10-Q 1 stag-20220331.htm 10-Q stag-20220331
0001479094--12-312022Q1FALSEP6Mone yearP10DP10DP10DP10D00014790942022-01-012022-03-3100014790942022-05-02xbrli:shares00014790942022-03-31iso4217:USD00014790942021-12-31iso4217:USDxbrli:shares00014790942021-01-012021-03-310001479094us-gaap:PreferredStockMember2021-12-310001479094us-gaap:CommonStockMember2021-12-310001479094us-gaap:AdditionalPaidInCapitalMember2021-12-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001479094us-gaap:ParentMember2021-12-310001479094us-gaap:NoncontrollingInterestMember2021-12-310001479094us-gaap:CommonStockMember2022-01-012022-03-310001479094us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001479094us-gaap:ParentMember2022-01-012022-03-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-03-310001479094us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001479094us-gaap:PreferredStockMember2022-03-310001479094us-gaap:CommonStockMember2022-03-310001479094us-gaap:AdditionalPaidInCapitalMember2022-03-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001479094us-gaap:ParentMember2022-03-310001479094us-gaap:NoncontrollingInterestMember2022-03-310001479094us-gaap:PreferredStockMember2020-12-310001479094us-gaap:CommonStockMember2020-12-310001479094us-gaap:AdditionalPaidInCapitalMember2020-12-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001479094us-gaap:ParentMember2020-12-310001479094us-gaap:NoncontrollingInterestMember2020-12-3100014790942020-12-310001479094us-gaap:CommonStockMember2021-01-012021-03-310001479094us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001479094us-gaap:ParentMember2021-01-012021-03-310001479094us-gaap:PreferredStockMember2021-01-012021-03-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-03-310001479094us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001479094us-gaap:PreferredStockMember2021-03-310001479094us-gaap:CommonStockMember2021-03-310001479094us-gaap:AdditionalPaidInCapitalMember2021-03-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-03-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001479094us-gaap:ParentMember2021-03-310001479094us-gaap:NoncontrollingInterestMember2021-03-3100014790942021-03-310001479094stag:STAGIndustrialIncMember2022-01-012022-03-31xbrli:pure0001479094stag:STAGIndustrialIncMember2021-01-012021-12-31stag:buildingstag:stateutr:sqft0001479094stag:TaxableRealEstateInvestmentTrustSubsidyMember2022-01-012022-03-310001479094stag:TaxableRealEstateInvestmentTrustSubsidyMember2021-01-012021-03-310001479094us-gaap:BuildingMember2022-03-310001479094us-gaap:BuildingMember2021-12-310001479094us-gaap:LeaseholdImprovementsMember2022-03-310001479094us-gaap:LeaseholdImprovementsMember2021-12-310001479094us-gaap:LandBuildingsAndImprovementsMember2022-03-310001479094us-gaap:LandBuildingsAndImprovementsMember2021-12-310001479094stag:KansasCityMO1062022Member2022-03-31stag:buildings0001479094stag:KansasCityMO1062022Member2022-01-012022-03-310001479094stag:ElmhurstIL1312022Member2022-03-310001479094stag:ElmhurstIL1312022Member2022-01-012022-03-310001479094stag:ColumbusOH2082022Member2022-03-310001479094stag:ColumbusOH2082022Member2022-01-012022-03-310001479094stag:MacedoniaOH2082022Member2022-03-310001479094stag:MacedoniaOH2082022Member2022-01-012022-03-310001479094stag:MurfreesboroTN3102022Member2022-03-310001479094stag:MurfreesboroTN3102022Member2022-01-012022-03-310001479094stag:PiedmontSC31020221Member2022-03-310001479094stag:PiedmontSC31020221Member2022-01-012022-03-310001479094stag:MemphisTN3182022Member2022-03-310001479094stag:MemphisTN3182022Member2022-01-012022-03-310001479094stag:PiedmontSC31820222Member2022-03-310001479094stag:PiedmontSC31820222Member2022-01-012022-03-310001479094stag:AcquistionsQ12022Member2022-03-310001479094stag:AcquistionsQ12022Member2022-01-012022-03-310001479094us-gaap:LeasesAcquiredInPlaceMember2022-03-310001479094us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-03-310001479094us-gaap:CustomerRelationshipsMember2022-03-310001479094us-gaap:CustomerRelationshipsMember2022-01-012022-03-310001479094us-gaap:AboveMarketLeasesMember2022-03-310001479094us-gaap:AboveMarketLeasesMember2022-01-012022-03-310001479094us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2022-03-310001479094us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2022-01-012022-03-310001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-03-31stag:landParcel0001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-03-310001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-01-012021-03-310001479094us-gaap:AboveMarketLeasesMember2021-12-310001479094us-gaap:OtherIntangibleAssetsMember2022-03-310001479094us-gaap:OtherIntangibleAssetsMember2021-12-310001479094