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目錄

美國
證券交易委員會
華盛頓特區20549 
____________________________________________________________________________
 
表格 10-Q 
____________________________________________________________________________
☒    根據1934年證券交易所法案第13或15(d)條的季報告
 
截止至本季度結束 2024年9月30日
 
或
 
☐    ​
 
從 至 過渡期。
 
委員會文件編號 1-34907
 
____________________________________________________________________________
 
STAG Industrial, Inc.
（依憑章程所載的完整登記名稱） 
____________________________________________________________________________
馬里蘭州。27-3099608
(依據所在地或其他管轄區)(國稅局雇主身份識別號碼)
的註冊地或組織地點)
一號聯邦街
23樓
波士頓，麻薩諸塞州02110
(總部辦公地址)（郵遞區號）
                        
(617) 574-4777
(註冊人電話號碼，包括區號)

根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的每個註冊交易所的名稱
每股普通股票，面值$0.01STAG紐約證券交易所

請勾選是否申報人（1）已在前12個月內（或申報人須要在更短時期內提交此類報告時）按照《1934年證券交易法》第13或15(d)條的規定進行了所有所需報告的申報，並（2）在過去90天內一直受到此類申報要求的約束。是 ☒否☐
 
標的檢查標記，指出是否在過去12個月（或要求提交此類文件的較短期間）內，申報人已根據《S-t規則第405條（本章節第232.405條）》的規定提交了應提交的每個互動數據文件。是 ☒否☐
 
請以勾選方式表示公司是否為大型加速檔案提交者、加速檔案提交者、非加速檔案提交者、較小型報告公司或新興成長公司。請參見《交易所法》第120億2條對「大型加速檔案提交者」、「加速檔案提交者」、「較小型報告公司」和「新興成長公司」的定義。

大型加速歸檔人 ☒     加速歸檔人☐     非快速提交申報者☐     較小型報告公司☐     新興成長型公司 ☐

如果一家新興成長型企業，請打勾表示公司已選擇不使用擴展過渡期以符合根據《交易所法案》第13(a)條所提供的任何新的或修訂財務會計準則。 ☐
 
請勾選表示該註冊公司為外殼公司（如風險披露變革法案的第1202條所定義）。是的☐否☒

截至2024年10月28日，普通股的流通股數為 182,212,292.


目錄
STAG Industrial, Inc.
目錄
 
第一部分。
  
项目1。
  
 
  
 
  
 
  
 
  
 
  
 
  
项目2。
  
项目3。
  
項目 4。
  
第二部分。
  
项目1。 
  
项目1A。 
  
项目2。
  
项目3。
  
項目 4。
  
项目5。
  
第6項。 
  
 

2
目錄
第一部分。基本財務資訊
項目 1。基本報表

STAG Industrial, Inc.
合併資產負債表
(未經核數，以千計，股份資料除外)
 2024年9月30日2023年12月31日
資產  
租賃物業:  
土地$739,975 $698,633 
建築物及改良，扣除累積折舊$1,042,046 15.1921,846，分別為
5,054,195 4,838,522 
承租無形資產（已扣除累計攤銷額$369,301 15.1360,094，分別為
413,509 435,722 
賃賦物業總額，扣除淨值6,207,679 5,972,877 
現金及現金等價物70,036 20,741 
限制性現金1,108 1,127 
租戶應收帳款128,366 128,274 
預付費用及其他資產101,922 80,455 
利率掉期29,016 50,418 
營運租賃權使用資產28,105 29,566 
資產總額$6,566,232 $6,283,458 
負債及股東權益  
負債：  
未做抵押的信貸設施$256,000 $402,000 
未經擔保的定期貸款淨額1,021,513 1,021,773 
無抵押票據，淨額1,643,821 1,195,872 
抵押票據，淨額4,247 4,401 
應付帳款、應計費用及其他負債139,879 83,152 
利率掉期3,027 — 
租戶預付租金及保證金47,056 44,238 
分紅派息和分配款項應付款項22,937 22,726 
延遲的租賃無形資產，扣除累積攤銷金額 $29,055 15.126,613，分別為
31,195 29,908 
營業租賃負債32,217 33,577 
總負債3,201,892 2,837,647 
承諾和條件（註11）
股權：  
優先股，面額 $0.01 ， 20,000,000 2024年9月30日和2023年12月31日授權的股份數； 無 已發行或流通
— — 
普通股，面額 $0.01 每份股份， 300,000,000 在2024年9月30日和2023年12月31日授權的股份數， 182,205,640 和 181,690,867 於2024年9月30日和2023年12月31日分別發行和流通的股份
1,822 1,817 
資本公積額額外增資4,281,290 4,272,376 
超過盈利的累計分紅派息(1,012,760)(948,720)
其他綜合收益累計額25,320 49,207 
股東權益總額3,295,672 3,374,680 
非控制權益68,233 71,131 
合資企業中的非控股權益435 — 
總股本3,364,340 3,445,811 
負債加股東權益總額$6,566,232 $6,283,458 

附注是這些綜合基本報表的重要部分。
3
目錄
STAG Industrial, Inc.
綜合損益表
(未經審計，以千為單位，除每股數據外)
 截至9月30日的三個月内，截至九月三十日止九個月，
 2024202320242023
營業收入            
租金收入$190,286 $177,858 $564,155 $522,565 
其他收益453 1,423 3,904 1,963 
營業總收入190,739 179,281 568,059 524,528 
費用   
房產險38,015 34,429 114,564 102,985 
總務與行政11,978 11,097 36,758 35,833 
折舊與攤提72,506 69,761 219,213 207,199 
減損損失— — 4,967 — 
其他費用545 773 1,703 4,109 
總支出123,044 116,060 377,205 350,126 
其他收益（費用）   
利息收入和其他收入 14 17 39 53 
利息費用(28,705)(23,753)(81,498)(69,225)
償債及修改費用(36)— (703)— 
強制轉換收益 3,568 — 9,285 — 
租金物業出售淨收益195 11,683 23,281 49,343 
其他收益（費用）合計(24,964)(12,053)(49,596)(19,829)
凈利潤42,731 51,168 141,258 154,573 
扣除歸屬非控制利益的收益875 1,128 2,992 3,461 
歸屬於STAG Industrial, Inc.的凈利潤41,856 50,040 138,266 151,112 
減：分配給參與證券的金額45 53 138 159 
歸屬於普通股股東的淨利潤$41,811 $49,987 $138,128 $150,953 
基本加權平均普通股股份數182,027 180,803 181,899 179,810 
期間加權平均普通股股份數-稀釋後182,297 181,163 182,173 180,070 
每股凈利潤-基本和稀釋後   
歸屬於普通股股東每股凈利潤-基本$0.23 $0.28 $0.76 $0.84 
歸屬於普通股股東每股凈利潤-稀釋後$0.23 $0.28 $0.76 $0.84 

附註是這些合併財務報表的一部分。
4
目錄
STAG Industrial，Inc。
綜合收益表
（未經審計，以千爲單位）
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
淨利潤$42,731 $51,168 $141,258 $154,573 
其他全面收益（損失）：    
利率互換利得（損失）(28,513)4,882 (24,404)4,691 
其他綜合收益（損失）(28,513)4,882 (24,404)4,691 
綜合收益14,218 56,050 116,854 159,264 
歸屬於非控股利益的收入(875)(1,128)(2,992)(3,461)
非控股權益所屬的其他綜合(損益)605 (109)517 (105)
歸屬於STAG工業公司的綜合收益$13,948 $54,813 $114,379 $155,698 

附註是這些合併財務報表的一部分。
5
目錄
STAG工業公司
合併 權益報表
（未經審計，以千爲單位，除每股數據外）
 優先股普通股股本溢價累計分紅派息超過收益累計其他綜合收益股東權益合計非控制性權益 - 運營合夥企業的單位持有人合營創業公司的非控制權益總權益
 股份金額
2024年9月30日止三個月
餘額，2024年6月30日$— 182,105,303 $1,821 $4,276,498 $(987,218)$53,228 $3,344,329 $71,001 $— $3,415,330 
普通股銷售所得，淨額— — — (103)— — (103)— — (103)
分紅派息和分配，淨額（$0.37 每股/每單位)
— — — — (67,398)— (67,398)(1,135)— (68,533)
非現金補償活動，淨額— 4,769 — 2,084 — — 2,084 909 — 2,993 
將普通單位兌換爲普通股票— 95,568 1 1,755 — — 1,756 (1,756)— — 
非控股權益的重新平衡— — — 1,056 — — 1,056 (1,056)— — 
來自合資企業的非控股權益的貢獻— — — — — — — — 435 435 
其他綜合損失— — — — — (27,908)(27,908)(605)— (28,513)
淨利潤— — — — 41,856 — 41,856 875 — 42,731 
餘額，2024年9月30日$— 182,205,640 $1,822 $4,281,290 $(1,012,760)$25,320 $3,295,672 $68,233 $435 $3,364,340 
2023年9月30日結束的三個月
餘額，2023年6月30日$— 179,660,771 $1,797 $4,201,551 $(907,061)$70,313 $3,366,600 $77,259 $— $3,443,859 
普通股銷售淨收入— 1,717,993 17 61,015 — — 61,032 — — 61,032 
分紅派息淨額 ($0.37 每股/單位)
— — — — (66,685)— (66,685)(1,492)— (68,177)
非現金補償活動淨額— 14,253 — 1,835 — — 1,835 764 — 2,599 
將普通單位贖回爲普通股— 120,597 1 2,260 — — 2,261 (2,261)— — 
非控制性權益的再平衡— — — 97 — — 97 (97)— — 
其他綜合收益— — — — — 4,773 4,773 109 — 4,882 
淨利潤— — — — 50,040 — 50,040 1,128 — 51,168 
餘額，2023年9月30日$— 181,513,614 $1,815 $4,266,758 $(923,706)$75,086 $3,419,953 $75,410 $— $3,495,363 
2024年9月30日結束的九個月
2023年12月31日餘額$— $181,690,867 $1,817 $4,272,376 $(948,720)$49,207 $3,374,680 $71,131 $— $3,445,811 
普通股銷售收入，淨— — — (362)— — (362)— — (362)
分紅派息和分配，淨（$1.11 每股/每單位)
— — — — (202,072)— (202,072)(4,248)— (206,320)
非現金補償活動，淨額— 74,223 1 1,677 (234)— 1,444 6,478 — 7,922 
將普通單位贖回爲普通股票— 440,550 4 8,157 — — 8,161 (8,161)— — 
非控股權益的再平衡— — — (558)— — (558)558 — — 
來自創業公司非控股權益的貢獻— — — — — — — — 435 435 
其他綜合損失— — — — — (23,887)(23,887)(517)— (24,404)
淨利潤— — — — 138,266 — 138,266 2,992 — 141,258 
餘額，2024年9月30日$— 182,205,640 $1,822 $4,281,290 $(1,012,760)$25,320 $3,295,672 $68,233 $435 $3,364,340 
截至2023年9月30日的九個月中，
2022年12月31日餘額$— 179,248,980 $1,792 $4,188,677 $(876,145)$70,500 $3,384,824 $73,357 $— $3,458,181 
普通股出售所得，淨— 1,967,009 20 69,507 — — 69,527 — — 69,527 
分紅派息和分配，淨（$1.10 每股/每單位）
— — — — (198,590)— (198,590)(1,240)— (199,830)
非現金補償活動，淨— 98,194 1 (100)(83)— (182)8,403 — 8,221 
將普通單位贖回爲普通股— 199,431 2 3,742 — — 3,744 (3,744)— — 
非控制性權益的再平衡— — — 4,932 — — 4,932 (4,932)— — 
其他綜合收益— — — — — 4,586 4,586 105 — 4,691 
淨利潤— — — — 151,112 — 151,112 3,461 — 154,573 
餘額，2023年9月30日$— 181,513,614 $1,815 $4,266,758 $(923,706)$75,086 $3,419,953 $75,410 $— $3,495,363 
附註是這些合併財務報表的一部分。
6
目錄
STAG Industrial公司.
合併現金流量表（未經審計，以千爲單位）
 截至9月30日的九個月
 20242023
經營活動現金流量：        
淨利潤$141,258 $154,573 
調整淨利潤以計入經營活動現金流量:  
折舊和攤銷219,213 207,199 
減值損失4,967 — 
意外轉變的收益 (9,285)— 
利息費用中的非現金部分3,201 2,924 
以上或以下市場租賃的攤銷淨額2 (490)
直線租金調整，淨額(11,384)(13,414)
債務解除和修改費用36 — 
租賃物業銷售收益，淨額(23,281)(49,343)
非現金補償支出8,824 9,006 
資產和負債的變動：  
租戶應收賬款9,273 6,212 
預付款和其他資產(28,596)(24,298)
應付賬款、應計費用及其他負債38,317 6,324 
租戶預付的租金和安防-半導體存款2,818 813 
調整總額214,105 144,933 
經營活動產生的淨現金流量355,363 299,506 
投資活動現金流量：  
土地和建築物及其改進的新增項目(83,082)(77,886)
土地和建築物及其改進的收購(358,146)(238,226)
其他資產的收購(196)— 
租戶預付租金的收購— 511 
租賃物業的銷售收益，淨額97,718 97,234 
收購按金，淨額(245)2,000 
遞延租賃無形資產的收購(46,570)(16,786)
投資活動中使用的淨現金(390,521)(233,153)
融資活動的現金流：  
無擔保信貸設施的收益1,043,000 965,000 
無擔保信貸設施的償還(1,189,000)(815,000)
無擔保票據的收入450,000 — 
無擔保票據的償還— (100,000)
抵押票據的償還 (161)(259)
貸款費用和成本的支付(12,379)(270)
普通股銷售所得，淨額(342)69,616 
分紅派息和分配(206,105)(199,387)
基於股份的薪酬的回購和註銷(1,014)(812)
來自合營企業非控股權益的貢獻435 — 
籌集資金的淨現金流量84,434 (81,112)
現金及現金等價物和受限制的現金淨增（減）額49,276 (14,759)
現金及現金等價物和限制性現金的期初餘額21,868 26,789 
現金及現金等價物和限制性現金——期末$71,144 $12,030 
補充披露：  
支付的利息現金，扣除資本化金額$1,770 and $1,686分別爲2024年和2023年
$66,339 $62,896 
非現金投資和融資活動的補充計劃  
土地、建築物及改進的收購$(2,456)$(66)
遞延租賃無形資產的收購$(357)$(6)
因非自願轉讓而追加的建築物及其他資本改進$(12,253)$— 
因建築物的非自願轉讓而產生的其他應收款投資$2,968 $— 
應付賬款、應計費用和其他負債中包含的土地、建築物及改進的追加變更$(17,110)$1,089 
因非現金補償而增加的建築物及其他資本改進$(137)$(42)
貸款費用、成本及發行成本的變動包含在應付賬款、應計費用及其他負債中$(559)$(89)
應計的分紅派息和分配$22,937 $22,726 
附註是這些合併財務報表的一部分。
7
目錄
STAG工業公司
合併財務報表附註
(未經審計)
1. 組織 和 業務描述

