STAG - Earnings call transcript Q1 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the STAG Industrial, Inc.

First Quarter 2024 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Xiarhos. you. Thank Mr. begin. may you Xiarhos,

Steven Kimball

you. Welcome first call the Industrial's to XXXX results. STAG quarter conference covering Thank

In XXXX. the on defined statements an section. On answers unaudited Litigation at addition to have Securities under in today's quarterly we to www.stagindustrial.com, Act will prepared Reform supplemental the press call, release your the Private information remarks Investor questions as presentation the the company's website yesterday, company's of Relations distributed and posted forward-looking contain

We to subject discussed definitions risks uncertainties listeners statements forward-looking and more all address non-GAAP disposition are Forward-looking and rates reconciliations economic website. the other to these to statements FFO, matters. the those that trends discussion measures cause detailed volumes, in may from available filings supplemental contained statements other and core and company's the and industry results acquisition company's guidance, today. and SEC actual forward-looking NOI, of information the matters that in of to G&A, package leasing related same-store retention the collections, include on of prospects, contained the differ review forecast with Examples rent encourage

Chief to obligation and Steve focus. answer as Officer. the of with here Bill. over EVP statements. questions from As Chase, statements forward-looking represent of assumes management's Financial the our us our Also Kimball, to now Chief any I On Crooker, areas Bill Matt update today Officer; is Estate turn Investment today. a available our specific Operations Chief call STAG Real and will were to Industrial estimates no Pinard, today's call, reminder, hear to forward-looking of you'll Officer; Executive Mike

William Crooker

first call morning, welcome to STAG quarter you, Steve. Industrial. everybody, and Thank earnings Good for the

about pleased to XXXX first quarter the you forward us are telling look have results. We to and join you

quarter achieved year. the of results our operating last first strong The continuation reflects

Our view quarter call. remains fourth consistent on our business the with

increased by in certain supply of driven markets, As which is are softness pockets coming anticipated, there online.

initial taking the occupancy. These are which leasing impacting tenants view for to longer make decisions, is our year. market Additionally, incorporating were dynamics

compared saw growth for to mid-single deliveries X reemerged a year. This decrease and months will interest digits to as Interest continue forecast to the the and portfolio, days stock, to expected X.X% are just rate in expect pressure driven increased XX market rent the year. of the We in earlier X.X% is primarily in volatile XXXX first environment, the volatility decrease after forecasted activity the ago. for market, of likely which rate transaction by the XXXX stability today has our respectively. This

In also the at first This XX% to stable for credit and Chester of and of is cash of remaining was X.X%, quarter, we These million quarter throughout X.X% cap $XX respectively. million. acquired Class building warehouse cash leased A points closed from building Cincinnati, the multiple its on Northern foot the benefits rates of proximity building access X.X% a submarket and cap XXX,XXX The Located and in straight-line I-XX. $XX.X end, West square cross-stocked rents X weighted NOI to we below a of lease for Subsequent years escalators a market tenant rate. growth the The were with internal rental average has X.X and X.X%, rating BB. buildings term at term. providing acquisition. acquired an to

in Carolina South in feet projects the are activity Southeastern the On Spartanburg, of Greenville, market. we U.S. over X across projects million the front, X square development X.X have located

XXXX. XXXX. Stabilization facility, occur the is Remaining square was X-building, QX in projected and in is foot BMW completed next The X including for multi-tenant I-XX. located in port to manufacturing first inland airport, offices Greer, our development use project construction, XXX,XXX to February

projected QX XXXX to square during occur second XXXX Stabilization The is construction in QX The XXXX. with delivery is XXX,XXX development was building QX purchased foot in project a a date. Spartanburg. in estimated

delivery The buildings stabilization These a X-building, are high entry XXXX market. project under feet construction aligned in well our estimated suite in foot third with late Florida. to QX demand XXX,XXX square Tampa, in and of XX,XXX square date this with development project low sizes barrier The approximately vacancy is XXXX.

