STAG Industrial, Inc. (NYSE:STAG) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET

Company Participants

Steve Xiarhos - Associate Capital Markets & IR

William Crooker - CEO, President & Director

Matts Pinard - EVP, CFO, Treasurer & SVP, Capital Markets and IR

Conference Call Participants

Sheila McGrath - Evercore ISI

Craig Mailman - Citigroup

Blaine Heck - Wells Fargo Securities

Jonathan Petersen - Jefferies

William Crow - Raymond James & Associates

John Massocca - Ladenburg Thalmann & Co.

Vince Tibone - Green Street Advisors

James Feldman - Bank of America Merrill Lynch

Michael Carroll - RBC Capital Markets

Operator

Greetings, and welcome to STAG Industrial Second Quarter 2022 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Steve Xiarhos, Associate Capital Markets and Investor Relations. Please go ahead.

Steve Xiarhos

Thank you. Welcome to STAG Industrial's conference call covering the second quarter 2022 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information presentation on the company's website at www.stagindustrial.com, under the Investor Relations section.

On today's call, the company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecasts of core FFO, same-store NOI, G&A, acquisition and disposition volumes, retention rates and other guidance, leasing prospects, rent collections, industry and economic trends and other matters. We encourage all our listeners to review the more detailed discussion related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental information package available on the company's website.

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

I will now turn the call over to Bill.

William Crooker

Thank you, Steve. Good morning, everybody, and welcome to the second quarter earnings call for STAG Industrial. We are pleased to have you join us and look forward to telling you about this quarter's results. As we noted on our last earnings call, the industrial fundamental story is very much intact. We continue to see strong demand across our markets. We believe the short- and medium-term secular demand drivers, including e-commerce, supply chain reconfiguration and increases in inventory levels will continue to be a tailwind for some time. Additionally, nearshoring and onshoring should provide incremental demand in the medium term. Supply is coming online at a moderate pace, constrained by increased construction costs and supply chain backlogs. Vacancy rates remain low in our markets and market rents continue to grow at a strong rate. This positive industrial backdrop, coupled with our team's operational excellence resulted in another strong quarter.