Key Highlights

  • STAG Industrial reported third quarter total revenue of USD 231.0 million, up from USD 211.1 million a year earlier.
  • Net income for the total portfolio increased 45.3% to approximately USD 72.2 million for the quarter.
  • Net income per diluted share was USD 0.37, up from USD 0.26 in the same period of 2025.
  • Same-store occupancy decreased to 97.0% as of September 30, 2026, from 97.7% a year earlier.

Net Income Rises Sharply on Portfolio Growth

STAG Industrial, Inc. (NYSE:STAG) reported third quarter total revenue of USD 231.0 million, up from USD 211.1 million a year earlier. Net income for the total portfolio increased approximately USD 22.5 million, or 45.3%, to approximately USD 72.2 million. Net income per diluted share was USD 0.37, compared with USD 0.26 in the third quarter of 2025.

The company's same-store portfolio, which excludes properties not owned for the entirety of both comparison periods, consisted of 564 industrial buildings totaling approximately 110.5 million square feet, representing approximately 89.8% of the total portfolio as of September 30, 2026.

Same-Store Performance Shows Modest Occupancy Decline

Same-store occupancy decreased approximately 0.7 percentage points to 97.0% as of September 30, 2026, compared with 97.7% a year earlier. Same-store rental income increased approximately USD 7.0 million, or 3.5%, to approximately USD 205.5 million, driven primarily by new leases and lease renewals contributing approximately USD 8.1 million, partially offset by approximately USD 4.1 million of reduced base rent tied to tenant vacancies.

Total same-store property operating expenses increased approximately USD 2.8 million, or 7.2%, driven by increases in real estate tax expense, repairs and maintenance, and utility expense. Same-store other billings, which include expense reimbursements, increased approximately USD 2.2 million, or 6.1%.

Acquisition and Disposition Activity

Since January 1, 2025, the company acquired 23 buildings totaling approximately 8.2 million square feet and sold 18 buildings totaling approximately 4.2 million square feet. For the three months ended September 30, 2026, buildings acquired after January 1, 2025 contributed approximately USD 14.3 million to net operating income, while buildings sold after that date contributed a net reduction of approximately USD 0.2 million.

This acquisition activity, substantially larger in contribution than the prior year period's USD 1.6 million, was a primary driver of the total portfolio's net income growth, supplementing the more modest same-store growth rate reported for the quarter.

Portfolio Metrics to Track

Same-store occupancy trends relative to the 97.0% reported this quarter, continued contribution from recently acquired buildings relative to the USD 14.3 million reported this period, and same-store rental income growth relative to the 3.5% increase this quarter are among the items that may shape how the fourth quarter compares with this result.