Highlights

  • Third quarter 2026 total revenue was $231,045 thousand, and net income was $72,156 thousand, or $0.37 per share.
  • FFO, a non-GAAP measure, was $128,327 thousand in the third quarter, compared with $123,329 thousand a year earlier.
  • The company announced on October 27, 2026 a stock repurchase program for up to $250 million of common stock.
  • The company owned 606 industrial buildings in 41 states with approximately 123.0 million rentable square feet at September 30, 2026.

STAG Industrial, Inc. (NYSE:STAG) shares were trading at USD 36.28 on October 28, 2026, up 0.26%, with a relative volume at time of 3.03. The industrial real estate company filed its quarterly report for the period ended September 30, 2026 on October 27, 2026, and announced a stock repurchase program that day.

STAG Industrial, Inc. is a Maryland corporation and lists its principal executive offices in Boston, Massachusetts. It is a real estate investment trust focused on the acquisition, ownership, development and operation of industrial properties throughout the United States. It is structured as an umbrella partnership REIT and conducts its business through STAG Industrial Operating Partnership, L.P., a Delaware limited partnership, in which it owned 98.0% of the common units at September 30, 2026. Its fiscal year ends December 31.

Third Quarter Results

STAG reported total revenue of $231,045 thousand for the three months ended September 30, 2026, compared with $211,121 thousand a year earlier. Net income was $72,156 thousand, compared with $49,649 thousand. Net income attributable to common stockholders was $70,671 thousand, or $0.37 per share, compared with $48,594 thousand, or $0.26 per share. The quarter included a gain on the sales of rental property, net, of $24,244 thousand.

For the nine months, total revenue was $679,621 thousand, compared with $624,288 thousand, and net income was $189,483 thousand, compared with $194,074 thousand. Nine-month FFO was $382,893 thousand, compared with $361,237 thousand.

Portfolio, Acquisitions and Leasing

In the third quarter, STAG acquired two buildings totaling 1,095,077 square feet for $107,934 thousand, in Chicago, Illinois and El Paso, Texas. For the nine months, it acquired 10 buildings totaling 4,474,589 square feet for $496,301 thousand. On the call, management said it acquired one building for $55 million after quarter end.

Operating Portfolio leases commenced in the third quarter totaled 3,610,352 square feet, with a cash rent change of 23.8% and a straight-line rent change of 35.7%. New leases covered 1,019,207 square feet and renewal leases covered 2,591,145 square feet. On the call, management said operating portfolio occupancy was 96.2% at September 30, 2026. The new headquarters lease in Boston, Massachusetts commenced on July 1, 2026.

Debt, Cash Flow and Capital

At September 30, 2026, STAG had $463,000 thousand outstanding on its unsecured credit facility, $1,025,000 thousand of unsecured term loans, $1,925,000 thousand of unsecured notes and a $3,927 thousand mortgage note. Total debt was $3,416,927 thousand with a weighted average interest rate of 4.42%. Cash and cash equivalents were $12,222 thousand.

Net cash provided by operating activities was $375,875 thousand for the nine months, compared with $358,921 thousand. On July 16, 2026, the company entered into an amended and restated term loan agreement and amendments to its unsecured credit facility and term loans.

The company announced on October 27, 2026 that its board authorized a stock repurchase program under which it may repurchase up to $250 million of its common stock. The program has no specified expiration date and does not obligate the company to repurchase any amount.

2026 Guidance

The 10-Q does not provide numerical guidance. On the call, management said it expects 2026 Core FFO of $2.64 to $2.66 per share, cash same store growth of 3.5% to 3.75%, and acquisition volume of $530 million to $600 million. It also said it expects general and administrative expense of $56 million to $57 million.

The 10-Q states that acquisition activity in 2026 has been slow relative to the company's historical pace, citing macroeconomic uncertainty, trade policies and geopolitical tensions.