STAG INDUSTRIAL, INC., 10-Q filed on 5/4/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2021
May 03, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 1-34907  
Entity Registrant Name STAG Industrial, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 27-3099608  
Entity Address, Address Line One One Federal Street  
Entity Address, Address Line Two 23rd Floor  
Entity Address, City or Town Boston,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02110  
City Area Code 617  
Local Phone Number 574-4777  
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol STAG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001479094  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   159,688,186
Entity Central Index Key 0001479094  
Current Fiscal Year End Date --12-31  
v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Rental Property:    
Land $ 500,947 $ 492,783
Buildings and improvements, net of accumulated depreciation of $524,965 and $495,348, respectively 3,565,366 3,532,608
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively 490,532 499,802
Total rental property, net 4,556,845 4,525,193
Cash and cash equivalents 18,579 15,666
Restricted cash 3,738 4,673
Tenant accounts receivable 79,956 77,796
Prepaid expenses and other assets 44,841 43,471
Interest rate swaps 3,592 0
Operating lease right-of-use assets 25,016 25,403
Assets held for sale, net 0 444
Total assets 4,732,567 4,692,646
Liabilities:    
Unsecured credit facility 233,000 107,000
Unsecured term loans, net 970,572 971,111
Unsecured notes, net 573,377 573,281
Mortgage notes, net 56,341 51,898
Accounts payable, accrued expenses and other liabilities 60,600 69,765
Interest rate swaps 32,106 40,656
Tenant prepaid rent and security deposits 27,522 27,844
Dividends and distributions payable 19,657 19,379
Deferred leasing intangibles, net of accumulated amortization of $16,105 and $15,759, respectively 33,559 32,762
Operating lease liabilities 27,717 27,898
Total liabilities 2,034,451 1,921,594
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Preferred stock 0 75,000
Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2021 and December 31, 2020, respectively, 159,082,448 and 158,209,823 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 1,591 1,582
Additional paid-in capital 3,443,787 3,421,721
Cumulative dividends in excess of earnings (778,727) (742,071)
Accumulated other comprehensive loss (28,143) (40,025)
Stockholders' Equity Attributable to Parent, Total 2,638,508 2,716,207
Noncontrolling interest 59,608 54,845
Total equity 2,698,116 2,771,052
Total liabilities and equity $ 4,732,567 $ 4,692,646
v3.21.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Building and Improvements, accumulated depreciation $ 524,965 $ 495,348
Deferred leasing intangible assets, accumulated amortization 264,103 258,005
Deferred leasing intangible liabilities, accumulated amortization $ 16,105 $ 15,759
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Preferred Stock, Shares Issued 0  
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 300,000,000 300,000,000
Common Stock, Shares, Issued 159,082,448 158,209,823
Common Stock, Shares, Outstanding 159,082,448 158,209,823
Series C Preferred Stock    
Preferred Stock, Shares Issued 0 3,000,000
Preferred Stock, Shares Outstanding 0 3,000,000
Preferred Stock, Liquidation Preference Per Share   $ 25.00
v3.21.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues [Abstract]    
Rental income $ 133,825 $ 118,339
Other income 170 209
Total revenue 133,995 118,548
Expenses    
Property 27,002 21,947
General and administrative 12,790 10,373
Depreciation and amortization 58,407 52,688
Other expenses 852 476
Total expenses 99,051 85,484
Other income (expense)    
Interest and other income 32 79
Interest expense (15,358) (14,864)
Debt extinguishment and modification expenses (679) 0
Gain on the sales of rental property, net 6,409 46,759
Total other income (expense) (9,596) 31,974
Net income 25,348 65,038
Less: income attributable to noncontrolling interest after preferred stock dividends 473 1,598
Net income attributable to STAG Industrial, Inc. 24,875 63,440
Less: preferred stock dividends 1,289 1,289
Less: redemption of preferred stock 2,582 0
Less: amount allocated to participating securities 73 79
Net income attributable to common stockholders $ 20,931 $ 62,072
Weighted average common shares outstanding — basic 158,430 147,570
Weighted average common shares outstanding — diluted 159,126 147,656
Net income per share — basic and diluted    
Net income per share attributable to common stockholders — basic $ 0.13 $ 0.42
Net income per share attributable to common stockholders — diluted $ 0.13 $ 0.42
v3.21.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income $ 25,348 $ 65,038
Other comprehensive income (loss):    
Income (loss) on interest rate swaps 12,150 (30,191)
Other comprehensive income (loss) 12,150 (30,191)
Comprehensive income 37,498 34,847
Income attributable to noncontrolling interest after preferred stock dividends (473) (1,598)
Other comprehensive (income) loss attributable to noncontrolling interest (268) 757
Comprehensive income attributable to STAG Industrial, Inc. $ 36,757 $ 34,006
v3.21.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Cumulative Dividends in excess of Earnings
Accumulated Other Comprehensive Income (Loss)
Total Stockholders' Equity
Noncontrolling Interest - Unit holders in Operating Partnership
Balance at Dec. 31, 2019 $ 2,363,891 $ 75,000 $ 1,428 $ 2,970,553 $ (723,027) $ (18,426) $ 2,305,528 $ 58,363
Balance (in shares) at Dec. 31, 2019     142,815,593          
Increase (Decrease) in Stockholders' Equity                
Proceeds from sales of common stock, net 172,723   $ 56 172,667     172,723  
Proceeds from sales of common stock (in shares)     5,600,000          
Dividends, Common Stock         (54,822)      
Dividends             (54,822)  
Distribution Made to Limited Partner, Cash Distributions Declared               (896)
Dividends and Distributions, Net (55,718)              
Non-cash compensation activity, net 1,371     (858)     (1,247) 2,618
Non-cash compensation activity (in shares)     73,048          
Non-cash compensation activity (in excess of earnings)     $ (1)   (390)      
Redemption of common units to common stock     $ (2) (3,426)     (3,428) (3,428)
Redemption of common units to common stock (in shares)     219,390          
Rebalancing of noncontrolling interest       (3,293)     (3,293) 3,293
Other comprehensive income (30,191)         (29,434) (29,434) (757)
Net income 65,038       63,440   63,440 1,598
Balance at Mar. 31, 2020 2,517,114 75,000 $ 1,487 3,142,495 (714,799) (47,860) 2,456,323 60,791
Balance (in shares) at Mar. 31, 2020     148,708,031          
Balance at Dec. 31, 2019 2,363,891 75,000 $ 1,428 2,970,553 (723,027) (18,426) 2,305,528 $ 58,363
Balance (in shares) at Dec. 31, 2019     142,815,593          
Increase (Decrease) in Stockholders' Equity                
Redemption of common units to common stock (in shares)               0
Balance at Dec. 31, 2020 2,771,052 75,000 $ 1,582 3,421,721 (742,071) (40,025) 2,716,207 $ 54,845
Balance (in shares) at Dec. 31, 2020     158,209,823          
Increase (Decrease) in Stockholders' Equity                
Proceeds from sales of common stock, net 21,566   $ 7 21,559     21,566  
Proceeds from sales of common stock (in shares)     680,276          
Redemption of preferred stock (75,009) (75,000)   (2,573) (2,582)   (75,009)  
Dividends, Common Stock         (58,828)      
Dividends             (58,828)  
Distribution Made to Limited Partner, Cash Distributions Declared               (1,436)
Dividends and Distributions, Net (60,264)              
Non-cash compensation activity, net 3,273     (3,214)     (3,334) 6,607
Non-cash compensation activity (in shares)     95,190          
Non-cash compensation activity (in excess of earnings)     $ (1)   (121)      
Redemption of common units to common stock     $ (1) (1,622)     (1,623) $ (1,623)
Redemption of common units to common stock (in shares)     97,159         0
Rebalancing of noncontrolling interest       (474)     (474) $ 474
Other comprehensive income 12,150         11,882 11,882 268
Net income 25,348       24,875   24,875 473
Balance at Mar. 31, 2021 $ 2,698,116 $ 0 $ 1,591 $ 3,443,787 $ (778,727) $ (28,143) $ 2,638,508 $ 59,608
Balance (in shares) at Mar. 31, 2021     159,082,448          
v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 25,348 $ 65,038
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,407 52,688
Non-cash portion of interest expense 487 676
Amortization of above and below market leases, net 1,474 984
Straight-line rent adjustments, net (4,676) (3,849)
Gain on the sales of rental property, net (6,409) (46,759)
Non-cash compensation expense 4,615 2,852
Change in assets and liabilities:    
Tenant accounts receivable 3,281 (509)
Prepaid expenses and other assets (4,132) (490)
Accounts payable, accrued expenses and other liabilities (4,613) 390
Tenant prepaid rent and security deposits (322) (441)
Total adjustments 48,112 5,542
Net cash provided by operating activities 73,460 70,580
Cash flows from investing activities:    
Acquisitions of land and buildings and improvements (81,969) (100,187)
Additions of land and building and improvements (10,269) (16,815)
Acquisitions of other assets 0 450
Proceeds from sales of rental property, net 23,884 99,678
Acquisition deposits, net 2,008 500
Acquisitions of deferred leasing intangibles (13,156) (18,706)
Net cash used in investing activities (79,502) (35,980)
Cash flows from financing activities:    
Proceeds from unsecured credit facility 393,000 387,000
Repayment of unsecured credit facility (267,000) (308,000)
Proceeds from unsecured term loans 300,000 100,000
Repayment of unsecured term loans (300,000) 0
Repayment of mortgage notes (531) (497)
Payment of loan fees and costs 2,750 0
Proceeds from sales of common stock, net 21,639 172,771
Redemption of preferred stock (75,000) 0
Dividends and distributions 59,996 54,883
Repurchase and retirement of share-based compensation (1,342) (1,472)
Net cash provided by financing activities 8,020 294,919
Increase in cash and cash equivalents and restricted cash 1,978 329,519
Cash and cash equivalents and restricted cash—beginning of period 20,339 11,864
Cash and cash equivalents and restricted cash—end of period 22,317 341,383
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest 13,471 12,544
Supplemental schedule of non-cash investing and financing activities    
Acquisitions of land and buildings and improvements 4,239 0
Acquisitions of deferred leasing intangibles 703 0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities 4,281 (1,080)
Additions to building and other capital improvements from non-cash compensation 0 (8)
Assumption of mortgage notes 5,103 0
Fair market value adjustment to mortgage notes acquired (161) 0
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities 879 (62)
Dividends and distributions payable $ 19,657 $ 18,301
v3.21.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of March 31, 2021 and December 31, 2020, the Company owned a 97.8% and 98.0%, respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

As of March 31, 2021, the Company owned 494 buildings in 39 states with approximately 99.1 million rentable square feet, consisting of 414 warehouse/distribution buildings, 72 light manufacturing buildings, and eight flex/office buildings.

COVID-19 Pandemic

Currently, one of the most significant risks and uncertainties facing the Company and the real estate industry generally is the potential adverse effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic.

The Company closely monitors the effect of the COVID-19 pandemic on all aspects of its business, including how the pandemic will affect its tenants and business partners. The Company did not incur significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2021. In addition, the Company did not enter into any rent deferral agreements during the three months ended March 31, 2021. The Company will continue to evaluate tenant rent relief requests on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company foregoing its contractual rights under its lease agreements.

The Company remains unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic affects the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.
v3.21.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Interim Financial Information
 
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

Restricted Cash

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)March 31, 2021December 31, 2020
Cash and cash equivalents$18,579 $15,666 
Restricted cash3,738 4,673 
Total cash and cash equivalents and restricted cash$22,317 $20,339 

Incentive and Equity-Based Employee Compensation Plans

On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. The adoption of the Vesting Program resulted in an increase to general and administrative expenses of approximately $1.5 million for the three months ended March 31, 2021 due to the acceleration of equity-based compensation expense for certain eligible employees. The Company estimates that the adoption of the Vesting Program will result in an increase in general and administrative expenses of approximately $2.4 million for the year ending December 31, 2021.

Taxes

Federal Income Taxes

The Company’s taxable REIT subsidiary did not have any activity during the three months ended March 31, 2021 and 2020.

State and Local Income, Excise, and Franchise Tax

State and local income, excise, and franchise taxes in the amount of $0.4 million and $0.4 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, respectively.

Uncertain Tax Positions

As of March 31, 2021 and December 31, 2020, there were no liabilities for uncertain tax positions.

Concentrations of Credit Risk
Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
v3.21.1
Rental Property
 3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Rental Property Rental Property
The following table summarizes the components of rental property as of March 31, 2021 and December 31, 2020.

