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STAG INDUSTRIAL, INC.

(STAG)
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STAG Industrial : Investor Presentation – Fall 2021

09/08/2021 | 04:12pm EDT

STAG INDUSTRIAL

Fall 2021

FORWARD-LOOKING STATEMENTS & DEFINITIONS

Forward-Looking Statements

This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should", "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG's most recent Annual Report on Form 10-K for the year ended December 31, 2020, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG's expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Defined Terms, Including Non-GAAP Measurements

Please refer to the Definitions section near the end of these materials for definitions of capitalized terms used herein, including, among others, Annualized Base Rental Revenue, Capitalization Rate and Retention, as well as non-GAAP financial measures, such as Adjusted EBITDAre, Cash NOI, and Core FFO. These materials provide reconciliations of non-GAAP financial measures to net income (loss) in accordance with GAAP. None of the non-GAAP financial measures is intended as an alternative to net income (loss) in accordance with GAAP as a measure of the Company's financial performance.

Additional information is also available on the Company's website at www.stagindustrial.com

© 2021 STAG Industrial, Inc.

2

THOUGHTFUL APPROACH

TO INDUSTRIAL REAL ESTATE

is an owner and operator of industrial real estate

Only pure-play industrial REIT active across the entire domestic industrial real estate market

Designed to create and enhance value

Platform able to address a large opportunity in an attractive asset class

Relative value investment strategy driven by a robust quantitative process

Scalable operating platform focused on cash flow maximization

Ability to add additional value at the asset level

Widely diversified portfolio across geography, tenancy, industry, lease maturity

Investment grade balance sheet with low leverage and high liquidity

© 2021 STAG Industrial, Inc.

3

SIGNIFICANT TRANSFORMATION

SINCE IPO

IPO1

Q2 2021

Square Feet (millions)

14.2

100.1

Properties

93

501

Portfolio

Number of States

26

39

Transformation

Flex / Office (% ABR)

21.1%

0.3%

IPO

Q2 2021

Equity market capitalization (millions)

$290

$6,134

Net debt to run rate adjusted EBITDA

5.9x

4.7x

Balance Sheet

Debt / total capitalization

46.8%

23.6%

Strengthened

% secured debt

100.0%

3.0%

Portfolio strengthened and diversified

Investment grade balance sheet achieved

STAG HAS GROWN INTO ONE OF THE LARGEST OWNERS AND OPERATORS OF U.S. INDUSTRIAL REAL ESTATE

1. Reflects data as of Q2 2011

© 2021 STAG Industrial, Inc.

4

BUILDING BLOCKS OF GROWTH

HISTORICAL TREND

2021 GUIDANCE

NOTES

Average cash same store NOI growth of ~1.0% over past

Cash same store NOI growth of 3.25% - 3.75%

Highest level of guidance presented in company history

six years

• Retention range of 75 - 80%

Driven by increase in rental escalators and shorter

Internal Growth

downtimes as compared to historical trend

Average acquisition volume of ~$700 million over past six

Acquisition volume range of $1.0 billion to $1.2 billion

Highest level of guidance presented in company history

years

• Stabilized Capitalization Rate of 5.25% - 5.75%

External Growth

• Disposition range of $100 to $200 million

Acquired $1.2 billion in 2019

G&A as a % of NOI has averaged ~13% over past six

G&A range of $45 to $47 million

Additional scalability in platform to drive G&A as a % of

G&A

years

NOI below 10% in future

Average capital expenditure per average SF equal to

Capital expenditure per average SF range of $0.27 to

Capital

$0.31 over past three years

$0.30

Expenditures

Reduction in leverage since 2015 with net debt to run rate

Net debt to run rate adjusted EBITDA of 4.75x to 5.50x

2020 average leverage lower than normalized

adjusted EBITDA reduced from 5.6x in 2015 to 4.7x as of

expectations due to pandemic

Q2 2021

Capitalization

Cash available for distribution payout ratio equal to 90% in

2020

    • Portfolio premium created as a result of granular asset acquisition strategy
  • Additional value created at the asset level through value-add projects and built-to-suittake-out acquisitions
    • Additional value created at the asset level through expansions and developments

CLEAR PATH TO STRONG CORE FFO GROWTH

© 2021 STAG Industrial, Inc.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

STAG Industrial Inc. published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 20:11:03 UTC.


© Publicnow 2021
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Sales 2021 560 M - -
Net income 2021 106 M - -
Net Debt 2021 2 137 M - -
P/E ratio 2021 67,5x
Yield 2021 3,37%
Capitalization 6 981 M 6 981 M -
EV / Sales 2021 16,3x
EV / Sales 2022 14,7x
Nbr of Employees 78
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 43,08 $
Average target price 43,38 $
Spread / Average Target 0,68%
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Benjamin S. Butcher Chairman & Chief Executive Officer
William R. Crooker President, CFO, EVP & Treasurer
Stephen C. Mecke Chief Operating Officer & Executive Vice President
Michael C. Chase Chief Investment Officer & Senior Vice President
Jeffrey Davies Furber Independent Director
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