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    Rich Anderson • Wedbush Securities

    Rich Anderson's questions to STAG Industrial Inc (STAG) leadership

    Rich Anderson's questions to STAG Industrial Inc (STAG) leadership • Q1 2025

    Question

    Rich Anderson explored the relationship between the high Q1 retention rate and the rapid pace of early leasing, and asked if STAG is tracking new tenant origins as evidence of nearshoring trends.

    Answer

    CFO Matts Pinard and CEO William Crooker confirmed the high 85% Q1 retention is linked to completing a large volume of renewals early, and they expect the rate to normalize toward the 70-75% full-year guidance. On nearshoring, Pinard stated that while hard data is limited, diversifying supply chains is a clear driver of demand. He cited a new 7-year lease with a 3PL in Savannah as a direct result of this trend, which they believe will be a net benefit for their portfolio.

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    Rich Anderson's questions to STAG Industrial Inc (STAG) leadership • Q3 2024

    Question

    Rich Anderson asked for the bull and bear case scenarios for the American Tire bankruptcy and questioned how quickly the acquisition pipeline reacts to macroeconomic changes like interest rate hikes.

    Answer

    CEO William Crooker stated that American Tire's leases are at market rates and the facilities are actively utilized, but he declined to speculate on the bankruptcy's outcome. Regarding the acquisition pipeline, he described it as dynamic, noting that STAG immediately adjusts its return requirements to its cost of capital, which allows it to continue finding opportunities even in a rising rate environment.

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