Stag Industrial, Inc. · NYSE:STAG
Stag Industrial — Q1 2026 Earnings Presentation
38 slides from Stag Industrial's earnings presentation, Apr 29, 2026
Slide 1: Supplemental Information Unaudited First Quarter 2026
SUPPLEMENTAL INFORMATION UNAUDITED FIRST 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 (March 31, 2026) Square Feet 120.3 million Number of Buildings 601 Number of States 41 Total Portfolio Occupancy 95.1% Operating Portfolio Occupancy 96.0% Weighted Average Lease Term 4.4 years Weighted Average Rent $6.07/sf Garner, NC Net Debt to Annualized Run Rate
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, 2026 December 31, 2025 Assets Rental Property: Land $ 815,587 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,165,447 and $1,119,931, respectively 5,617,747 5,593,471 Deferred leasing intangibles, net
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended March 31, (in thousands, except per share data) 2026 2025 Revenue Rental income $ 223,848 $ 205,362 Other income 359 212 Total revenue 224,207 205,574 Expenses Property 47,316 43,678 General and administrative 13,855 13,306 Depreciation and am
Slide 7: Net Operating Income (NOI) & Cash NOI
NET OPERATING INCOME (NOI) & CASH NOI Three months ended March 31, (in thousands) 2026 2025 Net income $ 63,314 $ 93,362 General and administrative 13,855 13,306 Depreciation and amortization 78,594 73,900 Interest and other income (96) (5) Interest expense 35,885 32,529 Gain on involuntary conversi
Slide 8: Funds From Operations (FFO) & Core FFO
FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended March 31, (in thousands, except per share data) 2026 2025 Net income $ 63,314 $ 93,362 Rental property depreciation and amortization 78,509 73,814 Gain on the sales of rental property, net (15,099) (49,913) Funds from operations $ 126,724 $ 1
Slide 9: Adjusted EBITDAre & Cash Available for Distribution (CAD)
ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended March 31, (in thousands) 2026 2025 Net income $ 63,314 $ 93,362 Depreciation and amortization 78,594 73,900 Interest and other income (96) (5) Interest expense 35,885 32,529 Gain on the sales of rental property, net (15,099
Slide 10: Acquisitions
ACQUISITIONS FIRST QUARTER 2026 ACQUISITIONS Cash Straight-Line Weighted Average Lease Capitalization Capitalization Market Date Acquired Square Feet Buildings Purchase Price ($000) Term (Years) Rate Rate Kansas City, MO 2/9/2026 748,833 1 $80,713 12.4 Total / weighted average 748,833 1 $80,713 12.4
Slide 11: Development Summary
DEVELOPMENT SUMMARY DEVELOPMENT PROPERTIES UNDER CONSTRUCTION AS OF MARCH 31, 2026 Estimated Estimated Building Investment Single or Multi- Building Address Market Completion Timing Square Feet ($000) Tenant Percent Leased Percent Funded 650 Park Loop Road Louisville, KY Q2 2026 500,240 $46,737 Mult
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 Percent Funded 1817 East Poinsett Street Greenville,
Slide 13: Dispositions
DISPOSITIONS FIRST QUARTER 2026 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) Montgomery, IL 3/31/2026 584,301 1 $30,100 Total 584,301 1 $30,100 STAG SUPPLEMENTAL INFORMATION – FIRST QUARTER 2026 12
Slide 14: Leasing & Retention Statistics
LEASING & RETENTION STATISTICS FIRST 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 1,450,043 8 8.4
Slide 15: Same Store NOI
SAME STORE NOI Three months ended March 31, (in thousands, except building count data and square footage) 2026 2025 Change % Change Same Store square footage 111,810,277 Same Store buildings 569 % of total square feet 93.0 % Occupancy Rate at quarter end 96.6 % 97.8 % (1.2)% Average Occupancy Rate 9
Slide 16: Capital Expenditures
CAPITAL EXPENDITURES (in thousands, except square feet data) CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended March 31, 2026 2025 Tenant improvements (TIs) and lease commissions (LCs) $6,735 $4,217 Capital expenditures $8,652 $4,979 Total capital expenditur
Slide 17: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF MARCH 31, 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 5,864,350 N/A N/A N/A MTM 3 566,827 0.5% $3,541 0
Slide 18: Top Markets, Tenants and Industries
TOP MARKETS, TENANTS AND INDUSTRIES TOP MARKETS TOP TENANTS TOP INDUSTRIES March 31, 2026 March 31, 2026 March 31, 2026 # Market(1) ABR % # Tenant(2) # of Leases ABR % # Industry(3) ABR % 1 Chicago, IL 8.2% 1 Amazon 7 2.8% 1 Air Freight & Logistics 11.1% 2 Greenville, SC 5.5% 2 Schneider Electric US
Slide 19: Capital Structure, Debt Metrics & Covenants
CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of March 31, 2026 Common shares, participating securities, performance units and other units Common shares outstanding 191,102,839 Participating securities outstanding 98,761 Units outstanding 3,976,184 Common shares, participating sec
Slide 20: Debt Summary
DEBT SUMMARY AS OF MARCH 31, 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 $200.0 Term SOFR + 0.775% 9/7/2029 Total / weighted avera
Slide 21: Debt Maturity Schedule
DEBT MATURITY SCHEDULE (in millions) PRINCIPAL BALANCE AS OF MARCH 31, 2026 $1,000 $900 $804 $800 $700 $700 $600 $575 $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% 5.03% 5.50% 3.89% 4.90% Interest Rate (1) Unsecured Re
Slide 22: Guidance
GUIDANCE 2026 GUIDANCE As of Q1 Initial Guidance Low High Low High Core FFO per share $2.60 $2.64 $2.60 $2.64 Acquisition volume $350 million $650 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 m
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 First Quarter 2026 Results
STAG INDUSTRIAL ANNOUNCES FIRST QUARTER 2026 RESULTS Boston, MA — April 28, 2026 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended March 31, 2026. “STAG delivered strong first quarter results driven by healthy leasing activ
Slide 28: Key Financial Measures
Key Financial Measures FIRST QUARTER 2026 KEY FINANCIAL MEASURES Three months ended March 31, Metrics 2026 2025 % Change (in $000s, except per share data) Net income attributable to common stockholders $61,961 $91,340 (32.2)% Net income per common share — basic $0.32 $0.49 (34.7)% Net income per com
Slide 29: Subsequent to quarter end
Subsequent to quarter end, the Company signed a lease totaling 72,900 square feet of warehouse and distribution space at the Company's development project at 452 Casual Drive in Wellford, South Carolina. This building is now 100% leased. Subsequent to quarter end, the Company signed a lease totaling
Slide 30: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS STAG Industrial, Inc. (unaudited, in thousands, except share data) March 31, 2026 December 31, 2025 Assets Rental Property: Land $ 815,587 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,165,447 and $1,119,931, respectively 5,617,747 5,593,471
Slide 31: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended March 31, 2026 2025 Revenue Rental income $ 223,848 $ 205,362 Other income 359 212 Total revenue 224,207 205,574 Expenses Property 47,316 43,678 General and administrative
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 March 31, 2026 2025 NET OPERATING INCOME RECONCILIATION Net income $ 63,314 $ 93,362 General and administrative 13,855 13,306 Depreciation and amortization 78,594 73,900 Interest and other
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 March 31, 2026 2025 CORE FUNDS FROM OPERATIONS RECONCILIATION Net income $ 63,314 $ 93,362 Rental property depreciation and amortization 78,509 73,814 Gain on the sa
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
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