Stag Industrial Inc

Latest Results (13.05.2026):

STAG Industrial, Inc. reported results for the fourth quarter and full year ended December 31, 2025. The company delivered higher net income, Core FFO and Same Store Cash NOI versus 2024, continued active portfolio transactions and strong leasing activity, and maintained high occupancy heading into 2026.

Earnings

For Q4 2025, STAG Industrial, Inc. reported net income per basic and diluted common share of $0.44 (net income attributable to common stockholders $83.4 million) versus $0.28 in Q4 2024. Full-year 2025 net income per share was $1.46 versus $1.04 in 2024.

Core FFO

Q4 2025 Core FFO per diluted share was $0.66, up 8.2% year-over-year (Q4 2024: $0.61). Core FFO per diluted share for full-year 2025 was $2.55, up 6.3% from $2.40 in 2024.

Same Store Cash NOI & Cash NOI

Same Store Cash NOI for Q4 2025 was $148.5 million, up 5.4% versus Q4 2024; Same Store Cash NOI for full-year 2025 was $579.4 million, up 4.3% year-over-year. Cash NOI for Q4 was $170.6 million, a 9.7% increase versus Q4 2024.

Portfolio acquisitions & dispositions

In Q4 2025 STAG acquired seven buildings (2.24 million sq ft) for $285.9 million with a reported cash capitalization rate of 6.4% and sold eight buildings (1.65 million sq ft) for $88.8 million. Full-year 2025 acquisitions totaled 13 buildings (3.80 million sq ft) for $449.1 million; dispositions for the year were 11 buildings (2.24 million sq ft) for $171.0 million. Pipeline as of Feb. 10, 2026: ~30.5 million sq ft (~$3.6 billion).

Occupancy, leasing & tenant metrics

Occupancy was 96.4% on the total portfolio and 97.2% on the Operating Portfolio as of Dec. 31, 2025. Q4 commenced Operating Portfolio leases totaled ~3.0 million sq ft with a Cash Rent Change of 16.3% and Straight-Line Rent Change of 27.4%; retention for expiring leases in the quarter was 75.8% on 2.8 million sq ft. Subsequent to quarter end, STAG signed a 78,414 sq ft lease at its Concord, NC development.

Cash available for distribution & adjusted EBITDAre

Q4 2025 Cash Available for Distribution was $99.0 million (up 11.8% versus Q4 2024); full-year CAD was $405.4 million (up 9.6% year-over-year). Adjusted EBITDAre for Q4 was $159.4 million, a 9.7% increase versus Q4 2024.

Balance sheet snapshot

As of Dec. 31, 2025, total assets were $7.208 billion and total equity was $3.671 billion. Reported debt items include unsecured term loans and notes (unsecured notes, net $1.967 billion; unsecured term loans, net ~$1.021 billion) and an unsecured credit facility with $262.0 million drawn.