STAG Lifts Occupancy After a Lighter Acquisition Quarter

The Tip Desk · November 8, 2026 · 4 min read

Net income attributable to common stockholders was $70.7 million, or $0.37 a share, versus $48.6 million, or $0.26 a share, a year earlier.

STAG Industrial, Inc. (STAG), the industrial real estate investment trust, reported net income attributable to common stockholders of $70.7 million, or $0.37 a share, for the quarter ended September 30, 2026, compared with $48.6 million, or $0.26 a share, a year earlier.

The gain on sales of rental property, net, was $24.2 million in the third quarter, versus $2.2 million a year earlier. Core funds from operations were $129.8 million, or $0.66 a diluted share, up 1.5% from $0.65 a year earlier. That year-over-year Core FFO growth slowed after a 3.2% increase in the second quarter and a 6.6% increase in the first.

Same Store Cash NOI was $159.9 million, up 3.5% from $154.5 million a year earlier, after a 3.4% year-over-year increase in the second quarter and a 4.1% increase in the first. The Same Store pool accounted for 89.8% of total portfolio square footage as of September 30, 2026. Cash NOI was $178.7 million, up 10.1% from $162.3 million a year earlier. Adjusted EBITDAre was $168.0 million, up 10.2% from $152.5 million a year earlier. Cash Available for Distribution was $109.0 million, up 7.9% from $101.0 million a year earlier.

Occupancy rose to 95.9% on the total portfolio and 96.2% on the Operating Portfolio as of September 30, 2026, from 94.5% and 95.5% as of June 30, 2026. President and Chief Executive Officer Bill Crooker said the third quarter built on leasing and development progress from the first half, aided by continued improvement in industrial fundamentals, and that the company expects to deliver another strong operational year while maintaining a healthy balance sheet.

Operating Portfolio leases commenced totaled 3.6 million square feet, with a 23.8% cash rent change and a 35.7% straight-line rent change. Retention was 90.3% on 2.9 million square feet of leases expiring in the quarter. New leases of 1.0 million square feet carried a 31.1% cash rent change; renewal leases of 2.6 million square feet carried a 21.4% cash rent change.

Acquisition volume receded. The company acquired two buildings totaling 1.1 million square feet for $107.9 million at a 6.9% cash capitalization rate, versus seven buildings totaling 2.6 million square feet for $287.1 million at a 6.1% cash capitalization rate in the second quarter. The third-quarter purchases were a 442,987-square-foot building in Chicago for $44.5 million and a 652,090-square-foot building in El Paso for $63.4 million. For the nine months ended September 30, 2026, the company acquired 10 buildings totaling 4.5 million square feet for $475.8 million. Subsequent to quarter-end, it acquired one 710,400-square-foot building for $55.0 million. The pipeline stood at 34.7 million square feet across 138 buildings and $4.0 billion.

The company sold four buildings totaling 1.1 million square feet for $67.9 million in the third quarter, versus two buildings totaling 299,467 square feet for $23.1 million in the second quarter. For the nine months ended September 30, 2026, it sold seven buildings totaling 2.0 million square feet for $121.1 million.

On July 16, 2026, the company refinanced and combined $150 million term loan A and $200 million term loan F into a $350 million term loan maturing January 16, 2032. On August 6, 2026, it received a BBB investment-grade credit rating from S&P Global Ratings with a stable outlook. Net debt to annualized run rate Adjusted EBITDAre was 5.1x and liquidity was $546.0 million as of September 30, 2026.

On October 26, 2026, the board authorized a $0.3875 per share fourth-quarter 2026 dividend, payable January 15, 2027, and a new $250 million share repurchase program.