third quarter 2026
Filed Oct 27, 2026AlphAI · Earnings readSTAG · third quarter 2026 · ended September 30, 2026
STAG Industrial announced third-quarter 2026 net income attributable to common stockholders of $70,671 (in thousands), Core FFO per diluted share / unit of $0.66, and Same Store Cash NOI growth of 3.5%.
✓Solid quarter
Third-quarter rental income, Cash NOI, Same Store Cash NOI, Adjusted EBITDAre, Core FFO and Cash Available for Distribution all increased year over year. Leasing spreads and retention were strong, while the company expanded acquisitions, refinanced debt extending maturity, and received an investment-grade credit rating. Nine-month net income attributable to common stockholders and GAAP EPS declined year over year.
Revenue
$231M
EPS · non-GAAP
$0.66
1.5 % y/y
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $231.0M | – | – |
| Rental income, three months ended September 30GAAP | $231.0M | – | – |
| Other income, three months ended September 30GAAP | $75K | – | – |
| Property expenses, three months ended September 30GAAP | $46.24M | – | – |
| General and administrative expenses, three months ended September 30GAAP | $14.83M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $80.55M | – | – |
| Total expenses, three months ended September 30GAAP | $142.4M | – | – |
| Interest expense, three months ended September 30GAAP | −$39.13M | – | – |
| Debt extinguishment and modification expenses, three months ended September 30GAAP | −$1.59M | – | – |
| Gain on the sales of rental property, net, three months ended September 30GAAP | $24.24M | – | – |
| Net income, three months ended September 30GAAP | $72.16M | – | – |
| Net income attributable to common stockholders, three months ended September 30GAAP | $70.67M | – | 45.4 % |
| Net income per common share attributable to common stockholders, basic, three months ended September 30GAAP | $0.37 | – | 42.3 % |
| Net income per common share attributable to common stockholders, diluted, three months ended September 30GAAP | $0.37 | – | 42.3 % |
| Net operating income, three months ended September 30non-GAAP | $184.8M | – | – |
| Cash NOI, three months ended September 30non-GAAP | $178.7M | – | 10.1 % |
| Same Store Cash NOI, three months ended September 30non-GAAP | $159.9M | – | 3.5 % |
| EBITDAre, three months ended September 30non-GAAP | $167.6M | – | – |
| Adjusted EBITDAre, three months ended September 30non-GAAP | $168.0M | – | 10.2 % |
| Core FFO, three months ended September 30non-GAAP | $129.8M | – | 4.1 % |
| Core FFO per share / unit, basic, three months ended September 30non-GAAP | $0.66 | – | 0.0 % |
| Core FFO per share / unit, diluted, three months ended September 30non-GAAP | $0.66 | – | 1.5 % |
| Cash Available for Distribution, three months ended September 30non-GAAP | $109.0M | – | 7.9 % |
| Total revenue, nine months ended September 30GAAP | $679.6M | – | – |
| Net income attributable to common stockholders, nine months ended September 30GAAP | $185.5M | – | (2.3) % |
| Net income per common share attributable to common stockholders, basic, nine months ended September 30GAAP | $0.97 | – | (4.9) % |
| Net income per common share attributable to common stockholders, diluted, nine months ended September 30GAAP | $0.97 | – | (4.9) % |
| Cash NOI, nine months ended September 30non-GAAP | $520.8M | – | 8.2 % |
| Same Store Cash NOI, nine months ended September 30non-GAAP | $476.5M | – | 3.9 % |
| Adjusted EBITDAre, nine months ended September 30non-GAAP | $488.7M | – | 8.4 % |
| Core FFO, nine months ended September 30non-GAAP | $384.1M | – | 6.6 % |
| Core FFO per share / unit, diluted, nine months ended September 30non-GAAP | $1.96 | – | 3.7 % |
| Cash Available for Distribution, nine months ended September 30non-GAAP | $320.1M | – | 4.5 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- On October 26, 2026, the Board authorized a dividend of $0.3875 per share for the fourth quarter of 2026, payable in cash on January 15, 2027, to stockholders and common unit holders of record as of December 31, 2026.
- On October 26, 2026, the Board authorized a new share repurchase program of up to $250 million of common stock.
- In the third quarter of 2026, the Company sold 1.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.10, or $54.3 million.
- As of October 26, 2026, the Company sold 3.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.00 per share, or $131.3 million in the aggregate, during the year.
- The Company had total forward equity net proceeds of $70 million available unsettled as of October 26, 2026.
What drove it
- Same Store Cash NOI was $159,865 (in thousands), up 3.5 %, and the Same Store pool accounted for 89.8% of total portfolio square footage as of September 30, 2026.
- Operating Portfolio leases commenced totaled 3,610,352 square feet across 30 leases, with Cash Rent Change of 23.8% and Straight-Line Rent Change of 35.7%.
