STAG Industrial Inc
For the period ended Mar 31, 2025. Filed Apr 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 29, 2025
STAG$36.60-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-29.
0001479094-24-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-29.
0001479094-25-000011
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 213 previous paragraphs and 178 current paragraphs.
116 unchanged; 56 reworded; 5 added; 23 removed; 18 previous and 1 current paragraphs rearranged.
Tables are not compared: 15 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
•decreased economic activity due to fluctuations in trade policies, tariffs and related government actions;
Current report
•renegotiation or termination of trade agreements or treaties among the United States and foreign countries or increases to U.S. tariffs on foreign goods or to foreign tariffs on U.S. goods;
Current report
Portfolio Disposition
Current report
(1)The 2022 $750 million ATM program was terminated on February 12, 2025.
Current report
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
Removed paragraphs (23)
Previous report
(2) We acquired a vacant land parcel.
Previous report
(3) We acquired a vacant land parcel through a consolidated joint venture.
Previous report
Portfolio Dispositions
Previous report
Comparison of the nine months ended September 30, 2024 to the nine months ended September 30, 2023
Previous report
Net Income
Previous report
Net income for our total portfolio decreased by $13.3 million, or 8.6%, to $141.3 million for the nine months ended September 30, 2024 compared to $154.6 million for the nine months ended September 30, 2023.
Previous report
Same Store Total Operating Revenue
Previous report
Same store rental income, which is comprised of lease income and other billings as discussed below, increased by approximately $23.3 million, or 4.6%, to approximately $526.4 million for the nine months ended September 30, 2024 compared to approximately $503.1 million for the nine months ended September 30, 2023.
Previous report
Same store lease income increased by approximately $16.9 million, or 4.1%, to approximately $427.4 million for the nine months ended September 30, 2024 compared to approximately $410.5 million for the nine months ended September 30, 2023. The increase was primarily due to an increase in rental income of approximately $24.3 million from the execution of new leases and lease renewals with existing tenants. This increase was partially offset by the reduction of base rent of approximately $4.7 million due to tenant vacancies, and a net increase in the amortization of net above market leases of approximately $0.7 million. Additionally, there was a decrease in same store lease income of approximately $2.0 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the nine months ended September 30, 2024, management determined certain tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.6 million of the decrease during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Additionally, management converted two tenants from the cash basis of accounting back to the accrual basis of accounting during the nine months ended September 30, 2023, for which approximately $1.4 million of straight-line accrued rental balance was reinstated.
Previous report
Same store other billings increased by approximately $6.4 million, or 6.9%, to approximately $99.0 million for the nine months ended September 30, 2024 compared to approximately $92.6 million for the nine months ended September 30, 2023. The increase was attributable to an increase of approximately $3.5 million in other expense reimbursements which was primarily due to an increase in corresponding expenses. The increase was also attributable to an increase of approximately $2.9 million of real estate tax reimbursements due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf, changes to lease terms where we began paying the real estate taxes on behalf of tenants that had previously paid the taxes directly to the taxing authorities, and occupancy of previously vacant buildings.
Previous report
Same Store Operating Expenses
Previous report
Total same store operating expenses increased by approximately $5.3 million or 5.4% to approximately $105.1 million for the nine months ended September 30, 2024 compared to approximately $99.7 million for the nine months ended September 30, 2023. This increase was due to increases in real estate tax, other expenses, insurance, and snow removal of approximately $3.6 million, $1.3 million, $0.8 million, and $0.4 million, respectively. These increases were partially offset by a reduction of repairs and maintenance and utility expense of approximately $0.4 million and $0.3 million, respectively.
Previous report
Other Net Operating Income
Previous report
Total Other Expenses
Previous report
Total other expenses increased approximately $15.5 million, or 6.3%, to approximately $262.6 million for the nine months ended September 30, 2024 compared to approximately $247.1 million for the nine months ended September 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $12.0 million due to an increase in the depreciable asset base from net acquisitions after September 30, 2023. Additionally, a loss on impairment of approximately $5.0 million was recognized during the nine months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the nine months ended September 30, 2023. Additionally, general and administrative expenses increased by approximately $0.9 million primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease in other expenses of approximately $2.4 million, which was primarily attributed to the relinquishment of an acquisition deposit of approximately $2.5 million related to the termination of an acquisition contract during the nine months ended September 30, 2023 that did not recur during the nine months ended September 30, 2024.