With will will and guidance. Matt turn results cover updates our that, remaining I to to it over who

Matts Pinard

corporate as Thank totaled opportunities, $X.X incremental compared you, $XX.X billion $X.XX debt million for March good period. investment FFO proceeds ATM last of the general $XX.X We an quarter, Core for to dividends dollars retained private remains compared inclusive rate X.Xx. Liquidity flow Bill, run to million, at available available available adjusted These X.X% debt EBITDA low an of proceeds. debt to morning, per to at other repayment the end, prior Leverage [ quarter annualized ] forward and of paid are distribution Cash of purposes. and everyone. increase share stood was increase year. committed X.X% cash after approximately placement and XX. to for equal net with as

cash leases of same-store include primary substantial of X totaling XXXX million achieved growth feet, the growth generated the cash leasing in XX.X% commenced Burlington, spreads drivers comparison impact for spreads at straight-line second in of This assets New of Retention period. respectively. we XX XXXX. X XX.X%. contributed The quarter, versus X.X the half X.X% the Jersey was the the to During Same-store NOI and XX.X%, square of leasing which and quarter. beginning

this of from benefited quarter free We XXXX. rent provided in also first quarter the

XXX,XXX ATM price on share forward to program, capital Year-to-date, in gross a shares activity. basis we've gross average proceeds million. a $XX of $XX.XX, issued resulting under of Moving market

XX. notes under May XX-year fund on senior purchase March The XX, a note fixed agreement be pay proceeds X.XX%. to the $XXX of As development weighted to issue with a at of used revolver today, and a X, into down pipeline. fixed X private average On we our interest in and rate rate will consisted acquisition the company of Equity million The unsecured have tenors placement offering. discretion. notes of funded notes of equity and match approximately entered to $XX million forward be will available

line fixed XX, X the now inclusive XXXX, XX, term On loan guidance $XXX fixed rate through the million an with in and extension an XX, The rate from March of our was of bear X XXXX, which of which of XX, rate, XXXX points interest refinanced X-year swaps scheduled March first of XX term interest is aggregate the mature XX, experienced basis March to January interest of matures maturity swaps bears loan F, rate will loss initial of credit options. term interest X.XX% XXXX. X.XX% aggregate We January quarter, points. in The with in basis January XXXX. until company inclusive loan

health by this and maintaining Bill our time. in described quarterly our results, we Given of reflect portfolio are the relative guidance at

I turn will over Bill. back it now to

William Crooker

for their hard towards I you, goals. achievement Thank work and our thank want Matt. our continued team XXXX to

Our team to drive continues in all value environments. macro

platform. We are the it and well operating questions. back now for positioned operator for acquisition to We'll sustained turn through growth our

Operator

[Operator Mailman Instructions] from comes Our first from question Citi. Craig

Craig Mailman

guys Basically, you decision-making new Bill, was want had to commentary outlook thought more I frame pockets what just here, of prudent go maintain your longer supply you embedded. guidance. from back time you to that softness

market precede on better? budget at trending individual there quarter play B saw markets a that have is As bit things given this versus everything would size a point. towards any across surprises were you A first maybe pushed the of little you just Or or in or out, guys kind

William Crooker

guidance, with initial is term of line everything our tracking that. In in

the date. surprises downside maintained -- guidance. this of I upside we're or terms all to our mean year, In we've for none of to

So everything is pretty steady.

just to much. as doesn't is macro that's It's here. big whole, which overall some impact starting is, the across trends, good the only markets for starting leased, that really market us but a get economy we're just Just more bit I thing a supply early a as beginnings industrial sign the of think, that to see little the and box

Craig Mailman

looked Okay. below quarter [ talk a about the the leases on kind we XX.X% rent target the guys bit of things? you a versus average little the low you XX% versus you're as of quarters Then closer spreads spread ]. from look of closer Can just of like double-digit were at prior those quarter, it incremental what this spreads bit the a X new on achieved the XX% kind little commenced perspective, to to kind seeing for -- this

William Crooker

The A was quarter new the signed for leasing leases as X XXX,XXX things there. activity first pretty expected. square couple light in We've of Yes. feet.