Rental Property (in thousands)March 31, 2021December 31, 2020
Land$500,947 $492,783 
Buildings, net of accumulated depreciation of $347,390 and $327,043, respectively
3,242,182 3,195,439 
Tenant improvements, net of accumulated depreciation of $25,333 and $24,891, respectively
42,290 43,684 
Building and land improvements, net of accumulated depreciation of $152,242 and $143,414, respectively
274,135 275,433 
Construction in progress6,759 18,052 
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively
490,532 499,802 
Total rental property, net$4,556,845 $4,525,193 

Acquisitions

The following table summarizes the acquisitions of the Company during the three months ended March 31, 2021. The Company accounted for all of its acquisitions as asset acquisitions.

Market (1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Omaha/Council Bluffs, NE-IAJanuary 21, 2021370,000 1 $24,922 
Minneapolis/St Paul, MNFebruary 24, 202180,655 1 10,174 
Long Island, NYFebruary 25, 202164,224 1 8,516 
Sacramento, CAFebruary 25, 2021267,284 1 25,917 
Little Rock/N Little RockMarch 1, 2021300,160 1 24,317 
Cleveland, OHMarch 18, 2021170,000 1 6,382 
Three months ended March 31, 20211,252,323 6 $100,228 
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2021 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$9,766 N/A
Buildings71,738 N/A
Tenant improvements757 N/A
Building and land improvements3,947 N/A
Deferred leasing intangibles - In-place leases9,813 8.7
Deferred leasing intangibles - Tenant relationships4,704 11.5
Deferred leasing intangibles - Above market leases1,975 15.0
Deferred leasing intangibles - Below market leases(2,633)5.9
Below market assumed debt adjustment161 18.8
Total purchase price$100,228  
Less: Mortgage notes assumed(5,103)
Net assets acquired$95,125 

On February 25, 2021, the Company assumed a mortgage note of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY. For a discussion of the method used to determine the fair value of the mortgage note, see Note 4.

The following table summarizes the results of operations for the three months ended March 31, 2021 for the buildings acquired during the three months ended March 31, 2021 included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended March 31, 2021
Total revenue$1,287 
Net income$23 
Dispositions

During the three months ended March 31, 2021, the Company sold four buildings to third parties comprised of approximately 0.5 million rentable square feet with a net book value of approximately $17.5 million. These buildings contributed approximately $10,000 and $0.4 million to revenue for the three months ended March 31, 2021 and 2020, respectively. These buildings contributed approximately $0.1 million and $0.1 million to net loss (exclusive of gain on the sales of rental property, net) for the three months ended March 31, 2021 and 2020, respectively. Net proceeds from the sales of rental property were approximately $23.9 million and the Company recognized the full gain on the sales of rental property, net, of approximately $6.4 million for the three months ended March 31, 2021.

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

March 31, 2021December 31, 2020
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$92,406 $(35,251)$57,155 $92,125 $(33,629)$58,496 
Other intangible lease assets662,229 (228,852)433,377 665,682 (224,376)441,306 
Total deferred leasing intangible assets$754,635 $(264,103)$490,532 $757,807 $(258,005)$499,802 
Below market leases$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 
Total deferred leasing intangible liabilities$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2021 and 2020.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20212020
Net decrease to rental income related to above and below market lease amortization$1,480 $990 
Amortization expense related to other intangible lease assets$22,447 $20,302 

The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of March 31, 2021.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2021$56,927 $517 
2022$67,300 $483 
2023$58,725 $983 
2024$49,665 $1,452 
2025$42,085 $1,283 
v3.21.1
Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt DebtThe following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2021 and December 31, 2020.
LoanPrincipal Outstanding as of March 31, 2021 (in thousands)    Principal Outstanding as of December 31, 2020 (in thousands)
Interest 
Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$233,000 
 
$107,000  L + 0.90%January 12, 2024i
Total unsecured credit facility233,000 
 
107,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 
 
150,000  3.38 %March 31, 2022i
Unsecured Term Loan D150,000 
 
150,000  2.85 % January 4, 2023i
Unsecured Term Loan E175,000 175,000 3.92 %January 15, 2024i
Unsecured Term Loan F200,000 200,000 3.11 %January 12, 2025i
Unsecured Term Loan G300,000 300,000 1.28 %February 5, 2026i
Total unsecured term loans975,000 975,000 
Total unamortized deferred financing fees and debt issuance costs(4,428)(3,889)
Total carrying value unsecured term loans, net970,572 
 
971,111     
Unsecured notes: 
 
    
Series F Unsecured Notes100,000 100,000 3.98 %

January 5, 2023ii
Series A Unsecured Notes50,000 
 
50,000  4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 
 
100,000  4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 
 
50,000  4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 
 
80,000  4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 
 
20,000  4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Total unsecured notes575,000 575,000 

Total unamortized deferred financing fees and debt issuance costs(1,623)(1,719)

Total carrying value unsecured notes, net573,377 
 
573,281 
 
 

  

Mortgage notes (secured debt):  

  
Wells Fargo Bank, National Association CMBS Loan48,063 
 
48,546  4.31 %December 1, 2022iii
Thrivent Financial for Lutherans3,527 3,556 4.78 %December 15, 2023iv
United of Omaha Life Insurance Company5,087 — 3.71 %October 1, 2039ii
Total mortgage notes 56,677 
 
52,102   
Net unamortized fair market value premium (discount)(134)29  
Total unamortized deferred financing fees and debt issuance costs (202)(233)
Total carrying value mortgage notes, net56,341 
 
51,898  
Total / weighted average interest rate(5)
$1,833,290 
 
$1,703,290 3.05 %
(1)Interest rate as of March 31, 2021. At March 31, 2021, the one-month LIBOR (“L”) was 0.11113%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements.
(2)The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of March 31, 2021, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 2.38%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023.
(3)Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date.
(4)The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.5 million and $1.6 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. The initial maturity date is January 15, 2023, which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(5)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.

The aggregate undrawn nominal commitment on the unsecured credit facility as of March 31, 2021 was approximately $514.4 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the
Company’s indebtedness was approximately $7.9 million and $6.3 million as of March 31, 2021 and December 31, 2020, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets.

The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020.

Three months ended March 31,
Costs Included in Interest Expense (in thousands)20212020
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts$487 $676 
Facility, unused, and other fees$386 $364 

On February 25 2021, the Company assumed a mortgage note with United of Omaha Life Insurance Company of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY, which serves as collateral for the debt. The debt matures on October 1, 2039 and bears interest at 3.71% per annum. The assumed debt was recorded at fair value and a fair value discount of approximately $0.2 million was recorded during three months ended March 31, 2021. The fair value of debt was determined by discounting the future cash flows using the current rate of approximately 4.10% at which loans would be made to borrowers with similar credit ratings for loans with similar maturities, terms, and loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a nonrecurring fair value measurement.

On February 5, 2021, the Company entered into an amendment to the unsecured credit facility (the “Credit Facility Amendment”). The Credit Facility Amendment provides for an increase in the aggregate commitments available for borrowing under the unsecured credit facility from $500 million to up to $750 million. As of March 31, 2021, the unsecured credit facility bore an interest rate of LIBOR plus a spread of 0.90% based on the Company’s debt rating, as defined in the loan agreement. In connection with the Credit Facility Amendment, the Company incurred approximately $1.2 million in costs which are being deferred and amortized through the maturity date of the unsecured credit facility. Other than the increase in the borrowing commitments, the material terms of the unsecured credit facility remain unchanged.

On February 5, 2021, the Company entered into an amendment to the Unsecured Term Loan G (the “Amendment to Unsecured Term Loan G”). The Amendment to Unsecured Term Loan G provides for an extension of the maturity date to February 5, 2026 and a reduced stated interest rate of one-month LIBOR plus a spread that ranges from 0.85% to 1.65% for LIBOR borrowings based on the Company’s debt ratings. The Amendment to Unsecured Term Loan G also amended the provision for a minimum interest rate, or floor, for LIBOR borrowings to 0.00% and for Base Rate borrowings to 1.00%. As of March 31, 2021, borrowings under the Unsecured Term Loan G bore interest at LIBOR plus 1.00%. In connection with the Amendment to Unsecured Term Loan G, the Company incurred approximately $1.6 million in costs which are being deferred and amortized through the new maturity date of February 5, 2026. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. Additionally, the Company reversed the previously accrued extension fees of approximately $1.1 million from the amendment to the Unsecured Term Loan G that was entered into on April 17, 2020, which resulted in a decrease to interest expense of approximately $0.3 million. Other than the maturity and interest rate provisions described above, the material terms of the Unsecured Term Loan G remain unchanged.

Financial Covenant Considerations

The Company was in compliance with all financial and other covenants as of March 31, 2021 and December 31, 2020 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $89.0 million and $81.4 million at March 31, 2021 and December 31, 2020, respectively, and is limited to senior, property-level secured debt financing arrangements.
Fair Value of Debt

The following table summarizes the aggregate principal outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of March 31, 2021 and December 31, 2020.

 March 31, 2021December 31, 2020
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$233,000 $233,000 $107,000 $107,000 
Unsecured term loans975,000 975,000 975,000 978,448 
Unsecured notes575,000 628,674 575,000 628,575 
Mortgage notes56,677 58,841 52,102 54,485 
Total principal amount1,839,677 $1,895,515 1,709,102 $1,768,508 
Net unamortized fair market value premium (discount)(134)29 
Total unamortized deferred financing fees and debt issuance costs (6,253)(5,841)
Total carrying value$1,833,290 $1,703,290 
The applicable fair value guidance establishes a three tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs.
v3.21.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Risk Management Objective of Using Derivatives

The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure.
The following table summarizes the Company’s outstanding interest rate swaps as of March 31, 2021. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges.

Interest Rate
Derivative Counterparty		Trade Date    Effective DateNotional Amount
(in thousands)		Fair Value
(in thousands)		Pay Fixed Interest RateReceive Variable Interest RateMaturity Date
Wells Fargo Bank, N.A.Jan-08-2015Mar-20-2015$25,000 $(426)1.8280 %One-month LMar-31-2022
The Toronto-Dominion BankJan-08-2015Feb-14-2020$25,000 $(584)2.4535 %One-month LMar-31-2022
Regions BankJan-08-2015Feb-14-2020$50,000 $(1,178)2.4750 %One-month LMar-31-2022
Capital One, N.A.Jan-08-2015Feb-14-2020$50,000 $(1,206)2.5300 %One-month LMar-31-2022
The Toronto-Dominion BankJul-20-2017Oct-30-2017$25,000 $(739)1.8485 %One-month LJan-04-2023
Royal Bank of CanadaJul-20-2017Oct-30-2017$25,000 $(740)1.8505 %One-month LJan-04-2023
Wells Fargo Bank, N.A.Jul-20-2017Oct-30-2017$25,000 $(740)1.8505 %One-month LJan-04-2023
PNC Bank, N.A.Jul-20-2017Oct-30-2017$25,000 $(739)1.8485 %One-month LJan-04-2023
PNC Bank, N.A.Jul-20-2017Oct-30-2017$50,000 $(1,477)1.8475 %One-month LJan-04-2023
The Toronto-Dominion BankApr-20-2020Sep-29-2020$75,000 $(83)0.2750 %One-month LApr-18-2023
Wells Fargo Bank, N.A.Apr-20-2020Sep-29-2020$75,000 $(90)0.2790 %One-month LApr-18-2023
The Toronto-Dominion BankApr-20-2020Mar-19-2021$75,000 $(83)0.2750 %One-month LApr-18-2023
Wells Fargo Bank, N.A.Apr-20-2020Mar-19-2021$75,000 $(91)0.2800 %One-month LApr-18-2023
The Toronto-Dominion BankJul-24-2018Jul-26-2019$50,000 $(3,585)2.9180 %One-month LJan-12-2024
PNC Bank, N.A.Jul-24-2018Jul-26-2019$50,000 $(3,582)2.9190 %One-month LJan-12-2024
Bank of Montreal Jul-24-2018Jul-26-2019$50,000 $(3,582)2.9190 %One-month LJan-12-2024
U.S. Bank, N.A.Jul-24-2018Jul-26-2019$25,000 $(1,793)2.9190 %One-month LJan-12-2024
Wells Fargo Bank, N.A.May-02-2019Jul-15-2020$50,000 $(3,100)2.2460 %One-month LJan-15-2025
U.S. Bank, N.A.May-02-2019Jul-15-2020$50,000 $(3,100)2.2459 %One-month LJan-15-2025
Regions BankMay-02-2019Jul-15-2020$50,000 $(3,096)2.2459 %One-month LJan-15-2025
Bank of MontrealJul-16-2019Jul-15-2020$50,000 $(2,092)1.7165 %One-month LJan-15-2025
U.S. Bank, N.A.Feb-17-2021Apr-18-2023$150,000 $1,794 0.9385 %One-month LFeb-5-2026
Wells Fargo Bank, N.A.Feb-17-2021Apr-18-2023$75,000 $896 0.9365 %One-month LFeb-5-2026
The Toronto-Dominion BankFeb-17-2021Apr-18-2023$75,000 $902 0.9360 %One-month LFeb-5-2026

The following table summarizes the fair value of the interest rate swaps outstanding as of March 31, 2021 and December 31, 2020.
Balance Sheet Line Item (in thousands)Notional Amount March 31, 2021Fair Value March 31, 2021Notional Amount December 31, 2020Fair Value December 31, 2020
Interest rate swaps-Asset$300,000 $3,592 $— $— 
Interest rate swaps-Liability$975,000 $(32,106)$1,125,000 $(40,656)

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. 

