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STAG Industrial
STAG Industrial (STAG) investor relations material
STAG Industrial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Outperformed nearly all 2025 budgeted metrics, including occupancy, credit loss, leasing spreads, same-store NOI, development starts, and core FFO per share, with same-store cash NOI up 4.3% and core FFO per share up 6.3% year-over-year.
Portfolio occupancy reached 96.4% at year-end, with 120 million square feet across 601 buildings in 41 states and a weighted average lease term of 4.3 years.
Net income for Q4 2025 was $85.2 million, up from $52.0 million in Q4 2024; full-year net income was $279.3 million, up from $193.3 million year-over-year.
Core FFO per share/unit for Q4 was $0.66, up from $0.61 in Q4 2024; full-year Core FFO per share/unit was $2.55, up from $2.40.
Achieved strong operating results in Q4 and full year 2025, driven by robust leasing, disciplined capital allocation, and solid Same Store Cash NOI growth.
Financial highlights
Q4 2025 total revenue was $220.9 million, up from $199.3 million in Q4 2024; full-year revenue was $845.2 million, up from $767.4 million.
Q4 net operating income (NOI) was $175.3 million, up from $159.1 million in Q4 2024; full-year NOI was $673.4 million, up from $612.6 million.
Same Store Cash NOI increased 5.4% year-over-year for Q4 and 4.3% for the full year.
Cash Available for Distribution in Q4 2025 was $99.0 million, up 11.8% year-over-year; full year was $405.4 million, up 9.6%.
Net debt to annualized run rate Adjusted EBITDAre was 5.0x at year-end, with liquidity of $749.7 million.
Outlook and guidance
2026 Core FFO per share guidance is $2.60–$2.64.
2026 acquisition volume expected at $350–$650 million, with a stabilized cap rate of 6.25–6.75%.
Disposition volume projected at $100–$200 million.
Same Store Cash NOI growth expected at 2.75–3.25%, with average occupancy of 96–97% and retention of 70–80%.
G&A expected at $53M–$56M; interest expense from recent refinancing to be a $0.03 headwind to core FFO per share.
Reconcile record 2026 leasing with occupancy decline
Detail new demand drivers, especially data centers
Appetite for new spec development projects?
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Next STAG Industrial earnings date
Q1 202629 Apr, 2026
STAG Industrial
Next STAG Industrial earnings date
Q1 202629 Apr, 2026
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STAG Industrial, Inc. is a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States.
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