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1月前
STAG INDUSTRIAL ANNOUNCES FIRST QUARTER 2026 RESULTSApril 28, 2026 4:06 PM
PR Newswire (US)
BOSTON, April 28, 2026 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended March 31, 2026.
"STAG delivered strong first quarter results driven by healthy leasing activity, disciplined capital allocation, and a growing acquisition pipeline," said Bill Crooker, President and Chief Executive Officer of the Company. "These results set a solid foundation for 2026 and we remain well positioned to capitalize on opportunities."First Quarter 2026 HighlightsReported $0.32 of net income per basic and diluted common share for the first quarter of 2026, compared to $0.49 of net income per basic and diluted common share for the first quarter of 2025. Reported $62.0 million of net income attributable to common stockholders for the first quarter of 2026, compared to net income attributable to common stockholders of $91.3 million for the first quarter of 2025.Achieved $0.65 of Core FFO per diluted share for the first quarter of 2026, an increase of 6.6% compared to the first quarter of 2025 Core FFO per diluted share of $0.61.Produced Same Store Cash NOI of $159.3 million for the first quarter of 2026, an increase of 4.1% compared to the first quarter of 2025 of $153.1 million.Acquired one building in the first quarter of 2026, consisting of 748,833 square feet, for $80.7 million, with a Cash Capitalization Rate of 6.1%.Sold one building in the first quarter of 2026, consisting of 584,301 square feet, for $30.1 million.Achieved an Occupancy Rate of 95.1% on the total portfolio and 96.0% on the Operating Portfolio as of March 31, 2026.Commenced Operating Portfolio leases of 6.0 million square feet for the first quarter of 2026, resulting in a Cash Rent Change and Straight-Line Rent Change of 20.9% and 39.6%, respectively.Experienced 69.5% Retention for 6.5 million square feet of leases expiring in the quarter.Subsequent to quarter end, signed a lease totaling 72,900 square feet of warehouse and distribution space at the Company's development project at 452 Casual Drive in Wellford, South Carolina.Subsequent to quarter end, signed a lease totaling 44,980 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Concord, North Carolina.Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.The Company will host a conference call tomorrow, Wednesday, April 29, 2026 at 10:00 a.m. (Eastern Time), to discuss the quarter's results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.Key Financial Measures FIRST QUARTER 2026 KEY FINANCIAL MEASURES
Three months ended March 31,
Metrics
2026
2025
% Change
(in $000s, except per share data)
Net income attributable to common stockholders
$61,961
$91,340
(32.2) %
Net income per common share — basic
$0.32
$0.49
(34.7) %
Net income per common share — diluted
$0.32
$0.49
(34.7) %
Cash NOI
$169,916
$157,197
8.1 %
Same Store Cash NOI (1)
$159,309
$153,080
4.1 %
Adjusted EBITDAre
$159,001
$146,413
8.6 %
Core FFO
$126,579
$115,241
9.8 %
Core FFO per share / unit — basic
$0.65
$0.61
6.6 %
Core FFO per share / unit — diluted
$0.65
$0.61
6.6 %
Cash Available for Distribution
$109,705
$106,486
3.0 %
(1) The Same Store pool accounted for 93.0% of the total portfolio square footage as of March 31, 2026.Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company's supplemental information package for additional disclosure.Acquisition, Development and Disposition ActivityFor the three months ended March 31, 2026, the Company acquired one building for $80.7 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter:FIRST QUARTER 2026 ACQUISITION ACTIVITYMarketDate
AcquiredSquare FeetBuildingsPurchase
Price ($000s)W.A. Lease
Term (Years)Cash
Capitalization
RateStraight-Line
Capitalization
RateKansas City, MO2/9/2026748,8331$80,71312.4
Total / weighted average
748,8331$80,71312.46.1 %7.3 %As of April 27, 2026, the Pipeline amounted to $3.9 billion, consisting of 164 buildings totaling 33.8 million square feet.The chart below details the disposition activity for the three months ended March 31, 2026:2026 DISPOSITION ACTIVITY
Square FeetBuildingsSale Price ($000s)Q1584,3011$30,100Total584,3011$30,100Leasing ActivityThe chart below details the leasing activity for leases commenced during the three months ended March 31, 2026:FIRST QUARTER 2026 OPERATING PORTFOLIO LEASING ACTIVITYLease TypeSquare
FeetLease
CountW.A.
