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☒
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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
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27-3099608
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(State or other jurisdiction of
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(IRS Employer Identification No.)
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incorporation or organization)
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One Federal Street
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23rd Floor
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Boston,
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Massachusetts
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02110
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(Address of principal executive offices)
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(Zip code)
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Title of each class
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Trading symbol(s)
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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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STAG
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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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STAG-PC
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New York Stock Exchange
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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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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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technological developments, particularly those affecting supply chains and logistics;
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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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how and when pending forward equity sales may settle;
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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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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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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 are 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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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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Other institutional, industrial real estate buyers tend to focus on properties and portfolios in a select few primary markets. In contrast, we focus on 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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poor economic conditions may result in tenant defaults under leases and extended vacancies at our properties;
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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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our results of operations;
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our financial condition, especially in relation to the anticipated future capital needs of our properties;
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the distribution requirements for REITs under the Code;
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our operating expenses; and
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other factors our board of directors deems relevant.
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general market conditions;
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the market’s perception of our growth potential;
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our current debt levels;
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our current and expected future earnings;
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our cash flow and dividends; and
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the market price per share of our common stock.
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redemption rights of qualifying parties;
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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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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 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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subject to the rights of holders 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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make certain amendments to the 2011 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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actual or anticipated variations in our quarterly operating results;
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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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changes in our dividend policy;
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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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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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technological changes, such as reconfiguration of supply chains, autonomous vehicles, drones, robotics, 3D printing, online marketplaces for industrial space, or other developments;
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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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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 maintain our qualification 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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Our TRS will be subject to federal, state and local income tax at regular corporate rates on any income that it earns.
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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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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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332,000
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Phenix City
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1
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|
Warehouse / Distribution
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117,568
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Arkansas
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Rogers
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1
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|
Warehouse / Distribution
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400,000
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|
Arizona
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|
|
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|
|
|
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|
|
Avondale
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1
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Warehouse / Distribution
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186,643
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Tucson
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1
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Warehouse / Distribution
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129,047
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California
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Camarillo
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2
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|
Warehouse / Distribution
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|
732,606
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|
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|
Sacramento
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|
1
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|
Warehouse / Distribution
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|
147,840
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San Diego
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1
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|
Warehouse / Distribution
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|
205,440
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|
Colorado
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|
|
|
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|
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Grand Junction
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|
1
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|
Warehouse / Distribution
|
|
82,800
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|
|
|
Johnstown
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|
1
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|
Warehouse / Distribution
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|
132,194
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|
|
|
Longmont
|
|
1
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|
Light Manufacturing
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|
64,750
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|
Connecticut
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|
|
|
|
|
|
|
|
|
|
|
Avon
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|
1
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|
Light Manufacturing
|
|
78,400
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|
|
|
East Windsor
|
|
2
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|
Warehouse / Distribution
|
|
271,111
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|
|
|
Milford
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|
1
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|
Warehouse / Distribution
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|
200,000
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|
|
|
North Haven
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|
3
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|
Warehouse / Distribution
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|
824,727
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|
|
|
Wallingford
|
|
1
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|
Warehouse / Distribution
|
|
105,000
|
|
Delaware
|
|
|
|
|
|
|
|
|
|
|
|
New Castle
|
|
1
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|
Warehouse / Distribution
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|
485,987
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|
Florida
|
|
|
|
|
|
|
|
|
|
|
|
Daytona Beach
|
|
1
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|
Light Manufacturing
|
|
142,857
|
|
|
|
Jacksonville
|
|
5
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|
Warehouse / Distribution
|
|
1,256,750
|
|
|
|
Ocala
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|
1
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|
Warehouse / Distribution
|
|
619,466
|
|
|
|
Orlando
|
|
1
|
|
Light Manufacturing
|
|
215,900
|
|
|
|
Orlando
|
|
1
|
|
Warehouse / Distribution
|
|
155,000
|
|
|
|
Pensacola
|
|
1
|
|
Flex / Office
|
|
30,620
|
|
|
|
Tampa
|
|
1
|
|
Warehouse / Distribution
|
|
78,560
|
|
Georgia
|
|
|
|
|
|
|
|
|
|
|
|
Augusta
|
|
1
|
|
Warehouse / Distribution
|
|
203,726
|
|
|
|
Calhoun
|
|
1
|
|
Warehouse / Distribution
|
|
151,200
|
|
|
|
Dallas
|
|
1
|
|
Warehouse / Distribution
|
|
92,807
|
|
|
|
Forest Park
|
|
2
|
|
Warehouse / Distribution
|
|
799,200
|
|
|
|
Norcross
|
|
1
|
|
Warehouse / Distribution
|
|
152,036
|
|
|
|
Savannah
|
|
1
|
|
Warehouse / Distribution
|
|
504,300
|
|
|
|
Shannon
|
|
1
|
|
Warehouse / Distribution
|
|
568,516
|
|
State
|
|
City
|
|
Number of
Buildings
|
|
Asset Type
|
|
Total Rentable
Square Feet
|
|
|
|
Smyrna
|
|
1
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|
Warehouse / Distribution
|
|
102,000
|
|
|
|
Statham
|
|
1
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|
Warehouse / Distribution
|
|
225,680
|
|
|
|
Stone Mountain
|
|
1
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|
Warehouse / Distribution
|
|
78,000
|
|
Idaho
|
|
|
|
|
|
|
|
|
|
|
|
Idaho Falls
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|
1
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|
Warehouse / Distribution
|
|
90,300
|
|
Illinois
|
|
|
|
|
|
|
|
|
|
|
|
Batavia
|
|
1
|
|
Warehouse / Distribution
|
|
102,500
|
|
|
|
Belvidere
|
|
9
|
|
Warehouse / Distribution
|
|
1,364,222
|
|
|
|
DeKalb
|
|
1
|
|
Warehouse / Distribution
|
|
146,740
|
|
|
|
Gurnee
|
|
2
|
|
Warehouse / Distribution
|
|
562,500
|
|
|
|
Harvard
|
|
1
|
|
Light Manufacturing
|
|
126,304
|
|
|
|
Itasca
|
|
1
|
|
Warehouse / Distribution
|
|
202,000
|
|
|
|
Libertyville
|
|
1
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|
Warehouse / Distribution
|
|
251,961
|
|
|
|
Libertyville
|
|
1
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|
Flex / Office
|
|
35,141
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|
|
|
Lisle
|
|
1
|
|
Light Manufacturing
|
|
105,925
|
|
|
|
Machesney Park
|
|
1
|
|
Warehouse / Distribution
|
|
80,000
|
|
|
|
McHenry
|
|
2
|
|
Warehouse / Distribution
|
|
169,311
|
|
|
|
Montgomery
|
|
1
|
|
Warehouse / Distribution
|
|
584,301
|
|
|
|
Sauk Village
|
|
1
|
|
Warehouse / Distribution
|
|
375,785
|
|
|
|
Waukegan
|
|
1
|
|
Warehouse / Distribution
|
|
131,252
|
|
|
|
West Chicago
|
|
5
|
|
Light Manufacturing
|
|
305,874
|
|
|
|
West Chicago
|
|
1
|
|
Warehouse / Distribution
|
|
249,470
|
|
|
|
Wood Dale
|
|
1
|
|
Light Manufacturing
|
|
137,607
|
|
|
|
Woodstock
|
|
1
|
|
Light Manufacturing
|
|
129,803
|
|
Indiana
|
|
|
|
|
|
|
|
|
|
|
|
Albion
|
|
7
|
|
Light Manufacturing
|
|
261,013
|
|
|
|
Elkhart
|
|
2
|
|
Warehouse / Distribution
|
|
170,100
|
|
|
|
Fort Wayne
|
|
1
|
|
Warehouse / Distribution
|
|
108,800
|
|
|
|
Goshen
|
|
1
|
|
Warehouse / Distribution
|
|
366,000
|
|
|
|
Greenwood
|
|
1
|
|
Warehouse / Distribution
|
|
446,500
|
|
|
|
Kendallville
|
|
1
|
|
Light Manufacturing
|
|
58,500
|
|
|
|
Lafayette
|
|
3
|
|
Warehouse / Distribution
|
|
466,400
|
|
|
|
Lebanon
|
|
3
|
|
Warehouse / Distribution
|
|
2,065,393
|
|
|
|
Marion
|
|
1
|
|
Warehouse / Distribution
|
|
249,920
|
|
|
|
Portage
|
|
2
|
|
Warehouse / Distribution
|
|
786,249
|
|
|
|
South Bend
|
|
1
|
|
Warehouse / Distribution
|
|
225,000
|
|
Iowa
|
|
|
|
|
|
|
|
|
|
|
|
Ankeny
|
|
1
|
|
Warehouse / Distribution
|
|
200,011
|
|
|
|
Council Bluffs
|
|
1
|
|
Warehouse / Distribution
|
|
90,000
|
|
|
|
Des Moines
|
|
1
|
|
Warehouse / Distribution
|
|
121,922
|
|
|
|
Marion
|
|
1
|
|
Warehouse / Distribution
|
|
95,500
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
|
|
Edwardsville
|
|
1
|
|
Warehouse / Distribution
|
|
270,869
|
|
|
|
Lenexa
|
|
3
|
|
Warehouse / Distribution
|
|
581,059
|
|
|
|
Olathe
|
|
2
|
|
Warehouse / Distribution
|
|
725,839
|
|
|
|
Wichita
|
|
3
|
|
Warehouse / Distribution
|
|
248,550
|
|
Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
Bardstown
|
|
1
|
|
Warehouse / Distribution
|
|
102,318
|
|
|
|
Danville
|
|
1
|
|
Warehouse / Distribution
|
|
757,047
|
|
|
|
Erlanger
|
|
1
|
|
Warehouse / Distribution
|
|
108,620
|
|
|
|
Florence
|
|
2
|
|
Warehouse / Distribution
|
|
641,136
|
|
|
|
Hebron
|
|
1
|
|
Warehouse / Distribution
|
|
109,000
|
|
|
|
Louisville
|
|
2
|
|
Warehouse / Distribution
|
|
497,820
|
|
|
|
Walton
|
|
1
|
|
Warehouse / Distribution
|
|
224,921
|
|
Louisiana
|
|
|
|
|
|
|
|
|
|
|
|
Baton Rouge
|
|
3
|
|
Warehouse / Distribution
|
|
532,036
|
|
|
|
Shreveport
|
|
1
|
|
Warehouse / Distribution
|
|
420,259
|
|
Maine
|
|
|
|
|
|
|
|
|
|
|
|
Belfast
|
|
5
|
|
Flex / Office
|
|
306,554
|
|
|
|
Biddeford
|
|
2
|
|
Warehouse / Distribution
|
|
265,126
|
|
|
|
Gardiner
|
|
1
|
|
Warehouse / Distribution
|
|
265,000
|
|
State
|
|
City
|
|
Number of
Buildings
|
|
Asset Type
|
|
Total Rentable
Square Feet
|
|
|
|
Lewiston
|
|
1
|
|
Flex / Office
|
|
60,000
|
|
|
|
Portland
|
|
1
|
|
Warehouse / Distribution
|
|
100,600
|
|
Maryland
|
|
|
|
|
|
|
|
|
|
|
|
Elkridge
|
|
1
|
|
Warehouse / Distribution
|
|
167,410
|
|
|
|
Hampstead
|
|
1
|
|
Warehouse / Distribution
|
|
1,035,249
|
|
|
|
White Marsh
|
|
1
|
|
Warehouse / Distribution
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
|
|
|
|
|
|
|
|
|
Chicopee
|
|
1
|
|
Warehouse / Distribution
|
|
217,000
|
|
|
|
Malden
|
|
2
|
|
Light Manufacturing
|
|
109,943
|
|
|
|
Middleborough
|
|
1
|
|
Light Manufacturing
|
|
80,100
|
|
|
|
Norton
|
|
1
|
|
Warehouse / Distribution
|
|
200,000
|
|
|
|
South Easton
|
|
1
|
|
Light Manufacturing
|
|
86,000
|
|
|
|
Stoughton
|
|
2
|
|
Warehouse / Distribution
|
|
258,213
|
|
|
|
Taunton
|
|
1
|
|
Warehouse / Distribution
|
|
349,870
|
|
|
|
Westborough
|
|
1
|
|
Warehouse / Distribution
|
|
121,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
|
|
|
|
|
|
|
|
|
|
|
|
Belleville
|
|
1
|
|
Light Manufacturing
|
|
160,464
|
|
|
|
Chesterfield
|
|
4
|
|
Warehouse / Distribution
|
|
478,803
|
|
|
|
Grand Rapids
|
|
1
|
|
Warehouse / Distribution
|
|
301,317
|
|
|
|
Holland
|
|
1
|
|
Warehouse / Distribution
|
|
195,000
|
|
|
|
Kentwood
|
|
1
|
|
Warehouse / Distribution
|
|
210,120
|
|
|
|
Kentwood
|
|
1
|
|
Light Manufacturing
|
|
85,157
|
|
|
|
Lansing
|
|
4
|
|
Warehouse / Distribution
|
|
770,425
|
|
|
|
Livonia
|
|
2
|
|
Warehouse / Distribution
|
|
285,306
|
|
|
|
Marshall
|
|
1
|
|
Light Manufacturing
|
|
57,025
|
|
|
|
Novi
|
|
3
|
|
Warehouse / Distribution
|
|
685,010
|
|
|
|
Plymouth
|
|
1
|
|
Warehouse / Distribution
|
|
125,214
|
|
|
|
Redford
|
|
1
|
|
Warehouse / Distribution
|
|
135,728
|
|
|
|
Romulus
|
|
1
|
|
Light Manufacturing
|
|
274,500
|
|
|
|
Romulus
|
|
1
|
|
Warehouse / Distribution
|
|
303,760
|
|
|
|
Sterling Heights
|
|
1
|
|
Warehouse / Distribution
|
|
108,000
|
|
|
|
Walker
|
|
1
|
|
Warehouse / Distribution
|
|
210,000
|
|
|
|
Warren
|
|
2
|
|
Warehouse / Distribution
|
|
422,377
|
|
|
|
Zeeland
|
|
1
|
|
Warehouse / Distribution
|
|
230,200
|
|
Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
Carlos
|
|
1
|
|
Light Manufacturing
|
|
196,270
|
|
|
|
Blaine
|
|
1
|
|
Warehouse / Distribution
|
|
248,816
|
|
|
|
Bloomington
|
|
1
|
|
Light Manufacturing
|
|
145,351
|
|
|
|
Brooklyn Park
|
|
1
|
|
Warehouse / Distribution
|
|
200,720
|
|
|
|
Eagan
|
|
1
|
|
Warehouse / Distribution
|
|
276,550
|
|
|
|
Maple Grove
|
|
1
|
|
Warehouse / Distribution
|
|
108,628
|
|
|
|
Mendota Heights
|
|
1
|
|
Warehouse / Distribution
|
|
87,183
|
|
|
|
New Hope
|
|
1
|
|
Light Manufacturing
|
|
107,348
|
|
|
|
Oakdale
|
|
2
|
|
Warehouse / Distribution
|
|
210,044
|
|
|
|
Plymouth
|
|
3
|
|
Warehouse / Distribution
|
|
357,085
|
|
|
|
Rogers
|
|
1
|
|
Warehouse / Distribution
|
|
386,724
|
|
|
|
Savage
|
|
1
|
|
Warehouse / Distribution
|
|
244,050
|
|
|
|
Shakopee
|
|
1
|
|
Light Manufacturing
|
|
136,589
|
|
|
|
South Saint Paul
|
|
1
|
|
Warehouse / Distribution
|
|
422,727
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
|
|
Earth City
|
|
1
|
|
Warehouse / Distribution
|
|
116,783
|
|
|
|
Fenton
|
|
1
|
|
Warehouse / Distribution
|
|
127,464
|
|
|
|
Hazelwood
|
|
1
|
|
Warehouse / Distribution
|
|
305,550
|
|
|
|
O'Fallon
|
|
2
|
|
Warehouse / Distribution
|
|
186,854
|
|
Nebraska
|
|
|
|
|
|
|
|
|
|
|
|
Omaha
|
|
3
|
|
Warehouse / Distribution
|
|
365,832
|
|
Nevada
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas
|
|
1
|
|
Light Manufacturing
|
|
122,472
|
|
State
|
|
City
|
|
Number of
Buildings
|
|
Asset Type
|
|
Total Rentable
Square Feet
|
|
|
|
Las Vegas
|
|
1
|
|
Warehouse / Distribution
|
|
34,916
|
|
|
|
Paradise
|
|
2
|
|
Light Manufacturing
|
|
80,422
|
|
|
|
Reno
|
|
1
|
|
Light Manufacturing
|
|
87,264
|
|
|
|
Sparks
|
|
1
|
|
Warehouse / Distribution
|
|
161,986
|
|
New Hampshire
|
|
|
|
|
|
|
|
|
|
|
|
Londonderry
|
|
1
|
|
Warehouse / Distribution
|
|
125,060
|
|
|
|
Nashua
|
|
1
|
|
Warehouse / Distribution
|
|
337,391
|
|
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
Branchburg
|
|
1
|
|
Warehouse / Distribution
|
|
113,973
|
|
|
|
Burlington
|
|
2
|
|
Warehouse / Distribution
|
|
1,552,121
|
|
|
|
Franklin Township
|
|
1
|
|
Warehouse / Distribution
|
|
183,000
|
|
|
|
Lopatcong
|
|
1
|
|
Warehouse / Distribution
|
|
237,500
|
|
|
|
Lumberton
|
|
1
|
|
Light Manufacturing
|
|
120,000
|
|
|
|
Moorestown
|
|
2
|
|
Warehouse / Distribution
|
|
187,569
|
|
|
|
Pedricktown
|
|
1
|
|
Warehouse / Distribution
|
|
245,749
|
|
|
|
Swedesboro
|
|
1
|
|
Warehouse / Distribution
|
|
123,962
|
|
New York
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo
|
|
1
|
|
Warehouse / Distribution
|
|
117,000
|
|
|
|
Cheektowaga
|
|
1
|
|
Warehouse / Distribution
|
|
121,760
|
|
|
|
Farmington
|
|
1
|
|
Warehouse / Distribution
|
|
149,657
|
|
|
|
Gloversville
|
|
3
|
|
Warehouse / Distribution
|
|
211,554
|
|
|
|
Johnstown
|
|
1
|
|
Light Manufacturing
|
|
42,325
|
|
|
|
Johnstown
|
|
3
|
|
Warehouse / Distribution
|
|
169,602
|
|
North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte
|
|
3
|
|
Warehouse / Distribution
|
|
295,471
|
|
|
|
Durham
|
|
1
|
|
Warehouse / Distribution
|
|
80,600
|
|
|
|
Greensboro
|
|
1
|
|
Warehouse / Distribution
|
|
128,287
|
|
|
|
Huntersville
|
|
1
|
|
Warehouse / Distribution
|
|
185,570
|
|
|
|
Lexington
|
|
1
|
|
Warehouse / Distribution
|
|
201,800
|
|
|
|
Mebane
|
|
2
|
|
Warehouse / Distribution
|
|
606,840
|
|
|
|
Mebane
|
|
1
|
|
Light Manufacturing
|
|
202,691
|
|
|
|
Mocksville
|
|
1
|
|
Warehouse / Distribution
|
|
129,600
|
|
|
|
Mooresville
|
|
2
|
|
Warehouse / Distribution
|
|
799,200
|
|
|
|
Mountain Home
|
|
1
|
|
Warehouse / Distribution
|
|
146,014
|
|
|
|
Newton
|
|
1
|
|
Warehouse / Distribution
|
|
217,200
|
|
|
|
Pineville
|
|
1
|
|
Light Manufacturing
|
|
75,400
|
|
|
|
Rural Hall
|
|
1
|
|
Warehouse / Distribution
|
|
250,000
|
|
|
|
Salisbury
|
|
1
|
|
Warehouse / Distribution
|
|
288,000
|
|
|
|
Smithfield
|
|
1
|
|
Warehouse / Distribution
|
|
307,845
|
|
|
|
Troutman
|
|
1
|
|
Warehouse / Distribution
|
|
301,000
|
|
|
|
Winston-Salem
|
|
1
|
|
Warehouse / Distribution
|
|
385,000
|
|
|
|
Youngsville
|
|
1
|
|
Warehouse / Distribution
|
|
365,000
|
|
Ohio
|
|
|
|
|
|
|
|
|
|
|
|
Bedford Heights
|
|
1
|
|
Warehouse / Distribution
|
|
173,034
|
|
|
|
Boardman
|
|
1
|
|
Warehouse / Distribution
|
|
168,111
|
|
|
|
Columbus
|
|
2
|
|
Warehouse / Distribution
|
|
333,645
|
|
|
|
Dayton
|
|
2
|
|
Warehouse / Distribution
|
|
775,727
|
|
|
|
Fairborn
|
|
1
|
|
Warehouse / Distribution
|
|
258,680
|
|
|
|
Fairfield
|
|
2
|
|
Warehouse / Distribution
|
|
364,948
|
|
|
|
Gahanna
|
|
1
|
|
Warehouse / Distribution
|
|
383,000
|
|
|
|
Groveport
|
|
1
|
|
Warehouse / Distribution
|
|
320,657
|
|
|
|
Hilliard
|
|
1
|
|
Warehouse / Distribution
|
|
237,500
|
|
|
|
Macedonia
|
|
1
|
|
Warehouse / Distribution
|
|
201,519
|
|
|
|
Mason
|
|
1
|
|
Light Manufacturing
|
|
116,200
|
|
|
|
North Jackson
|
|
2
|
|
Warehouse / Distribution
|
|
517,150
|
|
|
|
Oakwood Village
|
|
1
|
|
Warehouse / Distribution
|
|
75,000
|
|
|
|
Salem
|
|
1
|
|
Light Manufacturing
|
|
271,000
|
|
|
|
Seville
|
|
1
|
|
Warehouse / Distribution
|
|
75,000
|
|
|
|
Streetsboro
|
|
1
|
|
Warehouse / Distribution
|
|
343,416
|
|
|
|
Strongsville
|
|
1
|
|
Warehouse / Distribution
|
|
161,984
|
|
|
|
Toledo
|
|
1
|
|
Warehouse / Distribution
|
|
177,500
|
|
State
|
|
City
|
|
Number of
Buildings
|
|
Asset Type
|
|
Total Rentable
Square Feet
|
|
|
|
Twinsburg
|
|
1
|
|
Warehouse / Distribution
|
|
150,974
|
|
|
|
West Chester
|
|
1
|
|
Warehouse / Distribution
|
|
269,868
|
|
|
|
West Jefferson
|
|
1
|
|
Warehouse / Distribution
|
|
857,390
|
|
Oklahoma
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma City
|
|
2
|
|
Warehouse / Distribution
|
|
303,740
|
|
|
|
Tulsa
|
|
1
|
|
Warehouse / Distribution
|
|
175,000
|
|
Oregon
|
|
|
|
|
|
|
|
|
|
|
|
Salem
|
|
2
|
|
Light Manufacturing
|
|
155,900
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
Allentown
|
|
1
|
|
Warehouse / Distribution
|
|
289,900
|
|
|
|
Burgettstown
|
|
1
|
|
Warehouse / Distribution
|
|
455,000
|
|
|
|
Charleroi
|
|
1
|
|
Warehouse / Distribution
|
|
119,161
|
|
|
|
Clinton
|
|
3
|
|
Warehouse / Distribution
|
|
737,768
|
|
|
|
Croydon
|
|
1
|
|
Warehouse / Distribution
|
|
101,869
|
|
|
|
Export
|
|
1
|
|
Warehouse / Distribution
|
|
138,270
|
|
|
|
Elizabethtown
|
|
1
|
|
Warehouse / Distribution
|
|
206,236
|
|
|
|
Imperial
|
|
1
|
|
Warehouse / Distribution
|
|
315,634
|
|
|
|
Lancaster
|
|
1
|
|
Warehouse / Distribution
|
|
240,529
|
|
|
|
Langhorne
|
|
2
|
|
Light Manufacturing
|
|
287,647
|
|
|
|
Langhorne
|
|
1
|
|
Warehouse / Distribution
|
|
102,000
|
|
|
|
Lebanon
|
|
1
|
|
Warehouse / Distribution
|
|
211,358
|
|
|
|
Mechanicsburg
|
|
4
|
|
Warehouse / Distribution
|
|
1,077,054
|
|
|
|
Muhlenberg Township
|
|
1
|
|
Warehouse / Distribution
|
|
392,107
|
|
|
|
New Galilee
|
|
1
|
|
Warehouse / Distribution
|
|
410,389
|
|
|
|
New Kensington
|
|
1
|
|
Warehouse / Distribution
|
|
200,500
|
|
|
|
O'Hara Township
|
|
1
|
|
Warehouse / Distribution
|
|
887,084
|
|
|
|
Pittston
|
|
1
|
|
Warehouse / Distribution
|
|
437,446
|
|
|
|
Reading
|
|
1
|
|
Warehouse / Distribution
|
|
248,000
|
|
|
|
Warrendale
|
|
1
|
|
Warehouse / Distribution
|
|
179,394
|
|
|
|
Williamsport
|
|
1
|
|
Warehouse / Distribution
|
|
250,000
|
|
|
|
York
|
|
3
|
|
Warehouse / Distribution
|
|
811,931
|
|
South Carolina
|
|
|
|
|
|
|
|
|
|
|
|
Columbia
|
|
1
|
|
Light Manufacturing
|
|
185,600
|
|
|
|
Duncan
|
|
2
|
|
Warehouse / Distribution
|
|
787,380
|
|
|
|
Edgefield
|
|
1
|
|
Light Manufacturing
|
|
126,190
|
|
|
|
Fountain Inn
|
|
1
|
|
Light Manufacturing
|
|
203,000
|
|
|
|
Fountain Inn
|
|
2
|
|
Warehouse / Distribution
|
|
442,472
|
|
|
|
Gaffney
|
|
1
|
|
Warehouse / Distribution
|
|
226,968
|
|
|
|
Goose Creek
|
|
1
|
|
Warehouse / Distribution
|
|
500,355
|
|
|
|
Graniteville
|
|
1
|
|
Warehouse / Distribution
|
|
450,000
|
|
|
|
Greenwood
|
|
2
|
|
Light Manufacturing
|
|
175,055
|
|
|
|
Greer
|
|
6
|
|
Warehouse / Distribution
|
|
645,417
|
|
|
|
Laurens
|
|
1
|
|
Warehouse / Distribution
|
|
125,000
|
|
|
|
Piedmont
|
|
5
|
|
Warehouse / Distribution
|
|
942,736
|
|
|
|
Rock Hill
|
|
2
|
|
Warehouse / Distribution
|
|
590,520
|
|
|
|
Simpsonville
|
|
3
|
|
Warehouse / Distribution
|
|
1,138,494
|
|
|
|
Spartanburg
|
|
9
|
|
Warehouse / Distribution
|
|
1,802,623
|
|
|
|
Summerville
|
|
1
|
|
Warehouse / Distribution
|
|
88,583
|
|
|
|
Ware Shoals
|
|
1
|
|
Light Manufacturing
|
|
20,514
|
|
|
|
West Columbia
|
|
1
|
|
Light Manufacturing
|
|
464,206
|
|
|
|
West Columbia
|
|
5
|
|
Warehouse / Distribution
|
|
969,532
|
|
Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga
|
|
3
|
|
Warehouse / Distribution
|
|
646,200
|
|
|
|
Cleveland
|
|
1
|
|
Warehouse / Distribution
|
|
151,704
|
|
|
|
Clinton
|
|
1
|
|
Warehouse / Distribution
|
|
166,000
|
|
|
|
Jackson
|
|
1
|
|
Warehouse / Distribution
|
|
216,902
|
|
|
|
Knoxville
|
|
1
|
|
Light Manufacturing
|
|
106,000
|
|
|
|
Knoxville
|
|
2
|
|
Warehouse / Distribution
|
|
335,550
|
|
|
|
Lebanon
|
|
1
|
|
Warehouse / Distribution
|
|
348,880
|
|
|
|
Loudon
|
|
1
|
|
Warehouse / Distribution
|
|
104,000
|
|
|
|
Madison
|
|
1
|
|
Warehouse / Distribution
|
|
418,406
|
|
State
|
|
City
|
|
Number of
Buildings
|
|
Asset Type
|
|
Total Rentable
Square Feet
|
|
|
|
Mascot
|
|
1
|
|
Warehouse / Distribution
|
|
130,560
|
|
|
|
Mascot
|
|
1
|
|
Light Manufacturing
|
|
130,560
|
|
|
|
Memphis
|
|
2
|
|
Warehouse / Distribution
|
|
1,764,539
|
|
|
|
Murfreesboro
|
|
1
|
|
Warehouse / Distribution
|
|
102,505
|
|
|
|
Nashville
|
|
1
|
|
Warehouse / Distribution
|
|
150,000
|
|
|
|
Portland
|
|
1
|
|
Warehouse / Distribution
|
|
414,043
|
|
|
|
Vonore
|
|
1
|
|
Warehouse / Distribution
|
|
342,700
|
|
Texas
|
|
|
|
|
|
|
|
|
|
|
|
Arlington
|
|
2
|
|
Warehouse / Distribution
|
|
290,132
|
|
|
|
Cedar Hill
|
|
1
|
|
Warehouse / Distribution
|
|
420,000
|
|
|
|
Conroe
|
|
1
|
|
Warehouse / Distribution
|
|
252,662
|
|
|
|
El Paso
|
|
8
|
|
Warehouse / Distribution
|
|
1,903,033
|
|
|
|
Garland
|
|
1
|
|
Light Manufacturing
|
|
253,900
|
|
|
|
Houston
|
|
3
|
|
Light Manufacturing
|
|
536,735
|
|
|
|
Houston
|
|
9
|
|
Warehouse / Distribution
|
|
1,133,349
|
|
|
|
Humble
|
|
1
|
|
Warehouse / Distribution
|
|
289,200
|
|
|
|
Katy
|
|
2
|
|
Warehouse / Distribution
|
|
244,903
|
|
|
|
Laredo
|
|
2
|
|
Warehouse / Distribution
|
|
420,792
|
|
|
|
Mission
|
|
1
|
|
Warehouse / Distribution
|
|
270,084
|
|
|
|
Rockwall
|
|
1
|
|
Warehouse / Distribution
|
|
389,546
|
|
|
|
Stafford
|
|
1
|
|
Warehouse / Distribution
|
|
68,300
|
|
|
|
Waco
|
|
1
|
|
Warehouse / Distribution
|
|
66,400
|
|
Virginia
|
|
|
|
|
|
|
|
|
|
|
|
Chester
|
|
1
|
|
Warehouse / Distribution
|
|
100,000
|
|
|
|
Harrisonburg
|
|
1
|
|
Warehouse / Distribution
|
|
357,673
|
|
|
|
Independence
|
|
1
|
|
Warehouse / Distribution
|
|
120,000
|
|
|
|
N. Chesterfield
|
|
1
|
|
Warehouse / Distribution
|
|
109,520
|
|
Washington
|
|
|
|
|
|
|
|
|
|
|
|
Ridgefield
|
|
1
|
|
Warehouse / Distribution
|
|
141,400
|
|
Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
Caledonia
|
|
1
|
|
Light Manufacturing
|
|
53,680
|
|
|
|
Chippewa Falls
|
|
2
|
|
Light Manufacturing
|
|
97,400
|
|
|
|
Delavan
|
|
2
|
|
Light Manufacturing
|
|
146,400
|
|
|
|
DeForest
|
|
1
|
|
Warehouse / Distribution
|
|
254,431
|
|
|
|
De Pere
|
|
1
|
|
Warehouse / Distribution
|
|
200,000
|
|
|
|
East Troy
|
|
1
|
|
Warehouse / Distribution
|
|
149,624
|
|
|
|
Elkhorn
|
|
1
|
|
Warehouse / Distribution
|
|
111,000
|
|
|
|
Elkhorn
|
|
1
|
|
Light Manufacturing
|
|
78,540
|
|
|
|
Germantown
|
|
4
|
|
Warehouse / Distribution
|
|
520,163
|
|
|
|
Hartland
|
|
1
|
|
Warehouse / Distribution
|
|
121,050
|
|
|
|
Janesville
|
|
1
|
|
Warehouse / Distribution
|
|
700,000
|
|
|
|
Kenosha
|
|
1
|
|
Light Manufacturing
|
|
175,052
|
|
|
|
Madison
|
|
2
|
|
Warehouse / Distribution
|
|
283,000
|
|
|
|
Mayville
|
|
1
|
|
Light Manufacturing
|
|
339,179
|
|
|
|
New Berliin
|
|
2
|
|
Warehouse / Distribution
|
|
397,863
|
|
|
|
Oak Creek
|
|
2
|
|
Warehouse / Distribution
|
|
232,144
|
|
|
|
Pewaukee
|
|
2
|
|
Warehouse / Distribution
|
|
288,201
|
|
|
|
Pleasant Prairie
|
|
1
|
|
Light Manufacturing
|
|
105,637
|
|
|
|
Pleasant Prairie
|
|
1
|
|
Warehouse / Distribution
|
|
195,415
|
|
|
|
Sun Prairie
|
|
1
|
|
Warehouse / Distribution
|
|
427,000
|
|
|
|
West Allis
|
|
4
|
|
Warehouse / Distribution
|
|
241,977
|
|
|
|
Yorkville
|
|
1
|
|
Warehouse / Distribution
|
|
98,151
|
|
|
|
|
|
450
|
|
|
|
91,359,999
|
|
Top 20 Markets(1)
|
|
% of Total Annualized Base Rental Revenue
|
|
Philadelphia, PA
|
|
8.5
|
%
|
Chicago, IL
|
|
7.6
|
%
|
Greenville/Spartanburg, SC
|
|
5.5
|
%
|
Pittsburgh, PA
|
|
4.5
|
%
|
Milwaukee/Madison, WI
|
|
4.2
|
%
|
Minneapolis/St Paul, MN
|
|
4.1
|
%
|
Detroit, MI
|
|
3.7
|
%
|
Houston, TX
|
|
3.4
|
%
|
Charlotte, NC
|
|
2.8
|
%
|
Cincinnati/Dayton, OH
|
|
2.6
|
%
|
Boston, MA
|
|
2.5
|
%
|
West Michigan, MI
|
|
2.5
|
%
|
Indianapolis, IN
|
|
2.4
|
%
|
Columbus, OH
|
|
2.3
|
%
|
El Paso, TX
|
|
2.2
|
%
|
Columbia, SC
|
|
1.8
|
%
|
Westchester/So Connecticut, CT/NY
|
|
1.8
|
%
|
Raleigh/Durham, NC
|
|
1.6
|
%
|
Memphis, TN
|
|
1.4
|
%
|
Kansas City, MO
|
|
1.4
|
%
|
Total
|
|
66.8
|
%
|
Top 20 Tenant Industries(1)
|
|
% of Total
Annualized Base Rental Revenue
|
|
Auto Components
|
|
11.1
|
%
|
Air Freight & Logistics
|
|
8.6
|
%
|
Commercial Services & Supplies
|
|
7.4
|
%
|
Containers & Packaging
|
|
7.2
|
%
|
Machinery
|
|
4.8
|
%
|
Household Durables
|
|
4.7
|
%
|
Building Products
|
|
4.5
|
%
|
Food Products
|
|
4.5
|
%
|
Electrical Equipment
|
|
3.6
|
%
|
Food & Staples Retailing
|
|
3.4
|
%
|
Household Products
|
|
3.2
|
%
|
Internet & Direct Mkt Retail
|
|
3.2
|
%
|
Beverages
|
|
2.9
|
%
|
Media
|
|
2.8
|
%
|
Electronic Equip, Instruments
|
|
2.4
|
%
|
Chemicals
|
|
2.0
|
%
|
Specialty Retail
|
|
2.0
|
%
|
Textiles, Apparel, Luxury Good
|
|
1.9
|
%
|
Metals & Mining
|
|
1.8
|
%
|
Pharmaceuticals
|
|
1.6
|
%
|
Total
|
|
83.6
|
%
|
Top 20 Tenants(1)
|
|
Number of
Leases
|
|
% of Total
Annualized Base
Rental Revenue
|
|
Amazon
|
|
3
|
|
1.9
|
%
|
General Service Administration
|
|
1
|
|
1.8
|
%
|
XPO Logistics, Inc.