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $15.4 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months.
The following table summarizes the effect of cash flow hedge accounting and the location in the consolidated financial statements for the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Effect of Cash Flow Hedge Accounting (in thousands)20212020
Income (loss) recognized in accumulated other comprehensive loss on interest rate swaps$7,750 $(31,087)
Loss reclassified from accumulated other comprehensive loss into income as interest expense$4,400 $896 
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$15,358 $14,864 

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

As of March 31, 2021, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2021, it could have been required to settle its obligations under the agreement of the interest rate swaps in a net liability position by counterparty plus accrued interest for approximately $29.2 million.

Fair Value of Interest Rate Swaps

The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following table summarizes the Company’s financial instruments that are accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 
  Fair Value Measurements as of March 31, 2021 Using
Balance Sheet Line Item (in thousands)Fair Value March 31, 2021Level 1Level 2Level 3
Interest rate swaps-Asset$3,592 $— $3,592 $— 
Interest rate swaps-Liability$(32,106)$— $(32,106)$— 

  Fair Value Measurements as of December 31, 2020 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2020Level 1Level 2Level 3
Interest rate swaps-Asset$— $— $— $— 
Interest rate swaps-Liability$(40,656)$— $(40,656)$— 
v3.21.1
Equity
 3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock

On March 1, 2021, the Company gave notice to redeem all 3,000,000 issued and outstanding shares of the 6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") on March 31, 2021. The Company redeemed the Series C Preferred Stock on March 31, 2021 at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding, the redemption date. The Company recognized a deemed dividend to the holders of the Series C Preferred Stock of approximately $2.6 million on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2021 related to redemption costs and the original issuance costs of the Series C Preferred Stock.

The Company has no outstanding preferred stock issuances as of March 31, 2021.

The following tables summarize the dividends attributable to the Company’s outstanding preferred stock issuances during the three months ended March 31, 2021 and the year ended December 31, 2020.
Quarter Ended 2021Declaration DateSeries C
Preferred Stock Per Share		Payment Date
March 31January 11, 2021$0.4296875 March 31, 2021
Total $0.4296875  

Quarter Ended 2020Declaration DateSeries C
Preferred Stock Per Share		Payment Date
December 31October 9, 2020$0.4296875 December 31, 2020
September 30July 9, 20200.4296875 September 30, 2020
June 30April 9, 20200.4296875 June 30, 2020
March 31January 8, 20200.4296875 March 31, 2020
Total $1.7187500  

Common Stock

The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2021.
ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Common Stock Available as of March 31, 2021 (in thousands)
2019 $600 million ATMFebruary 14, 2019$600,000 $296,244 

The table below summarizes the activity under the ATM common stock offering program during the three months ended March 31, 2021 (in thousands, except share data). There was no activity under the ATM common stock offering program during the year ended December 31, 2020.
 Three months ended March 31, 2021
ATM Common Stock Offering ProgramShares
Sold		Weighted Average Price Per ShareNet
Proceeds
2019 $600 million ATM680,276 $32.35 $21,785 
Total/weighted average680,276 $32.35 $21,785 

Subsequent to March 31, 2021, the Company sold 602,316 shares under the ATM common stock offering program at a price of $34.24 per share, or $20.6 million, and $33.90 per share net of sales agent fees. In addition, on April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of shares on a forward basis. The Company may elect to cash settle or net share settle the forward sale agreement at any time through the scheduled maturity date of April 5, 2022.
The following tables summarize the dividends attributable to the Company’s outstanding shares of common stock that were declared during the three months ended March 31, 2021 and the year ended December 31, 2020.

Month Ended 2021Declaration DateRecord DatePer SharePayment Date
March 31January 11, 2021March 31, 2021$0.120833 April 15, 2021
February 28January 11, 2021February 26, 20210.120833 March 15, 2021
January 31January 11, 2021January 29, 20210.120833 February 16, 2021
Total $0.362499  

Month Ended 2020Declaration DateRecord DatePer SharePayment Date
December 31October 9, 2020December 31, 2020$0.12 January 15, 2021
November 30October 9, 2020November 30, 20200.12 December 15, 2020
October 31October 9, 2020October 30, 20200.12 November 16, 2020
September 30July 9, 2020September 30, 20200.12 October 15, 2020
August 31July 9, 2020August 31, 20200.12 September 15, 2020
July 31July 9, 2020July 31, 20200.12 August 17, 2020
June 30April 9, 2020June 30, 20200.12 July 15, 2020
May 31April 9, 2020May 29, 20200.12 June 15, 2020
April 30April 9, 2020April 30, 20200.12 May 15, 2020
March 31January 8, 2020March 31, 20200.12 April 15, 2020
February 29January 8, 2020February 28, 20200.12 March 16, 2020
January 31January 8, 2020January 31, 20200.12 February 18, 2020
Total $1.44  

On April 12, 2021, the Company’s board of directors declared the common stock dividends for the months ending April 30, 2021, May 31, 2021, and June 30, 2021 at a monthly rate of $0.120833 per share of common stock.

Restricted Shares of Common Stock

Restricted shares of common stock granted on January 7, 2021 to certain employees of the Company, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2022. Refer to Note 8 for a discussion of the restricted shares of common stock granted on January 7, 2021 pursuant to the 2018 performance units. The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the three months ended March 31, 2021 and the year ended December 31, 2020.

Unvested Restricted Shares of Common StockShares    
Balance at December 31, 2019193,045  
Granted75,419 (1)
Vested(81,408)(2)
Forfeited(2,166) 
Balance at December 31, 2020184,890  
Granted90,304 (1)
Vested(72,788)(2)
Forfeited—  
Balance at March 31, 2021202,406 
(1)The fair value per share on the grant date of January 7, 2021, February 13, 2020, January 8, 2020, was $29.77, $32.64, and $31.49, respectively.
(2)The Company repurchased and retired 25,840 and 34,117 restricted shares of common stock that vested during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively.

The weighted average grant date fair value of unvested restricted shares of common stock was $27.70 per share at December 31, 2020, $29.77 per share granted during the three months ended March 31, 2021, $26.76 per share vested during the three months ended March 31, 2021, and $28.96 per share at March 31, 2021.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2021 was approximately $5.0 million and is expected to be recognized over a weighted average period of approximately 2.8 years.
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Vested Restricted Shares of Common Stock20212020
Vested restricted shares of common stock72,788 78,010 
Fair value of vested restricted shares of common stock (in thousands)$2,280 $2,463 
v3.21.1
Noncontrolling Interest
 3 Months Ended
Mar. 31, 2021
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interest
The following table summarizes the activity for noncontrolling interest in the Company for the three months ended March 31, 2021 and the year ended December 31, 2020.
Noncontrolling InterestLTIP UnitsOther
Common Units		Total
Noncontrolling Common Units		Noncontrolling Interest
Balance at December 31, 20191,697,358 2,039,494 3,736,852 2.5 %
Granted/Issued278,806 — 278,806 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(283,741)283,741 — N/A
Redemptions from Other Common Units to common stock— (730,420)(730,420)N/A
Balance at December 31, 20201,692,423 1,592,815 3,285,238 2.0 %
Granted/Issued405,844 — 405,844 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(97,159)97,159 — N/A
Redemptions from Other Common Units to common stock— (97,159)(97,159)N/A
Balance at March 31, 20212,001,108 1,592,815 3,593,923 2.2 %

The weighted average grant date fair value of outstanding LTIP units was $23.49 per unit at December 31, 2020, $28.13 per unit granted during the three months ended March 31, 2021, $21.47 per unit converted during the three months ended March 31, 2021, and $24.53 per unit at March 31, 2021.

LTIP Units

LTIP units granted on January 7, 2021 to non-employee, independent directors, subject to the recipient’s continued service, will vest on January 1, 2022. LTIP units granted on January 7, 2021 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date having been March 31, 2021. Refer to Note 8 for a discussion of the LTIP units granted on January 7, 2021 pursuant to the 2018 performance units.

The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and are non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2021 (excluding those LTIP units granted pursuant to the 2018 performance units; refer to Note 8 for details).

LTIP UnitsAssumptions
Grant dateJanuary 7, 2021
Expected term (years)10
Expected volatility34.0 %
Expected dividend yield5.0 %
Risk-free interest rate0.229 %
Fair value of LTIP units at issuance (in thousands)$4,316 
LTIP units at issuance153,430 
Fair value unit price per LTIP unit at issuance$28.13 
The following table summarizes activity related to the Company’s unvested LTIP units for the three months ended March 31, 2021 and the year ended December 31, 2020.

Unvested LTIP UnitsLTIP Units
Balance at December 31, 2019227,348 
Granted278,806 
Vested(294,706)
Forfeited— 
Balance at December 31, 2020211,448 
Granted405,844 
Vested(183,486)
Forfeited— 
Balance at March 31, 2021433,806 

The weighted average grant date fair value of unvested LTIP units was $26.54 per unit at December 31, 2020, $28.13 per unit granted during the three months ended March 31, 2021, $28.08 per unit vested during the three months ended March 31, 2021, and $27.38 per unit at March 31, 2021.

The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2021 was approximately $6.5 million and is expected to be recognized over a weighted average period of approximately 2.0 years.

The following table summarizes the fair value at vesting for the LTIP units that vested during the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Vested LTIP units20212020
Vested LTIP units183,486 130,187 
Fair value of vested LTIP units (in thousands)$5,683 $3,861 
v3.21.1
Equity Incentive Plan
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plan Equity Incentive Plan
On January 7, 2021, the Company granted performance units approved by the compensation committee of the board of directors under the 2011 Plan to certain key employees of the Company. The terms of the performance units granted on January 7, 2021 are substantially the same as the terms of the performance units granted on January 8, 2020, except that the measuring period commenced on January 1, 2021 and ends on December 31, 2023.

The fair value of the performance units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and are non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2021.

Performance UnitsAssumptions
Grant dateJanuary 7, 2021
Expected volatility34.4 %
Expected dividend yield5.0 %
Risk-free interest rate0.2271 %
Fair value of performance units grant (in thousands)$5,522 

On December 31, 2020, the measuring period pursuant to the 2018 performance units concluded, and it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle. The compensation committee of the board of directors approved the issuance of 127,671 vested LTIP units and 44,591 vested shares of common stock to the participants (of which 17,731 shares of common stock were repurchased and retired), which were issued on January 7, 2021. The compensation committee of the board of directors also approved the issuance of 124,743 LTIP units and 6,352 restricted shares of common stock that will vest in one year on December 31, 2021, which were issued on January 7, 2021.

The unrecognized compensation expense associated with the Company’s performance units at March 31, 2021 was approximately $10.0 million and is expected to be recognized over a weighted average period of approximately 2.1 years.
Non-cash Compensation Expense

The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three months ended March 31, 2021 and 2020.

 Three months ended March 31,
Non-Cash Compensation Expense (in thousands)2021    2020
Restricted shares of common stock$651 $467 
LTIP units2,408 

964 
Performance units1,438 1,307 
Director compensation (1)
118 

114 
Total non-cash compensation expense$4,615 $2,852 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2021 and 2020. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.
v3.21.1
Leases
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income recognized during the three months ended March 31, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.

 Three months ended March 31,
Rental Income (in thousands)20212020
Fixed lease payments$101,179 $90,396 
Variable lease payments29,244 25,006 
Straight-line rental income4,882 3,927 
Net decrease to rental income related to above and below market lease amortization(1,480)(990)
Total rental income$133,825 $118,339 

The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the three months ended March 31, 2021, this resulted in a net increase of rental income of approximately $0.1 million for the three months ended March 31, 2021 due to the reversal of a net accrued rent liability and tenants converting from cash basis accounting to accrual basis accounting. Additionally, there was $1.4 million of contractual rental income not received from cash basis tenants partially offset by $1.2 million of previously unrecognized rental income payments received from tenants under the cash basis of accounting during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company did not have any tenants under the cash basis of accounting.

As of March 31, 2021 and December 31, 2020, the Company had accrued rental income of approximately $65.4 million and $60.0 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of March 31, 2021 and December 31, 2020, the Company had approximately $29.9 million and $30.1 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of March 31, 2021 and December 31, 2020, the Company’s total liability associated with these lease security deposits was
approximately $11.4 million and $11.0 million, respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.1 million and $4.8 million for the three months ended March 31, 2021 and 2020, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021.

