STAG Industrial (STAG) Q1 2025 earnings summary

Executive summary

• Net income attributable to common stockholders rose to $91.3M ($0.49/share) in Q1 2025, up from $36.6M ($0.20/share) in Q1 2024, driven by strong operational performance and a significant gain on property sale.

• Core FFO per diluted share increased 3.4% year-over-year to $0.61, and Cash NOI grew 8.1% to $157.2M.

• Portfolio comprised 597 industrial buildings across 41 states, totaling 117.6 million rentable square feet as of March 31, 2025, with occupancy at 95.9% overall and 96.8% for the operating portfolio.

• Achieved 85.3% retention on 5.5M sq ft of expiring leases and commenced 5.0M sq ft of new and renewal leases with a 27.3% cash rent change.

• Acquired three fully leased buildings for $43.3M and sold one building for $67M, realizing a $49.9M net gain.

Financial highlights

• Net income attributable to common stockholders: $91.3M, up 149.7% year-over-year; Core FFO: $115.2M, up 5.7%; Core FFO per share: $0.61, up 3.4%.

• Cash NOI: $157.2M (+8.1%); Same Store Cash NOI: $144.6M (+3.4%).

• Adjusted EBITDAre: $146.4M (+8.7%); FFO: $117.1M.

• Cash Available for Distribution: $106.5M, up 8.5% year-over-year.

• Gain on sale of rental property: $49.9M in Q1 2025.

Outlook and guidance

• 2025 Core FFO per share guidance: $2.46–$2.50; acquisition volume guidance: $350–$650M; disposition volume: $100–$200M.

• Same Store Cash NOI growth expected at 3.5%–4.0%; retention rate guidance at 70%–75%.

• As of April 28, 2025, 78.5% of expected 2025 new and renewal leasing addressed, with 25.1% cash rent change achieved.

• Management expects continued benefit from a strong balance sheet, ample liquidity, and market diversification.

• Risks include potential recession, rising interest rates, and trade policy impacts.