STAG Industrial (STAG) investor relations material

Executive summary

• Q1 2026 delivered strong leasing velocity and volume, with robust demand from data center tenants and a reversal of big box demand weakness.

• Portfolio comprised 601 industrial buildings across 41 states, totaling 120.3 million sq ft, with occupancy at 95.1%–96.0% as of March 31, 2026.

• Net income declined 32.2% year-over-year to $62.0–$63.3 million, driven by lower property sale gains and higher interest expense.

• Core FFO per share rose 6.6% year-over-year to $0.65, with Same Store Cash NOI up 4.1% to $159.3 million.

• Acquisition and development pipeline expanded to $3.9 billion, reflecting increased transaction market momentum.

Financial highlights

• Total revenue for Q1 2026 was $224.2 million, up from $205.6 million in Q1 2025.

• Net operating income (NOI) for Q1 2026 was $176.9 million, up from $161.9 million year-over-year.

• Adjusted EBITDAre for Q1 2026 was $159.0 million, up from $146.4 million in Q1 2025.

• Cash available for distribution was $109.7 million, up from $106.5 million year-over-year.

• Quarterly dividend annualized at $1.55 per share.

Outlook and guidance

• 2026 Core FFO per share guidance set at $2.60–$2.64.

• Acquisition volume guidance: $350–$650 million; disposition volume: $100–$200 million.

• Same Store Cash NOI growth projected at 2.75–3.25%; retention guidance for 2026 maintained at 70%–80%.

• 79% of forecasted 2026 leasing addressed at levels consistent with initial guidance.

• Market rent growth guidance held at 0%–2%, with potential for higher trends as vacancy peaks.