Previous report
Total Other Income (Expense)
Previous report
Total other expense increased approximately $29.8 million, or 150.1%, to approximately $49.6 million for the nine months ended September 30, 2024 compared to approximately $19.8 million for the nine months ended September 30, 2023. This increase was primarily a result of a decrease in the gain on the sales of rental property, net of approximately $26.1 million. This increase was also attributable to an increase in interest expense of approximately $12.3 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements, and an increase in one-month Term Secured Overnight Financing Rate (“Term SOFR”) for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. This increase was also attributable to an increase in debt extinguishment and modification expenses of approximately $0.7 million related to the unsecured term loan amendment and the 2024 Credit Agreement (as defined below) amendment during the nine months ended September 30, 2024, as discussed in Note 4 of the accompany Notes to Consolidated Financial Statements. These increases were partially offset by an increase in gain on involuntary conversion of approximately $9.3 million during the nine months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the nine months ended September 30, 2023.
Previous report
Comparison of the nine months ended September 30, 2024 to the nine months ended September 30, 2023
Previous report
On September 10, 2024, we entered into the second amended and restated credit agreement for our unsecured credit facility (the “2024 Credit Agreement”) to, (i) extend the maturity date to September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by us at our discretion, subject to certain conditions, including the payment of a fee, and (ii) provide that borrowings under our unsecured credit facility will, at our election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the 2024 Credit Agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the 2024 Credit Agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the 2024 Credit Agreement). Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of our unsecured credit facility remain unchanged.
Previous report
On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on our unsecured credit facility and each of our unsecured term loans ended in accordance with the respective loan agreements.
Previous report
On March 25, 2024, we entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions, that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at our election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.
Previous report
On August 8, 2024, we formed a joint venture with a third party that is primarily engaged in the development and operation of an industrial real estate property located in Reno, Nevada. At September 30, 2024, we held a 95% interest and the third party held the remaining 5% interest in the joint venture.
Previous report
During the nine months ended September 30, 2024, we entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027.
Reworded paragraphs (56)
Previous wording
•potential natural disasters, epidemics, pandemics or outbreak of infectious disease, such as the novel coronavirus disease (“COVID-19”), and other potentially catastrophic events such as acts of war and/or terrorism (including Russia’s invasion of Ukraine and the Israel-Hamas war, the risk of such conflicts widening and the related impact on macroeconomic conditions as a result of such conflicts);
Current wording
•potential natural disasters, epidemics, pandemics or outbreak of infectious disease, such as the novel coronavirus disease, and other potentially catastrophic events such as acts of war and/or terrorism (including the ongoing conflict between Ukraine and Russia and the Israel-Hamas war, the risk of such conflicts widening and the related impact on macroeconomic conditions as a result of such conflicts);
Previous wording
“GAAP” means generally accepted accounting principles in the United States.
Current wording
“GAAP” means generally accepted accounting principles in the United States of America.
Previous wording
“SL Rent Change” means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.
Current wording
“Straight-line Rent Change” means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.
Previous wording
“Total annualized base rental revenue” means the contractual monthly base rent as of September 30, 2024 (which differs from rent calculated in accordance with GAAP) multiplied by 12. If a tenant is in a free rent period as of September 30, 2024, the total annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12.
Current wording
“Total annualized base rental revenue” means the monthly base cash rent for the applicable property or properties as of March 31, 2025 (which is different from rent calculated in accordance with GAAP for purposes of our financial statements), multiplied by 12. If a tenant is in a free rent period as of March 31, 2025, the annualized rent is calculated based on the first contractual monthly base rent amount multiplied by 12.
Previous wording
“Weighted Average Lease Term” means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, weighted by square footage.
Current wording
“Weighted Average Lease Term” means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.
Previous wording
We are a REIT focused on the acquisition, ownership, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial property types and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. We are a Maryland corporation and our common stock is publicly traded on the New York Stock Exchange under the symbol “STAG.”
Current wording
We are a REIT focused on the acquisition, ownership, development, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial property types and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. We are a Maryland corporation and our common stock is publicly traded on the New York Stock Exchange under the symbol “STAG.”
Previous wording
The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, and geopolitical tensions. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. While U.S. gross domestic product (“GDP”) declined during the first two quarters of 2022, real GDP has increased for eight consecutive quarters with the most recent measure showing 3.0% growth in the second quarter of 2024. Labor conditions are slowing, but holding solid with a 4.1% unemployment rate as of September 2024. Going forward, the general consensus among economists is to expect low growth in the United States with a continued historically elevated risk of recession. While the macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates, we believe we will continue to benefit from having a well-diversified portfolio across various markets, tenant industries, and lease terms. Additionally, we believe that recent moves toward more regional supply chains and geopolitical tensions have accelerated a number of trends that positively impact U.S. industrial demand. However, given the current uncertainty and events discussed above, our acquisition activity slowed since 2022 relative to our historical acquisition pace.
