$STAG

STAG Industrial, Inc.

CIK:0001479094|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues [Abstract]
Rental income	$ 223,528	$ 207,438	$ 447,376	$ 412,800
Other income	841	155	1,200	367
Total revenue	224,369	207,593	448,576	413,167
Expenses
Property	45,028	40,403	92,344	84,081
General and administrative	13,543	12,901	27,398	26,207
Depreciation and amortization	82,246	74,473	160,840	148,373
Loss on impairment	0	888	0	888
Other expenses	455	(58)	893	514
Total expenses	141,272	128,607	281,475	260,063
Other income (expense)
Interest and other income	65	3	161	8
Interest expense	(37,495)	(33,618)	(73,380)	(66,147)
Gain on involuntary conversion	0	0	0	1,855
Gain on the sales of rental property, net	8,346	5,692	23,445	55,605
Total other income (expense)	(29,084)	(27,923)	(49,774)	(8,679)
Net income	54,013	51,063	117,327	144,425
Less: income attributable to noncontrolling interest in operating partnership	1,096	1,058	2,411	3,022
Net income attributable to STAG Industrial, Inc.	52,917	50,005	114,916	141,403
Less: amount allocated to participating securities	39	42	77	87
Net income attributable to common stockholders	$ 52,878	$ 49,963	$ 114,839	$ 141,316
Weighted average common shares outstanding — basic	191,180	186,535	191,088	186,502
Weighted average common shares outstanding — diluted	191,332	186,910	191,285	186,834
Net income per share attributable to common stockholders — basic	$ 0.28	$ 0.27	$ 0.60	$ 0.76
Net income per share attributable to common stockholders — diluted	$ 0.28	$ 0.27	$ 0.60	$ 0.76

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 117,327	$ 144,425
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	160,840	148,373
Loss on impairment	0	888
Gain on involuntary conversion	0	(1,855)
Non-cash portion of interest expense	2,739	2,638
Amortization of above and below market leases, net	(837)	(1,227)
Straight-line rent adjustments, net	(13,425)	(9,125)
Gain on the sales of rental property, net	(23,445)	(55,605)
Non-cash compensation expense	6,995	6,440
Change in assets and liabilities:
Tenant accounts receivable	5,790	6,773
Prepaid expenses and other assets	(20,754)	(14,197)
Accounts payable, accrued expenses and other liabilities	(7,383)	(10,392)
Tenant prepaid rent and security deposits	529	(1,728)
Total adjustments	111,049	70,983
Net cash provided by operating activties	228,376	215,408
Cash flows from investing activities:
Acquisitions of land and buildings and improvements	(72,169)	(95,888)
Acquisitions of land and buildings and improvements	(334,531)	(57,922)
Additions of other assets	(1,181)	0
Proceeds from sales of rental property, net	51,449	72,590
Acquisition deposits, net	800	450
Acquisitions of deferred leasing intangibles	(52,770)	(8,859)
Net cash used in investing activities	(408,402)	(89,629)
Cash flows from financing activities:
Proceeds from unsecured credit facility	977,000	707,000
Repayment of unsecured credit facility	(790,000)	(1,065,000)
Proceeds from unsecured notes	0	550,000
Repayment of unsecured notes	0	(175,000)
Repayment of mortgage note	(114)	(110)
Payment of loan fees and costs	0	(2,918)
Proceeds from sales of common stock, net	59,491	(467)
Dividends and distributions	(100,034)	(141,993)
Income taxes paid on vested equity compensation	(644)	(649)
Contributions from noncontrolling interest in joint ventures	0	1,810
Net Cash Provided by (Used in) Financing Activities, Total	145,699	(127,327)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(34,327)	(1,548)
Cash and cash equivalents and restricted cash—beginning of period	100,883	37,393
Cash and cash equivalents and restricted cash—end of period	66,556	35,845
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized of $1,500 and $1,700 for 2026 and 2025, respectively	69,850	63,402
Supplemental schedule of non-cash investing and financing activities
Acquisitions of land and buildings and improvements	(905)	(342)
Acquisitions of deferred leasing intangibles	(161)	(58)
Additions to building and other capital improvements from involuntary conversion	0	(1,855)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities	(2,289)	(473)
Additions to building and other capital improvements from non-cash compensation	(238)	(137)
Additions of other assets	(910)	0
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities	(137)	(409)
Dividends and distributions payable	$ 76,239	$ 23,668

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Rental Property:
Land	$ 848,814,000	$ 811,569,000
Buildings and improvements, net of accumulated depreciation of $1,213,281 and $1,119,931, respectively	5,818,778,000	5,593,471,000
Deferred leasing intangibles, net of accumulated amortization of $458,083 and $425,502, respectively	401,767,000	394,967,000
Total rental property, net	7,069,359,000	6,800,007,000
Cash and cash equivalents	65,886,000	14,910,000
Restricted cash	670,000	85,973,000
Tenant accounts receivable	161,064,000	156,458,000
Prepaid expenses and other assets	115,064,000	104,484,000
Interest rate swaps	19,191,000	13,529,000
Operating lease right-of-use assets	31,596,000	32,708,000
Assets held for sale, net	14,165,000	0
Total assets	7,476,995,000	7,208,069,000
Liabilities:
Unsecured credit facility	449,000,000	262,000,000
Unsecured term loans, net	1,021,854,000	1,021,341,000
Unsecured notes, net	1,967,768,000	1,966,994,000
Mortgage note, net	3,870,000	3,980,000
Accounts payable, accrued expenses and other liabilities	129,600,000	135,397,000
Interest rate swaps	2,000	1,310,000
Tenant prepaid rent and security deposits	59,754,000	59,225,000
Dividends and distributions payable	76,239,000	24,187,000
Deferred leasing intangibles, net of accumulated amortization of $34,309 and $34,098, respectively	23,616,000	25,566,000
Operating lease liabilities	36,037,000	37,040,000
Total liabilities	3,767,740,000	3,537,040,000
Commitments and contingencies (Note 11)
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock	0	0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025, 192,803,274 and 191,005,261 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,928,000	1,910,000
Additional paid-in capital	4,679,282,000	4,616,888,000
Cumulative dividends in excess of earnings	(1,068,884,000)	(1,034,954,000)
Accumulated other comprehensive income	18,690,000	11,853,000
Total stockholders’ equity	3,631,016,000	3,595,697,000
Noncontrolling interest in operating partnership	74,249,000	71,342,000
Noncontrolling interest in joint ventures	3,990,000	3,990,000
Total equity	3,709,255,000	3,671,029,000
Total liabilities and equity	$ 7,476,995,000	$ 7,208,069,000