STAG Industrial, Inc.

What they do

STAG owns and operates industrial properties throughout the United States, focused on acquisitions in CBRE-EA Tier 1 industrial markets. It manages three property groupings: the Operating Portfolio of stabilized buildings, a Value Add Portfolio for properties under 75% occupied or under development, and non-core flex/office buildings. The platform also runs build-to-suit and development projects and manages leasing across its portfolio.

Revenue drivers

• Operating Portfolio rent — Base rent from stabilized warehouse and distribution buildings. The Operating Portfolio was 95.5% occupied as of June 30, 2026, and STAG commenced 5.6 million square feet of Operating Portfolio leases in Q2 2026.
• Same Store Cash NOI — Cash net operating income from comparable properties, $158.8 million in Q2 2026, up 3.4% from $153.6 million in Q2 2025; management describes this as the core earnings measure for the existing portfolio.
• Development and build-to-suit leasing — STAG commences development projects and pre-leases them; in Q2 2026 it started a 342,975 square foot build-to-suit at 3400 Discovery Boulevard in Dallas, and signed three leases totaling 152,824 square feet across development projects.
• Acquisitions — Growth comes from buying stabilized and value-add buildings. In Q2 2026 STAG acquired seven buildings totaling 2.6 million square feet for $287.1 million at a 6.1% Cash Capitalization Rate and 6.8% Straight-Line Capitalization Rate.

Recent performance

For Q2 2026 STAG reported net income attributable to common stockholders of $52.9 million, or $0.28 per basic and diluted share, versus $50.0 million and $0.27 in Q2 2025. Core FFO was $0.65 per diluted share, up 3.2% from $0.63. Same Store Cash NOI was $158.8 million, up 3.4% year over year. Portfolio occupancy was 94.5% total and 95.5% on the Operating Portfolio as of June 30, 2026. Operating Portfolio leases commenced on 5.6 million square feet with Cash Rent Change of 19.8% and Straight-Line Rent Change of 33.7%, and retention was 75.7% on 6.0 million square feet of expiring leases.

Strategy

STAG's stated platform targets acquisitions offering attractive returns across CBRE-EA Tier 1 industrial markets, industries and tenants. It pursues growth through high-quality asset ownership, property management, and acquisitions, and capitalizes the business in line with its asset characteristics. In Q2 2026 it sold two buildings totaling 299,467 square feet for $23.1 million, added a Dallas build-to-suit development, and pre-leased development space. Subsequent to quarter end it refinanced and combined a $150 million term loan A and $200 million term loan F into a single facility maturing January 16, 2032.

Risks

• Economic downturn — A general or local economic downturn could cause tenant defaults, extended vacancies, and re-leasing at concessions or reduced rental rates, according to the 10-K risk factors.
• Inflation and interest rates — The 10-K states inflation raises financing costs, including on variable-rate debt such as the unsecured credit facility, and can raise general, administrative, and property operating expenses faster than revenue.
• Tenant default and non-renewal — The company cites potential defaults, bankruptcies, or insolvency of tenants and non-renewal of leases as risks, which would directly reduce rental revenue.
• Trade policy and tariffs — STAG flags decreased economic activity from fluctuations in trade policies, tariffs, and related government actions, and possible renegotiation or termination of trade agreements, as risks relevant to its industrial tenant base.

Outlook

CEO Bill Crooker said the second quarter reflected sustained execution across the platform, supported by stabilizing industrial fundamentals, and that STAG enters the back half of 2026 with an active pipeline, a fortified balance sheet, and clear momentum. The company will discuss acquisitions, operations, capital markets, and corporate activities on its July 29, 2026 conference call. No specific financial guidance was provided in the earnings release excerpt.