Current wording
The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, trade policies, and geopolitical tensions. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. While U.S. gross domestic product (“GDP”) declined during the first two quarters of 2022, real GDP has increased for ten consecutive quarters with the most recent measure showing 2.4% growth in the fourth quarter of 2024. Labor conditions are slowing, but holding solid with a 4.2% unemployment rate as of March 2025. Going forward, due to the U.S.'s recent implementation of extraordinary tariffs, the general consensus among economists is substantially higher risk of recession or stagflation. While the trade policies and macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates, we believe we will continue to benefit from having a well-diversified portfolio across various markets, tenant industries, and lease terms. Additionally, we believe that recent moves toward more regional supply chains and geopolitical tensions have accelerated a number of trends that positively impact U.S. industrial demand. However, given the current uncertainty and events discussed above, our acquisition activity slowed since 2022 relative to our historical acquisition pace.
Previous wording
•the increasing attractiveness of the United States as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs, a desire for greater supply chain resilience and redundancy which is driving higher inventory to sales ratios and greater domestic warehouse demand over the long term (i.e. the shortening and fattening of the supply chain); and
Current wording
•the increasing attractiveness of the United States as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs, policies that promote domestic and regional manufacturing "onshoring and nearshoring", a desire for greater supply chain resilience and redundancy which is driving higher inventory to sales ratios and greater domestic warehouse demand over the long term (i.e. the shortening and fattening of the supply chain); and
Previous wording
Our portfolio continues to have strong occupancy and benefits from geographic diversity throughout the national industrial market. Demand across the industrial market is moderating relative to recent peaks. Vacancy and availability rates, while rising, remain low by historical standards in many markets. The supply pipeline remains robust, albeit smaller and more notably concentrated in very large warehouses. Construction starts continue to decline as a result of both moderating demand and volatile capital markets. The weakening global and U.S. economic trends could be a notable headwind and may potentially result in relatively less demand for space, increased credit loss, and higher vacancy. We believe that the diversification of our portfolio by market, tenant industry, and tenant credit will prove to be a strength in this environment.
Current wording
Our portfolio continues to have strong occupancy and benefits from geographic diversity throughout the national industrial market. Demand across the industrial market is moderating relative to recent peaks. Vacancy and availability rates, while rising, remain near historical standards in many markets. The supply pipeline remains robust, albeit smaller and more notably concentrated in very large warehouses. Construction starts continue to decline as a result of both moderating demand and volatile capital markets. The volatile global and U.S. macro-economic trends could be a notable headwind and may potentially result in relatively less demand for space, increased credit loss, and higher vacancy. We believe that the diversification of our portfolio by market, tenant industry, and tenant credit will prove to be a strength in this environment.
Previous wording
On October 22, 2024, one of our tenants, American Tire Distributors, Inc. (“ATD”), that accounts for approximately 1% of our total annualized base rental revenue as of September 30, 2024, voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code. ATD leases seven buildings from us totaling 840,658 square feet. Annualized base rental revenue for the seven buildings is approximately $6.1 million as of September 24, 2024. ATD’s bankruptcy filings indicated an intent to continue operations and pursue an orderly sale of its assets either to its current lender group or to a third party. The contemplated transaction would also eliminate a significant amount of debt and provide access to new capital. ATD is current on its rent obligations to us. While the reorganization may not be successful and pursuant to the reorganization ATD could affirm or reject any or all of the seven leases, we do not currently believe that the tenant’s bankruptcy is reasonably likely to have a material adverse effect on our results of operations or financial condition.
Current wording
On October 22, 2024, American Tire Distributors, Inc. (“ATD”), a tenant that accounts for approximately 1% of our total annualized base rental revenue as of March 31, 2025, voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code. ATD leases seven buildings from us totaling 840,658 square feet. Annualized base rental revenue for the seven buildings is approximately $6.3 million as of March 31, 2025. On February 28, 2025, ATD sold substantially all of its assets to its current lender group as a going concern. The transaction eliminated a significant amount of debt and provided the reorganized business with access to new capital. ATD is current on its rent obligations to us. Under the terms of the sale, the purchaser has until May 20, 2025 to designate leases to be assumed and assigned to it as part of the transaction. While the ongoing business under new ownership may not be successful and until May 20, 2025, ATD could assume or reject any or all of the seven leases, we do not currently believe that the tenant’s bankruptcy is reasonably likely to have a material adverse effect on our results of operations or financial condition.
