STAG Industrial (STAG) Q4 2025 earnings summary

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.