STAG Industrial, Inc.（以下簡稱 「公司」）是一家工業房地產運營公司，專注於收購和運營美國各地的工業地產。該公司作爲馬里蘭州的一家公司成立，根據經修訂的1986年《美國國稅法》第856至860條，已選擇接受房地產投資信託基金（「REIT」）待遇，並打算繼續獲得房地產投資信託基金（「REIT」）資格。該公司的結構爲傘式合夥房地產投資信託基金，通常稱爲uPreit，擁有其所有財產，並通過其運營合作伙伴關係，即特拉華州有限合夥企業STAG Industrial Opertannershial Opertnary, L.P.（「運營合夥企業」）開展幾乎所有業務。截至2024年9月30日和2023年12月31日，公司擁有 98.0% 和 97.9分別佔運營合夥企業中有限合夥權益普通單位的百分比。該公司通過其全資子公司是運營合夥企業的唯一普通合夥人。此處使用的 「公司」 是指STAG Industrial, Inc.及其合併子公司，包括運營合夥企業，除非上下文另有要求。

截至2024年9月30日，公司擁有 578 個工業建築位於 40 個州，總面積約爲 114.5 百萬平方英尺的租賃面積。

2. 重要會計政策摘要

中期財務報告

所附的臨時基本報表是按照美國通用會計原則（「GAAP」）以及10-Q表單和用於臨時財務信息的S-X規定的指導原則編制的。因此，這些報表不包括GAAP完整基本報表所需的所有信息和說明。在管理層看來，所附的臨時基本報表包括所有調整，涉及正常的經常性項目，符合GAAP的公平陳述。臨時業績不一定能反映全年業績。年終合併資產負債表數據來源於經過審計的基本報表，但不包括GAAP要求的所有披露。這份10-Q表單的季度報告中的信息應與公司年報中截至2023年12月31日的合併基本報表及其附註一起閱讀。

呈現基礎

公司的合併基本報表包含公司的帳戶、運營合夥企業及其合併子公司。公司未擁有的運營合夥企業的權益稱爲「非控制普通股單元」。這些非控制普通股單元由其他有限合夥人以普通股單元（「其他普通股單元」）和根據STAG Industrial, Inc. 2011年股權激勵計劃（經修訂和重述，簡稱「2011計劃」）發行的長期激勵計劃單位（「LTIP單位」）持有。所有控股子公司和公司擁有控制性財務利益的合資企業均包括在合併基本報表中。所有重大的內部公司餘額和交易在實體合併時已被消除。公司的基本報表爲所呈現的所有期間以合併基礎呈現。

合資企業

公司在一家合併的創業公司中持有股權，該創業公司主要從事工業房地產業物業的開發和運營。公司根據可變利益實體（「VIE」）合併模型評估了該創業公司，確定該創業公司不是VIE。因此，公司已決定採用投票權益模型進行合併會計處理，因爲公司持有多數投票權益、運營控制或財務控制。控制的判斷依據是與合併創業公司和VIE相關的會計標準。對控制的評估包括對實體治理文件以及公司權利與義務的審查。在確定公司是否在創業公司中擁有控制性財務權益時，公司考慮多個因素，包括持有的投票權益百分比、能夠指導對實體經濟表現影響最大的活動的能力以及公司對實體回報的風險敞口程度。公司還考慮其他各方是否持有實質參與權或保護權，這可能會阻止合併。公司在會計標準合併指引下發生某些重大事件時，會重新評估其對某實體是否爲VIE的判斷。
8
目錄

合併創業公司的資產和負債包含在附帶的合併資產負債表中，創業公司的運營結果包含在附帶的合併運營報表中。創業合夥人在創業公司中的分享以非控制性權益的形式反映在附帶的合併基本報表中。有關創業公司中非控制性權益的進一步討論，請參見第7條。

公司的聯營公司利益使用假設清算賬面價值模型。在該模型下，公司的收益和在聯營公司的股權投資是根據其持股比例記錄的，同時考慮到聯營合夥人所獲得的激勵費用。

限制性現金

以下表格顯示了在附屬的資產負債表中報告的現金及現金等價物和受限制的現金與在附屬的現金流量表中報告的金額之間的調節。

現金及現金等價物與受限制現金的調節（以千爲單位）2024年9月30日2023年12月31日
現金及現金等價物$70,036 $20,741 
受限現金1,108 1,127 
現金及現金等價物和受限制現金總額$71,144 $21,868 

不確定的稅務立場：

截至2024年9月30日和2023年12月31日，分別有 沒有 不確定稅務地位的負債。

信用風險集中度

管理層認爲，公司投資組合的當前信用風險相對分散，並沒有包含任何飛凡的信用風險集中。

3. 出租房產

下表總結了截至2024年9月30日和2023年12月31日的租賃物業的元件。

租賃物業（以千爲單位）2024年9月30日2023年12月31日
土地$739,975 $698,633 
建築物，減去累計折舊$708,083 and $622,941，分別
4,463,520 4,330,799 
租戶改善，減去累計折舊$39,851 and $36,920，分別
41,709 39,145 
建築和土地改良，扣除累計折舊 $294,112 and $261,985，分別
375,368 369,724 
建設中的工程173,598 98,854 
遞延租賃無形資產，扣除累計攤銷 $369,301 and $360,094，分別
413,509 435,722 
總租賃物業，淨值$6,207,679 $5,972,877 

9
目錄
收購

下表總結了截至2024年9月30日的三個月和九個月期間公司的收購情況。公司將其所有收購視爲資產收購。

市場(1)
收購日期平方英尺建築數量購買價格（以千爲單位）
辛辛那提，俄亥俄 2024年3月18日。697,500 1 $50,073 
2024年3月31日止三個月697,500 1 50,073 
威斯康星州密爾沃基2024年4月8日150,002 1 16,062 
俄勒岡州波特蘭市2024年4月15日99,136 1 17,058 
Louisville, IN2024年4月16日592,800 1 52,352 
俄勒岡州波特蘭市(2)
2024年6月6日— — 8,178 
El Paso，德克薩斯州2024年6月10日254,103 1 32,182 
芝加哥，伊利諾伊州 2024年6月24日947,436 5 87,560 
Columbus, OH2024年6月26日150,207 1 20,408 
2024年6月30日結束的三個月2,193,684 10 233,800 
Reno, NV(2)
2024年7月25日— — 1,896 
Reno, NV(3)
2024年8月8日— — 8,959 
拉格朗日, 喬治亞州2024年9月9日323,368 1 34,870 
馬薩諸塞州波士頓2024年9月12日290,471 5 78,127 
2024年9月30日止三個月613,839 6 123,852 
2024年9月30日結束的九個月3,505,023 17 $407,725 
(1) 根據CBRE-EA工業市場地理區域的定義。如果建築物位於CBRE-EA定義的市場之外，則反映城市和州。
(2) 公司收購了一塊空地。
(3) 公司通過一家合併的創業公司收購了一塊空地。

2024年8月8日，公司與第三方成立了一個合資公司，主要從事內華達州雷諾市工業房地產業的開發和運營。公司決定根據投票權益合併模式對其在合資公司中的投資進行覈算。有關此決定的進一步討論，請參見注釋2。有關第三方在合資公司中非控股權益的進一步討論，請參見注釋7。

下表總結了截至2024年9月30日止九個月期間，針對上表中識別的收購所涉及的資產和負債，支付的對價的分配情況。

截至2024年9月30日的九個月
收購的資產和負債購買價格（以千爲單位）收購時無形資產加權平均攤銷期（年）
土地$50,575 不適用
建築物288,653 不適用
租戶改進4,104 不適用
建築和土地改進15,487 不適用
建設中的工程1,783 不適用
其他資產196 不適用
延遲租賃無形資產 - 現有租約33,762 5.6
延遲租賃無形資產 - 租戶關係20,116 9.3
延遲租賃無形資產 - 高於市場租金的租約934 6.0
延遲租賃無形資產 - 低於市場租金的租約(7,885)6.1
總購買價格$407,725  


10
目錄
處置

下表總結了截至2024年9月30日的九個月期間公司的處置情況。所有處置均已出售給第三方，並採用完全應計制進行覈算。

出租物業銷售淨額（千美元）2024年9月30日結束的九個月
建築物數量8
建築物平方英尺（百萬）1.3
租賃物業的銷售收益，淨額$97,718 
淨賬面價值$74,437 
租賃物業銷售收益，淨額(1)
$23,281 
(1) 包括租賃物業出售虧損，淨額約爲$2.0 百萬美元。

下表總結了截至2024年和2023年9月30日的三個月和九個月的運營結果，涉及在截至2024年9月30日的九個月內出售的建築物，這些建築物在銷售日期之前包含在公司的合併運營報表中。

 截至9月30日的三個月截至9月30日的九個月
出租物業銷售額（以千美元計）2024202320242023
已售建築對淨利潤（虧損）的貢獻(1)
$(237)$602 $(6,081)$2,866 
(1) 不包括出售租賃物業的收益淨額和減值損失。

減值損失

下表總結了截至2024年9月30日的九個月內，公司對持有和使用的資產發生的減值損失。公司沒有 沒有未承認2024年9月30日結束的三個月，以及2023年9月30日結束的三個月和九個月內的減值損失。
市場(1)
建築物
導致減值評估的事件或情況變化(2)
用於估算公允價值的估值技術
公允價值(3)
減值損失
(以千爲單位)
猶他州鹽湖城1 估計持有期的變化
(4)
貼現現金流
(5)
$21,827 $4,967 
2024年9月30日結束的九個月$4,967 
(1)根據CBRE-EA工業市場地理位置的定義。如果建築位於CBRE-EA定義的市場之外，則顯示城市和州。
(2)公司對資產組進行了減值測試，採用了某些情景的概率加權回收分析，結果確定物業和無形資產的賬面價值無法從預計的未來未折現現金流中收回。
(3)該物業的估計公允價值基於三級輸入，且爲非重複發生公允價值度量。三級被定義爲不可觀察的輸入，幾乎沒有市場數據存在，因此需要實體制定自己的假設。
(4)該建築在截至2024年9月30日的三個月內被出售。
(5)用於判斷貶值財產公允價值的三級輸入：折現率爲 9.3% 和退出資本化率爲 6.3%.