|
|
4
|
|
1.2
|
%
|
DHL Supply Chain
|
|
5
|
|
1.0
|
%
|
Solo Cup
|
|
1
|
|
1.0
|
%
|
TriMas Corporation
|
|
4
|
|
1.0
|
%
|
DS Smith
|
|
2
|
|
1.0
|
%
|
Ford Motor Company
|
|
1
|
|
0.9
|
%
|
Yanfeng US Automotive Interior
|
|
2
|
|
0.8
|
%
|
FedEx Corporation
|
|
3
|
|
0.8
|
%
|
WestRock Company
|
|
6
|
|
0.8
|
%
|
Kenco Logistic Services, LLC
|
|
2
|
|
0.8
|
%
|
Perrigo Company
|
|
2
|
|
0.7
|
%
|
Generation Brands
|
|
1
|
|
0.7
|
%
|
Carolina Beverage Group
|
|
2
|
|
0.7
|
%
|
Emerson Electric
|
|
2
|
|
0.7
|
%
|
Quoizel, Inc.
|
|
1
|
|
0.7
|
%
|
Hachette Book Group, Inc.
|
|
1
|
|
0.7
|
%
|
Schneider Electric USA, Inc.
|
|
3
|
|
0.7
|
%
|
American Tire Distributors Inc
|
|
4
|
|
0.6
|
%
|
Total
|
|
50
|
|
18.5
|
%
|
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
|
|
—
|
|
4,543,872
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Month-to-month leases
|
|
2
|
|
22,800
|
|
|
—
|
%
|
|
54
|
|
|
—
|
%
|
|
2020
|
|
41
|
|
6,977,348
|
|
|
8.0
|
%
|
|
32,555
|
|
|
8.6
|
%
|
|
2021
|
|
74
|
|
11,594,269
|
|
|
13.4
|
%
|
|
50,683
|
|
|
13.3
|
%
|
|
2022
|
|
73
|
|
9,048,131
|
|
|
10.4
|
%
|
|
39,581
|
|
|
10.4
|
%
|
|
2023
|
|
74
|
|
11,398,164
|
|
|
13.1
|
%
|
|
44,345
|
|
|
11.7
|
%
|
|
2024
|
|
60
|
|
11,119,594
|
|
|
12.8
|
%
|
|
47,036
|
|
|
12.4
|
%
|
|
2025
|
|
41
|
|
7,295,205
|
|
|
8.4
|
%
|
|
30,933
|
|
|
8.1
|
%
|
|
2026
|
|
39
|
|
6,543,870
|
|
|
7.6
|
%
|
|
30,121
|
|
|
7.9
|
%
|
|
2027
|
|
19
|
|
2,724,585
|
|
|
3.1
|
%
|
|
13,394
|
|
|
3.5
|
%
|
|
2028
|
|
25
|
|
4,716,771
|
|
|
5.5
|
%
|
|
20,136
|
|
|
5.3
|
%
|
|
2029
|
|
21
|
|
3,743,900
|
|
|
4.3
|
%
|
|
18,220
|
|
|
4.8
|
%
|
|
Thereafter
|
|
40
|
|
11,631,490
|
|
|
13.4
|
%
|
|
53,366
|
|
|
14.0
|
%
|
|
Total/weighted average
|
|
509
|
|
91,359,999
|
|
|
100.0
|
%
|
|
$
|
380,424
|
|
|
100.0
|
%
|
|
|
Year Ended December 31,
|
||||||||||||||||||
Selected Financial Data (in thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue
|
|
$
|
405,950
|
|
|
$
|
350,993
|
|
|
$
|
301,087
|
|
|
$
|
250,243
|
|
|
$
|
218,633
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property
|
|
75,179
|
|
|
69,021
|
|
|
57,701
|
|
|
48,904
|
|
|
42,627
|
|
|||||
General and administrative
|
|
35,946
|
|
|
34,052
|
|
|
33,349
|
|
|
33,395
|
|
|
28,750
|
|
|||||
Property acquisition costs
|
|
—
|
|
|
—
|
|
|
5,386
|
|
|
4,567
|
|
|
4,757
|
|
|||||
Depreciation and amortization
|
|
185,450
|
|
|
167,617
|
|
|
150,881
|
|
|
125,444
|
|
|
110,421
|
|
|||||
Loss on impairments
|
|
9,757
|
|
|
6,182
|
|
|
1,879
|
|
|
16,845
|
|
|
29,272
|
|
|||||
Gain on involuntary conversion
|
|
—
|
|
|
—
|
|
|
(325
|
)
|
|
—
|
|
|
—
|
|
|||||
Other expenses
|
|
1,785
|
|
|
1,277
|
|
|
1,786
|
|
|
1,149
|
|
|
1,048
|
|
|||||
Total expenses
|
|
308,117
|
|
|
278,149
|
|
|
250,657
|
|
|
230,304
|
|
|
216,875
|
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
|
87
|
|
|
20
|
|
|
12
|
|
|
10
|
|
|
9
|
|
|||||
Interest expense
|
|
(54,647
|
)
|
|
(48,817
|
)
|
|
(42,469
|
)
|
|
(42,923
|
)
|
|
(36,098
|
)
|
|||||
Loss on extinguishment of debt
|
|
—
|
|
|
(13
|
)
|
|
(15
|
)
|
|
(3,261
|
)
|
|
—
|
|
|||||
Gain on the sales of rental property, net
|
|
7,392
|
|
|
72,211
|
|
|
24,242
|
|
|
61,823
|
|
|
4,986
|
|
|||||
Total other income (expense)
|
|
(47,168
|
)
|
|
23,401
|
|
|
(18,230
|
)
|
|
15,649
|
|
|
(31,103
|
)
|
|||||
Net income (loss)
|
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
|
$
|
35,588
|
|
|
$
|
(29,345
|
)
|
Less: income (loss) attributable to noncontrolling interest after preferred stock dividends
|
|
1,384
|
|
|
3,319
|
|
|
941
|
|
|
1,069
|
|
|
(1,962
|
)
|
|||||
Less: preferred stock dividends
|
|
5,156
|
|
|
7,604
|
|
|
9,794
|
|
|
13,897
|
|
|
10,848
|
|
|||||
Less: redemption of preferred stock
|
|
—
|
|
|
2,661
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: amount allocated to participating securities
|
|
314
|
|
|
276
|
|
|
334
|
|
|
384
|
|
|
385
|
|
|||||
Net income (loss) attributable to common stockholders
|
|
$
|
43,811
|
|
|
$
|
82,385
|
|
|
$
|
21,131
|
|
|
$
|
20,238
|
|
|
$
|
(38,616
|
)
|
Net income (loss) per share attributable to common stockholders — basic
|
|
$
|
0.35
|
|
|
$
|
0.80
|
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
Net income (loss) per share attributable to common stockholders — diluted
|
|
$
|
0.35
|
|
|
$
|
0.79
|
|
|
$
|
0.23
|
|
|
$
|
0.29
|
|
|
$
|
(0.58
|
)
|
Balance Sheets Data (December 31):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental property, before accumulated depreciation and amortization
|
|
$
|
4,627,444
|
|
|
$
|
3,555,133
|
|
|
$
|
3,097,276
|
|
|
$
|
2,541,705
|
|
|
$
|
2,188,642
|
|
Rental property, after accumulated depreciation and amortization
|
|
$
|
3,998,507
|
|
|
$
|
2,991,701
|
|
|
$
|
2,567,577
|
|
|
$
|
2,116,836
|
|
|
$
|
1,839,967
|
|
Total assets
|
|
$
|
4,164,645
|
|
|
$
|
3,102,532
|
|
|
$
|
2,680,667
|
|
|
$
|
2,186,156
|
|
|
$
|
1,901,782
|
|
Total debt
|
|
$
|
1,645,013
|
|
|
$
|
1,325,908
|
|
|
$
|
1,173,781
|
|
|
$
|
1,036,139
|
|
|
$
|
980,248
|
|
Total liabilities
|
|
$
|
1,800,754
|
|
|
$
|
1,432,900
|
|
|
$
|
1,270,360
|
|
|
$
|
1,119,230
|
|
|
$
|
1,043,925
|
|
Total equity
|
|
$
|
2,363,891
|
|
|
$
|
1,669,632
|
|
|
$
|
1,410,307
|
|
|
$
|
1,066,926
|
|
|
$
|
857,857
|
|
Other Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per common share
|
|
$
|
1.430004
|
|
|
$
|
1.419996
|
|
|
$
|
1.405002
|
|
|
$
|
1.389996
|
|
|
$
|
1.365
|
|
Net cash provided by operating activities
|
|
$
|
233,357
|
|
|
$
|
197,769
|
|
|
$
|
162,098
|
|
|
$
|
135,788
|
|
|
$
|
121,747
|
|
Net cash used in investing activities
|
|
$
|
1,222,574
|
|
|
$
|
507,201
|
|
|
$
|
571,635
|
|
|
$
|
346,259
|
|
|
$
|
370,589
|
|
Net cash provided by financing activities
|
|
$
|
978,539
|
|
|
$
|
303,845
|
|
|
$
|
415,861
|
|
|
$
|
211,870
|
|
|
$
|
238,464
|
|
•
|
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 United States as a manufacturing and distribution location because of the size of the United States 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 United States.
|
Operating Portfolio
|
|
Square Feet
|
|
Cash
Basis Rent Per
Square Foot
|
|
SL Rent Per
Square Foot
|
|
Total Costs Per
Square
Foot(1)
|
|
Cash
Rent Change
|
|
SL Rent Change
|
|
Weighted Average Lease
Term(2)
(years)
|
|
Rental Concessions per Square Foot(3)
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Year ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases
|
|
1,869,573
|
|
|
$
|
4.26
|
|
|
$
|
4.46
|
|
|
$
|
2.89
|
|
|
14.5
|
%
|
|
24.6
|
%
|
|
5.6
|
|
|
$
|
0.51
|
|
Renewal Leases
|
|
7,740,691
|
|
|
$
|
4.05
|
|
|
$
|
4.20
|
|
|
$
|
0.68
|
|
|
9.2
|
%
|
|
17.0
|
%
|
|
4.0
|
|
|
$
|
0.08
|
|
Total/weighted average
|
|
9,610,264
|
|
|
$
|
4.09
|
|
|
$
|
4.25
|
|
|
$
|
1.11
|
|
|
10.0
|
%
|
|
18.2
|
%
|
|
4.3
|
|
|
$
|
0.17
|
|
(1)
|
We define Total Costs as the costs for improvements of vacant and renewal spaces, as well as the contingent-based legal fees and commissions for leasing transactions. Total Costs per square foot represent the total costs expected to be incurred on the leases that commenced during the period and do not reflect actual expenditures for the period.
|
(2)
|
We define weighted average lease term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, weighted by square footage.
|
(3)
|
Represents the total rental concessions for the entire lease term.
|
Description
|
|
Estimated Useful Life
|
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
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Year ended December 31,
|
|
Change
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Rental income
|
$
|
299,567
|
|
|
$
|
293,222
|
|
|
$
|
6,345
|
|
|
2.2
|
%
|
|
$
|
89,841
|
|
|
$
|
41,243
|
|
|
$
|
15,942
|
|
|
$
|
15,228
|
|
|
$
|
405,350
|
|
|
$
|
349,693
|
|
|
$
|
55,657
|
|
|
15.9
|
%
|
Other income
|
407
|
|
|
920
|
|
|
(513
|
)
|
|
(55.8
|
)%
|
|
193
|
|
|
377
|
|
|
—
|
|
|
3
|
|
|
600
|
|
|
1,300
|
|
|
(700
|
)
|
|
(53.8
|
)%
|
||||||||||
Total operating revenue
|
299,974
|
|
|
294,142
|
|
|
5,832
|
|
|
2.0
|
%
|
|
90,034
|
|
|
41,620
|
|
|
15,942
|
|
|
15,231
|
|
|
405,950
|
|
|
350,993
|
|
|
54,957
|
|
|
15.7
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
55,335
|
|
|
53,526
|
|
|
1,809
|
|
|
3.4
|
%
|
|
13,739
|
|
|
10,076
|
|
|
6,105
|
|
|
5,419
|
|
|
75,179
|
|
|
69,021
|
|
|
6,158
|
|
|
8.9
|
%
|
||||||||||
Net operating income (1)
|
$
|
244,639
|
|
|
$
|
240,616
|
|
|
$
|
4,023
|
|
|
1.7
|
%
|
|
$
|
76,295
|
|
|
$
|
31,544
|
|
|
$
|
9,837
|
|
|
$
|
9,812
|
|
|
$
|
330,771
|
|
|
$
|
281,972
|
|
|
$
|
48,799
|
|
|
17.3
|
%
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,946
|
|
|
34,052
|
|
|
1,894
|
|
|
5.6
|
%
|
||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,450
|
|
|
167,617
|
|
|
17,833
|
|
|
10.6
|
%
|
||||||||||||||
Loss on impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,757
|
|
|
6,182
|
|
|
3,575
|
|
|
57.8
|
%
|
||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,785
|
|
|
1,277
|
|
|
508
|
|
|
39.8
|
%
|
||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,938
|
|
|
209,128
|
|
|
23,810
|
|
|
11.4
|
%
|
||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
308,117
|
|
|
278,149
|
|
|
29,968
|
|
|
10.8
|
%
|
||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87
|
|
|
20
|
|
|
67
|
|
|
335.0
|
%
|
||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(54,647
|
)
|
|
(48,817
|
)
|
|
(5,830
|
)
|
|
11.9
|
%
|
||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(13
|
)
|
|
13
|
|
|
(100.0
|
)%
|
||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,392
|
|
|
72,211
|
|
|
(64,819
|
)
|
|
(89.8
|
)%
|
||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47,168
|
)
|
|
23,401
|
|
|
(70,569
|
)
|
|
(301.6
|
)%
|
||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
(45,580
|
)
|
|
(47.4
|
)%
|
(1)
|
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
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||||||
|
Year ended December 31,
|
|
Change
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
Change
|
||||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Rental income
|
$
|
243,313
|
|
|
$
|
238,931
|
|
|
$
|
4,382
|
|
|
1.8
|
%
|
|
$
|
86,251
|
|
|
$
|
49,069
|
|
|
$
|
20,129
|
|
|
$
|
12,836
|
|
|
$
|
349,693
|
|
|
$
|
300,836
|
|
|
$
|
48,857
|
|
|
16.2
|
%
|
Other income
|
898
|
|
|
98
|
|
|
800
|
|
|
816.3
|
%
|
|
309
|
|
|
96
|
|
|
93
|
|
|
57
|
|
|
1,300
|
|
|
251
|
|
|
1,049
|
|
|
417.9
|
%
|
||||||||||
Total operating revenue
|
244,211
|
|
|
239,029
|
|
|
5,182
|
|
|
2.2
|
%
|
|
86,560
|
|
|
49,165
|
|
|
20,222
|
|
|
12,893
|
|
|
350,993
|
|
|
301,087
|
|
|
49,906
|
|
|
16.6
|
%
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property
|
45,622
|
|
|
42,893
|
|
|
2,729
|
|
|
6.4
|
%
|
|
16,692
|
|
|
9,590
|
|
|
6,707
|
|
|
5,218
|
|
|
69,021
|
|
|
57,701
|
|
|
11,320
|
|
|
19.6
|
%
|
||||||||||
Net operating income (1)
|
$
|
198,589
|
|
|
$
|
196,136
|
|
|
$
|
2,453
|
|
|
1.3
|
%
|
|
$
|
69,868
|
|
|
$
|
39,575
|
|
|
$
|
13,515
|
|
|
$
|
7,675
|
|
|
$
|
281,972
|
|
|
$
|
243,386
|
|
|
$
|
38,586
|
|
|
15.9
|
%
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,052
|
|
|
33,349
|
|
|
703
|
|
|
2.1
|
%
|
|||||||||||||||||||
Property acquisition costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
5,386
|
|
|
(5,386
|
)
|
|
(100.0
|
)%
|
|||||||||||||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167,617
|
|
|
150,881
|
|
|
16,736
|
|
|
11.1
|
%
|
|||||||||||||||||||
Loss on impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,182
|
|
|
1,879
|
|
|
4,303
|
|
|
229.0
|
%
|
|||||||||||||||||||
Gain on involuntary conversion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(325
|
)
|
|
325
|
|
|
(100.0
|
)%
|
|||||||||||||||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,277
|
|
|
1,786
|
|
|
(509
|
)
|
|
(28.5
|
)%
|
||||||||||||||
Total other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,128
|
|
|
192,956
|
|
|
16,172
|
|
|
8.4
|
%
|
||||||||||||||
Total expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
278,149
|
|
|
250,657
|
|
|
27,492
|
|
|
11.0
|
%
|
||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
12
|
|
|
8
|
|
|
66.7
|
%
|
||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(48,817
|
)
|
|
(42,469
|
)
|
|
(6,348
|
)
|
|
14.9
|
%
|
||||||||||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13
|
)
|
|
(15
|
)
|
|
2
|
|
|
(13.3
|
)%
|
||||||||||||||
Gain on the sales of rental property, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,211
|
|
|
24,242
|
|
|
47,969
|
|
|
197.9
|
%
|
||||||||||||||
Total other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,401
|
|
|
(18,230
|
)
|
|
41,631
|
|
|
228.4
|
%
|
||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
|
$
|
64,045
|
|
|
198.9
|
%
|
(1)
|
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 to FFO (in thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
Rental property depreciation and amortization
|
|
185,154
|
|
|
167,321
|
|
|
150,591
|
|
|||
Loss on impairments
|
|
9,757
|
|
|
6,182
|
|
|
1,879
|
|
|||
Gain on the sales of rental property, net
|
|
(7,392
|
)
|
|
(72,211
|
)
|
|
(24,242
|
)
|
|||
FFO
|
|
$
|
238,184
|
|
|
$
|
197,537
|
|
|
$
|
160,428
|
|
Preferred stock dividends
|
|
(5,156
|
)
|
|
(7,604
|
)
|
|
(9,794
|
)
|
|||
Redemption of preferred stock
|
|
—
|
|
|
(2,661
|
)
|
|
—
|
|
|||
Amount allocated to restricted shares of common stock and unvested units
|
|
(891
|
)
|
|
(751
|
)
|
|
(927
|
)
|
|||
FFO attributable to common stockholders and unit holders
|
|
$
|
232,137
|
|
|
$
|
186,521
|
|
|
$
|
149,707
|
|
|
|
Year ended December 31,
|
||||||||||
Reconciliation of Net Income to NOI (in thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
Asset management fee income
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|||
General and administrative
|
|
35,946
|
|
|
34,052
|
|
|
33,349
|
|
|||
Transaction costs
|
|
346
|
|
|
214
|
|
|
5,386
|
|
|||
Depreciation and amortization
|
|
185,450
|
|
|
167,617
|
|
|
150,881
|
|
|||
Interest and other income
|
|
(87
|
)
|
|
(20
|
)
|
|
(12
|
)
|
|||
Interest expense
|
|
54,647
|
|
|
48,817
|
|
|
42,469
|
|
|||
Loss on impairments
|
|
9,757
|
|
|
6,182
|
|
|
1,879
|
|
|||
Gain on involuntary conversion
|
|
—
|
|
|
—
|
|
|
(325
|
)
|
|||
Loss on extinguishment of debt
|
|
—
|
|
|
13
|
|
|
15
|
|
|||
Other expenses
|
|
1,439
|
|
|
1,063
|
|
|
1,097
|
|
|||
Loss on incentive fee
|
|
—
|
|
|
—
|
|
|
689
|
|
|||
Gain on the sales of rental property, net
|
|
(7,392
|
)
|
|
(72,211
|
)
|
|
(24,242
|
)
|
|||
Net operating income
|
|
$
|
330,771
|
|
|
$
|
281,972
|
|
|
$
|
243,334
|
|
|
|
Year ended December 31,
|
|
Change
|
|||||||||||
Cash Flows (dollars in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Net cash provided by operating activities
|
|
$
|
233,357
|
|
|
$
|
197,769
|
|
|
$
|
35,588
|
|
|
18.0
|
%
|
Net cash used in investing activities
|
|
$
|
1,222,574
|
|
|
$
|
507,201
|
|
|
$
|
715,373
|
|
|
141.0
|
%
|
Net cash provided by financing activities
|
|
$
|
978,539
|
|
|
$
|
303,845
|
|
|
$
|
674,694
|
|
|
222.1
|
%
|
|
|
Year ended December 31,
|
|
Change
|
|||||||||||
Cash Flows (dollars in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Net cash provided by operating activities
|
|
$
|
197,769
|
|
|
$
|
162,098
|
|
|
$
|
35,671
|
|
|
22.0
|
%
|
Net cash used in investing activities
|
|
$
|
507,201
|
|
|
$
|
571,635
|
|
|
$
|
(64,434
|
)
|
|
(11.3
|
)%
|
Net cash provided by financing activities
|
|
$
|
303,845
|
|
|
$
|
415,861
|
|
|
$
|
(112,016
|
)
|
|
(26.9
|
)%
|
Month Ended 2019
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
October 15, 2019
|
|
December 31, 2019
|
|
$
|
0.119167
|
|
|
January 15, 2020
|
November 30
|
|
October 15, 2019
|
|
November 29, 2019
|
|
0.119167
|
|
|
December 16, 2019
|
|
October 31
|
|
October 15, 2019
|
|
October 31, 2019
|
|
0.119167
|
|
|
November 15, 2019
|
|
September 30
|
|
July 15, 2019
|
|
September 30, 2019
|
|
0.119167
|
|
|
October 15, 2019
|
|
August 31
|
|
July 15, 2019
|
|
August 30, 2019
|
|
0.119167
|
|
|
September 16, 2019
|
|
July 31
|
|
July 15, 2019
|
|
July 31, 2019
|
|
0.119167
|
|
|
August 15, 2019
|
|
June 30
|
|
April 9, 2019
|
|
June 28, 2019
|
|
0.119167
|
|
|
July 15, 2019
|
|
May 31
|
|
April 9, 2019
|
|
May 31, 2019
|
|
0.119167
|
|
|
June 17, 2019
|
|
April 30
|
|
April 9, 2019
|
|
April 30, 2019
|
|
0.119167
|
|
|
May 15, 2019
|
|
March 31
|
|
January 10, 2019
|
|
March 29, 2019
|
|
0.119167
|
|
|
April 15, 2019
|
|
February 28
|
|
January 10, 2019
|
|
February 28, 2019
|
|
0.119167
|
|
|
March 15, 2019
|
|
January 31
|
|
January 10, 2019
|
|
January 31, 2019
|
|
0.119167
|
|
|
February 15, 2019
|
|
Total
|
|
|
|
|
|
$
|
1.430004
|
|
|
|
Quarter Ended 2019
|
|
Declaration Date
|
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||
December 31
|
|
October 15, 2019
|
|
$
|
0.4296875
|
|
|
December 31, 2019
|
September 30
|
|
July 15, 2019
|
|
0.4296875
|
|
|
September 30, 2019
|
|
June 30
|
|
April 9, 2019
|
|
0.4296875
|
|
|
July 1, 2019
|
|
March 31
|
|
January 10, 2019
|
|
0.4296875
|
|
|
April 1, 2019
|
|
Total
|
|
|
|
$
|
1.7187500
|
|
|
|
Loan
|
|
Principal Outstanding as of December 31, 2019 (in thousands)
|
|
Interest
Rate (1)(2) |
|
Maturity Date
|
|
Prepayment Terms (3)
|
|||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|||
Unsecured Credit Facility (4)
|
|
$
|
146,000
|
|
|
L + 0.90%
|
|
|
January 15, 2023
|
|
i
|
Total unsecured credit facility
|
|
146,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Term Loan C
|
|
150,000
|
|
|
2.39
|
%
|
|
September 29, 2020
|
|
i
|
|
Unsecured Term Loan B
|
|
150,000
|
|
|
3.05
|
%
|
|
March 21, 2021
|
|
i
|
|
Unsecured Term Loan A
|
|
150,000
|
|
|
2.70
|
%
|
|
March 31, 2022
|
|
i
|
|
Unsecured Term Loan D
|
|
150,000
|
|
|
2.85
|
%
|
|
January 4, 2023
|
|
i
|
|
Unsecured Term Loan E
|
|
175,000
|
|
|
3.92
|
%
|
|
January 15, 2024
|
|
i
|
|
Unsecured Term Loan F (5)
|
|
100,000
|
|
|
L + 1.00%
|
|
|
January 12, 2025
|
|
i
|
|
Total unsecured term loans
|
|
875,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,625
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured term loans, net
|
|
871,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
Series F Unsecured Notes
|
|
100,000
|
|
|
3.98
|
%
|
|
January 5, 2023
|
|
ii
|
|
Series A Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
October 1, 2024
|
|
ii
|
|
Series D Unsecured Notes
|
|
100,000
|
|
|
4.32
|
%
|
|
February 20, 2025
|
|
ii
|
|
Series G Unsecured Notes
|
|
75,000
|
|
|
4.10
|
%
|
|
June 13, 2025
|
|
ii
|
|
Series B Unsecured Notes
|
|
50,000
|
|
|
4.98
|
%
|
|
July 1, 2026
|
|
ii
|
|
Series C Unsecured Notes
|
|
80,000
|
|
|
4.42
|
%
|
|
December 30, 2026
|
|
ii
|
|
Series E Unsecured Notes
|
|
20,000
|
|
|
4.42
|
%
|
|
February 20, 2027
|
|
ii
|
|
Series H Unsecured Notes
|
|
100,000
|
|
|
4.27
|
%
|
|
June 13, 2028
|
|
ii
|
|
Total unsecured notes
|
|
575,000
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(2,117
|
)
|
|
|
|
|
|
|
||
Total carrying value unsecured notes, net
|
|
572,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Bank, National Association CMBS Loan
|
|
51,406
|
|
|
4.31
|
%
|
|
December 1, 2022
|
|
iii
|
|
Thrivent Financial for Lutherans
|
|
3,679
|
|
|
4.78
|
%
|
|
December 15, 2023
|
|
iv
|
|
Total mortgage notes
|
|
55,085
|
|
|
|
|
|
|
|
|
|
Add: Total unamortized fair market value premiums
|
|
39
|
|
|
|
|
|
|
|
|
|
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(369
|
)
|
|
|
|
|
|
|
||
Total carrying value mortgage notes, net
|
|
54,755
|
|
|
|
|
|
|
|
|
|
Total / weighted average interest rate (6)
|
|
$
|
1,645,013
|
|
|
3.48
|
%
|
|
|
|
|
(1)
|
Interest rate as of December 31, 2019. At December 31, 2019, the one-month LIBOR (“L”) was 1.7625%. 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 debt rating, as defined in the respective loan agreements.
|
(2)
|
The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of December 31, 2019, one-month LIBOR for the Unsecured Term Loans A, B, C, D, and E was swapped to a fixed rate of 1.70%, 2.05%, 1.39%, 1.85%, and 2.92%, respectively. One-month LIBOR for the Unsecured Term Loan F will be swapped to a fixed rate of 2.11% effective July 15, 2020.
|
(3)
|
Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date.
|
(4)
|
The capacity of the unsecured credit facility is $500.0 million.
|
(5)
|
The remaining capacity is $100.0 million as of December 31, 2019, which we have until July 12, 2020 to draw.
|
(6)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $775.0 million of debt, and was 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, 2019
|
||
Total principal outstanding (in thousands)
|
|
$
|
1,651,085
|
|
Weighted average duration (years)
|
|
3.8
|
|
|
% Secured debt
|
|
3
|
%
|
|
% Debt maturing next 12 months
|
|
9
|
%
|
|
Net Debt to Real Estate Cost Basis (1)
|
|
35
|
%
|
(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 minimum fixed charge ratio of not less than or equal to 1.50:1.00; and
|
•
|
a minimum unsecured interest coverage ratio of not less than or equal to 1.75:1.00.
|
|
|
Payments by Period
|
||||||||||||||||||
Contractual Obligations (in thousands)(1)(2)
|
|
Total
|
|
2020
|
|
2021-2022
|
|
2023-2024
|
|
Thereafter
|
||||||||||
Principal payments(3)
|
|
$
|
1,651,085
|
|
|
$
|
152,006
|
|
|
$
|
349,784
|
|
|
$
|
624,295
|
|
|
$
|
525,000
|
|
Interest payments—Fixed rate debt(4)
|
|
152,938
|
|
|
27,433
|
|
|
54,410
|
|
|
41,706
|
|
|
29,389
|
|
|||||
Interest payments —Variable rate debt(4)(5)
|
|
88,981
|
|
|
30,304
|
|
|
44,324
|
|
|
14,241
|
|
|
112
|
|
|||||
Property lease
|
|
1,513
|
|
|
1,210
|
|
|
303
|
|
|
—
|
|
|
—
|
|
|||||
Ground leases
|
|
52,560
|
|
|
1,084
|
|
|
2,204
|
|
|
2,237
|
|
|
47,035
|
|
|||||
Total
|
|
$
|
1,947,077
|
|
|
$
|
212,037
|
|
|
$
|
451,025
|
|
|
$
|
682,479
|
|
|
$
|
601,536
|
|
(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 not met at December 31, 2019 and the balance at December 31, 2019 was approximately $2.0 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 $775.0 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
|
||||
6.875% 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, 2019 (in thousands) |
||||
2019 $600 million ATM
|
|
February 14, 2019
|
|
$
|
600,000
|
|
|
$
|
318,248
|
|
|
|
Three months ended December 31, 2019
|
|||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Net
Proceeds |
|||||
2019 $600 million ATM
|
|
2,689,374
|
|
|
$
|
30.82
|
|
|
$
|
82,082
|
|
Total/weighted average
|
|
2,689,374
|
|
|
$
|
30.82
|
|
|
$
|
82,082
|
|
|
|
Year ended December 31, 2019
|
|||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Net
Proceeds |
|||||
2019 $600 million ATM
|
|
9,711,706
|
|
|
$
|
29.01
|
|
|
$
|
279,156
|
|
Total/weighted average
|
|
9,711,706
|
|
|
$
|
29.01
|
|
|
$
|
279,156
|
|
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
|
|
|
$
|
13
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
5
|
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
2
|
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(7
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
48
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
94
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
67
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
46
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
28
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(37
|
)
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(38
|
)
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(778
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(162
|
)
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(490
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(1,003
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(1,061
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(229
|
)
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(230
|
)
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(230
|
)
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(229
|
)
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
(456
|
)
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
The Toronto-Dominion Bank
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,663
|
)
|
|
2.9180
|
%
|
|
One-month L
|
|
Jan-12-2024
|
PNC Bank, N.A.
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,665
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
Bank of Montreal
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,665
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
U.S. Bank, N.A.
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
25,000
|
|
|
$
|
(1,332
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
Wells Fargo, N.A.
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,422
|
)
|
|
2.2460
|
%
|
|
One-month L
|
|
Jan-15-2025
|
U.S. Bank, N.A.
