STAG Industrial (STAG) Q4 2025 earnings summary

Executive summary

• Outperformed nearly all budgeted metrics in 2025, including occupancy, leasing spreads, same-store NOI, 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 record leasing volume in 2025 and expect 2026 to be another high-activity year due to a record amount of expiring square footage.

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 growth was 5.4% for Q4 and 4.3% for the year.

• Core FFO per share was $0.66 for Q4 and $2.55 for the year, up 6.3% from 2024; Q4 included two one-time items adding $0.01 per share.

• Cash available for distribution for Q4 was $99.0 million, up from $88.6 million in Q4 2024; full-year CAD was $405.4 million, up from $369.8 million.

Outlook and guidance

• 2026 same-store cash NOI growth expected between 2.75% and 3.25%.

• Retention guidance for 2026 is 70%-80%, with cash leasing spreads of 18%-20% and average occupancy of 96%-97%.

• Acquisition volume guidance is $350M-$650M at 6.25%-6.75% cap rates; disposition guidance is $100M-$200M.

• Initiating 2026 core FFO per share guidance of $2.60-$2.64.

• Entering 2026 with a strong foundation, supported by operational discipline and a healthy leasing pipeline.