So when is now our guidance XXs. quarter. fixed incorporated update end which our the our range. high leasing leasing to the is that probably to the new from leases our leasing happened. year, XX% is spread what in we be of That to for hit rate right the in look on just would leases I We is We'll renewal pretty to leasing that spreads. this XX% consistent, think had fully be related options should respect those this the guidance spreads a at full and that incremental for high With cash last quarterly guidance expected that, renewal report, we of in year. number all

in smaller back -- quarter. the So first the leasing spreads half some line leasing spreads I is would the takeaways with expectations from of say initial no everything in and incremental of

Craig Mailman

kind higher pipeline deploying If But pretty and I what's little macro there's of kind more been that, your here? your in of robust things. in, picked sustainable volatility sequentially. I could cheating. that's investment up Or a kind side slip the know expect of looks bit I the of of rate know environment? one I'm on a we kind Should in pickup this capital of third view

William Crooker

talk picked then of of some come first quarter. I Chase Mike and activity the more pipeline answer reversals. in a back primarily I'll the for and expectations mean and up pipeline of our return let little bit I the because the Yes. some acquisitions of can

Michael Chase

Yes. Thanks, Bill.

the we of the of than in of beginning QX gained quarter. deals it in Xx 'XX. momentum pipeline of 'XX the we and underwrote did first the immediately QX throughout quarter the in gate Anecdotally, out of and accelerated the grew So number

that's be permanent came that's don't term. and pipeline short the of going from. the the plenty in end into increase was of rose, and be XX-year when the the of We the pipeline. during spiked indicative increase April, interest will where quarter, to rates pipeline be forward. the quarter there that At But going volatility to the going effect We So market. or that's the on don't was whether momentum the back in what know know in crept if the the

William Crooker

Yes. and for little just Typically, this, a get the a pulled see deal pipeline bit like maybe retreated, spike longer? either sit the on close longer get market. deals deals Maybe to when they sometimes you takes it the off

entering it's tell a that early price when So phase. this over We're We've whether this. several it comes pretty new years. too nimble shown into to is past to discovery the

cost the at of capital be going our cap thresholds point this to have nimble due continue cash where underwriting for in we'll to rates increasing. So increased especially

evaluate So to we'll was With continue see our than wider respect that normal guidance, year. the guidance a to a impacts. the and range

for And And the year. situation want We our be just be guidance this expect continues acquisition higher don't heavily lower expect acquisition to back-end expectations in we guidance. to at seller year. remind if of everybody within environment and rate guidance is longer change, that then that that I weighted would the might end this do that I our in

a not acquisitions there's from our in of guidance. So XXXX impact lot NOI

Operator

Our from comes Vince from next question Street. Green Tibone

Vince Tibone

to transaction bit more wanted of rates little higher. follow have up since the moved Just market on a again kind private

bids are of you like signs. little ask of those are kind alluded debt? today? hearing a adjusted retrading a lower the lot cost you to maybe real to to Or just do it a early a be get you and still like time, market of is of directly, going to kind And higher see to in sense activity Just in seeing

William Crooker

Yes.

little that more weeks. XX, basis a points We'll a X I it, in XX-year. know is that like, next it bit in data to early. and probably just feedback You the it's the little X mean call on XX get

-- the So some that absorb some really look some to bit. will may sellers transactions price if a for little like and buyers just they retrade

shakes how out. see that we'll So

Vince Tibone

leasing that just potentially I'm on any Got more will to like move then more market like, the products it. is area you add, taking build to that's acquisition some where you value on an merchant side, speculative projects. come vacant curious, seeing the And on a risk. are little And

acquisition curious somewhat versus quarter, kind think it you and the the Just in risk deals sounds stabilized first right did like how to quarter we take subsequent leasing to about guys of a the on like spread end.