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,421
|
)
|
|
2.2459
|
%
|
|
One-month L
|
|
Jan-15-2025
|
Regions Bank
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,425
|
)
|
|
2.2459
|
%
|
|
One-month L
|
|
Jan-15-2025
|
Bank of Montreal
|
|
Jul-16-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(276
|
)
|
|
1.7165
|
%
|
|
One-month L
|
|
Jan-15-2025
|
|
|
Three months ended,
|
||||||||||||||
Selected Interim Financial Information
|
|
December 31, 2019
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
||||||||
Total revenue
|
|
$
|
111,181
|
|
|
$
|
102,421
|
|
|
$
|
96,646
|
|
|
$
|
95,702
|
|
Net income
|
|
$
|
17,916
|
|
|
$
|
11,190
|
|
|
$
|
14,170
|
|
|
$
|
7,389
|
|
Net income attributable to common stockholders
|
|
$
|
16,077
|
|
|
$
|
9,533
|
|
|
$
|
12,394
|
|
|
$
|
5,807
|
|
Net income per share attributable to common stockholders — basic and diluted
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
|
$
|
0.10
|
|
|
$
|
0.05
|
|
|
|
Three months ended,
|
||||||||||||||
Selected Interim Financial Information
|
|
December 31, 2018
|
|
September 30, 2018
|
|
June 30, 2018
|
|
March 31, 2018
|
||||||||
Total revenue
|
|
$
|
93,290
|
|
|
$
|
88,946
|
|
|
$
|
85,474
|
|
|
$
|
83,283
|
|
Net income
|
|
$
|
47,256
|
|
|
$
|
8,876
|
|
|
$
|
14,964
|
|
|
$
|
25,149
|
|
Net income attributable to common stockholders
|
|
$
|
44,256
|
|
|
$
|
7,237
|
|
|
$
|
9,264
|
|
|
$
|
21,676
|
|
Net income per share attributable to common stockholders — basic and diluted
|
|
$
|
0.40
|
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.22
|
|
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
|
|
|
Exhibit Number
|
|
Description of Document
|
|
10.19
|
|
|
|
10.20
|
|
|
|
10.21
|
|
|
|
10.22
|
|
|
|
10.23
|
|
|
|
10.24
|
|
|
|
10.25
|
|
|
|
10.26
|
|
|
|
10.27
|
|
|
|
10.28
|
|
|
|
10.29
|
|
|
|
10.30
|
|
|
|
10.31
|
|
|
|
10.32
|
|
|
|
10.33
|
|
|
|
10.34
|
|
|
|
10.35
|
|
|
|
10.36
|
|
|
|
10.37
|
|
|
|
10.38
|
|
|
|
10.39
|
|
|
|
10.40
|
|
|
|
10.41
|
|
|
|
21.1
|
|
|
Exhibit Number
|
|
Description of Document
|
|
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, 2019 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, (vi) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these consolidated financial statements.
|
104
|
|
|
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
|
*
|
Represents management contract or compensatory plan or arrangement.
|
(1)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on July 30, 2019.
|
(2)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on May 1, 2018.
|
(3)
|
Incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on September 24, 2010.
|
(4)
|
Incorporated by reference to the Registration Statement on Form 8-A filed with the SEC on March 10, 2016.
|
(5)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 21, 2011.
|
(6)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on November 2, 2011.
|
(7)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 16, 2013.
|
(8)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on March 18, 2016.
|
(9)
|
Incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on April 5, 2011.
|
(10)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on May 6, 2013.
|
(11)
|
Incorporated by reference to the Annual Report on Form 10-K filed with the SEC on February 23, 2015.
|
(12)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on May 3, 2016.
|
(13)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on July 23, 2015.
|
(14)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on October 31, 2014.
|
(15)
|
Incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on February 16, 2011.
|
(16)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 31, 2018.
|
(17)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 27, 2016.
|
(18)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on November 2, 2017.
|
(19)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 30, 2019.
|
(20)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on October 1, 2015.
|
(21)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 22, 2014.
|
(22)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 19, 2014.
|
(23)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 4, 2015.
|
(24)
|
Incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 13, 2018.
|
|
STAG INDUSTRIAL, INC.
|
||
Dated: February 12, 2020
|
|
|
|
|
|
/s/ Benjamin S. Butcher
|
|
|
By:
|
Benjamin S. Butcher
Chairman, Chief Executive Officer and President
|
Date
|
Signature
|
Title
|
|
|
|
February 12, 2020
|
/s/ Benjamin S. Butcher
|
Chairman, Chief Executive Officer
(principal executive officer) and President
|
Benjamin S. Butcher
|
||
|
|
|
February 12, 2020
|
/s/ Jit Kee Chin
|
Director
|
Jit Kee Chin
|
||
|
|
|
February 12, 2020
|
/s/ Virgis W. Colbert
|
Director
|
Virgis W. Colbert
|
||
|
|
|
February 12, 2020
|
/s/ Michelle S. Dilley
|
Director
|
Michelle S. Dilley
|
||
|
|
|
February 12, 2020
|
/s/ Jeffrey D. Furber
|
Director
|
Jeffrey D. Furber
|
||
|
|
|
February 12, 2020
|
/s/ Larry T. Guillemette
|
Director
|
Larry T. Guillemette
|
||
|
|
|
February 12, 2020
|
/s/ Francis X. Jacoby III
|
Director
|
Francis X. Jacoby III
|
||
|
|
|
February 12, 2020
|
/s/ Christopher P. Marr
|
Director
|
Christopher P. Marr
|
||
|
|
|
February 12, 2020
|
/s/ Hans S. Weger
|
Director
|
Hans S. Weger
|
||
|
|
|
February 12, 2020
|
/s/ William R. Crooker
|
Chief Financial Officer, Executive Vice President and Treasurer (principal financial and accounting officer)
|
William R. Crooker
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Rental Property:
|
|
|
|
||||
Land
|
$
|
435,923
|
|
|
$
|
364,023
|
|
Buildings and improvements, net of accumulated depreciation of $387,633 and $316,930, respectively
|
3,087,435
|
|
|
2,285,663
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $241,304 and $246,502, respectively
|
475,149
|
|
|
342,015
|
|
||
Total rental property, net
|
3,998,507
|
|
|
2,991,701
|
|
||
Cash and cash equivalents
|
9,041
|
|
|
7,968
|
|
||
Restricted cash
|
2,823
|
|
|
14,574
|
|
||
Tenant accounts receivable
|
57,592
|
|
|
42,236
|
|
||
Prepaid expenses and other assets
|
38,231
|
|
|
36,902
|
|
||
Interest rate swaps
|
303
|
|
|
9,151
|
|
||
Operating lease right-of-use assets
|
15,129
|
|
|
—
|
|
||
Assets held for sale, net
|
43,019
|
|
|
—
|
|
||
Total assets
|
$
|
4,164,645
|
|
|
$
|
3,102,532
|
|
Liabilities and Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Unsecured credit facility
|
$
|
146,000
|
|
|
$
|
100,500
|
|
Unsecured term loans, net
|
871,375
|
|
|
596,360
|
|
||
Unsecured notes, net
|
572,883
|
|
|
572,488
|
|
||
Mortgage notes, net
|
54,755
|
|
|
56,560
|
|
||
Accounts payable, accrued expenses and other liabilities
|
53,737
|
|
|
45,507
|
|
||
Interest rate swaps
|
18,819
|
|
|
4,011
|
|
||
Tenant prepaid rent and security deposits
|
21,993
|
|
|
22,153
|
|
||
Dividends and distributions payable
|
17,465
|
|
|
13,754
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $12,064 and $12,764, respectively
|
26,738
|
|
|
21,567
|
|
||
Operating lease liabilities
|
16,989
|
|
|
—
|
|
||
Total liabilities
|
1,800,754
|
|
|
1,432,900
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred stock, par value $0.01 per share, 20,000,000 and 15,000,000 shares authorized at December 31, 2019 and December 31, 2018, respectively,
|
|
|
|
||||
Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at December 31, 2019 and December 31, 2018
|
75,000
|
|
|
75,000
|
|
||
Common stock, par value $0.01 per share, 300,000,000 and 150,000,000 shares authorized at December 31, 2019 and December 31, 2018, respectively, 142,815,593 and 112,165,786 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively
|
1,428
|
|
|
1,122
|
|
||
Additional paid-in capital
|
2,970,553
|
|
|
2,118,179
|
|
||
Cumulative dividends in excess of earnings
|
(723,027
|
)
|
|
(584,979
|
)
|
||
Accumulated other comprehensive income (loss)
|
(18,426
|
)
|
|
4,481
|
|
||
Total stockholders’ equity
|
2,305,528
|
|
|
1,613,803
|
|
||
Noncontrolling interest
|
58,363
|
|
|
55,829
|
|
||
Total equity
|
2,363,891
|
|
|
1,669,632
|
|
||
Total liabilities and equity
|
$
|
4,164,645
|
|
|
$
|
3,102,532
|
|
|
Year ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
|
|
|
|
|
|
|
|
|||
Rental income
|
$
|
405,350
|
|
|
$
|
349,693
|
|
|
$
|
300,836
|
|
Other income
|
600
|
|
|
1,300
|
|
|
251
|
|
|||
Total revenue
|
405,950
|
|
|
350,993
|
|
|
301,087
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|
|||
Property
|
75,179
|
|
|
69,021
|
|
|
57,701
|
|
|||
General and administrative
|
35,946
|
|
|
34,052
|
|
|
33,349
|
|
|||
Property acquisition costs
|
—
|
|
|
—
|
|
|
5,386
|
|
|||
Depreciation and amortization
|
185,450
|
|
|
167,617
|
|
|
150,881
|
|
|||
Loss on impairments
|
9,757
|
|
|
6,182
|
|
|
1,879
|
|
|||
Gain on involuntary conversion
|
—
|
|
|
—
|
|
|
(325
|
)
|
|||
Other expenses
|
1,785
|
|
|
1,277
|
|
|
1,786
|
|
|||
Total expenses
|
308,117
|
|
|
278,149
|
|
|
250,657
|
|
|||
Other income (expense)
|
|
|
|
|
|
|
|
|
|||
Interest and other income
|
87
|
|
|
20
|
|
|
12
|
|
|||
Interest expense
|
(54,647
|
)
|
|
(48,817
|
)
|
|
(42,469
|
)
|
|||
Loss on extinguishment of debt
|
—
|
|
|
(13
|
)
|
|
(15
|
)
|
|||
Gain on the sales of rental property, net
|
7,392
|
|
|
72,211
|
|
|
24,242
|
|
|||
Total other income (expense)
|
(47,168
|
)
|
|
23,401
|
|
|
(18,230
|
)
|
|||
Net income
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
Less: income attributable to noncontrolling interest after preferred stock dividends
|
1,384
|
|
|
3,319
|
|
|
941
|
|
|||
Net income attributable to STAG Industrial, Inc.
|
$
|
49,281
|
|
|
$
|
92,926
|
|
|
$
|
31,259
|
|
Less: preferred stock dividends
|
5,156
|
|
|
7,604
|
|
|
9,794
|
|
|||
Less: redemption of preferred stock
|
—
|
|
|
2,661
|
|
|
—
|
|
|||
Less: amount allocated to participating securities
|
314
|
|
|
276
|
|
|
334
|
|
|||
Net income attributable to common stockholders
|
$
|
43,811
|
|
|
$
|
82,385
|
|
|
$
|
21,131
|
|
Weighted average common shares outstanding — basic
|
125,389
|
|
|
103,401
|
|
|
89,538
|
|
|||
Weighted average common shares outstanding — diluted
|
125,678
|
|
|
103,807
|
|
|
90,004
|
|
|||
Net income per share — basic and diluted
|
|
|
|
|
|
|
|||||
Net income per share attributable to common stockholders — basic
|
$
|
0.35
|
|
|
$
|
0.80
|
|
|
$
|
0.24
|
|
Net income per share attributable to common stockholders — diluted
|
$
|
0.35
|
|
|
$
|
0.79
|
|
|
$
|
0.23
|
|
|
Year ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Income (loss) on interest rate swaps
|
(23,625
|
)
|
|
310
|
|
|
5,670
|
|
|||
Other comprehensive income (loss)
|
(23,625
|
)
|
|
310
|
|
|
5,670
|
|
|||
Comprehensive income
|
27,040
|
|
|
96,555
|
|
|
37,870
|
|
|||
Income attributable to noncontrolling interest after preferred stock dividends
|
(1,384
|
)
|
|
(3,319
|
)
|
|
(941
|
)
|
|||
Other comprehensive (income) loss attributable to noncontrolling interest
|
718
|
|
|
(12
|
)
|
|
(238
|
)
|
|||
Comprehensive income attributable to STAG Industrial, Inc.
|
$
|
26,374
|
|
|
$
|
93,224
|
|
|
$
|
36,691
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Cumulative Dividends in Excess of Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders’ Equity
|
|
Noncontrolling Interest - Unit Holders in Operating Partnership
|
|
Total Equity
|
|||||||||||||||||||
|
|
Shares
|
|
Par Amount
|
|
|
|
|
|
|
||||||||||||||||||||||||
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, net
|
—
|
|
|
16,262,375
|
|
|
163
|
|
|
421,326
|
|
|
—
|
|
|
—
|
|
|
421,489
|
|
|
—
|
|
|
421,489
|
|
||||||||
Dividends and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136,778
|
)
|
|
—
|
|
|
(136,778
|
)
|
|
(6,378
|
)
|
|
(143,156
|
)
|
||||||||
Non-cash compensation activity, net
|
—
|
|
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,259
|
|
|
—
|
|
|
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
|
|
Cash flow hedging instruments cumulative effect adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(258
|
)
|
|
247
|
|
|
(11
|
)
|
|
11
|
|
|
—
|
|
||||||||
Proceeds from sales of common stock, net
|
—
|
|
|
14,724,614
|
|
|
148
|
|
|
385,951
|
|
|
—
|
|
|
—
|
|
|
386,099
|
|
|
—
|
|
|
386,099
|
|
||||||||
Redemption of preferred stock
|
(70,000
|
)
|
|
—
|
|
|
—
|
|
|
5,141
|
|
|
(5,158
|
)
|
|
—
|
|
|
(70,017
|
)
|
|
—
|
|
|
(70,017
|
)
|
||||||||
Dividends and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(155,261
|
)
|
|
—
|
|
|
(155,261
|
)
|
|
(5,481
|
)
|
|
(160,742
|
)
|
||||||||
Non-cash compensation activity, net
|
—
|
|
|
76,574
|
|
|
1
|
|
|
3,194
|
|
|
(537
|
)
|
|
—
|
|
|
2,658
|
|
|
4,772
|
|
|
7,430
|
|
||||||||
Redemption of common units to common stock
|
—
|
|
|
352,055
|
|
|
3
|
|
|
4,398
|
|
|
—
|
|
|
—
|
|
|
4,401
|
|
|
(4,401
|
)
|
|
—
|
|
||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,330
|
)
|
|
—
|
|
|
—
|
|
|
(6,330
|
)
|
|
6,330
|
|
|
—
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298
|
|
|
298
|
|
|
12
|
|
|
310
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,926
|
|
|
—
|
|
|
92,926
|
|
|
3,319
|
|
|
96,245
|
|
||||||||
Balance, December 31, 2018
|
$
|
75,000
|
|
|
112,165,786
|
|
|
$
|
1,122
|
|
|
$
|
2,118,179
|
|
|
$
|
(584,979
|
)
|
|
$
|
4,481
|
|
|
$
|
1,613,803
|
|
|
$
|
55,829
|
|
|
$
|
1,669,632
|
|
Leases cumulative effect adjustment (Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(214
|
)
|
|
—
|
|
|
(214
|
)
|
|
—
|
|
|
(214
|
)
|
||||||||
Proceeds from sales of common stock, net
|
—
|
|
|
29,836,706
|
|
|
299
|
|
|
852,031
|
|
|
—
|
|
|
—
|
|
|
852,330
|
|
|
—
|
|
|
852,330
|
|
||||||||
Dividends and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(186,710
|
)
|
|
—
|
|
|
(186,710
|
)
|
|
(6,582
|
)
|
|
(193,292
|
)
|
||||||||
Non-cash compensation activity, net
|
—
|
|
|
132,964
|
|
|
1
|
|
|
3,715
|
|
|
(405
|
)
|
|
—
|
|
|
3,311
|
|
|
5,084
|
|
|
8,395
|
|
||||||||
Redemption of common units to common stock
|
—
|
|
|
680,137
|
|
|
6
|
|
|
9,515
|
|
|
—
|
|
|
—
|
|
|
9,521
|
|
|
(9,521
|
)
|
|
—
|
|
||||||||
Rebalancing of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,887
|
)
|
|
—
|
|
|
—
|
|
|
(12,887
|
)
|
|
12,887
|
|
|
—
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,907
|
)
|
|
(22,907
|
)
|
|
(718
|
)
|
|
(23,625
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,281
|
|
|
—
|
|
|
49,281
|
|
|
1,384
|
|
|
50,665
|
|
||||||||
Balance, December 31, 2019
|
$
|
75,000
|
|
|
142,815,593
|
|
|
$
|
1,428
|
|
|
$
|
2,970,553
|
|
|
$
|
(723,027
|
)
|
|
$
|
(18,426
|
)
|
|
$
|
2,305,528
|
|
|
$
|
58,363
|
|
|
$
|
2,363,891
|
|
|
Year ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
50,665
|
|
|
$
|
96,245
|
|
|
$
|
32,200
|
|
Adjustment to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
185,450
|
|
|
167,617
|
|
|
150,881
|
|
|||
Loss on impairments
|
9,757
|
|
|
6,182
|
|
|
1,879
|
|
|||
Gain on involuntary conversion
|
—
|
|
|
—
|
|
|
(325
|
)
|
|||
Non-cash portion of interest expense
|
2,583
|
|
|
2,316
|
|
|
1,897
|
|
|||
Amortization of above and below market leases, net
|
4,862
|
|
|
4,164
|
|
|
4,583
|
|
|||
Straight-line rent adjustments, net
|
(11,774
|
)
|
|
(11,163
|
)
|
|
(7,475
|
)
|
|||
Dividends on forfeited equity compensation
|
38
|
|
|
15
|
|
|
2
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
13
|
|
|
15
|
|
|||
Gain on the sales of rental property, net
|
(7,392
|
)
|
|
(72,211
|
)
|
|
(24,242
|
)
|
|||
Non-cash compensation expense
|
9,888
|
|
|
8,922
|
|
|
9,547
|
|
|||
Change in assets and liabilities:
|
|
|
|
|
|
||||||
Tenant accounts receivable
|
(2,509
|
)
|
|
(903
|
)
|
|
(2,125
|
)
|
|||
Prepaid expenses and other assets
|
(8,480
|
)
|
|
(8,921
|
)
|
|
(9,103
|
)
|
|||
Accounts payable, accrued expenses and other liabilities
|
429
|
|
|
2,385
|
|
|
514
|
|
|||
Tenant prepaid rent and security deposits
|
(160
|
)
|
|
3,108
|
|
|
3,850
|
|
|||
Total adjustments
|
182,692
|
|
|
101,524
|
|
|
129,898
|
|
|||
Net cash provided by operating activities
|
233,357
|
|
|
197,769
|
|
|
162,098
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Acquisitions of land and buildings and improvements
|
(995,047
|
)
|
|
(564,805
|
)
|
|
(497,264
|
)
|
|||
Additions of land and building and improvements
|
(65,044
|
)
|
|
(34,584
|
)
|
|
(45,790
|
)
|
|||
Acquisitions of other assets
|
(2,736
|
)
|
|
(794
|
)
|
|
—
|
|
|||
Proceeds from sales of rental property, net
|
42,028
|
|
|
207,943
|
|
|
65,075
|
|
|||
Proceeds from insurance on involuntary conversion
|
—
|
|
|
—
|
|
|
1,796
|
|
|||
Acquisitions of other liabilities
|
—
|
|
|
242
|
|
|
—
|
|
|||
Acquisition deposits, net
|
3,846
|
|
|
(4,916
|
)
|
|
255
|
|
|||
Acquisitions of deferred leasing intangibles
|
(205,621
|
)
|
|
(110,287
|
)
|
|
(95,707
|
)
|
|||
Net cash used in investing activities
|
(1,222,574
|
)
|
|
(507,201
|
)
|
|
(571,635
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from unsecured credit facility
|
1,568,000
|
|
|
894,500
|
|
|
677,500
|
|
|||
Repayment of unsecured credit facility
|
(1,522,500
|
)
|
|
(1,065,000
|
)
|
|
(434,500
|
)
|
|||
Proceeds from unsecured term loans
|
275,000
|
|
|
150,000
|
|
|
—
|
|
|||
Proceeds from unsecured notes
|
—
|
|
|
175,000
|
|
|
—
|
|
|||
Repayment of mortgage notes
|
(1,926
|
)
|
|
(1,843
|
)
|
|
(105,470
|
)
|
|||
Redemption of preferred stock
|
—
|
|
|
(70,000
|
)
|
|
—
|
|
|||
Payment of loan fees and costs
|
(1,227
|
)
|
|
(4,465
|
)
|
|
(1,209
|
)
|
|||
Payment of loan prepayment fees and costs
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||
Dividends and distributions
|
(189,581
|
)
|
|
(158,869
|
)
|
|
(141,006
|
)
|
|||
Proceeds from sales of common stock, net
|
852,375
|
|
|
386,046
|
|
|
421,530
|
|
|||
Repurchase and retirement of share-based compensation
|
(1,602
|
)
|
|
(1,524
|
)
|
|
(969
|
)
|
|||
Net cash provided by financing activities
|
978,539
|
|
|
303,845
|
|
|
415,861
|
|
|||
Increase (decrease) in cash and cash equivalents and restricted cash
|
(10,678
|
)
|
|
(5,587
|
)
|
|
6,324
|
|
|||
Cash and cash equivalents and restricted cash—beginning of period
|
22,542
|
|
|
28,129
|
|
|
21,805
|
|
|||
Cash and cash equivalents and restricted cash—end of period
|
$
|
11,864
|
|
|
$
|
22,542
|
|
|
$
|
28,129
|
|
Supplemental disclosure:
|
|
|
|
|
|
||||||
Cash paid for interest, net of capitalized interest
|
$
|
51,490
|
|
|
$
|
46,364
|
|
|
$
|
40,685
|
|
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
|
|
Additions to building and other capital improvements
|
$
|
(274
|
)
|
|
$
|
—
|
|
|
$
|
(158
|
)
|
Transfer of other assets to building and other capital improvements
|
$
|
274
|
|
|
$
|
—
|
|
|
$
|
158
|
|
Acquisitions of land and buildings and improvements
|
$
|
(469
|
)
|
|
$
|
(840
|
)
|
|
$
|
(17,461
|
)
|
Acquisitions of deferred leasing intangibles
|
$
|
(88
|
)
|
|
$
|
(48
|
)
|
|
$
|
(2,079
|
)
|
Partial disposal of building due to involuntary conversion of building
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
363
|
|
Investing other receivables due to involuntary conversion of building
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(363
|
)
|
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities
|
$
|
(8,278
|
)
|
|
$
|
147
|
|
|
$
|
(7,125
|
)
|
Additions to building and other capital improvements from non-cash compensation
|
$
|
(70
|
)
|
|
$
|
(25
|
)
|
|
$
|
(26
|
)
|
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities
|
$
|
(45
|
)
|
|
$
|
40
|
|
|
$
|
(15
|
)
|
Reclassification of preferred stock called for redemption to liability
|
$
|
—
|
|
|
$
|
70,000
|
|
|
$
|
—
|
|
Leases cumulative effect adjustment (Note 2)
|
$
|
(214
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Dividends and distributions accrued
|
$
|
17,465
|
|
|
$
|
13,754
|
|
|
$
|
11,880
|
|
Description
|
|
Estimated Useful Life
|
Building
|
|
40 Years
|
Building and land improvements
|
|
Up to 20 years
|
Tenant improvements
|
|
Shorter of useful life or terms of related lease
|
Reconciliation of cash and cash equivalents and restricted cash (in thousands)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents
|
|
$
|
9,041
|
|
|
$
|
7,968
|
|
Restricted cash
|
|
2,823
|
|
|
14,574
|
|
||
Total cash and cash equivalents and restricted cash
|
|
$
|
11,864
|
|
|
$
|
22,542
|
|
|
|
Year ended December 31,
|
|||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
Federal Income Tax Treatment of Dividends per Common Share
|
|
Per Share
|
|
%
|
|
Per Share
|
|
%
|
|
Per Share
|
|
%
|
|||||||||
Ordinary income
|
|
$
|
0.888657
|
|
|
62.2
|
%
|
|
$
|
1.051783
|
|
|
74.1
|
%
|
|
$
|
0.965483
|
|
|
68.8
|
%
|
Return of capital
|
|
0.538270
|
|
|
37.7
|
%
|
|
0.133170
|
|
|
9.4
|
%
|
|
0.437852
|
|
|
31.2
|
%
|
|||
Unrecaptured section 1250 capital gain
|
|
—
|
|
|
—
|
%
|
|
0.110647
|
|
|
7.8
|
%
|
|
—
|
|
|
—
|
%
|
|||
Other capital gain
|
|
—
|
|
|
—
|
%
|
|
0.123563
|
|
|
8.7
|
%
|
|
—
|
|
|
—
|
%
|
|||
Qualified dividend
|
|
0.002243
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Total (1)
|
|
$
|
1.429170
|
|
|
100.0
|
%
|
|
$
|
1.419163
|
|
|
100.0
|
%
|
|
$
|
1.403335
|
|
|
100.0
|
%
|
(1)
|
The December 2017 monthly common stock dividend of $0.1175 per share was included in the stockholder’s 2018 tax year. The December 2018 monthly common stock dividend of $0.118333 per share was included in the stockholder’s 2019 tax year. The December 2019 monthly common stock dividend of $0.119167 per share will be included in the stockholder’s 2020 tax year.
|
Rental Property, net (in thousands)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Land
|
|
$
|
435,923
|
|
|
$
|
364,023
|
|
Buildings, net of accumulated depreciation of $254,458 and $199,497, respectively
|
|
2,787,234
|
|
|
2,082,781
|
|
||
Tenant improvements, net of accumulated depreciation of $21,487 and $36,450, respectively
|
|
38,339
|
|
|
30,704
|
|
||
Building and land improvements, net of accumulated depreciation of $111,688 and $80,983, respectively
|
|
232,456
|
|
|
168,229
|
|
||
Construction in progress
|
|
29,406
|
|
|
3,949
|
|
||
Deferred leasing intangibles, net of accumulated amortization of $241,304 and $246,502, respectively
|
|
475,149
|
|
|
342,015
|
|
||
Total rental property, net
|
|
$
|
3,998,507
|
|
|
$
|
2,991,701
|
|
Year ended December 31, 2019
|
||||||||||||
Market(1)
|
|
Date Acquired
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands) |
||||
Cincinnati/Dayton, OH
|
|
January 24, 2019
|
|
176,000
|
|
|
1
|
|
|
$
|
9,965
|
|
Pittsburgh, PA
|
|
February 21, 2019
|
|
455,000
|
|
|
1
|
|
|
28,676
|
|
|
Boston, MA
|
|
February 21, 2019
|
|
349,870
|
|
|
1
|
|
|
26,483
|
|
|
Minneapolis/St Paul, MN
|
|
February 28, 2019
|
|
248,816
|
|
|
1
|
|
|
21,955
|
|
|
Greenville/Spartanburg, SC
|
|
March 7, 2019
|
|
331,845
|
|
|
1
|
|
|
24,536
|
|
|
Philadelphia, PA
|
|
March 7, 2019
|
|
148,300
|
|
|
1
|
|
|
10,546
|
|
|
Omaha/Council Bluffs, NE-IA
|
|
March 11, 2019
|
|
237,632
|
|
|
1
|
|
|
20,005
|
|
|
Houston, TX
|
|
March 28, 2019
|
|
132,000
|
|
|
1
|
|
|
17,307
|
|
|
Baltimore, MD
|
|
March 28, 2019
|
|
167,410
|
|
|
1
|
|
|
13,648
|
|
|
Houston, TX
|
|
March 28, 2019
|
|
116,750
|
|
|
1
|
|
|
12,242
|
|
|
Three months ended March 31, 2019
|
|
|
|
2,363,623
|
|
|
10
|
|
|
185,363
|
|
|
Minneapolis/St Paul, MN
|
|
April 2, 2019
|
|
100,600
|
|
|
1
|
|
|
9,045
|
|
|
West Michigan, MI
|
|
April 8, 2019
|
|
230,200
|
|
|
1
|
|
|
15,786
|
|
|
Greensboro/Winston-Salem, NC
|
|
April 12, 2019
|
|
129,600
|
|
|
1
|
|
|
7,771
|
|
|
Greenville/Spartanburg, SC
|
|
April 25, 2019
|
|
319,660
|
|
|
2
|
|
|
15,432
|
|
|
Charleston/N Charleston, SC
|
|
April 29, 2019
|
|
500,355
|
|
|
1
|
|
|
40,522
|
|
|
Houston, TX
|
|
April 29, 2019
|
|
128,136
|
|
|
1
|
|
|
13,649
|
|
|
Richmond, VA
|
|
May 16, 2019
|
|
109,520
|
|
|
1
|
|
|
9,467
|
|
|
Laredo, TX
|
|
June 6, 2019
|
|
213,982
|
|
|
1
|
|
|
18,972
|
|
|
Baton Rouge, LA
|
|
June 18, 2019
|
|
252,800
|
|
|
2
|
|
|
20,041
|
|
|
Philadelphia, PA
|
|
June 19, 2019
|
|
187,569
|
|
|
2
|
|
|
13,645
|
|
|
Columbus, OH
|
|
June 28, 2019
|
|
857,390
|
|
|
1
|
|
|
95,828
|
|
|
Three months ended June 30, 2019
|
|
|
|
3,029,812
|
|
|
14
|
|
|
260,158
|
|
|
Kansas City, MO
|
|
July 10, 2019
|
|
304,840
|
|
|
1
|
|
|
13,450
|
|
|
Houston, TX
|
|
July 22, 2019
|
|
199,903
|
|
|
1
|
|
|
11,287
|
|
|
Charleston/N Charleston, SC
|
|
July 22, 2019
|
|
88,583
|
|
|
1
|
|
|
7,166
|
|
|
Tampa, FL
|
|
August 5, 2019
|
|
78,560
|
|
|
1
|
|
|
8,168
|
|
|
Philadelphia, PA
|
|
August 6, 2019
|
|
120,000
|
|
|
1
|
|
|
10,880
|
|
|
Milwaukee/Madison, WI
|
|
August 16, 2019
|
|
224,940
|
|
|
3
|
|
|
13,981
|
|
|
Houston, TX
|
|
August 19, 2019
|
|
45,000
|
|
|
1
|
|
|
6,190
|
|
|
West Michigan, MI
|
|
August 19, 2019
|
|
210,120
|
|
|
1
|
|
|
10,407
|
|
|
Pittsburgh, PA
|
|
August 21, 2019
|
|
410,389
|
|
|
1
|
|
|
31,219
|
|
|
Boston, MA
|
|
August 22, 2019
|
|
80,100
|
|
|
1
|
|
|
14,253
|
|
|
Las Vegas, NV
|
|
August 27, 2019
|
|
80,422
|
|
|
2
|
|
|
12,602
|
|
|
Nashville, TN
|
|
August 29, 2019
|
|
348,880
|
|
|
1
|
|
|
20,267
|
|
|
Columbia, SC
|
|
August 30, 2019
|
|
200,000
|
|
|
1
|
|
|
13,670
|
|
|
Pittsburgh, PA
|
|
September 6, 2019
|
|
138,270
|
|
|
1
|
|
|
9,323
|
|
|
Omaha/Council Bluffs, NE-IA
|
|
September 11, 2019
|
|
128,200
|
|
|
2
|
|
|
8,509
|
|
|
Pittsburgh, PA
|
|
September 16, 2019
|
|
315,634
|
|
|
1
|
|
|
28,712
|
|
|
Memphis, TN
|
|
September 19, 2019
|
|
1,135,453
|
|
|
1
|
|
|
50,941
|
|
|
Memphis, TN
|
|
September 26, 2019
|
|
629,086
|
|
|
1
|
|
|
31,542
|
|
|
Three months ended September 30, 2019
|
|
|
|
4,738,380
|
|
|
22
|
|
|
302,567
|
|
|
Chicago, IL
|
|
October 10, 2019
|
|
105,925
|
|
|
1
|
|
|
11,621
|
|
|
Portland, OR
|
|
October 10, 2019
|
|
141,400
|
|
|
1
|
|
|
14,180
|
|
|
Jacksonville, FL
|
|
October 15, 2019
|
|
231,030
|
|
|
1
|
|
|
15,603
|
|
|
Indianapolis, IN
|
|
October 18, 2019
|
|
1,027,678
|
|
|
1
|
|
|
52,736
|
|
|
St. Louis, MO
|
|
October 21, 2019
|
|
127,464
|
|
|
1
|
|
|
12,055
|
|
|
Minneapolis/St Paul, MN
|
|
October 29, 2019
|
|
236,479
|
|
|
2
|
|
|
18,833
|
|
|
Minneapolis/St Paul, MN
|
|
November 4, 2019
|
|
276,550
|
|
|
1
|
|
|
23,598
|
|
|
Minneapolis/St Paul, MN
|
|
November 5, 2019
|
|
136,589
|
|
|
1
|
|
|
17,601
|
|
|
Chicago, IL
|
|
November 7, 2019
|
|
574,249
|
|
|
1
|
|
|
34,989
|
|
|
Milwaukee/Madison, WI
|
|
November 12, 2019
|
|
111,000
|
|
|
1
|
|
|
5,107
|
|
|
Knoxville, TN
|
|
November 21, 2019
|
|
227,150
|
|
|
1
|
|
|
10,089
|
|
|
Columbia, SC
|
|
November 21, 2019
|
|
464,206
|
|
|
1
|
|
|
35,050
|
|
|
Greenville/Spartanburg, SC
|
|
December 4, 2019
|
|
273,000
|
|
|
1
|
|
|
19,224
|
|
|
Houston, TX
|
|
December 5, 2019
|
|
90,000
|
|
|
1
|
|
|
11,276
|
|
|
Milwaukee/Madison, WI
|
|
December 16, 2019
|
|
192,800
|
|
|
1
|
|
|
18,750
|
|
|
Houston, TX
|
|
December 17, 2019
|
|
250,000
|
|
|
1
|
|
|
21,864
|
|
|
Denver, CO
|
|
December 18, 2019
|
|
132,194
|
|
|
1
|
|
|
15,749
|
|
|
Des Moines, IA
|
|
December 19, 2019
|
|
200,011
|
|
|
1
|
|
|
17,335
|
|
|
Indianapolis, IN
|
|
December 19, 2019
|
|
558,994
|
|
|
1
|
|
|
53,259
|
|
|
Northern New Jersey, NJ
|
|
December 23, 2019
|
|
113,973
|
|
|
1
|
|
|
14,784
|
|
|
Sacramento, CA
|
|
December 30, 2019
|
|
147,840
|
|
|
1
|
|
|
10,680
|
|
|
Kansas City, MO
|
|
December 31, 2019
|
|
230,116
|
|
|
1
|
|
|
21,490
|
|
|
Three months ended December 31, 2019
|
|
|
|
5,848,648
|
|
|
23
|
|
|
$
|
455,873
|
|
Year ended December 31, 2019
|
|
|
|
15,980,463
|
|
|
69
|
|
|
$
|
1,203,961
|
|
Year ended December 31, 2018
|
||||||||||||
Market(1)
|
|
Date Acquired
|
|
Square Feet
|
|
Buildings
|
|
Purchase Price
(in thousands) |
||||
Greenville/Spartanburg, SC
|
|
January 11, 2018
|
|
203,000
|
|
|
1
|
|
|
$
|
10,755
|
|
Minneapolis/St Paul, MN
|
|
January 26, 2018
|
|
145,351
|
|
|
1
|
|
|
13,538
|
|
|
Philadelphia, PA
|
|
February 1, 2018
|
|
278,582
|
|
|
1
|
|
|
18,277
|
|
|
Houston, TX
|
|
February 22, 2018
|
|
242,225
|
|
|
2
|
|
|
22,478
|
|
|
Greenville/Spartanburg, SC
|
|
March 30, 2018
|
|
222,710
|
|
|
1
|
|
|
13,773
|
|
|
Three months ended March 31, 2018
|
|
|
|
1,091,868
|
|
|
6
|
|
|
78,821
|
|
|
Chicago, IL
|
|
April 23, 2018
|
|
169,311
|
|
|
2
|
|
|
10,975
|
|
|
Milwaukee/Madison, WI
|
|
April 26, 2018
|
|
53,680
|
|
|
1
|
|
|
4,316
|
|
|
Pittsburgh, PA
|
|
April 30, 2018
|
|
175,000
|
|
|
1
|
|
|
15,380
|
|
|
Detroit, MI
|
|
May 9, 2018
|
|
274,500
|
|
|
1
|
|
|
19,328
|
|
|
Minneapolis/St Paul, MN
|
|
May 15, 2018
|
|
509,910
|
|
|
2
|
|
|
26,983
|
|
|
Cincinnati/Dayton, OH
|
|
May 23, 2018
|
|
158,500
|
|
|
1
|
|
|
7,317
|
|
|
Baton Rouge, LA
|
|
May 31, 2018
|
|
279,236
|
|
|
1
|
|
|
21,379
|
|
|
Las Vegas, NV
|
|
June 12, 2018
|
|
122,472
|
|
|
1
|
|
|
17,920
|
|
|
Greenville/Spartanburg, SC
|
|
June 15, 2018
|
|
131,805
|
|
|
1
|
|
|
5,621
|
|
|
Denver, CO
|
|
June 18, 2018
|
|
64,750
|
|
|
1
|
|
|
7,044
|
|
|
Cincinnati/Dayton, OH
|
|
June 25, 2018
|
|
465,136
|
|
|
1
|
|
|
16,421
|
|
|
Charlotte, NC
|
|
June 29, 2018
|
|
69,200
|
|
|
1
|
|
|
5,446
|
|
|
Houston, TX
|
|
June 29, 2018
|
|
252,662
|
|
|
1
|
|
|
27,170
|
|
|
Three months ended June 30, 2018
|
|
|
|
2,726,162
|
|
|
15
|
|
|
185,300
|
|
|
Knoxville, TN
|
|
July 10, 2018
|
|
106,000
|
|
|
1
|
|
|
6,477
|
|
|
Pittsburgh, PA
|
|
August 2, 2018
|
|
265,568
|
|
|
1
|
|
|
19,186
|
|
|
Raleigh/Durham, NC
|
|
August 2, 2018
|
|
365,000
|
|
|
1
|
|
|
21,067
|
|
|
Detroit, MI
|
|
August 6, 2018
|
|
439,150
|
|
|
1
|
|
|
21,077
|
|
|
Des Moines, IA
|
|
August 8, 2018
|
|
121,922
|
|
|
1
|
|
|
6,053
|
|
|
McAllen/Edinburg/Pharr, TX
|
|
August 9, 2018
|
|
270,084
|
|
|
1
|
|
|
18,523
|
|
|
Pittsburgh, PA
|
|
August 15, 2018
|
|
200,500
|
|
|
1
|
|
|
11,327
|
|
|
Minneapolis/St Paul, MN
|
|
August 24, 2018
|
|
120,606
|
|
|
1
|
|
|
8,422
|
|
|
Milwaukee/Madison, WI
|
|
September 28, 2018
|
|
100,800
|
|
|
1
|
|
|
7,484
|
|
|
Milwaukee/Madison, WI
|
|
September 28, 2018
|
|
174,633
|
|
|
2
|
|
|
13,288
|
|
|
Chicago, IL
|
|
September 28, 2018
|
|
105,637
|
|
|
1
|
|
|
6,368
|
|
|
Indianapolis, IN
|
|
September 28, 2018
|
|
478,721
|
|
|
1
|
|
|
29,085
|
|
|
Augusta/Richmond County, GA
|
|
September 28, 2018
|
|
203,726
|
|
|
1
|
|
|
9,379
|
|
|
Charlotte, NC
|
|
September 28, 2018
|
|
301,000
|
|
|
1
|
|
|
16,807
|
|
|
Three months ended September 30, 2018
|
|
|
|
3,253,347
|
|
|
15
|
|
|
194,543
|
|
|
Greensboro/Winston-Salem, NC
|
|
October 22, 2018
|
|
128,287
|
|
|
1
|
|
|
8,376
|
|
|
Minneapolis/St Paul, MN
|
|
October 22, 2018
|
|
109,444
|
|
|
1
|
|
|
8,064
|
|
|
Baltimore, MD
|
|
October 23, 2018
|
|
60,000
|
|
|
1
|
|
|
7,538
|
|
|
Greenville/Spartanburg, SC
|
|
November 7, 2018
|
|
210,891
|
|
|
1
|
|
|
11,289
|
|
|
Philadelphia, PA
|
|
November 19, 2018
|
|
101,869
|
|
|
1
|
|
|
7,074
|
|
|
Detroit, MI (2)
|
|
November 26, 2018
|
|
—
|
|
|
—
|
|
|
620
|
|
|
Milwaukee/Madison, WI
|
|
December 3, 2018
|
|
162,230
|
|
|
1
|
|
|
14,132
|
|
|
Pittsburgh, PA
|
|
December 11, 2018
|
|
119,161
|
|
|
1
|
|
|
15,502
|
|
|
Tucson, AZ
|
|
December 13, 2018
|
|
129,047
|
|
|
1
|
|
|
10,075
|
|
|
Detroit, MI
|
|
December 14, 2018
|
|
285,306
|
|
|
2
|
|
|
20,095
|
|
|
Greenville/Spartanburg, SC
|
|
December 17, 2018
|
|
726,500
|
|
|
1
|
|
|
28,995
|
|
|
Milwaukee/Madison, WI
|
|
December 18, 2018
|
|
288,201
|
|
|
2
|
|
|
14,586
|
|
|
Milwaukee/Madison, WI
|
|
December 19, 2018
|
|
112,144
|
|
|
1
|
|
|
5,349
|
|
|
Chicago, IL
|
|
December 19, 2018
|
|
195,415
|
|
|
1
|
|
|
16,134
|
|
|
Indianapolis, IN
|
|
December 20, 2018
|
|
446,500
|
|
|
1
|
|
|
33,314
|
|
|
Pittsburgh, PA
|
|
December 20, 2018
|
|
179,394
|
|
|
1
|
|
|
16,725
|
|
|
Three months ended December 31, 2018
|
|
|
|
3,254,389
|
|
|
17
|
|
|
217,868
|
|
|
Year ended December 31, 2018
|
|
|
|
10,325,766
|
|
|
53
|
|
|
$
|
676,532
|
|
|
|
Year ended December 31, 2019
|
|
Year ended December 31, 2018
|
||||||||
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
|
|
$
|
96,379
|
|
|
N/A
|
|
$
|
59,974
|
|
|
N/A
|
Buildings
|
|
814,541
|
|
|
N/A
|
|
465,272
|
|
|
N/A
|
||
Tenant improvements
|
|
12,661
|
|
|
N/A
|
|
6,684
|
|
|
N/A
|
||
Building and land improvements
|
|
69,903
|
|
|
N/A
|
|
33,715
|
|
|
N/A
|
||
Construction in progress
|
|
2,032
|
|
|
N/A
|
|
—
|
|
|
N/A
|
||
Other assets
|
|
2,736
|
|
|
N/A
|
|
794
|
|
|
N/A
|
||
Deferred leasing intangibles - In-place leases
|
|
128,235
|
|
|
9.3
|
|
77,803
|
|
|
9.0
|
||
Deferred leasing intangibles - Tenant relationships
|
|
60,689
|
|
|
12.3
|
|
32,448
|
|
|
11.9
|
||
Deferred leasing intangibles - Above market leases
|
|
27,808
|
|
|
12.8
|
|
10,372
|
|
|
10.6
|
||
Deferred leasing intangibles - Below market leases
|
|
(11,023
|
)
|
|
8.4
|
|
(10,110
|
)
|
|
8.1
|
||
Deferred leasing intangibles - Above market ground leases
|
|
—
|
|
|
N/A
|
|
(178
|
)
|
|
48.1
|
||
Other liabilities
|
|
—
|
|
|
N/A
|
|
(242
|
)
|
|
N/A
|
||
Total purchase price
|
|
$
|
1,203,961
|
|
|
|
|
$
|
676,532
|
|
|
|
Results of Operations (in thousands)
|
|
Year ended December 31, 2019
|
|
Year ended December 31, 2018
|
||||
Total revenue
|
|
$
|
35,042
|
|
|
$
|
22,099
|
|
Net income
|
|
$
|
6,302
|
|
|
$
|
4,245
|
|
Market (1)
|
|
Buildings
|
|
Event or Change in Circumstance Leading to Impairment Evaluation(2)
|
|
Valuation technique utilized to estimate fair value
|
|
Fair Value(3)
|
|
Loss on Impairments
|
||||
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Rapid City, SD(4)
|
|
1
|
|
Change in estimated hold period
|
(5)
|
Discounted cash flows
|
(6)
|
|
|
|
||||
Three months ended March 31, 2019
|
|
|
|
$
|
4,373
|
|
|
$
|
5,344
|
|
||||
Belfast, ME(4)
|
|
5
|
|
Market leasing conditions
|
|
Discounted cash flows
|
(7)
|
|
|
|
||||
Three months ended September 30, 2019
|
|
|
|
$
|
5,950
|
|
|
$
|
4,413
|
|
||||
Year ended December 31, 2019
|
|
|
|
|
|
|
$
|
9,757
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||
Buena Vista, VA
|
|
1
|
|
Change in estimated hold period
|
(8)
|
Discounted cash flows
|
(9)
|
|
|
|
||||
Sergeant Bluff, IA(4)
|
|
1
|
|
Change in estimated hold period
|
(8)
|
Discounted cash flows
|
(9)
|
|
|
|
||||
Three months ended March 31, 2018
|
|
|
|
$
|
3,176
|
|
|
$
|
2,934
|
|
||||
Chicago, IL
|
|
1
|
|
Change in estimated hold period
|
(5)
|
Discounted cash flows
|
(10)
|
|
|
|
||||
Cleveland, OH
|
|
1
|
|
Change in estimated hold period
|
(5)
|
Discounted cash flows
|
(10)
|
|
|
|
||||
Three months ended December 31, 2018
|
|
|
|
$
|
4,322
|
|
|
$
|
3,248
|
|
||||
Year ended December 31, 2018
|
|
|
|
|
|
|
$
|
6,182
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||
Cincinnati/Dayton, OH(4)
|
|
1
|
|
Market leasing conditions
|
(8)
|
Discounted cash flows
|
(11)
|
|
|
|
||||
Three months ended December 31, 2017
|
|
|
|
$
|
1,543
|
|
|
$
|
1,879
|
|
||||
Year ended December 31, 2017
|
|
|
|
|
|
|
$
|
1,879
|
|
(1)
|
As defined by CoStar. If the building is located outside of a CoStar defined market, the city and state is reflected.