us-gaap:OtherIntangibleAssetsMember2022-01-012022-03-310001479094us-gaap:OtherIntangibleAssetsMember2021-01-012021-03-310001479094stag:AboveAndBelowMarketLeasesMember2022-03-310001479094us-gaap:LineOfCreditMember2022-03-310001479094us-gaap:LineOfCreditMember2021-12-310001479094us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001479094us-gaap:LineOfCreditMember2022-01-012022-03-310001479094stag:A150MillionUnsecuredTermLoanDMemberus-gaap:LongTermDebtMember2022-03-310001479094stag:A150MillionUnsecuredTermLoanDMemberus-gaap:LongTermDebtMember2021-12-310001479094stag:A150MillionUnsecuredTermLoanDMemberus-gaap:LongTermDebtMember2022-01-012022-03-310001479094stag:A175MillionUnsecuredTermLoanEMemberus-gaap:LongTermDebtMember2022-03-310001479094stag:A175MillionUnsecuredTermLoanEMemberus-gaap:LongTermDebtMember2021-12-310001479094stag:A175MillionUnsecuredTermLoanEMemberus-gaap:LongTermDebtMember2022-01-012022-03-310001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2022-03-310001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2021-12-310001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2022-01-012022-03-310001479094us-gaap:LongTermDebtMemberstag:A300MillionUnsecuredTermLoanGMember2022-03-310001479094us-gaap:LongTermDebtMemberstag:A300MillionUnsecuredTermLoanGMember2021-12-310001479094us-gaap:LongTermDebtMemberstag:A300MillionUnsecuredTermLoanGMember2022-01-012022-03-310001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2022-03-310001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2021-12-310001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2022-01-012022-03-310001479094us-gaap:LongTermDebtMember2022-03-310001479094us-gaap:LongTermDebtMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesFUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesFUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesFUnsecuredNotesMember2022-01-012022-03-310001479094stag:A50MillionSeriesAUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2022-03-310001479094stag:A50MillionSeriesAUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2021-12-310001479094stag:A50MillionSeriesAUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2022-01-012022-03-310001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2022-03-310001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2021-12-310001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A75MillionSeriesGUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A75MillionSeriesGUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A75MillionSeriesGUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesBUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesBUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesBUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A80MillionSeriesCUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A80MillionSeriesCUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A80MillionSeriesCUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A20MillionSeriesEUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A20MillionSeriesEUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A20MillionSeriesEUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesHUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesHUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A100MillionSeriesHUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A275MillionSeriesIUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A275MillionSeriesIUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A275MillionSeriesIUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesJUnsecuredNotesMember2022-03-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesJUnsecuredNotesMember2021-12-310001479094us-gaap:UnsecuredDebtMemberstag:A50MillionSeriesJUnsecuredNotesMember2022-01-012022-03-310001479094us-gaap:UnsecuredDebtMember2022-03-310001479094us-gaap:UnsecuredDebtMember2021-12-310001479094stag:WellsFargoBankNationalAssociationCMBSLoanMemberus-gaap:MortgagesMember2022-03-310001479094stag:WellsFargoBankNationalAssociationCMBSLoanMemberus-gaap:MortgagesMember2021-12-310001479094stag:WellsFargoBankNationalAssociationCMBSLoanMemberus-gaap:MortgagesMember2022-01-012022-03-310001479094stag:ThriventFinancialforLutheransDueDecember152023Memberus-gaap:MortgagesMember2022-03-310001479094stag:ThriventFinancialforLutheransDueDecember152023Memberus-gaap:MortgagesMember2021-12-310001479094stag:ThriventFinancialforLutheransDueDecember152023Memberus-gaap:MortgagesMember2022-01-012022-03-310001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2022-03-310001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2021-12-310001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