STAG Industrial, Inc. [STAG] Filings

10-Q 1 stag-20220331.htm 10-Q stag-20220331

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

☐ 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)

____________________________________________________________________________


Maryland		27-3099608
(State or other jurisdiction of		(IRS Employer Identification No.)
incorporation or organization)

One Federal Street
23rd Floor
Boston,	Massachusetts	02110
(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 class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	STAG	New 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.

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STAG Industrial, Inc.

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PART I.	Financial Information	3

Item 1.	Financial Statements (unaudited)	3

	Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	3

	Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021	4

	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021	5

	Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021	6

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	7

	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40

Item 4.	Controls and Procedures	41

PART II.	Other Information	42

Item 1.	Legal Proceedings	42

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3.	Defaults Upon Senior Securities	43

Item 4.	Mine Safety Disclosures	43

Item 5.	Other Information	43

Item 6.	Exhibits	45

	SIGNATURES	46

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Part I. Financial Information

Item 1. Financial Statements

STAG Industrial, Inc.

Consolidated Balance Sheets

(unaudited, in thousands, except share data)


	March 31, 2022		December 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, net	5,723,377		5,620,698
Cash and cash equivalents	34,830		18,981
Restricted cash	3,175		4,215
Tenant accounts receivable	98,320		93,600
Prepaid expenses and other assets	64,308		60,953
Interest rate swaps	27,696		5,220
Operating lease right-of-use assets	29,151		29,582

Total assets	$	5,980,857	$	5,833,249
Liabilities and Equity
Liabilities:
Unsecured credit facility	$	384,000	$	296,000
Unsecured term loans, net	970,925		970,577
Unsecured notes, net	897,058		896,941
Mortgage notes, net	54,190		54,744
Accounts payable, accrued expenses and other liabilities	72,726		76,475
Interest rate swaps	2,298		17,052
Tenant prepaid rent and security deposits	36,062		37,138
Dividends and distributions payable	22,282		21,906
Deferred leasing intangibles, net of accumulated amortization of $22,245 and $21,136, respectively	33,712		35,721
Operating lease liabilities	32,725		33,108
Total liabilities	2,505,978		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 capital	4,179,361		4,130,038
Cumulative dividends in excess of earnings	(805,400)		(792,332)
Accumulated other comprehensive income (loss)	24,652		(11,783)
Total stockholders’ equity	3,400,405		3,327,700
Noncontrolling interest	74,474		65,887
Total equity	3,474,879		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.

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STAG Industrial, Inc.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)


	Three months ended March 31,
	2022		2021
Revenue
Rental income	$	158,601	$	133,825
Other income	608		170
Total revenue	159,209		133,995
Expenses
Property	31,775		27,002
General and administrative	12,313		12,790
Depreciation and amortization	67,366		58,407

Other expenses	497		852
Total expenses	111,951		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, net	23,955		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 dividends	1,162		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 securities	62		73
Net income attributable to common stockholders	$	52,764	$	20,931
Weighted average common shares outstanding — basic	177,827		158,430
Weighted average common shares outstanding — diluted	178,065		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.

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STAG Industrial, Inc.

Consolidated Statements of Comprehensive Income

(unaudited, in thousands)


	Three months ended March 31,
	2022		2021
Net income	$	53,988	$	25,348
Other comprehensive income:
Income on interest rate swaps	37,237		12,150
Other comprehensive income	37,237		12,150
Comprehensive income	91,225		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.

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STAG Industrial, Inc.

Consolidated Statements of Equity

(unaudited, in thousands, except share data)


	Preferred Stock		Common Stock			Additional Paid-in Capital		Cumulative Dividends in Excess of Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity		Noncontrolling Interest - Unit Holders in Operating Partnership		Total Equity
			Shares	Amount
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.

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STAG Industrial, Inc.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three months ended March 31,
	2022		2021
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 amortization	67,366		58,407


Non-cash portion of interest expense	864		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 expense	3,260		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 adjustments	34,891		48,112
Net cash provided by operating activities	88,879		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, net	35,326		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 facility	675,000		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, net	55,126		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 activities	74,727		8,020
Increase in cash and cash equivalents and restricted cash	14,809		1,978
Cash and cash equivalents and restricted cash—beginning of period	23,196		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.

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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

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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, 2022		December 31, 2021
Cash and cash equivalents	$	34,830	$	18,981
Restricted cash	3,175		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, 2022		December 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 progress	40,696		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

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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 Acquired	Square Feet	Number of Buildings	Purchase Price (in thousands)
Kansas City, MO	January 6, 2022	702,000	1	$	60,428
Chicago, IL	January 31, 2022	72,499	1	8,128
Columbus, OH	February 8, 2022	138,213	1	11,492
Cleveland, OH	February 8, 2022	136,800	1	13,001
Nashville, TN	March 10, 2022	109,807	1	12,810
Greenville/Spartanburg, SC	March 10, 2022	289,103	1	28,274
Memphis, TN	March 18, 2022	195,622	1	15,828
Greenville/Spartanburg, SC	March 18, 2022	155,717	1	16,390
Three months ended March 31, 2022		1,799,761	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 Liabilities	Purchase Price (in thousands)		Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land	$	10,746	N/A
Buildings	127,778		N/A
Tenant improvements	692		N/A
Building and land improvements	5,384		N/A

Other assets	2,134		N/A

Deferred leasing intangibles - In-place leases	11,512		5.3
Deferred leasing intangibles - Tenant relationships	7,319		9.0
Deferred leasing intangibles - Above market leases	959		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.

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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, 2022						December 31, 2021
Deferred Leasing Intangibles (in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Above market leases	$	89,747	$	(31,436)	$	58,311	$	91,565	$	(32,110)	$	59,455
Other intangible lease assets	760,160		(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)	2022		2021
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.


Year	Amortization 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

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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.


Loan	Principal 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, 2026	i
Total unsecured credit facility	384,000		296,000

Unsecured term loans:
Unsecured Term Loan D	150,000		150,000		2.85	%	January 4, 2023	i
Unsecured Term Loan E	175,000		175,000		3.77	%	January 15, 2024	i
Unsecured Term Loan F	200,000		200,000		2.96	%	January 12, 2025	i
Unsecured Term Loan G	300,000		300,000		1.13	%	February 5, 2026	i
Unsecured Term Loan A	150,000		150,000		3.23	%	March 15, 2027	i
Total unsecured term loans	975,000		975,000
Total unamortized deferred financing fees and debt issuance costs	(4,075)		(4,423)
Total carrying value unsecured term loans, net	970,925		970,577

Unsecured notes:
Series F Unsecured Notes	100,000		100,000		3.98	%	January 5, 2023	ii
Series A Unsecured Notes	50,000		50,000		4.98	%	October 1, 2024	ii
Series D Unsecured Notes	100,000		100,000		4.32	%	February 20, 2025	ii
Series G Unsecured Notes	75,000		75,000		4.10	%	June 13, 2025	ii
Series B Unsecured Notes	50,000		50,000		4.98	%	July 1, 2026	ii
Series C Unsecured Notes	80,000		80,000		4.42	%	December 30, 2026	ii
Series E Unsecured Notes	20,000		20,000		4.42	%	February 20, 2027	ii
Series H Unsecured Notes	100,000		100,000		4.27	%	June 13, 2028	ii
Series I Unsecured Notes	275,000		275,000		2.80	%	September 29, 2031	ii
Series J Unsecured Notes	50,000		50,000