YearMaturity of Fixed Lease Payments (in thousands)
Remainder of 2021$306,057 
2022$382,216 
2023$339,261 
2024$289,904 
2025$240,509 
Thereafter$906,866 

Lessee Leases

The Company has operating leases in which it is the lessee for ground leases and its corporate office lease. These leases have remaining lease terms of approximately 5.3 years to 48.6 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

Operating Lease Term and Discount RateMarch 31, 2021December 31, 2020
Weighted average remaining lease term (years)29.929.9
Weighted average discount rate6.8 %6.8 %

The following table summarizes the operating lease cost recognized during the three months ended March 31, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.

 Three months ended March 31,
Operating Lease Cost (in thousands)20212020
Operating lease cost included in property expense attributable to ground leases$417 $331 
Operating lease cost included in general and administrative expense attributable to corporate office lease429 318 
Total operating lease cost$846 $649 

The following table summarizes supplemental cash flow information related to operating leases recognized during the three months ended March 31, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.

 Three months ended March 31,
Operating Leases (in thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$627 $571 
Right-of-use assets obtained in exchange for new lease liabilities$— $7,718 
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of March 31, 2021.
Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
Remainder of 2021$1,681 
20223,188 
20233,248 
20243,291 
20253,336 
Thereafter62,365 
Total lease payments77,109 
Less: Imputed interest(49,392)
Present value of operating lease liabilities$27,717 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
Leases Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income recognized during the three months ended March 31, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.

 Three months ended March 31,
Rental Income (in thousands)20212020
Fixed lease payments$101,179 $90,396 
Variable lease payments29,244 25,006 
Straight-line rental income4,882 3,927 
Net decrease to rental income related to above and below market lease amortization(1,480)(990)
Total rental income$133,825 $118,339 

The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the three months ended March 31, 2021, this resulted in a net increase of rental income of approximately $0.1 million for the three months ended March 31, 2021 due to the reversal of a net accrued rent liability and tenants converting from cash basis accounting to accrual basis accounting. Additionally, there was $1.4 million of contractual rental income not received from cash basis tenants partially offset by $1.2 million of previously unrecognized rental income payments received from tenants under the cash basis of accounting during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company did not have any tenants under the cash basis of accounting.

As of March 31, 2021 and December 31, 2020, the Company had accrued rental income of approximately $65.4 million and $60.0 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of March 31, 2021 and December 31, 2020, the Company had approximately $29.9 million and $30.1 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of March 31, 2021 and December 31, 2020, the Company’s total liability associated with these lease security deposits was
approximately $11.4 million and $11.0 million, respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.1 million and $4.8 million for the three months ended March 31, 2021 and 2020, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021.

YearMaturity of Fixed Lease Payments (in thousands)
Remainder of 2021$306,057 
2022$382,216 
2023$339,261 
2024$289,904 
2025$240,509 
Thereafter$906,866 

Lessee Leases

The Company has operating leases in which it is the lessee for ground leases and its corporate office lease. These leases have remaining lease terms of approximately 5.3 years to 48.6 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

Operating Lease Term and Discount RateMarch 31, 2021December 31, 2020
Weighted average remaining lease term (years)29.929.9
Weighted average discount rate6.8 %6.8 %

The following table summarizes the operating lease cost recognized during the three months ended March 31, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.

 Three months ended March 31,
Operating Lease Cost (in thousands)20212020
Operating lease cost included in property expense attributable to ground leases$417 $331 
Operating lease cost included in general and administrative expense attributable to corporate office lease429 318 
Total operating lease cost$846 $649 

The following table summarizes supplemental cash flow information related to operating leases recognized during the three months ended March 31, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.

 Three months ended March 31,
Operating Leases (in thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$627 $571 
Right-of-use assets obtained in exchange for new lease liabilities$— $7,718 
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of March 31, 2021.
Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
Remainder of 2021$1,681 
20223,188 
20233,248 
20243,291 
20253,336 
Thereafter62,365 
Total lease payments77,109 
Less: Imputed interest(49,392)
Present value of operating lease liabilities$27,717 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
v3.21.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
During the three months ended March 31, 2021 and 2020, there were 198,812 and 181,747, respectively, of unvested restricted shares of common stock on a weighted average basis that were considered participating securities.

The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020.

Three months ended March 31,
Earnings Per Share (in thousands, except per share data)20212020
Numerator 
Net income attributable to common stockholders$20,931 $62,072 
Denominator 
Weighted average common shares outstanding — basic158,430 147,570 
Effect of dilutive securities(1)
Share-based compensation350 86 
Shares issuable under forward sales agreements346 — 
Weighted average common shares outstanding — diluted159,126 147,656 
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$0.13 $0.42 
Net income per share attributable to common stockholders — diluted$0.13 $0.42 
(1)During the three months ended March 31, 2021 and 2020, there were approximately 199 and 182, unvested shares of restricted common stock, respectively, on a weighted average basis that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
v3.21.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesThe Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.The Company has letters of credit of approximately $2.6 million as of March 31, 2021 related to construction projects and certain other agreements.
v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The following non-recognized subsequent events were noted.

Subsequent to March 31, 2021, the Company sold 602,316 shares under the ATM common stock offering program at a price of $34.24 per share, or $20.6 million, and $33.90 per share net of sales agent fees. In addition, on April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of
shares on a forward basis. The Company may elect to cash settle or net share settle the forward sale agreement at any time through the scheduled maturity date of April 5, 2022.
v3.21.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Quarterly Financial Information
Interim Financial Information
 
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Basis of Presentation
Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Share-based Payment Arrangement
Incentive and Equity-Based Employee Compensation Plans

On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. The adoption of the Vesting Program resulted in an increase to general and administrative expenses of approximately $1.5 million for the three months ended March 31, 2021 due to the acceleration of equity-based compensation expense for certain eligible employees. The Company estimates that the adoption of the Vesting Program will result in an increase in general and administrative expenses of approximately $2.4 million for the year ending December 31, 2021.
v3.21.1
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)March 31, 2021December 31, 2020
Cash and cash equivalents$18,579 $15,666 
Restricted cash3,738 4,673 
Total cash and cash equivalents and restricted cash$22,317 $20,339 
v3.21.1
Rental Property (Tables)
 3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Schedule of components of rental property
The following table summarizes the components of rental property as of March 31, 2021 and December 31, 2020.

Rental Property (in thousands)March 31, 2021December 31, 2020
Land$500,947 $492,783 
Buildings, net of accumulated depreciation of $347,390 and $327,043, respectively
3,242,182 3,195,439 
Tenant improvements, net of accumulated depreciation of $25,333 and $24,891, respectively
42,290 43,684 
Building and land improvements, net of accumulated depreciation of $152,242 and $143,414, respectively
274,135 275,433 
Construction in progress6,759 18,052 
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively
490,532 499,802 
Total rental property, net$4,556,845 $4,525,193 
Schedule of real estate properties acquired
The following table summarizes the acquisitions of the Company during the three months ended March 31, 2021. The Company accounted for all of its acquisitions as asset acquisitions.

Market (1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Omaha/Council Bluffs, NE-IAJanuary 21, 2021370,000 1 $24,922 
Minneapolis/St Paul, MNFebruary 24, 202180,655 1 10,174 
Long Island, NYFebruary 25, 202164,224 1 8,516 
Sacramento, CAFebruary 25, 2021267,284 1 25,917 
Little Rock/N Little RockMarch 1, 2021300,160 1 24,317 
Cleveland, OHMarch 18, 2021170,000 1 6,382 
Three months ended March 31, 20211,252,323 6 $100,228 
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition
The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2021 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$9,766 N/A
Buildings71,738 N/A
Tenant improvements757 N/A
Building and land improvements3,947 N/A
Deferred leasing intangibles - In-place leases9,813 8.7
Deferred leasing intangibles - Tenant relationships4,704 11.5
Deferred leasing intangibles - Above market leases1,975 15.0
Deferred leasing intangibles - Below market leases(2,633)5.9
Below market assumed debt adjustment161 18.8
Total purchase price$100,228  
Less: Mortgage notes assumed(5,103)
Net assets acquired$95,125 
Schedule of pro forma information for acquired properties
The following table summarizes the results of operations for the three months ended March 31, 2021 for the buildings acquired during the three months ended March 31, 2021 included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended March 31, 2021
Total revenue$1,287 
Net income$23 
Schedule of Finite-Lived Intangible Assets and Below Market Leases
The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

March 31, 2021December 31, 2020
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$92,406 $(35,251)$57,155 $92,125 $(33,629)$58,496 
Other intangible lease assets662,229 (228,852)433,377 665,682 (224,376)441,306 
Total deferred leasing intangible assets$754,635 $(264,103)$490,532 $757,807 $(258,005)$499,802 
Below market leases$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 
Total deferred leasing intangible liabilities$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2021 and 2020.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20212020
Net decrease to rental income related to above and below market lease amortization$1,480 $990 
Amortization expense related to other intangible lease assets$22,447 $20,302 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of March 31, 2021.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2021$56,927 $517 
2022$67,300 $483 
2023$58,725 $983 
2024$49,665 $1,452 
2025$42,085 $1,283 
Below Market Lease, Future Amortization Income
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of March 31, 2021.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2021$56,927 $517 
2022$67,300 $483 
2023$58,725 $983 
2024$49,665 $1,452 
2025$42,085 $1,283 
v3.21.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Summary of the mortgage notes payable, unsecured term loans and credit facility The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2021 and December 31, 2020.
LoanPrincipal Outstanding as of March 31, 2021 (in thousands)    Principal Outstanding as of December 31, 2020 (in thousands)
Interest 
Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$233,000 
 
$107,000  L + 0.90%January 12, 2024i
Total unsecured credit facility233,000 
 
107,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 
 
150,000  3.38 %March 31, 2022i
Unsecured Term Loan D150,000 
 
150,000  2.85 % January 4, 2023i
Unsecured Term Loan E175,000 175,000 3.92 %January 15, 2024i
Unsecured Term Loan F200,000 200,000 3.11 %January 12, 2025i
Unsecured Term Loan G300,000 300,000 1.28 %February 5, 2026i
Total unsecured term loans975,000 975,000 
Total unamortized deferred financing fees and debt issuance costs(4,428)(3,889)
Total carrying value unsecured term loans, net970,572 
 
971,111     
Unsecured notes: 
 
    
Series F Unsecured Notes100,000 100,000 3.98 %

January 5, 2023ii
Series A Unsecured Notes50,000 
 
50,000  4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 
 
100,000  4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 
 
50,000  4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 
 
80,000  4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 
 
20,000  4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Total unsecured notes575,000 575,000 

Total unamortized deferred financing fees and debt issuance costs(1,623)(1,719)

Total carrying value unsecured notes, net573,377 
 
573,281 
 
 

  

Mortgage notes (secured debt):  

  
Wells Fargo Bank, National Association CMBS Loan48,063 
 
48,546  4.31 %December 1, 2022iii
Thrivent Financial for Lutherans3,527 3,556 4.78 %December 15, 2023iv
United of Omaha Life Insurance Company5,087 — 3.71 %October 1, 2039ii
Total mortgage notes 56,677 
 
52,102   
Net unamortized fair market value premium (discount)(134)29  
Total unamortized deferred financing fees and debt issuance costs (202)(233)
Total carrying value mortgage notes, net56,341 
 
51,898  
Total / weighted average interest rate(5)
$1,833,290 
 
$1,703,290 3.05 %
(1)Interest rate as of March 31, 2021. At March 31, 2021, the one-month LIBOR (“L”) was 0.11113%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements.
(2)The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of March 31, 2021, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 2.38%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023.
(3)Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date.
(4)The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.5 million and $1.6 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. The initial maturity date is January 15, 2023, which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(5)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020.

Three months ended March 31,
Costs Included in Interest Expense (in thousands)20212020
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts$487 $676 
Facility, unused, and other fees$386 $364 
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value
The following table summarizes the aggregate principal outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of March 31, 2021 and December 31, 2020.

 March 31, 2021December 31, 2020
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$233,000 $233,000 $107,000 $107,000 
Unsecured term loans975,000 975,000 975,000 978,448 
Unsecured notes575,000 628,674 575,000 628,575 
Mortgage notes56,677 58,841 52,102 54,485 
Total principal amount1,839,677 $1,895,515 1,709,102 $1,768,508 
Net unamortized fair market value premium (discount)(134)29 
Total unamortized deferred financing fees and debt issuance costs (6,253)(5,841)
Total carrying value$1,833,290 $1,703,290 
v3.21.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
The following table summarizes the Company’s outstanding interest rate swaps as of March 31, 2021. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges.

