|
)
|
|
2014
|
||||||||
Sun Prairie, WI
|
|
—
|
|
|
5,809
|
|
|
2,360
|
|
|
2,377
|
|
|
8,186
|
|
|
2,360
|
|
|
10,546
|
|
|
(1,454
|
)
|
|
2008
|
||||||||
Swedesboro, NJ
|
|
—
|
|
|
5,129
|
|
|
1,212
|
|
|
—
|
|
|
5,129
|
|
|
1,212
|
|
|
6,341
|
|
|
(74
|
)
|
|
2017
|
||||||||
Toledo, OH
|
|
—
|
|
|
6,831
|
|
|
213
|
|
|
—
|
|
|
6,831
|
|
|
213
|
|
|
7,044
|
|
|
(1,215
|
)
|
|
2012
|
||||||||
Burlington, NJ
|
|
—
|
|
|
—
|
|
|
3,267
|
|
|
248
|
|
|
248
|
|
|
3,267
|
|
|
3,515
|
|
|
—
|
|
|
2015
|
||||||||
Libertyville, IL
|
|
—
|
|
|
—
|
|
|
369
|
|
|
2
|
|
|
2
|
|
|
369
|
|
|
371
|
|
|
—
|
|
|
2015
|
||||||||
Libertyville, IL
|
|
—
|
|
|
—
|
|
|
397
|
|
|
2
|
|
|
2
|
|
|
397
|
|
|
399
|
|
|
—
|
|
|
2015
|
||||||||
Tulsa, OK
|
|
—
|
|
|
8,242
|
|
|
966
|
|
|
—
|
|
|
8,242
|
|
|
966
|
|
|
9,208
|
|
|
(691
|
)
|
|
2015
|
||||||||
Twinsburg, OH
|
|
—
|
|
|
8,027
|
|
|
590
|
|
|
—
|
|
|
8,027
|
|
|
590
|
|
|
8,617
|
|
|
(1,793
|
)
|
|
2007
|
||||||||
Visalia, CA
|
|
—
|
|
|
21,839
|
|
|
4,346
|
|
|
—
|
|
|
21,839
|
|
|
4,346
|
|
|
26,185
|
|
|
(1,616
|
)
|
|
2016
|
||||||||
Vonore, TN
|
|
—
|
|
|
8,243
|
|
|
2,355
|
|
|
85
|
|
|
8,328
|
|
|
2,355
|
|
|
10,683
|
|
|
(1,771
|
)
|
|
2011
|
||||||||
Waco, TX
|
|
—
|
|
|
1,394
|
|
|
—
|
|
|
619
|
|
|
2,013
|
|
|
—
|
|
|
2,013
|
|
|
(299
|
)
|
|
2008
|
||||||||
West Allis, WI
|
|
—
|
|
|
1,905
|
|
|
462
|
|
|
371
|
|
|
2,276
|
|
|
462
|
|
|
2,738
|
|
|
(191
|
)
|
|
2015
|
||||||||
West Allis, WI
|
|
—
|
|
|
1,860
|
|
|
444
|
|
|
24
|
|
|
1,884
|
|
|
444
|
|
|
2,328
|
|
|
(170
|
)
|
|
2015
|
||||||||
West Allis, WI
|
|
—
|
|
|
929
|
|
|
252
|
|
|
176
|
|
|
1,105
|
|
|
252
|
|
|
1,357
|
|
|
(97
|
)
|
|
2015
|
||||||||
West Allis, WI
|
|
—
|
|
|
1,039
|
|
|
251
|
|
|
—
|
|
|
1,039
|
|
|
251
|
|
|
1,290
|
|
|
(97
|
)
|
|
2015
|
||||||||
Walker, MI
|
|
—
|
|
|
4,872
|
|
|
855
|
|
|
136
|
|
|
5,008
|
|
|
855
|
|
|
5,863
|
|
|
(1,097
|
)
|
|
2010
|
||||||||
Wallingford, CT
|
|
—
|
|
|
6,111
|
|
|
585
|
|
|
—
|
|
|
6,111
|
|
|
585
|
|
|
6,696
|
|
|
(149
|
)
|
|
2017
|
||||||||
Walton, KY
|
|
—
|
|
|
6,244
|
|
|
2,105
|
|
|
—
|
|
|
6,244
|
|
|
2,105
|
|
|
8,349
|
|
|
(191
|
)
|
|
2017
|
||||||||
Ware Shoals, SC
|
|
(244
|
)
|
|
197
|
|
|
133
|
|
|
—
|
|
|
197
|
|
|
133
|
|
|
330
|
|
|
(35
|
)
|
|
2012
|
||||||||
Warren, MI
|
|
—
|
|
|
6,111
|
|
|
502
|
|
|
10
|
|
|
6,121
|
|
|
502
|
|
|
6,623
|
|
|
(247
|
)
|
|
2017
|
||||||||
Warren, MI
|
|
—
|
|
|
16,035
|
|
|
1,290
|
|
|
—
|
|
|
16,035
|
|
|
1,290
|
|
|
17,325
|
|
|
(813
|
)
|
|
2016
|
||||||||
Waukegan, IL
|
|
—
|
|
|
5,140
|
|
|
1,004
|
|
|
—
|
|
|
5,140
|
|
|
1,004
|
|
|
6,144
|
|
|
(166
|
)
|
|
2017
|
||||||||
Waukegan, IL
|
|
—
|
|
|
5,547
|
|
|
914
|
|
|
—
|
|
|
5,547
|
|
|
914
|
|
|
6,461
|
|
|
(80
|
)
|
