STAG Industrial, Inc 10-Q for FY2023 Q2

STAG Industrial, Inc. (STAG)

10-Q 2023-07-26 For: 2023-06-30

Added on April 08, 2026

About this 10-Q

STAG Industrial, Inc filed this 10-Q on July 26, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $171.69M; up 6.3% from $161.5M a year earlier
Net income: $51.61M; up 59.4% from net income of $32.38M a year earlier

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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)


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



PART I.	Financial Information	3

Item 1.	Financial Statements (unaudited)	3

	Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	3

	Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2023 and 2022	4

	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2023 and 2022	5

	Consolidated Statements of Equity for the Three and Six Months Ended Ju ne 3 0 , 2023 and 2022	6

	Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2023 and 2022	7

	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40

Item 4.	Controls and Procedures	40

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	44

	SIGNATURES	45


	June 30, 2023		December 31, 2022
Assets
Rental Property:
Land	$	652,173	$	647,098
Buildings and improvements, net of accumulated depreciation of $841,488 and $763,128, respectively	4,684,280		4,706,745
Deferred leasing intangibles, net of accumulated amortization of $357,435 and $328,848, respectively	463,569		508,935
Total rental property, net	5,800,022		5,862,778
Cash and cash equivalents	13,511		25,884
Restricted cash	1,023		905
Tenant accounts receivable	112,334		115,509
Prepaid expenses and other assets	76,767		71,733
Interest rate swaps	72,016		72,223
Operating lease right-of-use assets	30,513		31,313
Assets held for sale, net	—		4,643
Total assets	$	6,106,186	$	6,184,988
Liabilities and Equity
Liabilities:
Unsecured credit facility	$	216,000	$	175,000
Unsecured term loans, net	1,021,106		1,020,440
Unsecured notes, net	1,195,790		1,295,442
Mortgage notes, net	7,727		7,898
Accounts payable, accrued expenses and other liabilities	91,994		97,371

Tenant prepaid rent and security deposits	44,354		40,847
Dividends and distributions payable	22,515		22,282
Deferred leasing intangibles, net of accumulated amortization of $27,467 and $24,593, respectively	28,412		32,427
Operating lease liabilities	34,429		35,100

Total liabilities	2,662,327		2,726,807
Commitments and contingencies (Note 11)
Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2023 and December 31, 2022; none issued or outstanding	—		—
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2023 and December 31, 2022, 179,660,771 and 179,248,980 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,797		1,792
Additional paid-in capital	4,201,551		4,188,677
Cumulative dividends in excess of earnings	(907,061)		(876,145)
Accumulated other comprehensive income	70,313		70,500
Total stockholders’ equity	3,366,600		3,384,824
Noncontrolling interest	77,259		73,357
Total equity	3,443,859		3,458,181
Total liabilities and equity	$	6,106,186	$	6,184,988


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenue
Rental income	$	171,439	$	161,057	$	344,707	$	319,658
Other income	255		443		540		1,051
Total revenue	171,694		161,500		345,247		320,709
Expenses
Property	32,675		28,874		68,556		60,649
General and administrative	12,060		12,234		24,736		24,547
Depreciation and amortization	68,494		69,279		137,438		136,645

Other expenses	357		532		3,336		1,029
Total expenses	113,586		110,919		234,066		222,870
Other income (expense)
Interest and other income	17		23		36		57
Interest expense	(22,860)		(17,896)		(45,472)		(35,155)


Gain on the sales of rental property, net	17,532		376		37,660		24,331
Total other income (expense)	(5,311)		(17,497)		(7,776)		(10,767)
Net income	$	52,797	$	33,084	$	103,405	$	87,072
Less: income attributable to noncontrolling interest	1,191		708		2,333		1,870
Net income attributable to STAG Industrial, Inc.	$	51,606	$	32,376	$	101,072	$	85,202


Less: amount allocated to participating securities	53		59		106		121
Net income attributable to common stockholders	$	51,553	$	32,317	$	100,966	$	85,081
Weighted average common shares outstanding — basic	179,413		179,049		179,305		178,442
Weighted average common shares outstanding — diluted	179,738		179,144		179,518		178,586
Net income per share — basic and diluted