Interest Rate
Derivative Counterparty		Trade Date    Effective DateNotional Amount
(in thousands)		Fair Value
(in thousands)		Pay Fixed Interest RateReceive Variable Interest RateMaturity Date
Wells Fargo Bank, N.A.Jan-08-2015Mar-20-2015$25,000 $(426)1.8280 %One-month LMar-31-2022
The Toronto-Dominion BankJan-08-2015Feb-14-2020$25,000 $(584)2.4535 %One-month LMar-31-2022
Regions BankJan-08-2015Feb-14-2020$50,000 $(1,178)2.4750 %One-month LMar-31-2022
Capital One, N.A.Jan-08-2015Feb-14-2020$50,000 $(1,206)2.5300 %One-month LMar-31-2022
The Toronto-Dominion BankJul-20-2017Oct-30-2017$25,000 $(739)1.8485 %One-month LJan-04-2023
Royal Bank of CanadaJul-20-2017Oct-30-2017$25,000 $(740)1.8505 %One-month LJan-04-2023
Wells Fargo Bank, N.A.Jul-20-2017Oct-30-2017$25,000 $(740)1.8505 %One-month LJan-04-2023
PNC Bank, N.A.Jul-20-2017Oct-30-2017$25,000 $(739)1.8485 %One-month LJan-04-2023
PNC Bank, N.A.Jul-20-2017Oct-30-2017$50,000 $(1,477)1.8475 %One-month LJan-04-2023
The Toronto-Dominion BankApr-20-2020Sep-29-2020$75,000 $(83)0.2750 %One-month LApr-18-2023
Wells Fargo Bank, N.A.Apr-20-2020Sep-29-2020$75,000 $(90)0.2790 %One-month LApr-18-2023
The Toronto-Dominion BankApr-20-2020Mar-19-2021$75,000 $(83)0.2750 %One-month LApr-18-2023
Wells Fargo Bank, N.A.Apr-20-2020Mar-19-2021$75,000 $(91)0.2800 %One-month LApr-18-2023
The Toronto-Dominion BankJul-24-2018Jul-26-2019$50,000 $(3,585)2.9180 %One-month LJan-12-2024
PNC Bank, N.A.Jul-24-2018Jul-26-2019$50,000 $(3,582)2.9190 %One-month LJan-12-2024
Bank of Montreal Jul-24-2018Jul-26-2019$50,000 $(3,582)2.9190 %One-month LJan-12-2024
U.S. Bank, N.A.Jul-24-2018Jul-26-2019$25,000 $(1,793)2.9190 %One-month LJan-12-2024
Wells Fargo Bank, N.A.May-02-2019Jul-15-2020$50,000 $(3,100)2.2460 %One-month LJan-15-2025
U.S. Bank, N.A.May-02-2019Jul-15-2020$50,000 $(3,100)2.2459 %One-month LJan-15-2025
Regions BankMay-02-2019Jul-15-2020$50,000 $(3,096)2.2459 %One-month LJan-15-2025
Bank of MontrealJul-16-2019Jul-15-2020$50,000 $(2,092)1.7165 %One-month LJan-15-2025
U.S. Bank, N.A.Feb-17-2021Apr-18-2023$150,000 $1,794 0.9385 %One-month LFeb-5-2026
Wells Fargo Bank, N.A.Feb-17-2021Apr-18-2023$75,000 $896 0.9365 %One-month LFeb-5-2026
The Toronto-Dominion BankFeb-17-2021Apr-18-2023$75,000 $902 0.9360 %One-month LFeb-5-2026
Schedule of interest rate swaps
The following table summarizes the fair value of the interest rate swaps outstanding as of March 31, 2021 and December 31, 2020.
Balance Sheet Line Item (in thousands)Notional Amount March 31, 2021Fair Value March 31, 2021Notional Amount December 31, 2020Fair Value December 31, 2020
Interest rate swaps-Asset$300,000 $3,592 $— $— 
Interest rate swaps-Liability$975,000 $(32,106)$1,125,000 $(40,656)
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps
The following table summarizes the effect of cash flow hedge accounting and the location in the consolidated financial statements for the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Effect of Cash Flow Hedge Accounting (in thousands)20212020
Income (loss) recognized in accumulated other comprehensive loss on interest rate swaps$7,750 $(31,087)
Loss reclassified from accumulated other comprehensive loss into income as interest expense$4,400 $896 
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$15,358 $14,864 
Schedule of financial instruments accounted for at fair value on a recurring basis
The following table summarizes the Company’s financial instruments that are accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 
  Fair Value Measurements as of March 31, 2021 Using
Balance Sheet Line Item (in thousands)Fair Value March 31, 2021Level 1Level 2Level 3
Interest rate swaps-Asset$3,592 $— $3,592 $— 
Interest rate swaps-Liability$(32,106)$— $(32,106)$— 

  Fair Value Measurements as of December 31, 2020 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2020Level 1Level 2Level 3
Interest rate swaps-Asset$— $— $— $— 
Interest rate swaps-Liability$(40,656)$— $(40,656)$— 
v3.21.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Dividends Declared [Table Text Block]
The following tables summarize the dividends attributable to the Company’s outstanding preferred stock issuances during the three months ended March 31, 2021 and the year ended December 31, 2020.
Quarter Ended 2021Declaration DateSeries C
Preferred Stock Per Share		Payment Date
March 31January 11, 2021$0.4296875 March 31, 2021
Total $0.4296875  

Quarter Ended 2020Declaration DateSeries C
Preferred Stock Per Share		Payment Date
December 31October 9, 2020$0.4296875 December 31, 2020
September 30July 9, 20200.4296875 September 30, 2020
June 30April 9, 20200.4296875 June 30, 2020
March 31January 8, 20200.4296875 March 31, 2020
Total $1.7187500  
Schedule of stock sale activity
The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2021.
ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Common Stock Available as of March 31, 2021 (in thousands)
2019 $600 million ATMFebruary 14, 2019$600,000 $296,244 

The table below summarizes the activity under the ATM common stock offering program during the three months ended March 31, 2021 (in thousands, except share data). There was no activity under the ATM common stock offering program during the year ended December 31, 2020.
 Three months ended March 31, 2021
ATM Common Stock Offering ProgramShares
Sold		Weighted Average Price Per ShareNet
Proceeds
2019 $600 million ATM680,276 $32.35 $21,785 
Total/weighted average680,276 $32.35 $21,785 

Subsequent to March 31, 2021, the Company sold 602,316 shares under the ATM common stock offering program at a price of $34.24 per share, or $20.6 million, and $33.90 per share net of sales agent fees. In addition, on April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of shares on a forward basis. The Company may elect to cash settle or net share settle the forward sale agreement at any time through the scheduled maturity date of April 5, 2022.
Common Stock Dividends Declared [Table Text Block]
The following tables summarize the dividends attributable to the Company’s outstanding shares of common stock that were declared during the three months ended March 31, 2021 and the year ended December 31, 2020.

Month Ended 2021Declaration DateRecord DatePer SharePayment Date
March 31January 11, 2021March 31, 2021$0.120833 April 15, 2021
February 28January 11, 2021February 26, 20210.120833 March 15, 2021
January 31January 11, 2021January 29, 20210.120833 February 16, 2021
Total $0.362499  

Month Ended 2020Declaration DateRecord DatePer SharePayment Date
December 31October 9, 2020December 31, 2020$0.12 January 15, 2021
November 30October 9, 2020November 30, 20200.12 December 15, 2020
October 31October 9, 2020October 30, 20200.12 November 16, 2020
September 30July 9, 2020September 30, 20200.12 October 15, 2020
August 31July 9, 2020August 31, 20200.12 September 15, 2020
July 31July 9, 2020July 31, 20200.12 August 17, 2020
June 30April 9, 2020June 30, 20200.12 July 15, 2020
May 31April 9, 2020May 29, 20200.12 June 15, 2020
April 30April 9, 2020April 30, 20200.12 May 15, 2020
March 31January 8, 2020March 31, 20200.12 April 15, 2020
February 29January 8, 2020February 28, 20200.12 March 16, 2020
January 31January 8, 2020January 31, 20200.12 February 18, 2020
Total $1.44  
On April 12, 2021, the Company’s board of directors declared the common stock dividends for the months ending April 30, 2021, May 31, 2021, and June 30, 2021 at a monthly rate of $0.120833 per share of common stock.
Schedule of activity related to unvested restricted stock awards The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the three months ended March 31, 2021 and the year ended December 31, 2020.
Unvested Restricted Shares of Common StockShares    
Balance at December 31, 2019193,045  
Granted75,419 (1)
Vested(81,408)(2)
Forfeited(2,166) 
Balance at December 31, 2020184,890  
Granted90,304 (1)
Vested(72,788)(2)
Forfeited—  
Balance at March 31, 2021202,406 
(1)The fair value per share on the grant date of January 7, 2021, February 13, 2020, January 8, 2020, was $29.77, $32.64, and $31.49, respectively.
(2)The Company repurchased and retired 25,840 and 34,117 restricted shares of common stock that vested during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively.
Schedule of vested restricted shares of common stock activity
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Vested Restricted Shares of Common Stock20212020
Vested restricted shares of common stock72,788 78,010 
Fair value of vested restricted shares of common stock (in thousands)$2,280 $2,463 
v3.21.1
Noncontrolling Interest (Tables)
 3 Months Ended
Mar. 31, 2021
Noncontrolling Interest [Abstract]  
Noncontrolling interest activity
The following table summarizes the activity for noncontrolling interest in the Company for the three months ended March 31, 2021 and the year ended December 31, 2020.
Noncontrolling InterestLTIP UnitsOther
Common Units		Total
Noncontrolling Common Units		Noncontrolling Interest
Balance at December 31, 20191,697,358 2,039,494 3,736,852 2.5 %
Granted/Issued278,806 — 278,806 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(283,741)283,741 — N/A
Redemptions from Other Common Units to common stock— (730,420)(730,420)N/A
Balance at December 31, 20201,692,423 1,592,815 3,285,238 2.0 %
Granted/Issued405,844 — 405,844 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(97,159)97,159 — N/A
Redemptions from Other Common Units to common stock— (97,159)(97,159)N/A
Balance at March 31, 20212,001,108 1,592,815 3,593,923 2.2 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2021 (excluding those LTIP units granted pursuant to the 2018 performance units; refer to Note 8 for details).
LTIP UnitsAssumptions
Grant dateJanuary 7, 2021
Expected term (years)10
Expected volatility34.0 %
Expected dividend yield5.0 %
Risk-free interest rate0.229 %
Fair value of LTIP units at issuance (in thousands)$4,316 
LTIP units at issuance153,430 
Fair value unit price per LTIP unit at issuance$28.13 
Schedule of activity related to unvested LTIP unit awards
The following table summarizes activity related to the Company’s unvested LTIP units for the three months ended March 31, 2021 and the year ended December 31, 2020.

Unvested LTIP UnitsLTIP Units
Balance at December 31, 2019227,348 
Granted278,806 
Vested(294,706)
Forfeited— 
Balance at December 31, 2020211,448 
Granted405,844 
Vested(183,486)
Forfeited— 
Balance at March 31, 2021433,806 
Schedule of vested LTIP unit award activity
The following table summarizes the fair value at vesting for the LTIP units that vested during the three months ended March 31, 2021 and 2020.
 Three months ended March 31,
Vested LTIP units20212020
Vested LTIP units183,486 130,187 
Fair value of vested LTIP units (in thousands)$5,683 $3,861 
v3.21.1
Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2021.
Performance UnitsAssumptions
Grant dateJanuary 7, 2021
Expected volatility34.4 %
Expected dividend yield5.0 %
Risk-free interest rate0.2271 %
Fair value of performance units grant (in thousands)$5,522 
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three months ended March 31, 2021 and 2020.

 Three months ended March 31,
Non-Cash Compensation Expense (in thousands)2021    2020
Restricted shares of common stock$651 $467 
LTIP units2,408 

964 
Performance units1,438 1,307 
Director compensation (1)
118 

114 
Total non-cash compensation expense$4,615 $2,852 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2021 and 2020. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.
v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of rental income recognized during the three months ended March 31, 2021 and 2020 included in the accompanying Consolidated Statements of Operations.

 Three months ended March 31,
Rental Income (in thousands)20212020
Fixed lease payments$101,179 $90,396 
Variable lease payments29,244 25,006 
Straight-line rental income4,882 3,927 
Net decrease to rental income related to above and below market lease amortization(1,480)(990)
Total rental income$133,825 $118,339 
Lessor, Operating Lease, Payments to be Received, Maturity
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021.