Lease
Term
(Years)Cash Base
Rent $/SFSL Base
Rent $/SFLease Commissions $/SFTenant
Improvements
$/SFCash Rent
Change SL Rent
ChangeRetention
New Leases1,450,04388.4$5.88$6.52$2.42$0.3835.5 %61.0 %
Renewal Leases4,546,157295.7$5.95$6.33$1.10$0.0916.9 %33.7 %69.5 %
Total / weighted average5,996,200376.3$5.93$6.38$1.42$0.1620.9 %39.6 %
Additionally, for the three months ended March 31, 2026, leases commenced totaling 181,024 square feet related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above.As of April 27, 2026, addressed 79.0% of expected 2026 new and renewal leasing, consisting of 14.4 million square feet, achieving Cash Rent Change of 20.2%.Subsequent to quarter end, the Company signed a lease totaling 72,900 square feet of warehouse and distribution space at the Company's development project at 452 Casual Drive in Wellford, South Carolina. This building is now 100% leased.Subsequent to quarter end, the Company signed a lease totaling 44,980 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Concord, North Carolina. This building is now 90% leased.Year to date, the Company signed four leases totaling 252,496 square feet of warehouse and distribution space across the Company's development projects.Capital Markets ActivityIn the first quarter of 2026, the Company sold 160,441 shares on a forward basis under the ATM common stock offering program at an average price of $38.30 per share, or $6.1 million. The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the the agreed-upon maturity date (typically one year) to settle the forward contract.As of March 31, 2026, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.0x and Liquidity was $805.7 million.Quarterly Dividend DeclarationOn April 27, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.3875 per share for the second quarter of 2026, payable in cash on July 15, 2026, to common stockholders and common unit holders of record as of June 30, 2026.Conference CallThe Company will host a conference call tomorrow, Wednesday, April 29, 2026, at 10:00 a.m. (Eastern Time) to discuss the quarter's results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13759667.Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company's website at www.stagindustrial.com, or by clicking on the following link:http://ir.stagindustrial.com/QuarterlyResults Supplemental ScheduleThe Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the "Quarterly Results" tab in the Investor Relations section.CONSOLIDATED BALANCE SHEETS
STAG Industrial, Inc.
(unaudited, in thousands, except share data)
March 31, 2026
December 31, 2025Assets
Rental Property:
Land$ 815,587
$ 811,569Buildings and improvements, net of accumulated depreciation of $1,165,447 and $1,119,931, respectively5,617,747
5,593,471Deferred leasing intangibles, net of accumulated amortization of $444,797 and $425,502, respectively383,337
394,967Total rental property, net6,816,671
6,800,007Cash and cash equivalents8,856
14,910Restricted cash30,298
85,973Tenant accounts receivable161,353
156,458Prepaid expenses and other assets111,143
104,484Interest rate swaps15,578
13,529Operating lease right-of-use assets32,155
32,708Assets held for sale, net7,512
—Total assets$ 7,183,566
$ 7,208,069Liabilities and Equity
Liabilities:
Unsecured credit facility$ 200,000
$ 262,000Unsecured term loans, net1,021,630
1,021,341Unsecured notes, net1,967,381
1,966,994Mortgage note, net3,926
3,980Accounts payable, accrued expenses and other liabilities127,629
135,397Interest rate swaps460
1,310Tenant prepaid rent and security deposits62,546
59,225Dividends and distributions payable75,631
24,187Deferred leasing intangibles, net of accumulated amortization of $35,894 and $34,098, respectively23,597
25,566Operating lease liabilities36,542
37,040Total liabilities$ 3,519,342
$ 3,537,040Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at March 31, 2026 and December 31, 2025; none issued or outstanding—
—Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2026 and December 31, 2025, 191,201,600 and 191,005,261 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively1,912
1,910Additional paid-in capital4,616,147
4,616,888Cumulative dividends in excess of earnings(1,047,089)
(1,034,954)Accumulated other comprehensive income14,697
11,853Total stockholders' equity3,585,667
3,595,697Noncontrolling interest in operating partnership74,567
