Stag Industrial Inc

Latest Results (04.01.2026):

STAG Industrial, Inc. reported results for the third quarter of 2025, delivering solid operating and financial performance: net income attributable to common stockholders of $48.6 million ($0.26 per basic and diluted share), Core FFO per diluted share of $0.65 (up 8.3% year‑over‑year), and Same Store Cash NOI of $145.7 million (up 3.9% year‑over‑year), reflecting portfolio stability, improving leasing momentum, and continued liquidity strength.

Net income and per-share results

Net income attributable to common stockholders was $48.6 million for Q3 2025 (up 16.2% vs Q3 2024); net income per basic and diluted common share was $0.26 (compared with $0.23 in Q3 2024).

Core FFO and cash available

Core FFO was $124.7 million for the quarter and Core FFO per diluted share was $0.65 (an 8.3% increase vs Q3 2024). Cash Available for Distribution was $101.0 million (up 14.8% year‑over‑year).

NOI and cash NOI

Cash NOI for Q3 2025 was $162.3 million (up 9.3% YoY); Same Store Cash NOI was $145.7 million, a 3.9% increase versus the same quarter a year earlier.

Occupancy and leasing

Portfolio Occupancy was 95.8% (Operating Portfolio 96.8%) as of September 30, 2025. The Company commenced 2.2 million square feet of Operating Portfolio leases in Q3, achieving a Cash Rent Change of 27.2% and a Straight‑Line Rent Change of 40.6%; retention for leases expiring in the quarter was 63.4% (2.5 million sq ft).

Acquisitions and dispositions

STAG acquired two buildings in Q3 2025 totaling ~1.0 million sq ft for $101.5 million (cash capitalization rate ~6.6%) and acquired one vacant land parcel for $2.9 million. Year‑to‑date acquisitions totaled ~1.56 million sq ft for $163.2 million (weighted average cash cap rate ~6.7%). Dispositions YTD were 588,591 sq ft for $82.2 million.

Development leasing

The Company signed a full‑building lease (243,642 sq ft) at its Greer, SC development during Q3 and subsequently signed a 90,896 sq ft lease at its Lebanon, TN development (post‑quarter).

Balance sheet and capital markets

Liquidity was $904.1 million as of September 30, 2025. STAG refinanced a $300 million term loan (Loan G), extending maturity to March 15, 2030 (aggregate fixed rate inclusive of swaps of 1.70% until Feb 5, 2026, then 3.94% through March 15, 2030). Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x.

Operational metrics and outlook

Q3 Operating highlights included Cash NOI growth, positive leasing spreads (cash and straight‑line), and active acquisition pipeline (29.4 million sq ft pipeline as of Oct 28, 2025). Management cited disciplined execution and expectation to deliver additional growth and long‑term value creation.