STAG Industrial — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income attributable to common stockholders of $70.7 million for the third quarter of 2026, a 45.4% increase from $48.6 million in the same period of 2025; year-to-date net income was $185.5 million, a 2.3% decrease from $189.9 million in 2025.
• Net income per diluted common share was $0.37 for the quarter, up 42.3% from $0.26 in 2025; year-to-date diluted EPS was $0.97, down 4.9% from $1.02 in 2025.
• Core FFO per diluted share was $0.66 for the quarter, an increase of 1.5% compared to $0.65 in 2025; year-to-date Core FFO per diluted share was $1.96, up 3.7% from $1.89 in 2025.
• Total Core FFO was $129.8 million for the quarter (up 4.1% from $124.7 million in 2025) and $384.1 million year-to-date (up 6.6% from $360.5 million in 2025).
• Cash NOI was $178.7 million for the quarter, up 10.1% from $162.3 million in 2025; year-to-date Cash NOI was $520.8 million, up 8.2% from $481.1 million in 2025.
• Same Store Cash NOI was $159.9 million for the quarter, up 3.5% from $154.5 million in 2025; year-to-date Same Store Cash NOI was $476.5 million, up 3.9% from $458.4 million in 2025.
• Adjusted EBITDAre was $168.0 million for the quarter, up 10.2% from $152.5 million in 2025; year-to-date Adjusted EBITDAre was $488.7 million, up 8.4% from $451.0 million in 2025.
• Cash Available for Distribution was $109.0 million for the quarter, up 7.9% from $101.0 million in 2025; year-to-date Cash Available for Distribution was $320.1 million, up 4.5% from $306.3 million in 2025.
• Total revenue was $231.0 million for the quarter (up from $211.1 million in 2025) and $679.6 million year-to-date (up from $624.3 million in 2025).
• Interest expense was $39.1 million for the quarter (up from $31.7 million in 2025) and $112.5 million year-to-date (up from $97.8 million in 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.

Guidance and Future Outlook:

• Management expects to deliver another strong operational year while maintaining a healthy balance sheet.
• The company has a development pipeline of 34.7 million square feet across 138 buildings valued at $4.0 billion as of October 26, 2026.
• Subsequent to the quarter-end, the company acquired one building totaling 710,400 square feet for $55.0 million.

Business Segments and Product Lines:

• Acquired two buildings in the third quarter totaling 1.1 million square feet for $107.9 million, with a Cash Capitalization Rate of 6.9% and a Straight-Line Capitalization Rate of 7.2%.
• Sold four buildings in the third quarter totaling 1.1 million square feet for $67.9 million.
• Achieved an overall portfolio occupancy rate of 95.9% and an Operating Portfolio occupancy rate of 96.2% as of September 30, 2026.
• Commenced 3.6 million square feet of leases in the Operating Portfolio during the quarter, resulting in a Cash Rent Change of 23.8% and a Straight-Line Rent Change of 35.7%.
• Achieved a 90.3% retention rate for 2.9 million square feet of leases expiring in the quarter.
• Signed two leases totaling 68,534 square feet across development projects.
• Signed a 47,113 square foot lease at a development project in Reno, Nevada, bringing that building to 62% leased.
• Signed a 21,421 square foot lease at a development project in Charlotte, North Carolina, bringing that building to 100% leased.
• Year-to-date, the company signed or commenced nine leases totaling one million square feet across development projects.
• Leases commenced totaling 560,519 square feet in the quarter and 946,172 square feet year-to-date related to Value Add assets and first generation leasing were excluded from Operating Portfolio statistics.

Market and Competitive Landscape:

• Management cited continued improvement in industrial fundamentals as a driver for leasing and development progress.
• The company received a 'BBB' investment grade credit rating from S&P Global Ratings with a stable outlook on August 6, 2026.

Risks and Challenges:

• The press release includes standard forward-looking statement disclaimers noting that actual results could differ materially due to known and unknown risks, uncertainties, and factors beyond the company's control, including those detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2025.

Management Commentary and Tone:

• Bill Crooker, President and Chief Executive Officer, stated that the third quarter built on leasing and development progress from the first half of the year, aided by continued improvement in industrial fundamentals.
• Management expressed confidence in delivering a strong operational year while maintaining a healthy balance sheet.

Other Key Points:

• On October 26, 2026, the Board of Directors authorized a dividend of $0.3875 per share for the fourth quarter of 2026, payable on January 15, 2027.
• On October 26, 2026, the Board of Directors authorized a new share repurchase program allowing the repurchase of up to $250 million of common stock with no expiration date.
• On July 1, 2026, the company paid $50 million of fixed rate senior unsecured notes at maturity.
• On July 16, 2026, the company refinanced $350 million in term loans (combining $150 million Term Loan A and $200 million Term Loan F), extending maturity to January 16, 2032, with a fixed interest rate of 3.53% until March 2027 and 4.79% thereafter.
• In the third quarter, the company sold 1.4 million shares on a forward basis under its ATM program for $54.3 million; year-to-date, 3.4 million shares were sold for $131.3 million.
• As of October 26, 2026, the company had $70 million in forward equity net proceeds available unsettled.
• Total assets were $7.5 billion as of September 30, 2026, compared to $7.2 billion as of December 31, 2025.
• Total liabilities were $3.8 billion as of September 30, 2026, compared to $3.5 billion as of December 31, 2025.
• Total stockholders' equity was $3.7 billion as of September 30, 2026, compared to $3.6 billion as of December 31, 2025.