Core Insights - STAG Industrial Inc. is a real estate investment trust focused on acquiring, owning, and operating single-tenant industrial properties across the U.S. [1] Financial Performance - The company is set to report its Q4 2025 earnings on February 11, with Wall Street analysts predicting an EPS of $0.40, a decrease from $0.61 in the same period last year [2] - Quarterly revenue for Q4 2025 is expected to be $213.75 million, an increase from $198.74 million a year earlier [2] - In Q3 2025, STAG Industrial reported FFO of $0.65, exceeding the consensus estimate of $0.63, and revenues of $209.99 million, surpassing the consensus of $209.28 million [4] Dividend Information - STAG Industrial's dividend yield stands at 3.87%, with a total of $1.49 per share paid in dividends over the last 12 months [3] - To generate an income of $100 per month from dividends, an investment of approximately $31,008 is required, based on the current dividend yield [5][6]

Core Viewpoint - The article highlights three companies that offer high-yielding and steadily rising monthly dividends, making them attractive options for generating passive income [1][2]. Company Summaries EPR Properties - EPR Properties is a real estate investment trust (REIT) that focuses on experiential real estate, such as movie theaters and attractions, leasing properties under long-term triple-net leases [3][4]. - The current monthly dividend yield is 7.2%, with an expected annual dividend of $3.54 per share, representing a 3.5% increase from the previous year [4][6]. - The company plans to invest between $225 million and $275 million in development and acquisitions this year, which supports its ability to increase dividends [6]. Stag Industrial - Stag Industrial is a REIT that invests in industrial real estate, including warehouses and light manufacturing facilities, with long-term leases that often include rental escalation clauses [7][10]. - The current dividend yield is 3.9%, and the company has consistently raised its dividend since its IPO in 2011 [10]. - Stag Industrial expects to acquire properties worth between $350 million and $650 million this year, with over $200 million already acquired by the end of October [9][10]. Realty Income - Realty Income is a diversified REIT that owns various properties leased to leading companies, generating durable cash flow to support a 5.8% dividend yield [11][14]. - The company has a conservative dividend payout ratio of about 75% of its adjusted funds from operations (FFO), allowing for substantial free cash flow for new investments [13][14]. - Realty Income plans to invest $5.5 billion in acquiring more income-producing real estate this year and has raised its monthly dividend 132 times since its public listing in 1994 [14][15].

Core Viewpoint - STAG Industrial is a real estate investment trust (REIT) focused on single-tenant warehouses and distribution centers, positioning itself well within the growing e-commerce and logistics sectors [1][5]. Financial Performance - STAG reported a Funds From Operations (FFO) per share of $0.65 for Q3, exceeding analyst expectations of $0.63, indicating strong operational cash generation [3][5]. - The current stock price is $38.46, with a slight decrease of 0.25% today, and a trading range between $38.17 and $38.64 [4]. Market Position - The company has a market capitalization of approximately $7.18 billion and a trading volume of 400,980 shares, reflecting its solid presence in the market [4]. - Analyst Nicholas Thillman from Robert W. Baird set a price target of $39 for STAG, suggesting a potential upside of about 1.27% from its current trading price [2][5]. Volatility and Growth Potential - Over the past year, STAG's stock has experienced a high of $39.01 and a low of $28.61, indicating volatility but also potential for growth [4].