|
(2)
|
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.
|
(3)
|
The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
|
(4)
|
Flex/office buildings.
|
(5)
|
This property was sold during the year ended December 31, 2019.
|
(6)
|
Level 3 inputs used to determine fair value for the property impaired for the three months ended March 31, 2019: discount rate of 12.0% and exit capitalization rate of 12.0%.
|
(7)
|
Level 3 inputs used to determine fair value for the property impaired for the three months ended September 30, 2019: discount rate of 13.0% and exit capitalization rate of 12.0%.
|
(8)
|
This property was sold during the year ended December 31, 2018.
|
(9)
|
Level 3 inputs used to determine fair value for the properties impaired for the three months ended March 31, 2018: discount rates ranged from 11.0% to 14.5% and exit capitalization rates ranged from 11.0% to 13.0%.
|
(10)
|
Level 3 inputs used to determine fair value for the properties impaired for the three months ended December 31, 2018: discount rate of 12.0% and exit capitalization rates ranged from 8.3% to 12.0%.
|
(11)
|
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%.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Deferred Leasing Intangibles (in thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Above market leases
|
|
$
|
92,607
|
|
|
$
|
(32,115
|
)
|
|
$
|
60,492
|
|
|
$
|
73,122
|
|
|
$
|
(31,059
|
)
|
|
$
|
42,063
|
|
Other intangible lease assets
|
|
623,846
|
|
|
(209,189
|
)
|
|
414,657
|
|
|
515,395
|
|
|
(215,443
|
)
|
|
299,952
|
|
||||||
Total deferred leasing intangible assets
|
|
$
|
716,453
|
|
|
$
|
(241,304
|
)
|
|
$
|
475,149
|
|
|
$
|
588,517
|
|
|
$
|
(246,502
|
)
|
|
$
|
342,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market leases
|
|
$
|
38,802
|
|
|
$
|
(12,064
|
)
|
|
$
|
26,738
|
|
|
$
|
34,331
|
|
|
$
|
(12,764
|
)
|
|
$
|
21,567
|
|
Total deferred leasing intangible liabilities
|
|
$
|
38,802
|
|
|
$
|
(12,064
|
)
|
|
$
|
26,738
|
|
|
$
|
34,331
|
|
|
$
|
(12,764
|
)
|
|
$
|
21,567
|
|
|
|
Year ended December 31,
|
||||||||||
Deferred Leasing Intangibles Amortization (in thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net decrease to rental income related to above and below market lease amortization
|
|
$
|
4,884
|
|
|
$
|
4,164
|
|
|
$
|
4,583
|
|
Amortization expense related to other intangible lease assets
|
|
$
|
73,726
|
|
|
$
|
74,370
|
|
|
$
|
72,936
|
|
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)
|
||||
2020
|
|
$
|
74,061
|
|
|
$
|
4,321
|
|
2021
|
|
$
|
62,310
|
|
|
$
|
3,202
|
|
2022
|
|
$
|
53,048
|
|
|
$
|
2,421
|
|
2023
|
|
$
|
44,857
|
|
|
$
|
2,494
|
|
2024
|
|
$
|
36,182
|
|
|
$
|
2,869
|
|
Loan
|
|
Principal Outstanding as of December 31, 2019 (in thousands)
|
|
Principal Outstanding as of December 31, 2018
(in thousands) |
|
Interest
Rate (1)(2) |
|
Maturity Date
|
|
Prepayment Terms (3)
|
|||||
Unsecured credit facility:
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured Credit Facility (4)
|
|
$
|
146,000
|
|
|
$
|
100,500
|
|
|
L + 0.90%
|
|
|
January 15, 2023
|
|
i
|
Total unsecured credit facility
|
|
146,000
|
|
|
100,500
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured term loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unsecured Term Loan C
|
|
150,000
|
|
|
150,000
|
|
|
2.39
|
%
|
|
September 29, 2020
|
|
i
|
||
Unsecured Term Loan B
|
|
150,000
|
|
|
150,000
|
|
|
3.05
|
%
|
|
March 21, 2021
|
|
i
|
||
Unsecured Term Loan A
|
|
150,000
|
|
|
150,000
|
|
|
2.70
|
%
|
|
March 31, 2022
|
|
i
|
||
Unsecured Term Loan D
|
|
150,000
|
|
|
150,000
|
|
|
2.85
|
%
|
|
January 4, 2023
|
|
i
|
||
Unsecured Term Loan E
|
|
175,000
|
|
|
—
|
|
|
3.92
|
%
|
|
January 15, 2024
|
|
i
|
||
Unsecured Term Loan F (5)
|
|
100,000
|
|
|
—
|
|
|
L + 1.00%
|
|
|
January 12, 2025
|
|
i
|
||
Total unsecured term loans
|
|
875,000
|
|
|
600,000
|
|
|
|
|
|
|
|
|||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(3,625
|
)
|
|
(3,640
|
)
|
|
|
|
|
|
|
|||
Total carrying value unsecured term loans, net
|
|
871,375
|
|
|
596,360
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Series F Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
3.98
|
%
|
|
January 5, 2023
|
|
ii
|
||
Series A Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
October 1, 2024
|
|
ii
|
||
Series D Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
4.32
|
%
|
|
February 20, 2025
|
|
ii
|
||
Series G Unsecured Notes
|
|
75,000
|
|
|
75,000
|
|
|
4.10
|
%
|
|
June 13, 2025
|
|
ii
|
||
Series B Unsecured Notes
|
|
50,000
|
|
|
50,000
|
|
|
4.98
|
%
|
|
July 1, 2026
|
|
ii
|
||
Series C Unsecured Notes
|
|
80,000
|
|
|
80,000
|
|
|
4.42
|
%
|
|
December 30, 2026
|
|
ii
|
||
Series E Unsecured Notes
|
|
20,000
|
|
|
20,000
|
|
|
4.42
|
%
|
|
February 20, 2027
|
|
ii
|
||
Series H Unsecured Notes
|
|
100,000
|
|
|
100,000
|
|
|
4.27
|
%
|
|
June 13, 2028
|
|
ii
|
||
Total unsecured notes
|
|
575,000
|
|
|
575,000
|
|
|
|
|
|
|
|
|||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(2,117
|
)
|
|
(2,512
|
)
|
|
|
|
|
|
|
|||
Total carrying value unsecured notes, net
|
|
572,883
|
|
|
572,488
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage notes (secured debt):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wells Fargo Bank, National Association CMBS Loan
|
|
51,406
|
|
|
53,216
|
|
|
4.31
|
%
|
|
December 1, 2022
|
|
iii
|
||
Thrivent Financial for Lutherans
|
|
3,679
|
|
|
3,795
|
|
|
4.78
|
%
|
|
December 15, 2023
|
|
iv
|
||
Total mortgage notes
|
|
55,085
|
|
|
57,011
|
|
|
|
|
|
|
|
|
||
Add: Total unamortized fair market value premiums
|
|
39
|
|
|
50
|
|
|
|
|
|
|
|
|
||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(369
|
)
|
|
(501
|
)
|
|
|
|
|
|
|
|||
Total carrying value mortgage notes, net
|
|
54,755
|
|
|
56,560
|
|
|
|
|
|
|
|
|
||
Total / weighted average interest rate (6)
|
|
$
|
1,645,013
|
|
|
$
|
1,325,908
|
|
|
3.48
|
%
|
|
|
|
|
(1)
|
Interest rate as of December 31, 2019. At December 31, 2019, the one-month LIBOR (“L”) was 1.7625%. 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 the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements.
|
(2)
|
The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of December 31, 2019, one-month LIBOR for the Unsecured Term Loans A, B, C, D, and E was swapped to a fixed rate of 1.70%, 2.05%, 1.39%, 1.85%, and 2.92%, respectively. One-month LIBOR for the Unsecured Term Loan F will be swapped to a fixed rate of 2.11% effective July 15, 2020.
|
(3)
|
Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date.
|
(4)
|
The capacity of the unsecured credit facility is $500.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.2 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2019 and 2018, respectively.
|
(5)
|
The remaining capacity is $100.0 million as of December 31, 2019, which the Company has until July 12, 2020 to draw.
|
(6)
|
The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $775.0 million of debt, and was 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)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums
|
|
$
|
2,583
|
|
|
$
|
2,316
|
|
|
$
|
2,087
|
|
Facility, unused, and other fees
|
|
$
|
1,513
|
|
|
$
|
1,246
|
|
|
$
|
1,169
|
|
•
|
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 minimum fixed charge ratio of not less than or equal to 1.50:1.00; and
|
•
|
a minimum unsecured interest coverage ratio of not less than or equal to 1.75:1.00.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
Indebtedness (in thousands)
|
|
Principal Outstanding
|
|
Fair Value
|
|
Principal Outstanding
|
|
Fair Value
|
||||||||
Unsecured credit facility
|
|
$
|
146,000
|
|
|
$
|
146,000
|
|
|
$
|
100,500
|
|
|
$
|
100,500
|
|
Unsecured term loans
|
|
875,000
|
|
|
875,000
|
|
|
600,000
|
|
|
600,000
|
|
||||
Unsecured notes
|
|
575,000
|
|
|
614,493
|
|
|
575,000
|
|
|
585,292
|
|
||||
Mortgage notes
|
|
55,085
|
|
|
56,021
|
|
|
57,011
|
|
|
57,289
|
|
||||
Total principal amount
|
|
1,651,085
|
|
|
$
|
1,691,514
|
|
|
1,332,511
|
|
|
$
|
1,343,081
|
|
||
Add: Total unamortized fair market value premiums
|
|
39
|
|
|
|
|
50
|
|
|
|
||||||
Less: Total unamortized deferred financing fees and debt issuance costs
|
|
(6,111
|
)
|
|
|
|
(6,653
|
)
|
|
|
||||||
Total carrying value
|
|
$
|
1,645,013
|
|
|
|
|
$
|
1,325,908
|
|
|
|
Year
|
|
Future Principal Payments of Debt
(in thousands)
|
||
2020
|
|
$
|
152,006
|
|
2021
|
|
152,103
|
|
|
2022
|
|
197,681
|
|
|
2023
|
|
399,295
|
|
|
2024
|
|
225,000
|
|
|
Thereafter
|
|
525,000
|
|
|
Total aggregate principal payments
|
|
$
|
1,651,085
|
|
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
|
|
|
$
|
13
|
|
|
1.3300
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Jul-01-2013
|
|
$
|
50,000
|
|
|
$
|
5
|
|
|
1.6810
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Capital One, N.A.
|
|
Jun-13-2013
|
|
Aug-01-2013
|
|
$
|
25,000
|
|
|
$
|
2
|
|
|
1.7030
|
%
|
|
One-month L
|
|
Feb-14-2020
|
Regions Bank
|
|
Sep-30-2013
|
|
Feb-03-2014
|
|
$
|
25,000
|
|
|
$
|
(7
|
)
|
|
1.9925
|
%
|
|
One-month L
|
|
Feb-14-2020
|
The Toronto-Dominion Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
48
|
|
|
1.3830
|
%
|
|
One-month L
|
|
Sep-29-2020
|
PNC Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
50,000
|
|
|
$
|
94
|
|
|
1.3906
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Regions Bank
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
35,000
|
|
|
$
|
67
|
|
|
1.3858
|
%
|
|
One-month L
|
|
Sep-29-2020
|
U.S. Bank, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
25,000
|
|
|
$
|
46
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Capital One, N.A.
|
|
Oct-14-2015
|
|
Sep-29-2016
|
|
$
|
15,000
|
|
|
$
|
28
|
|
|
1.3950
|
%
|
|
One-month L
|
|
Sep-29-2020
|
Royal Bank of Canada
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(37
|
)
|
|
1.7090
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(38
|
)
|
|
1.7105
|
%
|
|
One-month L
|
|
Mar-21-2021
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Sep-10-2017
|
|
$
|
100,000
|
|
|
$
|
(778
|
)
|
|
2.2255
|
%
|
|
One-month L
|
|
Mar-21-2021
|
Wells Fargo, N.A.
|
|
Jan-08-2015
|
|
Mar-20-2015
|
|
$
|
25,000
|
|
|
$
|
(162
|
)
|
|
1.8280
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
25,000
|
|
|
$
|
(490
|
)
|
|
2.4535
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Regions Bank
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(1,003
|
)
|
|
2.4750
|
%
|
|
One-month L
|
|
Mar-31-2022
|
Capital One, N.A.
|
|
Jan-08-2015
|
|
Feb-14-2020
|
|
$
|
50,000
|
|
|
$
|
(1,061
|
)
|
|
2.5300
|
%
|
|
One-month L
|
|
Mar-31-2022
|
The Toronto-Dominion Bank
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(229
|
)
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Royal Bank of Canada
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(230
|
)
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
Wells Fargo, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(230
|
)
|
|
1.8505
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
25,000
|
|
|
$
|
(229
|
)
|
|
1.8485
|
%
|
|
One-month L
|
|
Jan-04-2023
|
PNC Bank, N.A.
|
|
Jul-20-2017
|
|
Oct-30-2017
|
|
$
|
50,000
|
|
|
$
|
(456
|
)
|
|
1.8475
|
%
|
|
One-month L
|
|
Jan-04-2023
|
The Toronto-Dominion Bank
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,663
|
)
|
|
2.9180
|
%
|
|
One-month L
|
|
Jan-12-2024
|
PNC Bank, N.A.
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,665
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
Bank of Montreal
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
50,000
|
|
|
$
|
(2,665
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
U.S. Bank, N.A.
|
|
Jul-24-2018
|
|
Jul-26-2019
|
|
$
|
25,000
|
|
|
$
|
(1,332
|
)
|
|
2.9190
|
%
|
|
One-month L
|
|
Jan-12-2024
|
Wells Fargo, N.A.
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,422
|
)
|
|
2.2460
|
%
|
|
One-month L
|
|
Jan-15-2025
|
U.S. Bank, N.A.
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,421
|
)
|
|
2.2459
|
%
|
|
One-month L
|
|
Jan-15-2025
|
Regions Bank
|
|
May-02-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(1,425
|
)
|
|
2.2459
|
%
|
|
One-month L
|
|
Jan-15-2025
|
Bank of Montreal
|
|
Jul-16-2019
|
|
Jul-15-2020
|
|
$
|
50,000
|
|
|
$
|
(276
|
)
|
|
1.7165
|
%
|
|
One-month L
|
|
Jan-15-2025
|
Balance Sheet Line Item (in thousands)
|
|
Notional Amount December 31, 2019
|
|
Fair Value December 31, 2019
|
|
Notional Amount December 31, 2018
|
|
Fair Value December 31, 2018
|
||||||||
Interest rate swaps-Asset
|
|
$
|
250,000
|
|
|
$
|
303
|
|
|
$
|
600,000
|
|
|
$
|
9,151
|
|
Interest rate swaps-Liability
|
|
$
|
850,000
|
|
|
$
|
(18,819
|
)
|
|
$
|
300,000
|
|
|
$
|
(4,011
|
)
|
|
|
Year ended December 31,
|
||||||||||
Effect of Cash Flow Hedge Accounting (in thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps
|
|
$
|
(21,248
|
)
|
|
$
|
1,687
|
|
|
$
|
3,597
|
|
Income (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense
|
|
$
|
2,377
|
|
|
$
|
1,377
|
|
|
$
|
(2,073
|
)
|
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
|
|
$
|
54,647
|
|
|
$
|
48,817
|
|
|
$
|
42,469
|
|
|
|
|
|
Fair Value Measurements as of
December 31, 2019 |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value December 31, 2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
303
|
|
|
$
|
—
|
|
|
$
|
303
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(18,819
|
)
|
|
$
|
—
|
|
|
$
|
(18,819
|
)
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
December 31, 2018 |
||||||||||||
Balance Sheet Line Item (in thousands)
|
|
Fair Value December 31, 2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Interest rate swaps-Asset
|
|
$
|
9,151
|
|
|
$
|
—
|
|
|
$
|
9,151
|
|
|
$
|
—
|
|
Interest rate swaps-Liability
|
|
$
|
(4,011
|
)
|
|
$
|
—
|
|
|
$
|
(4,011
|
)
|
|
$
|
—
|
|
Preferred Stock Issuances
|
|
Issuance Date
|
|
Number of Shares
|
|
Liquidation Value Per Share
|
|
Interest Rate
|
||||
6.875% Series C Cumulative Redeemable Preferred Stock
|
|
March 17, 2016
|
|
3,000,000
|
|
|
$
|
25.00
|
|
|
6.875
|
%
|
Quarter Ended 2019
|
|
Declaration Date
|
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||
December 31
|
|
October 15, 2019
|
|
$
|
0.4296875
|
|
|
December 31, 2019
|
September 30
|
|
July 15, 2019
|
|
0.4296875
|
|
|
September 30, 2019
|
|
June 30
|
|
April 9, 2019
|
|
0.4296875
|
|
|
July 1, 2019
|
|
March 31
|
|
January 10, 2019
|
|
0.4296875
|
|
|
April 1, 2019
|
|
Total
|
|
|
|
$
|
1.7187500
|
|
|
|
Quarter Ended 2018
|
|
Declaration Date
|
|
Series B
Preferred Stock Per Share |
|
Series C
Preferred Stock Per Share |
|
Payment Date
|
||||
December 31
|
|
October 10, 2018
|
|
$
|
—
|
|
|
$
|
0.4296875
|
|
|
December 31, 2018
|
September 30
|
|
July 11, 2018
|
|
0.0460069
|
|
(1)
|
0.4296875
|
|
|
October 1, 2018
|
||
June 30
|
|
April 10, 2018
|
|
0.4140625
|
|
|
0.4296875
|
|
|
July 2, 2018
|
||
March 31
|
|
February 14, 2018
|
|
0.4140625
|
|
|
0.4296875
|
|
|
April 2, 2018
|
||
Total
|
|
|
|
$
|
0.8741319
|
|
|
$
|
1.7187500
|
|
|
|
(1)
|
On June 11, 2018, the Company gave notice to redeem all 2,800,000 issued and outstanding shares of the Series B Preferred Stock. On July 11, 2018, the Company redeemed all of the Series B 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.
|
ATM Common Stock Offering Program
|
|
Date
|
|
Maximum Aggregate Offering Price (in thousands)
|
|
Aggregate Common Stock Available as of
December 31, 2019 (in thousands) |
||||
2019 $600 million ATM
|
|
February 14, 2019
|
|
$
|
600,000
|
|
|
$
|
318,248
|
|
|
|
Year ended December 31, 2019
|
|||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Net
Proceeds |
|||||
2019 $600 million ATM
|
|
9,711,706
|
|
|
$
|
29.01
|
|
|
$
|
279,156
|
|
Total/weighted average
|
|
9,711,706
|
|
|
$
|
29.01
|
|
|
$
|
279,156
|
|
|
|
Year ended December 31, 2018
|
|||||||||
ATM Common Stock Offering Program
|
|
Shares
Sold |
|
Weighted Average Price Per Share
|
|
Net
Proceeds |
|||||
2017 $500 million ATM (1)
|
|
14,724,614
|
|
|
$
|
26.52
|
|
|
$
|
386,407
|
|
Total/weighted average
|
|
14,724,614
|
|
|
$
|
26.52
|
|
|
$
|
386,407
|
|
Month Ended 2019
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
October 15, 2019
|
|
December 31, 2019
|
|
$
|
0.119167
|
|
|
January 15, 2020
|
November 30
|
|
October 15, 2019
|
|
November 29, 2019
|
|
0.119167
|
|
|
December 16, 2019
|
|
October 31
|
|
October 15, 2019
|
|
October 31, 2019
|
|
0.119167
|
|
|
November 15, 2019
|
|
September 30
|
|
July 15, 2019
|
|
September 30, 2019
|
|
0.119167
|
|
|
October 15, 2019
|
|
August 31
|
|
July 15, 2019
|
|
August 30, 2019
|
|
0.119167
|
|
|
September 16, 2019
|
|
July 31
|
|
July 15, 2019
|
|
July 31, 2019
|
|
0.119167
|
|
|
August 15, 2019
|
|
June 30
|
|
April 9, 2019
|
|
June 28, 2019
|
|
0.119167
|
|
|
July 15, 2019
|
|
May 31
|
|
April 9, 2019
|
|
May 31, 2019
|
|
0.119167
|
|
|
June 17, 2019
|
|
April 30
|
|
April 9, 2019
|
|
April 30, 2019
|
|
0.119167
|
|
|
May 15, 2019
|
|
March 31
|
|
January 10, 2019
|
|
March 29, 2019
|
|
0.119167
|
|
|
April 15, 2019
|
|
February 28
|
|
January 10, 2019
|
|
February 28, 2019
|
|
0.119167
|
|
|
March 15, 2019
|
|
January 31
|
|
January 10, 2019
|
|
January 31, 2019
|
|
0.119167
|
|
|
February 15, 2019
|
|
Total
|
|
|
|
|
|
$
|
1.430004
|
|
|
|
Month Ended 2018
|
|
Declaration Date
|
|
Record Date
|
|
Per Share
|
|
Payment Date
|
||
December 31
|
|
October 10, 2018
|
|
December 31, 2018
|
|
$
|
0.118333
|
|
|
January 15, 2019
|
November 30
|
|
October 10, 2018
|
|
November 30, 2018
|
|
0.118333
|
|
|
December 17, 2018
|
|
October 31
|
|
October 10, 2018
|
|
October 31, 2018
|
|
0.118333
|
|
|
November 15, 2018
|
|
September 30
|
|
July 11, 2018
|
|
September 28, 2018
|
|
0.118333
|
|
|
October 15, 2018
|
|
August 31
|
|
July 11, 2018
|
|
August 31, 2018
|
|
0.118333
|
|
|
September 17, 2018
|
|
July 31
|
|
July 11, 2018
|
|
July 31, 2018
|
|
0.118333
|
|
|
August 15, 2018
|
|
June 30
|
|
April 10, 2018
|
|
June 29, 2018
|
|
0.118333
|
|
|
July 16, 2018
|
|
May 31
|
|
April 10, 2018
|
|
May 31, 2018
|
|
0.118333
|
|
|
June 15, 2018
|
|
April 30
|
|
April 10, 2018
|
|
April 30, 2018
|
|
0.118333
|
|
|
May 15, 2018
|
|
March 31
|
|
November 2, 2017
|
|
March 29, 2018
|
|
0.118333
|
|
|
April 16, 2018
|
|
February 28
|
|
November 2, 2017
|
|
February 28, 2018
|
|
0.118333
|
|
|
March 15, 2018
|
|
January 31
|
|
November 2, 2017
|
|
January 31, 2018
|
|
0.118333
|
|
|
February 15, 2018
|
|
Total
|
|
|
|
|
|
$
|
1.419996
|
|
|
|
Unvested Restricted Shares of Common Stock
|
|
Shares
|
|
|
Balance at December 31, 2016
|
|
272,337
|
|
|
Granted
|
|
75,001
|
|
(1)
|
Vested
|
|
(109,209
|
)
|
(2)
|
Forfeited
|
|
(922
|
)
|
|
Balance at December 31, 2017
|
|
237,207
|
|
|
Granted
|
|
76,659
|
|
(1)
|
Vested
|
|
(112,405
|
)
|
(2)
|
Forfeited
|
|
(10,999
|
)
|
|
Balance at December 31, 2018
|
|
190,462
|
|
|
Granted
|
|
110,830
|
|
(1)
|
Vested
|
|
(101,109
|
)
|
(2)
|
Forfeited
|
|
(7,138
|
)
|
|
Balance at December 31, 2019
|
|
193,045
|
|
(3)
|
(1)
|
The fair value per share on the grant date of January 7, 2019, January 5, 2018, and January 6, 2017 was $24.85, $26.40, and $24.41, respectively.
|
(2)
|
The Company repurchased and retired 58,697, 41,975, and 40,836 restricted shares of common stock that vested during the years ended December 31, 2019, 2018, and 2017, respectively.
|
(3)
|
The weighted average grant date fair value of unvested restricted shares of common stock was $23.10 per share at January 1, 2019, $24.85 per share granted during the year ended December 31, 2019, $22.52 per share vested during the year ended December 31, 2019, $23.78 per share forfeited during the year ended December 31, 2019, and $24.38 per share at December 31, 2019.
|
|
|
Year ended December 31,
|
||||||||||
Vested Restricted Shares of Common Stock
|
|
2019
|
|
2018
|
|
2017
|
||||||
Vested restricted shares of common stock
|
|
101,109
|
|
|
112,405
|
|
|
109,209
|
|
|||
Fair value of vested restricted shares of common stock (in thousands)
|
|
$
|
2,658
|
|
|
$
|
3,002
|
|
|
$
|
2,591
|
|
Noncontrolling Interest
|
|
LTIP Units
|
|
Other
Common Units
|
|
Total
Noncontrolling Common Units
|
|
Noncontrolling Interest Percentage
|
||||
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
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
%
|
Granted/Issued
|
|
324,802
|
|
|
—
|
|
|
324,802
|
|
|
N/A
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
|
(165,672
|
)
|
|
165,672
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
|
—
|
|
|
(352,055
|
)
|
|
(352,055
|
)
|
|
N/A
|
|
Balance at December 31, 2018
|
|
1,616,200
|
|
|
2,453,234
|
|
|
4,069,434
|
|
|
3.5
|
%
|
Granted/Issued
|
|
364,173
|
|
|
—
|
|
|
364,173
|
|
|
N/A
|
|
Forfeited
|
|
(16,618
|
)
|
|
—
|
|
|
(16,618
|
)
|
|
N/A
|
|
Conversions from LTIP units to Other Common Units
|
|
(266,397
|
)
|
|
266,397
|
|
|
—
|
|
|
N/A
|
|
Redemptions from Other Common Units to common stock
|
|
—
|
|
|
(680,137
|
)
|
|
(680,137
|
)
|
|
N/A
|
|
Balance at December 31, 2019
|
|
1,697,358
|
|
|
2,039,494
|
|
|
3,736,852
|
|
|
2.5
|
%
|
LTIP Units
|
|
|
||||||||||||||
Grant date
|
|
January 7, 2019
|
|
March 12, 2018
|
|
January 5, 2018
|
|
January 6, 2017
|
||||||||
Expected term (years)
|
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
||||
Expected volatility
|
|
19.0
|
%
|
|
22.0
|
%
|
|
22.0
|
%
|
|
23.0
|
%
|
||||
Expected dividend yield
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
||||
Risk-free interest rate
|
|
2.57
|
%
|
|
2.46
|
%
|
|
2.09
|
%
|
|
1.61
|
%
|
||||
Fair value of LTIP units at issuance (in thousands)
|
|
$
|
3,636
|
|
|
$
|
90
|
|
|
$
|
3,447
|
|
|
$
|
2,924
|
|
LTIP units at issuance
|
|
154,649
|
|
|
3,930
|
|
|
137,616
|
|
|
126,239
|
|
||||
Fair value unit price per LTIP unit at issuance
|
|
$
|
23.51
|
|
|
$
|
22.90
|
|
|
$
|
25.05
|
|
|
$
|
23.16
|
|
Unvested LTIP Units
|
|
Units
|
|
Balance at December 31, 2016
|
|
403,423
|
|
Granted
|
|
126,239
|
|
Vested
|
|
(229,355
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2017
|
|
300,307
|
|
Granted
|
|
324,802
|
|
Vested
|
|
(373,893
|
)
|
Forfeited
|
|
—
|
|
Balance at December 31, 2018
|
|
251,216
|
|
Granted
|
|
364,173
|
|
Vested
|
|
(371,423
|
)
|
Forfeited
|
|
(16,618
|
)
|
Balance at December 31, 2019
|
|
227,348
|
|
|
|
Year ended December 31,
|
||||||||||
Vested LTIP units
|
|
2019
|
|
2018
|
|
2017
|
||||||
Vested LTIP units
|
|
371,423
|
|
|
373,893
|
|
|
229,355
|
|
|||
Fair value of vested LTIP units (in thousands)
|
|
$
|
10,620
|
|
|
$
|
9,772
|
|
|
$
|
6,101
|
|
Performance Units
|
|
Assumptions
|
||||||||||
Grant date
|
|
January 7, 2019
|
|
|
January 5, 2018
|
|
|
January 6, 2017
|
|
|||
Expected volatility
|
|
20.7
|
%
|
|
22.0
|
%
|
|
23.0
|
%
|
|||
Expected dividend yield
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|||
Risk-free interest rate
|
|
2.56
|
%
|
|
2.09
|
%
|
|
1.61
|
%
|
|||
Fair value of performance units grant (in thousands)
|
|
$
|
5,620
|
|
|
$
|
5,456
|
|
|
$
|
2,882
|
|
|
|
Year ended December 31,
|
||||||||||
Non-Cash Compensation Expense (in thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Restricted shares of common stock
|
|
$
|
1,732
|
|
|
$
|
1,698
|
|
|
$
|
2,373
|
|
LTIP units
|
|
3,583
|
|
|
3,546
|
|
|
4,675
|
|
|||
Performance-based Compensation Plans
|
|
4,169
|
|
|
3,298
|
|
|
2,147
|
|
|||
Directors compensation (1)
|
|
404
|
|
|
380
|
|
|
352
|
|
|||
Total non-cash compensation expense
|
|
$
|
9,888
|
|
|
$
|
8,922
|
|
|
$
|
9,547
|
|
|
|
Year ended December 31,
|
||
Rental Income (in thousands)
|
|
2019
|
||
Fixed lease payments
|
|
$
|
313,426
|
|
Variable lease payments
|
|
84,927
|
|
|
Straight-line rental income
|
|
11,881
|
|
|
Net decrease to rental income related to above and below market lease amortization
|
|
(4,884
|
)
|
|
Total rental income
|
|
$
|
405,350
|
|
Year (as of December 31, 2019)
|
|
Maturity of Fixed Lease Payments (in thousands)
|
||
2020
|
|
$
|
355,563
|
|
2021
|
|
$
|
319,843
|
|
2022
|
|
$
|
283,526
|
|
2023
|
|
$
|
242,305
|
|
2024
|
|
$
|
200,527
|
|
Thereafter
|
|
$
|
758,401
|
|
Year (as of December 31, 2018)
|
|
Future Minimum Rents (in thousands)
|
||
2019
|
|
$
|
299,978
|
|
2020
|
|
$
|
271,936
|
|
2021
|
|
$
|
226,970
|
|
2022
|
|
$
|
188,707
|
|
2023
|
|
$
|
152,814
|
|
Thereafter
|
|
$
|
535,192
|
|
Operating Lease Term and Discount Rate
|
|
December 31, 2019
|
|
Weighted average remaining lease term (years)
|
|
36.0
|
|
Weighted average discount rate
|
|
7.1
|
%
|
|
|
Year ended December 31,
|
||
Operating Lease Cost (in thousands)
|
|
2019
|
||
Operating lease cost included in property expense attributable to ground leases
|
|
$
|
1,324
|
|
Operating lease cost included in general and administrative expense attributable to corporate office lease
|
|
1,065
|
|
|
Total operating lease cost
|
|
$
|
2,389
|
|
|
|
Year ended December 31,
|
||
Operating Leases (in thousands)
|
|
2019
|
||
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)
|
|
$
|
2,282
|
|
(1)
|
Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
|
Year (as of December 31, 2018)
|
|
Future Minimum Rental Payments (1)
(in thousands)
|
||
2019
|
|
$
|
2,110
|
|
2020
|
|
$
|
2,122
|
|
2021
|
|
$
|
1,227
|
|
2022
|
|
$
|
935
|
|
2023
|
|
$
|
944
|
|
Thereafter
|
|
$
|
45,580
|
|
(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.