71,342Noncontrolling interest in joint ventures3,990
3,990Total equity$ 3,664,224
$ 3,671,029Total liabilities and equity$ 7,183,566
$ 7,208,069
CONSOLIDATED STATEMENTS OF OPERATIONS
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended March 31,
2026
2025Revenue
Rental income$ 223,848
$ 205,362Other income359
212Total revenue224,207
205,574Expenses
Property47,316
43,678General and administrative13,855
13,306Depreciation and amortization78,594
73,900Other expenses438
572Total expenses140,203
131,456Other income (expense)
Interest and other income 96
5Interest expense(35,885)
(32,529)Gain on involuntary conversion —
1,855Gain on the sales of rental property, net15,099
49,913Total other income (expense)(20,690)
19,244Net income$ 63,314
$ 93,362Less: income attributable to noncontrolling interest in operating partnership1,315
1,964Net income attributable to STAG Industrial, Inc.$ 61,999
$ 91,398Less: amount allocated to participating securities38
58Net income attributable to common stockholders$ 61,961
$ 91,340
Weighted average common shares outstanding — basic190,996
186,468Weighted average common shares outstanding — diluted191,238
186,758
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$ 0.32
$ 0.49Net income per share attributable to common stockholders — diluted$ 0.32
$ 0.49
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands)
Three months ended March 31,
2026
2025NET OPERATING INCOME RECONCILIATION
Net income$ 63,314
$ 93,362General and administrative13,855
13,306Depreciation and amortization78,594
73,900Interest and other income(96)
(5)Interest expense35,885
32,529Gain on involuntary conversion —
(1,855)Other expenses438
572Gain on the sales of rental property, net(15,099)
(49,913)Net operating income$ 176,891
$ 161,896
Net operating income$ 176,891
$ 161,896Rental property straight-line rent adjustments, net(6,466)
(4,115)Amortization of above and below market leases, net(509)
(584)Cash net operating income$ 169,916
$ 157,197
Cash net operating income$ 169,916
Cash NOI from acquisition and disposition timing380
Cash termination, solar and other income(427)
Run Rate Cash NOI$ 169,869
Same Store Portfolio NOI
Total NOI$ 176,891
$ 161,896Less: NOI non-same-store properties(11,886)
(3,625)Termination, solar and other adjustments, net(706)
(414)Same Store NOI$ 164,299
$ 157,857Less: straight-line rent adjustments, net(4,529)
(4,142)Plus: amortization of above and below market leases, net(461)
(635)Same Store Cash NOI$ 159,309
$ 153,080
EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION
Net income$ 63,314
$ 93,362Depreciation and amortization78,594
73,900Interest and other income(96)
(5)Interest expense35,885
32,529Gain on the sales of rental property, net(15,099)
(49,913)EBITDAre$ 162,598
$ 149,873
ADJUSTED EBITDAre RECONCILIATION
EBITDAre$ 162,598
$ 149,873Straight-line rent adjustments, net(6,550)
(4,190)Amortization of above and below market leases, net(509)
(584)Non-cash compensation expense3,462
3,182Non-recurring other items—
(13)Gain on involuntary conversion —
(1,855)Adjusted EBITDAre$ 159,001
$ 146,413
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended March 31,
2026
2025CORE FUNDS FROM OPERATIONS RECONCILIATION
Net income$ 63,314
$ 93,362Rental property depreciation and amortization78,509
73,814Gain on the sales of rental property, net(15,099)
(49,913)Funds from operations$ 126,724
$ 117,263Amount allocated to restricted shares of common stock and unvested units(145)
(167)Funds from operations attributable to common stockholders and unit holders$ 126,579
$ 117,096
Funds from operations attributable to common stockholders and unit holders$ 126,579
$ 117,096Gain on involuntary conversion —
(1,855)Core funds from operations$ 126,579
$ 115,241
Weighted average common shares and units
Weighted average common shares outstanding190,996
186,468Weighted average units outstanding3,753
3,714Weighted average common shares and units - basic194,749
190,182Dilutive shares242
290Weighted average common shares, units, and other dilutive shares - diluted194,991
190,472Core funds from operations per share / unit - basic$ 0.65
$ 0.61Core funds from operations per share / unit - diluted$ 0.65
$ 0.61
CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION
Core funds from operations$ 126,579
$ 115,241Amount allocated to restricted shares of common stock and unvested units145
