Stag Industrial, Inc. · NYSE:STAG
Stag Industrial — Q3 2025 Earnings Presentation
38 slides from Stag Industrial's earnings presentation, Oct 30, 2025
Slide 1: Supplemental Information Unaudited Third Quarter 2025
SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forw
Slide 3: Table of Contents
TABLE OF CONTENTS Page Page Overview 3 Top Markets, Tenants and Industries Top Markets, Tenants and Industries 16 Financials Consolidated Balance Sheets 4 Capitalization and Guidance Consolidated Statements of Operations 5 Capital Structure, Debt Metrics & Covenants 17 Net Operating Income (NOI) & C
Slide 4: Overview
OVERVIEW Sacramento, CA Snapshot (September 30, 2025) Square Feet 119.2 million Number of Buildings 601 Number of States 41 Total Portfolio Occupancy 95.8% Operating Portfolio Occupancy 96.8% Weighted Average Lease Term 4.3 years Weighted Average Rent $5.87/sf Garner, NC Net Debt to Annualized Run R
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2025 December 31, 2024 Assets Rental Property: Land $ 793,164 $ 771,794 Buildings and improvements, net of accumulated depreciation of $1,221,545 and $1,085,866, respectively 5,396,280 5,295,120 Deferred leasing intangibles,
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2025 2024 2025 2024 Revenue Rental income $ 209,995 $ 190,286 $ 622,795 $ 564,155 Other income 1,126 453 1,493 3,904 Total revenue 211,121 190,739 624,288 568,
Slide 7: Net Operating Income (NOI) & Cash NOI
NET OPERATING INCOME (NOI) & CASH NOI Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 General and administrative 12,173 11,978 38,380 36,758 Depreciation and amortization 75,963 72,506 224,336 219,21
Slide 8: Funds From Operations (FFO) & Core FFO
FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Rental property depreciation and amortization 75,876 72,421 224,076 219,002 Loss on impai
Slide 9: Adjusted EBITDAre & Cash Available for Distribution (CAD)
ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Depreciation and amortization 75,963 72,506 224,336 219,213 Interest and other income (372) (
Slide 10: Acquisitions
ACQUISITIONS THIRD QUARTER 2025 ACQUISITIONS Cash Straight-Line Weighted Average Lease Capitalization Capitalization Market Date Acquired Square Feet Buildings Purchase Price ($000) Term (Years) Rate Rate Houston, TX 9/15/2025 462,250 1 $47,485 6.4 Dayton, OH 9/23/2025 524,160 1 54,043 6.9 Total / w
Slide 11: Development Summary
DEVELOPMENT SUMMARY DEVELOPMENT PROPERTIES UNDER CONSTRUCTION AS OF SEPTEMBER 30, 2025 Estimated Estimated Building Investment Single or Multi- Building Address Market Completion Timing Square Feet ($000) Tenant Percent Leased Percent Funded 6980 Resource Drive Reno, NV Q4 2025 75,820 $13,090 Single
Slide 12: Dispositions
DISPOSITIONS THIRD QUARTER 2025 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) Belvidere, IL 7/31/2025 100,000 1 $6,100 Total 100,000 1 $6,100 2025 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 337,391 1 $67,000 Q2 151,200 1 9,100 Q3 100,000 1
Slide 13: Leasing & Retention Statistics
LEASING & RETENTION STATISTICS THIRD QUARTER 2025 OPERATING PORTFOLIO LEASING ACTIVITY Cash Lease Tenant Lease W.A. Lease Term Base Rent SL Base Rent Commissions Improvements Cash Rent SL Rent Lease Type Square Feet Count (Years) $/SF $/SF $/SF $/SF Change Change Retention New Leases 596,845 6 5.8 $
Slide 14: Same Store NOI
SAME STORE NOI Three months ended September 30, Nine months ended September 30, (in thousands, except building count data and square footage) 2025 2024 Change % Change 2025 2024 Change % Change Same Store square footage 107,598,957 107,598,957 Same Store buildings 543 543 % of total square feet 90.2
Slide 15: Capital Expenditures
CAPITAL EXPENDITURES (in thousands, except square feet data) CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Tenant improvements (TIs) and lease commissions (LCs) $9,351 $8,845 $23,436 $19,8
Slide 16: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF SEPTEMBER 30, 2025 Annualized Base Rental % of Total Annualized Base Lease Expiration Year Number of Leases Expiring Total Rentable SF % of Occupied SF Revenue ($000s) Rental Revenue Available N/A 5,022,436 N/A N/A N/A MTM 1 18,143 —% $120 —%
Slide 17: Top Markets, Tenants and Industries
TOP MARKETS, TENANTS AND INDUSTRIES TOP MARKETS TOP TENANTS TOP INDUSTRIES September 30, 2025 September 30, 2025 September 30, 2025 # Market(1) ABR % # Tenant(2) # of Leases ABR % # Industry(3) ABR % 1 Chicago, IL 8.1% 1 Amazon 7 2.8% 1 Air Freight & Logistics 10.8% 2 Greenville, SC 5.8% 2 Schneider
Slide 18: Capital Structure, Debt Metrics & Covenants
CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of September 30, 2025 Common shares, participating securities, performance units and other units Common shares outstanding 186,633,625 Participating securities outstanding 110,968 Units outstanding 3,875,211 Common shares, participatin
Slide 19: Debt Summary
DEBT SUMMARY AS OF SEPTEMBER 30, 2025 (in millions) Principal Forward swap Swap rate at Category Committed Balance Interest Rate(1) Current Maturity In place swap rate effective date maturity Unsecured Debt: Unsecured Credit Facility (2) $1,000.0 $110.0 Term SOFR + 0.775% 9/7/2029 Total / weighted a
Slide 20: Debt Maturity Schedule
DEBT MATURITY SCHEDULE (in millions) PRINCIPAL BALANCE AS OF SEPTEMBER 30, 2025 $1,600 $1,504 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $475 $485 $500 $400 $350 $300 $200 $170 $130 $100 $0 $0 2025 2026 2027 2028 2029 (2) (3) 2030 Thereafter (4) Wtd Avg. —% 4.64% 2.34% 3.53% 5.24%
Slide 21: Guidance
GUIDANCE 2025 GUIDANCE As of Q3 As of Q2 Low High Low High Core FFO per share $2.52 $2.54 $2.48 $2.52 Acquisition volume $350 million $500 million $350 million $650 million Stabilized Capitalization Rate 6.25% 6.75% 6.25% 6.75% Disposition volume $100 million $200 million $100 million $200 million S
Slide 22: Non-GAAP Financial Measures & Other Definitions
NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was n
Slide 23: Non-GAAP Financial Measures & Other Definitions
NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EB
Slide 24: Non-GAAP Financial Measures & Other Definitions
NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net. We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions
Slide 25: Non-GAAP Financial Measures & Other Definitions
NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vac
Slide 26: STAG Industrial Announces Third Quarter 2025 Results
STAG INDUSTRIAL ANNOUNCES THIRD QUARTER 2025 RESULTS Boston, MA — October 29, 2025 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended September 30, 2025. “STAG's strong performance through the third quarter reflects the stab
Slide 27: Key Financial Measures
Key Financial Measures THIRD QUARTER 2025 KEY FINANCIAL MEASURES Three months ended September 30, Nine months ended September 30, Metrics 2025 2024 % Change 2025 2024 % Change (in $000s, except per share data) Net income attributable to common stockholders $48,594 $41,811 16.2 % $189,911 $138,128 37
Slide 28: 2025 Disposition Activity
The chart below details the disposition activity for the nine months ended September 30, 2025: 2025 DISPOSITION ACTIVITY Square Feet Buildings Sale Price ($000s) Q1 337,391 1 $67,000 Q2 151,200 1 9,100 Q3 100,000 1 6,100 Total 588,591 3 $82,200 Leasing Activity The chart below details the leasing ac
Slide 29: Conference Call
Conference Call The Company will host a conference call tomorrow, Thursday, October 30, 2025, at 10:00 a.m. (Eastern Time) to discuss the quarter’s results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will b
Slide 30: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS STAG Industrial, Inc. (unaudited, in thousands, except share data) September 30, 2025 December 31, 2024 Assets Rental Property: Land $ 793,164 $ 771,794 Buildings and improvements, net of accumulated depreciation of $1,221,545 and $1,085,866, respectively 5,396,280 5,295,
Slide 31: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Revenue Rental income $ 209,995 $ 190,286 $ 622,795 $ 564,155 Other income 1,126 453 1,493 3,904 Total rev
Slide 32: Reconciliations of GAAP to Non-GAAP Measures
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 NET OPERATING INCOME RECONCILIATION Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 General and administrative 12,173 11,
Slide 33: Reconciliations of GAAP to Non-GAAP Measures
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 CORE FUNDS FROM OPERATIONS RECONCILIATION Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Rental p
Slide 34: Non-GAAP Financial Measures and Other Definitions
Non-GAAP Financial Measures and Other Definitions Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was
Slide 35: Annualized Run Rate Adjusted EBITDAre definition
We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items. EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accor
Slide 36: Run Rate Cash NOI definition
We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company’s historica
Slide 37: Straight-Line Capitalization Rate definition
Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average m
Slide 38: Forward-Looking Statements
Forward-Looking Statements This earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking stat