|
|
|
Year ended December 31,
|
||||||||||
Earnings Per Share (in thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
|
$
|
43,811
|
|
|
$
|
82,385
|
|
|
$
|
21,131
|
|
Denominator
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding — basic
|
|
125,389
|
|
|
103,401
|
|
|
89,538
|
|
|||
Effect of dilutive securities(1)
|
|
|
|
|
|
|
||||||
Share-based compensation
|
|
284
|
|
|
406
|
|
|
466
|
|
|||
Shares issueable under forward sales agreements
|
|
5
|
|
|
—
|
|
|
—
|
|
|||
Weighted average common shares outstanding — diluted
|
|
125,678
|
|
|
103,807
|
|
|
90,004
|
|
|||
Net income per share — basic and diluted
|
|
|
|
|
|
|
||||||
Net income per share attributable to common stockholders — basic
|
|
$
|
0.35
|
|
|
$
|
0.80
|
|
|
$
|
0.24
|
|
Net income per share attributable to common stockholders — diluted
|
|
$
|
0.35
|
|
|
$
|
0.79
|
|
|
$
|
0.23
|
|
(1)
|
During the years ended December 31, 2019, 2018, and 2017, there were 218, 195, and 238, 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 the allocation of income under the two-class method was more dilutive.
|
|
STAG Industrial, Inc.
|
||||||||||||||
|
Beginning of Period
|
|
Costs and Expenses
|
|
Amounts Written Off
|
|
Balance at End of Period
|
||||||||
December 31, 2019
|
$
|
758
|
|
|
$
|
—
|
|
|
$
|
(758
|
)
|
|
$
|
—
|
|
December 31, 2018
|
$
|
311
|
|
|
$
|
1,050
|
|
|
$
|
(603
|
)
|
|
$
|
758
|
|
December 31, 2017
|
$
|
188
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
311
|
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Montgomery
|
|
4300 Alatex Road
|
|
—
|
|
|
7,523
|
|
|
418
|
|
|
1,789
|
|
|
9,312
|
|
|
418
|
|
|
9,730
|
|
|
(1,094
|
)
|
|
2016
|
||||||||
Phenix City
|
|
16 Downing Drive
|
|
(1,440
|
)
|
|
1,415
|
|
|
276
|
|
|
280
|
|
|
1,695
|
|
|
276
|
|
|
1,971
|
|
|
(348
|
)
|
|
2012
|
||||||||
Arkansas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Rogers
|
|
8th and Easy Street
|
|
—
|
|
|
7,878
|
|
|
1,072
|
|
|
1,513
|
|
|
9,391
|
|
|
1,072
|
|
|
10,463
|
|
|
(1,808
|
)
|
|
2011
|
||||||||
Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Avondale
|
|
925 N. 127th Avenue
|
|
—
|
|
|
13,163
|
|
|
1,674
|
|
|
—
|
|
|
13,163
|
|
|
1,674
|
|
|
14,837
|
|
|
(926
|
)
|
|
2017
|
||||||||
Tucson
|
|
6161 South Palo Verde Road
|
|
—
|
|
|
8,037
|
|
|
996
|
|
|
—
|
|
|
8,037
|
|
|
996
|
|
|
9,033
|
|
|
(360
|
)
|
|
2018
|
||||||||
California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camarillo
|
|
3001 East Mission Oaks Blvd
|
|
—
|
|
|
13,559
|
|
|
7,242
|
|
|
262
|
|
|
13,821
|
|
|
7,242
|
|
|
21,063
|
|
|
(2,177
|
)
|
|
2014
|
||||||||
Camarillo
|
|
3175 East Mission Oaks Blvd
|
|
—
|
|
|
19,780
|
|
|
7,989
|
|
|
60
|
|
|
19,840
|
|
|
7,989
|
|
|
27,829
|
|
|
(3,696
|
)
|
|
2014
|
||||||||
Sacramento
|
|
7728 Wilbur Way
|
|
—
|
|
|
9,225
|
|
|
857
|
|
|
—
|
|
|
9,225
|
|
|
857
|
|
|
10,082
|
|
|
(27
|
)
|
|
2019
|
||||||||
San Diego
|
|
2055 Dublin Drive
|
|
—
|
|
|
14,983
|
|
|
2,290
|
|
|
116
|
|
|
15,099
|
|
|
2,290
|
|
|
17,389
|
|
|
(1,524
|
)
|
|
2017
|
||||||||
Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Grand Junction
|
|
2139 Bond Street
|
|
—
|
|
|
4,002
|
|
|
314
|
|
|
—
|
|
|
4,002
|
|
|
314
|
|
|
4,316
|
|
|
(599
|
)
|
|
2015
|
||||||||
Johnstown
|
|
4150 Ronald Reagan Blvd.
|
|
—
|
|
|
14,964
|
|
|
1,133
|
|
|
—
|
|
|
14,964
|
|
|
1,133
|
|
|
16,097
|
|
|
(36
|
)
|
|
2019
|
||||||||
Longmont
|
|
4300 Godding Hollow Parkway
|
|
—
|
|
|
5,345
|
|
|
734
|
|
|
—
|
|
|
5,345
|
|
|
734
|
|
|
6,079
|
|
|
(308
|
)
|
|
2018
|
||||||||
Connecticut
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Avon
|
|
60 Security Drive
|
|
—
|
|
|
2,750
|
|
|
336
|
|
|
483
|
|
|
3,233
|
|
|
336
|
|
|
3,569
|
|
|
(669
|
)
|
|
2012
|
||||||||
East Windsor
|
|
4 Craftsman Road
|
|
—
|
|
|
5,711
|
|
|
400
|
|
|
72
|
|
|
5,783
|
|
|
400
|
|
|
6,183
|
|
|
(818
|
)
|
|
2016
|
||||||||
East Windsor
|
|
24 Thompson Road
|
|
—
|
|
|
4,571
|
|
|
348
|
|
|
1,182
|
|
|
5,753
|
|
|
348
|
|
|
6,101
|
|
|
(1,389
|
)
|
|
2012
|
||||||||
Milford
|
|
40 Pepes Farm Road
|
|
—
|
|
|
10,040
|
|
|
1,264
|
|
|
1,005
|
|
|
11,045
|
|
|
1,264
|
|
|
12,309
|
|
|
(1,269
|
)
|
|
2017
|
||||||||
North Haven
|
|
300 Montowese Avenue Ext.
|
|
—
|
|
|
39,686
|
|
|
4,086
|
|
|
4,439
|
|
|
44,125
|
|
|
4,086
|
|
|
48,211
|
|
|
(7,581
|
)
|
|
2015
|
||||||||
Wallingford
|
|
5 Sterling Drive
|
|
—
|
|
|
6,111
|
|
|
585
|
|
|
—
|
|
|
6,111
|
|
|
585
|
|
|
6,696
|
|
|
(658
|
)
|
|
2017
|
||||||||
Delaware
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
New Castle
|
|
400 Lukens Drive
|
|
—
|
|
|
17,767
|
|
|
2,616
|
|
|
198
|
|
|
17,965
|
|
|
2,616
|
|
|
20,581
|
|
|
(2,786
|
)
|
|
2016
|
||||||||
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Daytona Beach
|
|
530 Fentress Boulevard
|
|
—
|
|
|
875
|
|
|
1,237
|
|
|
2,287
|
|
|
3,162
|
|
|
1,237
|
|
|
4,399
|
|
|
(1,044
|
)
|
|
2007
|
||||||||
Jacksonville
|
|
775 Whittaker Road
|
|
—
|
|
|
3,438
|
|
|
451
|
|
|
410
|
|
|
3,848
|
|
|
451
|
|
|
4,299
|
|
|
(520
|
)
|
|
2017
|
||||||||
Jacksonville
|
|
9601 North Main Street
|
|
—
|
|
|
7,829
|
|
|
650
|
|
|
497
|
|
|
8,326
|
|
|
650
|
|
|
8,976
|
|
|
(958
|
)
|
|
2017
|
||||||||
Jacksonville
|
|
550 Gun Club Road
|
|
—
|
|
|
8,195
|
|
|
674
|
|
|
1,557
|
|
|
9,752
|
|
|
674
|
|
|
10,426
|
|
|
(1,314
|
)
|
|
2017
|
||||||||
Jacksonville
|
|
555 Zoo Parkway
|
|
—
|
|
|
7,266
|
|
|
596
|
|
|
1,016
|
|
|
8,282
|
|
|
596
|
|
|
8,878
|
|
|
(1,066
|
)
|
|
2017
|
||||||||
Jacksonville
|
|
9779 Pritchard Road
|
|
—
|
|
|
14,319
|
|
|
1,284
|
|
|
—
|
|
|
14,319
|
|
|
1,284
|
|
|
15,603
|
|
|
(112
|
)
|
|
2019
|
||||||||
Ocala
|
|
650 Southwest 27th Aveune
|
|
—
|
|
|
13,296
|
|
|
731
|
|
|
1,553
|
|
|
14,849
|
|
|
731
|
|
|
15,580
|
|
|
(2,643
|
)
|
|
2013
|
||||||||
Orlando
|
|
1854 Central Florida Parkway
|
|
—
|
|
|
4,839
|
|
|
1,339
|
|
|
—
|
|
|
4,839
|
|
|
1,339
|
|
|
6,178
|
|
|
(1,023
|
)
|
|
2013
|
||||||||
Orlando
|
|
7050 Overland Road
|
|
—
|
|
|
1,996
|
|
|
721
|
|
|
—
|
|
|
1,996
|
|
|
721
|
|
|
2,717
|
|
|
(483
|
)
|
|
2012
|
||||||||
Pensacola
|
|
1301 North Palafox Street
|
|
—
|
|
|
2,829
|
|
|
145
|
|
|
470
|
|
|
3,299
|
|
|
145
|
|
|
3,444
|
|
|
(1,306
|
)
|
|
2007
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Tampa
|
|
4330 Williams Road
|
|
—
|
|
|
6,390
|
|
|
829
|
|
|
—
|
|
|
6,390
|
|
|
829
|
|
|
7,219
|
|
|
(95
|
)
|
|
2019
|
||||||||
Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Augusta
|
|
1816 Tobacco Road
|
|
—
|
|
|
6,249
|
|
|
937
|
|
|
—
|
|
|
6,249
|
|
|
937
|
|
|
7,186
|
|
|
(364
|
)
|
|
2018
|
||||||||
Calhoun
|
|
103 Enterprise Drive
|
|
—
|
|
|
2,743
|
|
|
388
|
|
|
—
|
|
|
2,743
|
|
|
388
|
|
|
3,131
|
|
|
(434
|
)
|
|
2014
|
||||||||
Dallas
|
|
351 Thomas D. Murphy Drive
|
|
—
|
|
|
1,712
|
|
|
475
|
|
|
—
|
|
|
1,712
|
|
|
475
|
|
|
2,187
|
|
|
(427
|
)
|
|
2012
|
||||||||
Forest Park
|
|
5300 Kennedy Road
|
|
—
|
|
|
9,527
|
|
|
1,733
|
|
|
900
|
|
|
10,427
|
|
|
1,733
|
|
|
12,160
|
|
|
(1,528
|
)
|
|
2016
|
||||||||
Forest Park
|
|
5345 Old Dixie Highway
|
|
—
|
|
|
8,189
|
|
|
1,715
|
|
|
286
|
|
|
8,475
|
|
|
1,715
|
|
|
10,190
|
|
|
(1,095
|
)
|
|
2016
|
||||||||
Norcross
|
|
4075 Blue Ridge Industrial Pkw
|
|
—
|
|
|
2,586
|
|
|
1,589
|
|
|
—
|
|
|
2,586
|
|
|
1,589
|
|
|
4,175
|
|
|
(644
|
)
|
|
2016
|
||||||||
Savannah
|
|
1086 Oracal Parkway
|
|
—
|
|
|
13,034
|
|
|
439
|
|
|
119
|
|
|
13,153
|
|
|
439
|
|
|
13,592
|
|
|
(2,192
|
)
|
|
2014
|
||||||||
Shannon
|
|
212 Burlington Drive
|
|
—
|
|
|
12,949
|
|
|
393
|
|
|
102
|
|
|
13,051
|
|
|
393
|
|
|
13,444
|
|
|
(2,220
|
)
|
|
2013
|
||||||||
Smyrna
|
|
3500 Highlands Parkway
|
|
—
|
|
|
3,092
|
|
|
264
|
|
|
134
|
|
|
3,226
|
|
|
264
|
|
|
3,490
|
|
|
(650
|
)
|
|
2012
|
||||||||
Statham
|
|
1965 Statham Drive
|
|
—
|
|
|
6,130
|
|
|
588
|
|
|
1,151
|
|
|
7,281
|
|
|
588
|
|
|
7,869
|
|
|
(1,462
|
)
|
|
2012
|
||||||||
Stone Mountain
|
|
1635 Stone Ridge Drive
|
|
—
|
|
|
2,738
|
|
|
612
|
|
|
658
|
|
|
3,396
|
|
|
612
|
|
|
4,008
|
|
|
(417
|
)
|
|
2017
|
||||||||
Idaho
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Idaho Falls
|
|
3900 South American Way
|
|
—
|
|
|
2,712
|
|
|
356
|
|
|
71
|
|
|
2,783
|
|
|
356
|
|
|
3,139
|
|
|
(564
|
)
|
|
2013
|
||||||||
Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Batavia
|
|
1100 Paramount Parkway
|
|
—
|
|
|
4,273
|
|
|
618
|
|
|
—
|
|
|
4,273
|
|
|
618
|
|
|
4,891
|
|
|
(485
|
)
|
|
2017
|
||||||||
Belvidere
|
|
3458 Morreim Drive
|
|
—
|
|
|
4,083
|
|
|
442
|
|
|
255
|
|
|
4,338
|
|
|
442
|
|
|
4,780
|
|
|
(684
|
)
|
|
2015
|
||||||||
Belvidere
|
|
775 Logistics Drive
|
|
—
|
|
|
16,914
|
|
|
2,341
|
|
|
—
|
|
|
16,914
|
|
|
2,341
|
|
|
19,255
|
|
|
(1,588
|
)
|
|
2017
|
||||||||
Belvidere
|
|
1701 Industrial Court
|
|
—
|
|
|
3,932
|
|
|
733
|
|
|
36
|
|
|
3,968
|
|
|
733
|
|
|
4,701
|
|
|
(713
|
)
|
|
2013
|
||||||||
Belvidere
|
|
725 Landmark Drive
|
|
—
|
|
|
3,485
|
|
|
538
|
|
|
114
|
|
|
3,599
|
|
|
538
|
|
|
4,137
|
|
|
(606
|
)
|
|
2013
|
||||||||
Belvidere
|
|
888 Landmark Drive
|
|
—
|
|
|
6,899
|
|
|
670
|
|
|
—
|
|
|
6,899
|
|
|
670
|
|
|
7,569
|
|
|
(1,223
|
)
|
|
2013
|
||||||||
Belvidere
|
|
3915 & 3925 Morreim Drive
|
|
—
|
|
|
4,291
|
|
|
668
|
|
|
—
|
|
|
4,291
|
|
|
668
|
|
|
4,959
|
|
|
(780
|
)
|
|
2013
|
||||||||
Belvidere
|
|
725 & 729 Logistics Drive
|
|
—
|
|
|
3,699
|
|
|
866
|
|
|
159
|
|
|
3,858
|
|
|
866
|
|
|
4,724
|
|
|
(781
|
)
|
|
2013
|
||||||||
Belvidere
|
|
795 Landmark Drive
|
|
—
|
|
|
2,794
|
|
|
586
|
|
|
83
|
|
|
2,877
|
|
|
586
|
|
|
3,463
|
|
|
(583
|
)
|
|
2013
|
||||||||
Belvidere
|
|
857 Landmark Drive
|
|
—
|
|
|
8,269
|
|
|
1,542
|
|
|
591
|
|
|
8,860
|
|
|
1,542
|
|
|
10,402
|
|
|
(1,773
|
)
|
|
2013
|
||||||||
Belvidere
|
|
984 Landmark Drive
|
|
—
|
|
|
71
|
|
|
216
|
|
|
—
|
|
|
71
|
|
|
216
|
|
|
287
|
|
|
(71
|
)
|
|
2013
|
||||||||
DeKalb
|
|
1085 Peace Road
|
|
—
|
|
|
4,568
|
|
|
489
|
|
|
—
|
|
|
4,568
|
|
|
489
|
|
|
5,057
|
|
|
(945
|
)
|
|
2013
|
||||||||
Gurnee
|
|
3818 Grandville Avenue & 1200 Northwestern Avenue
|
|
—
|
|
|
11,380
|
|
|
1,716
|
|
|
984
|
|
|
12,364
|
|
|
1,716
|
|
|
14,080
|
|
|
(2,065
|
)
|
|
2014
|
||||||||
Gurnee
|
|
3800 Swanson Court
|
|
—
|
|
|
4,553
|
|
|
1,337
|
|
|
954
|
|
|
5,507
|
|
|
1,337
|
|
|
6,844
|
|
|
(1,141
|
)
|
|
2012
|
||||||||
Harvard
|
|
875 West Diggins Street
|
|
—
|
|
|
2,980
|
|
|
1,157
|
|
|
324
|
|
|
3,304
|
|
|
1,157
|
|
|
4,461
|
|
|
(952
|
)
|
|
2013
|
||||||||
Itasca
|
|
1800 Bruning Drive
|
|
—
|
|
|
12,216
|
|
|
2,428
|
|
|
1,213
|
|
|
13,429
|
|
|
2,428
|
|
|
15,857
|
|
|
(1,903
|
)
|
|
2016
|
||||||||
Libertyville
|
|
1755 Butterfield Road
|
|
—
|
|
|
6,455
|
|
|
421
|
|
|
80
|
|
|
6,535
|
|
|
421
|
|
|
6,956
|
|
|
(1,194
|
)
|
|
2015
|
||||||||
Libertyville
|
|
1795 N. Butterfield Road
|
|
—
|
|
|
729
|
|
|
143
|
|
|
210
|
|
|
939
|
|
|
143
|
|
|
1,082
|
|
|
(379
|
)
|
|
2015
|
||||||||
Lisle
|
|
4925 Indiana Avenue
|
|
—
|
|
|
8,368
|
|
|
2,302
|
|
|
—
|
|
|
8,368
|
|
|
2,302
|
|
|
10,670
|
|
|
(78
|
)
|
|
2019
|
||||||||
Machesney Park
|
|
7166 Greenlee Drive
|
|
—
|
|
|
3,525
|
|
|
300
|
|
|
43
|
|
|
3,568
|
|
|
300
|
|
|
3,868
|
|
|
(503
|
)
|
|
2015
|
||||||||
McHenry
|
|
831/833 Ridgeview Drive
|
|
—
|
|
|
3,818
|
|
|
576
|
|
|
120
|
|
|
3,938
|
|
|
576
|
|
|
4,514
|
|
|
(295
|
)
|
|
2018
|
||||||||
McHenry
|
|
921 Ridgeview Drive
|
|
—
|
|
|
4,010
|
|
|
448
|
|
|
27
|
|
|
4,037
|
|
|
448
|
|
|
4,485
|
|
|
(275
|
)
|
|
2018
|
||||||||
Montgomery
|
|
2001 Baseline Road
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
173
|
|
|
—
|
|
|
2018
|
||||||||
Montgomery
|
|
2001 Baseline Road
|
|
—
|
|
|
12,485
|
|
|
2,190
|
|
|
1,936
|
|
|
14,421
|
|
|
2,190
|
|
|
16,611
|
|
|
(2,998
|
)
|
|
2012
|
||||||||
Sauk Village
|
|
21399 Torrence Avenue
|
|
—
|
|
|
5,405
|
|
|
877
|
|
|
105
|
|
|
5,510
|
|
|
877
|
|
|
6,387
|
|
|
(1,066
|
)
|
|
2013
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Waukegan
|
|
3751 Sunset Ave
|
|
—
|
|
|
5,140
|
|
|
1,004
|
|
|
—
|
|
|
5,140
|
|
|
1,004
|
|
|
6,144
|
|
|
(607
|
)
|
|
2017
|
||||||||
West Chicago
|
|
1300 Northwest Avenue
|
|
—
|
|
|
2,036
|
|
|
768
|
|
|
772
|
|
|
2,808
|
|
|
768
|
|
|
3,576
|
|
|
(414
|
)
|
|
2016
|
||||||||
West Chicago
|
|
1400 Northwest Avenue
|
|
—
|
|
|
668
|
|
|
382
|
|
|
282
|
|
|
950
|
|
|
382
|
|
|
1,332
|
|
|
(140
|
)
|
|
2016
|
||||||||
West Chicago
|
|
1450 Northwest Avenue
|
|
—
|
|
|
768
|
|
|
450
|
|
|
272
|
|
|
1,040
|
|
|
450
|
|
|
1,490
|
|
|
(169
|
)
|
|
2016
|
||||||||
West Chicago
|
|
1145 & 1149 Howard
|
|
—
|
|
|
842
|
|
|
369
|
|
|
269
|
|
|
1,111
|
|
|
369
|
|
|
1,480
|
|
|
(176
|
)
|
|
2016
|
||||||||
West Chicago
|
|
1270 Nuclear Drive
|
|
—
|
|
|
892
|
|
|
216
|
|
|
301
|
|
|
1,193
|
|
|
216
|
|
|
1,409
|
|
|
(164
|
)
|
|
2016
|
||||||||
West Chicago
|
|
1726-1850 Blackhawk Drive
|
|
—
|
|
|
6,135
|
|
|
915
|
|
|
1,257
|
|
|
7,392
|
|
|
915
|
|
|
8,307
|
|
|
(1,073
|
)
|
|
2016
|
||||||||
Wood Dale
|
|
321 Forster Ave
|
|
—
|
|
|
5,042
|
|
|
1,226
|
|
|
—
|
|
|
5,042
|
|
|
1,226
|
|
|
6,268
|
|
|
(560
|
)
|
|
2016
|
||||||||
Woodstock
|
|
1005 Courtaulds Drive
|
|
—
|
|
|
3,796
|
|
|
496
|
|
|
—
|
|
|
3,796
|
|
|
496
|
|
|
4,292
|
|
|
(902
|
)
|
|
2012
|
||||||||
Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Albion
|
|
907 Weber Road
|
|
—
|
|
|
93
|
|
|
67
|
|
|
—
|
|
|
93
|
|
|
67
|
|
|
160
|
|
|
(32
|
)
|
|
2006
|
||||||||
Albion
|
|
1515 East State Road 8
|
|
—
|
|
|
932
|
|
|
103
|
|
|
—
|
|
|
932
|
|
|
103
|
|
|
1,035
|
|
|
(323
|
)
|
|
2006
|
||||||||
Albion
|
|
1563 East State Road 8
|
|
—
|
|
|
1,107
|
|
|
55
|
|
|
—
|
|
|
1,107
|
|
|
55
|
|
|
1,162
|
|
|
(383
|
)
|
|
2006
|
||||||||
Albion
|
|
600 South 7th Street
|
|
—
|
|
|
970
|
|
|
332
|
|
|
—
|
|
|
970
|
|
|
332
|
|
|
1,302
|
|
|
(336
|
)
|
|
2006
|
||||||||
Albion
|
|
1545 East State Road 8
|
|
—
|
|
|
1,397
|
|
|
52
|
|
|
—
|
|
|
1,397
|
|
|
52
|
|
|
1,449
|
|
|
(484
|
)
|
|
2006
|
||||||||
Albion
|
|
1514 Progress Drive
|
|
—
|
|
|
1,528
|
|
|
126
|
|
|
—
|
|
|
1,528
|
|
|
126
|
|
|
1,654
|
|
|
(529
|
)
|
|
2006
|
||||||||
Albion
|
|
1105 Weber Road
|
|
—
|
|
|
710
|
|
|
187
|
|
|
—
|
|
|
710
|
|
|
187
|
|
|
897
|
|
|
(246
|
)
|
|
2006
|
||||||||
Elkhart
|
|
2701Marina Drive
|
|
—
|
|
|
210
|
|
|
25
|
|
|
143
|
|
|
353
|
|
|
25
|
|
|
378
|
|
|
(96
|
)
|
|
2007
|
||||||||
Elkhart
|
|
23590 County Road 6
|
|
—
|
|
|
3,519
|
|
|
422
|
|
|
571
|
|
|
4,090
|
|
|
422
|
|
|
4,512
|
|
|
(1,242
|
)
|
|
2007
|
||||||||
Fort Wayne
|
|
3424 Centennial Drive
|
|
—
|
|
|
3,142
|
|
|
112
|
|
|
—
|
|
|
3,142
|
|
|
112
|
|
|
3,254
|
|
|
(585
|
)
|
|
2014
|
||||||||
Goshen
|
|
2600 College Avenue
|
|
—
|
|
|
6,509
|
|
|
1,442
|
|
|
1,824
|
|
|
8,333
|
|
|
1,442
|
|
|
9,775
|
|
|
(2,034
|
)
|
|
2011
|
||||||||
Greenwood
|
|
1415 Collins Road
|
|
—
|
|
|
22,032
|
|
|
2,585
|
|
|
—
|
|
|
22,032
|
|
|
2,585
|
|
|
24,617
|
|
|
(685
|
)
|
|
2018
|
||||||||
Kendallville
|
|
811 Commerce Drive
|
|
—
|
|
|
1,510
|
|
|
142
|
|
|
—
|
|
|
1,510
|
|
|
142
|
|
|
1,652
|
|
|
(523
|
)
|
|
2006
|
||||||||
Lafayette
|
|
1520 Kepner Drive
|
|
(1,105
|
)
|
|
2,205
|
|
|
295
|
|
|
43
|
|
|
2,248
|
|
|
295
|
|
|
2,543
|
|
|
(434
|
)
|
|
2012
|
||||||||
Lafayette
|
|
1540-1530 Kepner Drive
|
|
(1,877
|
)
|
|
3,405
|
|
|
410
|
|
|
123
|
|
|
3,528
|
|
|
410
|
|
|
3,938
|
|
|
(688
|
)
|
|
2012
|
||||||||
Lafayette
|
|
1521 Kepner Drive
|
|
(3,856
|
)
|
|
7,920
|
|
|
906
|
|
|
301
|
|
|
8,221
|
|
|
906
|
|
|
9,127
|
|
|
(1,700
|
)
|
|
2012
|
||||||||
Lebanon
|
|
100 Purity Drive
|
|
—
|
|
|
21,160
|
|
|
1,654
|
|
|
—
|
|
|
21,160
|
|
|
1,654
|
|
|
22,814
|
|
|
(923
|
)
|
|
2018
|
||||||||
Lebanon
|
|
800 Edwards Drive
|
|
—
|
|
|
35,868
|
|
|
2,359
|
|
|
—
|
|
|
35,868
|
|
|
2,359
|
|
|
38,227
|
|
|
(95
|
)
|
|
2019
|
||||||||
Lebanon
|
|
121 N. Enterprise Boulevard
|
|
—
|
|
|
37,971
|
|
|
2,948
|
|
|
—
|
|
|
37,971
|
|
|
2,948
|
|
|
40,919
|
|
|
(341
|
)
|
|
2019
|
||||||||
Marion
|
|
2201 E. Loew Road
|
|
(2,622
|
)
|
|
2,934
|
|
|
243
|
|
|
718
|
|
|
3,652
|
|
|
243
|
|
|
3,895
|
|
|
(779
|
)
|
|
2012
|
||||||||
Portage
|
|
6515 Ameriplex Drive
|
|
—
|
|
|
28,227
|
|
|
1,626
|
|
|
—
|
|
|
28,227
|
|
|
1,626
|
|
|
29,853
|
|
|
(179
|
)
|
|
2019
|
||||||||
Portage
|
|
725 George Nelson Drive
|
|
—
|
|
|
5,416
|
|
|
—
|
|
|
—
|
|
|
5,416
|
|
|
—
|
|
|
5,416
|
|
|
(1,046
|
)
|
|
2012
|
||||||||
South Bend
|
|
3310 William Richardson Court
|
|
—
|
|
|
4,718
|
|
|
411
|
|
|
294
|
|
|
5,012
|
|
|
411
|
|
|
5,423
|
|
|
(974
|
)
|
|
2012
|
||||||||
Iowa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Ankeny
|
|
5910 Southeast Rio Circle
|
|
—
|
|
|
13,709
|
|
|
846
|
|
|
—
|
|
|
13,709
|
|
|
846
|
|
|
14,555
|
|
|
(36
|
)
|
|
2019
|
||||||||
Council Bluffs
|
|
1209 31st Avenue
|
|
—
|
|
|
4,438
|
|
|
414
|
|
|
—
|
|
|
4,438
|
|
|
414
|
|
|
4,852
|
|
|
(344
|
)
|
|
2017
|
||||||||
Des Moines
|
|
1900 E. 17th Street
|
|
—
|
|
|
4,477
|
|
|
556
|
|
|
—
|
|
|
4,477
|
|
|
556
|
|
|
5,033
|
|
|
(246
|
)
|
|
2018
|
||||||||
Marion
|
|
6301 North Gateway Drive
|
|
—
|
|
|
2,229
|
|
|
691
|
|
|
175
|
|
|
2,404
|
|
|
691
|
|
|
3,095
|
|
|
(508
|
)
|
|
2013
|
||||||||
Kansas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Edwardsville
|
|
9601 Woodend Road
|
|
—
|
|
|
13,224
|
|
|
1,360
|
|
|
544
|
|
|
13,768
|
|
|
1,360
|
|
|
15,128
|
|
|
(1,340
|
)
|
|
2017
|
||||||||
Lenexa
|
|
9700 Lackman Road
|
|
—
|
|
|
9,649
|
|
|
1,759
|
|
|
33
|
|
|
9,682
|
|
|
1,759
|
|
|
11,441
|
|
|
(157
|
)
|
|
2019
|
||||||||
Lenexa
|
|
14000 Marshall Drive
|
|
—
|
|
|
7,610
|
|
|
2,368
|
|
|
—
|
|
|
7,610
|
|
|
2,368
|
|
|
9,978
|
|
|
(2,144
|
)
|
|
2014
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Olathe
|
|
1202 South Lone Elm Road
|
|
—
|
|
|
16,272
|
|
|
1,193
|
|
|
—
|
|
|
16,272
|
|
|
1,193
|
|
|
17,465
|
|
|
(49
|
)
|
|
2019
|
||||||||
Olathe
|
|
16231 South Lone Elm Road
|
|
—
|
|
|
20,763
|
|
|
2,431
|
|
|
2,138
|
|
|
22,901
|
|
|
2,431
|
|
|
25,332
|
|
|
(2,880
|
)
|
|
2016
|
||||||||
Wichita
|
|
2655/2755 South Eastmoor Street
|
|
(1,389
|
)
|
|
1,815
|
|
|
88
|
|
|
110
|
|
|
1,925
|
|
|
88
|
|
|
2,013
|
|
|
(411
|
)
|
|
2012
|
||||||||
Wichita
|
|
2652 South Eastmoor Street
|
|
(1,518
|
)
|
|
1,839
|
|
|
107
|
|
|
283
|
|
|
2,122
|
|
|
107
|
|
|
2,229
|
|
|
(487
|
)
|
|
2012
|
||||||||
Wichita
|
|
2510 South Eastmoor Street
|
|
(694
|
)
|
|
833
|
|
|
76
|
|
|
181
|
|
|
1,014
|
|
|
76
|
|
|
1,090
|
|
|
(291
|
)
|
|
2012
|
||||||||
Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bardstown
|
|
300 Spencer Mattingly Lane
|
|
—
|
|
|
2,398
|
|
|
379
|
|
|
—
|
|
|
2,398
|
|
|
379
|
|
|
2,777
|
|
|
(810
|
)
|
|
2007
|
||||||||
Danville
|
|
1355 Lebanon Road
|
|
—
|
|
|
11,593
|
|
|
965
|
|
|
3,891
|
|
|
15,484
|
|
|
965
|
|
|
16,449
|
|
|
(3,497
|
)
|
|
2011
|
||||||||
Erlanger
|
|
1500-1532 Interstate Drive
|
|
—
|
|
|
3,825
|
|
|
635
|
|
|
346
|
|
|
4,171
|
|
|
635
|
|
|
4,806
|
|
|
(632
|
)
|
|
2016
|
||||||||
Florence
|
|
9200 Brookfield Court
|
|
—
|
|
|
7,914
|
|
|
863
|
|
|
—
|
|
|
7,914
|
|
|
863
|
|
|
8,777
|
|
|
(297
|
)
|
|
2019
|
||||||||
Florence
|
|
1100 Burlington Pike
|
|
—
|
|
|
10,934
|
|
|
3,109
|
|
|
128
|
|
|
11,062
|
|
|
3,109
|
|
|
14,171
|
|
|
(854
|
)
|
|
2018
|
||||||||
Hebron
|
|
2151 Southpark Drive
|
|
—
|
|
|
4,526
|
|
|
370
|
|
|
130
|
|
|
4,656
|
|
|
370
|
|
|
5,026
|
|
|
(855
|
)
|
|
2014
|
||||||||
Louisville
|
|
6350 Ladd Avenue
|
|
—
|
|
|
3,615
|
|
|
386
|
|
|
520
|
|
|
4,135
|
|
|
386
|
|
|
4,521
|
|
|
(954
|
)
|
|
2011
|
||||||||
Louisville
|
|
6400 Ladd Avenue
|
|
—
|
|
|
5,767
|
|
|
616
|
|
|
632
|
|
|
6,399
|
|
|
616
|
|
|
7,015
|
|
|
(1,449
|
)
|
|
2011
|
||||||||
Walton
|
|
125 Richwood Road
|
|
—
|
|
|
6,244
|
|
|
2,105
|
|
|
—
|
|
|
6,244
|
|
|
2,105
|
|
|
8,349
|
|
|
(844
|
)
|
|
2017
|
||||||||
Louisiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Baton Rouge
|
|
6565 Exchequer Drive
|
|
—
|
|
|
5,886
|
|
|
1,619
|
|
|
—
|
|
|
5,886
|
|
|
1,619
|
|
|
7,505
|
|
|
(128
|
)
|
|
2019
|
||||||||
Baton Rouge
|
|
6735 Exchequer Drive
|
|
—
|
|
|
6,682
|
|
|
2,567
|
|
|
—
|
|
|
6,682
|
|
|
2,567
|
|
|
9,249
|
|
|
(161
|
)
|
|
2019
|
||||||||
Baton Rouge
|
|
12100 Little Cayman Avenue
|
|
—
|
|
|
15,402
|
|
|
1,962
|
|
|
—
|
|
|
15,402
|
|
|
1,962
|
|
|
17,364
|
|
|
(872
|
)
|
|
2018
|
||||||||
Shreveport
|
|
7540 Bert Kouns Indust. Loop
|
|
—
|
|
|
5,572
|
|
|
1,804
|
|
|
534
|
|
|
6,106
|
|
|
1,804
|
|
|
7,910
|
|
|
(830
|
)
|
|
2015
|
||||||||
Maine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Belfast
|
|
21 Schoodic Drive & 32 Katahdin Avenue
|
|
—
|
|
|
6,821
|
|
|
1,081
|
|
|
486
|
|
|
7,307
|
|
|
1,081
|
|
|
8,388
|
|
|
(2,474
|
)
|
|
2011
|
||||||||
Biddeford
|
|
1 Baker's Way
|
|
—
|
|
|
8,164
|
|
|
1,369
|
|
|
3,916
|
|
|
12,080
|
|
|
1,369
|
|
|
13,449
|
|
|
(2,054
|
)
|
|
2016
|
||||||||
Gardiner
|
|
47 Market Street
|
|
—
|
|
|
8,983
|
|
|
948
|
|
|
—
|
|
|
8,983
|
|
|
948
|
|
|
9,931
|
|
|
(1,412
|
)
|
|
2016
|
||||||||
Lewiston
|
|
19 Mollison Way
|
|
—
|
|
|
5,374
|
|
|
173
|
|
|
1,064
|
|
|
6,438
|
|
|
173
|
|
|
6,611
|
|
|
(1,895
|
)
|
|
2007
|
||||||||
Portland
|
|
125 Industrial Way
|
|
—
|
|
|
3,648
|
|
|
891
|
|
|
86
|
|
|
3,734
|
|
|
891
|
|
|
4,625
|
|
|
(722
|
)
|
|
2012
|
||||||||
Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Elkridge
|
|
6685 Santa Barbara Court
|
|
—
|
|
|
8,792
|
|
|
2,982
|
|
|
—
|
|
|
8,792
|
|
|
2,982
|
|
|
11,774
|
|
|
(243
|
)
|
|
2019
|
||||||||
Hampstead
|
|
630 Hanover Pike
|
|
—
|
|
|
34,969
|
|
|
780
|
|
|
—
|
|
|
34,969
|
|
|
780
|
|
|
35,749
|
|
|
(6,323
|
)
|
|
2013
|
||||||||
White Marsh
|
|
6210 Days Cove Road
|
|
—
|
|
|
5,839
|
|
|
963
|
|
|
—
|
|
|
5,839
|
|
|
963
|
|
|
6,802
|
|
|
(265
|
)
|
|
2018
|
||||||||
Massachusetts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Chicopee
|
|
2189 Westover Road
|
|
—
|
|
|
5,614
|
|
|
504
|
|
|
77
|
|
|
5,691
|
|
|
504
|
|
|
6,195
|
|
|
(1,121
|
)
|
|
2012
|
||||||||
Malden
|
|
219 Medford Street
|
|
—
|
|
|
2,817
|
|
|
366
|
|
|
—
|
|
|
2,817
|
|
|
366
|
|
|
3,183
|
|
|
(908
|
)
|
|
2007
|
||||||||
Malden
|
|
243 Medford Street
|
|
—
|
|
|
3,961
|
|
|
507
|
|
|
—
|
|
|
3,961
|
|
|
507
|
|
|
4,468
|
|
|
(1,276
|
)
|
|
2007
|
||||||||
Middleborough
|
|
16 Leona Drive
|
|
—
|
|
|
7,243
|
|
|
2,397
|
|
|
—
|
|
|
7,243
|
|
|
2,397
|
|
|
9,640
|
|
|
(163
|
)
|
|
2019
|
||||||||
Norton
|
|
202 South Washington Street
|
|
—
|
|
|
6,740
|
|
|
2,839
|
|
|
217
|
|
|
6,957
|
|
|
2,839
|
|
|
9,796
|
|
|
(1,873
|
)
|
|
2011
|
||||||||
South Easton
|
|
55 Bristol Drive
|
|
—
|
|
|
5,880
|
|
|
403
|
|
|
—
|
|
|
5,880
|
|
|
403
|
|
|
6,283
|
|
|
(420
|
)
|
|
2017
|
||||||||
Stoughton
|
|
100 Campanelli Parkway
|
|
—
|
|
|
2,613
|
|
|
2,256
|
|
|
1,510
|
|
|
4,123
|
|
|
2,256
|
|
|
6,379
|
|
|
(1,121
|
)
|
|
2015
|
||||||||
Stoughton
|
|
12 Campanelli Parkway
|
|
—
|
|
|
1,162
