STAG Industrial (STAG) Q3 2025 earnings summary

Executive summary

• Net income per share rose to $0.26, up 13% year-over-year, with net income attributable to common stockholders at $48.6 million, a 16.2% increase from Q3 2024.

• Core FFO per diluted share increased 8.3% to $0.65, and Same Store Cash NOI grew 3.9% year-over-year.

• Portfolio occupancy was 95.8% overall and 96.8% for the operating portfolio as of September 30, 2025.

• Leasing activity accelerated, with 2.2 million sq ft of leases commenced in Q3 at a 27.2% cash rent change and 40.6% straight-line rent change.

• 99% of forecasted 2025 leasing is accomplished at cash leasing spreads of ~24%; 52% of 2026 expirations are already addressed.

Financial highlights

• Total revenue for Q3 2025 was $211.1 million, up 10.7% year-over-year; net income attributable to common stockholders was $48.6 million.

• Core FFO per share was $0.65 for Q3, up 8.3% year-over-year; Core FFO: $124.7 million, up 12.6%.

• Same-store cash NOI grew 3.9% for the quarter and 3.5% year-to-date; Cash NOI reached $162.3 million, up 9.3%.

• Adjusted EBITDAre for the quarter was $152.5 million, up 9.9% year-over-year.

• Cash available for distribution was $101.0 million, a 14.8% increase from Q3 2024.

Outlook and guidance

• Core FFO guidance raised to $2.52–$2.55 per share, up $0.03 at midpoint.

• Acquisition volume guidance narrowed to $350M–$500M for the year, with stabilized cap rates of 6.25–6.75%.

• Disposition volume guidance: $100–$200 million.

• Cash same-store NOI guidance increased to 4%–4.25%; retention at 75%.

• 2026 cash leasing spreads expected at 18%–20%.