YearMaturity of Fixed Lease Payments (in thousands)
Remainder of 2021$306,057 
2022$382,216 
2023$339,261 
2024$289,904 
2025$240,509 
Thereafter$906,866 
Lease, Cost [Table Text Block]
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

Operating Lease Term and Discount RateMarch 31, 2021December 31, 2020
Weighted average remaining lease term (years)29.929.9
Weighted average discount rate6.8 %6.8 %

The following table summarizes the operating lease cost recognized during the three months ended March 31, 2021 and 2020 included in the Company’s Consolidated Statements of Operations.

 Three months ended March 31,
Operating Lease Cost (in thousands)20212020
Operating lease cost included in property expense attributable to ground leases$417 $331 
Operating lease cost included in general and administrative expense attributable to corporate office lease429 318 
Total operating lease cost$846 $649 

The following table summarizes supplemental cash flow information related to operating leases recognized during the three months ended March 31, 2021 and 2020 in the Company’s Consolidated Statements of Cash Flows.

 Three months ended March 31,
Operating Leases (in thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$627 $571 
Right-of-use assets obtained in exchange for new lease liabilities$— $7,718 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office lease as of March 31, 2021.
Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
Remainder of 2021$1,681 
20223,188 
20233,248 
20243,291 
20253,336 
Thereafter62,365 
Total lease payments77,109 
Less: Imputed interest(49,392)
Present value of operating lease liabilities$27,717 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ than those presented.
v3.21.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Schedule of computation of basic and diluted earnings per common share
The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020.