|
|
|
538
|
|
|
185
|
|
|
1,347
|
|
|
538
|
|
|
1,885
|
|
|
(361
|
)
|
|
2015
|
||||||||
Taunton
|
|
800 John Quincy Adams Road
|
|
—
|
|
|
23,885
|
|
|
2,598
|
|
|
303
|
|
|
24,188
|
|
|
2,598
|
|
|
26,786
|
|
|
(696
|
)
|
|
2019
|
||||||||
Westborough
|
|
35 Otis Street
|
|
—
|
|
|
5,808
|
|
|
661
|
|
|
23
|
|
|
5,831
|
|
|
661
|
|
|
6,492
|
|
|
(679
|
)
|
|
2016
|
||||||||
Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Belleville
|
|
8200 Haggerty Road
|
|
—
|
|
|
6,524
|
|
|
724
|
|
|
9
|
|
|
6,533
|
|
|
724
|
|
|
7,257
|
|
|
(675
|
)
|
|
2017
|
||||||||
Chesterfield
|
|
50501 E. Russell Schmidt
|
|
—
|
|
|
1,099
|
|
|
207
|
|
|
12
|
|
|
1,111
|
|
|
207
|
|
|
1,318
|
|
|
(358
|
)
|
|
2007
|
||||||||
Chesterfield
|
|
50371 E. Russell Schmidt
|
|
—
|
|
|
798
|
|
|
150
|
|
|
407
|
|
|
1,205
|
|
|
150
|
|
|
1,355
|
|
|
(293
|
)
|
|
2007
|
||||||||
Chesterfield
|
|
50271 E. Russell Schmidt
|
|
—
|
|
|
802
|
|
|
151
|
|
|
224
|
|
|
1,026
|
|
|
151
|
|
|
1,177
|
|
|
(377
|
)
|
|
2007
|
||||||||
Chesterfield
|
|
50900 E. Russell Schmidt
|
|
—
|
|
|
5,006
|
|
|
942
|
|
|
2,197
|
|
|
7,203
|
|
|
942
|
|
|
8,145
|
|
|
(2,212
|
)
|
|
2007
|
||||||||
Grand Rapids
|
|
5050 Kendrick Street, SE
|
|
—
|
|
|
7,532
|
|
|
169
|
|
|
34
|
|
|
7,566
|
|
|
169
|
|
|
7,735
|
|
|
(1,448
|
)
|
|
2015
|
||||||||
Holland
|
|
4757 128th Avenue
|
|
(2,869
|
)
|
|
3,273
|
|
|
279
|
|
|
60
|
|
|
3,333
|
|
|
279
|
|
|
3,612
|
|
|
(685
|
)
|
|
2012
|
||||||||
Kentwood
|
|
4660 East Paris Avenue, SE
|
|
—
|
|
|
7,955
|
|
|
307
|
|
|
29
|
|
|
7,984
|
|
|
307
|
|
|
8,291
|
|
|
(127
|
)
|
|
2019
|
||||||||
Kentwood
|
|
4070 East Paris Avenue
|
|
—
|
|
|
2,436
|
|
|
407
|
|
|
120
|
|
|
2,556
|
|
|
407
|
|
|
2,963
|
|
|
(464
|
)
|
|
2013
|
||||||||
Lansing
|
|
7009 West Mount Hope Highway
|
|
—
|
|
|
7,706
|
|
|
501
|
|
|
1,240
|
|
|
8,946
|
|
|
501
|
|
|
9,447
|
|
|
(1,670
|
)
|
|
2011
|
||||||||
Lansing
|
|
2780 Sanders Road
|
|
—
|
|
|
3,961
|
|
|
580
|
|
|
33
|
|
|
3,994
|
|
|
580
|
|
|
4,574
|
|
|
(780
|
)
|
|
2012
|
||||||||
Lansing
|
|
5640 Pierson Highway
|
|
(5,141
|
)
|
|
7,056
|
|
|
429
|
|
|
100
|
|
|
7,156
|
|
|
429
|
|
|
7,585
|
|
|
(1,469
|
)
|
|
2012
|
||||||||
Lansing
|
|
2051 South Canal Road
|
|
—
|
|
|
5,176
|
|
|
907
|
|
|
—
|
|
|
5,176
|
|
|
907
|
|
|
6,083
|
|
|
(1,048
|
)
|
|
2013
|
||||||||
Livonia
|
|
38150 Plymouth Road
|
|
—
|
|
|
7,123
|
|
|
1,390
|
|
|
176
|
|
|
7,299
|
|
|
1,390
|
|
|
8,689
|
|
|
(369
|
)
|
|
2018
|
||||||||
Livonia
|
|
38220 Plymouth Road
|
|
—
|
|
|
8,967
|
|
|
848
|
|
|
31
|
|
|
8,998
|
|
|
848
|
|
|
9,846
|
|
|
(323
|
)
|
|
2018
|
||||||||
Marshall
|
|
1511 George Brown Drive
|
|
—
|
|
|
1,042
|
|
|
199
|
|
|
130
|
|
|
1,172
|
|
|
199
|
|
|
1,371
|
|
|
(258
|
)
|
|
2013
|
||||||||
Novi
|
|
22925 Venture Drive
|
|
(2,519
|
)
|
|
3,649
|
|
|
252
|
|
|
336
|
|
|
3,985
|
|
|
252
|
|
|
4,237
|
|
|
(764
|
)
|
|
2012
|
||||||||
Novi
|
|
25250 Regency Drive
|
|
—
|
|
|
6,035
|
|
|
626
|
|
|
—
|
|
|
6,035
|
|
|
626
|
|
|
6,661
|
|
|
(929
|
)
|
|
2015
|
||||||||
Novi
|
|
43800 Gen Mar Drive
|
|
—
|
|
|
16,918
|
|
|
1,381
|
|
|
—
|
|
|
16,918
|
|
|
1,381
|
|
|
18,299
|
|
|
(819
|
)
|
|
2018
|
||||||||
Plymouth
|
|
14835 Pilot Drive
|
|
—
|
|
|
4,620
|
|
|
365
|
|
|
—
|
|
|
4,620
|
|
|
365
|
|
|
4,985
|
|
|
(797
|
)
|
|
2015
|
||||||||
Redford
|
|
12100 Inkster Road
|
|
—
|
|
|
6,114
|
|
|
728
|
|
|
414
|
|
|
6,528
|
|
|
728
|
|
|
7,256
|
|
|
(1,319
|
)
|
|
2017
|
||||||||
Romulus
|
|
9800 Inkster Road
|
|
—
|
|
|
14,942
|
|
|
1,254
|
|
|
—
|
|
|
14,942
|
|
|
1,254
|
|
|
16,196
|
|
|
(944
|
)
|
|
2018
|
||||||||
Romulus
|
|
27651 Hildebrandt Road
|
|
—
|
|
|
14,956
|
|
|
1,080
|
|
|
49
|
|
|
15,005
|
|
|
1,080
|
|
|
16,085
|
|
|
(1,559
|
)
|
|
2017
|
||||||||
Sterling Heights
|
|
42600 Merrill Street
|
|
(1,388
|
)
|
|
4,191
|
|
|
1,133
|
|
|
415
|
|
|
4,606
|
|
|
1,133
|
|
|
5,739
|
|
|
(948
|
)
|
|
2012
|
||||||||
Walker
|
|
2640 Northridge Drive
|
|
—
|
|
|
4,593
|
|
|
855
|
|
|
169
|
|
|
4,762
|
|
|
855
|
|
|
5,617
|
|
|
(1,067
|
)
|
|
2011
|
||||||||
Warren
|
|
13301 Stephens Road
|
|
—
|
|
|
6,111
|
|
|
502
|
|
|
10
|
|
|
6,121
|
|
|
502
|
|
|
6,623
|
|
|
(839
|
)
|
|
2017
|
||||||||
Warren
|
|
7500 Tank Avenue
|
|
—
|
|
|
16,035
|
|
|
1,290
|
|
|
—
|
|
|
16,035
|
|
|
1,290
|
|
|
17,325
|
|
|
(2,017
|
)
|
|
2016
|
||||||||
Zeeland
|
|
750 E. Riley Avenue
|
|
—
|
|
|
12,100
|
|
|
487
|
|
|
—
|
|
|
12,100
|
|
|
487
|
|
|
12,587
|
|
|
(352
|
)
|
|
2019
|
||||||||
Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Blaine
|
|
3705 95th Avenue NE
|
|
—
|
|
|
16,873
|
|
|
2,258
|
|
|
—
|
|
|
16,873
|
|
|
2,258
|
|
|
19,131
|
|
|
(505
|
)
|
|
2019
|
||||||||
Bloomington
|
|
11300 Hampshire Avenue South
|
|
—
|
|
|
8,582
|
|
|
1,702
|
|
|
23
|
|
|
8,605
|
|
|
1,702
|
|
|
10,307
|
|
|
(695
|
)
|
|
2018
|
||||||||
Brooklyn Park
|
|
6688 93rd Avenue North
|
|
—
|
|
|
11,988
|
|
|
1,926
|
|
|
—
|
|
|
11,988
|
|
|
1,926
|
|
|
13,914
|
|
|
(1,215
|
)
|
|
2016
|
||||||||
Carlos
|
|
4750 County Road 13 NE
|
|
—
|
|
|
5,855
|
|
|
960
|
|
|
151
|
|
|
6,006
|
|
|
960
|
|
|
6,966
|
|
|
(1,431
|
)
|
|
2011
|
||||||||
Eagan
|
|
3355 Discovery Road
|
|
—
|
|
|
15,290
|
|
|
2,526
|
|
|
—
|
|
|
15,290
|
|
|
2,526
|
|
|
17,816
|
|
|
(109
|
)
|
|
2019
|
||||||||
Maple Grove
|
|
6250 Sycamore Lane North
|
|
—
|
|
|
6,634
|
|
|
969
|
|
|
473
|
|
|
7,107
|
|
|
969
|
|
|
8,076
|
|
|
(750
|
)
|
|
2017
|
||||||||
Mendota Heights
|
|
2250 Pilot Knob Road
|
|
—
|
|
|
3,492
|
|
|
1,494
|
|
|
1,062
|
|
|
4,554
|
|
|
1,494
|
|
|
6,048
|
|
|
(364
|
)
|
|
2018
|
||||||||
New Hope
|
|
5520 North Highway 169
|
|
—
|
|
|
1,970
|
|
|
1,919
|
|
|
10
|
|
|
1,980
|
|
|
1,919
|
|
|
3,899
|
|
|
(560
|
)
|
|
2013
|
||||||||
Oakdale
|
|
550 Hale Avenue
|
|
—
|
|
|
6,556
|
|
|
647
|
|
|
—
|
|
|
6,556
|
|
|
647
|
|
|
7,203
|
|
|
(203
|
)
|
|
2019
|
||||||||
Oakdale
|
|
585-595 Hale Avenue
|
|
—
|
|
|
5,028
|
|
|
1,396
|
|
|
59
|
|
|
5,087
|
|
|
1,396
|
|
|
6,483
|
|
|
(253
|
)
|
|
2018
|
||||||||
Plymouth
|
|
9800 13th Avenue North
|
|
—
|
|
|
4,978
|
|
|
1,599
|
|
|
—
|
|
|
4,978
|
|
|
1,599
|
|
|
6,577
|
|
|
(392
|
)
|
|
2018
|
||||||||
Plymouth
|
|
6050 Nathan Lane
|
|
—
|
|
|
5,855
|
|
|
1,109
|
|
|
—
|
|
|
5,855
|
|
|
1,109
|
|
|
6,964
|
|
|
(55
|
)
|
|
2019
|
||||||||
Plymouth
|
|
6075 Trenton Lane North
|
|
—
|
|
|
6,961
|
|
|
1,569
|
|
|
—
|
|
|
6,961
|
|
|
1,569
|
|
|
8,530
|
|
|
(70
|
)
|
|
2019
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Rogers
|
|
19850 Diamond Lake Road
|
|
—
|
|
|
10,429
|
|
|
1,671
|
|
|
238
|
|
|
10,667
|
|
|
1,671
|
|
|
12,338
|
|
|
(2,391
|
)
|
|
2011
|
||||||||
Savage
|
|
14399 Huntington Avenue
|
|
—
|
|
|
3,836
|
|
|
3,194
|
|
|
989
|
|
|
4,825
|
|
|
3,194
|
|
|
8,019
|
|
|
(1,188
|
)
|
|
2014
|
||||||||
Shakopee
|
|
1451 Dean Lakes Trail
|
|
—
|
|
|
12,496
|
|
|
927
|
|
|
—
|
|
|
12,496
|
|
|
927
|
|
|
13,423
|
|
|
(64
|
)
|
|
2019
|
||||||||
South Saint Paul
|
|
411 Farwell Avenue
|
|
—
|
|
|
14,975
|
|
|
2,378
|
|
|
329
|
|
|
15,304
|
|
|
2,378
|
|
|
17,682
|
|
|
(984
|
)
|
|
2018
|
||||||||
Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Earth City
|
|
1 American Eagle Plaza
|
|
—
|
|
|
2,806
|
|
|
1,123
|
|
|
60
|
|
|
2,866
|
|
|
1,123
|
|
|
3,989
|
|
|
(488
|
)
|
|
2016
|
||||||||
Fenton
|
|
2501 & 2509 Cassens Drive
|
|
—
|
|
|
9,380
|
|
|
791
|
|
|
—
|
|
|
9,380
|
|
|
791
|
|
|
10,171
|
|
|
(82
|
)
|
|
2019
|
||||||||
Hazelwood
|
|
7275 Hazelwood Avenue
|
|
—
|
|
|
5,030
|
|
|
1,382
|
|
|
1,599
|
|
|
6,629
|
|
|
1,382
|
|
|
8,011
|
|
|
(1,314
|
)
|
|
2011
|
||||||||
O'Fallon
|
|
6705 Keaton Corporate Parkway
|
|
—
|
|
|
3,627
|
|
|
1,233
|
|
|
345
|
|
|
3,972
|
|
|
1,233
|
|
|
5,205
|
|
|
(507
|
)
|
|
2017
|
||||||||
O'Fallon
|
|
3801 Lloyd King Drive
|
|
—
|
|
|
2,579
|
|
|
1,242
|
|
|
335
|
|
|
2,914
|
|
|
1,242
|
|
|
4,156
|
|
|
(671
|
)
|
|
2011
|
||||||||
Nebraska
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Omaha
|
|
10488 S. 136th Street
|
|
—
|
|
|
13,736
|
|
|
1,602
|
|
|
32
|
|
|
13,768
|
|
|
1,602
|
|
|
15,370
|
|
|
(342
|
)
|
|
2019
|
||||||||
Omaha
|
|
9995 I Street
|
|
—
|
|
|
3,250
|
|
|
572
|
|
|
—
|
|
|
3,250
|
|
|
572
|
|
|
3,822
|
|
|
(39
|
)
|
|
2019
|
||||||||
Omaha
|
|
10025 I Street
|
|
—
|
|
|
2,449
|
|
|
579
|
|
|
—
|
|
|
2,449
|
|
|
579
|
|
|
3,028
|
|
|
(32
|
)
|
|
2019
|
||||||||
Nevada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Las Vegas
|
|
730 Pilot Road
|
|
—
|
|
|
12,390
|
|
|
2,615
|
|
|
170
|
|
|
12,560
|
|
|
2,615
|
|
|
15,175
|
|
|
(753
|
)
|
|
2018
|
||||||||
Las Vegas
|
|
3450 West Teco Avenue
|
|
—
|
|
|
3,259
|
|
|
770
|
|
|
—
|
|
|
3,259
|
|
|
770
|
|
|
4,029
|
|
|
(281
|
)
|
|
2017
|
||||||||
Paradise
|
|
4565 Wynn Road
|
|
—
|
|
|
4,514
|
|
|
949
|
|
|
—
|
|
|
4,514
|
|
|
949
|
|
|
5,463
|
|
|
(63
|
)
|
|
2019
|
||||||||
Paradise
|
|
6460 Arville St
|
|
—
|
|
|
3,415
|
|
|
1,465
|
|
|
10
|
|
|
3,425
|
|
|
1,465
|
|
|
4,890
|
|
|
(62
|
)
|
|
2019
|
||||||||
Reno
|
|
9025 Moya Blvd.
|
|
—
|
|
|
3,461
|
|
|
1,372
|
|
|
—
|
|
|
3,461
|
|
|
1,372
|
|
|
4,833
|
|
|
(812
|
)
|
|
2014
|
||||||||
Sparks
|
|
325 E. Nugget Avenue
|
|
—
|
|
|
6,328
|
|
|
938
|
|
|
977
|
|
|
7,305
|
|
|
938
|
|
|
8,243
|
|
|
(1,067
|
)
|
|
2017
|
||||||||
New Hampshire
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Londonderry
|
|
29 Jack's Bridge Road/Clark Rd
|
|
—
|
|
|
6,683
|
|
|
730
|
|
|
—
|
|
|
6,683
|
|
|
730
|
|
|
7,413
|
|
|
(1,367
|
)
|
|
2013
|
||||||||
Nashua
|
|
80 Northwest Boulevard
|
|
—
|
|
|
8,470
|
|
|
1,431
|
|
|
449
|
|
|
8,919
|
|
|
1,431
|
|
|
10,350
|
|
|
(1,644
|
)
|
|
2014
|
||||||||
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Branchburg
|
|
291 Evans Way
|
|
—
|
|
|
10,852
|
|
|
2,367
|
|
|
—
|
|
|
10,852
|
|
|
2,367
|
|
|
13,219
|
|
|
(28
|
)
|
|
2019
|
||||||||
Burlington
|
|
1900 River Road
|
|
—
|
|
|
42,753
|
|
|
5,135
|
|
|
256
|
|
|
43,009
|
|
|
5,135
|
|
|
48,144
|
|
|
(7,487
|
)
|
|
2015
|
||||||||
Burlington
|
|
8 Campus Drive
|
|
—
|
|
|
12,609
|
|
|
3,267
|
|
|
165
|
|
|
12,774
|
|
|
3,267
|
|
|
16,041
|
|
|
—
|
|
|
2015
|
||||||||
Burlington
|
|
6 Campus Drive
|
|
—
|
|
|
19,577
|
|
|
4,030
|
|
|
1,238
|
|
|
20,815
|
|
|
4,030
|
|
|
24,845
|
|
|
(3,278
|
)
|
|
2015
|
||||||||
Franklin Township
|
|
17 & 20 Veronica Avenue
|
|
—
|
|
|
8,322
|
|
|
2,272
|
|
|
395
|
|
|
8,717
|
|
|
2,272
|
|
|
10,989
|
|
|
(1,350
|
)
|
|
2017
|
||||||||
Lopatcong
|
|
190 Strykers Road
|
|
—
|
|
|
9,777
|
|
|
1,554
|
|
|
1,599
|
|
|
11,376
|
|
|
1,554
|
|
|
12,930
|
|
|
(1,104
|
)
|
|
2011
|
||||||||
Lumberton
|
|
101 Mount Holly Bypass
|
|
—
|
|
|
6,372
|
|
|
1,121
|
|
|
—
|
|
|
6,372
|
|
|
1,121
|
|
|
7,493
|
|
|
(126
|
)
|
|
2019
|
||||||||
Moorestown
|
|
550 Glen Avenue
|
|
—
|
|
|
5,714
|
|
|
466
|
|
|
—
|
|
|
5,714
|
|
|
466
|
|
|
6,180
|
|
|
(137
|
)
|
|
2019
|
||||||||
Moorestown
|
|
600 Glen Court
|
|
—
|
|
|
4,763
|
|
|
510
|
|
|
—
|
|
|
4,763
|
|
|
510
|
|
|
5,273
|
|
|
(126
|
)
|
|
2019
|
||||||||
Pedricktown
|
|
One Gateway Blvd.
|
|
—
|
|
|
10,696
|
|
|
2,414
|
|
|
—
|
|
|
10,696
|
|
|
2,414
|
|
|
13,110
|
|
|
(1,166
|
)
|
|
2017
|
||||||||
Swedesboro
|
|
2165 Center Square Road
|
|
—
|
|
|
5,129
|
|
|
1,212
|
|
|
—
|
|
|
5,129
|
|
|
1,212
|
|
|
6,341
|
|
|
(519
|
)
|
|
2017
|
||||||||
New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Buffalo
|
|
1236-50 William Street
|
|
—
|
|
|
2,924
|
|
|
146
|
|
|
—
|
|
|
2,924
|
|
|
146
|
|
|
3,070
|
|
|
(618
|
)
|
|
2012
|
||||||||
Cheektowaga
|
|
40-60 Industrial Parkway
|
|
—
|
|
|
2,699
|
|
|
216
|
|
|
1,004
|
|
|
3,703
|
|
|
216
|
|
|
3,919
|
|
|
(904
|
)
|
|
2011
|
||||||||
Farmington
|
|
5786 Collett Road
|
|
—
|
|
|
5,282
|
|
|
410
|
|
|
469
|
|
|
5,751
|
|
|
410
|
|
|
6,161
|
|
|
(1,662
|
)
|
|
2007
|
||||||||
Gloversville
|
|
125 Belzano Drive
|
|
(668
|
)
|
|
1,299
|
|
|
117
|
|
|
—
|
|
|
1,299
|
|
|
117
|
|
|
1,416
|
|
|
(288
|
)
|
|
2012
|
||||||||
Gloversville
|
|
122 Belzano Drive
|
|
(1,080
|
)
|
|
2,559
|
|
|
151
|
|
|
73
|
|
|
2,632
|
|
|
151
|
|
|
2,783
|
|
|
(524
|
)
|
|
2012
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Gloversville
|
|
109 Belzano Drive
|
|
(771
|
)
|
|
1,486
|
|
|
154
|
|
|
36
|
|
|
1,522
|
|
|
154
|
|
|
1,676
|
|
|
(332
|
)
|
|
2012
|
||||||||
Johnstown
|
|
6 Clermont Street
|
|
(668
|
)
|
|
1,304
|
|
|
178
|
|
|
—
|
|
|
1,304
|
|
|
178
|
|
|
1,482
|
|
|
(313
|
)
|
|
2012
|
||||||||
Johnstown
|
|
123 Union Avenue
|
|
(977
|
)
|
|
1,592
|
|
|
216
|
|
|
47
|
|
|
1,639
|
|
|
216
|
|
|
1,855
|
|
|
(325
|
)
|
|
2012
|
||||||||
Johnstown
|
|
231 Enterprise Drive
|
|
(797
|
)
|
|
955
|
|
|
151
|
|
|
—
|
|
|
955
|
|
|
151
|
|
|
1,106
|
|
|
(252
|
)
|
|
2012
|
||||||||
Johnstown
|
|
150 Enterprise Avenue
|
|
(1,491
|
)
|
|
1,467
|
|
|
140
|
|
|
—
|
|
|
1,467
|
|
|
140
|
|
|
1,607
|
|
|
(356
|
)
|
|
2012
|
||||||||
North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Charlotte
|
|
6601 North I-85 Service Road
|
|
—
|
|
|
2,342
|
|
|
805
|
|
|
79
|
|
|
2,421
|
|
|
805
|
|
|
3,226
|
|
|
(403
|
)
|
|
2014
|
||||||||
Charlotte
|
|
1401 Tar Heel Road
|
|
—
|
|
|
3,961
|
|
|
515
|
|
|
—
|
|
|
3,961
|
|
|
515
|
|
|
4,476
|
|
|
(535
|
)
|
|
2015
|
||||||||
Charlotte
|
|
2027 Gateway Blvd
|
|
—
|
|
|
3,654
|
|
|
913
|
|
|
30
|
|
|
3,684
|
|
|
913
|
|
|
4,597
|
|
|
(191
|
)
|
|
2018
|
||||||||
Durham
|
|
2702 Weck Drive
|
|
—
|
|
|
2,589
|
|
|
753
|
|
|
31
|
|
|
2,620
|
|
|
753
|
|
|
3,373
|
|
|
(423
|
)
|
|
2015
|
||||||||
Greensboro
|
|
415 Westcliff Road
|
|
—
|
|
|
6,383
|
|
|
691
|
|
|
202
|
|
|
6,585
|
|
|
691
|
|
|
7,276
|
|
|
(269
|
)
|
|
2018
|
||||||||
Huntersville
|
|
13201 Reese Boulevard Unit 100
|
|
—
|
|
|
3,123
|
|
|
1,061
|
|
|
477
|
|
|
3,600
|
|
|
1,061
|
|
|
4,661
|
|
|
(675
|
)
|
|
2012
|
||||||||
Lexington
|
|
200 Woodside Drive
|
|
—
|
|
|
3,863
|
|
|
232
|
|
|
1,345
|
|
|
5,208
|
|
|
232
|
|
|
5,440
|
|
|
(1,075
|
)
|
|
2011
|
||||||||
Mebane
|
|
7412 Oakwood Street
|
|
—
|
|
|
4,570
|
|
|
481
|
|
|
552
|
|
|
5,122
|
|
|
481
|
|
|
5,603
|
|
|
(1,063
|
)
|
|
2012
|
||||||||
Mebane
|
|
7600 Oakwood Street
|
|
—
|
|
|
4,148
|
|
|
443
|
|
|
—
|
|
|
4,148
|
|
|
443
|
|
|
4,591
|
|
|
(928
|
)
|
|
2012
|
||||||||
Mebane
|
|
7110 E. Washington Street
|
|
—
|
|
|
4,981
|
|
|
358
|
|
|
861
|
|
|
5,842
|
|
|
358
|
|
|
6,200
|
|
|
(1,003
|
)
|
|
2013
|
||||||||
Mocksville
|
|
171 Enterprise Way
|
|
—
|
|
|
5,582
|
|
|
1,091
|
|
|
225
|
|
|
5,807
|
|
|
1,091
|
|
|
6,898
|
|
|
(147
|
)
|
|
2019
|
||||||||
Mooresville
|
|
119 Super Sport Drive
|
|
—
|
|
|
18,010
|
|
|
4,195
|
|
|
43
|
|
|
18,053
|
|
|
4,195
|
|
|
22,248
|
|
|
(1,370
|
)
|
|
2017
|
||||||||
Mooresville
|
|
313 Mooresville Boulevard
|
|
—
|
|
|
7,411
|
|
|
701
|
|
|
437
|
|
|
7,848
|
|
|
701
|
|
|
8,549
|
|
|
(2,027
|
)
|
|
2011
|
||||||||
Mountain Home
|
|
199 N. Egerton Road
|
|
—
|
|
|
2,472
|
|
|
523
|
|
|
—
|
|
|
2,472
|
|
|
523
|
|
|
2,995
|
|
|
(476
|
)
|
|
2014
|
||||||||
Newton
|
|
1500 Prodelin Drive
|
|
—
|
|
|
7,338
|
|
|
732
|
|
|
1,283
|
|
|
8,621
|
|
|
732
|
|
|
9,353
|
|
|
(1,258
|
)
|
|
2011
|
||||||||
Pineville
|
|
10519 Industrial Drive
|
|
—
|
|
|
1,380
|
|
|
392
|
|
|
—
|
|
|
1,380
|
|
|
392
|
|
|
1,772
|
|
|
(376
|
)
|
|
2012
|
||||||||
Rural Hall
|
|
300 Forum Parkway
|
|
—
|
|
|
5,375
|
|
|
439
|
|
|
1,007
|
|
|
6,382
|
|
|
439
|
|
|
6,821
|
|
|
(1,384
|
)
|
|
2011
|
||||||||
Salisbury
|
|
913 Airport Road
|
|
—
|
|
|
5,284
|
|
|
1,535
|
|
|
1,420
|
|
|
6,704
|
|
|
1,535
|
|
|
8,239
|
|
|
(910
|
)
|
|
2017
|
||||||||
Smithfield
|
|
3250 Highway 70 Business West
|
|
—
|
|
|
10,657
|
|
|
613
|
|
|
72
|
|
|
10,729
|
|
|
613
|
|
|
11,342
|
|
|
(1,439
|
)
|
|
2011
|
||||||||
Troutman
|
|
279 & 281 Old Murdock Road
|
|
—
|
|
|
13,392
|
|
|
802
|
|
|
—
|
|
|
13,392
|
|
|
802
|
|
|
14,194
|
|
|
(683
|
)
|
|
2018
|
||||||||
Winston-Salem
|
|
2655 Annapolis Drive
|
|
—
|
|
|
11,054
|
|
|
610
|
|
|
16
|
|
|
11,070
|
|
|
610
|
|
|
11,680
|
|
|
(2,266
|
)
|
|
2014
|
||||||||
Youngsville
|
|
200 K-Flex Way
|
|
—
|
|
|
16,150
|
|
|
1,836
|
|
|
—
|
|
|
16,150
|
|
|
1,836
|
|
|
17,986
|
|
|
(737
|
)
|
|
2018
|
||||||||
Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bedford Heights
|
|
26801 Fargo Ave
|
|
—
|
|
|
5,267
|
|
|
837
|
|
|
917
|
|
|
6,184
|
|
|
837
|
|
|
7,021
|
|
|
(702
|
)
|
|
2017
|
||||||||
Boardman
|
|
365 McClurg Rd
|
|
—
|
|
|
3,473
|
|
|
282
|
|
|
854
|
|
|
4,327
|
|
|
282
|
|
|
4,609
|
|
|
(1,460
|
)
|
|
2007
|
||||||||
Columbus
|
|
1605 Westbelt Drive
|
|
—
|
|
|
5,222
|
|
|
337
|
|
|
37
|
|
|
5,259
|
|
|
337
|
|
|
5,596
|
|
|
(533
|
)
|
|
2017
|
||||||||
Columbus
|
|
3900-3990 Business Park Drive
|
|
—
|
|
|
3,123
|
|
|
489
|
|
|
254
|
|
|
3,377
|
|
|
489
|
|
|
3,866
|
|
|
(870
|
)
|
|
2014
|
||||||||
Dayton
|
|
2815 South Gettysburg Avenue
|
|
—
|
|
|
5,896
|
|
|
331
|
|
|
417
|
|
|
6,313
|
|
|
331
|
|
|
6,644
|
|
|
(1,160
|
)
|
|
2015
|
||||||||
Dayton
|
|
2800 Concorde Drive
|
|
—
|
|
|
23,725
|
|
|
2,465
|
|
|
—
|
|
|
23,725
|
|
|
2,465
|
|
|
26,190
|
|
|
(2,830
|
)
|
|
2017
|
||||||||
Fairborn
|
|
1340 E Dayton Yellow Springs Rd
|
|
—
|
|
|
5,569
|
|
|
867
|
|
|
223
|
|
|
5,792
|
|
|
867
|
|
|
6,659
|
|
|
(1,323
|
)
|
|
2015
|
||||||||
Fairfield
|
|
4275 Thunderbird Lane
|
|
—
|
|
|
2,788
|
|
|
948
|
|
|
109
|
|
|
2,897
|
|
|
948
|
|
|
3,845
|
|
|
(545
|
)
|
|
2016
|
||||||||
Fairfield
|
|
3840 Port Union Road
|
|
—
|
|
|
5,337
|
|
|
1,086
|
|
|
—
|
|
|
5,337
|
|
|
1,086
|
|
|
6,423
|
|
|
(374
|
)
|
|
2018
|
||||||||
Gahanna
|
|
1120 Morrison Road
|
|
—
|
|
|
3,806
|
|
|
1,265
|
|
|
1,258
|
|
|
5,064
|
|
|
1,265
|
|
|
6,329
|
|
|
(1,244
|
)
|
|
2011
|
||||||||
Groveport
|
|
5830 Green Pointe Drive South
|
|
—
|
|
|
10,920
|
|
|
642
|
|
|
207
|
|
|
11,127
|
|
|
642
|
|
|
11,769
|
|
|
(1,061
|
)
|
|
2017
|
||||||||
Hilliard
|
|
4251 Leap Road
|
|
—
|
|
|
7,412
|
|
|
550
|
|
|
326
|
|
|
7,738
|
|
|
550
|
|
|
8,288
|
|
|
(674
|
)
|
|
2017
|
||||||||
Macedonia
|
|
1261 Highland Road
|
|
—
|
|
|
8,112
|
|
|
1,690
|
|
|
230
|
|
|
8,342
|
|
|
1,690
|
|
|
10,032
|
|
|
(1,386
|
)
|
|
2015
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Mason
|
|
7258 Innovation Way
|
|
—
|
|
|
4,582
|
|
|
673
|
|
|
—
|
|
|
4,582
|
|
|
673
|
|
|
5,255
|
|
|
(849
|
)
|
|
2014
|
||||||||
North Jackson
|
|
500 South Bailey Road
|
|
—
|
|
|
4,427
|
|
|
1,528
|
|
|
89
|
|
|
4,516
|
|
|
1,528
|
|
|
6,044
|
|
|
(917
|
)
|
|
2013
|
||||||||
North Jackson
|
|
382 Rosemont Road
|
|
—
|
|
|
7,681
|
|
|
486
|
|
|
154
|
|
|
7,835
|
|
|
486
|
|
|
8,321
|
|
|
(1,282
|
)
|
|
2011
|
||||||||
Oakwood Village
|
|
26350 Broadway
|
|
—
|
|
|
3,041
|
|
|
343
|
|
|
—
|
|
|
3,041
|
|
|
343
|
|
|
3,384
|
|
|
(597
|
)
|
|
2015
|
||||||||
Salem
|
|
800 Pennsylvania Ave
|
|
—
|
|
|
7,674
|
|
|
858
|
|
|
1,102
|
|
|
8,776
|
|
|
858
|
|
|
9,634
|
|
|
(2,478
|
)
|
|
2006
|
||||||||
Seville
|
|
276 West Greenwich Road
|
|
—
|
|
|
1,591
|
|
|
273
|
|
|
61
|
|
|
1,652
|
|
|
273
|
|
|
1,925
|
|
|
(458
|
)
|
|
2011
|
||||||||
Streetsboro
|
|
9777 Mopar Drive
|
|
—
|
|
|
4,909
|
|
|
2,161
|
|
|
214
|
|
|
5,123
|
|
|
2,161
|
|
|
7,284
|
|
|
(1,167
|
)
|
|
2011
|
||||||||
Strongsville
|
|
12930 Darice Parkway
|
|
—
|
|
|
5,750
|
|
|
491
|
|
|
658
|
|
|
6,408
|
|
|
491
|
|
|
6,899
|
|
|
(1,051
|
)
|
|
2014
|
||||||||
Toledo
|
|
1800 Jason Street
|
|
—
|
|
|
6,487
|
|
|
213
|
|
|
—
|
|
|
6,487
|
|
|
213
|
|
|
6,700
|
|
|
(1,250
|
)
|
|
2012
|
||||||||
Twinsburg
|
|
7990 Bavaria Road
|
|
—
|
|
|
8,027
|
|
|
590
|
|
|
87
|
|
|
8,114
|
|
|
590
|
|
|
8,704
|
|
|
(2,203
|
)
|
|
2007
|
||||||||
West Chester
|
|
9696 International Blvd
|
|
—
|
|
|
8,868
|
|
|
936
|
|
|
—
|
|
|
8,868
|
|
|
936
|
|
|
9,804
|
|
|
(1,014
|
)
|
|
2016
|
||||||||
West Jefferson
|
|
1550 West Main Street
|
|
—
|
|
|
70,213
|
|
|
2,015
|
|
|
—
|
|
|
70,213
|
|
|
2,015
|
|
|
72,228
|
|
|
(1,380
|
)
|
|
2019
|
||||||||
Oklahoma
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Oklahoma City
|
|
4949 Southwest 20th Street
|
|
—
|
|
|
2,211
|
|
|
746
|
|
|
49
|
|
|
2,260
|
|
|
746
|
|
|
3,006
|
|
|
(433
|
)
|
|
2016
|
||||||||
Oklahoma City
|
|
5101 South Council Road
|
|
—
|
|
|
9,199
|
|
|
1,614
|
|
|
1,373
|
|
|
10,572
|
|
|
1,614
|
|
|
12,186
|
|
|
(1,505
|
)
|
|
2015
|
||||||||
Tulsa
|
|
11607 E. 43rd Street North
|
|
—
|
|
|
8,242
|
|
|
966
|
|
|
—
|
|
|
8,242
|
|
|
966
|
|
|
9,208
|
|
|
(1,262
|
)
|
|
2015
|
||||||||
Oregon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Salem
|
|
4060 Fairview Industrial Drive
|
|
—
|
|
|
3,039
|
|
|
599
|
|
|
772
|
|
|
3,811
|
|
|
599
|
|
|
4,410
|
|
|
(833
|
)
|
|
2011
|
||||||||
Salem
|
|
4050 Fairview Industrial Drive
|
|
—
|
|
|
1,372
|
|
|
266
|
|
|
514
|
|
|
1,886
|
|
|
266
|
|
|
2,152
|
|
|
(454
|
)
|
|
2011
|
||||||||
Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allentown
|
|
7132 Daniels Drive
|
|
—
|
|
|
7,199
|
|
|
1,962
|
|
|
1,300
|
|
|
8,499
|
|
|
1,962
|
|
|
10,461
|
|
|
(1,634
|
)
|
|
2014
|
||||||||
Burgettstown
|
|
157 Starpointe Boulevard
|
|
—
|
|
|
23,416
|
|
|
1,248
|
|
|
—
|
|
|
23,416
|
|
|
1,248
|
|
|
24,664
|
|
|
(716
|
)
|
|
2019
|
||||||||
Charleroi
|
|
200 Simko Boulevard
|
|
—
|
|
|
10,539
|
|
|
935
|
|
|
—
|
|
|
10,539
|
|
|
935
|
|
|
11,474
|
|
|
(424
|
)
|
|
2018
|
||||||||
Clinton
|
|
2300 Sweeney Drive
|
|
—
|
|
|
19,339
|
|
|
—
|
|
|
—
|
|
|
19,339
|
|
|
—
|
|
|
19,339
|
|
|
(1,690
|
)
|
|
2017
|
||||||||
Clinton
|
|
2251 Sweeney Drive
|
|
—
|
|
|
12,390
|
|
|
—
|
|
|
—
|
|
|
12,390
|
|
|
—
|
|
|
12,390
|
|
|
(720
|
)
|
|
2018
|
||||||||
Clinton
|
|
2300 Sweeney Drive Extension
|
|
—
|
|
|
16,840
|
|
|
—
|
|
|
310
|
|
|
17,150
|
|
|
—
|
|
|
17,150
|
|
|
(792
|
)
|
|
2018
|
||||||||
Croydon
|
|
3001 State Road
|
|
—
|
|
|
4,655
|
|
|
829
|
|
|
—
|
|
|
4,655
|
|
|
829
|
|
|
5,484
|
|
|
(203
|
)
|
|
2018
|
||||||||
Elizabethtown
|
|
11 and 33 Industrial Road
|
|
—
|
|
|
5,315
|
|
|
1,000
|
|
|
208
|
|
|
5,523
|
|
|
1,000
|
|
|
6,523
|
|
|
(1,010
|
)
|
|
2014
|
||||||||
Export
|
|
1003 Corporate Lane
|
|
—
|
|
|
5,604
|
|
|
667
|
|
|
—
|
|
|
5,604
|
|
|
667
|
|
|
6,271
|
|
|
(72
|
)
|
|
2019
|
||||||||
Imperial
|
|
200 Solar Drive
|
|
—
|
|
|
22,135
|
|
|
1,762
|
|
|
—
|
|
|
22,135
|
|
|
1,762
|
|
|
23,897
|
|
|
(228
|
)
|
|
2019
|
||||||||
Lancaster
|
|
2919 Old Tree Drive
|
|
—
|
|
|
5,134
|
|
|
1,520
|
|
|
919
|
|
|
6,053
|
|
|
1,520
|
|
|
7,573
|
|
|
(1,430
|
)
|
|
2015
|
||||||||
Langhorne
|
|
2151 Cabot Boulevard West
|
|
—
|
|
|
3,771
|
|
|
1,370
|
|
|
341
|
|
|
4,112
|
|
|
1,370
|
|
|
5,482
|
|
|
(659
|
)
|
|
2016
|
||||||||
Langhorne
|
|
2201 Cabot Boulevard West
|
|
—
|
|
|
3,018
|
|
|
1,308
|
|
|
528
|
|
|
3,546
|
|
|
1,308
|
|
|
4,854
|
|
|
(601
|
)
|
|
2016
|
||||||||
Langhorne
|
|
121 Wheeler Court
|
|
—
|
|
|
6,327
|
|
|
1,884
|
|
|
129
|
|
|
6,456
|
|
|
1,884
|
|
|
8,340
|
|
|
(762
|
)
|
|
2016
|
||||||||
Lebanon
|
|
1 Keystone Drive
|
|
—
|
|
|
5,235
|
|
|
1,380
|
|
|
163
|
|
|
5,398
|
|
|
1,380
|
|
|
6,778
|
|
|
(1,641
|
)