2022-01-012022-03-310001479094us-gaap:MortgagesMember2022-03-310001479094us-gaap:MortgagesMember2021-12-310001479094us-gaap:LondonInterbankOfferedRateLIBORMember2022-03-310001479094stag:TermLoansMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001479094us-gaap:SubsequentEventMember2022-04-010001479094srt:ScenarioForecastMemberus-gaap:LongTermDebtMemberstag:A300MillionUnsecuredTermLoanGMember2023-04-180001479094us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:LineOfCreditMember2022-03-310001479094us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:LineOfCreditMember2021-12-31stag:extention0001479094us-gaap:InterestRateSwapMember2022-03-310001479094us-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310001479094us-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001479094us-gaap:InterestExpenseMember2022-01-012022-03-310001479094us-gaap:InterestExpenseMember2021-01-012021-03-3100014790942021-01-012021-12-310001479094stag:InterestRateDerivativeWellsFargoBankMarch202015Member2022-03-310001479094stag:InterestRateDerivativeTheTorontoDominionBankFebruary142020Member2022-03-310001479094stag:InterestRateDerivativeRegionsBankFebruary142020Member2022-03-310001479094stag:InterestRateDerivativeCapitalOneFebruary142020Member2022-03-310001479094stag:InterestRateDerivativeTheTorontoDominionBankOctober302017Member2022-03-310001479094stag:InterestRateDerivativeRoyalBankofCanadaOctober302017Member2022-03-310001479094stag:InterestRateDerivativeWellsFargoBankOctober302017Member2022-03-310001479094stag:InterestRateDerivativePNCBank25mOctober302017Member2022-03-310001479094stag:InterestRateDerivativePNCBank50mOctober302017Member2022-03-310001479094stag:InterestRateDerivativeTDBank75mSep292020Member2022-03-310001479094stag:InterestRateDerivativeWellsFargoBank75mSep292020Member2022-03-310001479094stag:InterestRateDerivativeTDBank75mMarch192021Member2022-03-310001479094stag:InterestRateDerivativeWellsFargoBank75mMarch192021Member2022-03-310001479094stag:InterestRateDerivativeTheTorontoDominionBankJuly262019Member2022-03-310001479094stag:InterestRateDerivativePNCBankJuly262019Member2022-03-310001479094stag:InterestRateDerivativeBankofMontrealJuly262019Member2022-03-310001479094stag:InterestRateDerivativeUSBankJuly262019Member2022-03-310001479094stag:InterestRateDerivativeWellsFargoBankJuly152020Member2022-03-310001479094stag:InterestRateDerivativeUSBankJuly152020Member2022-03-310001479094stag:InterestRateDerivativeRegionsBankJuly152020Member2022-03-310001479094stag:InterestRateDerivativeBankOfMontrealJuly152020Member2022-03-310001479094stag:InterestRateDerivativeUSBankNAApril182023Member2022-03-310001479094stag:InterestRateDerivativeWellsFargoBankApril182023Member2022-03-310001479094stag:InterestRateDerivativeTheTorontoDominionBankApril182023Member2022-03-310001479094stag:InterestRateDerivativeRegionsBankApril12022Member2022-03-310001479094stag:InterestRateDerivativeBanOfMontrealApril12022Member2022-03-310001479094stag:InterestRateDerivativePNCBankApril12022Member2022-03-310001479094us-gaap:InterestRateSwapMember2021-12-310001479094us-gaap:InterestRateSwapMember2022-01-012022-03-310001479094us-gaap:InterestRateSwapMember2021-01-012021-03-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001479094us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001479094us-gaap:SeriesCPreferredStockMember2021-01-012021-03-310001479094stag:AtTheMarketProgram2022750MillionMember2022-03-310001479094stag:AtTheMarketProgram2022750MillionMemberus-gaap:CommonStockMember2022-03-310001479094stag:AtTheMarketProgram2019600MillionMemberus-gaap:CommonStockMember2022-01-012022-03-310001479094srt:WeightedAverageMemberstag:AtTheMarketProgram2019600MillionMemberus-gaap:CommonStockMember2022-03-310001479094stag:AtTheMarketProgram2019600MillionMemberus-gaap:CommonStockMember2021-01-012021-12-310001479094srt:WeightedAverageMemberstag:AtTheMarketProgram2019600MillionMemberus-gaap:CommonStockMember2021-12-310001479094us-gaap:OverAllotmentOptionMemberus-gaap:CommonStockMember2021-12-030001479094us-gaap:OverAllotmentOptionMemberus-gaap:CommonStockMember2021-12-032021-12-030001479094us-gaap:CommonStockMember2022-03-290001479094us-gaap:CommonStockMember2022-03-292022-03-290001479094us-gaap:CommonStockMember2022-03-012022-03-3100014790942022-03-012022-03-310001479094us-gaap:CommonStockMember2022-02-012022-02-2800014790942022-02-012022-02-280001479094us-gaap:CommonStockMember2022-01-012022-01-3100014790942022-01-012022-01-310001479094us-gaap:CommonStockMember2021-12-012021-12-3100014790942021-12-012021-12-310001479094us-gaap:CommonStockMember2021-11-012021-11-3000014790942021-11-012021-11-300001479094us-gaap:CommonStockMember2021-10-012021-10-3100014