|
2017
|
||||||||
West Chester, OH
|
|
—
|
|
|
8,868
|
|
|
936
|
|
|
—
|
|
|
8,868
|
|
|
936
|
|
|
9,804
|
|
|
(356
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
2,036
|
|
|
768
|
|
|
772
|
|
|
2,808
|
|
|
768
|
|
|
3,576
|
|
|
(119
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
674
|
|
|
382
|
|
|
286
|
|
|
960
|
|
|
382
|
|
|
1,342
|
|
|
(71
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
768
|
|
|
450
|
|
|
272
|
|
|
1,040
|
|
|
450
|
|
|
1,490
|
|
|
(71
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
895
|
|
|
369
|
|
|
269
|
|
|
1,164
|
|
|
369
|
|
|
1,533
|
|
|
(84
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
904
|
|
|
216
|
|
|
276
|
|
|
1,180
|
|
|
216
|
|
|
1,396
|
|
|
(57
|
)
|
|
2016
|
||||||||
West Chicago, IL
|
|
—
|
|
|
6,247
|
|
|
915
|
|
|
969
|
|
|
7,216
|
|
|
915
|
|
|
8,131
|
|
|
(546
|
)
|
|
2016
|
||||||||
West Columbia, SC
|
|
—
|
|
|
9,570
|
|
|
488
|
|
|
—
|
|
|
9,570
|
|
|
488
|
|
|
10,058
|
|
|
(380
|
)
|
|
2016
|
||||||||
West Columbia, SC
|
|
—
|
|
|
9,151
|
|
|
240
|
|
|
7
|
|
|
9,158
|
|
|
240
|
|
|
9,398
|
|
|
(47
|
)
|
|
2017
|
||||||||
West Columbia, SC
|
|
—
|
|
|
4,646
|
|
|
551
|
|
|
2,301
|
|
|
6,947
|
|
|
551
|
|
|
7,498
|
|
|
(286
|
)
|
|
2016
|
||||||||
Westborough, MA
|
|
—
|
|
|
5,808
|
|
|
661
|
|
|
—
|
|
|
5,808
|
|
|
661
|
|
|
6,469
|
|
|
(271
|
)
|
|
2016
|
||||||||
Hamilton, OH
|
|
—
|
|
|
8,585
|
|
|
1,046
|
|
|
598
|
|
|
9,183
|
|
|
1,046
|
|
|
10,229
|
|
|
(1,661
|
)
|
|
2014
|
||||||||
Wichita, KS
|
|
(1,484
|
)
|
|
1,815
|
|
|
88
|
|
|
11
|
|
|
1,826
|
|
|
88
|
|
|
1,914
|
|
|
(263
|
)
|
|
2012
|
||||||||
Wichita, KS
|
|
(1,621
|
)
|
|
1,839
|
|
|
107
|
|
|
131
|
|
|
1,970
|
|
|
107
|
|
|
2,077
|
|
|
(323
|
)
|
|
2012
|
||||||||
Wichita, KS
|
|
(742
|
)
|
|
833
|
|
|
76
|
|
|
181
|
|
|
1,014
|
|
|
76
|
|
|
1,090
|
|
|
(168
|
)
|
|
2012
|
||||||||
Williamsport, PA
|
|
—
|
|
|
9,059
|
|
|
688
|
|
|
—
|
|
|
9,059
|
|
|
688
|
|
|
9,747
|
|
|
(1,404
|
)
|
|
2013
|
||||||||
Winston-Salem, NC
|
|
—
|
|
|
11,054
|
|
|
610
|
|
|
16
|
|
|
11,070
|
|
|
610
|
|
|
11,680
|
|
|
(1,387
|
)
|
|
2014
|
||||||||
Wood Dale, IL
|
|
—
|
|
|
5,042
|
|
|
1,226
|
|
|
—
|
|
|
5,042
|
|
|
1,226
|
|
|
6,268
|
|
|
(205
|
)
|
|
2016
|
||||||||
Woodstock, IL
|
|
—
|
|
|
3,796
|
|
|
496
|
|
|
—
|
|
|
3,796
|
|
|
496
|
|
|
4,292
|
|
|
(645
|
)
|
|
2012
|
||||||||
York, PA
|
|
—
|
|
|
14,538
|
|
|
2,152
|
|
|
96
|
|
|
14,634
|
|
|
2,152
|
|
|
16,786
|
|
|
(195
|
)
|
|
2017
|
||||||||
Yorkville, WI
|
|
—
|
|
|
4,893
|
|
|
416
|
|
|
—
|
|
|
4,893
|
|
|
416
|
|
|
5,309
|
|
|
(454
|
)
|
|
2014
|
(1)
|
Balance excludes the unamortized balance of fair market value premiums of approximately
$0.1 million
and unamortized deferred financing fees and debt issuance costs of approximately
