STAG Industrial Earnings Call Transcripts
Fiscal Year 2026
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Q3 Core FFO was $0.66 per share, up 1.5% YoY, and stronger occupancy and credit trends lifted full-year guidance. Industrial demand improved, while management expects 2%-4% market rent growth in 2027.
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Core FFO per share rose 3.2% year-over-year, with strong leasing spreads and robust demand from e-commerce, data center, and manufacturing tenants. Guidance was raised for FFO, acquisitions, and occupancy, while development activity and liquidity remain strong.
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Q1 2026 delivered record leasing activity, strong FFO growth, and robust demand from data center tenants, with guidance and retention targets maintained. Development and acquisition pipelines expanded, and market conditions remain favorable, especially in the Southeast and Midwest.
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The meeting covered director elections, auditor ratification, and executive compensation approval. All proposals passed, with no questions from stockholders. Final voting results will be filed with the SEC.
Fiscal Year 2025
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Delivered strong 2025 results with core FFO per share up 6.3% and record leasing activity. 2026 guidance anticipates stable occupancy, robust leasing spreads, and continued disciplined capital allocation, with market fundamentals expected to improve in the back half of the year.
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Core FFO per share rose 8.3% year-over-year, prompting a guidance increase. Leasing and acquisition activity accelerated, with 99% of 2025 leasing completed and 52% of 2026 expirations addressed. Market fundamentals are stable, with improving demand and strong development leasing.
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Core FFO per share rose 3.3% year-over-year, with strong leasing spreads and improved guidance for occupancy, retention, and NOI growth. Liquidity remains robust, and acquisition activity is picking up as market conditions stabilize.
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Core FFO per share rose 3.4% to $0.61, with 78.5% of 2025 leasing completed and strong spreads. Liquidity remains robust at $1 billion, and guidance is unchanged despite macro uncertainty and some market volatility.
Fiscal Year 2024
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2024 saw strong leasing, NOI growth, and robust tenant demand, with 70% of 2025 leasing already completed at high spreads. Guidance for 2025 includes stable NOI growth, high leasing spreads, and active capital deployment, despite some market and tariff uncertainties.
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Q3 2024 saw strong operating and financial results, with core FFO per share up 1.7% year-over-year and robust leasing spreads. Acquisition activity accelerated, guidance was raised across key metrics, and risk from American Tire Distributors' bankruptcy is being closely monitored.
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Q2 2024 saw strong operating results, with Core FFO per share up 8.9% year-over-year and robust leasing spreads. Guidance for same-store NOI growth and leasing spreads was raised, while acquisition and disposition activity remained disciplined.