Previous wording
The following table summarizes the Operating Portfolio leases that commenced during the three and nine months ended September 30, 2024. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.
Current wording
The following table summarizes the Operating Portfolio leases that commenced during the three months ended March 31, 2025. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.
Previous wording
Additionally, for the three and nine months ended September 30, 2024, leases related to the Value Add Portfolio and first generation leasing, with a total of 11,660 and 402,432 square feet, respectively, are excluded from the Operating Portfolio statistics above.
Current wording
Additionally, for the three months ended March 31, 2025, leases commenced totaling 93,398 related to the Value Add Portfolio and first generation leasing. These leases are excluded from the Operating Portfolio statistics above.
Previous wording
Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 7.3% of our total annualized base rental revenue will expire during the period from October 1, 2024 to September 30, 2025, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period October 1, 2024 to September 30, 2025, thereby resulting in an increase in revenue from the same space.
Current wording
Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 9.4% of our total annualized base rental revenue will expire during the period from April 1, 2025 to March 31, 2026, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period April 1, 2025 to March 31, 2026, thereby resulting in an increase in revenue from the same space.
Previous wording
(1)Leases previously scheduled to expire in 2024, totaling approximately 13.0 million square feet, have been executed as of September 30, 2024. These leases are excluded from 2024 expirations and are reflected in the new year of expiration.
Current wording
(1)Leases previously scheduled to expire in 2025, totaling approximately 9.9 million square feet, have been amended to extend their lease expiration date as of March 31, 2025. These leases are excluded from 2025 expirations and are now reflected in the new year of expiration.
Previous wording
The following table summarizes our acquisitions during the three and nine months ended September 30, 2024.
Current wording
The following table summarizes our acquisitions during the three months ended March 31, 2025.
Previous wording
During the nine months ended September 30, 2024, we sold eight buildings comprised of approximately 1.3 million rentable square feet with a net book value of approximately $74.4 million to third parties. Net proceeds from the sales of rental property were approximately $97.7 million and we recognized the full gain on the sales of rental property, net, of approximately $23.3 million for the nine months ended September 30, 2024. The gain on the sales of rental property, net, is inclusive of a loss on the sale of rental property, net, of approximately $2.0 million.
Current wording
During the three months ended March 31, 2025, we sold one building comprised of approximately 0.3 million rentable square feet with a net book value of approximately $13.9 million to a third party. Net proceeds from the sale of rental property was approximately $63.8 million and we recognized the full gain on the sale of rental property, net, of approximately $49.9 million for the three months ended March 31, 2025.
Previous wording
The following discussion of the results of our same store (as defined below) net operating income (“NOI”) should be read in conjunction with our consolidated financial statements included in this report. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below. Same store results are considered to be useful to investors in evaluating our performance because they provide information relating to changes in building-level operating performance without taking into account the effects of acquisitions or dispositions. We encourage the reader to not only look at our same store results, but also our total portfolio results, due to historic and future growth.
Current wording
The following discussion of the results of our same store (as defined below) net operating income (“NOI”) should be read in conjunction with our consolidated financial statements included in this report. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below. Same store results are useful to investors in evaluating our performance because they provide information relating to changes in building-level operating performance without taking into account the effects of acquisitions or dispositions. We encourage the reader to not only look at our same store results, but also our total portfolio results, due to historic and future growth.
Previous wording
We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service after January 1, 2023. On September 30, 2024, we owned 539 industrial buildings consisting of approximately 107.2 million square feet and representing approximately 93.7% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 0.2% to 97.7% as of September 30, 2024 compared to 97.9% as of September 30, 2023.
Current wording
We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service on or after January 1, 2024. On March 31, 2025, we owned 549 industrial buildings consisting of approximately 108.6 million square feet and representing approximately 92.3% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 0.8% to 97.4% as of March 31, 2025 compared to 98.2% as of March 31, 2024.
Previous wording
The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended September 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended September 30, 2024 and 2023 with respect to the buildings acquired and sold after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
Current wording
The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended March 31, 2025 and 2024 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended March 31, 2025 and 2024 with respect to the buildings acquired and sold on or after January 1, 2024, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024, Value Add buildings, and buildings classified as held for sale.
Previous wording
Net income for our total portfolio decreased by approximately $8.4 million, or 16.5%, to approximately $42.7 million for the three months ended September 30, 2024 compared to approximately $51.2 million for the three months ended September 30, 2023.