0.6 million
.
|
(2)
|
The initial costs of building and improvements is the acquisition costs less asset impairment write-downs and disposals of building and tenant improvements.
|
(3)
|
Depreciation expense is computed using the straight-line method based on the following lives:
|
Building
|
|
40 Years
|
Building and land improvements
|
|
Up to 20 years
|
Tenant improvements
|
|
Shorter of useful life or terms of related lease
|
|
|
Year ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
|
$
|
2,009,716
|
|
|
$
|
1,711,612
|
|
|
$
|
1,415,965
|
|
Additions during period
|
|
|
|
|
|
|
|
|
|
|||
Other acquisitions
|
|
514,725
|
|
|
381,131
|
|
|
330,504
|
|
|||
Improvements, etc.
|
|
53,099
|
|
|
33,133
|
|
|
16,851
|
|
|||
Other additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Deductions during period
|
|
|
|
|
|
|
|
|
|
|||
Cost of real estate sold
|
|
(48,674
|
)
|
|
(97,342
|
)
|
|
(21,443
|
)
|
|||
Write-off of tenant improvements
|
|
(2,166
|
)
|
|
(2,585
|
)
|
|
(1,205
|
)
|
|||
Asset impairments and involuntary conversion
|
|
(2,588
|
)
|
|
(16,233
|
)
|
|
(29,060
|
)
|
|||
Balance at the end of the period including assets held for sale
|
|
$
|
2,524,112
|
|
|
$
|
2,009,716
|
|
|
$
|
1,711,612
|
|
Assets held for sale
|
|
(20,731
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at the end of the period excluding assets held for sale
|
|
2,503,381
|
|
|
2,009,716
|
|
|
1,711,612
|
|
|||
Accumulated Depreciation:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
|
$
|
187,413
|
|
|
$
|
147,917
|
|
|
$
|
105,435
|
|
Additions during period
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization expense
|
|
75,314
|
|
|
57,391
|
|
|
48,186
|
|
|||
Other additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Deductions during period
|
|
|
|
|
|
|
|
|
|
|||
Disposals
|
|
(10,784
|
)
|
|
(17,895
|
)
|
|
(5,704
|
)
|
|||
Balance at the end of the period including assets held for sale
|
|
$
|
251,943
|
|
|
$
|
187,413
|
|
|
$
|
147,917
|
|
Assets held for sale
|
|
(2,886
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at the end of the period excluding assets held for sale
|
|
$
|
249,057
|
|
|
$
|
187,413
|
|
|
$
|
147,917
|
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Fixed Charges
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
$
|
42,469
|
|
|
$
|
42,923
|
|
|
$
|
36,098
|
|
|
$
|
25,109
|
|
|
$
|
20,319
|
|
Interest capitalized
|
|
141
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest within rental expense
|
|
355
|
|
|
357
|
|
|
358
|
|
|
245
|
|
|
156
|
|
|||||
Fixed charges
|
|
$
|
42,965
|
|
|
$
|
43,413
|
|
|
$
|
36,456
|
|
|
$
|
25,354
|
|
|
$
|
20,475
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
