STAG · STAG Industrial, Inc.

STAG Industrial reported solid first quarter 2026 results, with net income attributable to common stockholders of $62.0 million ($0.32 per diluted share), down from $91.3 million ($0.49 per share) in the prior year quarter, primarily due to a lower gain on sales of rental property ($15.1 million vs. $49.9 million). However, core operating metrics improved: Core FFO per diluted share rose 6.6% to $0.65, driven by a 9.8% increase in Core FFO to $126.6 million. Same Store Cash NOI grew 4.1% to $159.3 million, reflecting healthy rent growth and high occupancy. The company acquired one building for $80.7 million at a 6.1% cash capitalization rate and maintained a strong balance sheet with net debt to annualized run rate Adjusted EBITDA of 5.0x and liquidity of $805.7 million. Leasing activity was robust, with 6.0 million square feet commenced at a 20.9% cash rent change and 69.5% retention. Management expressed confidence in the acquisition pipeline and capital allocation strategy. The Board declared a Q2 2026 dividend of $0.3875 per share, payable July 15, 2026.