Stag Industrial, Inc. · NYSE:STAG
Stag Industrial — Q2 2026 Earnings Presentation
39 slides from Stag Industrial's earnings presentation, Jul 29, 2026
Slide 1: Supplemental Information Unaudited Second Quarter 2026
SUPPLEMENTAL INFORMATION UNAUDITED SECOND QUARTER 2026
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 17 Financials Consolidated Balance Sheets 4 Capitalization and Guidance Consolidated Statements of Operations 5 Capital Structure, Debt Metrics & Covenants 18 Net Operating Income (NOI) & C
Slide 4: Overview
OVERVIEW Sacramento, CA Snapshot (June 30, 2026) Square Feet 122.6 million Number of Buildings 606 Number of States 41 Total Portfolio Occupancy 94.5% Operating Portfolio Occupancy 95.5% Weighted Average Lease Term 4.5 years Weighted Average Rent $6.17/sf Garner, NC Net Debt to Annualized Run Rate 5
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2026 December 31, 2025 Assets Rental Property: Land $ 848,814 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,213,281 and $1,119,931, respectively 5,818,778 5,593,471 Deferred leasing intangibles, net
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Revenue Rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 Other income 841 155 1,200 367 Total revenue 224,369 207,593 448,576 413,167 Expenses Pr
Slide 7: Net Operating Income (NOI) & Cash NOI
NET OPERATING INCOME (NOI) & CASH NOI Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest
Slide 8: Funds From Operations (FFO) & Core FFO
FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Rental property depreciation and amortization 82,175 74,386 160,684 148,200 Loss on impairment — 888
Slide 9: Adjusted EBITDAre & Cash Available for Distribution (CAD)
ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest and other income (65) (3) (161) (8)
Slide 10: Acquisitions
ACQUISITIONS SECOND QUARTER 2026 ACQUISITIONS Cash Straight-Line Weighted Average Lease Capitalization Capitalization Market Date Acquired Square Feet Buildings Purchase Price ($000) Term (Years) Rate Rate Greenville, SC 5/26/2026 560,240 1 $62,373 9.5 Chicago, IL 5/26/2026 246,446 1 31,493 7.4 Clev
Slide 11: Development Summary
DEVELOPMENT SUMMARY DEVELOPMENT PROPERTIES UNDER CONSTRUCTION AS OF JUNE 30, 2026 Estimated Estimated Building Investment Single or Multi- Building Address Market Completion Timing Square Feet ($000) Tenant Percent Leased Percent Funded 11355 Dog Leg Road Dayton, OH Q3 2026 349,440 $36,020 Single 10
Slide 12: Development Summary
DEVELOPMENT SUMMARY DEVELOPMENT PROPERTIES PLACED IN SERVICE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2025 Estimated Substantial Building Investment Single or Multi- Building Address Market Completion Timing Square Feet ($000) Tenant Percent Leased 1817 East Poinsett Street Greenville, SC Q1 2024 473
Slide 13: Dispositions
DISPOSITIONS SECOND QUARTER 2026 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) Elmhurst, IL 5/22/2026 72,499 1 $10,588 Gaffney, SC 5/28/2026 226,968 1 12,500 Total 299,467 2 $23,088 2026 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 584,301 1
Slide 14: Leasing & Retention Statistics
LEASING & RETENTION STATISTICS SECOND QUARTER 2026 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 1,066,906 8 5.
Slide 15: Same Store NOI
SAME STORE NOI Three months ended June 30, Six months ended June 30, 2026 (in thousands, except building count data and square footage) 2026 2025 Change % Change 2026 2025 Change % Change Same Store square footage 111,162,051 111,162,051 Same Store buildings 567 567 % of total square feet 90.7 % 90.
Slide 16: Capital Expenditures
CAPITAL EXPENDITURES (in thousands, except square feet data) CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Tenant improvements (TIs) and lease commissions (LCs) $11,427 $9,868 $18,162 $14,085 Capital
Slide 17: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF JUNE 30, 2026 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 6,715,246 N/A N/A N/A MTM 1 113,973 0.1% $1,057 0.