167Non-rental property depreciation and amortization85
86Straight-line rent adjustments, net(6,550)
(4,190)Capital expenditures(8,652)
(4,979)Capital expenditures reimbursed by tenants—
(105)Lease commissions and tenant improvements(6,735)
(4,217)Non-cash portion of interest expense1,371
1,301Non-cash compensation expense3,462
3,182Cash available for distribution$ 109,705
$ 106,486
Non-GAAP Financial Measures and Other DefinitionsAcquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership. Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs.Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs.Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company's estimate of year one cash net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025. Cash Rent Change: We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.Comparable Lease: We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items. We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company's historical results and does not predict future results, which may be substantially different.We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items.EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO.However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.GAAP: We define GAAP as generally accepted accounting principles in the United States.Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company's unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents and proceeds from pending reverse Section 1031 like-kind exchanges that are included in restricted cash.Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses.We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net.We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company's historical results and does not predict future results, which may be substantially different.We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company's acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio.Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025.Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date,if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company's estimate of annual net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:less than 75% occupied as of the acquisition date;will be less than 75% occupied due to known move-outs within two years of the acquisition date;out of service with significant physical renovation of the asset;development.Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.Forward-Looking StatementsThis earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should", "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG's most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG's expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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Original: STAG INDUSTRIAL ANNOUNCES FIRST QUARTER 2026 RESULTS
US Market News
4月前
STAG INDUSTRIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 11, 2026 4:06 PM
PR Newswire (US)
BOSTON, Feb. 11, 2026 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the fourth quarter and full year ended December 31, 2025.
"The Company generated strong operating results driven by heightened leasing activity, prudent capital allocation, and healthy Same Store Cash NOI growth," said Bill Crooker, President and Chief Executive Officer of the Company. "Our continued focus on financial and operational discipline provides a solid foundation for STAG in 2026."Fourth Quarter and Full Year 2025 HighlightsReported $0.44 of net income per basic and diluted common share for the fourth quarter of 2025, compared to $0.28 of net income per basic and diluted common share for the fourth quarter of 2024. Reported $83.4 million of net income attributable to common stockholders for the fourth quarter of 2025, compared to net income attributable to common stockholders of $50.9 million for the fourth quarter of 2024.Achieved $0.66 of Core FFO per diluted share for the fourth quarter of 2025, an increase of 8.2% compared to the fourth quarter of 2024 Core FFO per diluted share of $0.61. Achieved $2.55 of Core FFO per diluted share for the year ended December 31, 2025, an increase of 6.3% compared to $2.40 of Core FFO per diluted share for the year ended December 31, 2024.Produced Same Store Cash NOI of $148.5 