STAG Industrial (STAG) investor relations material

Executive summary

• Net income attributable to common stockholders rose 5.8% year-over-year to $54.0 million, with net income per share at $0.28, and Core FFO per diluted share increased 3.2% to $0.65; Same Store Cash NOI grew 3.4% to $158.8 million.

• Industrial fundamentals stabilized in Q2 2026, with vacancy peaking, net absorption accelerating to 69 million sq ft for the quarter, and demand driven by e-commerce, nearshoring/onshoring, and data center tenants.

• Portfolio expanded with up to 8 acquisitions totaling 3.4 million sq ft and $388.4 million, while 3 dispositions generated $51.4 million in proceeds.

• Occupancy rate stood at 94.5% for the total portfolio and 95.5% for the operating portfolio as of June 30, 2026.

• Leasing activity included 5.6 million sq ft commenced in Q2, with a cash rent change of 19.8% and retention of 75.7%.

Financial highlights

• Q2 2026 net income per share was $0.28, up from $0.27 in Q2 2025; Core FFO per diluted share was $0.65, up 3.2% year-over-year.

• Cash NOI for Q2 was $172.2 million, up 6.5% year-over-year; Same Store Cash NOI was $158.8 million, up 3.4%.

• Adjusted EBITDAre reached $161.7 million, up 6.3% year-over-year.

• Liquidity at quarter end was $613.7 million; net debt to annualized run rate adjusted EBITDA was 5.2x.

• Cash available for distribution was $101.4 million, up 2.6% year-over-year.

Outlook and guidance

• Core FFO per share guidance for 2026 raised to $2.61–$2.65; acquisition volume guidance increased to $400–$700 million.

• Same Store Cash NOI growth expected at 3.0–3.5%; average occupancy guidance at 96.25–97.25%.

• Retention guidance for 2026 is 75–80%; credit loss guidance reduced to 30 basis points.

• Portfolio diversification and minimal floating rate debt exposure expected to support stability.

• Management anticipates long-term demand for industrial space despite macroeconomic volatility.