Stag Industrial, Inc. (STAG)

STAG Industrial reported third-quarter 2026 net income of $70.7 million, up from $48.6 million a year earlier, in a release dated October 27, 2026 1.

Part of the rise came from selling buildings: net gains on sales of rental property were $24.2 million in the quarter, against $2.2 million a year before 1.

Rents on leases that started in the quarter were 23.8 percent higher in cash terms than on the leases they replaced, and 95.9 percent of the whole portfolio was occupied on September 30, 2026 1.

On October 26, 2026 the board authorized a new program to repurchase up to $250 million of common stock, with no expiration date and no obligation to repurchase any amount 1.

STAG Industrial, Inc. was incorporated in Maryland on July 21, 2010, and its shares trade on the New York Stock Exchange under the symbol STAG 2.

It is a REIT, a real estate investment trust, which generally pays no federal income tax on income it distributes to stockholders 2. It is also an umbrella partnership REIT, a structure that lets it acquire properties by issuing units of its operating partnership to the sellers, so the sellers can defer tax 2.

Total revenue, the rent and other income from its buildings, grew from $707.8 million in 2023 to $767.4 million in 2024 and $845.2 million in 2025 2.

Rental income rose 10.5 percent in 2025, and rental income from buildings it held throughout both years rose 4.7 percent 2. Since January 1, 2024 it acquired 43 buildings and sold 21 2.

The buildings it acquired after that date added about $54.1 million of net operating income in 2025, against $16.5 million in 2024 2. Net operating income is rent less the cost of running the buildings 2.

Interest expense, the cost of its borrowing, rose 16.8 percent to $132.2 million in 2025 2. Net income climbed 44.5 percent to $279.3 million, helped by $93.8 million of gains on building sales, up from $32.3 million in 2024 2.

The portfolio

STAG owns industrial properties throughout the United States 2. At the end of 2025 it owned 601 buildings in 41 states with about 120.0 million rentable square feet, most of them leased to a single tenant 2.

No single tenant made up more than about 2.8 percent of its annualized base rent, and no single industry more than about 11.4 percent 2.

Leasing and acquisitions

In the third quarter of 2026 it acquired two buildings of 1.1 million square feet for $107.9 million and sold four buildings for $67.9 million 1. Tenants renewed 90.3 percent of the 2.9 million square feet expiring in the quarter 1.

It also develops new warehouse space: year to date it signed or started nine leases covering one million square feet across its development projects, including 47,113 square feet at 6980 Resource Drive in Reno, Nevada 1.

Debt and people

On July 16, 2026 it combined two term loans into one $350 million loan that now matures January 16, 2032 1. On August 6, 2026 S&P Global Ratings gave it a 'BBB' investment grade credit rating with a stable outlook 1.

Its net debt was 5.1 times annualized adjusted earnings (EBITDAre) at September 30, 2026, with $546.0 million of liquidity 1.

Bill Crooker is president and chief executive 1. The company had 93 employees at the end of 2025 2.

The umbrella, in words

STAG Industrial, Inc. owns its properties through STAG Industrial Operating Partnership, L.P., in which it owned about 98.1 percent of the common units at the end of 2025 2. Its executives, directors, employees and others owned the remaining 1.9 percent 2.

Its list of subsidiaries is long and names place-by-place property holders, such as STAG Allentown, LLC and STAG Belvidere IV, LLC, both formed in Delaware 3.

Its largest holding by square feet in the annual report's property list is in Lebanon, Indiana, where three buildings total 2,230,323 square feet 2.

No preferred stock was issued or outstanding at September 30, 2026, out of 20,000,000 authorized shares 1.

In the October 27, 2026 release, chief executive Bill Crooker said the company expects to deliver another strong operational year while maintaining a healthy balance sheet 1.

As of October 26, 2026 its pipeline of possible acquisitions stood at 34.7 million square feet in 138 buildings worth $4.0 billion 1. It had also acquired one building of 710,400 square feet for $55.0 million after the quarter ended 1.

The board declared a fourth-quarter dividend of $0.3875 per share, payable January 15, 2027 to holders of record on December 31, 2026 1.

In its annual report the company said it believes it will continue to benefit from a portfolio spread across markets, tenant industries and lease terms 2.

No clue on file points to a new direction yet.