Current wording
Net income for our total portfolio increased by approximately $55.9 million, or 149.3%, to approximately $93.4 million for the three months ended March 31, 2025 compared to approximately $37.5 million for the three months ended March 31, 2024.
Previous wording
Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $4.7 million, or 2.8%, to approximately $175.6 million for the three months ended September 30, 2024 compared to approximately $170.8 million for the three months ended September 30, 2023.
Current wording
Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $6.2 million, or 3.4%, to approximately $186.9 million for the three months ended March 31, 2025 compared to approximately $180.7 million for the three months ended March 31, 2024.
Previous wording
Same store lease income increased by approximately $4.4 million, or 3.2%, to approximately $143.3 million for the three months ended September 30, 2024 compared to approximately $138.9 million for the three months ended September 30, 2023. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.0 million. This increase was partially offset by the reduction of base rent of approximately $2.0 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.2 million. Additionally, there was a decrease in same store lease income which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, we convert to the cash basis of accounting. During the three months ended September 30, 2024, management determined certain tenants should be converted from the accrual basis of accounting to the cash basis of accounting, which accounts for approximately $0.3 million of the decrease during the three months September 30, 2024 as compared to the three months ended September 30, 2023. Additionally, management determined one tenant should be converted from the cash basis of accounting back to the accrual basis of accounting, for which approximately $1.1 million of straight-line rental income was recognized during the three months ended September 30, 2023.
Current wording
Same store lease income increased by approximately $5.7 million, or 3.9%, to approximately $150.4 million for the three months ended March 31, 2025 compared to approximately $144.7 million for the three months ended March 31, 2024. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $9.0 million. This increase was partially offset by the reduction of base rent of approximately $3.1 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.2 million.
Previous wording
Same store other billings increased by approximately $0.4 million, or 1.3%, to approximately $32.3 million for the three months ended September 30, 2024 compared to approximately $31.9 million for the three months ended September 30, 2023. The increase in other billings was primarily attributable to an increase in real estate tax reimbursements of approximately $1.3 million due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf and occupancy of previously vacant buildings. Additionally, the increase was offset by a decrease of approximately $0.9 million of other expense reimbursements due to a decrease in the corresponding expenses and vacancy of previously occupied buildings.
Current wording
Same store other billings increased by approximately $0.5 million, or 1.4%, to approximately $36.5 million for the three months ended March 31, 2025 compared to approximately $36.0 million for the three months ended March 31, 2024. The increase in other billings was primarily attributable to an increase in real estate tax reimbursements of approximately $0.9 million due to an increase in real estate taxes levied by the taxing authority for certain tenants for which we pay the real estate taxes on their behalf and occupancy of previously vacant buildings. Additionally, the increase was offset by a decrease of approximately $0.4 million of other expense reimbursements due to a decrease in the corresponding expenses and vacancy of previously occupied buildings.
Previous wording
Total same store property operating expenses increased by approximately $1.5 million, or 4.6%, to approximately $34.8 million for the three months ended September 30, 2024 compared to approximately $33.3 million for the three months ended September 30, 2023. This increase was primarily due to increases in real estate tax, other expenses and insurance expense of approximately $1.8 million, $0.3 million and $0.2 million, respectively. These increases were partially offset by decreases to repairs and maintenance and utility expenses of approximately $0.7 million and $0.1 million, respectively.
Current wording
Total same store property operating expenses increased by approximately $1.8 million, or 4.9%, to approximately $39.5 million for the three months ended March 31, 2025 compared to approximately $37.7 million for the three months ended March 31, 2024. This increase was primarily due to increases in real estate tax, other expenses, and snow removal expense of approximately $1.6 million, $0.3 million, and $0.2 million, respectively. These increases were partially offset by a decrease to utility expense of approximately $0.3 million.
Previous wording
Portfolio to the Operating Portfolio after January 1, 2023), and sold 18 buildings consisting of approximately 3.3 million square feet. For the three months ended September 30, 2024 and 2023, the buildings acquired after January 1, 2023 contributed approximately $7.6 million and $1.3 million to NOI, respectively. For the three months ended September 30, 2024 and September 30, 2023, the buildings sold after January 1, 2023 contributed approximately $(0.2) million and $2.1 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.
Current wording
Subsequent to January 1, 2024, we acquired 33 buildings consisting of approximately 6.0 million square feet (excluding two buildings that were included in the Value Add Portfolio at March 31, 2025, or sold or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024), and sold 11 buildings consisting of approximately 1.9 million square feet. For the three months ended March 31, 2025 and 2024, the buildings acquired after January 1, 2024 contributed approximately $11.9 million and $0.2 million to NOI, respectively. For the three months ended March 31, 2025 and March 31, 2024, the buildings sold after January 1, 2024 contributed approximately $(0.1) million and $2.0 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.