Net income per share attributable to common stockholders — basic	$	0.29	$	0.18	$	0.56	$	0.48
Net income per share attributable to common stockholders — diluted	$	0.29	$	0.18	$	0.56	$	0.48


	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 June 30, 2023
Balance, March 31, 2023	$	—	179,372,871		$	1,794	$	4,188,960	$	(892,676)	$	54,849	$	3,352,927	$	77,893	$	3,430,820
Proceeds from sales of common stock, net	—		249,016		3		8,644		—		—		8,647		—		8,647

Dividends and distributions, net ($0.37 per share/unit)	—		—		—		—		(65,991)		—		(65,991)		(1,564)		(67,555)
Non-cash compensation activity, net	—		3,884		—		1,896		—		—		1,896		1,433		3,329
Redemption of common units to common stock	—		35,000		—		654		—		—		654		(654)		—
Rebalancing of noncontrolling interest	—		—		—		1,397		—		—		1,397		(1,397)		—
Other comprehensive income	—		—		—		—		—		15,464		15,464		357		15,821
Net income	—		—		—		—		51,606		—		51,606		1,191		52,797
Balance, June 30, 2023	$	—	179,660,771		$	1,797	$	4,201,551	$	(907,061)	$	70,313	$	3,366,600	$	77,259	$	3,443,859
Three months ended June 30, 2022
Balance, March 31, 2022	$	—	179,211,305		$	1,792	$	4,179,361	$	(805,400)	$	24,652	$	3,400,405	$	74,474	$	3,474,879
Proceeds from sales of common stock, net	—		—		—		(93)		—		—		(93)		—		(93)

Dividends and distributions, net ($0.37 per share/unit)	—		—		—		—		(65,413)		—		(65,413)		(1,910)		(67,323)
Non-cash compensation activity, net	—		433		—		2,071		—		—		2,071		1,368		3,439

Rebalancing of noncontrolling interest	—		—		—		826		—		—		826		(826)		—
Other comprehensive income	—		—		—		—		—		12,243		12,243		266		12,509
Net income	—		—		—		—		32,376		—		32,376		708		33,084
Balance, June 30, 2022	$	—	179,211,738		$	1,792	$	4,182,165	$	(838,437)	$	36,895	$	3,382,415	$	74,080	$	3,456,495

Six months ended June 30, 2023
Balance, December 31, 2022	$	—	$	179,248,980	$	1,792	$	4,188,677	$	(876,145)	$	70,500	3,384,824		$	73,357	3,458,181
Proceeds from sales of common stock, net	—		249,016		3		8,492		—		—		8,495		—		8,495

Dividends and distributions, net ($0.74 per share/unit)	—		—		—		—		(131,905)		—		(131,905)		252		(131,653)
Non-cash compensation activity, net	—		83,941		1		(1,935)		(83)		—		(2,017)		7,639		5,622
Redemption of common units to common stock	—		78,834		1		1,482		—		—		1,483		(1,483)		—

Rebalancing of noncontrolling interest	—		—		—		4,835		—		—		4,835		(4,835)		—
Other comprehensive loss	—		—		—		—		—		(187)		(187)		(4)		(191)
Net income	—		—		—		—		101,072		—		101,072		2,333		103,405
Balance, June 30, 2023	$	—	179,660,771		$	1,797	$	4,201,551	$	(907,061)	$	70,313	$	3,366,600	$	77,259	$	3,443,859
Six months ended June 30, 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		54,870		—		—		54,883		—		54,883

Dividends and distributions, net ($0.73 per share/unit)	—		—		—		—		(130,527)		—		(130,527)		(3,384)		(133,911)
Non-cash compensation activity, net	—		49,061		1		(1,208)		(780)		—		(1,987)		7,105		5,118
Redemption of common units to common stock	—		65,000		1		1,216		—		—		1,217		(1,217)		—