William Crooker

taking on to we're certainly open Yes, leasing risk. immediate

a a And X% If of at at acquisition vacant point, was the underwriting within we that rate, acquisitions we've look the downtime. right? of more it deal, the cap we building Wellford, X.X% that we underwrote took a of cash we're got fourth in weeks South one the bigger bit a you we up and acquiring one great where So return, XX-month much in quarter, Carolina one a it a the return. couple but leased cap a acquired at rate risk, little

to and those to really fits So respect opportunities we're require if assets, I additional But the risk, how environment, understand that the know you take but any, as are leasing the to to pipeline, if consistent. don't we'll is have leasing that assets submarket comments pipeline the my value-add going we certainly building want pretty amount additional understand With return. fourth compares today in Mike, it of vacant quarter, the evaluate. understanding,

Mike, opened quarter. up primarily I more know I the think due coming else in to if market the market have as you to don't in the to is just first the anything in add? transactions the growth pipeline

Michael Chase

there it's consistent there at small- pretty tilting I little of towards tilt, out and mean in the it's end the past. were I in of mid came makeup we the But it bit Yes. that the any pipelines portfolios XXXX. which think transactions, on a to general, few medium-sized was hadn't the seen a market, stabilized with if

Unknown Executive

the Yes. market with million active was I market strong of the quarter mean saw a I traded. with that a very stability like first in we're mean opening rates. felt certainly that interest was portfolio we the $XXX up

half seeing year. back weren't last that You the at of

and here a this just if skew this if longer So pause. negative, spike. But it afternoon with certainly pretty was with know it's We'll pause environment be don't the quick more like a Fed. the could hear Fed healthy felt comments I a it

Operator

BMO Our Capital from next question Markets. comes from Borden Eric

Eric Borden

portfolio. bit theme. sticking just Just versus just they the acquisitions little appeared noticed side larger your the on be post a to I the Those acquisition in-place closed quarter. boxes, the with first

just what saw attractive? of what boxes? Or in to larger-sized the Just strategy was at available growth? was time in in the is you curious Are that you terms that about more for that external looking market transaction relation

William Crooker

that in flow Yes. sometimes with stabilized just the as in I We a be great building Vince best longer or fits it escalators asset just We it produces look that's a know submarket. a one acquired that returns, foot for and respect the to mentioned was those vacant really skewed acquisitions were acquisitions. quarter Louisville, the market that large we XXX,XXX to but really X With could cash Eric, a end, with asset, that's risk-adjusted acquired square subsequent one. facility well, Kentucky, strong a

was acquisitions a The X other square facility. foot square facility foot XXX,XXX and XXX,XXX

fit that it higher, very own long-term think We building one, did skewed market a it average, a it strong but market some activity for on and but leasing So a an by was portfolio. that larger We just looks a we're with. it. with we was that in just comfortable asset little the is

Eric Borden

more Is Or that that is user? tenant a single multi-tenant?

William Crooker

tenant single user. was a That

Eric Borden

follow-up, in my that first you basis X said the points loss there was just of then to And helpful. That's credit Matt, do quarter? Okay. clarify,

Matts Pinard

correct. the X basis loss quarter. points Eric, credit in that's of

as for number of basis to Our guidance know, the obviously, we the just are I points annualized seen progress year. basis if in basis XX maintaining we the to looks that you the points, given that you've year, like and update the the it's than us, it want in right headlines, is where XX less the points continue we'll we're the some is for uncertainty XX. given calendar, through and But X guidance. market

Operator

Thillman Nick Our next question comes Baird. from from

Nicholas Thillman

commentary curious the mid-single weakness. of most a You you're curious called maybe in growth market quarter, I out last but Indianapolis on little markets Columbus, of but select that of you kind like digits, where on market kind just and kind just seeing know the rent in guys reaffirmed forecast Dallas, areas there? some

