STAG Industrial Inc
NYSE:STAG

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STAG Industrial Inc
NYSE:STAG
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Price: 38.13 USD -1.7% Market Closed
Market Cap: 7.1B USD

STAG Industrial Inc
Investor Relations

STAG Industrial Inc., founded in 2010 and headquartered in Boston, has carved out its niche in the real estate investment trust (REIT) sector with a singular focus—investing in and managing single-tenant industrial properties across the United States. Drawing on experience and strategic intuition, STAG has navigated the intricate landscape of industrial real estate, capitalizing on the steady rise of e-commerce and the enduring need for distribution facilities. The company's unique strategy is rooted in diversification across geographies and tenants, allowing it to minimize risk while maximizing returns. By targeting properties frequently bypassed by larger peers due to their smaller size or secondary market locations, STAG has been able to cultivate a robust portfolio that spans urban centers and industrial hubs alike.

STAG's revenue model hinges on acquiring and leasing properties to a broad array of tenants, from logistics companies to light manufacturers. Through long-term, stable lease agreements, the company generates consistent rental income, which forms the backbone of its financial success. This recurring cash flow is further bolstered by strategic acquisitions of properties that meet disciplined investment criteria, allowing STAG to maintain steady growth. With a focus on properties that serve critical roles in their tenants' supply chains, STAG ensures high occupancy rates and tenant retention, thereby securing sustained rental revenues. These revenues are then distributed to shareholders through regular dividends, emphasizing STAG’s commitment to delivering value to its investors while nurturing long-term growth.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 30, 2025
AI Summary
Q3 2025

FFO Guidance Raised: Core FFO per share guidance for 2025 was increased to $2.52–$2.54, up $0.03 at the midpoint, reflecting outperformance year-to-date.

Strong Leasing Execution: 99% of 2025 forecasted leasing is complete at robust cash leasing spreads of about 24%; 52% of 2026 expirations are already addressed.

Leasing Spreads: 2025 leasing cash spreads are 23.9%, and guidance for 2026 is 18–20%, reflecting a normalization from prior peak levels.

Acquisitions & Developments: $101.5M in Q3 acquisitions, $212M year-to-date, and $153M under agreement to close before year-end; development pipeline is active with strong leasing progress.

Stable Fundamentals: Industrial market conditions are stabilizing with improving tenant activity, falling supply, and national vacancy rates expected to improve after 2–3 quarters.

Balance Sheet & Liquidity: Leverage is low at 5.1x net debt/EBITDA and liquidity at $904M, supporting continued acquisitions and developments.

Guidance Adjustments: Acquisition volume guidance narrowed to $350M–$500M, G&A guidance decreased, and cash same-store NOI guidance increased.

Key Financials
Core FFO per share
$0.65
Acquisition Volume (Q3)
$101.5M
Acquisition Volume (YTD)
$212M
Leases Commenced (Q3)
22 leases, 2.2M sq ft
Leasing Volume (Q3)
5.9M sq ft
Retention (Q3)
63.4%
Retention (YTD)
78%
Cash Leasing Spreads (2025 signed)
23.9%
Cash Leasing Spreads (Q3)
27.2%
Straight-Line Leasing Spreads (Q3)
40.6%
Same-store Cash NOI (Q3)
3.9%
Same-store Cash NOI (YTD)
3.5%
Leverage (Net Debt/Annualized Run Rate Adjusted EBITDA)
5.1x
Liquidity (quarter end)
$904M
G&A Expenses (2025 guidance)
$51M–$52M
Completed Developments (leased as of Sep 30)
83%
Completed Developments (leased current)
88%
Development Pipeline (Q3)
3.4M sq ft across 13 buildings
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael Christopher Chase
Executive VP & Chief Investment Officer
No Bio Available
Mr. Benjamin S. Butcher
Executive Director
No Bio Available
Mr. Steven T. Kimball
Executive Vice President of Real Estate Operations
No Bio Available
Ms. Jaclyn M. Paul
Chief Accounting Officer
No Bio Available
Mr. Steve Xiarhos
Associate Capital Markets & Investor Relations
No Bio Available
Ms. Andrea M. Gillespie
Director of Human Resources
No Bio Available
Mr. Bradford F. Sweeney
Senior Vice President of Acquisitions
No Bio Available
Mr. Alan H. Simmons
Senior VP, Assistant General Counsel & Assistant Secretary
No Bio Available
Mr. Kurt N. Flionis
Senior Vice President of Credit
No Bio Available
Mr. Brian M. LaMont
Senior VP & Head of Development and Sustainability
No Bio Available

Contacts

Address
MASSACHUSETTS
Boston
One Federal Street, 23Rd Floor
Contacts