790942021-10-012021-10-310001479094us-gaap:CommonStockMember2021-09-012021-09-3000014790942021-09-012021-09-300001479094us-gaap:CommonStockMember2021-08-012021-08-3100014790942021-08-012021-08-310001479094us-gaap:CommonStockMember2021-07-012021-07-3100014790942021-07-012021-07-310001479094us-gaap:CommonStockMember2021-06-012021-06-3000014790942021-06-012021-06-300001479094us-gaap:CommonStockMember2021-05-012021-05-3100014790942021-05-012021-05-310001479094us-gaap:CommonStockMember2021-04-012021-04-3000014790942021-04-012021-04-300001479094us-gaap:CommonStockMember2021-03-012021-03-3100014790942021-03-012021-03-310001479094us-gaap:CommonStockMember2021-02-012021-02-2800014790942021-02-012021-02-280001479094us-gaap:CommonStockMember2021-01-012021-01-3100014790942021-01-012021-01-310001479094us-gaap:SubsequentEventMember2022-04-142022-04-140001479094us-gaap:RestrictedStockMember2022-01-102022-01-100001479094us-gaap:RestrictedStockMember2020-12-310001479094us-gaap:RestrictedStockMember2021-01-012021-12-310001479094us-gaap:RestrictedStockMember2021-12-310001479094us-gaap:RestrictedStockMember2022-01-012022-03-310001479094us-gaap:RestrictedStockMember2022-03-310001479094us-gaap:RestrictedStockMember2021-01-012021-03-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2020-12-310001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2020-12-310001479094stag:LimitedPartnerNoncontrollingInterestMember2020-12-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2021-01-012021-12-310001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2021-01-012021-12-310001479094us-gaap:NoncontrollingInterestMember2021-01-012021-12-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2021-12-310001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2021-12-310001479094stag:LimitedPartnerNoncontrollingInterestMember2021-12-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2022-01-012022-03-310001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2022-01-012022-03-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2022-03-310001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2022-03-310001479094stag:LimitedPartnerNoncontrollingInterestMember2022-03-310001479094us-gaap:ShareBasedCompensationAwardTrancheOneMemberstag:LongTermIncentivePlanUnitsMember2022-01-102022-01-100001479094stag:LongTermIncentivePlanUnitsMember2022-01-102022-01-100001479094stag:LongTermIncentivePlanUnitsMember2020-12-310001479094stag:LongTermIncentivePlanUnitsMember2021-01-012021-12-310001479094stag:LongTermIncentivePlanUnitsMember2021-12-310001479094stag:LongTermIncentivePlanUnitsMember2022-01-012022-03-310001479094stag:LongTermIncentivePlanUnitsMember2022-03-310001479094stag:LongTermIncentivePlanUnitsMember2021-01-012021-03-310001479094us-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:DirectorMemberstag:LongTermIncentivePlanUnitsMember2022-01-102022-01-100001479094us-gaap:PerformanceSharesMember2022-01-102022-01-100001479094stag:PerformanceUnitsGrantedIn2019Memberstag:LongTermIncentivePlanUnitsMember2022-01-102022-01-100001479094stag:PerformanceUnitsGrantedIn2019Memberus-gaap:CommonStockMember2022-01-102022-01-100001479094us-gaap:PerformanceSharesMember2022-03-310001479094us-gaap:PerformanceSharesMember2022-01-012022-03-310001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001479094us-gaap:GeneralAndAdministrativeExpenseMemberstag:LongTermIncentivePlanUnitsMember2022-01-012022-03-310001479094us-gaap:GeneralAndAdministrativeExpenseMemberstag:LongTermIncentivePlanUnitsMember2021-01-012021-03-310001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001479094srt:DirectorMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310001479094srt:DirectorMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001479094us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310001479094us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001479094us-gaap:CommonStockMembersrt:DirectorMember2021-01-012021-03-310001479094us-gaap:CommonStockMembersrt:DirectorMember2022-01-012022-03-310001479094us-gaap:AccruedIncomeReceivableMember2022-03-310001479094us-gaap:AccruedIncomeReceivableMember2021-12-310001479094srt:MinimumMember2022-03-310001479094srt:MaximumMember2022-03-31utr:Rate0001479094us-gaap:OperatingExpenseMember2022-01-012022-03-310001479094us-gaap:OperatingExpenseMember2021-01-012021-03-310001479094us-gaap:StockCompensationPlanMember2022-01-012022-03-310001479094us-gaap:StockCompensationPlanMember2021-01-012021-03-310001479094us-gaap:UnsecuredDebtMemberstag:A400MillionUnsecuredNotesMemberus-gaap:SubsequentEventMember2022-04-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
____________________________________________________________________________
 