32,200
|
|
|
35,588
|
|
|
(29,345
|
)
|
|
(4,685
|
)
|
|
106
|
|
|||||
Fixed Charges
|
|
42,965
|
|
|
43,413
|
|
|
36,456
|
|
|
25,354
|
|
|
20,475
|
|
|||||
Add: Amortization of interest capitalized
|
|
6
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: Interest capitalized
|
|
(141
|
)
|
|
(133
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Earnings
|
|
$
|
75,030
|
|
|
$
|
78,869
|
|
|
$
|
7,111
|
|
|
$
|
20,669
|
|
|
$
|
20,581
|
|
Preferred Dividends
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock dividends
|
|
$
|
9,794
|
|
|
$
|
13,897
|
|
|
$
|
10,848
|
|
|
$
|
10,848
|
|
|
$
|
9,495
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
|
1.75
|
x
|
|
1.82
|
x
|
|
0.20
|
x
|
|
0.82
|
x
|
|
1.01
|
x
|
|||||
Inadequate amount
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(29,345
|
)
|
|
$
|
(4,685
|
)
|
|
$
|
—
|
|
Ratio of earnings to combined fixed charges and preferred dividends
|
|
1.42
|
x
|
|
1.38
|
x
|
|
0.15
|
x
|
|
0.57
|
x
|
|
0.69
|
x
|
|||||
Inadequate amount
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(40,193
|
)
|
|
$
|
(15,533
|
)
|
|
$
|
(9,389
|
)
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG 5101 South Council Road, LLC
|
|
Delaware
|
STAG Allentown, LLC
|
|
Delaware
|
STAG Arlington 2, L.P.
|
|
Delaware
|
STAG Avon, LLC
|
|
Delaware
|
STAG Belvidere 10, LLC
|
|
Delaware
|
STAG Belvidere I, LLC
|
|
Delaware
|
STAG Belvidere II, LLC
|
|
Delaware
|
STAG Belvidere III, LLC
|
|
Delaware
|
STAG Belvidere IV, LLC
|
|
Delaware
|
STAG Belvidere IX, LLC
|
|
Delaware
|
STAG Belvidere V, LLC
|
|
Delaware
|
STAG Belvidere VI, LLC
|
|
Delaware
|
STAG Belvidere VII, LLC
|
|
Delaware
|
STAG Belvidere VIII, LLC
|
|
Delaware
|
STAG Biddeford, LLC
|
|
Delaware
|
STAG Buena Vista, LLC
|
|
Delaware
|
STAG Buffalo, LLC
|
|
Delaware
|
STAG Burlington, LLC
|
|
Delaware
|
STAG Burlington 2, LLC
|
|
Delaware
|
STAG CA GP, LLC
|
|
Delaware
|
STAG Calhoun, LLC
|
|
Delaware
|
STAG Camarillo 1, LP
|
|
Delaware
|
STAG Camarillo 2, LP
|
|
Delaware
|
STAG Chattanooga 1, LLC
|
|
Delaware
|
STAG Chattanooga 2, LLC
|
|
Delaware
|
STAG Chester, LLC
|
|
Delaware
|
STAG Chicopee, LLC
|
|
Delaware
|
STAG Chippewa Falls, LLC
|
|
Delaware
|
STAG Clinton, LLC
|
|
Delaware
|
STAG Columbia, LLC
|
|
Delaware
|
STAG Columbus, LLC
|
|
Delaware
|
STAG Dallas, LLC
|
|
Delaware
|
STAG Dayton 2, LLC
|
|
Delaware
|
STAG De Pere, LLC
|
|
Delaware
|
STAG DeKalb, LLC
|
|
Delaware
|
STAG Duncan, LLC
|
|
Delaware
|
STAG East Troy, LLC
|
|
Delaware
|
STAG East Windsor, LLC
|
|
Delaware
|
STAG Edgefield, LLC
|
|
Delaware
|
STAG Elizabethtown, LLC
|
|
Delaware
|
STAG El Paso, LP
|
|
Delaware
|
STAG El Paso 1, LP
|
|
Delaware
|
STAG El Paso 2, LP
|
|
Delaware
|
STAG El Paso 3, LP
|
|
Delaware