|
|
2017
|
||||||||
Mechanicsburg
|
|
6350 Brackbill Blvd.
|
|
—
|
|
|
5,079
|
|
|
1,482
|
|
|
754
|
|
|
5,833
|
|
|
1,482
|
|
|
7,315
|
|
|
(1,097
|
)
|
|
2014
|
||||||||
Mechanicsburg
|
|
6360 Brackbill Blvd.
|
|
—
|
|
|
7,042
|
|
|
1,800
|
|
|
173
|
|
|
7,215
|
|
|
1,800
|
|
|
9,015
|
|
|
(1,337
|
)
|
|
2014
|
||||||||
Mechanicsburg
|
|
245 Salem Church Road
|
|
—
|
|
|
7,977
|
|
|
1,452
|
|
|
278
|
|
|
8,255
|
|
|
1,452
|
|
|
9,707
|
|
|
(1,511
|
)
|
|
2014
|
||||||||
Muhlenberg Township
|
|
171-173 Tuckerton Road
|
|
—
|
|
|
13,784
|
|
|
843
|
|
|
1,224
|
|
|
15,008
|
|
|
843
|
|
|
15,851
|
|
|
(2,880
|
)
|
|
2012
|
||||||||
New Galilee
|
|
1750 Shenango Road
|
|
—
|
|
|
25,659
|
|
|
1,127
|
|
|
274
|
|
|
25,933
|
|
|
1,127
|
|
|
27,060
|
|
|
(346
|
)
|
|
2019
|
||||||||
New Kingstown
|
|
6 Doughten Road
|
|
—
|
|
|
8,625
|
|
|
2,041
|
|
|
520
|
|
|
9,145
|
|
|
2,041
|
|
|
11,186
|
|
|
(1,657
|
)
|
|
2014
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
New Kensington
|
|
115 Hunt Valley Road
|
|
—
|
|
|
9,145
|
|
|
177
|
|
|
—
|
|
|
9,145
|
|
|
177
|
|
|
9,322
|
|
|
(435
|
)
|
|
2018
|
||||||||
O'Hara Township
|
|
100 Papercraft Park
|
|
(14,447
|
)
|
|
18,612
|
|
|
1,435
|
|
|
7,641
|
|
|
26,253
|
|
|
1,435
|
|
|
27,688
|
|
|
(5,595
|
)
|
|
2012
|
||||||||
Pittston
|
|
One Commerce Road
|
|
—
|
|
|
19,959
|
|
|
677
|
|
|
—
|
|
|
19,959
|
|
|
677
|
|
|
20,636
|
|
|
(1,983
|
)
|
|
2017
|
||||||||
Reading
|
|
2001 Centre Avenue
|
|
—
|
|
|
5,294
|
|
|
1,708
|
|
|
223
|
|
|
5,517
|
|
|
1,708
|
|
|
7,225
|
|
|
(757
|
)
|
|
2016
|
||||||||
Warrendale
|
|
410-426 Keystone Drive
|
|
—
|
|
|
12,111
|
|
|
1,853
|
|
|
—
|
|
|
12,111
|
|
|
1,853
|
|
|
13,964
|
|
|
(454
|
)
|
|
2018
|
||||||||
Williamsport
|
|
3300 Wahoo Drive
|
|
—
|
|
|
9,059
|
|
|
688
|
|
|
—
|
|
|
9,059
|
|
|
688
|
|
|
9,747
|
|
|
(1,859
|
)
|
|
2013
|
||||||||
York
|
|
2925 East Market Street
|
|
—
|
|
|
14,538
|
|
|
2,152
|
|
|
207
|
|
|
14,745
|
|
|
2,152
|
|
|
16,897
|
|
|
(1,388
|
)
|
|
2017
|
||||||||
York
|
|
57 Grumbacher Road
|
|
—
|
|
|
15,049
|
|
|
966
|
|
|
—
|
|
|
15,049
|
|
|
966
|
|
|
16,015
|
|
|
(992
|
)
|
|
2018
|
||||||||
York
|
|
420 Emig Road
|
|
—
|
|
|
7,886
|
|
|
869
|
|
|
—
|
|
|
7,886
|
|
|
869
|
|
|
8,755
|
|
|
(270
|
)
|
|
2019
|
||||||||
South Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Columbia
|
|
128 Crews Drive
|
|
—
|
|
|
5,171
|
|
|
783
|
|
|
162
|
|
|
5,333
|
|
|
783
|
|
|
6,116
|
|
|
(827
|
)
|
|
2016
|
||||||||
Duncan
|
|
110 Hidden Lakes Circle
|
|
—
|
|
|
10,981
|
|
|
1,002
|
|
|
866
|
|
|
11,847
|
|
|
1,002
|
|
|
12,849
|
|
|
(2,648
|
)
|
|
2012
|
||||||||
Duncan
|
|
112 Hidden Lakes Circle
|
|
—
|
|
|
6,739
|
|
|
709
|
|
|
1,586
|
|
|
8,325
|
|
|
709
|
|
|
9,034
|
|
|
(1,528
|
)
|
|
2012
|
||||||||
Edgefield
|
|
One Tranter Drive
|
|
—
|
|
|
938
|
|
|
220
|
|
|
750
|
|
|
1,688
|
|
|
220
|
|
|
1,908
|
|
|
(465
|
)
|
|
2012
|
||||||||
Fountain Inn
|
|
107 Southchase Blvd.
|
|
—
|
|
|
8,386
|
|
|
766
|
|
|
—
|
|
|
8,386
|
|
|
766
|
|
|
9,152
|
|
|
(724
|
)
|
|
2018
|
||||||||
Fountain Inn
|
|
141 Southchase Blvd
|
|
—
|
|
|
14,984
|
|
|
1,878
|
|
|
81
|
|
|
15,065
|
|
|
1,878
|
|
|
16,943
|
|
|
(1,192
|
)
|
|
2017
|
||||||||
Fountain Inn
|
|
111Southchase Boulevard
|
|
—
|
|
|
4,260
|
|
|
719
|
|
|
95
|
|
|
4,355
|
|
|
719
|
|
|
5,074
|
|
|
(828
|
)
|
|
2016
|
||||||||
Gaffney
|
|
50 Peachview Blvd
|
|
—
|
|
|
4,712
|
|
|
1,233
|
|
|
548
|
|
|
5,260
|
|
|
1,233
|
|
|
6,493
|
|
|
(681
|
)
|
|
2017
|
||||||||
Goose Creek
|
|
6 Corporate Parkway
|
|
—
|
|
|
29,360
|
|
|
4,459
|
|
|
—
|
|
|
29,360
|
|
|
4,459
|
|
|
33,819
|
|
|
(683
|
)
|
|
2019
|
||||||||
Graniteville
|
|
1043 Global Ave.
|
|
—
|
|
|
8,163
|
|
|
1,629
|
|
|
—
|
|
|
8,163
|
|
|
1,629
|
|
|
9,792
|
|
|
(1,349
|
)
|
|
2016
|
||||||||
Greenwood
|
|
215 Mill Avenue
|
|
(1,388
|
)
|
|
1,824
|
|
|
166
|
|
|
—
|
|
|
1,824
|
|
|
166
|
|
|
1,990
|
|
|
(361
|
)
|
|
2012
|
||||||||
Greenwood
|
|
308-310 Maxwell Avenue
|
|
(1,183
|
)
|
|
1,168
|
|
|
169
|
|
|
673
|
|
|
1,841
|
|
|
169
|
|
|
2,010
|
|
|
(272
|
)
|
|
2012
|
||||||||
Greer
|
|
2501 Highway 101
|
|
—
|
|
|
10,841
|
|
|
1,126
|
|
|
419
|
|
|
11,260
|
|
|
1,126
|
|
|
12,386
|
|
|
(653
|
)
|
|
2018
|
||||||||
Greer
|
|
8 Shelter Dr
|
|
—
|
|
|
4,939
|
|
|
681
|
|
|
2,646
|
|
|
7,585
|
|
|
681
|
|
|
8,266
|
|
|
(415
|
)
|
|
2018
|
||||||||
Greer
|
|
129 Metro Court
|
|
—
|
|
|
1,434
|
|
|
129
|
|
|
330
|
|
|
1,764
|
|
|
129
|
|
|
1,893
|
|
|
(290
|
)
|
|
2015
|
||||||||
Greer
|
|
149 Metro Court
|
|
—
|
|
|
1,731
|
|
|
128
|
|
|
428
|
|
|
2,159
|
|
|
128
|
|
|
2,287
|
|
|
(283
|
)
|
|
2015
|
||||||||
Greer
|
|
153 Metro Court
|
|
—
|
|
|
460
|
|
|
153
|
|
|
155
|
|
|
615
|
|
|
153
|
|
|
768
|
|
|
(99
|
)
|
|
2015
|
||||||||
Greer
|
|
154 Metro Court
|
|
—
|
|
|
2,963
|
|
|
306
|
|
|
765
|
|
|
3,728
|
|
|
306
|
|
|
4,034
|
|
|
(489
|
)
|
|
2015
|
||||||||
Laurens
|
|
103 Cherry Blossom Drive
|
|
—
|
|
|
4,254
|
|
|
151
|
|
|
—
|
|
|
4,254
|
|
|
151
|
|
|
4,405
|
|
|
(684
|
)
|
|
2015
|
||||||||
Piedmont
|
|
1100 Piedmont Highway
|
|
—
|
|
|
4,152
|
|
|
231
|
|
|
86
|
|
|
4,238
|
|
|
231
|
|
|
4,469
|
|
|
(685
|
)
|
|
2015
|
||||||||
Piedmont
|
|
1102 Piedmont Highway
|
|
—
|
|
|
2,127
|
|
|
158
|
|
|
—
|
|
|
2,127
|
|
|
158
|
|
|
2,285
|
|
|
(354
|
)
|
|
2015
|
||||||||
Piedmont
|
|
1104 Piedmont Highway
|
|
—
|
|
|
2,302
|
|
|
204
|
|
|
—
|
|
|
2,302
|
|
|
204
|
|
|
2,506
|
|
|
(603
|
)
|
|
2015
|
||||||||
Piedmont
|
|
513 Old Griffin Road
|
|
—
|
|
|
9,260
|
|
|
797
|
|
|
1,384
|
|
|
10,644
|
|
|
797
|
|
|
11,441
|
|
|
(365
|
)
|
|
2018
|
||||||||
Piedmont
|
|
1610 Old Grove Road
|
|
—
|
|
|
18,960
|
|
|
1,971
|
|
|
—
|
|
|
18,960
|
|
|
1,971
|
|
|
20,931
|
|
|
(773
|
)
|
|
2019
|
||||||||
Rock Hill
|
|
2751 Commerce Drive,Unit C
|
|
(3,679
|
)
|
|
6,146
|
|
|
1,411
|
|
|
518
|
|
|
6,664
|
|
|
1,411
|
|
|
8,075
|
|
|
(920
|
)
|
|
2016
|
||||||||
Rock Hill
|
|
1953 Langston Street
|
|
—
|
|
|
4,512
|
|
|
1,095
|
|
|
772
|
|
|
5,284
|
|
|
1,095
|
|
|
6,379
|
|
|
(722
|
)
|
|
2017
|
||||||||
Simpsonville
|
|
101 Harrison Bridge Road
|
|
—
|
|
|
2,960
|
|
|
957
|
|
|
2,084
|
|
|
5,044
|
|
|
957
|
|
|
6,001
|
|
|
(858
|
)
|
|
2012
|
||||||||
Simpsonville
|
|
103 Harrison Bridge Road
|
|
—
|
|
|
3,364
|
|
|
470
|
|
|
938
|
|
|
4,302
|
|
|
470
|
|
|
4,772
|
|
|
(808
|
)
|
|
2012
|
||||||||
Simpsonville
|
|
1312 Old Stage Road
|
|
—
|
|
|
24,200
|
|
|
1,454
|
|
|
2,862
|
|
|
27,062
|
|
|
1,454
|
|
|
28,516
|
|
|
(870
|
)
|
|
2018
|
||||||||
Spartanburg
|
|
5675 North Blackstock Road
|
|
—
|
|
|
15,100
|
|
|
1,867
|
|
|
166
|
|
|
15,266
|
|
|
1,867
|
|
|
17,133
|
|
|
(2,345
|
)
|
|
2016
|
||||||||
Spartanburg
|
|
950 Brisack Road
|
|
—
|
|
|
3,694
|
|
|
342
|
|
|
685
|
|
|
4,379
|
|
|
342
|
|
|
4,721
|
|
|
(892
|
)
|
|
2014
|
||||||||
Spartanburg
|
|
2071 Fryml Drive
|
|
—
|
|
|
7,624
|
|
|
663
|
|
|
—
|
|
|
7,624
|
|
|
663
|
|
|
8,287
|
|
|
(204
|
)
|
|
2019
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Spartanburg
|
|
2171 Fryml Drive
|
|
—
|
|
|
4,480
|
|
|
530
|
|
|
86
|
|
|
4,566
|
|
|
530
|
|
|
5,096
|
|
|
(133
|
)
|
|
2019
|
||||||||
Spartanburg
|
|
2010 Nazareth Church Road
|
|
—
|
|
|
16,535
|
|
|
895
|
|
|
—
|
|
|
16,535
|
|
|
895
|
|
|
17,430
|
|
|
(48
|
)
|
|
2019
|
||||||||
Spartanburg
|
|
150-160 National Avenue
|
|
—
|
|
|
5,797
|
|
|
493
|
|
|
804
|
|
|
6,601
|
|
|
493
|
|
|
7,094
|
|
|
(1,342
|
)
|
|
2012
|
||||||||
Summerville
|
|
105 Eastport Lane
|
|
—
|
|
|
4,710
|
|
|
1,157
|
|
|
—
|
|
|
4,710
|
|
|
1,157
|
|
|
5,867
|
|
|
(79
|
)
|
|
2019
|
||||||||
Ware Shoals
|
|
100 Holloway Road
|
|
(228
|
)
|
|
192
|
|
|
133
|
|
|
—
|
|
|
192
|
|
|
133
|
|
|
325
|
|
|
(41
|
)
|
|
2012
|
||||||||
West Columbia
|
|
185 McQueen Street
|
|
—
|
|
|
6,946
|
|
|
715
|
|
|
1,543
|
|
|
8,489
|
|
|
715
|
|
|
9,204
|
|
|
(1,510
|
)
|
|
2013
|
||||||||
West Columbia
|
|
610 Kelsey Court
|
|
—
|
|
|
9,570
|
|
|
488
|
|
|
—
|
|
|
9,570
|
|
|
488
|
|
|
10,058
|
|
|
(1,083
|
)
|
|
2016
|
||||||||
West Columbia
|
|
825 Bistline Drive
|
|
—
|
|
|
9,151
|
|
|
240
|
|
|
1,008
|
|
|
10,159
|
|
|
240
|
|
|
10,399
|
|
|
(663
|
)
|
|
2017
|
||||||||
West Columbia
|
|
810 Bistline Drive
|
|
—
|
|
|
10,881
|
|
|
564
|
|
|
—
|
|
|
10,881
|
|
|
564
|
|
|
11,445
|
|
|
(152
|
)
|
|
2019
|
||||||||
West Columbia
|
|
1000 Technology Drive
|
|
—
|
|
|
26,023
|
|
|
1,422
|
|
|
—
|
|
|
26,023
|
|
|
1,422
|
|
|
27,445
|
|
|
(181
|
)
|
|
2019
|
||||||||
West Columbia
|
|
222 Old Wire Road
|
|
—
|
|
|
4,646
|
|
|
551
|
|
|
2,301
|
|
|
6,947
|
|
|
551
|
|
|
7,498
|
|
|
(997
|
)
|
|
2016
|
||||||||
Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Chattanooga
|
|
1800 Crutchfield Street Building A
|
|
—
|
|
|
2,181
|
|
|
187
|
|
|
14
|
|
|
2,195
|
|
|
187
|
|
|
2,382
|
|
|
(316
|
)
|
|
2015
|
||||||||
Chattanooga
|
|
1800 Crutchfield Street Building B
|
|
—
|
|
|
4,448
|
|
|
380
|
|
|
84
|
|
|
4,532
|
|
|
380
|
|
|
4,912
|
|
|
(649
|
)
|
|
2015
|
||||||||
Chattanooga
|
|
1100 Wisdom Street & 1295 Stuart Street
|
|
—
|
|
|
7,959
|
|
|
424
|
|
|
188
|
|
|
8,147
|
|
|
424
|
|
|
8,571
|
|
|
(1,411
|
)
|
|
2015
|
||||||||
Cleveland
|
|
4405 Michigan Ave Road NE
|
|
—
|
|
|
3,161
|
|
|
554
|
|
|
84
|
|
|
3,245
|
|
|
554
|
|
|
3,799
|
|
|
(826
|
)
|
|
2011
|
||||||||
Clinton
|
|
1330 Carden Farm Drive
|
|
—
|
|
|
3,101
|
|
|
403
|
|
|
165
|
|
|
3,266
|
|
|
403
|
|
|
3,669
|
|
|
(542
|
)
|
|
2015
|
||||||||
Jackson
|
|
1094 Flex Drive
|
|
—
|
|
|
2,374
|
|
|
230
|
|
|
369
|
|
|
2,743
|
|
|
230
|
|
|
2,973
|
|
|
(671
|
)
|
|
2012
|
||||||||
Knoxville
|
|
2525 Quality Drive
|
|
—
|
|
|
3,104
|
|
|
447
|
|
|
46
|
|
|
3,150
|
|
|
447
|
|
|
3,597
|
|
|
(597
|
)
|
|
2015
|
||||||||
Knoxville
|
|
2522 and 2526 Westcott Blvd
|
|
—
|
|
|
4,919
|
|
|
472
|
|
|
—
|
|
|
4,919
|
|
|
472
|
|
|
5,391
|
|
|
(287
|
)
|
|
2018
|
||||||||
Knoxville
|
|
5700 Casey Drive
|
|
—
|
|
|
7,812
|
|
|
1,117
|
|
|
—
|
|
|
7,812
|
|
|
1,117
|
|
|
8,929
|
|
|
(59
|
)
|
|
2019
|
||||||||
Lebanon
|
|
535 Maddox-Simpson Parkway
|
|
—
|
|
|
15,890
|
|
|
1,016
|
|
|
—
|
|
|
15,890
|
|
|
1,016
|
|
|
16,906
|
|
|
(322
|
)
|
|
2019
|
||||||||
Loudon
|
|
1700 Elizabeth Lee Parkway
|
|
—
|
|
|
3,751
|
|
|
170
|
|
|
—
|
|
|
3,751
|
|
|
170
|
|
|
3,921
|
|
|
(682
|
)
|
|
2015
|
||||||||
Madison
|
|
538 Myatt Drive
|
|
—
|
|
|
5,758
|
|
|
1,655
|
|
|
1,891
|
|
|
7,649
|
|
|
1,655
|
|
|
9,304
|
|
|
(1,791
|
)
|
|
2011
|
||||||||
Mascot
|
|
9575 Commission Drive
|
|
—
|
|
|
3,228
|
|
|
284
|
|
|
—
|
|
|
3,228
|
|
|
284
|
|
|
3,512
|
|
|
(667
|
)
|
|
2016
|
||||||||
Mascot
|
|
2122 Holston Bend Drive
|
|
—
|
|
|
3,409
|
|
|
385
|
|
|
611
|
|
|
4,020
|
|
|
385
|
|
|
4,405
|
|
|
(790
|
)
|
|
2013
|
||||||||
Memphis
|
|
5238 Lamar Avenue
|
|
—
|
|
|
25,094
|
|
|
1,539
|
|
|
—
|
|
|
25,094
|
|
|
1,539
|
|
|
26,633
|
|
|
(298
|
)
|
|
2019
|
||||||||
Memphis
|
|
4880 East Tuggle Road
|
|
—
|
|
|
41,078
|
|
|
2,501
|
|
|
—
|
|
|
41,078
|
|
|
2,501
|
|
|
43,579
|
|
|
(472
|
)
|
|
2019
|
||||||||
Murfreesboro
|
|
540 New Salem Road
|
|
—
|
|
|
2,819
|
|
|
722
|
|
|
9
|
|
|
2,828
|
|
|
722
|
|
|
3,550
|
|
|
(725
|
)
|
|
2014
|
||||||||
Nashville
|
|
3258 Ezell Pike
|
|
—
|
|
|
3,601
|
|
|
547
|
|
|
—
|
|
|
3,601
|
|
|
547
|
|
|
4,148
|
|
|
(726
|
)
|
|
2013
|
||||||||
Portland
|
|
3150 Barry Drive
|
|
—
|
|
|
7,748
|
|
|
1,662
|
|
|
66
|
|
|
7,814
|
|
|
1,662
|
|
|
9,476
|
|
|
(1,528
|
)
|
|
2012
|
||||||||
Vonore
|
|
90 Deer Crossing Road
|
|
—
|
|
|
7,821
|
|
|
2,355
|
|
|
85
|
|
|
7,906
|
|
|
2,355
|
|
|
10,261
|
|
|
(1,748
|
)
|
|
2011
|
||||||||
Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Arlington
|
|
3311 Pinewood Drive
|
|
—
|
|
|
2,374
|
|
|
413
|
|
|
304
|
|
|
2,678
|
|
|
413
|
|
|
3,091
|
|
|
(813
|
)
|
|
2007
|
||||||||
Arlington
|
|
401 N. Great Southwest Parkway
|
|
—
|
|
|
6,151
|
|
|
1,246
|
|
|
1,048
|
|
|
7,199
|
|
|
1,246
|
|
|
8,445
|
|
|
(1,506
|
)
|
|
2012
|
||||||||
Cedar Hill
|
|
1650 U.S. Highway 67
|
|
—
|
|
|
11,870
|
|
|
4,066
|
|
|
1,659
|
|
|
13,529
|
|
|
4,066
|
|
|
17,595
|
|
|
(2,150
|
)
|
|
2016
|
||||||||
Conroe
|
|
16548 Donwick Drive
|
|
—
|
|
|
20,995
|
|
|
1,853
|
|
|
942
|
|
|
21,937
|
|
|
1,853
|
|
|
23,790
|
|
|
(981
|
)
|
|
2018
|
||||||||
El Paso
|
|
32 Celerity Wagon
|
|
—
|
|
|
3,674
|
|
|
—
|
|
|
101
|
|
|
3,775
|
|
|
—
|
|
|
3,775
|
|
|
(418
|
)
|
|
2017
|
||||||||
El Paso
|
|
48 Walter Jones Blvd
|
|
—
|
|
|
10,398
|
|
|
—
|
|
|
—
|
|
|
10,398
|
|
|
—
|
|
|
10,398
|
|
|
(1,229
|
)
|
|
2017
|
||||||||
El Paso
|
|
1601 Northwestern Drive
|
|
—
|
|
|
9,052
|
|
|
1,248
|
|
|
403
|
|
|
9,455
|
|
|
1,248
|
|
|
10,703
|
|
|
(1,666
|
)
|
|
2014
|
||||||||
El Paso
|
|
6500 N. Desert Blvd.
|
|
—
|
|
|
7,518
|
|
|
1,124
|
|
|
302
|
|
|
7,820
|
|
|
1,124
|
|
|
8,944
|
|
|
(1,319
|
)
|
|
2014
|
||||||||
El Paso
|
|
1550 Northwestern
|
|
—
|
|
|
14,011
|
|
|
1,854
|
|
|
812
|
|
|
14,823
|
|
|
1,854
|
|
|
16,677
|
|
|
(2,602
|
)
|
|
2014
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
El Paso
|
|
1701 Northwestern Drive
|
|
—
|
|
|
9,897
|
|
|
1,581
|
|
|
1,770
|
|
|
11,667
|
|
|
1,581
|
|
|
13,248
|
|
|
(1,843
|
)
|
|
2014
|
||||||||
El Paso
|
|
7801 Northern Pass Road
|
|
—
|
|
|
5,893
|
|
|
1,136
|
|
|
—
|
|
|
5,893
|
|
|
1,136
|
|
|
7,029
|
|
|
(984
|
)
|
|
2015
|
||||||||
El Paso
|
|
47 Butterfield Circle & 12 Leigh Fisher Blvd
|
|
—
|
|
|
3,096
|
|
|
—
|
|
|
1,088
|
|
|
4,184
|
|
|
—
|
|
|
4,184
|
|
|
(1,036
|
)
|
|
2012
|
||||||||
Garland
|
|
2901 W. Kingsley Road
|
|
—
|
|
|
5,166
|
|
|
1,344
|
|
|
1,430
|
|
|
6,596
|
|
|
1,344
|
|
|
7,940
|
|
|
(1,056
|
)
|
|
2014
|
||||||||
Houston
|
|
7140 West Sam Houston Parkway West
|
|
—
|
|
|
8,416
|
|
|
1,048
|
|
|
194
|
|
|
8,610
|
|
|
1,048
|
|
|
9,658
|
|
|
(525
|
)
|
|
2018
|
||||||||
Houston
|
|
18601 Intercontntl Crossing Dr
|
|
—
|
|
|
8,744
|
|
|
1,505
|
|
|
—
|
|
|
8,744
|
|
|
1,505
|
|
|
10,249
|
|
|
(288
|
)
|
|
2019
|
||||||||
Houston
|
|
9302 Ley Road
|
|
—
|
|
|
8,879
|
|
|
1,236
|
|
|
—
|
|
|
8,879
|
|
|
1,236
|
|
|
10,115
|
|
|
(198
|
)
|
|
2019
|
||||||||
Houston
|
|
10343 Ella Boulevard
|
|
—
|
|
|
16,586
|
|
|
1,747
|
|
|
—
|
|
|
16,586
|
|
|
1,747
|
|
|
18,333
|
|
|
(39
|
)
|
|
2019
|
||||||||
Houston
|
|
4949 Windfern Road
|
|
—
|
|
|
7,790
|
|
|
2,255
|
|
|
9
|
|
|
7,799
|
|
|
2,255
|
|
|
10,054
|
|
|
(1,596
|
)
|
|
2013
|
||||||||
Houston
|
|
1020 Rankin Road
|
|
—
|
|
|
4,802
|
|
|
565
|
|
|
957
|
|
|
5,759
|
|
|
565
|
|
|
6,324
|
|
|
(1,199
|
)
