STAG - Earnings call transcript Q2 2024

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Operator

Greetings. Welcome to the STAG Industrial, Inc.

Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I'll now turn the conference over to your host, Steve Xiarhos.

begin. may You

Steve Xiarhos

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

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

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

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

Bill. the turn to now I'll over call

William Crooker

quarter morning, join about strong largely STAG We're quarter operating remains our look to us Good on pleased call. quarter another everybody, to view results, of you welcome and Thank last second for earnings you business to Industrial. second results. After telling with earnings the and consistent forward XXXX have our the call you, the Steve.

absorption in accelerating improving many markets, in QX. it remains with is demand subdued While

Availability the the began. smallest one of vacancy increases are expansion quarter-over-quarter and vacancy since

Additionally, the construction pipeline continues to shrink.

this our trends to remain between headlines industrial growth expect will for and year be and and onshoring rent trends these X% future X% We drive confident market demand. continue to we make portfolio. Nearshoring

handful portfolio, are to after stories In happy expansion our related plans to to of we benefiting foreign-based company of success campus case first Atlanta of within for market our wood million a announced point nearshoring the near steady to $XXX addition our portfolio. A growth. into its flooring onshoring years concrete

XX.X% buyers foot during consistent This into but improve The rates budgeted and signed and few in and lease manufacturing of this deal that increased the in over resulting quarter. accelerate expectation QX, we a re-leasing levels past with in the volume number is the for announcement, for warehouse, well XXX,XXX If opportunities QX interest this years. fall, remained a cash transaction conditions fourth flow with macro the acquisition it's seen still will below quarter. competing continue to spread. the backdrop the favorable square leasing Following for market. Deal exceeded highlights costs company a this downtime rent,

maintain on discipline We continue to our pricing acquisitions.

and that We focused provide are on quality future accretive opportunities for are growth. prospects

We term X%, portfolio Our totaling of XX park reported weighted an volume tenants convenient established million years. Chicago to for lease business consisted with It average cash portfolio rate rates $XX.X leased square of with is This of in acquired and proximity with Greater cap totaled at area and second is X.X%. acquisition to a Interstate labor XX.X% The immediate an This the portfolio acquisition buildings X.X% force. of a X-building straight-line $XXX.X I-XX. volume access X.X a this portfolio was offers the with for XX quarter and cap in million. XXX,XXX respectively. Included feet. this

X sold we quarter, of this of dispositions assets. the noncore aggregate buildings million, of proceeds buildings for terms X were $XX.X In

X in Jersey, proceeds $XX.X Pennsylvania in resulting million. were of The Southern buildings New and Allentown, other

less the front, new projects by QX that our delivery development million we projected building we Oregon. U.S. In suites X Tennessee. Portland, the commenced has project operations XXX,XXX occur market permanent demise closed quarter, healthy of fundamentals. In a our square with X.X June, have project of feet just to in we On in XXXX, within second development will This over east activity on was QX $X.X in an The vacant parcel located Nashville million identified estimated square of XXXX. a XXX,XXX square foot date stabilization existing to The the is in located of Lebanon, in feet or portfolio team. of across a with land

XXX,XXX a a this for XXXX. development has started have a site foot Intel. square on The delivery build-to-suit with service XPL project estimated contract project user We to date QX an of for

projected XXX,XXX occur to development foot Greer, XXXX. building XXXX. X QX Our in Carolina QX square in project was in South is Stabilization completed

South in Stabilization is Our occur QX was Spartanburg, completed project Carolina development XXXX. XXX,XXX to this XXXX. square in for QX projected in foot

in stabilization guidance. second building has XXXX. With that, of half results XXXX in foot estimated a will I expected cover will our remaining QX and Tampa, to Lastly, updates it who delivery the project X square our Matts turn XXX,XXX Florida to over date with