FORM 10-Q 
____________________________________________________________________________
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended March 31, 2022
 
OR
 
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to              .
 
Commission file number 1-34907
 
____________________________________________________________________________
 
STAG Industrial, Inc.
(Exact name of registrant as specified in its charter) 
____________________________________________________________________________
Maryland27-3099608
(State or other jurisdiction of(IRS Employer Identification No.)
incorporation or organization)
One Federal Street
23rd Floor
Boston,Massachusetts02110
(Address of principal executive offices)(Zip code)
                        
(617) 574-4777
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareSTAGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer      Accelerated filer       Non-accelerated filer      Smaller reporting company      Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

The number of shares of common stock outstanding at May 2, 2022 was 179,213,310.



STAG Industrial, Inc.
Table of Contents
  
PART I.
  
Item 1.
  
 
  
 
  
 
  
 
  
 
  
 
  
Item 2.
  
Item 3.
  
Item 4.
  
PART II.
  
Item 1. 
  
Item 1A. 
  
Item 2.
  
Item 3.
  
Item 4.
  
Item 5.
  
Item 6. 
  
 

2

Part I. Financial Information
Item 1.  Financial Statements

STAG Industrial, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share data)
 March 31, 2022December 31, 2021
Assets  
Rental Property:  
Land$626,385 $617,297 
Buildings and improvements, net of accumulated depreciation of $650,370 and $611,867, respectively
4,535,725 4,435,743 
Deferred leasing intangibles, net of accumulated amortization of $288,640 and $282,038, respectively
561,267 567,658 
Total rental property, net5,723,377 5,620,698 
Cash and cash equivalents34,830 18,981 
Restricted cash3,175 4,215 
Tenant accounts receivable98,320 93,600 
Prepaid expenses and other assets64,308 60,953 
Interest rate swaps27,696 5,220 
Operating lease right-of-use assets29,151 29,582 
Total assets$5,980,857 $5,833,249 
Liabilities and Equity  
Liabilities:  
Unsecured credit facility$384,000 $296,000 
Unsecured term loans, net970,925 970,577 
Unsecured notes, net897,058 896,941 
Mortgage notes, net54,190 54,744 
Accounts payable, accrued expenses and other liabilities72,726 76,475 
Interest rate swaps2,298 17,052 
Tenant prepaid rent and security deposits36,062 37,138 
Dividends and distributions payable22,282 21,906 
Deferred leasing intangibles, net of accumulated amortization of $22,245 and $21,136, respectively
33,712 35,721 
Operating lease liabilities32,725 33,108 
Total liabilities2,505,978 2,439,662 
Commitments and contingencies (Note 11)
Equity:  
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at March 31, 2022 and December 31, 2021; none issued or outstanding
  
Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2022 and December 31, 2021, 179,211,305 and 177,769,342 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
1,792 1,777 
Additional paid-in capital4,179,361 4,130,038 
Cumulative dividends in excess of earnings(805,400)(792,332)
Accumulated other comprehensive income (loss)24,652 (11,783)
Total stockholders’ equity3,400,405 3,327,700 
Noncontrolling interest74,474 65,887 
Total equity3,474,879 3,393,587 
Total liabilities and equity$5,980,857 $5,833,249 

The accompanying notes are an integral part of these consolidated financial statements.
3

STAG Industrial, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
 Three months ended March 31,
 20222021
Revenue        
Rental income$158,601 $133,825 
Other income608 170 
Total revenue159,209 133,995 
Expenses  
Property31,775 27,002 
General and administrative12,313 12,790 
Depreciation and amortization67,366 58,407 
Other expenses497 852 
Total expenses111,951 99,051 
Other income (expense)  
Interest and other income 34 32 
Interest expense(17,259)(15,358)
Debt extinguishment and modification expenses (679)
Gain on the sales of rental property, net23,955 6,409 
Total other income (expense)6,730 (9,596)
Net income$53,988 $25,348 
Less: income attributable to noncontrolling interest after preferred stock dividends1,162 473 
Net income attributable to STAG Industrial, Inc.$52,826 $24,875 
Less: preferred stock dividends 1,289 
Less: redemption of preferred stock 2,582 
Less: amount allocated to participating securities62 73 
Net income attributable to common stockholders$52,764 $20,931 
Weighted average common shares outstanding — basic177,827 158,430 
Weighted average common shares outstanding — diluted178,065 159,126 
Net income per share — basic and diluted  
Net income per share attributable to common stockholders — basic$0.30 $0.13 
Net income per share attributable to common stockholders — diluted$0.30 $0.13 