Rebalancing of noncontrolling interest	—		—		—		(2,751)		—		—		(2,751)		2,751		—
Other comprehensive income	—		—		—		—		—		48,678		48,678		1,068		49,746
Net income	—		—		—		—		85,202		—		85,202		1,870		87,072
Balance, June 30, 2022	$	—	179,211,738		$	1,792	$	4,182,165	$	(838,437)	$	36,895	$	3,382,415	$	74,080	$	3,456,495


Reconciliation of cash and cash equivalents and restricted cash (in thousands)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	13,511	$	25,884
Restricted cash	1,023		905
Total cash and cash equivalents and restricted cash	$	14,534	$	26,789


Rental Property (in thousands)	June 30, 2023		December 31, 2022
Land	$	652,173	$	647,098
Buildings, net of accumulated depreciation of $566,695 and $513,053, respectively	4,206,049		4,232,964
Tenant improvements, net of accumulated depreciation of $34,899 and $31,578, respectively	40,944		44,526
Building and land improvements, net of accumulated depreciation of $239,894 and $218,497, respectively	347,663		339,274
Construction in progress	89,624		89,981
Deferred leasing intangibles, net of accumulated amortization of $357,435 and $328,848, respectively	463,569		508,935
Total rental property, net	$	5,800,022	$	5,862,778


Market(1)	Date Acquired	Square Feet	Number of Buildings	Purchase Price (in thousands)
Central New Jersey, NJ	April 24, 2023	101,381	1	$	26,660
Greensboro, NC	May 5, 2023	133,622	1	14,004







Three and six months ended June 30, 2023		235,003	2	$	40,664


	Six months ended June 30, 2023
Acquired Assets and Liabilities	Purchase Price (in thousands)		Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land	$	7,933	N/A
Buildings	27,279		N/A
Tenant improvements	116		N/A
Building and land improvements	2,097		N/A



Deferred leasing intangibles - In-place leases	3,509		1.7

Deferred leasing intangibles - Above market leases	241		1.9



Tenant prepaid rent	(511)		N/A


Total purchase price	$	40,664


Sales of rental property, net (dollars in thousands)	Six months ended June 30, 2023
Number of buildings	7

Building square feet (in millions)	1.2



Proceeds from sales of rental property, net	$	69,320
Net book value	$	31,660
Gain on the sales of rental property, net	$	37,660


	June 30, 2023						December 31, 2022
Deferred Leasing Intangibles (in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Above market leases	$	83,281	$	(35,657)	$	47,624	$	86,172	$	(34,954)	$	51,218
Other intangible lease assets	737,723		(321,778)		415,945		751,611		(293,894)		457,717
Total deferred leasing intangible assets	$	821,004	$	(357,435)	$	463,569	$	837,783	$	(328,848)	$	508,935

Below market leases	$	55,879	$	(27,467)	$	28,412	$	57,020	$	(24,593)	$	32,427
Total deferred leasing intangible liabilities	$	55,879	$	(27,467)	$	28,412	$	57,020	$	(24,593)	$	32,427


	Three months ended June 30,				Six months ended June 30,
Deferred Leasing Intangibles Amortization (in thousands)	2023		2022		2023		2022
Net increase to rental income related to above and below market lease amortization	$	57	$	22	$	181	$	101
Amortization expense related to other intangible lease assets	$	21,858	$	24,705	$	44,303	$	48,782


Indebtedness (dollars in thousands)	June 30, 2023		December 31, 2022		Interest Rate(1)(2)		Maturity Date	Prepayment Terms(3)
Unsecured credit facility:
Unsecured Credit Facility(4)	$	216,000	$	175,000	Term SOFR + 0.855%		October 23, 2026	i
Total unsecured credit facility	216,000		175,000