|
STAG El Paso 4, LP
|
|
Delaware
|
STAG El Paso 5, LP
|
|
Delaware
|
STAG Erlanger, LLC
|
|
Delaware
|
STAG Fairborn, LLC
|
|
Delaware
|
STAG Fairfield 3, LLC
|
|
Delaware
|
STAG Fort Wayne, LLC
|
|
Delaware
|
STAG Fort Worth, LP
|
|
Delaware
|
STAG Gahanna, LLC
|
|
Delaware
|
STAG Garland, LP
|
|
Delaware
|
STAG Garland 2, LP
|
|
Delaware
|
STAG Germantown, LLC
|
|
Delaware
|
STAG GI Charlotte, LLC
|
|
Delaware
|
STAG GI Cleveland, LLC
|
|
Delaware
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG GI Goshen, LLC
|
|
Delaware
|
STAG GI Investments Holdings, LLC
|
|
Delaware
|
STAG GI Madison, LLC
|
|
Delaware
|
STAG GI Mooresville, LLC
|
|
Delaware
|
STAG GI New Jersey, LLC
|
|
Delaware
|
STAG GI O’Fallon, LLC
|
|
Delaware
|
STAG GI Rogers, LLC
|
|
Delaware
|
STAG GI Salem, LLC
|
|
Delaware
|
STAG GI Streetsboro, LLC
|
|
Delaware
|
STAG GI Vonore, LLC
|
|
Delaware
|
STAG GI Walker, LLC
|
|
Delaware
|
STAG Gloversville 1, LLC
|
|
Delaware
|
STAG Gloversville 2, LLC
|
|
Delaware
|
STAG Gloversville 4, LLC
|
|
Delaware
|
STAG Golden, LLC
|
|
Delaware
|
STAG Grand Junction, LLC
|
|
Delaware
|
STAG Grand Rapids, LLC
|
|
Delaware
|
STAG Greenwood 1, LLC
|
|
Delaware
|
STAG Greenwood 2, LLC
|
|
Delaware
|
STAG Greenville, LLC
|
|
Delaware
|
STAG Greer, LLC
|
|
Delaware
|
STAG Gurnee, LLC
|
|
Delaware
|
STAG Gurnee 2, LLC
|
|
Delaware
|
STAG Hampstead, LLC
|
|
Delaware
|
STAG Harrisonburg, LLC
|
|
Delaware
|
STAG Harvard, LLC
|
|
Delaware
|
STAG Hazelwood, LLC
|
|
Delaware
|
STAG Hebron, LLC
|
|
Delaware
|
STAG Holland 3, LLC
|
|
Delaware
|
STAG Houston 2, L.P.
|
|
Delaware
|
STAG Houston 3, LP
|
|
Delaware
|
STAG Houston 4, LP
|
|
Delaware
|
STAG Idaho Falls, LLC
|
|
Delaware
|
STAG III Albion, LLC
|
|
Delaware
|
STAG III Arlington, L.P.
|
|
Delaware
|
STAG III Boardman, LLC
|
|
Delaware
|
STAG III Chesterfield, LLC
|
|
Delaware
|
STAG III Cincinnati, LLC
|
|
Delaware
|
STAG III Daytona Beach, LLC
|
|
Delaware
|
STAG III Elkhart, LLC
|
|
Delaware
|
STAG III Farmington, LLC
|
|
Delaware
|
STAG III Lewiston, LLC
|
|
Delaware
|
STAG III Malden, LLC
|
|
Delaware
|
STAG III Mason, LLC
|
|
Delaware
|
STAG III Mayville, LLC
|
|
Delaware
|
STAG III Newark, LLC
|
|
Delaware
|
STAG III Pensacola, LLC
|
|
Delaware
|
STAG III Pocatello, LLC
|
|
Delaware
|
STAG III Rapid City, LLC
|
|
Delaware
|
STAG III Sergeant Bluff, LLC
|
|
Delaware
|
STAG III Twinsburg, LLC
|
|
Delaware
|
STAG III Youngstown, LLC
|
|
Delaware
|
STAG IND Stafford, LP
|
|
Delaware
|
STAG IND El Paso 6, LP
|
|
Delaware
|
STAG Independence, LLC
|
|
Delaware
|
STAG Industrial Holdings II, LLC
|
|
Delaware
|
STAG Industrial Holdings, LLC
|
|
Delaware
|
STAG Industrial Management, LLC
|
|
Delaware
|
STAG Industrial Operating Partnership, L.P.