Slide 18: Top Markets, Tenants and Industries
TOP MARKETS, TENANTS AND INDUSTRIES TOP MARKETS TOP TENANTS TOP INDUSTRIES June 30, 2026 June 30, 2026 June 30, 2026 # Market(1) ABR % # Tenant(2) # of Leases ABR % # Industry(3) ABR % 1 Chicago, IL 8.4% 1 Amazon 7 2.7% 1 Air Freight & Logistics 10.8% 2 Greenville, SC 6.2% 2 Schneider Electric USA,
Slide 19: Capital Structure, Debt Metrics & Covenants
CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of June 30, 2026 Common shares, participating securities, performance units and other units Common shares outstanding 192,704,513 Participating securities outstanding 98,761 Units outstanding 3,942,526 Common shares, participating secu
Slide 20: Debt Summary
DEBT SUMMARY AS OF JUNE 30, 2026 (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 $449.0 Term SOFR + 0.775% 9/7/2029 Total / weighted averag
Slide 21: Debt Maturity Schedule
DEBT MATURITY SCHEDULE (in millions) PRINCIPAL BALANCE AS OF JUNE 30, 2026 $1,000 $900 $824 $804 $800 $700 $700 $600 $500 $475 $400 $350 $300 $200 $170 $130 $100 $0 2026 2027 2028 2029 (2) (3) 2030 2031 (4) Thereafter Wtd Avg. 4.64% 2.34% 3.53% 4.84% 5.50% 3.89% 4.90% Interest Rate (1) Unsecured Rev
Slide 22: Guidance
GUIDANCE 2026 GUIDANCE As of Q2 As of Q1 Low High Low High Core FFO per share $2.61 $2.65 $2.60 $2.64 Acquisition volume $400 million $700 million $350 million $650 million Stabilized Capitalization Rate 6.00% 6.50% 6.25% 6.75% Disposition volume $100 million $200 million $100 million $200 million S
Slide 23: 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 24: 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 25: 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 26: 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 27: STAG Industrial Announces Second Quarter 2026 Results
STAG INDUSTRIAL ANNOUNCES SECOND QUARTER 2026 RESULTS Boston, MA — July 28, 2026 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended June 30, 2026. “The second quarter reflected sustained execution across our platform, suppor
Slide 28: Key Financial Measures
Key Financial Measures SECOND QUARTER & YEAR TO DATE 2026 KEY FINANCIAL MEASURES Three months ended June 30, Six months ended June 30, Metrics 2026 2025 % Change 2026 2025 % Change (in $000s, except per share data) Net income attributable to common stockholders $52,878 $49,963 5.8 % $114,839 $141,31
Slide 29: Leasing Activity
Leasing Activity The chart below details the leasing activity for leases commenced during the three months ended June 30, 2026: SECOND QUARTER 2026 OPERATING PORTFOLIO LEASING ACTIVITY W.A. Cash Lease Base SL Base Lease Tenant Square Lease Term Rent Rent Commissions Improvements Cash Rent SL Rent Le
Slide 30: Subsequent to quarter end, on July 1, 2026
Subsequent to quarter end, on July 1, 2026, the Company paid at maturity $50 million of fixed rate senior unsecured notes. Subsequent to quarter end, on July 16, 2026, the Company refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2
Slide 31: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS STAG Industrial, Inc. (unaudited, in thousands, except share data) June 30, 2026 December 31, 2025 Assets Rental Property: Land $ 848,814 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,213,281 and $1,119,931, respectively 5,818,778 5,593,471 D
Slide 32: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 Other income 841 155 1,200 367 Total revenue 224,369 20
Slide 33: Reconciliations of GAAP to Non-GAAP Measures
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 NET OPERATING INCOME RECONCILIATION Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 General and administrative 13,543 12,901 27,398
Slide 34: 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 June 30, Six months ended June 30, 2026 2025 2026 2025 CORE FUNDS FROM OPERATIONS RECONCILIATION Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Rental property dep
Slide 35: 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 36: 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 37: 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 38: 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 39: 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