Form 4: STAG Industrial Director Acquires Shares in Lieu of Fees

Michelle Dilley, a director at STAG Industrial, acquired 425 shares of common stock in lieu of quarterly fees.

Summary

• On October 15, 2024, Michelle Dilley, a director of STAG Industrial, Inc., acquired 425 shares of common stock.
• The shares were acquired in lieu of quarterly fees of $16,250 for her services as a director.
• The price per share was $38.19, based on the average closing price for the 10-day period ended October 9, 2024.
• Following the transaction, Ms. Dilley directly owns 10,760 shares of STAG Industrial, Inc.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a routine transaction related to director compensation, indicating alignment of interests between the director and shareholders. There are no red flags or negative implications.

Positives

• The acquisition reflects the director's continued investment in the company.
• The use of equity in lieu of cash fees can be seen as a positive for the company's cash flow.

Industry Context

Directors receiving shares in lieu of fees is a fairly common practice, especially for REITs like STAG Industrial, as it aligns their interests with shareholders and conserves cash.

Comparison to Industry Standards

• Many REITs compensate board members with a mix of cash and equity.
• The specific amount and valuation method are typical for director compensation plans.
• Comparing STAG's director compensation structure to peers like Prologis (PLD) or Duke Realty (DRE) (prior to its acquisition by Prologis) would provide further context.

Related Party Transactions

• The transaction involves a director receiving shares in lieu of fees, which is a related party transaction.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.
• It has a minor positive impact on the company's cash flow as it reduces the need for cash compensation.

Key Dates