- Renewal lease retention was 90.3% for 2,591,145 square feet of renewal leases in the third quarter.
- Occupancy Rate was 95.9% on the total portfolio and 96.2% on the Operating Portfolio as of September 30, 2026.
- The Company acquired two buildings totaling 1,095,077 square feet for $107,934 (in thousands), at a 6.9% Cash Capitalization Rate and 7.2% Straight-Line Capitalization Rate.
- The Company sold four buildings totaling 1,122,599 square feet for $67,875 (in thousands) during the third quarter.
- The Company received a 'BBB' investment grade credit rating from S&P Global Ratings with a stable outlook on August 6, 2026.
Concerns
- Net income attributable to common stockholders for the nine months ended September 30 was $185,510 (in thousands), compared with $189,911 (in thousands), a change of (2.3) %.
- Diluted net income per common share for the nine months ended September 30 was $0.97, compared with $1.02, a change of (4.9) %.
- Interest expense for the three months ended September 30 was $(39,126) (in thousands), compared with $(31,670) (in thousands).
- Unsecured credit facility borrowings were $463,000 (in thousands) as of September 30, 2026, compared with $262,000 (in thousands) as of December 31, 2025.
- Cash and cash equivalents were $12,222 (in thousands) as of September 30, 2026.
What to watch
- Cash Rent Change of 23.8% and Straight-Line Rent Change of 35.7% on third-quarter Operating Portfolio leasing activity.
- Occupancy Rate of 95.9% on the total portfolio and 96.2% on the Operating Portfolio.
- The $4.0 billion acquisition pipeline, comprising 34.7 million square feet and 138 buildings, as of October 26, 2026.
- Subsequent to quarter-end acquisitions of 710,400 square feet across one building for $55.0 million as of October 26, 2026.
- The new $350 million term loan's aggregate fixed interest rate, inclusive of interest rate swaps, of 3.53% until March 2027 and 4.79% from March 2027 through January 16, 2032.
- Execution of the new share repurchase authorization of up to $250 million and settlement of forward ATM equity sales.
Balance sheet and cash flow
- Cash and cash equivalents were $12,222 (in thousands) as of September 30, 2026, compared with $14,910 (in thousands) as of December 31, 2025.
- Restricted cash was $670 (in thousands) as of September 30, 2026, compared with $85,973 (in thousands) as of December 31, 2025.
- Unsecured credit facility was $463,000 (in thousands) as of September 30, 2026, compared with $262,000 (in thousands) as of December 31, 2025.
- Unsecured term loans, net were $1,020,550 (in thousands) as of September 30, 2026, compared with $1,021,341 (in thousands) as of December 31, 2025.
- Unsecured notes, net were $1,918,147 (in thousands) as of September 30, 2026, compared with $1,966,994 (in thousands) as of December 31, 2025.
- Mortgage note, net was $3,814 (in thousands) as of September 30, 2026, compared with $3,980 (in thousands) as of December 31, 2025.
- Total assets were $7,504,485 (in thousands) as of September 30, 2026, compared with $7,208,069 (in thousands) as of December 31, 2025.
- Total liabilities were $3,775,806 (in thousands) as of September 30, 2026, compared with $3,537,040 (in thousands) as of December 31, 2025.
- Total equity was $3,728,679 (in thousands) as of September 30, 2026, compared with $3,671,029 (in thousands) as of December 31, 2025.
- Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x as of September 30, 2026.
- Liquidity was $546.0 million as of September 30, 2026.
- On July 1, 2026, the Company paid at maturity $50 million of fixed rate senior unsecured notes.
- On July 16, 2026, the Company refinanced and combined $150 million term loan A and $200 million term loan F into a new term loan totaling $350 million in principal, maturing January 16, 2032.
Analysis
STAG reported broad third-quarter operating growth. Total revenue was $231,045 (in thousands), with rental income of $230,970 (in thousands), while net income attributable to common stockholders increased 45.4 % to $70,671 (in thousands). Diluted GAAP net income per common share was $0.37, compared with $0.26. The quarter also included $24,244 (in thousands) of gain on sales of rental property, compared with $2,196 (in thousands) in the prior-year quarter, while interest expense was $(39,126) (in thousands), compared with $(31,670) (in thousands).
Management, verbatim
The third quarter built on our leasing and development progress from the first half of the year, aided by a continued improvement in industrial fundamentals.
Bill Crooker, President and Chief Executive Officer
We expect to deliver another strong operational year while maintaining a healthy balance sheet.
Bill Crooker, President and Chief Executive Officer
Not in the filing
stated, not guessed- No forward financial guidance was provided.
- No previous outlook section was provided.
- Gross margin was not reported.
- Operating income was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Segment revenue disclosures were not reported.
- Prior-quarter comparisons for reported metrics were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.