Three months ended March 31,
Earnings Per Share (in thousands, except per share data)20212020
Numerator 
Net income attributable to common stockholders$20,931 $62,072 
Denominator 
Weighted average common shares outstanding — basic158,430 147,570 
Effect of dilutive securities(1)
Share-based compensation350 86 
Shares issuable under forward sales agreements346 — 
Weighted average common shares outstanding — diluted159,126 147,656 
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$0.13 $0.42 
Net income per share attributable to common stockholders — diluted$0.13 $0.42 
(1)During the three months ended March 31, 2021 and 2020, there were approximately 199 and 182, unvested shares of restricted common stock, respectively, on a weighted average basis that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
v3.21.1
Organization and Description of Business (Details)
ft² in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2021
ft²
building
state
Dec. 31, 2020
Real Estate Properties [Line Items]    
Number of properties 494  
Number of states in which the entity owned buildings | state 39  
Area (in square feet) | ft² 99.1  
STAG Industrial, Inc. [Member]    
Real Estate Properties [Line Items]    
Ownership interest in Operating Partnership (as a percent) 97.80% 98.00%
Warehouse - Distribution buildings    
Real Estate Properties [Line Items]    
Number of properties 414  
Light Manufacturing buildings    
Real Estate Properties [Line Items]    
Number of properties 72  
Flex/Office Buildings    
Real Estate Properties [Line Items]    
Number of properties 8  
v3.21.1
Organization, Consolidation and Presentation of Financial Statements - COVID-19 Pandemic (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Rent Deferrals Granted $ 0
v3.21.1
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]        
Cash and cash equivalents $ 18,579 $ 15,666    
Restricted cash 3,738 4,673    
Cash and cash equivalents and restricted cash—end of period $ 22,317 $ 20,339 $ 341,383 $ 11,864
v3.21.1
Summary of Significant Accounting Policies - Policy Updates (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Mar. 31, 2021
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Notification period 6 months    
Employee Retirement Vesting Program      
Defined Benefit Plan Disclosure [Line Items]      
Share-based Payment Arrangement, Accelerated Cost   $ 1.5  
Employee Retirement Vesting Program | Scenario, Forecast [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Share-based Payment Arrangement, Accelerated Cost     $ 2.4
v3.21.1
Summary of Significant Accounting Policies - Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Business Acquisition [Line Items]      
Net income $ 25,348,000 $ 65,038,000  
State and local income, excise and franchise taxes 400,000 400,000  
Liabilities for uncertain tax positions 0   $ 0
Real Estate Investment Trust      
Business Acquisition [Line Items]      
Net income $ 0 $ 0  
v3.21.1
Rental Property - Summary (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net $ 4,556,845 $ 4,525,193
Deferred leasing intangible assets, accumulated amortization 264,103 258,005
Land    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net 500,947 492,783
Buildings, net of accumulated depreciation of $347,390 and $327,043, respectively    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net 3,242,182 3,195,439
Rental property, accumulated depreciation 347,390 327,043
Tenant improvements, net of accumulated depreciation of $25,333 and $24,891, respectively    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net 42,290 43,684
Rental property, accumulated depreciation 25,333 24,891
Building and land improvements, net of accumulated depreciation of $152,242 and $143,414, respectively    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net 274,135 275,433
Rental property, accumulated depreciation 152,242 143,414
Construction in progress    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net 6,759 18,052
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively    
Property Subject to or Available for Operating Lease [Line Items]    
Rental property, net $ 490,532 $ 499,802
v3.21.1
Rental Property - Acquisitions (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
ft²
building
Business Acquisition [Line Items]  
Area (in square feet) 99,100,000
Acquisitions 2021  
Business Acquisition [Line Items]  
Area (in square feet) 1,252,323
Number of properties | building 6
Business Combination, Consideration Transferred | $ $ 100,228
Bellevue, NE, 1-21-21  
Business Acquisition [Line Items]  
Area (in square feet) 370,000
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 24,922
Inver Grove Heigh, MN, 2-24-21  
Business Acquisition [Line Items]  
Area (in square feet) 80,655
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 10,174
Ronkonkoma, NY, 2-25-21  
Business Acquisition [Line Items]  
Area (in square feet) 64,224
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 8,516
Sacramento, CA, 2-25-21  
Business Acquisition [Line Items]  
Area (in square feet) 267,284
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 25,917
Bryant, AR, 3-1-1  
Business Acquisition [Line Items]  
Area (in square feet) 300,160
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 24,317
Maple Heights, OH, 3-18-21  
Business Acquisition [Line Items]  
Area (in square feet) 170,000
Number of properties | building 1
Business Combination, Consideration Transferred | $ $ 6,382
v3.21.1
Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 25, 2021
Mar. 31, 2021
Mar. 31, 2020
Allocation of the consideration paid for the acquired assets and liabilities      
Land   $ 9,766  
Buildings   71,738  
Tenant improvements   757  
Building and land improvements   3,947  
Total purchase price   100,228  
Less: Mortgage notes assumed   (5,103)  
Net assets acquired   $ 95,125  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt, Fair Value Adjustment, Weighted Average Useful Life   18 years 9 months 18 days  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt, Fair Value Adjustment   $ 161  
Assumption of mortgage notes   5,103 $ 0
Ronkonkoma, NY, 2-25-21      
Allocation of the consideration paid for the acquired assets and liabilities      
Assumption of mortgage notes $ 5,100    
In-place leases      
Allocation of the consideration paid for the acquired assets and liabilities      
Deferred leasing intangibles   $ (9,813)  
Weighted average amortization period of lease intangibles   8 years 8 months 12 days  
Tenant relationships      
Allocation of the consideration paid for the acquired assets and liabilities      
Deferred leasing intangibles   $ (4,704)  
Weighted average amortization period of lease intangibles   11 years 6 months  
Above market leases      
Allocation of the consideration paid for the acquired assets and liabilities      
Deferred leasing intangibles   $ (1,975)  
Weighted average amortization period of lease intangibles   15 years  
Below market leases      
Allocation of the consideration paid for the acquired assets and liabilities      
Deferred leasing intangibles   $ 2,633  
Weighted average amortization period of lease intangibles   5 years 10 months 24 days  
v3.21.1
Rental Property - Acquisitions - Results of Operations (Details) - Acquisitions 2021
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Business Acquisition [Line Items]  
Revenue $ 1,287
Net income (loss) $ 23
v3.21.1
Rental Property - Disposals (Details)
ft² in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
ft²
building
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of buildings disposed | building 494    
Area (in square feet) | ft² 99.1    
Carrying value of property sold $ 4,556,845,000   $ 4,525,193,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of buildings disposed | building 4    
Area (in square feet) | ft² 0.5    
Carrying value of property sold $ 17,500,000    
Contribution to revenue 10,000 $ 400,000  
Disposal Group, Including Discontinued Operation, Operating Income (Loss) (100,000) $ (100,000)  
Net proceeds from sales of rental property 23,900,000    
Gain (Loss) on Sale $ 6,400,000    
v3.21.1
Rental Property - Deferred Leasing Intangibles (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross $ 754,635   $ 757,807
Deferred leasing intangibles assets, accumulated amortization (264,103)   (258,005)
Deferred leasing intangibles, net 490,532   499,802
Below market lease, gross 49,664   48,521
Below market lease, accumulated amortization (16,105)   (15,759)
Below market lease, net 33,559   32,762
Net decrease to rental income related to above and below market lease amortization 1,480 $ 990  
Above market leases      
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross 92,406   92,125
Deferred leasing intangibles assets, accumulated amortization (35,251)   (33,629)
Deferred leasing intangibles, net 57,155   58,496
Other intangible lease assets      
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross 662,229   665,682
Deferred leasing intangibles assets, accumulated amortization (228,852)   (224,376)
Deferred leasing intangibles, net 433,377   $ 441,306
Amortization expense related to other intangible lease assets 22,447 $ 20,302  
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships      
2021 56,927    
Finite-Lived Intangible Asset, Expected Amortization, Year One 67,300    
2022 58,725    
2023 49,665    
2024 42,085    
Net decrease to rental income related to above and below market lease amortization      
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships      
2021 517    
Finite-Lived Intangible Asset, Expected Amortization, Year One 483    
2022 983    
2023 1,452    
2024 $ 1,283    
v3.21.1
Debt - Summary (Details)
$ in Thousands
 3 Months Ended
Feb. 25, 2021
Mar. 31, 2021
USD ($)
extention
Apr. 18, 2023
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]        
Long-term debt, gross   $ 1,839,677   $ 1,709,102
Unamortized debt issuance costs   (6,253)   (5,841)
Debt Instrument, Unamortized Discount (Premium), Net   (134)    
Principal outstanding   $ 1,833,290   1,703,290
Weighted average interest rate   3.05%    
Interest Rate Swaps        
Debt Instrument [Line Items]        
Derivative notional amount swapped   $ 975,000    
London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Stated interest rate   0.11113%    
Term Loan | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   1.00%    
$300 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.00%      
Unsecured Credit Facility        
Debt Instrument [Line Items]        
Principal outstanding   $ 233,000   107,000
Debt Instrument, Maturity Date   Jan. 12, 2024    
Maximum borrowing capacity   $ 750,000    
Number Of Extensions | extention   2    
Debt Instrument Term Extension Period   6 months    
Unsecured Credit Facility | Prepaid Expenses and Other Assets        
Debt Instrument [Line Items]        
Unamortized debt issuance costs   $ (2,500)   (1,600)
Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   0.90%    
Unsecured Term Loans        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 975,000   975,000
Unamortized debt issuance costs   (4,428)   (3,889)
Principal outstanding   970,572   971,111
Unsecured Term Loans | $150 Million Wells Fargo Unsecured Term Loan A        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 150,000   150,000
Debt Instrument, Interest Rate, Effective Percentage   3.38%    
Debt Instrument, Maturity Date   Mar. 31, 2022    
Fixed Interest Rate (as a percent)   2.38%    
Unsecured Term Loans | $150 Million Unsecured Term Loan D [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 150,000   150,000
Debt Instrument, Interest Rate, Effective Percentage   2.85%    
Debt Instrument, Maturity Date   Jan. 04, 2023    
Fixed Interest Rate (as a percent)   1.85%    
Unsecured Term Loans | $175 Million Unsecured Term Loan E [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 175,000   175,000
Debt Instrument, Interest Rate, Effective Percentage   3.92%    
Debt Instrument, Maturity Date   Jan. 15, 2024    
Fixed Interest Rate (as a percent)   2.92%    
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 200,000   200,000
Debt Instrument, Interest Rate, Effective Percentage   3.11%    
Debt Instrument, Maturity Date   Jan. 12, 2025    
Fixed Interest Rate (as a percent)   2.11%    
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 300,000   300,000
Debt Instrument, Interest Rate, Effective Percentage   1.28%    
Debt Instrument, Maturity Date   Feb. 05, 2026    
Fixed Interest Rate (as a percent)   0.28%    
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member] | Scenario, Forecast [Member]        
Debt Instrument [Line Items]        
Fixed Interest Rate (as a percent)     0.94%  
Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 575,000   575,000
Unamortized debt issuance costs   (1,623)   (1,719)
Principal outstanding   573,377   573,281
Unsecured Notes | $100 Million Series F Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 100,000   100,000
Stated interest rate   3.98%    
Debt Instrument, Maturity Date   Jan. 05, 2023    
Unsecured Notes | $50 Million Series A Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 50,000   50,000
Stated interest rate   4.98%    
Debt Instrument, Maturity Date   Oct. 01, 2024    
Unsecured Notes | $100 Million Series D Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 100,000   100,000
Stated interest rate   4.32%    
Debt Instrument, Maturity Date   Feb. 20, 2025    
Unsecured Notes | $75 Million Series G Unsecured Notes [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 75,000   75,000
Stated interest rate   4.10%    
Debt Instrument, Maturity Date   Jun. 13, 2025    
Unsecured Notes | $50 Million Series B Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 50,000   50,000
Stated interest rate   4.98%    
Debt Instrument, Maturity Date   Jul. 01, 2026    
Unsecured Notes | $80 Million Series C Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 80,000   80,000
Stated interest rate   4.42%    
Debt Instrument, Maturity Date   Dec. 30, 2026    
Unsecured Notes | $20 Million Series E Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 20,000   20,000
Stated interest rate   4.42%    
Debt Instrument, Maturity Date   Feb. 20, 2027    
Unsecured Notes | $100 Million Series H Unsecured Notes [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 100,000   100,000
Stated interest rate   4.27%    
Debt Instrument, Maturity Date   Jun. 13, 2028    
Mortgage Loans Payable        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 56,677   52,102
Unamortized debt issuance costs   (202)   (233)
Debt Instrument, Unamortized Discount (Premium), Net   (134)   29
Principal outstanding   56,341   51,898
Mortgage Loans Payable | Wells Fargo Bank, National Association CMBS Loan        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 48,063   48,546
Stated interest rate   4.31%    
Debt Instrument, Maturity Date   Dec. 01, 2022    
Penalty free prepayment period   3 months    
Mortgage Loans Payable | Thrivent Financial for Lutherans Due December 15, 2023 [Member]        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 3,527   3,556
Stated interest rate   4.78%    
Debt Instrument, Maturity Date   Dec. 15, 2023    
Penalty free prepayment period   3 months    
Mortgage Loans Payable | United of Omaha Life Insurance Company        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 5,087   $ 0
Stated interest rate   3.71%    
Debt Instrument, Maturity Date   Oct. 01, 2039    
v3.21.1
Debt - 2021 Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 25, 2021
Feb. 05, 2021
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Apr. 17, 2020
Debt Instrument [Line Items]            
Debt Instrument, Unused Borrowing Capacity, Amount     $ 514,400      
Assumption of mortgage notes     5,103 $ 0    
Debt Instrument, Unamortized Discount (Premium), Net     $ 134      
Debt Instrument, Covenant Compliance     The Company was in compliance with all financial and other covenants   The Company was in compliance with all financial and other covenants  
Net book value of properties that are collateral for debt arrangements     $ 89,000   $ 81,400  
Fair Value, Nonrecurring            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Effective Percentage 4.10%          
Ronkonkoma, NY, 2-25-21            
Debt Instrument [Line Items]            
Assumption of mortgage notes $ 5,100          
Unsecured Credit Facility            
Debt Instrument [Line Items]            
Debt Issuance Costs, Gross   $ 1,200        
Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate     0.90%      
Interest Expense [Member]            
Debt Instrument [Line Items]            
Amortization of deferred financing fees     $ 487 676    
Line of Credit Facility, Commitment Fee Amount     386 364    
Accounts Payable and Accrued Liabilities [Member]            
Debt Instrument [Line Items]            
Interest payable     7,900 $ 6,300    
United of Omaha Life Insurance Company | Ronkonkoma, NY, 2-25-21            
Debt Instrument [Line Items]            
Assumption of mortgage notes 5,100          
Debt Instrument, Unamortized Discount (Premium), Net $ 200          
$300 Million Unsecured Term Loan [Member]            
Debt Instrument [Line Items]            
Write off of Deferred Debt Issuance Cost     700      
Debt Issuance Costs, Gross   $ 1,600        
Deferred Financing Accrued Extension Fee           $ 1,100
$300 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate 1.00%          
Debt Instrument, Basis Spread on Variable Rate, Floor   0.00%        
$300 Million Unsecured Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate   0.85%        
$300 Million Unsecured Term Loan [Member] | Minimum [Member] | Base Rate            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate   1.00%        
$300 Million Unsecured Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate   1.65%        
$300 Million Unsecured Term Loan [Member] | Interest Expense [Member]            
Debt Instrument [Line Items]            
Write off of Deferred Debt Issuance Cost     $ 300      
v3.21.1
Debt - Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,839,677 $ 1,709,102
Unamortized fair market value premium   29
Unamortized debt issuance costs (6,253) (5,841)
Principal outstanding 1,833,290 1,703,290
Long-term debt, fair value 1,895,515 1,768,508
Debt Instrument, Unamortized Discount (Premium), Net (134)  
Unsecured Credit Facility    
Debt Instrument [Line Items]    
Principal outstanding 233,000 107,000
Long-term debt, fair value 233,000 107,000
Unsecured Term Loans    
Debt Instrument [Line Items]    
Long-term debt, gross 975,000 975,000
Unamortized debt issuance costs (4,428) (3,889)
Principal outstanding 970,572 971,111
Long-term debt, fair value 975,000 978,448
Unsecured Notes    
Debt Instrument [Line Items]    
Long-term debt, gross 575,000 575,000
Unamortized debt issuance costs (1,623) (1,719)
Principal outstanding 573,377 573,281
Long-term debt, fair value 628,674 628,575
Mortgage Loans Payable    
Debt Instrument [Line Items]    
Long-term debt, gross 56,677 52,102
Unamortized debt issuance costs (202) (233)
Principal outstanding 56,341 51,898
Long-term debt, fair value 58,841 54,485
Debt Instrument, Unamortized Discount (Premium), Net $ (134) $ 29
v3.21.1
Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Interest Rate Swaps    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 975,000 $ 1,125,000
Notional amount assets 300,000 $ 0
Interest Rate Derivative, Wells Fargo Bank, March 20, 2015    
Unsecured Term Loan Swaps    
Notional amount liabilities 25,000  
Derivative Liability, Fair Value, Gross Liability $ (426)  
Fixed Interest Rate (as a percent) 1.828%  
Interest Rate Derivative, The Toronto-Dominion Bank, February 14, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (584)  
Fixed Interest Rate (as a percent) 2.4535%  
Interest Rate Derivative, Regions Bank, February 14, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (1,178)  
Fixed Interest Rate (as a percent) 2.475%  
Interest Rate Derivative, Capital One, February 14, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (1,206)  
Fixed Interest Rate (as a percent) 2.53%  
Interest Rate Derivative, The Toronto-Dominion Bank, October 30, 2017    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (739)  
