STAG Industrial Inc 2024年度报告

E N V I R O N M E N T A L C O M P A N Y O V E R V I E W Under the Greenhouse Gas (GHG) Protocol’s market-based methodology,STAG has achieved and maintained operational carbon neutralitysince 2021.* STAG Industrial, Inc. (NYSE: STAG) is a real estate investment trust (REIT)focused on the acquisition, ownership, and operation of industrialproperties throughout the United States. P O R T F O L I O E N V I R O N M E N TA L S TAT I S T I C S OPERATING PORTFOLIOHIGHLIGHTS97.3%OCCUPIED CAPACITY FROM EXISTINGPHOTOVOLTAIC SOLAR PROJECTS30.3MW LED LIGHTING SYSTEMSAS A % OF PORTFOLIO57% 2024 NOI GROWTH7.8% HVAC SYSTEM UPGRADESSINCE 2015$14.6M REFLECTIVE ROOFINGAS A % OF PORTFOLIO48% 2024 ACQUISITIONSACTIVITY$682M CAPITALIZATION RATE6.4%BUILDINGS32 G O V E R N A N C E 2024 LEASING ACTIVITY13.5MSQ. FT. STRAIGHT-LINERENT CHANGE41.8% STAG takes a proactive and transparent approach to governance, aiming toprovide our stakeholders with checks and balances that both reduce riskand leverage opportunities. We are therefore committed to conducting ourbusiness honestly, ethically, and in a manner that considers the interests ofall our stakeholders: shareholders, tenants, employees, service providers,partners, local communities and the public at large. S O C I A L As an expression of our commitment to good corporate citizenship,we established the STAG Industrial Charitable Action Fund in 2020 topromote equality and inspire children and young adults — particularly thoseat risk — to realize their potential and benefit future generations. AUDIT COMMITTEEFINANCIAL EXPERTS100% WOMEN AND/ORMINORITIES36% INDEPENDENT82% AVERAGE TENURE10.1YEARS *This was achieved primarily through energy efficiency, optimization, and on-site renewables. Remaining scope 1 and scope 2 emissions were neutralized through the generation or purchaseof credible and verifiable renewable energy certificates (RECs) and carbon offsets. We plan to decelerate our use of RECs and carbon offsets as we increase investments and efforts in energyefficiency,electrificationandon-siterenewables.Toformalizeanevendeepercommitment,STAGhassetalong-termgoalinalignmentwith,andapprovedby,theScience-BasedTargetsInitiative(SBTi), the world’s most widely respected organization tasked with the responsibility of vetting science-based emissions reduction targets from the private sector. STAG formally commits toreducing absolute scope 1 and scope 2 GHG emissions 50% by 2030 from a 2018 baseline, and to measure and reduce scope 3 emissions,which primarily come from our tenants’ energy use. Asmandated by SBTi, STAG’s GHG inventory and management practices follow the rules and standards of the GHG Protocol and the accomplishment of its targets, excluding the use of carbon offsets. Fellow Shareholders, Same Store Cash NOI Growth Same store cash NOI growth has been a primary focus for many years.We set a record level of same store cash NOI growth in 2024. We leased13.5 million square feet in 2024, producing 28.3% cash leasing spreads withsimilar lease concessions as 2023. Our portfolio annual lease escalationsincreased again this year to 2.8% and our retention exceeded guidance,ending the year at 76.6%. Overall, 2024 was a significant success froman internal growth perspective. Thank you for your continued support ofour Company. I am pleased to provide our2024 results and a view into 2025. We hadanother strong year for earnings and operatingmetrics. We grew core funds from operationspershare while also producing record same store cash net operating income (NOI) growth. Despite continued capitalmarket volatility, we exceeded our guidance on acquisitions anddevelopment starts. We achieved all of this, while maintaining ourbalance sheet discipline. This is an important strategy for us as we wantto be well positioned to take advantage of market opportunities thatpresent themselves in the future. As we look to 2025, we expect some moderation in internal growth dueto elevated levels of supply coming online. We anticipate cash leasingspreads to be approximately 25%, retention to be in the 70% to 75% rangeand occupancy to drop. When we roll this all together, we expect oursame store cash NOI growth to be 3.5% to 4%. This is lower than 2024,but higher than our historical averages. Industrial Real Estate Market Our same store portfolio occupancy outperformed the broader market.The theme for 2024 was a reduction in warehouse demand coupled withhigh levels of supply delivering. This dynamic increased vacancies acrossthe industrial landscape and in our markets. The broader industrial marketsame store occupancy dropped by 1.7% to 96.3% by year-end 2024.Our portfolio showed its resilience, and same store occupancy loss wasonly 1.3% for 2024. I believe our occupancy outperformance was due to:1) our focus on CBRE-Tier 1 markets and 2) how our properties fit in theirrespective sub-markets. We focus on CBRE-Tier 1 markets because of thegreater sustainable long-term internal growth i