非自願轉讓

截至2024年9月30日的九個月期間，約$3.0 截至2023年12月31日，與2023年12月發生的強制轉換事件相關的保險賠償應收款約爲$百萬，這一金額已被減免並用於對該建築所做的改善，並作爲非現金投資活動列入附帶的合併現金流量表。在截至2024年9月30日的三個月和九個月期間，公司確認了約$的強制轉換收益。3.6 百萬美元和美元9.3百萬美元。
11
目錄

遞延租賃無形資產

下表總結了截至2024年9月30日和2023年12月31日的合併資產負債表上的遞延租賃無形資產淨額。

2024年9月30日2023年12月31日
遞延租賃無形資產（以千計）毛額累計攤銷淨值毛額累計攤銷淨值
市場租賃價格之上$76,517 $(37,900)$38,617 $79,946 $(35,698)$44,248 
其他無形租賃資產706,293 (331,401)374,892 715,870 (324,396)391,474 
總延期租賃無形資產$782,810 $(369,301)$413,509 $795,816 $(360,094)$435,722 
市場租賃價格之下$60,250 $(29,055)$31,195 $56,521 $(26,613)$29,908 
總延期租賃無形負債$60,250 $(29,055)$31,195 $56,521 $(26,613)$29,908 

以下表格總結了2024年和2023年9月30日結束的三個和九個月內，用於遞延租賃無形資產攤銷的租金收入和攤銷費用的淨增加。

 截至9月30日的三個月截至9月30日的九個月
推遲支付的租賃無形資產攤銷（以千計）2024202320242023
與以上及以下市場租賃攤銷相關的租金收入淨增減$524 $292 $(19)$473 
與其他無形租賃資產相關的攤銷費用$22,225 $22,095 $69,441 $66,398 


12
目錄
4. Debt

以下表格總結了截至2024年9月30日和2023年12月31日，公司未償還的債務，包括公司無擔保信貸額度、無擔保定期貸款、無擔保票據和抵押票據。

欠款（金額以千美元計）2024年9月30日2023年12月31日
利率(1)(2)
    到期日
預付款條款(3) 
無抵押信貸額度：
無抵押信貸額度(4)
$256,000 $402,000 SOFR利率+ 0.875%2029年9月7日i
總額度未擔保信貸256,000 402,000    
未擔保中單貸款:    
未擔保中單貸款G300,000 300,000 1.80 %2026年2月5日i
未擔保中單貸款A150,000 150,000 2.16 %2027年3月15日i
非擔保大單H187,500 187,500 3.35 %2028年1月25日i
非擔保大單I187,500 187,500 3.51 %2028年1月25日i
非擔保大單F(5)
200,000 200,000 2.96 %2029年3月23日i
總非擔保期限貸款1,025,000 1,025,000 
總未攤銷遞延融資費用和債務發行成本(3,487)(3,227)
未擔保期限貸款的總淨額1,021,513 1,021,773    
無抵押票據：    
A系列無抵押票據(6)
50,000 50,000 4.98 %2024年10月1日ii
D系列無抵押票據100,000 100,000 4.32 %2025年2月20日ii
G系列無抵押票據75,000 75,000 4.10 %2025年6月13日ii
大單B無抵押票據50,000 50,000 4.98 %2026年7月1日ii
大單C無抵押票據80,000 80,000 4.42 %2026年12月30日ii
大單E無抵押票據20,000 20,000 4.42 %2027年2月20日ii
大單H無抵押票據100,000 100,000 4.27 %2028年6月13日ii
L 大單無抵押票據175,000 — 6.05 %2029年5月28日ii
m 中單無抵押票據125,000 — 6.17 %2031年5月28日ii
I 大單無抵押票據275,000 275,000 2.80 %2031年9月29日ii
k 大單無抵押票據400,000 400,000 4.12 %2032年6月28日ii
J系列無抵押票據50,000 50,000 2.95 %2033年9月28日ii
N系列無抵押票據150,000 — 6.30 %2034年5月28日ii
總無抵押票據1,650,000 1,200,000 

總未攤銷遞延融資費用和債券發行成本(6,179)(4,128)

總承擔價值無抵押票據，淨額1,643,821 1,195,872  

  

抵押票據（擔保債務）：  

  
大單 Omaha 人壽保險公司4,376 4,537 3.71 %2039年10月1日ii
全部按揭註記 4,376 4,537  
淨未攤銷市場剩餘價值折讓(129)(136) 
按揭註記的總賬面價值，淨值4,247 4,401  
總利率/加權平均利率(7)
$2,925,581 $2,624,046 3.97 %
(1)截至2024年9月30日的利率。到2024年9月30日，一個月的有擔保隔夜融資利率（「有擔保隔夜融資利率」）爲 4.8457%. 當前利率未調整以包括獲得債務時產生的遞延融資費用或債務發行成本的攤銷，以及任何未攤銷的公允市場價值溢價或折扣。公司無擔保信用設施和無擔保定期貸款的利差基於公司的債務評級和槓桿率，具體定義見相關貸款協議。
(2)無擔保信用額度的規定利率爲一個月的短期SOFR加上一個 0.10%的調整和一個利差爲 0.775%。無擔保的定期貸款的規定利率爲一個月的短期SOFR加上一個 0.10%的調整和一個利差爲 0.85%。截至2024年9月30日，無擔保定期貸款A、F、G、H和I的一個月短期SOFR被交換爲 1.31%, 2.11%, 0.95%, 2.50%，以及 2.66%的固定利率（包括0.10%的調整）。無擔保定期貸款F允許選擇每日簡單擔保隔夜融資利率（「每日SOFR」），並且從2025年1月15日起，每日SOFR將被交換爲固定利率 3.98%.
(3)預付款條款包括（i）可提前支付且無罰金；（ii）可提前支付但需支付罰金。
(4)無抵押信貸額度的容量爲 $1.0 十億。遞延融資費和債務發行成本，扣除與約美元無抵押信貸額度相關的累計攤銷額10.7 百萬和美元3.3 截至2024年9月30日和2023年12月31日，隨附的合併資產負債表中的預付費用和其他資產分別包含在百萬美元中。初始到期日爲 2028 年 9 月 8 日，或可根據以下規定延長的較晚日期 二 六個月 公司可在事先書面通知後自行決定行使延期期權。每六個月期權的行使都受以下條件的約束：（i）在延期之前和延期生效後立即沒有違約；（ii）截至延期之日（包括延期之前和之後）陳述和擔保的準確性，如
13
目錄
如果在展期日期內製定；並支付費用。在適當通知和滿足條件的情況下，任何展期選項均不受貸方同意的限制。公司須按年支付總承諾金額（當前爲$10億）的設施費，費率爲 0.1% 到 0.3取決於公司的債務評級，如2024年信貸協議（以下簡稱「協議」）中所定義。設施費應按季度到期且應付。
(5)最初的到期日爲2027年3月25日，或根據公司自行決定的延期期權延長至後續日期。 二 一份公司酌情行使的延期期權爲一個週期，在提前書面通知後行使延期期權應滿足以下條件：(i) 延期前和延期後立即核實無違約；(ii) 在延期日期準確性的陳述和保證（延期前和延期後）與延期日期視爲提出的一致；(iii) 支付費用。假定適當通知和條件滿足，任何延期期權都不受借貸方同意。
(6)截至2024年9月30日，2024年10月1日，公司按到期全額贖回了$50.0 百萬的無擔保A系列票據的總本金金額。
(7)加權平均利率是根據固定利率計算的，在債務的名義金額$上互換，不包括攤銷的延期融資費用或在獲得貸款時發生的債務發行費用，以及未攤銷的公允市值溢價或貼現。1,025.0 債務的折舊費用或債務發行成本已經獲得扣除，且未調整以包括借款中發生的攤銷費用，不包括未攤銷的公允市值溢價或折扣。

截至2024年9月30日，無擔保信貸額度的總未提款名義承諾大約爲$740.0 百萬，包括髮行的信用證明。公司的實際借款能力在任何時間點可能受到公司債務契約合規的限制，最高金額爲。26.2 百萬美元和美元14.6 截至2024年9月30日和2023年12月31日，公司的總應計利息約爲$百萬，幷包含在附帶的合併資產負債表中的應付賬款、應計費用和其他負債中。

以下表格總結了有關公司債務安排利息費用的成本，該費用涉及截至2024年9月30日和2023年三個和九個月結束的合併利潤表。

截至9月30日的三個月截至9月30日的九個月
利息費用中包括的成本（以千計）2024202320242023
遞延融資費用和債券發行成本及公平市值折扣的攤銷$1,165 $976 $3,201 $2,924 
設施、未使用及其他費用$444 $444 $1,322 $1,316 

債務活動

2024年9月10日，公司與第二修訂後的無抵押信貸額度協議（「2024信貸協議」）簽訂，以延長到2028年9月8日的到期日，或根據公司自行決定行使的兩個六個月展期期權予以延長，受特定條件限制，包括支付費用；提供以下內容：無抵押信貸額度下的借款將根據基礎利率、已調整期限SOFR或已調整的每日簡單SOFR（在2024信貸協議中定義）由公司決定支付利息，該利率將增加 0.10SOFR貸款（在2024信貸協議中定義）每%，加上基於公司債務評級和槓桿比率（在2024信貸協議中定義）的適用點差。除了上述的借款承諾增加和利率規定之外，無抵押信貸額度的實質條款保持不變。

與 2024 年信貸協議有關，公司產生了大約 $8.9 百萬美元的成本，已延期，並將攤銷至2028年9月8日的到期日。先前與無抵押信貸額度相關的未攤銷費用已延長至2028年9月8日的新到期日。此外，公司花費了大約 $36 千筆修改費用，在隨附的合併運營報表中確認爲債務清償和修改費用。

2024年6月29日，根據各自的貸款協議，公司的無抵押信貸額度和每筆無抵押定期貸款的可持續相關利率優惠結束。 0.02公司的無抵押信貸額度以及每筆無抵押定期貸款上的%利率優惠根據相應的貸款協議到期。

2024年3月25日，公司與無擔保期限貸款F簽訂了第二份修訂和重訂的貸款協議，以(i)將到期日延長至2027年3月25日，並具有兩個一年的延期期權，受一定條件（下文討論）限制，如果兩者均行使，將延長到期日至2029年3月23日；(ii)規定根據公司選擇，無擔保期限貸款F的借款將按照基準利率、調整後的期限SOFR或調整後的每日簡單SOFR（在貸款協議中定義）計息，該利率將根據基於公司債務評級和槓桿比率的適用點差（在貸款協議中定義）增加，再減去可持續性相關調整。除上述到期日和利率條款外，其他條款保持不變。 0.10任何SOFR貸款（在貸款協議中定義）將增加%，再加上基於公司債務評級和槓桿比率的適用點差（在貸款協議中定義），減去一個與可持續性相關的調整。除上述到期日和利率條款外，其他重要條款保持不變。

14
目錄
無擔保定期貸款F的初始到期日是2027年3月25日，或根據公司自行決定的以提前書面通知行使的兩個一年期延期選項而延長的較晚日期。每個一年期選項的行使須遵循以下條件：(i) 在延期前和在實施延期後均不存在違約；(ii) 在延期日期的聲明和保證的準確性（在延期前和後），如同在延期日期提出；(iii) 支付等於 0.125% 的未償還金額，計算在每個延期期的生效日。假設適當通知和滿足條件，則沒有延期選項需要貸方的同意。在簽署無擔保定期貸款F的修訂貸款協議時，公司計劃行使兩個延期選項。與修訂貸款協議有關，公司發生了大約$1.2 百萬的費用，這些費用已被延期，包括大約$0.5 百萬的累計延期費用，並將在延長期到2029年3月23日的到期日期之前進行攤銷。公司還發生了大約$0.7 百萬的修改費用，這些費用在附帶的合併經營報表中被確認爲債務清償和修改費用。

2024年3月13日，公司與運營合作伙伴簽署了一份定向增發債券購買協議（"2024年3月NPA"），總額爲$175.0 百萬美元的到期日爲2029年5月28日的優先無抵押票據，固定年利率爲 6.05%, $125.0 百萬美元的到期日爲2031年5月28日的優先無抵押票據，固定年利率爲 6.17$150.0 百萬美元的到期日爲2034年5月28日的優先無抵押票據，固定年利率爲 6.30%。2024年3月NPA中包含許多與公司無抵押信用設施和其他無抵押票據中包含的財務條款基本相同的財務約定，以及一項財務約定要求公司維持不低於 1.50:1.00的最低利息覆蓋比率。公司及運營合作伙伴的某些全資子公司是無抵押票據的擔保方。2024年5月28日，運營合作伙伴發行了根據2024年3月NPA發行的所有票據。

財務契約考慮

公司遵守所有適用的限制、財務和其他契約。 截至2024年9月30日及2023年12月31日，相關於其無抵押信貸設施、無抵押期貸款、無抵押票據和抵押票據的規定，公司房地產淨賬面價值是所債務計劃抵押的資產約$7.3 百萬美元和美元7.5 百萬分別於2024年9月30日及2023年12月31日，且僅限於高級、物業級擔保的債務融資安排。

債務公允價值

下表總結了截至2024年9月30日和2023年12月31日公司債務安排下的未償還本金總額及其相應的公允價值估計。

 2024年9月30日2023年12月31日
債務（單位：千）未償本金公允價值未償本金公允價值
無擔保信貸額度$256,000 $256,000 $402,000 $402,000 
無擔保定期貸款1,025,000 1,025,000 1,025,000 1,025,000 
無抵押票據1,650,000 1,582,546 1,200,000 1,074,003 
抵押貸款票據4,376 3,601 4,537 3,535 
總本金金額2,935,376 $2,867,147 2,631,537 $2,504,538 
淨未攤銷公允市場價值折扣(129)(136)
總未攤銷遞延融資費用和債務發行成本 (9,666)(7,355)
總賬面價值$2,925,581 $2,624,046 

適用的公允價值指導確立了一個三級公允價值層次結構，優先考慮用於測量公允價值的輸入。這些層級包括：第一級，定義爲可觀察輸入，例如活躍市場中的報價；第二級，定義爲其他輸入，這些輸入不同於活躍市場中的報價，且可以直接或間接觀察；第三級，定義爲不可觀察的輸入，幾乎沒有市場數據，因此需要實體自行開發假設。公司的債務公允價值基於第三級輸入。

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5. 衍生金融工具

使用衍生品的風險管理目標

公司對衍生工具的使用僅限於利用利率互換來管理現有和未來負債的利率風險敞口，而非用於投機目的。這些安排的主要目標是最小化與公司經營和財務結構相關的風險和相關成本。

截至2024年9月30日的九個月內，公司進行了 四 利率掉期，總名義金額爲$200.0 百萬，將每日SOFR利率鎖定在 3.98%，自2025年1月15日起生效，到2027年3月25日到期，並被指定爲現金流量套期保值。

截至2024年9月30日，公司在吸引計劃下有 21 利率互換，所有板塊都用於對沖與無擔保貸款相關的變量現金流。公司的所有利率互換將相關貸款的期限SOFR或每日SOFR元件轉換爲有效固定利率，並且公司已經得出結論，每個對沖關係都是高度有效的。 以下表格總結了2024年9月30日和2023年12月31日的利率互換的公允價值。

資產負債表項目（以千爲單位）2024年9月30日有效名義金額2024年9月30日公允價值2023年12月31日有效名義金額2023年12月31日公允價值
利率掉期-總資產$1,025,000 $29,016 $1,025,000 $50,418 
利率掉期-總負債(1)
$— $(3,027)$— $— 
(1)這些利率互換的名義金額將於2025年1月15日生效。

