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    Jason Belcher • Unknown Analyst Firm

    Jason Belcher's questions to STAG Industrial Inc (STAG) leadership

    Jason Belcher's questions to STAG Industrial Inc (STAG) leadership • Q2 2025

    Question

    Jason Belcher from Wells Fargo asked for clarification on STAG's policy for capitalizing interest on its development projects, specifically the completed assets in Greenville. He also inquired about current trends in embedded rent escalators and the portfolio-wide average.

    Answer

    EVP, CFO & Treasurer Matts Pinard clarified that the company ceases capitalizing interest once a building is complete, so the Greenville assets are no longer capitalizing interest. He also stated the portfolio's weighted average rent escalator is 2.9% and continues to rise, as new leases are being signed with escalators closer to 3.25%.

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    Jason Belcher's questions to STAG Industrial Inc (STAG) leadership • Q1 2025

    Question

    Jason Belcher asked about tenant categories causing concern, the trend in the tenant watch list, and sought details on rent spreads for early 2026 lease expirations.

    Answer

    CFO Matts Pinard responded that credit concerns are tenant-specific rather than sector-specific, focusing on companies with low margins and high leverage. He stated the watch list has not materially expanded and is dominated by the American Tire situation. Regarding 2026 expirations, Pinard noted that while over 15% of that year's leasing is already done, it is too early to discuss specific economics or rent spreads.

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    Jason Belcher's questions to STAG Industrial Inc (STAG) leadership • Q4 2024

    Question

    Jason Belcher questioned the potential impact of tariffs, asking what STAG is hearing from its tenants, what portfolio trends might be attributable to tariff concerns, and how the company views the potential impact timeline.

    Answer

    CEO William Crooker responded that there is significant uncertainty among tenants regarding the timing and scope of tariffs. He noted that while the dialogue around onshoring and nearshoring has increased and some tenants are storing more goods, it is still too early to determine the long-term impact on warehouse demand.

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    Jason Belcher's questions to STAG Industrial Inc (STAG) leadership • Q3 2024

    Question

    Jason Belcher asked about the common characteristics of properties being sold and inquired about the impact of the construction slowdown on land prices and STAG's land bank strategy.

    Answer

    CEO William Crooker explained that dispositions are typically non-core assets in non-CBRE Tier 1 markets or opportunistic sales to realize value. He noted that land prices have remained relatively flat and that STAG's strategy is to acquire permitted, development-ready sites rather than raw land.

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    Jason Belcher's questions to Marcus & Millichap Inc (MMI) leadership

    Jason Belcher's questions to Marcus & Millichap Inc (MMI) leadership • Q4 2024

    Question

    Jason Belcher asked about recent trends in transaction size buckets, buyer/seller types, the impact of recent Los Angeles wildfires on the multifamily market, progress on external growth and M&A, and the company's capital allocation strategy.

    Answer

    Executive Hessam Nadji detailed the continued momentum of institutional and private capital into larger transactions, driven by attractive pricing versus replacement costs. He noted that while investor sentiment has improved, some sellers are in a 'wait-and-see' mode due to policy and inflation uncertainty. Regarding the L.A. market, Nadji explained that the primary market impact from the wildfires is pressure on insurance availability and cost, which has slowed some activity. He also discussed M&A, citing valuation and performance risk as hurdles, while highlighting success in recruiting experienced teams and investing in complementary tech platforms. CFO Steve Degennaro addressed capital allocation, stating the company opportunistically adjusts repurchases based on cash flow while maintaining its semi-annual dividend and investing heavily in internal technology and central support functions.

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