|
|
Delaware
|
STAG Industrial TRS, LLC
|
|
Delaware
|
STAG Industrial GP, LLC
|
|
Delaware
|
STAG Investments Holdings III, LLC
|
|
Delaware
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG Investments Holdings IV, LLC
|
|
Delaware
|
STAG IV Alexandria, LLC
|
|
Delaware
|
STAG IV Belfast, LLC
|
|
Delaware
|
STAG IV Cheektowaga, LLC
|
|
Delaware
|
STAG IV Danville, LLC
|
|
Delaware
|
STAG IV Seville, LLC
|
|
Delaware
|
STAG IV Sun Prairie, LLC
|
|
Delaware
|
STAG IV Waco, LP
|
|
Delaware
|
STAG Jackson, LLC
|
|
Delaware
|
STAG Janesville, LLC
|
|
Delaware
|
STAG Jefferson City, LLC
|
|
Delaware
|
STAG Johnstown 1, LLC
|
|
Delaware
|
STAG Johnstown 2, LLC
|
|
Delaware
|
STAG Johnstown 3, LLC
|
|
Delaware
|
STAG Johnstown 4, LLC
|
|
Delaware
|
STAG Kansas City 2, LLC
|
|
Delaware
|
STAG Kentwood, LLC
|
|
Delaware
|
STAG Knoxville 2, LLC
|
|
Delaware
|
STAG Lafayette 1, LLC
|
|
Delaware
|
STAG Lafayette 2, LLC
|
|
Delaware
|
STAG Lafayette 3, LLC
|
|
Delaware
|
STAG Lancaster, LLC
|
|
Delaware
|
STAG Lansing 2, LLC
|
|
Delaware
|
STAG Lansing 3, LLC
|
|
Delaware
|
STAG Lansing 4, LLC
|
|
Delaware
|
STAG Laurens, LLC
|
|
Delaware
|
STAG Lebanon, LLC
|
|
Delaware
|
STAG Lenexa, LLC
|
|
Delaware
|
STAG Libertyville 1, LLC
|
|
Delaware
|
STAG Libertyville 2, LLC
|
|
Delaware
|
STAG Londonderry, LLC
|
|
Delaware
|
STAG Longmont, LLC
|
|
Delaware
|
STAG Loudon, LLC
|
|
Delaware
|
STAG Louisville, LLC
|
|
Delaware
|
STAG Macedonia, LLC
|
|
Delaware
|
STAG Machesney Park, LLC
|
|
Delaware
|
STAG Marion 2, LLC
|
|
Delaware
|
STAG Mascot, LLC
|
|
Delaware
|
STAG Mascot 2, LLC
|
|
Delaware
|
STAG Marion, LLC
|
|
Delaware
|
STAG Marshall, LLC
|
|
Delaware
|
STAG Mason 3, LLC
|
|
Delaware
|
STAG Mechanicsburg 1, LLC
|
|
Delaware
|
STAG Mechanicsburg 2, LLC
|
|
Delaware
|
STAG Mechanicsburg 3, LLC
|
|
Delaware
|
STAG Montgomery, LLC
|
|
Delaware
|
STAG Mooresville 2, LP
|
|
Delaware
|
STAG Murfreesboro, LLC
|
|
Delaware
|
STAG Nashua, LLC
|
|
Delaware
|
STAG Nashville, LLC
|
|
Delaware
|
STAG NC Holdings, LP
|
|
Delaware
|
STAG NC GP, LLC
|
|
Delaware
|
STAG NC GP 2, LLC
|
|
Delaware
|
STAG New Berlin, LLC
|
|
Delaware
|
STAG New Hope, LLC
|
|
Delaware
|
STAG North Haven, LLC
|
|
Delaware
|
STAG North Jackson, LLC
|
|
Delaware
|
STAG North Jackson 2, LLC
|
|
Delaware
|
STAG Norton, LLC
|
|
Delaware
|
STAG Novi, LLC
|
|
Delaware
|
STAG Novi 2, LLC
|
|
Delaware
|
STAG O’Hara, LLC
|
|
Delaware
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG Oakwood, Village, LLC
|
|
Delaware
|
STAG Ocala, LLC
|
|
Delaware
|
STAG Orlando 2, LLC
|
|
Delaware
|
STAG Orlando, LLC
|
|
Delaware
|
STAG Phenix City, LLC
|
|
Delaware
|
STAG Phoenix, LLC
|
|
Delaware
