STAG Industrial (STAG) Q2 2026 earnings summary

Executive summary

• Net income attributable to common stockholders rose 5.8% year-over-year to $54.0 million, with net income per share at $0.28, up from $0.27 in Q2 2025.

• Core FFO per diluted share increased 3.2% to $0.65, and Same Store Cash NOI grew 3.4% to $158.8 million.

• Portfolio expanded with up to 8 acquisitions totaling 3.4 million square feet and $388.4 million, while up to 3 dispositions generated $51.4 million.

• Occupancy rate stood at 94.5% for the total portfolio and 95.5% for the operating portfolio as of June 30, 2026.

• Leasing activity included 5.6 million square feet commenced in Q2, with a 19.8% cash rent change and 75.7% retention.

Financial highlights

• Q2 2026 total revenue was $224.4 million, up 8.1% year-over-year; NOI for Q2 was $179.3 million, up 7.3%.

• Core FFO per diluted share: $0.65, up 3.2% year-over-year; Adjusted EBITDAre: $161.7 million, up 6.3%.

• Cash NOI for Q2: $172.2 million, up 6.5% year-over-year; Same Store Cash NOI: $158.8 million, up 3.4%.

• Cash available for distribution: $101.4 million, up 2.6% year-over-year.

• Q2 EPS was $0.28 (basic/diluted), up from $0.27 in Q2 2025.

Outlook and guidance

• 2026 Core FFO per share guidance raised to $2.61–$2.65.

• Acquisition volume guidance: $400–$700 million; disposition volume: $100–$200 million.

• Same Store Cash NOI growth expected at 3.0–3.5%; average occupancy 96.25–97.25%.

• Retention guidance: 75–80%.

• Management expects continued volatility due to macroeconomic factors but anticipates long-term demand for industrial space.