Unsecured term loans:
Unsecured Term Loan F	200,000		200,000		2.94	%	January 12, 2025	i
Unsecured Term Loan G	300,000		300,000		1.78	%	February 5, 2026	i
Unsecured Term Loan A	150,000		150,000		2.14	%	March 15, 2027	i
Unsecured Term Loan H	187,500		187,500		3.73	%	January 25, 2028	i
Unsecured Term Loan I	187,500		187,500		3.49	%	January 25, 2028	i
Total unsecured term loans	1,025,000		1,025,000
Total unamortized deferred financing fees and debt issuance costs	(3,894)		(4,560)
Total carrying value unsecured term loans, net	1,021,106		1,020,440

Unsecured notes:
Series F Unsecured Notes	—		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 K Unsecured Notes	400,000		400,000		4.12	%	June 28, 2032	ii
Series J Unsecured Notes	50,000		50,000		2.95	%	September 28, 2033	ii
Total unsecured notes	1,200,000		1,300,000
Total unamortized deferred financing fees and debt issuance costs	(4,210)		(4,558)
Total carrying value unsecured notes, net	1,195,790		1,295,442

Mortgage notes (secured debt):
Thrivent Financial for Lutherans	3,227		3,296		4.78	%	December 15, 2023	iii
United of Omaha Life Insurance Company	4,641		4,744		3.71	%	October 1, 2039	ii
Total mortgage notes	7,868		8,040
Net unamortized fair market value discount	(139)		(137)
Total unamortized deferred financing fees and debt issuance costs	(2)		(5)
Total carrying value mortgage notes, net	7,727		7,898
Total / weighted average interest rate(5)	$	2,440,623	$	2,498,780	3.59	%


	Three months ended June 30,				Six months ended June 30,
Costs Included in Interest Expense (in thousands)	2023		2022		2023		2022
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts	$	972	$	880	$	1,948	$	1,744
Facility, unused, and other fees	$	437	$	345	$	872	$	686


ATM Common Stock Offering Program	Date	Maximum Aggregate Offering Price (in thousands)		Aggregate Available as of June 30, 2023 (in thousands)
2022 $750 million ATM	February 17, 2022	$	750,000	$	679,463


	Year ended December 31, 2022
ATM Common Stock Offering Program	Shares Sold	Weighted Average Price Per Share		Net Proceeds (in thousands)
2019 $600 million ATM(1)	128,335	$	45.03	$	5,721
Total/weighted average	128,335	$	45.03	$	5,721


Unvested Restricted Shares of Common Stock	Shares	Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2021	185,715	$	28.86
Granted	58,580	$	44.19
Vested(1)	(73,556)	$	28.03
Forfeited	(14,036)	$	36.16
Balance at December 31, 2022	156,703	$	34.32
Granted	55,954	$	34.73
Vested(1)	(68,625)	$	31.71
Forfeited	—	$	—
Balance at June 30, 2023	144,032	$	35.73


LTIP Units	Assumptions
Grant date	March 31, 2023			January 11, 2023
Expected term (years)	10			10
Expected stock price volatility	37.0		%	37.0		%
Expected dividend yield	4.0		%	4.0		%
Risk-free interest rate	3.81		%	3.90		%
Fair value of LTIP units at issuance (in thousands)	$	628		$	4,635
LTIP units at issuance	19,345			139,026
Fair value unit price per LTIP unit at issuance	$	32.47		$	33.34


	June 30, 2023				December 31, 2022
Indebtedness (in thousands)	Principal Outstanding		Fair Value		Principal Outstanding		Fair Value
Unsecured credit facility	$	216,000	$	216,000	$	175,000	$	175,000
Unsecured term loans	1,025,000		1,025,000		1,025,000		1,025,000
Unsecured notes	1,200,000		1,048,519		1,300,000		1,150,283
Mortgage notes	7,868		6,707		8,040		6,855
Total principal amount	2,448,868		$	2,296,226	2,508,040		$	2,357,138
Net unamortized fair market value discount	(139)				(137)
Total unamortized deferred financing fees and debt issuance costs	(8,106)				(9,123)
Total carrying value	$	2,440,623			$	2,498,780