million for the fourth quarter of 2025, an increase of 5.4% compared to the fourth quarter of 2024 of $140.8 million. Produced Same Store Cash NOI of $579.4 million for the year ended December 31, 2025, an increase of 4.3% compared to the year ended December 31, 2024 of $555.6 million.Acquired seven buildings in the fourth quarter of 2025, consisting of 2.2 million square feet, for $285.9 million, with a Cash Capitalization Rate of 6.4%.Sold eight buildings in the fourth quarter of 2025, consisting of 1.6 milion square feet, for $88.8 million.Achieved an Occupancy Rate of 96.4% on the total portfolio and 97.2% on the Operating Portfolio as of December 31, 2025.Commenced Operating Portfolio leases of 3.0 million square feet for the fourth quarter of 2025, resulting in a Cash Rent Change and Straight-Line Rent Change of 16.3% and 27.4%, respectively.Experienced 75.8% Retention for 2.8 million square feet of leases expiring in the quarter.Subsequent to quarter end, signed a lease totaling 78,414 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Concord, North Carolina.Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.The Company will host a conference call tomorrow, Thursday, February 12, 2026 at 10:00 a.m. (Eastern Time), to discuss the quarter's results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.Key Financial Measures FOURTH QUARTER AND FULL YEAR 2025 KEY FINANCIAL MEASURES
Three months ended December 31,
Year ended December 31,Metrics
2025
2024
% Change
2025
2024
% Change
(in $000s, except per share data)
Net income attributable to common stockholders
$83,431
$50,910
63.9 %
$273,350
$189,038
44.6 %
Net income per common share — basic
$0.44
$0.28
57.1 %
$1.46
$1.04
40.4 %
Net income per common share — diluted
$0.44
$0.28
57.1 %
$1.46
$1.04
40.4 %
Cash NOI
$170,571
$155,470
9.7 %
$651,708
$597,789
9.0 %
Same Store Cash NOI (1)
$148,508
$140,837
5.4 %
$579,410
$555,620
4.3 %
Adjusted EBITDAre
$159,352
$145,216
9.7 %
$610,319
$557,350
9.5 %
Core FFO
$126,500
$113,515
11.4 %
$486,976
$446,466
9.1 %
Core FFO per share / unit — basic
$0.66
$0.61
8.2 %
$2.56
$2.40
6.7 %
Core FFO per share / unit — diluted
$0.66
$0.61
8.2 %
$2.55
$2.40
6.3 %
Cash Available for Distribution
$99,035
$88,597
11.8 %
$405,357
$369,814
9.6 %
(1) The Same Store pool accounted for 88.5% of the total portfolio square footage as of December 31, 2025.Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company's supplemental information package for additional disclosure.Acquisition, Development and Disposition ActivityFor the three months ended December 31, 2025, the Company acquired seven buildings for $285.9 million with an Occupancy Rate of 96.7% upon acquisition. The chart below details the acquisition activity for the quarter:FOURTH QUARTER 2025 ACQUISITION ACTIVITYMarketDate
AcquiredSquare FeetBuildingsPurchase Price
($000s)W.A. Lease
Term (Years)Cash
Capitalization
RateStraight-Line
Capitalization
RateFresno, CA10/27/2025408,1981$49,1548.0
Kansas City, MO11/19/2025552,415242,9645.3
Nashville, TN12/4/202599,561117,5166.5
Cincinnati, OH12/9/2025215,670122,5779.5
Chicago, IL12/17/2025621,246170,6736.1
Raleigh, NC12/22/2025340,200183,0439.7
Total / weighted average
2,237,2907$285,9277.26.4 %7.0 %The chart below details the 2025 acquisition activity and pipeline through February 10, 2026:2025 ACQUISITION ACTIVITY AND PIPELINE DETAIL
Square FeetBuildingsPurchase Price
($000s)W.A. Lease
Term (Years)Cash
Capitalization
RateStraight-Line
Capitalization
Rate
Q1393,5643$43,2853.26.8 %7.0 %Q2183,200118,3995.07.1 %7.1 %Q3986,4102101,5286.76.6 %7.2 %Q42,237,2907285,9277.26.4 %7.0 %Total / weighted average3,800,46413$449,1396.66.5 %7.1 %
As of February 10, 2026
Subsequent to quarter-end acquisitions748,8331$80.6 million
Pipeline30.5 million169$3.6 billion
During the year ended December 31, 2025, the Company acquired two vacant land parcels for $8.4 million.The chart below details the disposition activity for the year ended December 31, 2025:2025 DISPOSITION ACTIVITY
Square FeetBuildingsSale Price ($000s)Q1337,3911$67,000Q2151,20019,100Q3100,00016,100Q41,646,464888,800Total2,235,05511$171,000Leasing ActivityThe chart below details the leasing activity for leases commenced during the three months ended December 31, 2025:FOURTH QUARTER 2025 OPERATING PORTFOLIO LEASING ACTIVITYLease TypeSquare
FeetLease
CountW.A.