William Crooker

seeing seeing some Indi some The weakness weakness markets, of guidance California, Yes. and historical the as respect we've rent to Jersey. in parts -- Southern some some of Columbus still we more noted. Phoenix, markets in markets, New weakness growth, seeing higher-growth With weaker in market you affirmed

markets lot some strong, sub have really Milwaukee coming little supply steady that Nashville, markets that's demand X%. Chicago vacancy, is still around -- there are operating They strong just demand. well. X%. Paso, is Detroit, strong X%, a the that right bit is X% really Reno, didn't all those right are vacancy is There's around Sacramento El these doing online. I X%, markets balanced some in strong operate that well, out are now. we and operating in really Tampa we're other some there. of market that think And and rates drivers right on excess supply fundamentals X%, end, seeing But there's a a

Nicholas Thillman

That's any bit And are tenant there then Do there on bit little maybe, monitoring changes watch industries you're Maybe there of a to softness watching little helpful. might any And for? of little more? kind Matt, you're credit. and of a of kind feel sort a list? be bit your touching out you

Matts Pinard

sector is for great. a question, almost on geography. the time distress X identical, points there's just specific [indiscernible] in of across basis the in question. kind really The to were again, or unique terms asked We're very XX phone XXXX. we situations. right thanks the and Simply the list is to February. not points, in basis is of It seeing guidance we last believe, put anything April the a tendency. nothing Nick, is watch portfolio for the similar dramatic

Operator

from from Jason Fargo. Belcher Wells Our question comes next

Jason Belcher

space or more taking your back others pulling weakness you than seeing there are of than all and the side others? or being that groups across more tenant Are could pockets Just some wondering you're industries. if any aggressive in strength flip talk different about

William Crooker

seeing logistics we're respect companies, themes up. is still demand still no holding from year XPL there's industries. to seeing this say demand would We're with I

no So major themes.

you call, for an in of if say, just it's some some those the I Let's more bit box big earlier we're on markets. seeing what want leasing theme, answer box little a said big

South in that's leasing. bigger We some saw Dallas it the early. and some -- feels But like some boxes. some a leasing Atlanta, of had Phoenix in that's little

So that's that's I theme now. folks to we're one on kind right want seeing but going the of don't much you're have too that to -- small theme if that, extrapolate

Jason Belcher

part leases incorporating about then what And it. little rent just Got talk of newly a into bit signed if rent you can you're increases you're lease what bumps escalator any, remind just average And of maybe could contractual on what the agreement? secondly, if across pushback, be getting That kind And or is you helpful. and the your that us your would there? portfolio?

William Crooker

seeing Yes. staying new holding holding are up off up. I'll are start in -- leasing. what escalators Rental we're with rates are and

average being the this a signed X.X% So one escalators quarter it. last had X% we're seeing on We signed range. at in

to So the talk we're rates. you do rental the strong portfolio? some strong still on and want face average seeing escalators Matt, for

Matts Pinard

with Absolutely. our portfolio continue block leases mentioned, would above sign increase. right upward average tick X%, X.X%, increase Jason, across again, the you sustainable Bill That mathematically, the escalator really weighted the now is is I same-store continues explained, a to building growth. biggest, It's to the But as will our those math, X% number average weighted that's as just and to There escalators. say, Bill X.X%. escalator pressure.

Operator

Our next from from Samir question Evercore comes Khanal ISI.