|
STAG Piedmont 1, LLC
|
|
Delaware
|
STAG Piedmont 2, LLC
|
|
Delaware
|
STAG Piedmont 3, LLC
|
|
Delaware
|
STAG Pineville, LLC
|
|
Delaware
|
STAG Plymouth 2, LLC
|
|
Delaware
|
STAG Portage, LLC
|
|
Delaware
|
STAG Portland 2, LLC
|
|
Delaware
|
STAG Portland, LLC
|
|
Delaware
|
STAG Reading, LLC
|
|
Delaware
|
STAG Reno, LLC
|
|
Delaware
|
STAG Rock Hill 2, LLC
|
|
Delaware
|
STAG Rockwall, LP
|
|
Delaware
|
STAG Rogers 2, LLC
|
|
Delaware
|
STAG Sauk Village, LLC
|
|
Delaware
|
STAG Savage, LLC
|
|
Delaware
|
STAG Savannah, LLC
|
|
Delaware
|
STAG Shannon, LLC
|
|
Delaware
|
STAG Shreveport, LLC
|
|
Delaware
|
STAG Simpsonville, LLC
|
|
Delaware
|
STAG Smyrna, LLC
|
|
Delaware
|
STAG South Bend, LLC
|
|
Delaware
|
STAG South Holland, LLC
|
|
Delaware
|
STAG Sparks 2, LLC
|
|
Delaware
|
STAG Spartanburg, LLC
|
|
Delaware
|
STAG Spartanburg 3, LLC
|
|
Delaware
|
STAG Statham, LLC
|
|
Delaware
|
STAG Sterling Heights, LLC
|
|
Delaware
|
STAG Stoughton 1, LLC
|
|
Delaware
|
STAG Stoughton 2, LLC
|
|
Delaware
|
STAG Strongville, LLC
|
|
Delaware
|
STAG Toledo, LLC
|
|
Delaware
|
STAG Tulsa, LLC
|
|
Delaware
|
STAG TX GP 2, LLC
|
|
Delaware
|
STAG TX GP, LLC
|
|
Delaware
|
STAG TX Holdings, LP
|
|
Delaware
|
STAG Ware Shoals, LLC
|
|
Delaware
|
STAG Visalia, LP
|
|
Delaware
|
STAG West Allis, LLC
|
|
Delaware
|
STAG West Chester, LLC
|
|
Delaware
|
STAG West Columbia 3, LLC
|
|
Delaware
|
STAG Wichita 1, LLC
|
|
Delaware
|
STAG Wichita 2, LLC
|
|
Delaware
|
STAG Wichita 4, LLC
|
|
Delaware
|
STAG Williamsport, LLC
|
|
Delaware
|
STAG Woodstock, LLC
|
|
Delaware
|
STAG York, LLC
|
|
Delaware
|
STAG Yorkville, LLC
|
|
Delaware
|
STIR Investments GP III, LLC
|
|
Delaware
|
STIR Investments GP IV, LLC
|
|
Delaware
|
STIR Investments GP, LLC
|
|
Delaware
|
STIR Lansing, LLC
|
|
Delaware
|
1.
|
I have reviewed this annual report on Form 10-K of STAG Industrial, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 15, 2018
|
/s/ Benjamin S. Butcher
|
|
Benjamin S. Butcher
Chairman, Chief Executive Officer
and President
|
1.
|
I have reviewed this annual report on Form 10-K of STAG Industrial, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 15, 2018
|
/s/ WILLIAM R. CROOKER
|
|
William R. Crooker
Chief Financial Officer, Executive Vice President
and Treasurer
|
(1)
|
the Report, containing the financial statements, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of STAG Industrial, Inc.
|
Date: February 15, 2018
|
/s/ BENJAMIN S. BUTCHER
|
|
Benjamin S. Butcher
Chairman, Chief Executive Officer and President
|
|
|
|
/s/ WILLIAM R. CROOKER
|
|
William R. Crooker
Chief Financial Officer, Executive Vice President and Treasurer
|