Matts Pinard

Included X.X% $X.XX everyone. FFO. core last good items onetime to you, FFO the as Thank $X.XX to FFO core an morning, and increase per for to Core are was year. in that compared share X contributed quarter, Bill,

quarter for million. totaled $XX.X available the distribution for Cash second

repayment general Xx. investment Liquidity debt We proceeds. available paid low at stood annualized with ATM EBITDA XX flow rate run at remains and have net opportunities, of end, are million quarter to million equal this dollars purposes. Leverage $XX.X $XXX of June cash to of through for adjusted year. These corporate retained inclusive after approximately other debt dividends full available incremental

growth and leases, spreads X.X% was cash totaling NOI generated year-to-date. XX.X%, leasing XX.X% of cash quarter. We million X.X the straight-line the the achieved same-store During quarter we XX.X% and feet, respectively. commenced square quarter, and XX of for which Retention for X.X%

half leases featured in same-store This first rental large the relates year. X contributed XX comparison the increases. our X year our of These points back to leases to drivers and located Jersey were same-store half primary second Those basis of in XXXX. in growth large signed of in leases favorable the the the of One tailwind New half Burlington, a is the growth. not year-to-date approximately of

The Moving outstanding X.XX%. in to funded down used balance. The revolver completed markets a XX, $XXX tenors May the of unsecured of of proceeds notes XX-year fixed senior weighted On rate rate placement were this with company consist capital private activity. interest notes average X-, a the fixed X- of offering from pay and March year. to million

have match equity forward The to down available at our today, development we pipeline. approximately $XX used revolver As and equity fund be of million pay acquisition the fund of will to proceeds discretion. our

guidance. the made to Moving updates. following We

points. compared expected points guidance basis Our same-store average occupancy our of XX to portfolio XX as to has basis initial loss been moderated

We have based updated cash to a leases date. guidance retention range signed XX%, our increased to to to leasing of XX% XX.X% our on spread guidance and

a point a our the remains X.XX% operational or to to a of guidance basis we've increased cash the year at X.X%. acquisition result expected X.X% of XX a X% we same, As improvements, volume range to to range our increased these the of while capitalization increase for rate midpoint. Expected cash same-store guidance

to to we million. I $XXX $XXX Bill. it Finally, volume to over disposition will our a back now increased expected range million turn of

William Crooker

Thank growth to our platform. continued for and I and you, goals. thank STAG our XXXX team achievement for Matts. through hard sustained our positioned operating their well work acquisition is towards want

We'll now questions. turn it back to the operator for

Operator

with Citi. first from line of the Our question comes Mailman Craig Instructions] [Operator

Craig Mailman

takes guys around you But Matts, know front, some more the guidance that here you maybe the puts ahead are despite had the of seems kept a onetime and run better takes the on maybe little performance bit pace what what in in items. seems quarter? I on quarter. Just just puts a some of of it the and like beat detail, guys acquisitions. Could you guidance kind like same through, in are there's

Matts Pinard

Yes, absolutely. the with growth. internal Starting

same-store guidance As disposition To the high is you the But increase. higher increasing basis noticed, for the at reasons question, have acquisition and FFO is which the related midpoint. drove that same-store XX initially operating guidance guidance we activity. portfolio we at our to your points than not core a guided, level, increased primary by

year. acquisition to have the volume rate X.X%, $XX ahead side, vacant million on of is acquired we on this to budget El contributing terms that in but cash acquisition in-place for date cap what to slightly in we've do made In the yes, not Paso we're this the We and earnings volume, our that's due quarter. building

range that of we're downtime associated comfortable X really the comfortable roughly have with of point. with guidance the at the and increased Look, building. this same-store with months midpoint We very acquisition we're

is to sales core the portfolio. to improve sales in cap cash don't the Of that the exit X%. note are of year, this allowed And to the The the anymore. dispositions dilutive noncore. us it modestly growth do The other rate the dispositions the this this we but side. I markets to we've Look, are FFO is on majority have long-term these want $XX profile approximately had year, million these operate also, of disposition

the see is of Massachusetts, in trying the example. to Chicopee, we're if exiting. So you process -- Illinois, list, look really Massachusetts which you Western at Belvidere, an as we're which

Craig Mailman

or the also, was that. the -- through helpful. couple did income books? same-store in on these of higher the And drove a getting run just other That's any of you all sale And that fundamentally benefit what off some quarter? increase assets follow-ups noncore Okay. was of driven of Can the a the

Matts Pinard

take in that don't Why we reverse.