Samir Khanal

But comment to you been that's in tenants understand out of a the here. just make about what April? shift that a while there March maybe lines trying made end I mean for you of decisions. to one was the time sort saw longer even or sudden at playing Just taking mean I now. me for

William Crooker

middle a pushed of this decision-making started wouldn't were the year, continues -- of year, into corporates, that and at end the capabilities last It theme sudden be is to a right, I where to last the No, say shift. C-suite. to kind

sure that being this -- it's to little instead quicker, to a time on of make pushed more decision, them. depends a market is -- pushed little market, tenants it make being it's a So able there's has to you've decision the taking right. the and supply Because corporates. that local more a and And if bit -- a So make teams more to got bit to available just options right? aren't

As there's I mentioned, markets the as of we're in, demand. those supply lot in of a I went steady and balance markets some and that through

you're their what with of markets seeing decisions bit So a box in little oversupply line these longer. in tenants decisions and some been that are markets, those they make probably have bigger taking have in

X it to When decision-making the yes, pushed few maybe compare time when out you weeks, they're they're depending market. a market, on couple of on X out lines 'XX, months. And depending last to 'XX, compare year, to definitely you the pushed

Some longer and markets might change be there's no a all. little at markets, bit some

Samir Khanal

been sort of like, look given we April, doesn't at any of sort what... significant change? it the spike seen, had March end rate That's So of or the we've there's

William Crooker

I XX-year. a Yes. increase think basis XX a was it point to reaction in don't

Operator

Our next Michael RBC. comes question from Carroll from

Michael Carroll

projects number a is committed highlighted of prepared in you Bill, company your to. the development remarks that

did yield Sorry what's mention to also? how initial missed target but STAG the capital I much has projects you projects? build those those if on this, committed And

William Crooker

Yes.

buildings through terms excess That walk or the buildings are Steve -- through great, one of and April They have capital walk in and I X,XXX the in well I'll Those Kimball mentioned. April has the Greer of first power XXXX. kind yes, -- that yields mean of remaining progress project the March the located. back I committed. In is of started amps. the one can quickly

one is other The X,XXX amps.

light manufacturing in Inland plant, EV growing close a to lot demand that Greer. market. that's tenants, -- port, So lot manufacturing increasing tenants, they in there. of buildings, light I the remarks, both drivers to the capacity, as BMW so in cater I-XX and prepared the these that's logistics the for mentioned especially that's and and close It's a of demand to vehicles,

that to these of when Part range. March April contract and So projects we mid-X back expect those in the is under put assets, of XXXX. stabilize you in

a we one the months that's acquired recently in we we was The of year. asset We leased it, completed, underwrote building, the recall, acquired Really call sister about developed just in of almost the Spartanburg, ahead at if partially immediately. for last that one X.X%, X% XX least that's one yield, QX you schedule.

X% is these building But building. assets. anticipate coming we're of online. that. with again, how outcome we have Hopefully, as a that downtime. sister for So a cap terms prudent underwriting We're underwrite similar a a XX-month we We

see then but rent, cap. to you really the the rate, to respect does capital X% in are market what and in market, that's Steve, suite So on to a the And touched mid-Xs. so vacancy generally, with Tampa I we'll probably mean, tampa That's sub-X% market. rent strong. at sizes is of strong all the what's we And It there, really just the That kind a basis market there, depends. total want on on going on stabilize fundamentals committed market remaining? I one where the do current are market touch

Steven Kimball

two and makes about we're construction. about because Those we going. are the the talked And have million. for $XXX committed Yes, we generally capital, Spartanburg at where market sense, I projects Greenville, think completed that Michael,

money of period project. majority or has at we're XX% for been Tampa, that with the spent done So the about lease-up the those switching to

and are Greenville, XX%, the projects about Tampa. in Spartanburg, So for XX% those around funded we're

has million of $XXX So a committed is for those little million projects. been spent capital about over overall, projected $XXX

William Crooker

$XX or that so we million Yes, another Mike, spent. million,

Michael Carroll

guess, slow in up? to underwrite down and you I starts? leased for reason these how the new that decisions think making assets want that's helpful. And I to get guess, do how about projects? do does I make Okay. new mean, these then Great. those slowdown you you of kind pursuing waiting No, does