Fixed Interest Rate (as a percent) 1.8485%  
Interest Rate Derivative, Royal Bank of Canada, October 30, 2017    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (740)  
Fixed Interest Rate (as a percent) 1.8505%  
Interest Rate Derivative, Wells Fargo Bank, October 30, 2017    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (740)  
Fixed Interest Rate (as a percent) 1.8505%  
Interest Rate Derivative, PNC Bank, $25m, October 30, 2017    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (739)  
Fixed Interest Rate (as a percent) 1.8485%  
Interest Rate Derivative, PNC Bank, $50m, October 30, 2017    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (1,477)  
Fixed Interest Rate (as a percent) 1.8475%  
Interest Rate Derivative, TD Bank, $75m, Sep 29, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 75,000  
Derivative Liability, Fair Value, Gross Liability $ (83)  
Fixed Interest Rate (as a percent) 0.275%  
Interest Rate Derivative, Wells Fargo Bank, $75m, Sep 29, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 75,000  
Derivative Liability, Fair Value, Gross Liability $ (90)  
Fixed Interest Rate (as a percent) 0.279%  
Interest Rate Derivative, TD Bank, $75m, March 19, 2021    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 75,000  
Derivative Liability, Fair Value, Gross Liability $ (83)  
Fixed Interest Rate (as a percent) 0.275%  
Interest Rate Derivative, Wells Fargo Bank, $75m, March 19, 2021    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 75,000  
Derivative Liability, Fair Value, Gross Liability $ (91)  
Fixed Interest Rate (as a percent) 0.28%  
Interest Rate Derivative, The Toronto-Dominion Bank, July 26, 2019 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,585)  
Fixed Interest Rate (as a percent) 2.918%  
Interest Rate Derivative, PNC Bank, July 26, 2019 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,582)  
Fixed Interest Rate (as a percent) 2.919%  
Interest Rate Derivative, Bank of Montreal, July 26, 2019 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,582)  
Fixed Interest Rate (as a percent) 2.919%  
Interest Rate Derivative, US Bank, July 26, 2019 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 25,000  
Derivative Liability, Fair Value, Gross Liability $ (1,793)  
Fixed Interest Rate (as a percent) 2.919%  
Interest Rate Derivative, Wells Fargo Bank, July 15, 2020 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,100)  
Fixed Interest Rate (as a percent) 2.246%  
Interest Rate Derivative, US Bank, July 15, 2020 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,100)  
Fixed Interest Rate (as a percent) 2.2459%  
Interest Rate Derivative, Regions Bank, July 15, 2020 [Member]    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (3,096)  
Fixed Interest Rate (as a percent) 2.2459%  
Interest Rate Derivative, Bank of Montreal, July 15, 2020    
Unsecured Term Loan Swaps    
Notional amount liabilities $ 50,000  
Derivative Liability, Fair Value, Gross Liability $ (2,092)  
Fixed Interest Rate (as a percent) 1.7165%  
Interest Rate Derivative, US Bank N.A, April 18, 2023    
Unsecured Term Loan Swaps    
Notional amount assets $ 150,000  
Derivative Asset, Fair Value, Gross Asset $ 1,794  
Fixed Interest Rate (as a percent) 0.9385%  
Interest Rate Derivative, Wells Fargo Bank, April 18, 2021    
Unsecured Term Loan Swaps    
Notional amount assets $ 75,000  
Derivative Asset, Fair Value, Gross Asset $ 896  
Fixed Interest Rate (as a percent) 0.9365%  
Interest Rate Derivative, The Toronto-Dominion Bank, April 18, 2023    
Unsecured Term Loan Swaps    
Notional amount assets $ 75,000  
Derivative Asset, Fair Value, Gross Asset $ 902  
Fixed Interest Rate (as a percent) 0.936%  
v3.21.1
Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Fair value of the interest rate swaps outstanding    
Notional amount assets $ 300,000 $ 0
Fair value - assets 3,592 0
Notional amount liabilities 975,000 1,125,000
Fair Value - liabilities $ (32,106) $ (40,656)
v3.21.1
Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flow Hedges of Interest Rate Risk    
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 15,358,000 $ 14,864,000
Interest Rate Swaps    
Cash Flow Hedges of Interest Rate Risk    
Additional amount reclassified from accumulated other comprehensive income (loss) as a increase (decrease) to interest expense over the next twelve months 15,400,000  
Income (loss) recognized in accumulated other comprehensive loss on interest rate swaps 7,750,000 (31,087,000)
Loss reclassified from accumulated other comprehensive loss into income as interest expense 4,400,000 896,000
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 15,358,000 $ 14,864,000
Assets Needed for Immediate Settlement, Aggregate Fair Value $ 29,200,000  
v3.21.1
Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets (liabilities):    
Interest rate swaps-Asset $ 3,592 $ 0
Interest rate swaps-Liability (32,106) (40,656)
Level 1    
Assets (liabilities):    
Interest rate swaps-Asset 0 0
Interest rate swaps-Liability 0 0
Level 2    
Assets (liabilities):    
Interest rate swaps-Asset 3,592 0
Interest rate swaps-Liability (32,106) (40,656)
Level 3    
Assets (liabilities):    
Interest rate swaps-Asset 0 0
Interest rate swaps-Liability $ 0 $ 0
v3.21.1
Equity - Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 01, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2020
Class of Stock [Line Items]                
Less: redemption of preferred stock     $ 2,582       $ 0  
Preferred Stock, Shares Issued 0   0          
Series C Preferred Stock                
Class of Stock [Line Items]                
Stock Redeemed or Called During Period, Shares   3,000,000            
Dividend rate (as a percent)     6.875%          
Preferred Stock, Redemption Price Per Share $ 25.00   $ 25.00          
Less: redemption of preferred stock $ 2,600              
Preferred Stock, Shares Issued 0   0 3,000,000       3,000,000
Preferred Stock, Dividends Per Share, Declared     $ 0.4296875 $ 0.4296875 $ 0.4296875 $ 0.4296875 $ 0.4296875 $ 1.7187500
Dividends Payable, Date Declared     Jan. 11, 2021 Oct. 09, 2020 Jul. 09, 2020 Apr. 09, 2020 Jan. 08, 2020  
Dividends Payable, Date to be Paid     Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020  
v3.21.1
Equity - Common Stock ATM (Details) - At The Market Program 2019 $600 Million - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 05, 2021
May 04, 2021
Mar. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]        
Common Stock Value Authorized under Stock Offering Program     $ 600,000  
Common Stock        
Class of Stock [Line Items]        
Aggregate value of common stock available to be sold under the ATM     $ 296,244  
Number of shares sold     680,276 0
Net proceeds from the sale of common stock     $ 21,785  
Common Stock | Subsequent Event [Member]        
Class of Stock [Line Items]        
Number of shares sold 1,446,760 602,316    
Shares Issued, Price Per Share $ 34.56 $ 34.24    
Sale of Stock, Price Per Share $ 34.2144 $ 33.90    
Sale of Stock, Gross Consideration Received on Transaction $ 50,000 $ 20,600    
Weighted Average | Common Stock        
Class of Stock [Line Items]        
Sale of Stock, Price Per Share     $ 32.35  
v3.21.1
Equity - Common Stock Dividends (Details) - $ / shares
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 12, 2021
Mar. 31, 2021
Feb. 28, 2021
Jan. 31, 2021
Dec. 31, 2020
Nov. 30, 2020
Oct. 31, 2020
Sep. 30, 2020
Aug. 31, 2020
Jul. 31, 2020
Jun. 30, 2020
May 31, 2020
Apr. 30, 2020
Mar. 31, 2020
Feb. 29, 2020
Jan. 31, 2020
Mar. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]                                    
Common Stock, Dividends, Per Share, Declared   $ 0.120833 $ 0.120833 $ 0.120833 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.362499 $ 1.44
Subsequent Event [Member]                                    
Class of Stock [Line Items]                                    
Common Stock, Dividends, Per Share, Declared $ 0.120833                                  
Common Stock                                    
Class of Stock [Line Items]                                    
Dividends Payable, Date Declared   Jan. 11, 2021 Jan. 11, 2021 Jan. 11, 2021 Oct. 09, 2020 Oct. 09, 2020 Oct. 09, 2020 Jul. 09, 2020 Jul. 09, 2020 Jul. 09, 2020 Apr. 09, 2020 Apr. 09, 2020 Apr. 09, 2020 Jan. 08, 2020 Jan. 08, 2020 Jan. 08, 2020    
Dividends Payable, Date to be Paid   Apr. 15, 2021 Mar. 15, 2021 Feb. 16, 2021 Jan. 15, 2021 Dec. 15, 2020 Nov. 16, 2020 Oct. 15, 2020 Sep. 15, 2020 Aug. 17, 2020 Jul. 15, 2020 Jun. 15, 2020 May 15, 2020 Apr. 15, 2020 Mar. 16, 2020 Feb. 18, 2020    
v3.21.1
Equity - Restricted Stock (Details) - Restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Feb. 13, 2020
Jan. 08, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years) 4 years          
Shares            
Unvested at beginning of period (in shares)       184,890 193,045 193,045
Granted (in shares)       90,304   75,419
Vested (in shares)       (72,788) (78,010) (81,408)
Forfeited (in shares)       0   (2,166)
Unvested at end of period (in shares)       202,406   184,890
Fair value of restricted stock per share at grant date $ 29.77 $ 32.64 $ 31.49 $ 29.77    
Stock Repurchased and Retired During Period, Shares       25,840   34,117
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value       $ 28.96   $ 27.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value       $ 26.76    
Unrecognized compensation costs       $ 5,000    
Unrecognized compensation costs, period for recognition       2 years 9 months 18 days    
Vested (in shares)       (72,788) (78,010) (81,408)
Fair value of shares vested       $ 2,280 $ 2,463  
v3.21.1
Noncontrolling Interest - Summary (Details) - $ / shares
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Jan. 08, 2020
Mar. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Limited Partner          
Noncontrolling interest          
Noncontrolling interest ownership percentage     2.20% 2.00% 2.50%
LTIP Units          
Noncontrolling interest          
stag_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageGrantDateFairValue     $ 24.53 $ 23.49  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 28.13   28.13    
stag_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsConvertedWeightedAverageGrantDateFairValue     $ 21.47    
LTIP Units | Share-based Compensation Award, Tranche One [Member]          
Noncontrolling interest          
Vesting period (in years) 4 years        
LTIP Units | Independent Director | Share-based Compensation Award, Tranche One [Member]          
Noncontrolling interest          
Vesting period (in years)   1 year      
Noncontrolling Interest - Unit holders in Operating Partnership          
Noncontrolling interest          
Units outstanding, balance at beginning of period (in units)     3,285,238 3,736,852  
Granted/Issued     405,844 278,806  
Forfeited     0 0  
Conversions from LTIP units to Other Common Units     0 0  
Redemptions from Other Common Units to common stock     97,159 730,420  
Units outstanding, balance at end of period (in units)     3,593,923 3,285,238  
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership          
Noncontrolling interest          
Units outstanding, balance at beginning of period (in units)     1,692,423 1,697,358  
Granted/Issued     405,844 278,806  
Forfeited     0 0  
Conversions from LTIP units to Other Common Units     97,159 283,741  
Redemptions from Other Common Units to common stock     0 0  
Units outstanding, balance at end of period (in units)     2,001,108 1,692,423  
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership          
Noncontrolling interest          
Units outstanding, balance at beginning of period (in units)     1,592,815 2,039,494  
Granted/Issued     0 0  
Forfeited     0 0  
Conversions from LTIP units to Other Common Units     97,159 283,741  
Redemptions from Other Common Units to common stock     97,159 730,420  
Units outstanding, balance at end of period (in units)     1,592,815 1,592,815  
v3.21.1
Noncontrolling Interest - LTIP FV Assumptions (Details) - LTIP Units - USD ($)
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Jan. 08, 2020
Mar. 31, 2021
Dec. 31, 2020
Assumptions        
Expected term (years) 10 years      
Expected volatility 34.00%      
Expected dividend yield 5.00%      
Risk-free interest rate 0.229%      
Fair value of LTIP units at issuance (in thousands) $ 4,316,000      
Granted (in shares) 153,430   405,844 278,806
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 28.13   $ 28.13  
Share-based Compensation Award, Tranche One [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years) 4 years      
Independent Director | Share-based Compensation Award, Tranche One [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   1 year    
v3.21.1
Noncontrolling Interest - LTIP Units (Details) - LTIP Units - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Units        
Unvested at beginning of period (in shares)   211,448 227,348 227,348
Granted 153,430 405,844   278,806
Vested (in units)   (183,486) (130,187) (294,706)
Forfeited (in units)   0   0
Unvested at end of period (in shares)   433,806   211,448
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value   $ 27.38   $ 26.54
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 28.13 28.13    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value   $ 28.08    
Unrecognized compensation costs   $ 6,500    
Unrecognized compensation costs, period for recognition   2 years    
Vested (in units)   183,486 130,187 294,706
Fair value of units vested   $ 5,683 $ 3,861  
v3.21.1
Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance shares
$ in Thousands
Jan. 07, 2021
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility 34.40%
Expected dividend yield 5.00%
Risk-free interest rate 0.2271%
Fair value of performance units grant (in thousands) $ 5,522
v3.21.1
Equity Incentive Plan - 2021 Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 07, 2021
Mar. 31, 2021
Dec. 31, 2020
LTIP Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted 153,430 405,844 278,806
Unrecognized compensation costs   $ 6.5  
Unrecognized compensation costs, period for recognition   2 years  
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 4 years    
Stock Repurchased and Retired During Period, Shares   25,840 34,117
Granted   90,304 75,419
Unrecognized compensation costs   $ 5.0  
Unrecognized compensation costs, period for recognition   2 years 9 months 18 days  
Performance shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation costs   $ 10.0  
Unrecognized compensation costs, period for recognition   2 years 1 month 6 days  
Performance Units Granted in 2018      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 1 year    
Performance Units Granted in 2018 | LTIP Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Issuance of vested LTIP units and shares 127,671    
Stock Repurchased and Retired During Period, Shares 17,731    
Granted 124,743    
Performance Units Granted in 2018 | Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Issuance of vested LTIP units and shares 44,591    
Performance Units Granted in 2018 | Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted 6,352    
v3.21.1
Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
General and Administrative Expenses    
Equity Incentive Plan    
Share-based compensation $ 4,615 $ 2,852
Restricted stock | General and Administrative Expenses    
Equity Incentive Plan    
Share-based compensation 651 467
LTIP Units | General and Administrative Expenses    
Equity Incentive Plan    
Share-based compensation 2,408 964
Performance shares | General and Administrative Expenses    
Equity Incentive Plan    
Share-based compensation 1,438 1,307
Independent Director | General and Administrative Expenses    
Equity Incentive Plan    
Share-based compensation $ 118 $ 114
Common Stock | Independent Director    
Equity Incentive Plan    
Number of days of average trailing stock price used to calculate number of shares of common stock granted 10 days 10 days
v3.21.1
Leases - Rental Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Leases [Abstract]    
Fixed lease payments $ 101,179 $ 90,396
Variable lease payments 29,244 25,006
Straight-line rental income 4,882 3,927
Net decrease to rental income related to above and below market lease amortization (1,480) (990)
Rental income $ 133,825 $ 118,339
v3.21.1
Leases - Tenant Accounts Receivable (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Contractual Rent Adjustment To Rental Income Resulting From Lease Collectibility Assessment $ 1.4    
Contractual Rent Adjustment To Rental Income 1.2    
Accrued Rent Adjustment To Rental Income Resulting From Lease Collectibility Assessment (0.1)    
Lease Security Deposits Available in Letters of Credit 29.9   $ 30.1
Lease security deposits in restricted cash 0.7   0.7
Lease security deposits included in tenant prepaid rent and security deposits on the Balance Sheet 11.4   11.0
Real Estate Taxes, Tenant Responsibility 5.1 $ 4.8  
Accrued Income Receivable [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Deferred Rent Receivables, Net $ 65.4   $ 60.0
v3.21.1
Leases - Maturity of Fixed Lease Payments (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
Leases [Abstract]  
2021 $ 306,057
2022 382,216
2022 339,261
2023 289,904
2024 240,509
Thereafter $ 906,866
v3.21.1
Leases - Lessee Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Lessee, Lease, Description [Line Items]      
Operating Lease, Weighted Average Remaining Lease Term 29 years 10 months 24 days   29 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent 6.80%   6.80%
Lease, Cost $ 846 $ 649  
Operating Lease, Payments 627 571  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 0 7,718  
Minimum [Member]      
Lessee, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 5 years 3 months 18 days    
Lessee, Operating Lease, Renewal Term 10 years    
Maximum [Member]      
Lessee, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 48 years 7 months 6 days    
Lessee, Operating Lease, Renewal Term 20 years    
Operating Expense [Member]      
Lessee, Lease, Description [Line Items]      
Lease, Cost $ 417 331  
General and Administrative Expenses      
Lessee, Lease, Description [Line Items]      
Lease, Cost $ 429 $ 318  
v3.21.1
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2021 $ 1,681  
2022 3,188  
2022 3,248  
2023 3,291  
2024 3,336  
Thereafter 62,365  
Lessee, Operating Lease, Liability, Payments, Due 77,109  
Less: Imputed interest (49,392)  
Operating lease liabilities $ 27,717 $ 27,898
v3.21.1
Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share [Abstract]    
Participating securities 198,812 181,747
v3.21.1
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Numerator    
Net income attributable to common stockholders $ 20,931 $ 62,072
Denominator    
Weighted average common shares outstanding — basic 158,430 147,570
Shares issuable under forward sales agreements 346 0
Weighted average common shares outstanding — diluted 159,126 147,656
Net income per share — basic and diluted    
Net income per share attributable to common stockholders — basic $ 0.13 $ 0.42
Net income per share attributable to common stockholders — diluted $ 0.13 $ 0.42
Restricted stock    
Net income per share — basic and diluted    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 199 182
Stock Compensation Plan    
Denominator    
Share-based compensation 350 86
v3.21.1
Commitments and Contingencies - Agreements (Details)
$ in Millions
Mar. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of credit outstanding $ 2.6
v3.21.1
Subsequent Events - ATM (Details) - Common Stock - At The Market Program 2019 $600 Million - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 05, 2021
May 04, 2021
Mar. 31, 2021
Dec. 31, 2020
Subsequent Event [Line Items]        
Proceeds from sales of common stock (in shares)     680,276 0
Net proceeds from the sale of common stock     $ 21,785  
Subsequent Event [Member]        
Subsequent Event [Line Items]        
Proceeds from sales of common stock (in shares) 1,446,760 602,316    
Shares Issued, Price Per Share $ 34.56 $ 34.24    
Sale of Stock, Gross Consideration Received on Transaction $ 50,000 $ 20,600    
Sale of Stock, Price Per Share $ 34.2144 $ 33.90