I the increase We've XX% cash In driver same-store, of our fact primary we're, XX% weighed on we're that also leasing say, terms then guidance side. of approximately the at initial leasing is outperforming look, spreads. occupancy to the and the to done the would

our my we view opposed to revised loss points. a we occupancy prepared said loss, occupancy credit And XX this remarks, I then We've to basis As basis that point XX quarter. basis modified points. as loss XX in maintained on

Craig. here really, on and the occupancy leasing outperformance slight primary spreads, is So driver the cash

to it And the the X going items X then $X.X equated There out, really point of $X.XX that or to million were items approximately are settlements. income. to I'm here. onetime other There

with was the settlements first they former negotiating a was process third-party a that building Even consultant in the a of a were while, was in work these settlement related for second not guidance. and included settlement with tenant a The completed.

William Crooker

the pool. on just add there, occupancy one And to in on Craig, thing same-store the

We're the range. that guidance. retention our increased was average to at we that high see driver increasing. That of end a occupancy can helpful You

Craig Mailman

actually... It it selling some wasn't assets, just vacant was

William Crooker

we will quality improvement portfolio El be as but some buying Matts have the drivers reason will was some drag we because one the at That, Part asset future didn't as as the rate, cap core what which said, income why guidance of FFO in of Paso, drivers. vacant really one growth this increase of in the bigger well future. year, was that did some sell and is this the higher a

Operator

Our next Michael from the Capital Markets. RBC question comes of line Carroll with

Michael Carroll

that the mean, to yet wanted are for your guess, on activity in we more putting highlighted of within to stabilize? on the the waiting remarks. they the are assets health at drive for quality capital of just sellers, to market investment markets I are least waiting touch to market some or are sellers you the they catalyst product, back the Bill, I of holding prepared kind kind I of what's space?

William Crooker

Yes.

think, Mike. QX. with was and it's We a healthy and spike very narrowing. buyer I had are the saw QX, we of April, now product seller in that and into fair been in the the had were come bid-ask seeing a QX what spreads of mean year, really you're I market. quarter, aligned in online, what to you amount interesting guidance, So expectations in pricing first half transaction pause interest an trending you're the back And rates, seeing expectations,

So market into transaction to like There a pan pipeline the feel back lot will they're right extent way out now cut the in market. in up. interest pick the the is Street are September, a rates we with The baked sellers of the healthy.

quarter. over As you billion, $X.X see, about a last slight increase it's

over stop. But interest market us. the transaction start, means the continues, we been environment market pick rate we're So we've volatile. that expect hopeful past seen and that, years, that another several the more continues, then acquisitions this has up, And as if we for could to if have

So year. at optimistic point I we the look we're the back of this as think half cautiously into

Michael Carroll

mid-Xs to high be did or quarter? rate. cap of to think if Xs, pricing on remains a which to low that how rates know don't Okay. going what I good That's of I stabilized should assets? about quarter is in trending in And we second the is what And down pretty to Xs, these mean, the you you it the seen. are achieved I that back think the be know is still we should in the that first the helpful. about kind

William Crooker

as Yes. guidance also out below future going transactions that cost half. We put have not into make transactions I year. that's a been or rate forward, but lot that's only of the of mean whether the But leases market we you -- evaluate first amount X, and that baked those in cap accretive that the for growth guidance noted, rent our them day we sure increased markets. that anticipating capital of be been in some constantly a growth market cash the as we're in reset our those baked fair are

X for But all range and capital, cost these is move transactions. now So in year price our with cost of rates debt and year. the could you throughout of the probably capital see depends lower remainder on where as the that of the where range we are

Operator

next question Crow line comes Raymond the James. from with Our Bill of

William Crow

It the that recording leases into on that you're road that And of as or that with the of doing kind process, I'm going into going have period start how 'XX X% you're the thinking to seems about to thought as in peak X% underwriting renewals. be negative 'XX. in and of acquisitions Is wondering spreads signed where signed your time down bumps. leases possibility to cash X annual of more kind were you're when the expire, years X process? passes properties your they from something to are goes those