William Crooker

mean market Yes. market it's specific and return I specific. by

What development return project day through we'll one a of market and having, platform a that we're horizon is land this start work there's the it, like project. see call X-year certainly and into we're like us that about supply/demand if and finishing going we healthy So X in profile buying raw really a markets. the certainly those the the we between phasing entitlement not all and I

longer. horizons shorter, a XX bit little So much months our time usually or are

returns think, expected I So because -- the a outlook the there's are is returns less lower clearer, little risk.

expect the to market for the stabilized entering if higher acquisition. returns is are adequate fine would more for That So we which are projects. strong and much obviously developments, a than be what

said, The do vacant As and to projects. on we we the asset sister project, leased left really $XX immediately, Greenville well. have only these that building million spend another should

I balanced think So approach here. we're with our

we we're And probably bit a execute good think a on the see I little it. opportunity, extent we'll conservative. to

Operator

from question comes from next Mike Our Mueller JPMorgan.

Michael Mueller

cap and Just And a one loaded. about range know on quick rates Bill, a acquisition wider volumes guidance. being back-end little I you talked bit and

this your if Do time. Just rate the holds? in for we're so you Xs-Xs the XX-year a or of Xs-Xs, period where in cap think world guidance

William Crooker

period. Well, the where already end kind the a our rate of higher in and going bit That different considering be terms of range those high contract. even a yields and new But higher. cap at maybe down, are putting rate was guidance under closed put contract, interest holds what it of we've weighs to little it acquisitions it under

Operator

comes James. question Bill next Raymond from Our Crow from

William Crow

the of of any if some been box that stronger big leasing you're and to that's questions my have answered. But demand in there? or seeing there's theme alluded e-commerce tenants wondering whether Most kind you I'm space.

William Crooker

that household there's leased some one mean, very all of the e-commerce space. I Yes. tenant we're large that's name

Some big was space. some retailers large one another I tenant took And think a too. e-commerce Yes.

to So Steve I got that But shaking like be don't there. is signs it's we're want there, oversell starting, is where pack big don't start and yes, looking to want one it, great. this in that. the comments seeing his I right? right. extrapolated those was So that healthy everything my just of to -- which I But is just comments box some he's I over positive want so head, I I to caution just

Operator

Bonnel Our Bank next from question comes of from Camille America.

Andrew Berger

on I appreciate Camille. is rent growth. on for Berger This outlook market your Andrew

a on Just see we'll peak you view curious if vacancy? when have

William Crooker

to right market-by-market they're of to you then this be steady. kind year end next specific. I of And levels. more It continue take that could see normalized steadier start. and It's could now, that the at vacancy markets, going oversupplied down to of markets wind think have to The peak all year

So maybe of answer. year, is a in through of you but as vacancy markets. won't those as market-by-market little we the material a a move it as see really It some bit be spike other

so to it. hard it's generalize And

Andrew Berger

sense. estate back a circling decision from makes to shifting comments And decision That Okay. and making manager C-suite. just the around the real earlier maybe to slower

Just it really to matter real will else? something do take managers? supply, the that you to back or think estate decision of it what interest rates shift Is curious a

William Crooker

be It both or those. one of could

push capabilities the decision-making supply and tenants list decisions, space. done As make teams. side are quicker get down that's won't of on kind of the to in deals the have that Otherwise, to They to regional required it.

down you've coming if they C-suites get interest out confidence say, of We're projecting these with take just demand, more supply think ahead of to the companies revenues, in then let's and our I chain more and down some higher there's that. let's build got space. rates may

So or I both or one some think it could combination. be

Operator

concludes Bill would comments. question-and-answer to our Crooker session. for the This over like floor back turn I to closing

William Crooker

everyone, Thanks, for the participating morning. this in call

many and you. upcoming you forward As at seeing conferences. the thoughtful always we questions, of we the look Thank appreciate to

Operator

This today's teleconference. concludes

time. You may your you at disconnect this Thank participation. for your lines

STAG Industrial (STAG) 1 May 242024 Q1 Earnings call transcript