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“Comparable Lease” means a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.
−Removed: “GAAP” means generally accepted accounting principles in the United States.
+Added: “GAAP” means generally accepted accounting principles in the United States of America.
“New Lease” means a lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space.
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“Renewal Lease” means a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.
−Removed: “SL Rent Change” means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio.
+Added: “Straight-line Rent Change” means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio.
Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.
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or (ii) if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.
−Removed: “Total annualized base rental revenue” means the contractual monthly base rent as of December 31, 2023 (which differs from rent calculated in accordance with GAAP) multiplied by 12.
−Removed: If a tenant is in a free rent period as of December 31, 2023, the total annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12.
+Added: “Total annualized base rental revenue” means the monthly base cash rent for the applicable property or properties as of December 31, 2024 (which is different from rent calculated in accordance with GAAP for purposes of our financial statements), multiplied by 12.
+Added: If a tenant is in a free rent period as of December 31, 2024, the annualized rent is calculated based on the first contractual monthly base rent amount multiplied by 12.
“Value Add Portfolio” means our properties that meet any of the following criteria:
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or (iv) development.
−Removed: “Weighted Average Lease Term” means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, weighted by square footage.
+Added: “Weighted Average Lease Term” means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage.
+Added: Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.
We are a REIT focused on the acquisition, ownership, and operation of industrial properties throughout the United States.
−Removed: Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial real estate markets, industries, and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets.
+Added: Our platform is designed to (i) identify properties for acquisition that offer attractive returns across CBRE-EA Tier 1 industrial real estate markets, industries, and tenants, (ii) provide growth through our ownership of high-quality assets, property management and pursuit of acquisitions in an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets.
We are organized and conduct our operations to maintain our qualification as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and generally are not subject to federal income tax to the extent we currently distribute our income to our stockholders and maintain our qualification as a REIT.
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federal income and excise taxes on our undistributed income.
−Removed: As of December 31, 2023, we owned 569 buildings in 41 states with approximately 112.3 million rentable square feet, consisting of 493 warehouse/distribution buildings, 70 light manufacturing buildings, one flex/office building, and five Value Add Portfolio buildings.
−Removed: In addition, as of December 31, 2023, we had six development projects (which are not included in the building count noted above).
−Removed: While the majority of our portfolio consists of single-tenant properties, we also own a growing number of multi-tenant properties.
+Added: As of December 31, 2024, we owned 591 buildings in 41 states with approximately 116.6 million rentable square feet.
+Added: As of December 31, 2024, we had 11 development projects (which are not included in the building count noted above).
As of December 31, 2024, our buildings were approximately 96.5% leased, with no single tenant accounting for more than approximately 2.9% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.3% of our total annualized base rental revenue.
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As of December 31, 2024, our Operating Portfolio was approximately 97.3% leased.
−Removed: SL Rent Change on new and renewal leases together grew approximately 44.0% and 24.3% during the years ended December 31, 2023 and 2022, respectively, and our Cash Rent Change on new and renewal leases together grew approximately 31.0% and 14.3% during the years ended December 31, 2023 and 2022, respectively.
+Added: Straight-line Rent Change on new and renewal leases together grew approximately 41.8% and 44.0% during the years ended December 31, 2024 and 2023, respectively, and our Cash Rent Change on new and renewal leases together grew approximately 28.3% and 31.0% during the years ended December 31, 2024 and 2023, respectively.
We have fully integrated acquisition, leasing and operations platforms led by a senior management team with decades of industrial real estate experience.
Our mission is to deliver attractive long-term stockholder returns in all market environments by growing cash flow through disciplined investment in high-quality real estate while maintaining a strong balance sheet.
−Removed: Our primary business objectives are to own and operate a balanced and diversified portfolio that fits the needs of the markets we operate in, add value to the assets we acquire, and to enhance stockholder value over time by achieving sustainable long-term growth in distributable cash flow from operations.
−Removed: We believe that our focus on owning and operating a portfolio of individually acquired industrial properties throughout CBRE-EA Tier 1 industrial markets in the United States will, when compared to other real estate portfolios, generate returns for our stockholders that are attractive in light of the associated risks for the following reasons.
−Removed: • The acquisition of individual properties has historically been more cost effective versus competing with a larger pool of buyers who may need to deploy significant capital quickly on large portfolio transactions.
−Removed: • Acquiring individually maintains our portfolio quality, as multi-asset portfolio acquisitions may include assets that are not desirable to us.
+Added: Our primary business objectives are to own and operate a balanced and diversified portfolio that fits the needs of the markets we operate in, to add value to the assets we acquire, and to enhance stockholder value over time by achieving sustainable long-term growth in distributable cash flow from operations.
+Added: We focus on acquiring assets individually or in small portfolios.
+Added: We believe that owning and operating a portfolio of individually acquired industrial properties throughout CBRE-EA Tier 1 industrial markets in the United States will, when compared to other real estate portfolios assembled through acquisitions of many properties at once or consisting of other property types, generate returns for our stockholders that are attractive in light of the associated risks for the following reasons.
+Added: • The markets we operate in have an institutional presence, size, and velocity of transactions that allow us to take a granular and quantitative approach where we can be confident in generating both reliable cash flow and long-term asset appreciation for our real estate investments.
