STAG Industrial(US:STAG)2025-07-09 06:41Portfolio Overview - STAG Industrial has an enterprise value of $10.1 billion and owns 578 buildings totaling 114.5 million square feet [6] - The portfolio includes properties in 40 states, with 87% exposure to CBRE Tier 1 and Tier 2 markets based on % ABR [8] - The weighted average lease term is 4.3 years, and multi-tenant industrial properties account for 26.9% of the net rentable area [8] Financial Performance and Growth - The company forecasts same-store cash NOI growth between 5.25% and 5.50% for 2024 [9] - Cash rent change is projected to be between 27.5% and 30%, with SL rent change between 35% and 40% [9] - Free cash flow after dividends is approximately $100 million annually, with a CAD payout ratio of 73% [8] Leasing Activity - As of November 11, 2024, 98.4% of expected 2024 new and renewal leasing has been addressed, covering 13.2 million square feet with a cash rent change of 28.5% [30] - 42.2% of expected 2025 new and renewal leasing has been addressed, covering 6.1 million square feet with a cash rent change of 22.4% [30] Market Dynamics - Approximately 31% of STAG's portfolio handles e-commerce activity [15] - Approximately one-third of STAG's portfolio is located within a 60-mile radius of Megasite Projects [19] Balance Sheet and Capitalization - Net debt to annualized run rate adjusted EBITDAre is projected to be between 5.00x and 5.50x [9] - The company maintains a conservative balance sheet with less than 0.1% secured debt [9] Acquisition and Development - The company targets an acquisition volume between $500 million and $700 million [62] - The company has an average annual acquisition volume of approximately $800 million over the last five years [56]