對沖利率風險的現金流對沖

公司使用利率互換的目的是爲了增加利息費用的穩定性和管理其利率波動的風險。

對於被指定並符合現金流風險對沖標準的衍生品，其收益或損失記錄在累計其他綜合收益（損失）中，並隨後在對沖交易影響收益的同一期間內重新分類爲利息費用。

作爲符合現金流對沖資格的衍生品相關的累計其他全面收入報告的金額將在公司的可變利率債務付款實際支付時重新分類爲利息費用。公司預計大約$18.3 將從累計其他全面收入中重新分類的金額相當於下一個12個月中的減少利息費用約$百萬。

下表總結了現金流對沖會計的影響，以及截至2024年和2023年9月30日的三個月和九個月中與公司衍生品相關的金額在合併基本報表中的位置。

 截至9月30日的三個月截至9月30日的九個月
現金流對沖會計的影響（以千計）2024202320242023
在利率互換中確認的收入（損失）記錄在累計其他綜合收益中$(19,153)$13,933 $3,603 $29,559 
從累計其他綜合收益重新分類到收入中的利息費用$9,360 $9,051 $28,007 $24,868 
在綜合運營報表中呈現的總利息費用，其中記錄了現金流對沖的影響$28,705 $23,753 $81,498 $69,225 

與信風險有關的應急特性

公司與其各衍生對手方達成協議，該協議包含一項條款，根據該條款，如果貸款人因公司對債務的違約導致基礎債務加快償還，則公司可能被宣佈對衍生債務違約。

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截至2024年9月30日，公司尚未違反這些協議的規定，並且未提供與這些協議相關的任何抵押品。如果公司違反了這些規定中的任何一項，將被要求按照協議的終止價值結清其義務。

利率互換的公允價值

公司對利率互換的估值是通過廣泛接受的估值技術確定的，包括對每個衍生工具預期現金流的貼現現金流分析。該分析反映了衍生工具的合同條款，包括到期期限，並使用可觀察的基於市場的輸入，包括利率曲線。

公司在公允價值測量中納入信用估值調整，以適當反映自身的不履約風險及相應對手方的不履約風險。在對衍生合同的公允價值進行調整以考慮不履約風險的影響時，公司已考慮到淨額結算的影響以及任何適用的信用增強措施，例如抵押品存放、門檻、互相認沽和擔保。

儘管公司已確定價值衍生工具所使用的大部分輸入屬於公允價值層次結構的第2級別，但其與衍生工具相關的信貸估值調整利用了第3級別的輸入，例如估計當前信貸差額以評估公司或其交易對手違約的可能性。然而，截至2024年9月30日和2023年12月31日，公司已評估信貸估值調整對其衍生工具頭寸整體估值的影響程度，並確定信貸估值調整對其衍生工具整體估值不重要。因此，公司已確定其全部衍生工具估值分類爲公允價值層次結構的第2級別。

下表總結了截至2024年9月30日和2023年12月31日以公允價值定期計入的公司的金融工具。

  根據2024年9月30日的公允價值測量
資產負債表項目（以千計）2024年9月30日的公允價值第1級第2級第3級
利率互換-淨資產$29,016 $— $29,016 $— 
利率互換-淨負債$(3,027)$— $(3,027)$— 
  截至2023年12月31日的公允價值計量使用
資產負債表項目（以千計）2023年12月31日的公允價值第1級第2級第3級
利率互換-總資產$50,418 $— $50,418 $— 

6. 股權

優先股

公司有權發行最多優先股，每股面值爲$。截至2023年3月31日，公司未發行或未持有任何優先股。20,000,000每股股票價格爲0.01 每股。截至2024年9月30日和2023年12月31日， 沒有股。

普通股

公司有權發行最多優先股，每股面值爲$。截至2023年3月31日，公司未發行或未持有任何優先股。300,000,000每股普通股的面值爲$0.01 。

以下表格總結了截至2024年9月30日公司的市場發行（「ATM」）普通股發行計劃的條款。

ATM常規股票發行計劃日期最高總髮行價格（以千計）截至2024年9月30日可用總額（以千計）
2022 年75000萬美元 ATM2022年2月17日$750,000 $513,722 

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以下表格總結了截至2024年9月30日的九個月內，在ATm普通股發行計劃下以遠期方式出售的股票活動。公司沒有從這些股票的遠期銷售中獲得任何收益。

遠期銷售協議
交易日期2024年9月16日2024年9月5日2024年8月16日2024年4月1日2024年1月9日
股票已出售492,000 1,000,203 842,047 227,146 567,112 
每股銷售毛價$39.9592 $39.9792 $39.7381 $39.1020 $38.8818 
銷售毛價（以千爲單位）$19,660 $39,987 $33,461 $8,882 $22,050 
每股銷售淨價$39.5888 $39.5514 $39.3407 $38.6621 $38.5058 
2023年5月11日至2025年5月11日、2030年5月11日、2050年5月11日至2050年5月11日。2025年9月22日2025年9月5日2025年9月30日2025年3月31日2025年1月9日

公司預計將在各自預定的到期日之前的一個或多個日期全面實物結算適用的遠期銷售協議，屆時公司將收到淨收益，扣除一些成本；但是，公司可以選擇在任何時間通過各自預定的到期日現金結算或淨份額結算這些遠期銷售協議。

除了上述討論的遠期出售協議外，截至2024年9月30日，公司在截至2023年12月31日的年度內簽訂了另一項未結的遠期出售協議，涉及售出 1,100,000 根據ATm普通股發行計劃的遠期基礎。如果公司預計將在2024年12月14日的預定到期日前的一天或多天全面以實物結算該遠期出售協議，屆時公司將獲得扣除某些成本後的收益；但公司可以選擇以現金結算或以淨股結算該遠期出售協議。

限制性股票基礎薪酬

公司於2024年1月8日根據2011年計劃向公司某些員工授予受限制的普通股，這些股票將在未來按照年度結塊。 四年 自2025年1月1日開始的每年1月1日，公司將以相等的分期方式賦予公司的僱員，前提是受贈人繼續受僱。 以下表格總結了截至2024年9月30日的九個月內與公司未解限制的普通股相關的活動。

未歸屬的限制性普通股股份
每股加權平均授予日公允價值
2023年12月31日餘額144,032 $35.73 
已授予41,911 $38.92 
歸屬(1)
(59,232)$34.51 
被取消(4,727)$38.60 
2024年9月30日的結餘121,984 $37.30 
(1)公司回購並註銷了 21,151 在截至2024年9月30日的九個月內歸屬的限制性普通股。

截至2024年9月30日，與公司限制性普通股相關的未確認補償費用約爲$2.9 百萬，預計將在一個加權平均期內確認。 2.3 年的時間內確認爲費用。

下表總結了截至2024年和2023年9月30日的三個月和九個月內歸屬的限制性普通股的歸屬公允價值。

 截至9月30日的三個月截至9月30日的九個月
普通股份的特許限制性股票2024202320242023
普通股份的特許限制性股票— — 59,232 68,625 
特許限制性普通股票的公允價值（以千萬計）$— $— $2,325 $2,217 
 
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7. 非控股權益

非控股權益- LTIP單位和其他普通單位

以下表格總結了截至2024年9月30日的九個月內公司非控制權益的活動。

非控股權益LTIP Units其他常見單位總非控制權常見單位非控股權益
2023年12月31日餘額2,361,920 1,467,718 3,829,638 2.1 %
授予/發行383,292 — 383,292 不適用
被取消— — — 不適用
LTIP單位轉換爲其他普通單位(437,550)437,550 — 不適用
從其他普通單位贖回至普通股— (440,550)(440,550)不適用
2024年9月30日的結餘2,307,662 1,464,718 3,772,380 2.0 %

LTIP Units

On July 1, 2024, the Company’s board of directors appointed Vicki Lundy Wilbon to serve as director of the Company. The Company granted LTIP units under the 2011 Plan to Ms. Wilbon on July 1, 2024, which, subject to Ms. Wilbon’s continued service, will vest on January 1, 2025.

The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units.

The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the nine months ended September 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8).

LTIP Units
Grant dateJuly 1, 2024January 8, 2024
Expected term (years)1010
Expected stock price volatility25.0 %25.0 %
Expected dividend yield4.0 %4.0 %
Risk-free interest rate4.58 %4.11 %
Fair value of LTIP units at issuance (in thousands)$60 $4,597 
LTIP units at issuance1,775 124,235 
Fair value unit price per LTIP unit at issuance$33.80 $37.00 

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.

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The following table summarizes activity related to the Company’s unvested LTIP units during the nine months ended September 30, 2024.

Unvested LTIP UnitsLTIP UnitsWeighted Average Grant Date Fair Value per Unit
Balance at December 31, 2023176,926 $34.25 
Granted383,292 $36.99 
Vested(354,294)$36.23 
Forfeited— $— 
Balance at September 30, 2024205,924 $35.92 

The unrecognized compensation expense associated with the Company’s LTIP units at September 30, 2024 was approximately $5.3 million and is expected to be recognized over a weighted average period of approximately 2.5 years.

Noncontrolling Interest in Joint Venture

On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. At September 30, 2024, the Company held a 95% interest and the third party held the remaining 5% interest in the joint venture. The third party equity interest in the joint venture, totaling approximately $0.4 million at September 30, 2024, is included in noncontrolling interest in joint venture on the accompanying Consolidated Balance Sheets.

8. Equity Incentive Plan

On January 8, 2024, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2024 are substantially the same as the terms of the performance units granted in January 2023, except that the measuring period commenced on January 1, 2024 and ends on December 31, 2026.

The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the nine months ended September 30, 2024.

Performance Units
Grant dateJanuary 8, 2024
Expected stock price volatility24.5 %
Expected dividend yield4.0 %
Risk-free interest rate4.113 %
Fair value of performance units grant (in thousands)$6,502 

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period.

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On December 31, 2023, the measuring period for the 2021 performance units concluded, and it was determined that the Company’s TSR exceeded the threshold percentage and return hurdle. The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the nine months ended September 30, 2024.

Settlement of Performance Units in LTIP Units or Shares of Common Stock2021 Performance Units
Measuring period conclusion date December 31, 2023
Issuance dateJanuary 8, 2024
Vested LTIP units 257,282
Vested shares of common stock49,106
Shares of common stock repurchased and retired 4,716

The unrecognized compensation expense associated with the Company’s performance units at September 30, 2024 was approximately $7.5 million and is expected to be recognized over a weighted average period of approximately 1.8 years.

Non-cash Compensation Expense

The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and nine months ended September 30, 2024 and 2023.

 Three months ended September 30,Nine months ended September 30,
Non-Cash Compensation Expense (in thousands)2024202320242023
Restricted shares of common stock$420 $474 $1,352 $1,499 
LTIP units908 765 2,730 3,507 
Performance units1,415 1,202 4,171 3,556 
Director compensation(1)
209 

161 560 425 
Total non-cash compensation expense$2,952 $2,602 $8,813 $8,987 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and nine months ended September 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.

9. Leases

Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023.

 Three months ended September 30,Nine months ended September 30,
Rental Income (in thousands)2024202320242023
Fixed lease payments$147,075 $136,207   $433,464 $400,457 
Variable lease payments38,800 37,348 119,207 108,017 
Straight-line rental income3,887 4,011 11,503 13,618 
Net increase (decrease) to rental income related to above and below market lease amortization524 292 (19)473 
Total rental income$190,286 $177,858 $564,155 $522,565 

As of September 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $115.3 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

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As of September 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.6 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of September 30, 2024.

YearMaturity of Fixed Lease Payments (in thousands)
Remainder of 2024$149,503 
2025$586,024 
2026$515,025 
2027$429,245 
2028$353,859 
Thereafter$879,335 

Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.6 years to 46.0 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.

Operating Lease Term and Discount RateSeptember 30, 2024December 31, 2023
Weighted average remaining lease term (years)32.131.6
Weighted average discount rate6.8 %6.8 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023.

 Three months ended September 30,Nine months ended September 30,
Operating Lease Cost (in thousands)2024202320242023
Operating lease cost included in property expense attributable to ground leases$619 $614 $1,851 $1,850 
Operating lease cost included in general and administrative expense attributable to corporate office leases430 431 1,291 1,302 
Total operating lease cost$1,049 $1,045 $3,142 $3,152 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023.

 Nine months ended September 30,
Operating Leases (in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$2,976 $2,901 
Right-of-use assets obtained in exchange for new lease liabilities$— $141 
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The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of September 30, 2024.

Year
Maturity of Operating Lease Liabilities(1) (in thousands)
Remainder of 2024$999 
20254,022 
20263,014 
20272,023 
20282,064 
Thereafter79,898 
Total lease payments92,020 
Less: Imputed interest(59,803)
Present value of operating lease liabilities$32,217 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

10. Earnings Per Share

During the three and nine months ended September 30, 2024 and 2023, there were 122,137, 144,032, 123,701 and 142,485 of unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share.

The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2024 and 2023.

Three months ended September 30,Nine months ended September 30,
Earnings Per Share (in thousands, except per share data)2024202320242023
Numerator 
Net income attributable to common stockholders$41,811 $49,987 $138,128 $150,953 
Denominator 
Weighted average common shares outstanding — basic182,027 180,803 181,899 179,810 
Effect of dilutive securities(1)
Share-based compensation207 360 253 260 
Shares issuable under forward sale agreements63 — 21 — 
Weighted average common shares outstanding — diluted182,297 181,163 182,173 180,070 
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$0.23 $0.28 $0.76 $0.84 
Net income per share attributable to common stockholders — diluted$0.23 $0.28 $0.76 $0.84 
(1)During the three and nine months ended September 30, 2024 and 2023, there were approximately 122, 144, 124 and 142 unvested restricted shares of common stock (on a weighted average basis), respectively, 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.

11. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company has letters of credit of approximately $4.0 million as of September 30, 2024 related to construction projects and certain other agreements.

12. Subsequent Events

There were no recognized or non-recognized subsequent events.
23

項目2. 管理層對財務狀況和業績的討論與分析
 
您應該閱讀本報告第1項中包含的與基本報表和相關附註一起的討論，以及我們最近的《10-k表格》中包含的經審計的財務報表和相關附註。
 
根據本文所述，除非上下文另有要求，「公司」，「我們」，「我們的」和「我們」指的是STAG工業公司及其合併子公司和合作夥伴，包括我們的經營合作伙伴。 STAG工業經營合作伙伴LP（「經營合作伙伴」）

前瞻性聲明
 
本報告包含了根據1995年《私人證券訴訟改革法案》所提供的免於民事責任的安全港內的「前瞻性聲明」（該法案在《1933年證券法》第27A節和《1934年證券交易法》第21E節中規定）。您可以通過使用諸如「預計」、 「相信」、「估計」、「期望」、「意圖」、「可能」、「計劃」、「項目」、「尋求」、「應該」、「將會」等詞彙或類似表達來識別前瞻性聲明。本報告中的前瞻性聲明包括但不限於關於我們未來財務狀況、經營成果、未來收購的資本化率、我們的業務策略和目標，包括我們的收購策略、入住率和租賃率及趨勢，以及預期的流動性需求和來源（包括資本支出及獲取融資或籌集資金的能力）的聲明。我們的前瞻性聲明反映了我們對計劃、意圖、期望、策略和前景的當前看法，這些看法基於我們目前可獲得的信息和我們所做的假設。雖然我們相信我們的計劃、意圖、期望、策略和前景在我們的前瞻性聲明中反映或暗示是合理的，但我們無法保證這些計劃、意圖、期望、策略或前景能夠實現，因此您不應對這些前瞻性聲明過度依賴。此外，實際結果可能與前瞻性聲明中描述的結果有重大差異，並可能受到多種風險和因素的影響，包括但不限於：

•包括在我們於2023年12月31日結束的年度報告10-k表格中的因素，在本報告的其他地方進行了更新，包括在「業務」、「風險因素」和「管理層對財務狀況和經營結果的討論與分析」各標題下列出的因素；
•全球或國家衰退的風險以及國際、國家、區域型和地方經濟狀況；
•我們有能力以優惠條件籌集股本資金；
•我們的營業受到競爭環境的影響；
•房地產風險包括房地產價值波動、當地市場的總體經濟氛圍和競爭對這些市場租戶的影響，以及將零售物業重新規劃或重新開發爲工業物業（部分或全部）；
•租金下降或空置率上升；
•利率期貨和貨幣的總體水平;
•潛在的違約（包括破產或資不抵債）或租戶不續租的情況；
•收購風險，包括我們識別和完成增值收購的能力，以及這些收購未能按預測表現的風險；
•收購和處置的時機;
•技術發展，特別是那些影響供應鏈和物流的發展；
•潛在的自然災害、流行病、大流行病或傳染病爆發，如新型冠狀病毒疾病（「COVID-19」），以及其他潛在的災難事件，如戰爭和/或恐怖主義行爲（包括俄羅斯入侵烏克蘭以及以色列-哈馬斯戰爭，這些衝突蔓延的風險以及由於這些衝突導致的宏觀經濟條件所帶來的相關影響）；
•對法律或政府法規及其解讀的潛在變化，包括房地產業和分區法律或股權房地產投資信託（「REIT」）或企業所得稅法律的變化，以及潛在的房地產稅稅率的增加；
•融資風險，包括我們運營現金流可能不足以滿足應付的本金和利息支付，我們可能無法在到期時重新融資現有債務，或無法以有吸引力的條款或根本無法獲得新的融資；
•利率互換、循環和未融資債務的交易對手未履約可能存在信用風險;
•待處理的前向股權銷售可能如何以及何時結算；
•保險不足或保險金額不足；
•我們保持作爲房地產投資信託（REIT）資格的能力；
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•我們留住關鍵人員的能力；
•訴訟，包括與提起或辯護索賠及任何不利結果相關的費用；以及
•可能發生環保母基責任，包括因對我們目前擁有或曾擁有的財產進行必要的污染整治而可能產生的成本、罰款或處罰。

任何前瞻性聲明僅在發佈之日有效。隨着時間的推移，會出現新的風險和不確定性，我們無法預測這些事件或它們可能對我們的影響。除法律要求外，我們沒有義務，也無意更新或修正任何前瞻性聲明，無論是因新信息、未來事件還是其他原因。

某些定義

在本報告中：

「現金租金變化」指在運營組合中包括的資產的租賃物的基礎租金與可比租約的基礎租金相比的變化百分比。該計算將租約起始日期後最初的基礎租金支付與租約終止前最後一個月的基礎租金相比，不包括順延租金。按照毛租金或類似類型租約的租金將根據可收回費用的估計轉換爲淨租金。

「可比租賃」是指在相同空間內，租賃結構與之前的現有租賃相似的租賃，不包括我們擁有期間未被佔用的空間的新租賃。

「GAAP」指美國通用會計準則。

「新租賃」指簽訂的初始期限等於或大於12個月的任何空置空間的租賃，包括由新租戶簽訂的租賃，或者現有租戶擴張至新（額外）空間的租賃。

「入住率」是指截至報告期末，按照美國通用會計準則已經開始確認營業收入或者租賃期已經開始的可租用總面積的百分比，以較早者爲準。

「運營組合」指的是已經穩定收購或已實現穩定的所有建築物。運營組合不包括非核心彈性/辦公樓、價值增值組合中的建築物和列爲待售的建築物。

「續租協議」是指由現有租戶簽署的租約，以延長租期12個月或更長時間，包括（i）在當前租約到期時續租相同空間， （ii）在當前租約到期時僅續租部分空間，或（iii）提前續租或達成協議，最終確實將原租期延長至12個月或更長時間。

「SL租金變動」是指在租賃期限內，開始於該期間的租賃的平均月基本租金與運營投資組合中資產的可比租約之間的百分比變化。以總租金或類似類型租約的租金被轉換爲淨租金，基於適用可收回費用的估算，並且此計算排除了任何滯留租金的影響。

對於正在開發或重新開發的物業，「穩定化」指實現90%的入住率或竣工後12個月內的較早時間點。就已收購併立即納入增值投資投資組合的物業而言，（i）如果在收購日期的佔用率低於75％，則在達到90％的入住率或從收購日期起12個月內的較早時間點發生時進行穩定化；或（ii）如果由於已知搬出情況而在收購日期後兩年內仍將低於75％入住率，則在已知搬出發生後實現90%的入住率或已知搬出發生後12個月內的較早時間點進行穩定化。

「總年化基礎租金收入」是指截至2024年9月30日的合同月基礎租金（與按照美國通用會計準則計算的租金不同）乘以12。 如果截至2024年9月30日，某租戶處於免租期，總年化基礎租金收入將基於第一個合同月基礎租金金額乘以12計算。

「增值投資組合」指符合以下任一標準的物業：(i) 在收購日期佔用率低於75%；(ii) 因已知的遷出情況在收購日期的兩年內將佔用率低於75%；(iii) 處於停用狀態並需要進行重大物理翻新；或 (iv) 開發。
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「加權平均租賃期」是指合同租賃期限（以年爲單位），假設承租人不行使續租期權、購買期權或提前終止權利，並按面積加權。

概覽

我們是一家專注於在美國全境收購、擁有和運營工業物業的REIT。我們的平台旨在（i）通過我們專有的風險評估模型的原則應用，確定相對價值的CBRE-EA一線工業物業類型和租戶的收購物業，（ii）通過複雜的工業運營和吸引人的機會集提供增長，以及（iii）根據我們資產的特性恰當地爲我們的業務提供資本。我們是馬里蘭州的一家公司，我們的普通股在紐約證券交易所以"STAG"爲標的公開交易。

我們組織並開展我們的運營，以維持我們作爲1986年《國內收入法典》第856至860條規定的房地產投資信託（REIT）的資格，並且只要我們目前將收入分配給股東並維持REIT資格，通常不需繳納聯邦所得稅。我們仍需支付州和地方的收入稅和財產稅以及對未分配收入繳納美國聯邦所得稅和消費稅。

可能影響未來運營結果的因素

我們增加收入或現金流的能力將在一定程度上取決於我們的(i) 外部增長，特別是收購活動，以及(ii) 內部增長，特別是我們投資組合的入住率和租金水平。各種其他因素，包括下面提到的因素，也會影響我們未來的經營結果。

展望

工業房地產業受到一般宏觀經濟趨勢影響，包括利率期貨的最新變化、通貨膨脹和地緣政治緊張局勢。這些因素是金融市場波動的關鍵驅動因素，並引發對全球經濟放緩的擔憂。儘管美國國內生產總值（「GDP」）在2022年前兩個季度下降，但實際國內生產總值連續8個季度增長，最近的數據顯示2024年第二季度增長了3.0%。勞動條件出現放緩，但持續穩定，至2024年9月失業率爲4.1%。展望未來，經濟學家普遍認爲，預計美國經濟增長低迷，歷史上經濟衰退風險繼續增加。儘管宏觀經濟條件持續演變，可能導致信貸條件收緊、租戶現金流減弱和空置率上升，但我們相信，我們將繼續受益於在各個市場、租戶行業和租賃條款之間擁有多樣化投資組合。此外，我們相信，最近轉向更多區域型供應鏈和地緣政治緊張局勢加快了許多對美國工業需求產生積極影響的趨勢。然而，鑑於當前的不確定性和上述事件，我們自2022年以來相對於我們的歷史性收購速度， 收購活動放緩。

我們認爲，儘管當前的經濟環境波動不定，但將爲我們提供展示投資組合多樣化的機會。具體來說，我們認爲我們現有的投資組合將受益於競爭性租金和穩定的入住率。除了多樣化的投資組合外，我們相信，業務和資本結構的某些特徵應使我們在不確定的環境中保持良好地位，包括我們的浮動利率債務敞口最低（考慮到我們的對沖活動）、強大的銀行關係、良好的流動性、融資渠道以及我們購買資產的競爭對手通常是較小的地方性和區域型投資者，這些投資者可能受到上升的利率和資本缺乏的更大影響。

由於人口/消費趨勢、地緣政治不確定性和支持美國製造行業的最近立法，我們預計一系列特定工業趨勢的加速將支持更強的長期需求，包括:

•電子商務的持續增長（與傳統零售商店分銷模式相比）以及電子商務行業參與者對位置優越、功能齊全的分銷空間的相應需求；
•由於美國消費市場的規模、境外勞動力成本的提高、對更強的供應鏈韌性和冗餘的需求，這些因素使得美國作爲製造和分銷地點的吸引力不斷提高，這驅動了更高的庫存銷售比率和更大的國內倉庫需求，開多時間內（即供應鏈的縮短和加厚）；和
•美國的運輸製造行業的整體質量。

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Our portfolio continues to have strong occupancy and benefits from geographic diversity throughout the national industrial market. Demand across the industrial market is moderating relative to recent peaks. Vacancy and availability rates, while rising, remain low by historical standards in many markets. The supply pipeline remains robust, albeit smaller and more notably concentrated in very large warehouses. Construction starts continue to decline as a result of both moderating demand and volatile capital markets. The weakening global and U.S. economic trends could be a notable headwind and may potentially result in relatively less demand for space, increased credit loss, and higher vacancy. We believe that the diversification of our portfolio by market, tenant industry, and tenant credit will prove to be a strength in this environment.

On October 22, 2024, one of our tenants, American Tire Distributors, Inc. (“ATD”), that accounts for approximately 1% of our total annualized base rental revenue as of September 30, 2024, voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code. ATD leases seven buildings from us totaling 840,658 square feet. Annualized base rental revenue for the seven buildings is approximately $6.1 million as of September 24, 2024. ATD’s bankruptcy filings indicated an intent to continue operations and pursue an orderly sale of its assets either to its current lender group or to a third party. The contemplated transaction would also eliminate a significant amount of debt and provide access to new capital. ATD is current on its rent obligations to us. While the reorganization may not be successful and pursuant to the reorganization ATD could affirm or reject any or all of the seven leases, we do not currently believe that the tenant’s bankruptcy is reasonably likely to have a material adverse effect on our results of operations or financial condition.

Conditions in Our Markets

The buildings in our portfolio are located in markets throughout the United States. Positive or negative changes in economic or other conditions, new supply, adverse weather conditions, natural disasters, epidemics, and other factors in these markets may affect our overall performance.

Rental Income

We receive income primarily in the form of rental income from the tenants who occupy our buildings. The amount of rental income generated by the buildings in our portfolio depends principally on occupancy and rental rates.

Future economic downturns or regional downturns affecting our submarkets that impair our ability to renew or re-lease space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our buildings. Our ability to lease our properties and the attendant rental rate is dependent upon, among other things, (i) the overall economy, (ii) the supply/demand dynamic in our markets, (iii) the quality of our properties, including age, clear height, and configuration, and (iv) our tenants’ ability to meet their contractual obligations to us.

The following table summarizes the Operating Portfolio leases that commenced during the three and nine months ended September 30, 2024. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.