Lease
Term
(Years)Cash Base
Rent $/SFSL Base
Rent $/SFLease Commissions $/SFTenant
Improvements
$/SFCash Rent
Change SL Rent
ChangeRetention
New Leases924,184126.0$6.98$7.39$2.87$2.8220.0 %31.4 %
Renewal Leases2,119,374194.1$6.13$6.39$0.54$0.1314.4 %25.3 %75.8 %
Total / weighted average3,043,558314.6$6.39$6.69$1.25$0.9516.3 %27.4 %
Subsequent to quarter end, the Company signed a lease totaling 78,414 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Concord, North Carolina.The chart below details the leasing activity for leases commenced during the year ended December 31, 2025:2025 FULL YEAR OPERATING PORTFOLIO LEASING ACTIVITYLease TypeSquare
FeetLease
CountW.A.
Lease
Term
(Years)Cash Base
Rent $/SFSL Base
Rent $/SFLease Commissions $/SFTenant
Improvements
$/SFCash Rent
Change SL Rent
ChangeRetention
New Leases3,404,696335.5$6.45$6.75$2.30$1.2430.2 %43.2 %
Renewal Leases10,971,964884.8$6.09$6.46$1.17$0.2422.1 %36.6 %77.2 %
Total / weighted average14,376,6601214.9$6.17$6.53$1.44$0.4824.0 %38.2 %
Additionally, for the three months and year ended December 31, 2025, leases commenced totaling 90,896 and 2.1 million square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above.As of February 10, 2026, addressed 69.2% of expected 2026 new and renewal leasing, consisting of 12.4 million square feet, achieving Cash Rent Change of 20.0%.During the year ended December 31, 2025, the Company signed seven leases totaling 1.6 million square feet of warehouse and distribution space across the Company's development projects.Conference CallThe Company will host a conference call tomorrow, Thursday, February 12, 2026, at 10:00 a.m. (Eastern Time) to discuss the quarter's results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13757743.Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company's website at www.stagindustrial.com, or by clicking on the following link:http://ir.stagindustrial.com/QuarterlyResultsSupplemental ScheduleThe Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the "Quarterly Results" tab in the Investor Relations section. CONSOLIDATED BALANCE SHEETS
STAG Industrial, Inc.
(unaudited, in thousands, except share data)
December 31, 2025
December 31, 2024Assets
Rental Property:
Land$ 811,569
$ 771,794Buildings and improvements, net of accumulated depreciation of $1,119,931 and
$1,085,866, respectively5,593,471
5,295,120Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627,
respectively394,967
428,865Total rental property, net6,800,007
6,495,779Cash and cash equivalents14,910
36,284Restricted cash85,973
1,109Tenant accounts receivable156,458
136,357Prepaid expenses and other assets104,484
96,189Interest rate swaps13,529
36,466Operating lease right-of-use assets32,708
31,151Total assets$ 7,208,069
$ 6,833,335Liabilities and Equity
Liabilities:
Unsecured credit facility$ 262,000
$ 409,000Unsecured term loans, net1,021,341
1,021,848Unsecured notes, net1,966,994
1,594,092Mortgage note, net3,980
4,195Accounts payable, accrued expenses and other liabilities135,397
126,811Interest rate swaps1,310
—Tenant prepaid rent and security deposits59,225
56,173Dividends and distributions payable24,187
23,469Deferred leasing intangibles, net of accumulated amortization of $34,098 and $31,368,
respectively25,566
33,335Operating lease liabilities37,040
35,304Total liabilities$ 3,537,040
$ 3,304,227Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31,
2025 and December 31, 2024; none issued or outstanding—
—Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31,
2025 and December 31, 2024, 191,005,261 and 186,517,523 shares issued and outstanding
at December 31, 2025 and December 31, 2024, respectively1,910
1,865Additional paid-in capital4,616,888
4,449,964Cumulative dividends in excess of earnings(1,034,954)
(1,029,757)Accumulated other comprehensive income11,853
35,579Total stockholders' equity3,595,697
3,457,651Noncontrolling interest in operating partnership71,342
69,932Noncontrolling interest in joint ventures3,990
1,525Total equity$ 3,671,029
$ 3,529,108Total liabilities and equity$ 7,208,069
$ 6,833,335
CONSOLIDATED STATEMENTS OF OPERATIONS
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024Revenue
Rental income$ 220,214
$ 198,737
$ 843,009
$ 762,892Other income682
588
2,175
4,492Total revenue220,896
199,325
845,184
767,384Expenses
Property45,576
40,264
171,825