Balance Sheet Line Item (in thousands)	Notional Amount June 30, 2023		Fair Value June 30, 2023		Notional Amount December 31, 2022		Fair Value December 31, 2022
Interest rate swaps-Asset	$	1,200,000	$	72,016	$	1,650,000	$	72,223
Interest rate swaps-Liability	$	—	$	—	$	—	$	—


	Three months ended June 30,				Six months ended June 30,
Effect of Cash Flow Hedge Accounting (in thousands)	2023		2022		2023		2022
Income recognized in accumulated other comprehensive income on interest rate swaps	$	24,168	$	10,628	$	15,626	$	44,134
Income (loss) reclassified from accumulated other comprehensive income into income as interest expense	$	8,347	$	(1,881)	$	15,817	$	(5,612)
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	22,860	$	17,896	$	45,472	$	35,155


			Fair Value Measurements as of June 30, 2023 Using
Balance Sheet Line Item (in thousands)	Fair Value June 30, 2023		Level 1		Level 2		Level 3
Interest rate swaps-Asset	$	72,016	$	—	$	72,016	$	—


			Fair Value Measurements as of December 31, 2022 Using
Balance Sheet Line Item (in thousands)	Fair Value December 31, 2022		Level 1		Level 2		Level 3
Interest rate swaps-Asset	$	72,223	$	—	$	72,223	$	—


	Three months ended June 30,				Six months ended June 30,
Vested Restricted Shares of Common Stock	2023		2022		2023		2022
Vested restricted shares of common stock	—		—		68,625		73,556
Fair value of vested restricted shares of common stock (in thousands)	$	—	$	—	$	2,217	$	3,528


Noncontrolling Interest	LTIP Units	Other Common Units	Total Noncontrolling Common Units	Noncontrolling Interest
Balance at December 31, 2021	1,949,124	1,570,640	3,519,764	1.9	%
Granted/Issued	470,237	—	470,237	N/A
Forfeited	(6,791)	—	(6,791)	N/A
Conversions from LTIP units to Other Common Units	(98,494)	98,494	—	N/A
Redemptions from Other Common Units to common stock	—	(98,494)	(98,494)	N/A

Balance at December 31, 2022	2,314,076	1,570,640	3,884,716	2.1	%
Granted/Issued	326,215	—	326,215	N/A
Forfeited	(9,119)	—	(9,119)	N/A
Conversions from LTIP units to Other Common Units	(78,834)	78,834	—	N/A
Redemptions from Other Common Units to common stock	—	(78,834)	(78,834)	N/A

Balance at June 30, 2023	2,552,338	1,570,640	4,122,978	2.2	%


Unvested LTIP Units	LTIP Units	Weighted Average Grant Date Fair Value per Unit
Balance at December 31, 2021	190,108	$	27.84
Granted	470,237	$	42.07
Vested	(513,438)	$	38.67
Forfeited	(6,791)	$	34.02
Balance at December 31, 2022	140,116	$	35.60
Granted	326,215	$	33.29
Vested	(235,702)	$	34.01
Forfeited	(9,119)	$	34.11
Balance at June 30, 2023	221,510	$	33.96


	Three months ended June 30,				Six months ended June 30,
Vested LTIP units	2023		2022		2023		2022
Vested LTIP units	23,472		30,327		235,702		444,675
Fair value of vested LTIP units (in thousands)	$	839	$	951	$	7,862	$	19,544


Performance Units	Assumptions
Grant date	March 31, 2023			January 11, 2023
Expected stock price volatility	25.4		%	37.4		%
Expected dividend yield	4.0		%	4.0		%
Risk-free interest rate	3.8725		%	3.9060		%
Fair value of performance units grant (in thousands)	$	609		$	4,517


Settlement of Performance Units in LTIP Units or Shares of Common Stock						2020 Performance Units
Measuring period conclusion date						December 31, 2022
Issuance date						January 11, 2023
Vested LTIP units						167,844
Vested shares of common stock						40,660
Shares of common stock repurchased and retired						875


