Stag Industrial, Inc.

Greetings, and welcome to STAG Industrial's second quarter 2021 conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host today, Matt Pinyard, Senior Vice President of Investor Relations. Please proceed, sir.

Thank you. Welcome to Stagg Industrial's conference call covering the second quarter 2021 results. In addition to the press release distributed yesterday, we've posted an unaudited quarterly supplemental information presentation on the company's website at staggindustrial.com under the investor relations section. On today's call, the company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks, and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecasts of core FFO, same-store NOI, G&A, acquisition and disposition volumes, retention rates, and other guidance, leasing prospects, rent collections, industry and economic trends, as well as other matters. We encourage all of our listeners to review the more detailed discussion related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental informational package available on the company's website. As a reminder, forward-looking statements represent management's estimates as of today. Stagg Industrial assumes no obligation to update any forward-looking statements. On today's call, you will hear from Ben Butcher, our Chief Executive Officer, and Bill Crooker, our President and Chief Financial Officer. Also here with us are Steve Meche, our Chief Operating Officer, and Dave King, our Director of Real Estate Operations. They will be available to answer questions specific to their areas of focus. I will now turn the call over to Ben.

Thank you, Matt. Good morning, everybody, and welcome to the second quarter earnings call for Snag Industrial. We are pleased to have you join us and look forward to telling you about our second quarter results. This month, we achieved a significant milestone in our company's history. Our portfolio of industrial real estate has surpassed 100 million square feet, tremendous growth from our 2011 IPO portfolio. Even at this size, we continue to see tremendous opportunities to acquire additional assets that are accretive to our portfolio. Our ongoing investments in the platform allow us to identify relative value opportunities across the broad array of primary and secondary markets we are active in. This is reflected in the large size of our current pipeline of potential acquisitions. As we participated in NAIRI and other events in the spring conference season, we were reminded of the growing stakeholder emphasis on ESG. Virtually every meeting included a substantive discussion of at least some element of the topic. It was gratifying to be able to report that our commitment to ESG over the years has placed STAG in an industry-leading position. We recently were awarded a Gresby Public Disclosure rating of B, well above both the overall industrial REIT average. We are currently preparing our inaugural ESG report, which we expect to be publishing later this year. As a good corporate citizen, our strengths in both social and governance are reflected in the very strong ISS ratings for these components. We are committed to further improvement in these areas and have joined with other REITs in executing the CEO Action Pledge on Inclusion and Diversity. As a real estate company, there is elevated focus on the environmental component of ESG. We have been hard at work in this area and are pleased with the results. Stagg has become a leader in the photovoltaic deployment arena with increasing solar panel presence across our portfolio. In November 2020, Stagg celebrated the groundbreaking of the largest community solar project in the United States at our project in Hampstead, Maryland. This 9.2 megawatt project will generate low-cost renewable energy, enough to power over 1,000 homes, including an allocation to low-income households. STAG is on track to place in the top 10 real estate companies in terms of solar energy production, as ranked by the Solar Energy Industries Association. We are committed to aggressively seeking opportunities for further solar ray deployment elsewhere in our portfolio. A few comments on the market. The underlying fundamentals of the industrial real estate sector remain very strong. Robust reopening demand and supply chain issues caused by transportation bottlenecks, shipping cost increases, inventory mismatches, and labor constraints have caused a resurgence of demand for warehouse space. The effects of this demand resurgence can be seen in the strong leasing economics for existing facilities and the increasing levels of construction being undertaken. Not surprisingly, our operating results reflect these strengths. Demand for our assets has accelerated. Tenant retention and downtime have outperformed our historical averages. As a result of these improvements, we are raising our same store NOI guidance by 1% at the midpoint to a range of 3.25% to 3.75%. This is the highest level of guidance we've provided for this metric at any point during our time as a public company. This strength in internal growth is the primary driver for improved expectations for overall growth and our core FFO per share. Bill will cover this and other items of our guidance in greater detail in a moment. With that, I'll turn it over to Bill to discuss our second quarter operational results.