Operating PortfolioSquare Feet Cash Basis Rent Per Square FootSL Rent Per Square Foot
Total Costs Per Square Foot(1)
Cash Rent ChangeSL Rent Change
Weighted Average Lease Term (years)
Rental Concessions per Square Foot(2)
Three months ended September 30, 2024
New Leases1,294,282 $5.46 $5.47 $1.44 22.1 %27.4 %3.8 $0.82 
Renewal Leases2,009,016 $6.61 $7.02 $1.45 26.0 %38.0 %4.4 $0.09 
Total/weighted average3,303,298 $6.16 $6.41 $1.45 24.6 %34.3 %4.2 $0.38 
Nine months ended September 30, 2024
New Leases2,582,265 $5.66 $5.81 $1.96 23.4 %32.2 %4.5 $0.95 
Renewal Leases8,536,341 $6.12 $6.47 $1.28 32.8 %46.9 %4.6 $0.16 
Total/weighted average11,118,606 $6.01 $6.32 $1.43 30.6 %43.5 %4.6 $0.34 
(1)“Total Costs” means 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)Represents the total rental concessions for the entire lease term.
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Additionally, for the three and nine months ended September 30, 2024, leases related to the Value Add Portfolio and first generation leasing, with a total of 11,660 and 402,432 square feet, respectively, are excluded from the Operating Portfolio statistics above.

Property Operating Expenses

Our property operating expenses generally consist of utilities, real estate taxes, management fees, insurance, and site repair and maintenance costs. For the majority of our tenants, our property operating expenses are controlled, in part, by the triple net provisions in tenant leases. In our triple net leases, the tenant is responsible for all aspects of and costs related to the building and its operation during the lease term, including utilities, taxes, insurance, and maintenance costs, but typically excluding roof and building structure. However, we also have modified gross leases and gross leases, as well as leases with expense caps, in our building portfolio, which may require us to absorb certain building related expenses of our tenants. In our modified gross leases, we are responsible for certain building related expenses during the lease term, but most of the expenses are passed through to the tenant for reimbursement to us. In our gross leases, we are responsible for all expenses related to the building and its operation during the lease term. Our overall performance will be affected by the extent to which we are able to pass-through property operating expenses to our tenants.

Scheduled Lease Expirations

Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 7.3% of our total annualized base rental revenue will expire during the period from October 1, 2024 to September 30, 2025, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period October 1, 2024 to September 30, 2025, thereby resulting in an increase in revenue from the same space.

The following table summarizes lease expirations for leases in place as of September 30, 2024, plus available space, for each of the ten calendar years beginning with 2024 and thereafter in our portfolio. The information in the table assumes that tenants do not exercise renewal options or early termination rights.

Lease Expiration YearNumber of Leases ExpiringTotal Rentable Square Feet Percentage of Total Occupied Square FeetTotal Annualized Base Rental Revenue (in thousands)Percentage of Total Annualized Base Rental Revenue
Available— 3,280,559 — %$— — %
Month-to-month leases2 130,009 0.1 %974 0.2 %
Remainder of 2024(1)
8 962,742 0.9 %5,385 0.9 %
202586 10,423,580 9.4 %52,364 8.5 %
2026141 19,716,509 17.7 %108,198 17.7 %
2027128 16,974,315 15.3 %91,838 15.0 %
2028103 12,948,104 11.6 %71,630 11.7 %
2029101 15,893,363 14.3 %88,190 14.4 %
203051 8,190,091 7.4 %48,254 7.9 %
203153 9,613,271 8.6 %49,109 8.0 %
203223 3,387,205 3.0 %23,639 3.9 %
203317 2,407,266 2.2 %14,680 2.4 %
Thereafter41 10,579,395 9.5 %57,917 9.4 %
Total754 114,506,409 100.0 %$612,178 100.0 %
(1)Leases previously scheduled to expire in 2024, totaling approximately 13.0 million square feet, have been executed as of September 30, 2024. These leases are excluded from 2024 expirations and are reflected in the new year of expiration.
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Portfolio Acquisitions

The following table summarizes our acquisitions during the three and nine months ended September 30, 2024.
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price (in thousands)
Cincinnati, OH March 18, 2024697,500 1 $50,073 
Three months ended March 31, 2024697,500 1 50,073 
Milwaukee, WIApril 8, 2024150,002 1 16,062 
Portland, ORApril 15, 202499,136 1 17,058 
Louisville, INApril 16, 2024592,800 1 52,352 
Portland, OR(2)
June 6, 2024— — 8,178 
El Paso, TXJune 10, 2024254,103 1 32,182 
Chicago, IL June 24, 2024947,436 5 87,560 
Columbus, OHJune 26, 2024150,207 1 20,408 
Three months ended June 30, 20242,193,684 10 233,800 
Reno, NV(2)
July 25, 2024— — 1,896 
Reno, NV(3)
August 8, 2024— — 8,959 
LaGrange, GASeptember 9, 2024323,368 1 34,870 
Boston, MASeptember 12, 2024290,471 5 78,127 
Three months ended September 30, 2024613,839 6 123,852 
Nine months ended September 30, 20243,505,023 17 $407,725 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) We acquired a vacant land parcel.
(3) We acquired a vacant land parcel through a consolidated joint venture.

On August 8, 2024, we formed a joint venture with a third party that is primarily engaged in the development and operation of an industrial real estate property located in Reno, Nevada. At September 30, 2024, we held a 95% interest and the third party held the remaining 5% interest in the joint venture.
Portfolio Dispositions
During the nine months ended September 30, 2024, we sold eight buildings comprised of approximately 1.3 million rentable square feet with a net book value of approximately $74.4 million to third parties. Net proceeds from the sales of rental property were approximately $97.7 million and we recognized the full gain on the sales of rental property, net, of approximately $23.3 million for the nine months ended September 30, 2024. The gain on the sales of rental property, net, is inclusive of a loss on the sale of rental property, net, of approximately $2.0 million.

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Top Markets

The following table summarizes information about the 20 largest markets in our portfolio based on total annualized base rental revenue as of September 30, 2024.

Top 20 Markets(1)
% of Total Annualized Base Rental Revenue
Chicago, IL7.4 %
Greenville, SC5.1 %
Pittsburgh, PA4.1 %
Detroit, MI4.0 %
Columbus, OH3.9 %
Minneapolis, MN3.5 %
South Central, PA3.1 %
Philadelphia, PA3.0 %
Boston, MA2.8 %
El Paso, TX2.6 %
Milwaukee, WI2.3 %
Houston, TX2.1 %
Charlotte, NC2.0 %
Indianapolis, IN2.0 %
Sacramento, CA1.9 %
Cincinnati, OH1.8 %
Cleveland, OH1.8 %
Kansas City, MO1.7 %
Columbia, SC1.4 %
Grand Rapids, MI1.4 %
Total57.9 %
(1) Market classification based on CBRE-EA industrial market geographies.

Top Industries

The following table summarizes information about the 20 largest tenant industries in our portfolio based on total annualized base rental revenue as of September 30, 2024.

Top 20 Tenant Industries(1)
% of Total Annualized Base Rental Revenue
Air Freight & Logistics11.3 %
Containers & Packaging8.2 %
Automobile Components6.5 %
Machinery6.3 %
Commercial Services & Supplies5.6 %
Trading Companies & Distribution (Industrial Goods)5.3 %
Distributors (Consumer Goods)4.7 %
Building Products4.4 %
Consumer Staples Distribution3.8 %
Broadline Retail3.8 %
Household Durables3.2 %
Media3.0 %
Specialty Retail2.7 %
Beverages2.6 %
Chemicals2.0 %
Ground Transportation1.9 %
Food Products1.8 %
Electronic Equip, Instruments1.8 %
Electrical Equipment1.7 %
Leisure Products1.5 %
Total82.1 %
(1) Industry classification based on Global Industry Classification Standard methodology.

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Top Tenants

The following table summarizes information about the 20 largest tenants in our portfolio based on total annualized base rental revenue as of September 30, 2024.

Top 20 Tenants(1)
Number of Leases% of Total Annualized Base Rental Revenue
Amazon73.0 %
American Tire Distributors, Inc.71.0 %
Soho Studio, LLC10.9 %
Schneider Electric USA, Inc.40.9 %
Tempur Sealy International, Inc.20.8 %
The Coca-Cola Company30.7 %
Iron Mountain Information Management60.7 %
Hachette Book Group, Inc.10.7 %
Penguin Random House, LLC10.7 %
Kenco Logistic Services, LLC30.7 %
FedEx Corporation40.7 %
Penske Truck Leasing Co. LP30.7 %
WestRock Company60.7 %
Lippert Component Manufacturing40.7 %
DHL Supply Chain40.6 %
GXO Logistics, Inc.20.6 %
DS Smith North America20.6 %
Carolina Beverage Group30.6 %
AFL Telecommunications LLC20.6 %
Packaging Corp of America50.6 %
Total7016.5 %
(1) Includes tenants, guarantors, and/or non-guarantor parents.

Critical Accounting Policies

See “Critical Accounting Policies” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of our critical accounting policies and estimates.

Results of Operations

The following discussion of the results of our same store (as defined below) net operating income (“NOI”) should be read in conjunction with our consolidated financial statements included in this report. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below. Same store results are considered to be useful to investors in evaluating our performance because they provide information relating to changes in building-level operating performance without taking into account the effects of acquisitions or dispositions. We encourage the reader to not only look at our same store results, but also our total portfolio results, due to historic and future growth.

We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service after January 1, 2023. On September 30, 2024, we owned 539 industrial buildings consisting of approximately 107.2 million square feet and representing approximately 93.7% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 0.2% to 97.7% as of September 30, 2024 compared to 97.9% as of September 30, 2023.

Comparison of the three months ended September 30, 2024 to the three months ended September 30, 2023

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended September 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended September 30, 2024 and 2023 with respect to the buildings acquired and sold after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
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 Same Store PortfolioAcquisitions/DispositionsOtherTotal Portfolio
 Three months ended September 30,ChangeThree months ended September 30,Three months ended September 30,Three months ended September 30,Change
 20242023$%202420232024202320242023$%
Revenue          
Operating revenue          
Rental income$175,563 $170,817 $4,746 2.8 %$9,789 $3,653 $4,934 $3,388 $190,286 $177,858 $12,428 7.0 %
Other income113 37 76 205.4 %29 397 311 989 453 1,423 (970)(68.2)%
Total operating revenue175,676 170,854 4,822 2.8 %9,818 4,050 5,245 4,377 190,739 179,281 11,458 6.4 %
Expenses         
Property34,799 33,271 1,528 4.6 %2,445 620 771 538 38,015 34,429 3,586 10.4 %
Net operating income(1)
$140,877 $137,583 $3,294 2.4 %$7,373 $3,430 $4,474 $3,839 152,724 144,852 7,872 5.4 %
Other expenses          
General and administrative     11,978 11,097 881 7.9 %
Depreciation and amortization     72,506 69,761 2,745 3.9 %
Other expenses     545 773 (228)(29.5)%
Total other expenses      85,029 81,631 3,398 4.2 %
Total expenses     123,044 116,060 6,984 6.0 %
Other income (expense)         
Interest and other income      14 17 (3)(17.6)%
Interest expense     (28,705)(23,753)(4,952)20.8 %
Debt extinguishment and modification expenses(36)— (36)100.0 %
Gain on involuntary conversion 3,568 — 3,568 100.0 %
Gain on the sales of rental property, net     195 11,683 (11,488)(98.3)%
Total other income (expense)     (24,964)(12,053)(12,911)107.1 %
Net income     $42,731 $51,168 $(8,437)(16.5)%
(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.

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Net Income

Net income for our total portfolio decreased by approximately $8.4 million, or 16.5%, to approximately $42.7 million for the three months ended September 30, 2024 compared to approximately $51.2 million for the three months ended September 30, 2023.

Same Store Total Operating Revenue

Same store total operating revenue consists primarily of rental income from (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties (“lease income”), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses (“other billings”).

For a detailed reconciliation of our same store total operating revenue to net income, see the table above.

Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $4.7 million, or 2.8%, to approximately $175.6 million for the three months ended September 30, 2024 compared to approximately $170.8 million for the three months ended September 30, 2023.

Same store lease income increased by approximately $4.4 million, or 3.2%, to approximately $143.3 million for the three months ended September 30, 2024 compared to approximately $138.9 million for the three months ended September 30, 2023. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.0 million. This increase was partially offset by the reduction of base rent of approximately $2.0 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.2 million. Additionally, there was a decrease in same store lease income which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the three months ended September 30, 2024, management determined certain tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.3 million of the decrease during the three months September 30, 2024 as compared to the three months ended September 30, 2023. Additionally, management determined one tenant should be converted from the cash basis of accounting back to the accrual basis of accounting, for which approximately $1.1 million of straight-line rental income was recognized during the three months ended September 30, 2023.

Same store other billings increased by approximately $0.4 million, or 1.3%, to approximately $32.3 million for the three months ended September 30, 2024 compared to approximately $31.9 million for the three months ended September 30, 2023. The increase in other billings was primarily attributable to an increase in real estate tax reimbursements of approximately $1.3 million due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf and occupancy of previously vacant buildings. Additionally, the increase was offset by a decrease of approximately $0.9 million of other expense reimbursements due to a decrease in the corresponding expenses and vacancy of previously occupied buildings.

Same Store Operating Expenses

Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.

For a detailed reconciliation of our same store operating expenses to net income, see the table above.
Total same store property operating expenses increased by approximately $1.5 million, or 4.6%, to approximately $34.8 million for the three months ended September 30, 2024 compared to approximately $33.3 million for the three months ended September 30, 2023. This increase was primarily due to increases in real estate tax, other expenses and insurance expense of approximately $1.8 million, $0.3 million and $0.2 million, respectively. These increases were partially offset by decreases to repairs and maintenance and utility expenses of approximately $0.7 million and $0.1 million, respectively.