	Three months ended June 30,				Six months ended June 30,
Non-Cash Compensation Expense (in thousands)	2023		2022		2023		2022
Restricted shares of common stock	$	516	$	565	$	1,025	$	1,113
LTIP units	1,414		1,367		2,742		2,651
Performance units	1,235		1,364		2,354		2,660
Director compensation(1)	128		125		264		246
Total non-cash compensation expense	$	3,293	$	3,421	$	6,385	$	6,670


	Three months ended June 30,				Six months ended June 30,
Rental Income (in thousands)	2023		2022		2023		2022
Fixed lease payments	$	133,164	$	124,593	$	264,250	$	244,833
Variable lease payments	33,723		32,714		70,669		66,492
Straight-line rental income	4,495		3,728		9,607		8,232
Net increase to rental income related to above and below market lease amortization	57		22		181		101
Total rental income	$	171,439	$	161,057	$	344,707	$	319,658


Year	Maturity of Fixed Lease Payments (in thousands)
Remainder of 2023	$	271,277
2024	$	521,593
2025	$	463,939
2026	$	386,524
2027	$	305,959
Thereafter	$	891,179


Operating Lease Term and Discount Rate	June 30, 2023		December 31, 2022
Weighted average remaining lease term (years)	31.3		31.2
Weighted average discount rate	6.8	%	6.7	%


	Three months ended June 30,				Six months ended June 30,
Operating Lease Cost (in thousands)	2023		2022		2023		2022
Operating lease cost included in property expense attributable to ground leases	$	618	$	605	$	1,236	$	1,138
Operating lease cost included in general and administrative expense attributable to corporate office leases	434		436		871		873
Total operating lease cost	$	1,052	$	1,041	$	2,107	$	2,011


	Six months ended June 30,
Operating Leases (in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,933	$	1,850
Right-of-use assets obtained in exchange for new lease liabilities	$	141	$	—


Year	Maturity of Operating Lease Liabilities(1) (in thousands)
Remainder of 2023	$	1,957
2024	3,975
2025	4,022
2026	3,014
2027	2,023
Thereafter	81,962
Total lease payments	96,953
Less: Imputed interest	(62,524)
Present value of operating lease liabilities	$	34,429


	Three months ended June 30,				Six months ended June 30,
Earnings Per Share (in thousands, except per share data)	2023		2022		2023		2022
Numerator
Net income attributable to common stockholders	$	51,553	$	32,317	$	100,966	$	85,081
Denominator
Weighted average common shares outstanding — basic	179,413		179,049		179,305		178,442
Effect of dilutive securities(1)
Share-based compensation	318		95		210		144
Shares issuable under forward sales agreements	7		—		3		—
Weighted average common shares outstanding — diluted	179,738		179,144		179,518		178,586
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic	$	0.29	$	0.18	$	0.56	$	0.48
Net income per share attributable to common stockholders — diluted	$	0.29	$	0.18	$	0.56	$	0.48


Operating Portfolio	Square Feet	Cash Basis Rent Per Square Foot		SL Rent Per Square Foot		Total Costs Per Square Foot(1)		Cash Rent Change		SL Rent Change		Weighted Average Lease Term (years)	Rental Concessions per Square Foot(2)

Three months ended June 30, 2023
New Leases	702,961	$	5.95	$	6.21	$	2.42	27.1	%	35.8	%	4.4	$	0.43
Renewal Leases	2,852,761	$	5.43	$	5.70	$	1.11	28.3	%	44.5	%	3.8	$	0.13
Total/weighted average	3,555,722	$	5.53	$	5.80	$	1.37	28.0	%	42.6	%	3.9	$	0.19
Six months ended June 30, 2023
New Leases	1,478,285	$	6.76	$	7.04	$	2.84	38.1	%	46.7	%	4.1	$	0.47
Renewal Leases	6,878,735	$	5.13	$	5.39	$	1.01	23.5	%	36.2	%	4.2	$	0.09
Total/weighted average	8,357,020	$	5.42	$	5.68	$	1.33	26.5	%	38.4	%	4.2	$	0.15