|
|
2014
|
||||||||
Houston
|
|
7300 Airport Blvd.
|
|
—
|
|
|
8,448
|
|
|
2,546
|
|
|
158
|
|
|
8,606
|
|
|
2,546
|
|
|
11,152
|
|
|
(1,030
|
)
|
|
2016
|
||||||||
Houston
|
|
13627 West Hardy
|
|
—
|
|
|
5,037
|
|
|
1,502
|
|
|
—
|
|
|
5,037
|
|
|
1,502
|
|
|
6,539
|
|
|
(971
|
)
|
|
2017
|
||||||||
Houston
|
|
868 Pear Street
|
|
—
|
|
|
5,564
|
|
|
953
|
|
|
—
|
|
|
5,564
|
|
|
953
|
|
|
6,517
|
|
|
(873
|
)
|
|
2017
|
||||||||
Houston
|
|
14620 Henry Road
|
|
—
|
|
|
7,052
|
|
|
927
|
|
|
66
|
|
|
7,118
|
|
|
927
|
|
|
8,045
|
|
|
(674
|
)
|
|
2017
|
||||||||
Houston
|
|
7049 Brookhollow West Drive
|
|
—
|
|
|
9,371
|
|
|
809
|
|
|
—
|
|
|
9,371
|
|
|
809
|
|
|
10,180
|
|
|
(547
|
)
|
|
2018
|
||||||||
Houston
|
|
10401 S. Sam Houston Parkway
|
|
—
|
|
|
9,456
|
|
|
1,108
|
|
|
—
|
|
|
9,456
|
|
|
1,108
|
|
|
10,564
|
|
|
(25
|
)
|
|
2019
|
||||||||
Humble
|
|
18727 Kenswick Drive
|
|
—
|
|
|
21,476
|
|
|
2,255
|
|
|
—
|
|
|
21,476
|
|
|
2,255
|
|
|
23,731
|
|
|
(403
|
)
|
|
2019
|
||||||||
Katy
|
|
1800 North Mason Road
|
|
—
|
|
|
7,571
|
|
|
2,192
|
|
|
—
|
|
|
7,571
|
|
|
2,192
|
|
|
9,763
|
|
|
(143
|
)
|
|
2019
|
||||||||
Katy
|
|
21601 Park Row Drive
|
|
—
|
|
|
3,487
|
|
|
1,655
|
|
|
—
|
|
|
3,487
|
|
|
1,655
|
|
|
5,142
|
|
|
(55
|
)
|
|
2019
|
||||||||
Laredo
|
|
13710 IH 35 Frontage Road
|
|
—
|
|
|
13,847
|
|
|
2,538
|
|
|
—
|
|
|
13,847
|
|
|
2,538
|
|
|
16,385
|
|
|
(285
|
)
|
|
2019
|
||||||||
Laredo
|
|
13808 Humphrey Road
|
|
—
|
|
|
10,204
|
|
|
1,535
|
|
|
—
|
|
|
10,204
|
|
|
1,535
|
|
|
11,739
|
|
|
(1,052
|
)
|
|
2017
|
||||||||
Mission
|
|
802 Trinity Street
|
|
—
|
|
|
12,623
|
|
|
1,882
|
|
|
26
|
|
|
12,649
|
|
|
1,882
|
|
|
14,531
|
|
|
(696
|
)
|
|
2018
|
||||||||
Rockwall
|
|
3400 Discovery Blvd
|
|
—
|
|
|
16,066
|
|
|
2,683
|
|
|
—
|
|
|
16,066
|
|
|
2,683
|
|
|
18,749
|
|
|
(1,606
|
)
|
|
2017
|
||||||||
Stafford
|
|
13720 Stafford Road
|
|
—
|
|
|
6,570
|
|
|
339
|
|
|
36
|
|
|
6,606
|
|
|
339
|
|
|
6,945
|
|
|
(466
|
)
|
|
2017
|
||||||||
Waco
|
|
101 Apron Road
|
|
—
|
|
|
1,394
|
|
|
—
|
|
|
619
|
|
|
2,013
|
|
|
—
|
|
|
2,013
|
|
|
(465
|
)
|
|
2011
|
||||||||
Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Chester
|
|
2001 Ware Bottom Spring Road
|
|
—
|
|
|
3,402
|
|
|
775
|
|
|
—
|
|
|
3,402
|
|
|
775
|
|
|
4,177
|
|
|
(885
|
)
|
|
2014
|
||||||||
Harrisonburg
|
|
4500 Early Road
|
|
—
|
|
|
11,057
|
|
|
1,455
|
|
|
1,180
|
|
|
12,237
|
|
|
1,455
|
|
|
13,692
|
|
|
(2,172
|
)
|
|
2012
|
||||||||
Independence
|
|
One Compair Way
|
|
(1,290
|
)
|
|
2,061
|
|
|
226
|
|
|
—
|
|
|
2,061
|
|
|
226
|
|
|
2,287
|
|
|
(415
|
)
|
|
2012
|
||||||||
N. Chesterfield
|
|
8001 Greenpine Road
|
|
—
|
|
|
6,174
|
|
|
1,599
|
|
|
—
|
|
|
6,174
|
|
|
1,599
|
|
|
7,773
|
|
|
(163
|
)
|
|
2019
|
||||||||
Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Ridgefield
|
|
6111 S. 6th Way
|
|
—
|
|
|
9,711
|
|
|
2,307
|
|
|
—
|
|
|
9,711
|
|
|
2,307
|
|
|
12,018
|
|
|
(97
|
)
|
|
2019
|
||||||||
Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Caledonia
|
|
1343 27th Street
|
|
—
|
|
|
3,339
|
|
|
225
|
|
|
—
|
|
|
3,339
|
|
|
225
|
|
|
3,564
|
|
|
(203
|
)
|
|
2018
|
||||||||
Chippewa Falls
|
|
911 Kurth Road
|
|
—
|
|
|
2,303
|
|
|
133
|
|
|
—
|
|
|
2,303
|
|
|
133
|
|
|
2,436
|
|
|
(552
|
)
|
|
2011
|
||||||||
Chippewa Falls
|
|
1406 Lowater Road
|
|
—
|
|
|
544
|
|
|
44
|
|
|
—
|
|
|
544
|
|
|
44
|
|
|
588
|
|
|
(127
|
)
|
|
2011
|
||||||||
DeForest
|
|
505 - 507 Stokely Drive
|
|
—
|
|
|
5,326
|
|
|
1,131
|
|
|
491
|
|
|
5,817
|
|
|
1,131
|
|
|
6,948
|
|
|
(629
|
)
|
|
2016
|
||||||||
Delavan
|
|
329 Hallberg Street
|
|
—
|
|
|
2,059
|
|
|
127
|
|
|
—
|
|
|
2,059
|
|
|
127
|
|
|
2,186
|
|
|
(37
|
)
|
|
2019
|
||||||||
Delavan
|
|
1714 Hobbs Drive
|
|
—
|
|
|
4,696
|
|
|
241
|
|
|
—
|
|
|
4,696
|
|
|
241
|
|
|
4,937
|
|
|
(81
|
)
|
|
2019
|
||||||||
De Pere
|
|
2191 American Boulevard
|
|
—
|
|
|
6,042
|
|
|
525
|
|
|
101
|
|
|
6,143
|
|
|
525
|
|
|
6,668
|
|
|
(1,323
|
)
|
|
2012
|
||||||||
East Troy
|
|
2761 Buell Drive
|
|
—
|
|
|
4,962
|
|
|
304
|
|
|
57
|
|
|
5,019
|
|
|
304
|
|
|
5,323
|
|
|
(805
|
)
|
|
2014
|
|
|
|
|
|
|
Initial Cost to STAG Industrial, Inc.
|
|
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
State & City
|
|
Address
|
|
Encumbrances (1)
|
|
Building & Improvements (2)
|
|
Land
|
|
Costs Capitalized Subsequent to Acquisition and Valuation Provision
|
|
Building & Improvements
|
|
Land
|
|
Total
|
|
Accumulated Depreciation (3)
|
|
Year Acquired
|
||||||||||||||||
Elkhorn
|
|
555 Koopman Lane
|
|
—
|
|
|
3,941
|
|
|
351
|
|
|
—
|
|
|
3,941
|
|
|
351
|
|
|
4,292
|
|
|
(31
|
)
|
|
2019
|
||||||||
Elkhorn
|
|
390 Koopman Lane
|
|
—
|
|
|
3,621
|
|
|
210
|
|
|
—
|
|
|
3,621
|
|
|
210
|
|
|
3,831
|
|
|
(59
|
)
|
|
2019
|
||||||||
Germantown
|
|
N117 W18456 Fulton Drive
|
|
—
|
|
|
6,023
|
|
|
442
|
|
|
—
|
|
|
6,023
|
|
|
442
|
|
|
6,465
|
|
|
(278
|
)
|
|
2018
|
||||||||
Germantown
|
|
N106 W13131 Bradley Way
|
|
—
|
|
|
3,296
|
|
|
359
|
|
|
149
|
|
|
3,445
|
|
|
359
|
|
|
3,804
|
|
|
(177
|
)
|
|
2018
|
||||||||
Germantown
|
|
N102 W19400 Willow Creek Way
|
|
—
|
|
|
10,908
|
|
|
1,175
|
|
|
—
|
|
|
10,908
|
|
|
1,175
|
|
|
12,083
|
|
|
(407
|
)
|
|
2018
|
||||||||
Germantown
|
|
11900 N. River Lane
|
|
—
|
|
|
5,977
|
|
|
1,186
|
|
|
—
|
|
|
5,977
|
|
|
1,186
|
|
|
7,163
|
|
|
(1,426
|
)
|
|
2014
|
||||||||
Hartland
|
|
500 North Shore Drive
|
|
—
|
|
|
4,634
|
|
|
1,526
|
|
|
—
|
|
|
4,634
|
|
|
1,526
|
|
|
6,160
|
|
|
(677
|
)
|
|
2016
|
||||||||
Janesville
|
|
2929 Venture Drive
|
|
—
|
|
|
17,477
|
|
|
828
|
|
|
818
|
|
|
18,295
|
|
|
828
|
|
|
19,123
|
|
|
(3,737
|
)
|
|
2013
|
||||||||
Kenosha
|
|
9625 55th Street
|
|
—
|
|
|
3,968
|
|
|
797
|
|
|
763
|
|
|
4,731
|
|
|
797
|
|
|
5,528
|
|
|
(678
|
)
|
|
2016
|
||||||||
Madison
|
|
4718 Helgesen Drive
|
|
—
|
|
|
6,365
|
|
|
609
|
|
|
—
|
|
|
6,365
|
|
|
609
|
|
|
6,974
|
|
|
(524
|
)
|
|
2017
|
||||||||
Madison
|
|
4722 Helgesen Drive
|
|
—
|
|
|
4,518
|
|
|
444
|
|
|
—
|
|
|
4,518
|
|
|
444
|
|
|
4,962
|
|
|
(354
|
)
|
|
2017
|
||||||||
Mayville
|
|
605 Fourth Street
|
|
—
|
|
|
4,118
|
|
|
547
|
|
|
330
|
|
|
4,448
|
|
|
547
|
|
|
4,995
|
|
|
(1,542
|
)
|
|
2007
|
||||||||
New Berlin
|
|
16250 West Woods Edge Drive
|
|
—
|
|
|
15,917
|
|
|
277
|
|
|
—
|
|
|
15,917
|
|
|
277
|
|
|
16,194
|
|
|
(40
|
)
|
|
2019
|
||||||||
New Berlin
|
|
5600 S. Moorland Road
|
|
—
|
|
|
6,409
|
|
|
1,068
|
|
|
43
|
|
|
6,452
|
|
|
1,068
|
|
|
7,520
|
|
|
(1,230
|
)
|
|
2013
|
||||||||
Oak Creek
|
|
525 West Marquette Avenue
|
|
—
|
|
|
4,350
|
|
|
526
|
|
|
—
|
|
|
4,350
|
|
|
526
|
|
|
4,876
|
|
|
(208
|
)
|
|
2018
|
||||||||
Oak Creek
|
|
7475 South 6th Street
|
|
—
|
|
|
6,125
|
|
|
805
|
|
|
355
|
|
|
6,480
|
|
|
805
|
|
|
7,285
|
|
|
(297
|
)
|
|
2018
|
||||||||
Pewaukee
|
|
W288 N2801 Duplainville Road
|
|
—
|
|
|
6,678
|
|
|
841
|
|
|
407
|
|
|
7,085
|
|
|
841
|
|
|
7,926
|
|
|
(363
|
)
|
|
2018
|
||||||||
Pewaukee
|
|
W277 N2837 Duplainville, Road
|
|
—
|
|
|
4,586
|
|
|
439
|
|
|
52
|
|
|
4,638
|
|
|
439
|
|
|
5,077
|
|
|
(243
|
)
|
|
2018
|
||||||||
Pleasant Prairie
|
|
10411 80th Avenue
|
|
—
|
|
|
16,207
|
|
|
2,297
|
|
|
—
|
|
|
16,207
|
|
|
2,297
|
|
|
18,504
|
|
|
(470
|
)
|
|
2018
|
||||||||
Pleasant Prairie
|
|
8901 102nd Street
|
|
—
|
|
|
4,949
|
|
|
523
|
|
|
—
|
|
|
4,949
|
|
|
523
|
|
|
5,472
|
|
|
(281
|
)
|
|
2018
|
||||||||
Sun Prairie
|
|
1615 Commerce Dr
|
|
—
|
|
|
5,809
|
|
|
2,360
|
|
|
2,499
|
|
|
8,308
|
|
|
2,360
|
|
|
10,668
|
|
|
(2,001
|
)
|
|
2011
|
||||||||
West Allis
|
|
2207 S 114th Street
|
|
—
|
|
|
1,757
|
|
|
462
|
|
|
2,002
|
|
|
3,759
|
|
|
462
|
|
|
4,221
|
|
|
(354
|
)
|
|
2015
|
||||||||
West Allis
|
|
2075 S. 114th Street
|
|
—
|
|
|
1,848
|
|
|
444
|
|
|
24
|
|
|
1,872
|
|
|
444
|
|
|
2,316
|
|
|
(313
|
)
|
|
2015
|
||||||||
West Allis
|
|
2145 S. 114th Street
|
|
—
|
|
|
846
|
|
|
252
|
|
|
1,018
|
|
|
1,864
|
|
|
252
|
|
|
2,116
|
|
|
(174
|
)
|
|
2015
|
||||||||
West Allis
|
|
2025 S. 114th Street
|
|
—
|
|
|
956
|
|
|
251
|
|
|
710
|
|
|
1,666
|
|
|
251
|
|
|
1,917
|
|
|
(158
|
)
|
|
2015
|
||||||||
Yorkville
|
|
13900 West Grandview Parkway
|
|
—
|
|
|
4,886
|
|
|
416
|
|
|
323
|
|
|
5,209
|
|
|
416
|
|
|
5,625
|
|
|
(757
|
)
|
|
2014
|
||||||||
|
|
Total
|
|
$
|
(55,085
|
)
|
|
$
|
3,350,639
|
|
|
$
|
451,154
|
|
|
$
|
158,090
|
|
|
$
|
3,508,729
|
|
|
$
|
451,154
|
|
|
$
|
3,959,883
|
|
|
$
|
(393,506
|
)
|
|
|
(1)
|
Balance excludes the unamortized balance of fair market value premiums of approximately $39,000 and unamortized deferred financing fees and debt issuance costs of approximately $0.4 million .
|
(2)
|
The initial costs of building and improvements is the acquisition costs less asset impairment write-downs, building expansions and disposals of building and tenant improvements.
|
(3)
|
Depreciation expense is computed using the straight-line method based on the following estimated useful lives:
|
Description
|
|
Estimated Useful Life
|
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,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
|
$
|
2,966,616
|
|
|
$
|
2,524,112
|
|
|
$
|
2,009,716
|
|
Additions during period
|
|
|
|
|
|
|
|
|
|
|||
Other acquisitions
|
|
995,516
|
|
|
565,645
|
|
|
514,725
|
|
|||
Improvements, etc.
|
|
73,666
|
|
|
34,458
|
|
|
53,099
|
|
|||
Other additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Deductions during period
|
|
|
|
|
|
|
|
|
|
|||
Cost of real estate sold
|
|
(43,396
|
)
|
|
(150,692
|
)
|
|
(48,674
|
)
|
|||
Write-off of tenant improvements
|
|
(22,781
|
)
|
|
(1,334
|
)
|
|
(2,166
|
)
|
|||
Asset impairments and involuntary conversion
|
|
(9,738
|
)
|
|
(5,573
|
)
|
|
(2,588
|
)
|
|||
Balance at the end of the period including assets held for sale
|
|
3,959,883
|
|
|
2,966,616
|
|
|
2,524,112
|
|
|||
Assets held for sale
|
|
(48,892
|
)
|
|
—
|
|
|
(20,731
|
)
|
|||
Balance at the end of the period excluding assets held for sale
|
|
$
|
3,910,991
|
|
|
$
|
2,966,616
|
|
|
$
|
2,503,381
|
|
Accumulated Depreciation:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
|
$
|
316,930
|
|
|
$
|
251,943
|
|
|
$
|
187,413
|
|
Additions during period
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization expense
|
|
107,867
|
|
|
90,320
|
|
|
75,314
|
|
|||
Other additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Deductions during period
|
|
|
|
|
|
|
|
|
|
|||
Disposals
|
|
(31,291
|
)
|
|
(25,333
|
)
|
|
(10,784
|
)
|
|||
Balance at the end of the period including assets held for sale
|
|
393,506
|
|
|
316,930
|
|
|
251,943
|
|
|||
Assets held for sale
|
|
(5,873
|
)
|
|
—
|
|
|
(2,886
|
)
|
|||
Balance at the end of the period excluding assets held for sale
|
|
$
|
387,633
|
|
|
$
|
316,930
|
|
|
$
|
249,057
|
|
•
|
beneficially or constructively owning shares of our capital stock that would result in our being “closely held” under Section 856(h) of the Code;
|
•
|
beneficially or constructively owning shares of our capital stock if such ownership would result in our being treated as a “pension-held REIT” under Section 856(h)(3)(D) of the Code;
|
•
|
transferring shares of our capital stock if such transfer would result in our capital stock being beneficially owned by fewer than 100 persons;
|
•
|
beneficially or constructively owning shares of our capital stock if such ownership would cause us to constructively own 10% or more of the ownership interests in a tenant of our company or would cause any independent contractor to not be treated as such under Section 856(d)(3) of the Code, or
|
•
|
beneficially or constructively owning shares of our capital stock to the extent such beneficial or constructive ownership would otherwise cause us to fail to qualify as a REIT.
|
•
|
rescind as void any vote cast by a prohibited owner prior to our discovery that such shares have been transferred to the trustee; and
|
•
|
recast such vote in accordance with the desires of the trustee acting for the benefit of the trust's beneficiary.
|
•
|
the price paid by the prohibited owner for the shares or, if the prohibited owner did not give value for the shares in connection with the event causing the shares to be held in the charitable trust (for example, in the case of a gift or devise), the market price of the shares on the day of the event causing the shares to be held in the charitable trust; and
|
•
|
the price per share received by the trustee from the sale or other disposition of the shares held in the charitable trust (less any commission and other expenses of a sale).
|
•
|
such shares will be deemed to have been sold on behalf of the charitable trust; and
|
•
|
to the extent that the prohibited owner received an amount for such shares that exceeds the amount that the prohibited owner was entitled to receive as described above, the excess must be paid to the trustee upon demand.
|
•
|
the price per share in the transaction that resulted in such transfer to the charitable trust (or, in the case of a gift or devise, the market price at the time of the gift or devise); and
|
•
|
the market price on the date we, or our designee, accept such offer.
|
•
|
senior to all classes or series of our common stock, and to any other class or series of our capital stock expressly designated as ranking junior to the Series C Preferred Stock;
|
•
|
on parity with any future class or series of our capital stock expressly designated as ranking on parity with the Series C Preferred Stock; and
|
•
|
junior to any other class or series of our capital stock expressly designated as ranking senior to the Series C Preferred Stock, none of which exists on the date hereof.
|
•
|
we have earnings;
|
•
|
there are funds legally available for the payment of those dividends; or
|
•
|
declare and pay or declare and set aside for payment of dividends, and we will not declare and make any distribution of cash or other property, directly or indirectly, on or with respect to any shares of our common stock or shares of any other class or series of our capital stock ranking, as to dividends, on parity with or junior to the Series C Preferred Stock, for any period; or
|
•
|
redeem, purchase or otherwise acquire for any consideration, or make any other distribution of cash or other property, directly or indirectly, on or with respect to, or pay or make available any monies for a sinking fund for the redemption of, any common stock or shares of any other class or series of our capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with or junior to the Series C Preferred Stock.
|
•
|
dividends payable solely in capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, junior to the Series C Preferred Stock;
|
•
|
the conversion into or exchange for other shares of any class or series of capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, junior to the Series C Preferred Stock;
|
•
|
our purchase of shares of Series C Preferred Stock or any other class or series of capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with or junior to the Series C Preferred Stock pursuant to our charter to the extent necessary to preserve our status as a REIT as discussed under “-Restrictions on Ownership and Transfer;” and
|
•
|
our purchase of shares of any other class or series of capital stock ranking on parity with the Series C Preferred Stock as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series C Preferred Stock.
|
•
|
the redemption date;
|
•
|
the redemption price;
|
•
|
the number of shares of Series C Preferred Stock to be redeemed;
|
•
|
the place or places where the certificates, if any, representing shares of Series C Preferred Stock are to be surrendered for payment of the redemption price;
|
•
|
procedures for surrendering non-certificated shares of Series C Preferred Stock for payment of the redemption price;
|
•
|
that dividends on the shares of Series C Preferred Stock to be redeemed will cease to accumulate on such redemption date; and
|
•
|
that payment of the redemption price and any accumulated and unpaid dividends will be made upon presentation and surrender of such Series C Preferred Stock.
|
•
|
the redemption date;
|
•
|
the redemption price;
|
•
|
the number of shares of Series C Preferred Stock to be redeemed;
|
•
|
the place or places where the certificates, if any, representing shares of Series C Preferred Stock are to be surrendered for payment of the redemption price;
|
•
|
procedures for surrendering non-certificated shares of Series C Preferred Stock for payment of the redemption price;
|
•
|
that dividends on the shares of Series C Preferred Stock to be redeemed will cease to accumulate on such redemption date;
|
•
|
that payment of the redemption price and any accumulated and unpaid dividends will be made upon presentation and surrender of such Series C Preferred Stock;
|
•
|
that the Series C Preferred Stock is being redeemed pursuant to our special optional redemption right in connection with the occurrence of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control; and
|
•
|
that the holders of the Series C Preferred Stock to which the notice relates will not be able to tender such Series C Preferred Stock for conversion in connection with the Change of Control and each share of Series C Preferred Stock tendered for conversion that is selected, prior to the Change of Control Conversion Date, for redemption will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
|
•
|
the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of our company entitling that person to exercise more than 50% of the total voting power of all stock of our company entitled to vote generally in the election of our directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and
|
•
|
following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity has a class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or Nasdaq or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq.
|
•
|
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series C Preferred Stock dividend payment and prior to the corresponding Series C Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (such quotient, the “Conversion Rate”); and
|
•
|
2.59336 (i.e., the “Share Cap”).
|
•
|
the events constituting the Change of Control;
|
•
|
the date of the Change of Control;
|
•
|
the last date on which the holders of Series C Preferred Stock may exercise their Change of Control Conversion Right;
|
•
|
the method and period for calculating the Common Stock Price;
|
•
|
the Change of Control Conversion Date;
|
•
|
that if, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem all or any portion of the Series C Preferred Stock, holders will not be able to convert Series C Preferred Stock designated for redemption and such shares will be redeemed on the related redemption date, even if such shares have already been tendered for conversion pursuant to the Change of Control Conversion Right;
|
•
|
if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series C Preferred Stock;
|
•
|
the name and address of the paying agent and the conversion agent; and
|
•
|
the procedures that the holders of Series C Preferred Stock must follow to exercise the Change of Control Conversion Right.
|
•
|
the relevant Change of Control Conversion Date;
|
•
|
the number of shares of Series C Preferred Stock to be converted; and
|
•
|
that the Series C Preferred Stock is to be converted pursuant to the applicable provisions of the Series C Preferred Stock.
|
•
|
the number of withdrawn shares of Series C Preferred Stock;
|
•
|
if certificated Series C Preferred Stock has been issued, the certificate numbers of the withdrawn shares of Series C Preferred Stock; and
|
•
|
the number of shares of Series C Preferred Stock, if any, which remain subject to the conversion notice.
|
•
|
a special meeting called upon the written request of holders of at least 10% of the outstanding shares of Series C Preferred Stock and any other class or series of preferred stock upon which like voting rights have been conferred and are exercisable, if this request is received more than 90 days before the date fixed for our next annual or special meeting of stockholders or, if we receive the request for a special meeting within 90 days before the date fixed for our next annual or special meeting of stockholders, at our annual or special meeting of stockholders; and
|
•
|
each subsequent annual meeting (or special meeting held in its place) until all dividends accumulated on the Series C Preferred Stock and on any other class or series of preferred stock ranking on parity with the Series C
|
•
|
provisions opting out of the control share acquisition statute; and
|
•
|
provisions prohibiting our board of directors without the approval of a majority of the votes entitled to be cast by holders of outstanding shares of our common stock, from revoking, altering or amending any resolution, or adopting any resolution inconsistent with any previously adopted resolution of our board of directors, that exempts any business combination between us and any other person or entity from the business combination provisions of the MGCL.
|
•
|
any person or entity who beneficially owns 10% or more of the voting power of our stock; or
|
•
|
an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then outstanding voting stock.
|
•
|
80% of the votes entitled to be cast by holders of our then-outstanding shares of voting stock; and
|
•
|
two-thirds of the votes entitled to be cast by holders of our voting stock other than stock held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested stockholder.
|
•
|
one-tenth or more but less than one-third;
|
•
|
one-third or more but less than a majority; or
|
•
|
a majority or more of all voting power.
|
•
|
a classified board;
|
•
|
a two-thirds vote requirement for removing a director;
|
•
|
a requirement that the number of directors be fixed only by vote of directors;
|
•
|
a requirement that a vacancy on our board be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred; and
|
•
|
a majority requirement for the calling of a special meeting of stockholders.
|
•
|
vest in our board of directors the exclusive power to fix the number of directorships; and
|
•
|
provide that unless called by our chairman of our board of directors, our president, our chief executive officer or our board of directors or holders of one or more classes or series of preferred stock pursuant to rights specifically set forth in our charter with respect to such classes or series of preferred stock, a special meeting of stockholders
|
•
|
actual receipt of an improper benefit or profit in money, property or services; or
|
•
|
active and deliberate dishonesty established by a final judgment and which is material to the cause of action.
|
•
|
the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;
|
•
|
the director or officer actually received an improper personal benefit in money, property or services; or
|
•
|
in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.
|
•
|
a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and
|
•
|
a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
|
•
|
the act or omission of the director or executive officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty;
|
•
|
the director or executive officer actually received an improper personal benefit in money, property or other services; or
|
•
|
with respect to any criminal action or proceeding, the director or executive officer had reasonable cause to believe his or her conduct was unlawful.
|
•
|
the court determines the director or executive officer is entitled to indemnification under the applicable section of the MGCL, in which case the director or executive officer shall be entitled to recover from us the expenses of securing such indemnification; or
|
•
|
the court determines that such director or executive officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director or executive officer has met the standards of conduct set forth in the applicable section of the MGCL or has been adjudged liable for receipt of an improper benefit under the applicable section of the MGCL; provided, however, that our indemnification obligations to such director or executive officer will be limited to the expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with any proceeding by or in the right of our company or in which the executive officer or director shall have been adjudged liable for receipt of an improper personal benefit under the applicable section of the MGCL.
|
•
|
a written affirmation of the indemnitee's good faith belief that he or she has met the standard of conduct necessary for indemnification; and
|
•
|
a written undertaking by or on behalf of the indemnitee to repay the portion of any expenses advanced to the indemnitee relating to claims, issues or matters in a proceeding if it is ultimately established that the standard of conduct was not met.
|
•
|
pursuant to our notice of the meeting;
|
•
|
by our board of directors; or
|
•
|
by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws.
|
•
|
pursuant to our notice of the meeting; and
|
•
|
by our board of directors; or
|
•
|
provided that our board of directors has determined that directors will be elected at the meeting, by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG Allentown, LLC
|
|
Delaware
|
STAG Arlington 2, L.P.
|
|
Delaware
|
STAG Belvidere 10, LLC
|
|
Delaware
|
STAG Belvidere I, 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 Burlington 2, LLC
|
|
Delaware
|
STAG Burlington 3, LLC
|
|
Delaware
|
STAG Burlington, LLC
|
|
Delaware
|
STAG CA GP, LLC
|
|
Delaware
|
STAG Camarillo 1, LP
|
|
Delaware
|
STAG Camarillo 2, LP
|
|
Delaware
|
STAG Columbia, LLC
|
|
Delaware
|
STAG De Pere, LLC
|
|
Delaware
|
STAG DeKalb, LLC
|
|
Delaware
|
STAG Duncan, LLC
|
|
Delaware
|
STAG Edgefield, LLC
|
|
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 El Paso, LP
|
|
Delaware
|
STAG Elizabethtown, LLC
|
|
Delaware
|
STAG Fairborn, LLC
|
|
Delaware
|
STAG Garland, LP
|
|
Delaware
|
STAG Germantown, LLC
|
|
Delaware
|
STAG GI Investments Holdings, LLC
|
|
Delaware
|
STAG GI Mooresville, LLC
|
|
Delaware
|
STAG GI New Jersey, LLC
|
|
Delaware
|
STAG GI Rogers, LLC
|
|
Delaware
|
STAG GI Streetsboro, LLC
|
|
Delaware
|
STAG Gloversville 1, LLC
|
|
Delaware
|
STAG Gloversville 2, LLC
|
|
Delaware
|
STAG Gloversville 4, LLC
|
|
Delaware
|
STAG Greenville, LLC
|
|
Delaware
|
STAG Greenwood 1, LLC
|
|
Delaware
|
STAG Greenwood 2, LLC
|
|
Delaware
|
STAG Greer, LLC
|
|
Delaware
|
STAG Gurnee 2, LLC
|
|
Delaware
|
STAG Gurnee, LLC
|
|
Delaware
|
STAG Hampstead, LLC
|
|
Delaware
|
STAG Harvard, LLC
|
|
Delaware
|
STAG Holland 3, LLC
|
|
Delaware
|
STAG Houston 14, LP
|
|
Delaware
|
STAG Houston 2, L.P.
|
|
Delaware
|
STAG Houston 4, LP
|
|
Delaware
|
STAG III Arlington, L.P.
|
|
Delaware
|
STAG III Boardman, LLC
|
|
Delaware
|
STAG III Malden, LLC
|
|
Delaware
|
STAG IND El Paso 6, LP
|
|
Delaware
|
STAG IND Houston 11, LP
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Delaware
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Name
|
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Jurisdiction of
Formation/Incorporation
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STAG IND Houston 9, LP
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Delaware
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STAG IND Mission, LP
|
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Delaware
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STAG IND Stafford, LP
|
|
Delaware
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STAG Independence, LLC
|
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Delaware
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STAG Industrial GP, LLC
|
|
Delaware
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STAG Industrial Holdings II, LLC
|
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Delaware
|
STAG Industrial Holdings, LLC
|
|
Delaware
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STAG Industrial Management, LLC
|
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Delaware
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STAG Industrial Operating Partnership, L.P.
|
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Delaware
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STAG Industrial TRS, LLC
|
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Delaware
|
STAG Investments Holdings III, LLC
|
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Delaware
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STAG Investments Holdings IV, LLC
|
|
Delaware
|
STAG IV Seville, LLC
|
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Delaware
|
STAG IV Waco, LP
|
|
Delaware
|
STAG Johnstown 1, LLC
|
|
Delaware
|
STAG Johnstown 2, LLC
|
|
Delaware
|
STAG Johnstown 3, LLC
|
|
Delaware
|
STAG Johnstown 4, LLC
|
|
Delaware
|
STAG Katy 2, LP
|
|
Delaware
|
STAG Katy, LP
|
|
Delaware
|
STAG Lafayette 1, LLC
|
|
Delaware
|
STAG Lafayette 2, LLC
|
|
Delaware
|
STAG Lafayette 3, LLC
|
|
Delaware
|
STAG Lancaster, LLC
|
|
Delaware
|
STAG Lansing 3, LLC
|
|
Delaware
|
STAG Laurens, LLC
|
|
Delaware
|
STAG Lebanon, LLC
|
|
Delaware
|
STAG Libertyville 1, LLC
|
|
Delaware
|
STAG Libertyville 2, LLC
|
|
Delaware
|
STAG Livonia 1, LLC
|
|
Delaware
|
STAG Livonia 2, LLC
|
|
Delaware
|
STAG Louisville, LLC
|
|
Delaware
|
STAG Machesney Park, LLC
|
|
Delaware
|
STAG Marion, LLC
|
|
Delaware
|
STAG McHenry 2, LP
|
|
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 NC GP 2, LLC
|
|
Delaware
|
STAG NC GP, LLC
|
|
Delaware
|
STAG NC Holdings, LP
|
|
Delaware
|
STAG New Hope, LLC
|
|
Delaware
|
STAG North Haven, LLC
|
|
Delaware
|
STAG Norton, LLC
|
|
Delaware
|
STAG Novi, LLC
|
|
Delaware
|
STAG O’Hara, LLC
|
|
Delaware
|
STAG Phenix City, LLC
|
|
Delaware
|
STAG Piedmont 1, LLC
|
|
Delaware
|
STAG Piedmont 2, LLC
|
|
Delaware
|
STAG Piedmont 3 LLC
|
|
Delaware
|
STAG Pineville, LLC
|
|
Delaware
|
STAG Plymouth 3, LLC
|
|
Delaware
|
STAG Portage, LLC
|
|
Delaware
|
STAG Portland 2, LLC
|
|
Delaware
|
STAG Reading, LLC
|
|
Delaware
|
STAG Rock Hill 2, LLC
|
|
Maryland
|
STAG Rockwall, LP
|
|
Delaware
|
STAG Romulus 2, LLC
|
|
Delaware
|
STAG Sauk Village, LLC
|
|
Delaware
|
STAG Simpsonville, LLC
|
|
Delaware
|
Name
|
|
Jurisdiction of
Formation/Incorporation
|
STAG South Saint Paul, LLC
|
|
Delaware
|
STAG Sparks 2, LLC
|
|
Delaware
|
STAG Spartanburg 3, LLC
|
|
Delaware
|
STAG Spartanburg, LLC
|
|
Delaware
|
STAG Sterling Heights, LLC
|
|
Delaware
|
STAG Stoughton 1, LLC
|
|
Delaware
|
STAG Stoughton 2, LLC
|
|
Delaware
|
STAG TX GP 2, LLC
|
|
Delaware
|
STAG TX GP, LLC
|
|
Delaware
|
STAG TX Holdings, LP
|
|
Delaware
|
STAG Ware Shoals, LLC
|
|
Delaware
|
STAG West Columbia 3, LLC
|
|
Delaware
|
STAG West Houston, LP
|
|
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
|
STIR Investments GP III, LLC
|
|
Delaware
|
STIR Investments GP IV, LLC
|
|
Delaware
|
STIR Investments GP, LLC
|
|
Delaware
|
1.
|
I have reviewed this annual report on Form 10-K of STAG Industrial, Inc.;
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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;
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3.
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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;
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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)
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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 12, 2020
|
/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 12, 2020
|
/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 12, 2020
|
/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
|