• The contribution of individual assets to an aggregated portfolio creates diversification, thereby lowering risk and creating value.
−Removed: • Other institutional, industrial real estate buyers tend to focus on properties in a small number of super-primary markets.
+Added: • Many other institutional, industrial real estate buyers focus on properties in a small number of super-primary markets.
In contrast, we choose from a larger opportunity set of industrial properties across all CBRE-EA Tier 1 industrial markets in the United States.
−Removed: • Our wider focus results in an advantage versus the local and regional buyers we compete with in many non-super-primary markets for acquisition opportunities who may not have the same access to debt or equity capital as us.
+Added: • Our wider focus results in an advantage versus the local and regional buyers we compete with for acquisition opportunities who may not have the same access to debt or equity capital as us.
• Industrial properties generally require less capital expenditure than other commercial property types.
+Added: Notwithstanding our focus on acquiring assets individually, we will consider and may acquire portfolios when we believe the returns and/or long-term value are appropriate.
We are subject to various laws, ordinances, rules and regulations of the United States and the states and local municipalities in which we own properties, including regulations relating to common areas and fire and safety requirements.
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Furthermore, various court decisions have established that third parties may recover damages for injury caused by property contamination.
−Removed: For instance, a person exposed to asbestos at one of our properties may seek to recover damages if he or she suffers injury from the asbestos.
+Added: For instance, a person exposed to asbestos at one of our properties may seek to recover damages if he or she
+Added: suffers injury from the asbestos.
Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities.
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however, our insurance coverage may not be sufficient to cover all of our losses.
−Removed: In acquiring our target properties, we often compete with local or regional operators due to the smaller, single asset (versus portfolio) focus of our acquisition strategy.
−Removed: We also we compete with other public industrial property sector REITs, single-tenant REITs, income oriented non-traded REITs, and private real estate funds.
−Removed: Local real estate investors typically do not have the same access to capital that we do as a publicly traded institution.
+Added: In acquiring our target properties, we often compete with local or regional operators due to our broad and differentiated geographical focus.
We also face significant competition from owners and managers of competing properties in leasing our properties to prospective tenants and in re-leasing space to existing tenants.
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As part of our commitment to providing a work environment that attracts, develops and retains high-performing individuals and that treats employees with dignity and respect:
−Removed: • We offer equal employment opportunities to all of our employees and seek to foster a diverse and vibrant workplace with employees who possess a broad range of experiences, backgrounds, and skills.
+Added: • We offer equal opportunities to all our employees and seek to foster a diverse and vibrant workplace with employees who possess a broad range of experiences, backgrounds, and skills.
We continually assess and strive to enhance employee satisfaction and engagement.
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• We are committed to compensating our employees well and at competitive industry rates while, at the same time, monitoring our compensation programs to ensure that we are continuously attracting and retaining top talent.
−Removed: We also provide our employees with highly competitive health and wellness benefits, including medical, dental, vision, life, and short-term disability insurance, with premiums that are entirely paid for by the Company.
−Removed: We also offer flexible spending accounts for medical expenses, a program to pay commuting and office parking costs with pre-tax income, and a competitive vacation policy, including paid holidays, personal time off, and other leave benefits.
+Added: We also provide our employees with highly competitive health and wellness benefits, including medical, dental, vision, life, and short-term disability insurance, with premiums entirely paid by the Company.
+Added: We also offer flexible spending accounts for medical expenses, programs to pay commuting and office parking costs or dependent care costs with pre-tax income, and a competitive vacation policy, including paid holidays, personal time off, and other leave benefits.
• We seek to foster a corporate culture where our stakeholders, including our employees, engage in, and collaborate to extend resources towards, community development.
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As of December 31, 2024, we owned approximately 98.0% of the common units of limited partnership interest in our Operating Partnership (“common units”), and our current and former executive officers, directors, employees and their affiliates, and third parties owned the remaining 2.0%.
−Removed: The common units are not publicly traded, but each common unit receives the same distribution as a share of our common stock, the value of each common unit is tied to the value of a share of our common stock, and each common unit, after one year, generally may be redeemed (that is, exchanged) for cash in an amount equivalent to the value of a share of our common stock or, if we choose, for a share of common stock on a one-for-one basis.
−Removed: When redeeming common units for cash, the value of a share of our common stock is
−Removed: calculated as the average common stock closing price on the NYSE for the 10 trading days immediately preceding the redemption notice date.
+Added: The common units are not publicly traded, but each common unit receives the same distribution as a share of our common stock, the value of each common unit is tied to the value of a share of our common stock, and each common unit, after one year, generally may be redeemed (that is, exchanged) for cash in an amount equivalent to the value of a share of our common stock or, if we choose, for a share of
+Added: common stock on a one-for-one basis.
+Added: When redeeming common units for cash, the value of a share of our common stock is calculated as the average common stock closing price on the NYSE for the 10 trading days immediately preceding the redemption notice date.
We are structured as an umbrella partnership REIT, also known as an “UPREIT,” with our publicly-traded entity, STAG Industrial, Inc., operating as the REIT in the UPREIT structure, and our Operating Partnership operating as the umbrella partnership.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.