Acquisitions and Dispositions Net Operating Income

For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.

Subsequent to January 1, 2023, we acquired 26 buildings consisting of approximately 4.5 million square feet (excluding seven buildings that were included in the Value Add Portfolio at September 30, 2024, or sold or transferred from the Value Add
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Portfolio to the Operating Portfolio after January 1, 2023), and sold 18 buildings consisting of approximately 3.3 million square feet. For the three months ended September 30, 2024 and 2023, the buildings acquired after January 1, 2023 contributed approximately $7.6 million and $1.3 million to NOI, respectively. For the three months ended September 30, 2024 and September 30, 2023, the buildings sold after January 1, 2023 contributed approximately $(0.2) million and $2.1 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Other Net Operating Income

Other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.

For a detailed reconciliation of our other NOI to net income, see the table above.

These buildings contributed approximately $3.7 million and $2.5 million to NOI for the three months ended September 30, 2024 and 2023, respectively. Additionally, there was approximately $0.8 million and $1.3 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended September 30, 2024 and 2023, respectively.

Total Other Expenses

Total other expenses consist of general and administrative expenses, depreciation and amortization, and other expenses.

Total other expenses increased approximately $3.4 million, or 4.2%, to approximately $85.0 million for the three months ended September 30, 2024 compared to approximately $81.6 million for the three months ended September 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $2.7 million due to an increase in the depreciable asset base from net acquisitions after September 30, 2023. Additionally, general and administrative expenses increased by approximately $0.9 million primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease of approximately $0.2 million in other expenses due to a decrease in state income taxes for the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Total Other Income (Expense)

Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Total other expense increased approximately $12.9 million, or 107.1%, to approximately $25.0 million for the three months ended September 30, 2024 compared to approximately $12.1 million for the three months ended September 30, 2023. This increase was primarily attributable to an decrease in the gain on the sales of rental property, net of approximately $11.5 million. This increase was also attributable to an increase in interest expense of approximately $5.0 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements. These increases were partially offset by a gain on involuntary conversion of approximately $3.6 million during the three months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the three months ended September 30, 2023.

Comparison of the nine months ended September 30, 2024 to the nine months ended September 30, 2023

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the nine months ended September 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the nine months ended September 30, 2024 and 2023 with respect to the buildings acquired and disposed of and Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
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 Same Store PortfolioAcquisitions/DispositionsOtherTotal Portfolio
 Nine months ended September 30,ChangeNine months ended September 30,Nine months ended September 30,Nine months ended September 30,Change
 20242023$%202420232024202320242023$%
Revenue                                     
Operating revenue          
Rental income$526,404 $503,100 $23,304 4.6 %$21,219 $11,364 $16,532 $8,101 $564,155 $522,565 $41,590 8.0 %
Other income138 233 (95)(40.8)%297 515 3,469 1,215 3,904 1,963 1,941 98.9 %
Total operating revenue526,542 503,333 23,209 4.6 %21,516 11,879 20,001 9,316 568,059 524,528 43,531 8.3 %
Expenses         
Property105,074 99,736 5,338 5.4 %5,167 1,904 4,323 1,345 114,564 102,985 11,579 11.2 %
Net operating income(1)
$421,468 $403,597 $17,871 4.4 %$16,349 $9,975 $15,678 $7,971 453,495 421,543 31,952 7.6 %
Other expenses          
General and administrative     36,758 35,833 925 2.6 %
Depreciation and amortization     219,213 207,199 12,014 5.8 %
Loss on impairment     4,967 — 4,967 100.0 %
Other expenses     1,703 4,109 (2,406)(58.6)%
Total other expenses      262,641 247,141 15,500 6.3 %
Total expenses     377,205 350,126 27,079 7.7 %
Other income (expense)       
Interest and other income 39 53 (14)(26.4)%
Interest expense     (81,498)(69,225)(12,273)17.7 %
Debt extinguishment and modification expenses    (703)— (703)100.0 %
Gain on involuntary conversion 9,285 — 9,285 100.0 %
Gain on the sales of rental property, net     23,281 49,343 (26,062)(52.8)%
Total other income (expense)     (49,596)(19,829)(29,767)150.1 %
Net income     $141,258 $154,573 $(13,315)(8.6)%
(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.


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Net Income

Net income for our total portfolio decreased by $13.3 million, or 8.6%, to $141.3 million for the nine months ended September 30, 2024 compared to $154.6 million for the nine months ended September 30, 2023.

Same Store Total Operating Revenue

Same store total operating revenue consists primarily of rental income consisting of (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties (“lease income”), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses (“other billings”).

For a detailed reconciliation of our same store total operating revenue to net income, see the table above.

Same store rental income, which is comprised of lease income and other billings as discussed below, increased by approximately $23.3 million, or 4.6%, to approximately $526.4 million for the nine months ended September 30, 2024 compared to approximately $503.1 million for the nine months ended September 30, 2023.

Same store lease income increased by approximately $16.9 million, or 4.1%, to approximately $427.4 million for the nine months ended September 30, 2024 compared to approximately $410.5 million for the nine months ended September 30, 2023. The increase was primarily due to an increase in rental income of approximately $24.3 million from the execution of new leases and lease renewals with existing tenants. This increase was partially offset by the reduction of base rent of approximately $4.7 million due to tenant vacancies, and a net increase in the amortization of net above market leases of approximately $0.7 million. Additionally, there was a decrease in same store lease income of approximately $2.0 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the nine months ended September 30, 2024, management determined certain tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.6 million of the decrease during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Additionally, management converted two tenants from the cash basis of accounting back to the accrual basis of accounting during the nine months ended September 30, 2023, for which approximately $1.4 million of straight-line accrued rental balance was reinstated.

Same store other billings increased by approximately $6.4 million, or 6.9%, to approximately $99.0 million for the nine months ended September 30, 2024 compared to approximately $92.6 million for the nine months ended September 30, 2023. The increase was attributable to an increase of approximately $3.5 million in other expense reimbursements which was primarily due to an increase in corresponding expenses. The increase was also attributable to an increase of approximately $2.9 million of real estate tax reimbursements due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf, changes to lease terms where we began paying the real estate taxes on behalf of tenants that had previously paid the taxes directly to the taxing authorities, and occupancy of previously vacant buildings.

Same Store Operating Expenses

Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.

For a detailed reconciliation of our same store operating expenses to net income, see the table above.

Total same store operating expenses increased by approximately $5.3 million or 5.4% to approximately $105.1 million for the nine months ended September 30, 2024 compared to approximately $99.7 million for the nine months ended September 30, 2023. This increase was due to increases in real estate tax, other expenses, insurance, and snow removal of approximately $3.6 million, $1.3 million, $0.8 million, and $0.4 million, respectively. These increases were partially offset by a reduction of repairs and maintenance and utility expense of approximately $0.4 million and $0.3 million, respectively.

Acquisitions and Dispositions Net Operating Income

For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.

Subsequent to January 1, 2023, we acquired 26 buildings consisting of approximately 4.5 million square feet (excluding seven buildings that were included in the Value Add Portfolio at September 30, 2024, or sold or transferred from the Value Add
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Portfolio to the Operating Portfolio after January 1, 2023), and sold 18 buildings consisting of approximately 3.3 million square feet. For the nine months ended September 30, 2024 and September 30, 2023, the buildings acquired after January 1, 2023 contributed approximately $16.6 million and $1.6 million to NOI, respectively. For the nine months ended September 30, 2024 and September 30, 2023, the buildings sold after January 1, 2023 contributed approximately $(0.3) million and $8.4 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Other Net Operating Income

Our other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.

For a detailed reconciliation of our other NOI to net income, see the table above.

These buildings contributed approximately $11.4 million and $5.4 million to NOI for the nine months ended September 30, 2024 and September 30, 2023, respectively. Additionally, there was approximately $4.3 million and $2.6 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Total Other Expenses

Total other expenses consist of general and administrative expenses, depreciation and amortization, loss on impairment, and other expenses.

Total other expenses increased approximately $15.5 million, or 6.3%, to approximately $262.6 million for the nine months ended September 30, 2024 compared to approximately $247.1 million for the nine months ended September 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $12.0 million due to an increase in the depreciable asset base from net acquisitions after September 30, 2023. Additionally, a loss on impairment of approximately $5.0 million was recognized during the nine months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the nine months ended September 30, 2023. Additionally, general and administrative expenses increased by approximately $0.9 million primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease in other expenses of approximately $2.4 million, which was primarily attributed to the relinquishment of an acquisition deposit of approximately $2.5 million related to the termination of an acquisition contract during the nine months ended September 30, 2023 that did not recur during the nine months ended September 30, 2024.

Total Other Income (Expense)

Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Total other expense increased approximately $29.8 million, or 150.1%, to approximately $49.6 million for the nine months ended September 30, 2024 compared to approximately $19.8 million for the nine months ended September 30, 2023. This increase was primarily a result of a decrease in the gain on the sales of rental property, net of approximately $26.1 million. This increase was also attributable to an increase in interest expense of approximately $12.3 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements, and an increase in one-month Term Secured Overnight Financing Rate (“Term SOFR”) for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. This increase was also attributable to an increase in debt extinguishment and modification expenses of approximately $0.7 million related to the unsecured term loan amendment and the 2024 Credit Agreement (as defined below) amendment during the nine months ended September 30, 2024, as discussed in Note 4 of the accompany Notes to Consolidated Financial Statements. These increases were partially offset by an increase in gain on involuntary conversion of approximately $9.3 million during the nine months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the nine months ended September 30, 2023.
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Non-GAAP Financial Measures

In this report, we disclose funds from operations (“FFO”) and NOI, which meet the definition of “non-GAAP financial measures” as set forth in Item 10(e) of Regulation S-K promulgated by the Securities and Exchange Commission (“SEC”). As a result, we are required to include in this report a statement of why management believes that presentation of these measures provides useful information to investors.

Funds From Operations

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, FFO should be compared with our reported net income (loss) in accordance with GAAP, as presented in our consolidated financial statements included in this report.

We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“Nareit”). FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, land sales, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our buildings that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the Nareit definition, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.

The following table sets forth a reconciliation of our FFO attributable to common stockholders and unit holders for the periods presented to net income, the nearest GAAP equivalent.

Three months ended September 30,Nine months ended September 30,
Reconciliation of Net Income to FFO (in thousands)2024202320242023
Net income$42,731 $51,168 $141,258 $154,573 
Rental property depreciation and amortization72,421 69,701 219,002 207,029 
Loss on impairment— — 4,967 — 
Gain on the sales of rental property, net(195)(11,683)(23,281)(49,343)
FFO114,957 109,186 341,946 312,259 
Amount allocated to restricted shares of common stock and unvested units(130)(132)(415)(423)
FFO attributable to common stockholders and unit holders$114,827 $109,054 $341,531 $311,836 

Net Operating Income

We consider NOI to be an appropriate supplemental performance measure to net income (loss) because we believe it helps investors and management understand the core operations of our buildings. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense. NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI.
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The following table sets forth a reconciliation of our NOI for the periods presented to net income, the nearest GAAP equivalent.

Three months ended September 30,Nine months ended September 30,
Reconciliation of Net Income to NOI (in thousands)2024202320242023
Net income$42,731 $51,168 $141,258 $154,573 
General and administrative11,978 11,097 36,758 35,833 
Depreciation and amortization72,506 69,761 219,213 207,199 
Interest and other income(14)(17)(39)(53)
Interest expense28,705 23,753 81,498 69,225 
Loss on impairment— — 4,967 — 
Gain on involuntary conversion (3,568)— (9,285)— 
Debt extinguishment and modification expenses36 — 703 — 
Other expenses545 773 1,703 4,109 
Gain on the sales of rental property, net(195)(11,683)(23,281)(49,343)
Net operating income $152,724 $144,852 $453,495 $421,543 

Cash Flows

Comparison of the nine months ended September 30, 2024 to the nine months ended September 30, 2023

The following table summarizes our cash flows for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

 Nine months ended September 30,Change
Cash Flows (dollars in thousands)20242023$%  
Net cash provided by operating activities$355,363 $299,506 $55,857 18.6 %
Net cash used in investing activities$390,521 $233,153 $157,368 67.5 %
Net cash provided by (used in) financing activities$84,434 $(81,112)$165,546 204.1 %
 
Net cash provided by operating activities increased approximately $55.9 million to approximately $355.4 million for the nine months ended September 30, 2024 compared to approximately $299.5 million for the nine months ended September 30, 2023. The increase was primarily attributable to incremental operating cash flows from property acquisitions completed after September 30, 2023, and operating performance at existing properties. These increases were partially offset by the loss of cash flows from property dispositions completed after September 30, 2023 and fluctuations in working capital due to timing of payments and rental receipts.

Net cash used in investing activities increased approximately $157.4 million to approximately $390.5 million for the nine months ended September 30, 2024 compared to approximately $233.2 million for the nine months ended September 30, 2023. The increase was primarily attributable to the acquisition of 17 buildings and three parcels of land for a total cash consideration of approximately $404.9 million during the nine months ended September 30, 2024, whereas there were 14 buildings and two land parcels acquired for a total cash consideration of approximately $254.5 million for the nine months ended September 30, 2023. Additionally, there was an increase in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $5.2 million, during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. These increases were partially offset by an increase in proceeds from sales of rental property, net of approximately $0.5 million during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.

