STAG Industrial (STAG) Q3 2026 earnings summary

Executive summary

• Portfolio totaled 123.0M sq. ft. across 606 buildings in 41 states; total occupancy was 95.9%, operating occupancy 96.2%, and weighted average lease term 4.3 years.

• Q3 revenue was $231.045M and net income was $72.156M; Core FFO was $0.66 per diluted share, up 1.5% YoY.

• Leasing, occupancy and credit-loss trends improved alongside industrial demand, supporting higher 2026 guidance.

• Management expects to finish 2026 ahead of initial budgets and enter 2027 well-positioned.

Financial highlights

• Q3 revenue was $231.045M versus $211.121M YoY; net income was $72.156M versus $49.649M. Nine-month revenue was $679.621M and net income was $189.483M.

• Q3 Core FFO was $129.803M, or $0.66/share, versus $124.707M, or $0.65/share; nine-month Core FFO was $384.092M, or $1.96/share.

• Q3 same-store cash NOI grew 3.5%; nine-month growth was 3.9%, or 3.6% adjusted for a prior-year rent-timing benefit that reverses in Q4 with no calendar-year impact.

• Q3 leasing commenced on 3.61M sq. ft. across 30 leases; cash and straight-line rent changes were 23.8% and 35.7%, with 90.3% retention.

• Nine-month net income declined 2.4% to $189.483M as higher interest expense and lower property-sale gains weighed on results.

Outlook and guidance

• FY2026 Core FFO guidance increased to $2.64-$2.66/share from $2.61-$2.65/share; same-store cash NOI growth guidance rose to 3.50%-3.75%.

• Average same-store occupancy guidance increased 25 bps at the midpoint to 96.75%-97.25%; retention guidance is 75.0%, and G&A guidance is $56M-$57M.

• Acquisition guidance narrowed to $530M-$600M at a 6.30%-6.40% stabilized cap rate; disposition guidance is $125M-$200M.

• 2027 market rent growth is expected at 2%-4%; management targets ~15% leasing spreads next year and sees low- to mid-double-digit spreads in 2028-2029.

• 2027 same-store cash growth could be near 5%, based on ~3% contractual escalators, ~15% leasing spreads, flat occupancy and 50 bps of credit loss.