The accompanying notes are an integral part of these consolidated financial statements.
4

STAG Industrial, Inc.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
 Three months ended March 31,
 20222021
Net income$53,988 $25,348 
Other comprehensive income:  
Income on interest rate swaps37,237 12,150 
Other comprehensive income37,237 12,150 
Comprehensive income91,225 37,498 
Income attributable to noncontrolling interest after preferred stock dividends(1,162)(473)
Other comprehensive income attributable to noncontrolling interest(802)(268)
Comprehensive income attributable to STAG Industrial, Inc.$89,261 $36,757 

The accompanying notes are an integral part of these consolidated financial statements.
5

STAG Industrial, Inc.
Consolidated Statements of Equity
(unaudited, in thousands, except share data)
 Preferred StockCommon StockAdditional Paid-in CapitalCumulative Dividends in Excess of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityNoncontrolling Interest - Unit Holders in Operating PartnershipTotal Equity
 SharesAmount
Three months ended March 31, 2022
Balance, December 31, 2021$ 177,769,342 $1,777 $4,130,038 $(792,332)$(11,783)$3,327,700 $65,887 $3,393,587 
Proceeds from sales of common stock, net— 1,328,335 13 54,963 — — 54,976 — 54,976 
Dividends and distributions, net— — — — (65,114)— (65,114)(1,474)(66,588)
Non-cash compensation activity, net— 48,628 1 (3,279)(780)— (4,058)5,737 1,679 
Redemption of common units to common stock— 65,000 1 1,216 — — 1,217 (1,217)— 
Rebalancing of noncontrolling interest— — — (3,577)— — (3,577)3,577 — 
Other comprehensive income— — — — — 36,435 36,435 802 37,237 
Net income— — — — 52,826 — 52,826 1,162 53,988 
Balance, March 31, 2022$ 179,211,305 $1,792 $4,179,361 $(805,400)$24,652 $3,400,405 $74,474 $3,474,879 
Three months ended March 31, 2021
Balance, December 31, 2020$75,000 158,209,823 $1,582 $3,421,721 $(742,071)$(40,025)$2,716,207 $54,845 $2,771,052 
Proceeds from sales of common stock, net— 680,276 7 21,559 — — 21,566 — 21,566 
Redemption of preferred stock(75,000)— — 2,573 (2,582)— (75,009)— (75,009)
Dividends and distributions, net— — — — (58,828)— (58,828)(1,436)(60,264)
Non-cash compensation activity, net— 95,190 1 (3,214)(121)— (3,334)6,607 3,273 
Redemption of common units to common stock— 97,159 1 1,622 — — 1,623 (1,623)— 
Rebalancing of noncontrolling interest— — — (474)— — (474)474 — 
Other comprehensive income— — — — — 11,882 11,882 268 12,150 
Net income— — — — 24,875 — 24,875 473 25,348 
Balance, March 31, 2021$ 159,082,448 $1,591 $3,443,787 $(778,727)$(28,143)$2,638,508 $59,608 $2,698,116 
The accompanying notes are an integral part of these consolidated financial statements.
6