William Crooker

rent here. And Yes, a And the market teams expectations I and these way, the we if And that it's say positive industrial we we time. I We tenant, acquisition rent in been in the markets. and with expectations. the lease go continuing lease have would growth we're expires, as on sector more and the our into growth of have into is past, conservative underwriting. presentation, then all and underwritten growth market market the regional of an investor growth our and that to factored market we've we the And initial then market our is at to not market in future the rent for growth acquisition managers use generally achieved past, depending way when think of treated adjustments well mentioned, bit in -- with lot growth it market different a that rolls market, some in our market rent I whatever very that past acquisitions. our would our we've X rent advisers third-party adjustments baked where underwrite. not, into certainly rent that forecast conservative. That is, our that little there's those that's are us We market the make growth has really tailwinds are and a forecast. in to say rent buy our

think I to of is we U.S., One QX, buildup you example continued a real had of lot you've onshoring the of that especially the then room chains effectively compare a first this And where tenant. and the the mentioned, warehouse which has e-commerce leased to we got them to nearshoring, supply our what's in pond. go, in across happening onshoring we of an dynamic. as still

our with And in respect fundamentals X baked to good years, the sector. overall, underwriting. or it's all So into X

Operator

question with next of Our Nick comes line Thillman Baird. the from

Nicholas Thillman

Maybe any of the of can leases specific maybe that spread of markets particular. talking signed half kind down I deselling to or what's talk you've XXs. shows that lower date. number based to It dragging is on just in the specific that in about you mix kind guess what or on the second commencing

William Crooker

it's mean markets. pretty a of wide I range

we I feet. original think we're we to And out square year. estimating had XX million when pretty million XX visibility guidance our good this put

leases would I rolled say, this the call of those to year. which It nothing out. cadence So just some was in

Nicholas Thillman

kind expectations progress appreciate signed thus just then development But the pipeline. there has to And helpful. date? been on That's additional pipeline of color that the on any far on on lease-up leases

William Crooker

a activity, a leases Certainly, lot of on of signed. tours. Not RFPs, lot

of get we're development, the starting example, is Even with not Tampa historically pre-leasing a some to the for said, Some initial inquiries that market. stuff, there. that

expectations date. Hopefully, like but are we development lease-up to outperformed So been nothing our prudent. for them, feel signed we has

Operator

question from Green Our next Tibone comes of the with line Vince Street.

Vince Tibone

stabilized does Could you are new development of that your provide view quarter? Just once cap the economics the rates in yield? And of to starts how leased? what the expected the specifically, compare

William Crooker

Sure. Part I basis remarks. that it's had projecting between mid-Xs yield high in market, for basis transaction. and bit up for transaction was maybe noted we're the that's Oregon, a that X.X% Portland, higher that's Nashville lower probably stabilized land the in the future, it, little XXX I forecasting points the X.XX% to prepared there, mean of And more. we're then be a for build-to-suit these a that maybe leased transaction, the as transaction. certainly But in we the that that to just call mid- and Xs, than

Vince Tibone

That's it. development do you the in And growth? acquisitions FFO sources cost equity remind view in capital of external Are me you you how funding for considering today? spend? just of what's and issuances terms helpful. guidance Got incorporated then to can fund And your any

Matts Pinard

Absolutely, Vince.

go the private of out In be capital, placement and cost terms would of we debt, if market. it raise to were long-term in

that the area. use transaction be to tenors, the in we able the Looking X% raise X% in back we March we to the would closed that in $XXX to high same likely did that May, if million

So say, long-term the been in on there decrease side. debt some, costs I'd has

In terms of guidance. in the equity

guidance. you, the to forward currently our I in million of no are remind incremental do and issuance that $XX have on We available unfunded. we included And have proceeds equity want

of to we're of dividends increase terms proceeds paid. after allocation, be in million cash available for retaining our and guidance $XXX us then corporate those sale purposes. approximately We disposition capital did can And

about sheet again, low is And at the We're guidance talked You range. the balance our of then equity. Xx levered. the end

Our public X% guidance X.X%. range to is

capital we're leverage liquidity side well So from positioned incredibly and side, side. a

Operator

the Eric Our Borden of Capital line next comes question from with BMO Markets.

Eric Borden

loss color been if And just update for what the tenant bps any known year-to-date? the the you was Appreciate there of provide credit the could half year. on year? curious minus of has is on assumption captured an back maintaining the I for issues XX

Matts Pinard

what watch equates of to approximately our of to We've it which loss year-to-date, credit $X XX ago. it's basis similar terms in experienced So XX list, days million was points.