154,828General and administrative13,553
12,444
51,933
49,202Depreciation and amortization77,461
73,864
301,797
293,077Loss on impairment—
—
888
4,967Other expenses721
629
1,798
2,332Total expenses137,311
127,201
528,241
504,406Other income (expense)
Interest and other income 5
5
385
44Interest expense(34,343)
(31,671)
(132,160)
(113,169)Debt extinguishment and modification expenses—
—
(1,503)
(703)Gain on involuntary conversion —
2,558
1,855
11,843Gain on the sales of rental property, net35,949
8,992
93,750
32,273Total other income (expense)1,611
(20,116)
(37,673)
(69,712)Net income$ 85,196
$ 52,008
$ 279,270
$ 193,266Less: income attributable to noncontrolling interest in operating partnership1,716
1,054
5,751
4,046Net income attributable to STAG Industrial, Inc.$ 83,480
$ 50,954
$ 273,519
$ 189,220Less: amount allocated to participating securities49
44
169
182Net income attributable to common stockholders$ 83,431
$ 50,910
$ 273,350
$ 189,038
Weighted average common shares outstanding — basic187,767
182,936
186,844
182,160Weighted average common shares outstanding — diluted188,175
183,199
187,174
182,404
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$ 0.44
$ 0.28
$ 1.46
$ 1.04Net income per share attributable to common stockholders — diluted$ 0.44
$ 0.28
$ 1.46
$ 1.04
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024NET OPERATING INCOME RECONCILIATION
Net income$ 85,196
$ 52,008
$ 279,270
$ 193,266General and administrative13,553
12,444
51,933
49,202Depreciation and amortization77,461
73,864
301,797
293,077Interest and other income(5)
(5)
(385)
(44)Interest expense34,343
31,671
132,160
113,169Loss on impairment—
—
888
4,967Gain on involuntary conversion —
(2,558)
(1,855)
(11,843)Debt extinguishment and modification expenses—
—
1,503
703Other expenses721
629
1,798
2,332Gain on the sales of rental property, net(35,949)
(8,992)
(93,750)
(32,273)Net operating income$ 175,320
$ 159,061
$ 673,359
$ 612,556
Net operating income$ 175,320
$ 159,061
$ 673,359
$ 612,556Rental property straight-line rent adjustments, net(4,105)
(2,987)
(19,113)
(14,165)Amortization of above and below market leases, net(644)
(604)
(2,538)
(602)Cash net operating income$ 170,571
$ 155,470
$ 651,708
$ 597,789
Cash net operating income$ 170,571
Cash NOI from acquisition and disposition timing2,659
Cash termination, solar and other income(4,203)
Run Rate Cash NOI$ 169,027
Same Store Portfolio NOI
Total NOI$ 175,320
$ 159,061
$ 673,359
$ 612,556Less: NOI non-same-store properties(21,383)
(14,182)
(74,337)
(39,345)Termination, solar and other adjustments, net(1,757)
(864)
(4,477)
(5,359)Same Store NOI$ 152,180
$ 144,015
$ 594,545
$ 567,852Less: straight-line rent adjustments, net(3,596)
(2,985)
(14,761)
(11,447)Plus: amortization of above and below market leases, net(76)
(193)
(374)
(785)Same Store Cash NOI$ 148,508
$ 140,837
$ 579,410
$ 555,620
EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION
Net income$ 85,196
$ 52,008
$ 279,270
$ 193,266Depreciation and amortization77,461
73,864
301,797
293,077Interest and other income(5)
(5)
(385)
(44)Interest expense34,343
31,671
132,160
113,169Loss on impairment—
—
888
4,967Gain on the sales of rental property, net(35,949)
(8,992)
(93,750)
(32,273)EBITDAre$ 161,046
$ 148,546
$ 619,980
$ 572,162
ADJUSTED EBITDAre RECONCILIATION
EBITDAre$ 161,046
$ 148,546
$ 619,980
$ 572,162Straight-line rent adjustments, net(4,188)
(3,063)
(19,432)
(14,447)Amortization of above and below market leases, net(644)
(604)
(2,538)
(602)Non-cash compensation expense3,138
2,914
12,704
11,727Non-recurring other items—
(19)
(43)
(350)Gain on involuntary conversion —
(2,558)
(1,855)
(11,843)Debt extinguishment and modification expenses—
—
1,503
703Adjusted EBITDAre$ 159,352
$ 145,216
$ 610,319
$ 557,350
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024CORE FUNDS FROM OPERATIONS RECONCILIATION
Net income$ 85,196
$ 52,008
$ 279,270
$ 193,266Rental property depreciation and amortization77,373
73,779
301,449
292,781Loss on impairment—
—
888
4,967Gain on the sales of rental property, net(35,949)
(8,992)
(93,750)
(32,273)Funds from operations$ 126,620
$ 116,795
$ 487,857
$ 458,741Amount allocated to restricted shares of common stock and unvested units(120)
(118)
(529)
(533)Funds from operations attributable to common stockholders and unit
holders$ 126,500
$ 116,677
$ 487,328
$ 458,208
