STAG Industrial, Inc. (NYSE:STAG) Q1 2020 Earnings Conference Call - Final Transcript

May 01, 2020 • 10:00 am ET


STAG Industrial, Inc. (NYSE:STAG) Q1 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the STAG Industrial, Inc. First Quarter 2020 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host, Matts Pinard, Senior Vice President of Investor Relations. Thank you. You may begin.

Matts S. Pinard

Thank you. Welcome to STAG Industrial's conference call covering the first quarter 2020 results. In addition to the press release distributed yesterday, we posted an unaudited quarterly supplemental information presentation on the company's website at under the Investor Relations section. On today's call, the company's prepared remarks and the 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 statements relating to earnings trends, G&A amounts, acquisition and disposition volumes, retention rates, debt capacity, dividend rates, industry and economic trends and other matters. We encourage all of our listeners to review the more detailed discussions 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 informational 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 Ben Butcher, our Chief Executive Officer; and Bill Crooker, our Chief Financial Officer.

I will now turn the call over to Ben.

Benjamin S. Butcher

Thank you, Matts. Good morning, everybody, and welcome to the first quarter earnings call for STAG Industrial. We're pleased to have you join us and look forward to telling you about our first quarter results. Presenting today, in addition to myself, will be Bill Crooker, our Chief Financial Officer, who will be discussing the bulk of our financial and operational data. Also with me today are Steve Mecke, our Chief Operating Officer; and Dave King, our Director of Real Estate Operations. They will be available to answer questions specific to their areas of focus. First and foremost, I hope and trust that you and your families are all staying safe and healthy during these unprecedented times. I'm happy to report that despite the ongoing pandemic STAG and it's employees remain safe and healthy. We spent a considerable amount of time and energy over the past few years, creating a strong culture of bright, talented and engaged employees. Our team has been working remotely for some time, and the company continues to function at a high level. The investments made over the years in process of improvement, data collection, storage and analytics are all paying dividends as we continue to navigate the current environment. The near-term impact on the industrial real estate sector due to the novel COVID-19 virus continues to be fluid. Virtually all GDP growth projections for Q2 are decidedly negative. The disruptions in both the domestic and global economy will continue to dampen consumption to the current