STAG Industrial (STAG) Q2 2026 earnings summary

Executive summary

• Net income attributable to common stockholders rose 5.8% year-over-year to $54.0 million, with net income per share at $0.28, up from $0.27 in Q2 2025.

• Core FFO per diluted share increased 3.2% to $0.65, and Same Store Cash NOI grew 3.4% to $158.8 million.

• Portfolio expanded with up to 8 acquisitions totaling 3.4 million sq ft and $388.4 million, while 3 dispositions generated $51.4 million in proceeds.

• Leasing activity included 5.6 million sq ft commenced in Q2, with a cash rent change of 19.8% and retention of 75.7%.

• Occupancy rate stood at 94.5% for the total portfolio and 95.5% for the operating portfolio as of June 30, 2026.

Financial highlights

• Q2 2026 net income attributable to common stockholders: $54.0 million, up 5.8% year-over-year; EPS was $0.28.

• Core FFO per diluted share: $0.65, up 3.2% year-over-year; Adjusted EBITDAre: $161.7 million, up 6.3%.

• Cash NOI for Q2: $172.2 million, up 6.5% year-over-year; Same Store Cash NOI: $158.8 million, up 3.4%.

• Liquidity at quarter end was $613.7 million; net debt to annualized run rate adjusted EBITDA was 5.2x.

• Weighted average lease term for Q2 acquisitions: 8.2 years.

Outlook and guidance

• Core FFO per share guidance raised to $2.61–$2.65; acquisition volume guidance increased to $400–$700 million.

• Same Store Cash NOI growth expected at 3.0–3.5%; average occupancy 96.25–97.25%.

• Retention guidance: 75–80%; credit loss guidance reduced to 30 basis points.

• Portfolio positioned for improved rent growth into 2027, with acquisition and development activity ramping up.

• Management expects continued volatility due to macroeconomic factors, but long-term demand remains strong.