Net cash provided by (used in) financing activities increased approximately $165.5 million to approximately $84.4 million net cash provided by financing activities for the nine months ended September 30, 2024 compared to approximately $81.1 million net cash used in financing activities for the nine months ended September 30, 2023. This increase was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 in the accompanying Notes to Consolidated Financial Statements. The increase was also attributable to the redemption of $100.0 million of unsecured notes on January 5, 2023 that did not occur during the nine months ended September 30, 2024. These increases were partially offset by a decrease in net borrowings of approximately $296.0 million under our unsecured credit facility, an increase of approximately $6.7 million in dividends and distributions paid, and a decrease of approximately $70.0 million due to a reduction of proceeds from the sales of common stock during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Additionally, there was an increase of approximately $12.1 million in payments of loan fees and costs during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which
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was primarily attributable to the 2024 Credit Agreement (as defined below) that was entered into on September 10, 2024, as discussed in Note 4 to the accompanying Notes to Consolidated Financial Statements.

Liquidity and Capital Resources

We believe that our liquidity needs will be satisfied through cash flows generated by operations, disposition proceeds, and financing activities. Operating cash flow from rental income, expense recoveries from tenants, and other income from operations is our principal source of funds to pay operating expenses, debt service, recurring capital expenditures, and the distributions required to maintain our REIT qualification. We primarily rely on the capital markets (equity and debt securities) to fund our acquisition activity. We seek to increase cash flows from our properties by maintaining quality building standards that promote high occupancy rates and permit increases in rental rates, while reducing tenant turnover and controlling operating expenses. We believe that our revenue, together with proceeds from building sales and equity and debt financings, will continue to provide funds for our short-term and medium-term liquidity needs.

Our short-term liquidity requirements consist primarily of funds necessary to pay for operating expenses and other expenditures directly associated with our buildings, including interest expense, interest rate swap payments, scheduled principal payments on outstanding indebtedness, property acquisitions under contract, general and administrative expenses, and capital expenditures including development projects, tenant improvements and leasing commissions.

Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for property acquisitions and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, the issuance of equity or debt securities, other borrowings, property dispositions, or, in connection with acquisitions of certain additional buildings, the issuance of common units in the Operating Partnership.

As of September 30, 2024, we had total immediate liquidity of approximately $810.0 million, comprised of approximately $70.0 million of cash and cash equivalents and approximately $740.0 million of immediate availability on our unsecured credit facility.

In addition, we require funds to pay dividends to holders of our common stock and common units in the Operating Partnership. Any future dividends on our common stock are declared in the sole discretion of our board of directors, subject to the distribution requirements to maintain our REIT status for federal income tax purposes, and may be reduced or stopped for any reason, including to use funds for other liquidity requirements.
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Indebtedness Outstanding

The following table summarizes certain information with respect to our indebtedness outstanding as of September 30, 2024.

Indebtedness (dollars in thousands)September 30, 2024
Interest  Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$256,000 Term SOFR + 0.875%September 7, 2029i
Total unsecured credit facility256,000 
Unsecured term loans:
Unsecured Term Loan G300,000 1.80 %February 5, 2026i
Unsecured Term Loan A150,000 2.16 %March 15, 2027i
Unsecured Term Loan H187,500 3.35 %January 25, 2028i
Unsecured Term Loan I187,500 3.51 %January 25, 2028i
Unsecured Term Loan F(5)
200,000 2.96 %March 23, 2029i
Total unsecured term loans1,025,000 
Total unamortized deferred financing fees and debt issuance costs(3,487)
Total carrying value unsecured term loans, net1,021,513 
Unsecured notes:
Series A Unsecured Notes(6)
50,000 4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 4.27 %June 13, 2028ii
Series L Unsecured Notes175,000 6.05 %May 28, 2029ii
Series M Unsecured Notes125,000 6.17 %May 28, 2031ii
Series I Unsecured Notes275,000 2.80 %September 29, 2031ii
Series K Unsecured Notes400,000 4.12 %June 28, 2032ii
Series J Unsecured Notes50,000 2.95 %September 28, 2033ii
Series N Unsecured Notes150,000 6.30 %May 28, 2034ii
Total unsecured notes1,650,000 

Total unamortized deferred financing fees and debt issuance costs(6,179)

Total carrying value unsecured notes, net1,643,821 


Mortgage notes (secured debt):

United of Omaha Life Insurance Company4,376 3.71 %October 1, 2039ii
Total mortgage notes 4,376 
Net unamortized fair market value discount(129)
Total carrying value mortgage notes, net4,247 
Total / weighted average interest rate(7)
$2,925,581 3.97 %
(1)Interest rate as of September 30, 2024. At September 30, 2024, the one-month Term SOFR was 4.84570%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for our unsecured credit facility and unsecured term loans is based on our debt rating and leverage ratio, as defined in the respective loan agreements.
(2)Our unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. Our unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of September 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%.
(3)Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty.
(4)The capacity of our unsecured credit facility is $1.0 billion. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by us in our discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. We are required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on our debt rating, as defined in the 2024 Credit Agreement (as defined below). The facility fee is due and payable quarterly.
(5)The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by us in our discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both
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immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)Subsequent to September 30, 2024, we redeemed in full at maturity the $50.0 million in aggregate principal amount of the Series A Unsecured Notes.
(7)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.

The aggregate undrawn nominal commitments on our unsecured credit facility and unsecured term loans as of September 30, 2024 was approximately $740.0 million, including issued letters of credit. Our actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on our debt covenant compliance.

On September 10, 2024, we entered into the second amended and restated credit agreement for our unsecured credit facility (the “2024 Credit Agreement”) to, (i) extend the maturity date to September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by us at our discretion, subject to certain conditions, including the payment of a fee, and (ii) provide that borrowings under our unsecured credit facility will, at our election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the 2024 Credit Agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the 2024 Credit Agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the 2024 Credit Agreement). Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of our unsecured credit facility remain unchanged.

On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on our unsecured credit facility and each of our unsecured term loans ended in accordance with the respective loan agreements.

On March 25, 2024, we entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions, that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at our election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.

On March 13, 2024, we entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in our unsecured credit facility and other unsecured notes, plus a financial covenant that requires us to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, we issued all of the notes under the March 2024 NPA.

Our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes are subject to ongoing compliance with a number of financial and other covenants. As of September 30, 2024, we were in compliance with the applicable financial covenants.

The following table summarizes our debt capital structure as of September 30, 2024.

Debt Capital StructureSeptember 30, 2024
Total principal outstanding (in thousands)$2,935,376 
Weighted average duration (years)4.6 
% Secured debt0.1 %
% Debt maturing next 12 months7.7 %
Net Debt to Real Estate Cost Basis(1)
37.9 %
(1)“Net Debt” means amounts outstanding under our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes, less cash and cash equivalents. “Real Estate Cost Basis” means the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization.
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We regularly pursue new financing opportunities to ensure an appropriate balance sheet position. As a result of these dedicated efforts, we are confident in our ability to meet future debt maturities and fund acquisitions. We believe that our current balance sheet is in an adequate position at the date of this filing, despite possible volatility in the credit markets.

Our interest rate exposure on our floating rate debt is managed through the use of interest rate swaps, which fix the rate of our long term floating rate debt. For a detailed discussion on our use of interest rate swaps, see “Interest Rate Risk” below.

Equity

Preferred Stock

We are authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.

Common Stock

We are authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.

The following table summarizes our at-the-market (“ATM”) common stock offering program as of September 30, 2024. Pursuant to the equity distribution agreements for our ATM common stock offering program, we may from time to time sell common stock through sales agents and their affiliates, including shares sold on a forward basis under forward sale agreements.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Available as of September 30, 2024 (in thousands)
2022 $750 million ATMFebruary 17, 2022$750,000 $513,722 

The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program during the nine months ended September 30, 2024. We did not receive any proceeds from the sales of such shares on a forward basis.

Forward Sale Agreements
Trade dateSeptember 16, 2024September 5, 2024August 16, 2024April 1, 2024January 9, 2024
Shares sold492,000 1,000,203 842,047 227,146 567,112 
Gross sale price per share$39.9592 $39.9792 $39.7381 $39.1020 $38.8818 
Gross sale price (in thousands)$19,660 $39,987 $33,461 $8,882 $22,050 
Net sale price per share$39.5888 $39.5514 $39.3407 $38.6621 $38.5058 
Maturity date September 22, 2025September 5, 2025September 30, 2025March 31, 2025January 9, 2025

We expect to fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point we would receive the proceeds net of certain costs; provided, however, we may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates.

In addition to the forward sale agreements discussed above, at September 30, 2024, there was an additional outstanding forward sale agreement that we entered into during the year ended December 31, 2023 for 1,100,000 shares sold on a forward basis under the ATM common stock offering program. We expect to fully physically settle such forward sale agreement on one or more dates prior to the scheduled maturity date of December 14, 2024, at which point we would receive the proceeds net of certain costs; provided, however, we may elect to cash settle or net share settle such forward sale agreement.

Noncontrolling Interest

We own our interests in all of our properties and conduct substantially all of our business through the Operating Partnership. We are the sole member of the sole general partner of the Operating Partnership. As of September 30, 2024, we owned approximately 98.0% of the common units in the Operating Partnership, and our current and former executive officers, directors, senior employees and their affiliates, and third parties that contributed properties to us in exchange for common units in the Operating Partnership owned the remaining 2.0%.

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On August 8, 2024, we formed a joint venture with a third party that is primarily engaged in the development and operation of an industrial real estate property located in Reno, Nevada. At September 30, 2024, we held a 95% interest and the third party held the remaining 5% interest in the joint venture.

Interest Rate Risk

We use interest rate swaps to fix the rate of our variable rate debt. As of September 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through maturity.

We recognize all derivatives on the balance sheet at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income (loss), which is a component of equity. Derivatives that are not designated as hedges must be adjusted to fair value and the changes in fair value must be reflected as income or expense.

We have established criteria for suitable counterparties in relation to various specific types of risk. We only use counterparties that have a credit rating of no lower than investment grade at swap inception from Moody’s Investor Services, Standard & Poor’s, or Fitch Ratings or other nationally recognized rating agencies.

The swaps are all designated as cash flow hedges of interest rate risk, and all are valued as Level 2 financial instruments. Level 2 financial instruments are defined as significant other observable inputs. As of September 30, 2024, 17 of our interest rate swaps outstanding were in an asset position of approximately $29.0 million and four of our forward-starting interest rate swaps were in a liability position of approximately $3.0 million, including any adjustment for nonperformance risk related to these agreements.

During the nine months ended September 30, 2024, we entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027.

As of September 30, 2024, we had approximately $1,281.0 million of variable rate debt. As of September 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through initial maturity. To the extent interest rates increase, interest costs on our floating rate debt not fixed with interest rate swaps will increase, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. From time to time, we may enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions.

Off-balance Sheet Arrangements

As of September 30, 2024, we had letters of credit related to development projects and certain other agreements of approximately $4.0 million. As of September 30, 2024, we had no other material off-balance sheet arrangements.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. The primary market risk we are exposed to is interest rate risk.  We have used derivative financial instruments to manage, or hedge, interest rate risks related to our borrowings, primarily through interest rate swaps.

As of September 30, 2024, we had $1,281.0 million of variable rate debt outstanding. As of September 30, 2024, all of our outstanding variable rate debt, with the exception of our unsecured credit facility which had a balance of $256.0 million, was fixed with interest rate swaps through initial maturity. To the extent we undertake additional variable rate indebtedness, if interest rates increase, then so will the interest costs on our unhedged variable rate debt, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. Further, rising interest rates could significantly increase our future interest expense. From time to time, we enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. While these agreements are intended to lessen the impact of rising interest rates on us, they also expose us to the risk that the other parties to the agreements will not perform, we could incur significant costs associated with the settlement of the agreements, the agreements will be
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unenforceable and the underlying transactions will fail to qualify as highly-effective cash flow hedges under GAAP. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions. If interest rates increased by 100 basis points and assuming we had an outstanding balance of $256.0 million on our unsecured credit facility for the nine months ended September 30, 2024, our interest expense would have increased by approximately $1.9 million for the nine months ended September 30, 2024.

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by SEC Rule 13a-15(b), we have evaluated, under the supervision of and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of September 30, 2024. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for the periods covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There was no change to our internal control over financial reporting during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. Other Information

Item 1.  Legal Proceedings
From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, would be expected to have a material effect on our business, financial condition or results of operations if determined adversely to the Company.

Item 1A.  Risk Factors
There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 13, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent Sales of Unregistered Equity Securities

During the quarter ended September 30, 2024, the Operating Partnership issued 92,568 common units upon exchange of outstanding long term incentive plan units issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). Subject to certain restrictions, common units in the Operating Partnership may be redeemed for cash in an amount equal to the value of a share of common stock or, at our election, for a share of common stock on a one-for-one basis.

During the quarter ended September 30, 2024, we issued 95,568 shares of common stock upon redemption of 95,568 common units in the Operating Partnership held by various limited partners. The issuance of such shares of common stock was either registered under the Securities Act or effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder.

All other issuances of unregistered securities during the quarter ended September 30, 2024, if any, have previously been disclosed in filings with the SEC.

Item 3. Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures
Not applicable.

Item 5.  Other Information

During the three months ended September 30, 2024, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act).

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Item 6.  Exhibits
Exhibit 
Number		Description of Document
10.1
31.1 *
31.2 *
32.1 **
101.INS *Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH *Inline XBRL Taxonomy Extension Schema Document
101.CAL *Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF *Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB *Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE *Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 *Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101)
*    Filed herewith.
**    Furnished herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  STAG INDUSTRIAL, INC.
  
Date: October 29, 2024BY:
/s/ MATTS S. PINARD
  Matts S. Pinard
  Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer)
BY:
/s/ JACLYN M. PAUL
Jaclyn M. Paul
Chief Accounting Officer (Principal Accounting Officer)

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