XX Our has the maintained. as line guidance year, loss also across historical with increased. in credit we credit average, that But I the going really more second this note again, loss That is basis that can maintained, for anything in incur compared first. not to which points to and implies the not half from. extrapolate of that is of to guidance the seeing thematic we we're we're want portfolio our year level our

Eric Borden

helpful. Okay. provide just relates known move if That's should then to lease I outs it wondering with 'XX potential the could on just our And some you any have on was 'XX as expirations the essentially already color all addressed, radar? that we

William Crooker

this Yes. outs for move known any going We 'XX give 'XX. guidance this not at point. have early Certainly to large into don't 'XX

come year that this and you there's through our move investors certainly let does now. we up, as we'll and So anything if

Operator

with ISI. comes Evercore Our Khanal next the Samir of from line question

Samir Khanal

than average I the the I a the same-store occupancy sure for Bill, at I to color? bit a want anything. look occupancy lower quarter. make quarter, more your miss end Can you just the bit at didn't it guess when of was I provide

Matts Pinard

take this can Yes. one. Samir, I

guidance. is what So back point to you to want I our

upgraded same-store loss average guess, basis So the basis. We occupancy occupancy from as well guide points we're on of XX XX the pool basis or XX points view way occupancy. on we is our in basis kind to the as down. that improved, points I loss Year-to-date, average occupancy an

basis. expect an up generally to So the high on XX% same we area and occupancy end in

Samir Khanal

Okay.

nothing... so there's And

Matts Pinard

missing XX at year-to-date. put We're occupancy differently, average you're not out. it basis To loss points

points XX is year. of loss basis occupancy Our the for guidance

Samir Khanal

Okay.

demand Okay. of out for expectations you here all? perspective from is a sort And how playing versus July

William Crooker

strong when El is We're generally was demand you Milwaukee, out about strong. quarter, healthy think seeing last Minneapolis, Columbus, Chicago, us. and Tampa. thing, Sacramento Philly, healthy. to similar I Detroit, what And markets. those Paso in real limited weakness some But have Seeing healthy exposure really markets, our the Indiana. markets, across are exposure markets. National We is Those any Those for called Jersey. Midwest markets same in South to which again, all near-term markets, don't those

same-store as maybe backdrop with the that has better. bit July little not our in and a So budgeted, trending been if increase guidance,

Samir Khanal

it. Got

I provide growth. the you one, sorry, This I can. for same? said know rent year? of And one last growth, that sort in you still mid-single-digit market and just your if past, view did the the Is

William Crooker

through Yes, on little because the more we're We It X% to we're year. got a bit specific to was be little halfway a that. expecting. more than X%

Operator

of next Jason comes Our question with Wells Fargo. Belcher from line the

Jason Belcher

I was guess give the you quarter, impairment first, sorry million if I us missed this, that $X what on was to? but related color what in some can the

Matts Pinard

impairment The This and not that sure. only an to in long-term to is us. asset in Utah. going It's our asset for hold a just be Matts. market Yes, it's relates

Jason Belcher

Are then back? any different there picking you seem little industries? secondly, your And in about any seeing tenant you up terms what all sectors that to conversely any trends noticeably of pulling particular be bit talk a across Okay. are just can or

William Crooker

industries. leasing mean And that credit to XPLs. we've is including from from pretty box -- strong. but seeing big really We're of a industries loss we're across of Nothing seeing number demand to seen Matts healthy call moving still I pick industries, small would touched away this with box up, nothing leasing on a and But bit we we're call seeing little extrapolate that out. out. this anything kind not year,

nothing to or respect big to box, out box leasing. industries really call with specific So small

Operator

line Rich the Wedbush. question Anderson comes next of with Our from

Richard Anderson

back your cadence, X.X% would growth simple in large to point or get math, X.X% your of get XX year-to-date, range. require half the X% to same-store of you 'XX. to impact same-store NOI back sort mentioned But guidance, leases to basis to X the first just So from half

points. basis XX than more that's So

XX So and there what's that mentioned? that incremental the causing going headwind on you that's points above basis over

Matts Pinard

guidance I just our did credit to by want the it goes really, increase basis at same-store XX points to remind loss, cash midpoint. Rich. everyone And that we back

credit loss back points basis XX credit of incurred be have year. the more in We've will in our We loss of half so basis XX the points guidance. there