Previous wording
Other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.
Current wording
Other assets include our Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.
Previous wording
These buildings contributed approximately $3.7 million and $2.5 million to NOI for the three months ended September 30, 2024 and 2023, respectively. Additionally, there was approximately $0.8 million and $1.3 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended September 30, 2024 and 2023, respectively.
Current wording
These buildings contributed approximately $2.2 million and $2.7 million to NOI for the three months ended March 31, 2025 and 2024, respectively. Additionally, there was approximately $0.4 million and $0.6 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Total other expenses increased approximately $3.4 million, or 4.2%, to approximately $85.0 million for the three months ended September 30, 2024 compared to approximately $81.6 million for the three months ended September 30, 2023. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $2.7 million due to an increase in the depreciable asset base from net acquisitions after September 30, 2023. Additionally, general and administrative expenses increased by approximately $0.9 million primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease of approximately $0.2 million in other expenses due to a decrease in state income taxes for the three months ended September 30, 2024, compared to the three months ended September 30, 2023.
Current wording
Total other expenses increased approximately $2.8 million, or 3.3%, to approximately $87.8 million for the three months ended March 31, 2025 compared to approximately $84.9 million for the three months ended March 31, 2024. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $2.5 million due to an increase in the depreciable asset base from net acquisitions after March 31, 2024. Additionally, general and administrative expenses increased by approximately $0.4 million primarily due to increases in compensation and other payroll costs.
Previous wording
Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.
Current wording
Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sale of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.
Previous wording
Total other expense increased approximately $12.9 million, or 107.1%, to approximately $25.0 million for the three months ended September 30, 2024 compared to approximately $12.1 million for the three months ended September 30, 2023. This increase was primarily attributable to an decrease in the gain on the sales of rental property, net of approximately $11.5 million. This increase was also attributable to an increase in interest expense of approximately $5.0 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 of the accompanying Notes to Consolidated Financial Statements. These increases were partially offset by a gain on involuntary conversion of approximately $3.6 million during the three months ended September 30, 2024, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the three months ended September 30, 2023.
Current wording
Total other income (expense) increased approximately $45.3 million, or 173.8%, to approximately $19.2 million total other income for the three months ended March 31, 2025 compared to approximately $26.1 million total other expense for the three months ended March 31, 2024. This increase was primarily attributable to an increase in the gain on the sale of rental property, net of approximately $49.9 million. Additionally, there was an increase in gain on involuntary conversion of approximately $1.9 million during the three months ended March 31, 2025, as discussed in Note 3 of the accompanying Notes to Consolidated Financial Statements, that did not occur during the three months ended March 31, 2024. These increases were also attributable to a decrease in debt extinguishment and modification expenses of approximately $0.7 million related to the unsecured term loan amendment during the three months ended March 31, 2024. These increases were partially offset by an increase in interest expense of approximately $7.1 million which was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024.
Previous wording
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“Nareit”). FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, land sales, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures.
Current wording
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“Nareit”). FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures.
Previous wording
The following table summarizes our cash flows for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Current wording
The following table summarizes our cash flows for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Previous wording
Net cash provided by operating activities increased approximately $55.9 million to approximately $355.4 million for the nine months ended September 30, 2024 compared to approximately $299.5 million for the nine months ended September 30, 2023. The increase was primarily attributable to incremental operating cash flows from property acquisitions completed after September 30, 2023, and operating performance at existing properties. These increases were partially offset by the loss of cash flows from property dispositions completed after September 30, 2023 and fluctuations in working capital due to timing of payments and rental receipts.
Current wording
Net cash provided by operating activities decreased approximately $1.6 million to approximately $103.5 million for the three months ended March 31, 2025 compared to approximately $105.2 million for the three months ended March 31, 2024. The decrease was attributable to fluctuations in working capital due to timing of payments and rental receipts.
Previous wording
Net cash used in investing activities increased approximately $157.4 million to approximately $390.5 million for the nine months ended September 30, 2024 compared to approximately $233.2 million for the nine months ended September 30, 2023. The increase was primarily attributable to the acquisition of 17 buildings and three parcels of land for a total cash consideration of approximately $404.9 million during the nine months ended September 30, 2024, whereas there were 14 buildings and two land parcels acquired for a total cash consideration of approximately $254.5 million for the nine months ended September 30, 2023. Additionally, there was an increase in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $5.2 million, during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. These increases were partially offset by an increase in proceeds from sales of rental property, net of approximately $0.5 million during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.