Funds from operations attributable to common stockholders and unit
holders$ 126,500
$ 116,677
$ 487,328
$ 458,208Debt extinguishment and modification expenses and other—
(604)
1,503
101Gain on involuntary conversion —
(2,558)
(1,855)
(11,843)Core funds from operations$ 126,500
$ 113,515
$ 486,976
$ 446,466
Weighted average common shares and units
Weighted average common shares outstanding187,767
182,936
186,844
182,160Weighted average units outstanding3,633
3,567
3,681
3,655Weighted average common shares and units - basic191,400
186,503
190,525
185,815Dilutive shares408
263
330
244Weighted average common shares, units, and other dilutive shares -
diluted191,808
186,766
190,855
186,059Core funds from operations per share / unit - basic$ 0.66
$ 0.61
$ 2.56
$ 2.40Core funds from operations per share / unit - diluted$ 0.66
$ 0.61
$ 2.55
$ 2.40
CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION
Core funds from operations$ 126,500
$ 113,515
$ 486,976
$ 446,466Amount allocated to restricted shares of common stock and unvested units120
118
529
533Non-rental property depreciation and amortization88
85
348
296Straight-line rent adjustments, net(4,188)
(3,063)
(19,432)
(14,447)Capital expenditures(17,111)
(17,704)
(44,492)
(46,080)Capital expenditures reimbursed by tenants(2,928)
(1,230)
(5,300)
(6,029)Lease commissions and tenant improvements(7,961)
(7,343)
(31,397)
(27,158)Non-cash portion of interest expense1,377
1,305
5,421
4,506Non-cash compensation expense3,138
2,914
12,704
11,727Cash available for distribution$ 99,035
$ 88,597
$ 405,357
$ 369,814
Non-GAAP Financial Measures and Other DefinitionsAcquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership. Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs.Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs. Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company's estimate of year one cash net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025. Cash Rent Change: We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.Comparable Lease: We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items. We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company's historical results and does not predict future results, which may be substantially different.We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items.EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers. Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO. However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs. GAAP: We define GAAP as generally accepted accounting principles in the United States.Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company's unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents and proceeds from pending reverse Section 1031 like-kind exchanges that are included in restricted cash.Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses.We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net.We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company's historical results and does not predict future results, which may be substantially different.We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs. Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company's acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio.Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024.Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date,if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company's estimate of annual net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:less than 75% occupied as of the acquisition date;will be less than 75% occupied due to known move-outs within two years of the acquisition date;out of service with significant physical renovation of the asset;development.Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.Forward-Looking StatementsThis earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should", "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG's most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG's expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
View original content to download multimedia:https://www.prnewswire.com/news-releases/stag-industrial-announces-fourth-quarter-and-full-year-2025-results-302685587.htmlSOURCE STAG Industrial, Inc.
Original: STAG INDUSTRIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS
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