Richard Anderson

Okay. And then onshoring, the a Atlanta on example in on entity. of manufacturing you've taken

movement Assuming is and political, yourself you being this not open could tenants to onshoring going real see forward? manufacturing more

William Crooker

Yes.

there, So and if in it wasn't was now sorry just that And to building warehouse the clear it's a clarify the serving supplier prepared remarks, for a it's prior. distribution manufacturer. regional

it's really, be are onshoring to that's the not those leased. for So onshoring warehouse already incremental demand that demand manufacturing that that do. The what for that we will warehouses sites mostly facilities, distribution approximate view we a But warehouses will I create could regional own that and And -- the are where think just the U.S. coming in or we that's for manufacturing building. used the supplier

Operator

question the JPMorgan. next from line Our comes Mueller Mike of with

Michael Mueller

any color, compared provide you not I'm XXXX specific could high-level any you trends on can towards XXXX? out pencil One, questions. rent spread what you're guidance, high-level and but 'XX think to guiding Two color how asking for

few a than back on up could asset X the pool cap on second caused margin what them year, asset the at trigger of sales. And pick on of why about a for the that the sitting in more comment expectation seemingly months? spreads the volumes you rather bid-ask -- to pull sales on question Based improving then the half and

William Crooker

our the take with a Yes. we're were got driver question market Those market, right? those And those. we're plant demand just demand a We And as to it, those is of the drivers there. a I mentioned, of Matts there. multiple assets. Belvidere, couple of really with we've for exiting. assets a the we're couple to -- very mean while were that there's and our that's were sell first. It couple majority the agreed exited left there's ago, I'll look noncore that's And auto only we you at takes exiting months those. have the When of frankly, so -- buildings. portfolio, second happy only pricing time one

a a we market that has when to that's term we try over see driver, So demand market that the exit. one long only

So in, in just We're trying was higher more wasn't of priced pricing. year, and subsequently, to probability not with back achieved of the in half And there. generate then best the the necessarily trying cuts asset we're hold we on with indication the and happy those something to rate time the it that's pricing sales. markets there that

XXXX, till to respect and year on I'll into visibility wait leasing And we move next with more get year through spreads. just this

Operator

question the next Bank our from And Camille comes of line Bonnel from of America.

Andrew Berger

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

number? achieved Just that the already been X% curious has that have to quarters first through how much of X% in X or even July, you if

William Crooker

half. almost It's

the through a So consistent year. as rate move it's been pretty at we growing

Andrew Berger

that. side, decisions. taking quarter, you think tenants still on the are leasing bit a longer said I it. make then And Got Appreciate last to

in Just in pretty And the at quarter past. days? second I know XX also, that's curious improved all over the decisions the was leasing past you've mentioned active. C-suite if involved the pretty was

curious down all? toned bit at that a has if Just

William Crooker

toned just that We boxes, environment takeaway bigger one bigger it I'd down is a have. much. taking haven't bigger the in volatile really smaller, seen leases that commitments, natural, say which longer especially is we are rate than

it to was what quarter. So is that last similar dynamic

Andrew Berger

the was more just And Got over quarter this looks all if of it. theme. map. one on big a I obviously sneak in That's like acquisition. could been It sort the maybe

you're the any geographies there's that on if second curious in Just particular half? focused

William Crooker

is CBRE strategy Tier Our X market.

pretty evaluating So opportunities we've across we built those up the can team efficient be and our really in markets. so processes enhance

strategy. I think in that's a differentiator our

markets different -- see In acquisitions. you might X X. here is other saw quarter this the same quarters, you So in X, the second

assets CBRE sometimes X the But see a differentiator couple in our to Tier us. a certainly all And for evaluate you X transactions market. is across markets of ability

or we particular markets. don't on X focus X So really or X

Operator

And back we over question-and-answer session. for to turn have reached the closing And Crooker the end of remarks. Bill I'll the call

William Crooker

as questions, you call, for everybody, for We and thank you. the you, Thank soon. to always. seeing to all you joining thoughtful the look forward Thank analysts

Operator

this this lines you you and concludes today's disconnect your may time. for conference, your at And Thank participation.

STAG Industrial (STAG) 31 Jul 242024 Q2 Earnings call transcript