Current wording
Net cash used in investing activities decreased approximately $51.3 million to approximately $24.9 million for the three months ended March 31, 2025 compared to approximately $76.3 million for the three months ended March 31, 2024. The decrease was primarily attributable to an increase in proceeds from sale of rental property, net of approximately $63.8 million during the three months ended March 31, 2025 related to the disposition of one building, whereas during the three months ended March 31, 2024 there were no dispositions. The decrease was also attributable to the acquisition of rental property during the three months ended March 31, 2025 of approximately $42.9 million, compared to the acquisition of rental property during the three months ended March 31, 2024 of approximately $49.3 million. These decreases were partially offset by an increase in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $21.7 million, during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.
Previous wording
Net cash provided by (used in) financing activities increased approximately $165.5 million to approximately $84.4 million net cash provided by financing activities for the nine months ended September 30, 2024 compared to approximately $81.1 million net cash used in financing activities for the nine months ended September 30, 2023. This increase was primarily attributable to the issuance of $450.0 million of unsecured notes on May 28, 2024, as discussed in Note 4 in the accompanying Notes to Consolidated Financial Statements. The increase was also attributable to the redemption of $100.0 million of unsecured notes on January 5, 2023 that did not occur during the nine months ended September 30, 2024. These increases were partially offset by a decrease in net borrowings of approximately $296.0 million under our unsecured credit facility, an increase of approximately $6.7 million in dividends and distributions paid, and a decrease of approximately $70.0 million due to a reduction of proceeds from the sales of common stock during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Additionally, there was an increase of approximately $12.1 million in payments of loan fees and costs during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which was primarily attributable to the 2024 Credit Agreement (as defined below) that was entered into on September 10, 2024, as discussed in Note 4 to the accompanying Notes to Consolidated Financial Statements.
Current wording
Net cash used in financing activities increased approximately $30.3 million to approximately $68.0 million for the three months ended March 31, 2025 compared to approximately $37.7 million for the three months ended March 31, 2024. This increase is primarily attributable to the redemption of $100.0 million of unsecured notes on February 20, 2025 that did not occur during the three months ended March 31, 2024, as well as increase of approximately $2.3 million in dividends and distributions paid. These decreases were partially offset by an increase in net borrowings of approximately $70.0 million under our unsecured credit facility.
Previous wording
We believe that our liquidity needs will be satisfied through cash flows generated by operations, disposition proceeds, and financing activities. Operating cash flow from rental income, expense recoveries from tenants, and other income from operations is our principal source of funds to pay operating expenses, debt service, recurring capital expenditures, and the distributions required to maintain our REIT qualification. We primarily rely on the capital markets (equity and debt securities) to fund our acquisition activity. We seek to increase cash flows from our properties by maintaining quality building standards that promote high occupancy rates and permit increases in rental rates, while reducing tenant turnover and controlling operating expenses. We believe that our revenue, together with proceeds from building sales and equity and debt financings, will continue to provide funds for our short-term and medium-term liquidity needs.
Current wording
We believe that our liquidity needs will be satisfied through cash flows generated by operations, disposition proceeds, and financing activities. Operating cash flow from rental income, expense recoveries from tenants, and other income from operations are our principal sources of funds to pay operating expenses, debt service, recurring capital expenditures, and the distributions required to maintain our REIT qualification. We primarily rely on the capital markets (equity and debt securities and bank borrowings) to fund our acquisition activity. We seek to increase cash flows from our properties by maintaining quality building standards that promote high occupancy rates and permit increases in rental rates, while reducing tenant turnover and controlling operating expenses. We believe that our revenue, together with proceeds from building sales and equity and debt financings, will continue to provide funds for our short-term and medium-term liquidity needs.
Previous wording
Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for property acquisitions and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, the issuance of equity or debt securities, other borrowings, property dispositions, or, in connection with acquisitions of certain additional buildings, the issuance of common units in the Operating Partnership.
Current wording
Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for property acquisitions and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, the issuance of equity or debt securities, other borrowings, property dispositions, or, in connection with acquisitions of certain additional buildings, the issuance of common units in our Operating Partnership.
Previous wording
As of September 30, 2024, we had total immediate liquidity of approximately $810.0 million, comprised of approximately $70.0 million of cash and cash equivalents and approximately $740.0 million of immediate availability on our unsecured credit facility.
Current wording
As of March 31, 2025, we had total immediate liquidity of approximately $493.1 million, comprised of approximately $9.3 million of cash and cash equivalents and approximately $483.8 million of immediate availability on our unsecured credit facility.