STAG Industrial, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Three months ended March 31,
 20222021
Cash flows from operating activities:        
Net income$53,988 $25,348 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization67,366 58,407 
Non-cash portion of interest expense864 487 
Amortization of above and below market leases, net(84)1,474 
Straight-line rent adjustments, net(4,450)(4,676)
Gain on the sales of rental property, net(23,955)(6,409)
Non-cash compensation expense3,260 4,615 
Change in assets and liabilities:  
Tenant accounts receivable(262)3,281 
Prepaid expenses and other assets(3,371)(4,132)
Accounts payable, accrued expenses and other liabilities(3,401)(4,613)
Tenant prepaid rent and security deposits(1,076)(322)
Total adjustments34,891 48,112 
Net cash provided by operating activities88,879 73,460 
Cash flows from investing activities:  
Acquisitions of land and buildings and improvements(144,600)(81,969)
Additions of land and building and improvements(17,061)(10,269)
Acquisitions of other assets(2,134) 
Proceeds from sales of rental property, net35,326 23,884 
Acquisition deposits, net(711)2,008 
Acquisitions of deferred leasing intangibles(19,617)(13,156)
Net cash used in investing activities(148,797)(79,502)
Cash flows from financing activities:  
Proceeds from unsecured credit facility675,000 393,000 
Repayment of unsecured credit facility(587,000)(267,000)
Proceeds from unsecured term loans 300,000 
Repayment of unsecured term loans (300,000)
Repayment of mortgage notes (586)(531)
Payment of loan fees and costs(4)(2,750)
Proceeds from sales of common stock, net55,126 21,639 
Redemption of preferred stock (75,000)
Dividends and distributions(66,213)(59,996)
Repurchase and retirement of share-based compensation(1,596)(1,342)
Net cash provided by financing activities74,727 8,020 
Increase in cash and cash equivalents and restricted cash14,809 1,978 
Cash and cash equivalents and restricted cash—beginning of period23,196 20,339 
Cash and cash equivalents and restricted cash—end of period$38,005 $22,317 
Supplemental disclosure:  
Cash paid for interest, net of capitalized interest$17,172 $13,471 
Supplemental schedule of non-cash investing and financing activities  
Additions to building and other capital improvements$(539)$ 
Transfer of other assets to building and other capital improvements$539 $ 
Acquisitions of land and buildings and improvements$ $(4,239)
Acquisitions of deferred leasing intangibles$ $(703)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities$590 $4,281 
Additions to building and other capital improvements from non-cash compensation$(26)$ 
Assumption of mortgage notes $ $5,103 
Fair market value adjustment to mortgage notes acquired$ $(161)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities$(167)$879 
Dividends and distributions accrued$22,282 $19,657 
The accompanying notes are an integral part of these consolidated financial statements.
7

STAG Industrial, Inc.
Notes to Consolidated Financial Statements
(unaudited)
1. Organization and Description of Business

STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of March 31, 2022 and December 31, 2021, the Company owned a 97.9% and 98.1%, respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.

As of March 31, 2022, the Company owned 551 industrial buildings in 40 states with approximately 110.1 million rentable square feet.

COVID-19 Pandemic

The Company and the real estate industry generally continue to face risks and uncertainties related to the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic.

The Company closely monitors the effect of the COVID-19 pandemic on all aspects of its business, including how the pandemic will affect its tenants and business partners. The Company did not incur significant disruptions from the COVID-19 pandemic or enter into any rent deferral agreements during the three months ended March 31, 2022 and 2021. The Company will continue to evaluate tenant rent relief requests on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company foregoing its contractual rights under its lease agreements.

The Company remains unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic affects the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

2. Summary of Significant Accounting Policies

Interim Financial Information
 
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been
8

eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

Restricted Cash

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)March 31, 2022December 31, 2021
Cash and cash equivalents$34,830 $18,981 
Restricted cash3,175 4,215 
Total cash and cash equivalents and restricted cash$38,005 $23,196 

Taxes

Federal Income Taxes

The Company’s taxable REIT subsidiary recognized net income of approximately $0.1 million and $0 for the three months ended March 31, 2022 and 2021, respectively.

State and Local Income, Excise, and Franchise Tax

State and local income, excise, and franchise taxes in the amount of approximately $0.5 million and $0.4 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively.

Uncertain Tax Positions

As of March 31, 2022 and December 31, 2021, there were no liabilities for uncertain tax positions.

Concentrations of Credit Risk

Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

3. Rental Property

The following table summarizes the components of rental property as of March 31, 2022 and December 31, 2021.

Rental Property (in thousands)March 31, 2022December 31, 2021
Land$626,385 $617,297 
Buildings, net of accumulated depreciation of $433,560 and $406,670, respectively
4,126,324 4,035,210 
Tenant improvements, net of accumulated depreciation of $27,270 and $26,065, respectively
43,788 43,999 
Building and land improvements, net of accumulated depreciation of $189,540 and $179,132, respectively
324,917 320,041 
Construction in progress40,696 36,493 
Deferred leasing intangibles, net of accumulated amortization of $288,640 and $282,038, respectively
561,267 567,658 
Total rental property, net$5,723,377 $5,620,698 

9

Acquisitions

The following table summarizes the acquisitions of the Company during the three months ended March 31, 2022. The Company accounted for all of its acquisitions as asset acquisitions.

Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Kansas City, MOJanuary 6, 2022702,000 1 $60,428 
Chicago, ILJanuary 31, 202272,499 1 8,128 
Columbus, OHFebruary 8, 2022138,213 1 11,492 
Cleveland, OHFebruary 8, 2022136,800 1 13,001 
Nashville, TNMarch 10, 2022109,807 1 12,810 
Greenville/Spartanburg, SCMarch 10, 2022289,103 1 28,274 
Memphis, TNMarch 18, 2022195,622 1 15,828 
Greenville/Spartanburg, SCMarch 18, 2022155,717 1 16,390 
Three months ended March 31, 20221,799,761 8 $166,351 
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.

The following table summarizes the allocation of the total purchase price paid (on the closing dates) for the assets and liabilities acquired by the Company during the three months ended March 31, 2022 in connection with the acquisitions identified in the table above.

Three months ended March 31, 2022
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$10,746 N/A
Buildings127,778 N/A
Tenant improvements692 N/A
Building and land improvements5,384 N/A
Other assets2,134 N/A
Deferred leasing intangibles - In-place leases11,512 5.3
Deferred leasing intangibles - Tenant relationships7,319 9.0
Deferred leasing intangibles - Above market leases959 6.9
Deferred leasing intangibles - Below market leases(173)3.7
Total purchase price$166,351  

The following table summarizes the results of operations for the three months ended March 31, 2022 for the buildings acquired during the three months ended March 31, 2022, which are included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended March 31, 2022
Total revenue$1,251 
Net loss$113 

Dispositions

During the three months ended March 31, 2022, the Company sold one building and one land parcel to third parties comprised of approximately 0.2 million rentable square feet with a net book value of approximately $11.3 million. This building contributed approximately $0.2 million and $0.4 million to revenue for the three months ended March 31, 2022 and 2021, respectively. This building contributed approximately $0.2 million and $0.3 million to net income (exclusive of gain on the sales of rental property, net) for the three months ended March 31, 2022 and 2021, respectively. Net proceeds from the sales of rental property were approximately $35.3 million and the Company recognized the full gain on the sales of rental property, net, of approximately $24.0 million for the three months ended March 31, 2022.

10

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

March 31, 2022December 31, 2021
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$89,747 $(31,436)$58,311 $91,565 $(32,110)$59,455 
Other intangible lease assets760,160 (257,204)502,956 758,131 (249,928)508,203 
Total deferred leasing intangible assets$849,907 $(288,640)$561,267 $849,696 $(282,038)$567,658 
Below market leases$55,957 $(22,245)$33,712 $56,857 $(21,136)$35,721 
Total deferred leasing intangible liabilities$55,957 $(22,245)$33,712 $56,857 $(21,136)$35,721 

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2022 and 2021.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20222021
Net increase (decrease) to rental income related to above and below market lease amortization$79 $(1,480)
Amortization expense related to other intangible lease assets$24,077 $22,447 

The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of March 31, 2022.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2022$67,986 $180 
2023$80,666 $727 
2024$69,720 $1,361 
2025$60,629 $1,185 
2026$52,145 $1,626 

11

4. Debt

The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2022 and December 31, 2021.

LoanPrincipal Outstanding as of March 31, 2022 (in thousands)    Principal Outstanding as of December 31, 2021 (in thousands)
Interest 
Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$384,000 
 
$296,000  L + 0.775%October 23, 2026i
Total unsecured credit facility384,000 
 
296,000     
Unsecured term loans: 
 
    
Unsecured Term Loan D
150,000 
 
150,000  2.85 % January 4, 2023i
Unsecured Term Loan E175,000 175,000 3.77 %January 15, 2024i
Unsecured Term Loan F200,000 200,000 2.96 %January 12, 2025i
Unsecured Term Loan G300,000 300,000 1.13 %February 5, 2026i
Unsecured Term Loan A150,000 150,000 3.23 %March 15, 2027i
Total unsecured term loans975,000 975,000 
Total unamortized deferred financing fees and debt issuance costs(4,075)(4,423)
Total carrying value unsecured term loans, net970,925 
 
970,577     
Unsecured notes: 
 
    
Series F Unsecured Notes100,000 100,000 3.98 %

January 5, 2023ii
Series A Unsecured Notes50,000 
 
50,000  4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 
 
100,000  4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 
 
50,000  4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 
 
80,000  4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 
 
20,000  4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Series I Unsecured Notes275,000 275,000 2.80 %September 29, 2031ii
Series J Unsecured Notes50,000 50,000