Previous wording
In addition, we require funds to pay dividends to holders of our common stock and common units in the Operating Partnership. Any future dividends on our common stock are declared in the sole discretion of our board of directors, subject to the distribution requirements to maintain our REIT status for federal income tax purposes, and may be reduced or stopped for any reason, including to use funds for other liquidity requirements.
Current wording
In addition, we require funds to pay dividends to holders of our common stock and common units in our Operating Partnership. Any future dividends on our common stock are declared in the sole discretion of our board of directors, subject to the distribution requirements to maintain our REIT status for federal income tax purposes, and may be reduced or stopped for any reason, including to use funds for other liquidity requirements.
Previous wording
(1)Interest rate as of September 30, 2024. At September 30, 2024, the one-month Term SOFR was 4.84570%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for our unsecured credit facility and unsecured term loans is based on our debt rating and leverage ratio, as defined in the respective loan agreements.
Current wording
(1)Interest rate as of March 31, 2025. At March 31, 2025, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) and Daily Simple Secured Overnight Financing Rate (“Daily SOFR”) was 4.31940% and 4.3223%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for our unsecured credit facility and unsecured term loans is based on our debt rating and leverage ratio, as defined in the respective loan agreements.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024
Rearranged previous paragraphs (18)
Previous report — wording carried elsewhere
Subsequent to January 1, 2023, we acquired 26 buildings consisting of approximately 4.5 million square feet (excluding seven buildings that were included in the Value Add Portfolio at September 30, 2024, or sold or transferred from the Value Add
Previous report — wording carried elsewhere
The following table summarizes selected operating information for our same store portfolio and our total portfolio for the nine months ended September 30, 2024 and 2023 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the nine months ended September 30, 2024 and 2023 with respect to the buildings acquired and disposed of and Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023, flex/office buildings, Value Add buildings, and buildings classified as held for sale.
Previous report — wording carried elsewhere
(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see “Non-GAAP Financial Measures” below.
Previous report — wording carried elsewhere
Same store total operating revenue consists primarily of rental income consisting of (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties (“lease income”), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses (“other billings”).
Previous report — wording carried elsewhere
For a detailed reconciliation of our same store total operating revenue to net income, see the table above.
Previous report — wording carried elsewhere
Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.
Previous report — wording carried elsewhere
For a detailed reconciliation of our same store operating expenses to net income, see the table above.
Previous report — wording carried elsewhere
Acquisitions and Dispositions Net Operating Income
Previous report — wording carried elsewhere
For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.
Previous report — wording carried elsewhere
Subsequent to January 1, 2023, we acquired 26 buildings consisting of approximately 4.5 million square feet (excluding seven buildings that were included in the Value Add Portfolio at September 30, 2024, or sold or transferred from the Value Add
Previous report — wording carried elsewhere
Portfolio to the Operating Portfolio after January 1, 2023), and sold 18 buildings consisting of approximately 3.3 million square feet. For the nine months ended September 30, 2024 and September 30, 2023, the buildings acquired after January 1, 2023 contributed approximately $16.6 million and $1.6 million to NOI, respectively. For the nine months ended September 30, 2024 and September 30, 2023, the buildings sold after January 1, 2023 contributed approximately $(0.3) million and $8.4 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.
Previous report — wording carried elsewhere
Our other assets include our flex/office buildings, Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.
Previous report — wording carried elsewhere
For a detailed reconciliation of our other NOI to net income, see the table above.
Previous report — wording carried elsewhere
These buildings contributed approximately $11.4 million and $5.4 million to NOI for the nine months ended September 30, 2024 and September 30, 2023, respectively. Additionally, there was approximately $4.3 million and $2.6 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Previous report — wording carried elsewhere
Total other expenses consist of general and administrative expenses, depreciation and amortization, loss on impairment, and other expenses.
Previous report — wording carried elsewhere
Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.
Previous report — wording carried elsewhere
The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program during the nine months ended September 30, 2024. We did not receive any proceeds from the sales of such shares on a forward basis.
Previous report — wording carried elsewhere
In addition to the forward sale agreements discussed above, at September 30, 2024, there was an additional outstanding forward sale agreement that we entered into during the year ended December 31, 2023 for 1,100,000 shares sold on a forward basis under the ATM common stock offering program. We expect to fully physically settle such forward sale agreement on one or more dates prior to the scheduled maturity date of December 14, 2024, at which point we would receive the proceeds net of certain costs; provided, however, we may elect to cash settle or net share settle such forward sale agreement.