Financial Data and Key Metrics Changes - Core FFO per share was $0.65 for the quarter, an increase of 8.3% compared to last year [8] - Core FFO guidance for the year has been increased to a range of $2.52 to $2.54 per share, a $0.03 increase at the midpoint [3][11] - Same-store cash NOI grew 3.9% for the quarter and 3.5% year to date [9] Business Line Data and Key Metrics Changes - The company commenced 22 leases totaling 2.2 million square feet, generating cash and straight-line leasing spreads of 27.2% and 40.6%, respectively [8] - Retention for the quarter was 63.4% and 78% for the year [8] - Cash leasing spreads for 2025 are approximately 24%, while for 2026, they are expected to be between 18% and 20% [4][8] Market Data and Key Metrics Changes - National vacancy rates are expected to be around 7% for the next two to three quarters, with an anticipated improvement in the latter half of next year [3] - The company has seen an increase in acquisition opportunities, with a total acquisition volume of $101.5 million for the third quarter [5] Company Strategy and Development Direction - The company is focusing on both acquisitions and development, with a bullish outlook on development due to improving demand [36][88] - A record amount of square footage is expiring in 2026, with 52% of the expected leasing already addressed [4] - The company is actively engaging with tenants to secure renewals ahead of lease expirations [15] Management's Comments on Operating Environment and Future Outlook - Management noted that industrial fundamentals remain stable and are improving, with increased leasing demand [3] - The company is optimistic about the stability in the market and expects further improvements in market rent growth [18] - Management highlighted the importance of tenant engagement and commitment to their spaces, which has contributed to leasing success [4][16] Other Important Information - The company refinanced a $300 million term loan, extending its maturity to March 15, 2030, with a fixed interest rate of 1.7% until February 2026 [9] - Liquidity at quarter end was $904 million, with low leverage at 5.1 times net debt to annualized run-rate adjusted EBITDA [10] Q&A Session Summary Question: What is driving the leasing progress for 2026? - The majority of leasing activity is driven by renewals, with 95% being renewals and 5% new leasing [15] Question: Can you discuss the dynamics across your markets? - The company has not experienced the same volatility as the top five U.S. markets, maintaining occupancy rates better than others [18] Question: What is the outlook for cash leasing spreads? - The company is guiding to 18% to 20% cash leasing spreads for next year, down from 24% this year [26] Question: How is the company approaching development given the improving demand? - The company is bullish on development and is careful with underwriting, aiming for at least a 7% going-in yield [36] Question: What has changed regarding acquisition forecasts? - The company noted stable interest rates and a more stable macroeconomic environment, leading to increased seller engagement [42] Question: Are there any known move-outs for 2026? - There are no material known move-outs, with active negotiations ongoing for large tenants [66]

SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of ...

分组1 - Stag Industrial (STAG) reported quarterly funds from operations (FFO) of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.60 per share a year ago, representing an FFO surprise of +3.17% [1] - The company achieved revenues of $211.12 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.48%, compared to year-ago revenues of $190.74 million [2] - Stag has outperformed consensus FFO estimates three times over the last four quarters and topped consensus revenue estimates four times in the same period [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3] - Stag shares have increased by approximately 12.7% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The current consensus FFO estimate for the upcoming quarter is $0.64 on revenues of $211.3 million, and for the current fiscal year, it is $2.50 on revenues of $833.43 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Stag was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Economic Overview - In Q2 2025, U.S. real GDP growth increased by 3.8% after a decline of 0.5% in Q1 2025[153]. - Unemployment rose to 4.3% as of August 2025, up from 4.1% at the end of June 2025[153]. - The Federal Open Market Committee lowered the federal funds rate range by 25 basis points to 4.00-4.25% in September 2025[153]. Company Performance - Total net income for the total portfolio increased by approximately $6.9 million, or 16.2%, to approximately $49.6 million for the three months ended September 30, 2025 compared to approximately $42.7 million for the same period in 2024[186]. - Same store rental income increased by approximately $7.9 million, or 4.5%, to approximately $186.3 million for the three months ended September 30, 2025 compared to approximately $178.4 million for the same period in 2024[188]. - Same store lease income increased by approximately $7.0 million, or 4.8%, to approximately $152.4 million for the three months ended September 30, 2025 compared to approximately $145.4 million for the same period in 2024[189]. - Net income for the three months ended September 30, 2025, was $49,649,000, compared to $42,731,000 for the same period in 2024, representing a year-over-year increase of 16.5%[228]. - Net income for the total portfolio increased by $52.8 million, or 37.4%, to $194.1 million for the nine months ended September 30, 2025, compared to $141.3 million for the same period in 2024[205]. - Same store rental income increased by approximately $20.7 million, or 3.9%, to approximately $556.0 million for the nine months ended September 30, 2025, compared to approximately $535.2 million for the same period in 2024[207]. - Same store lease income rose by approximately $19.3 million, or 4.4%, to approximately $453.2 million for the nine months ended September 30, 2025, driven by an increase in rental income from new leases and renewals[208]. Rental and Leasing Activity - New leases totaled 596,845 square feet with a cash basis rent of $6.98 per square foot, reflecting a 35.0% change compared to previous leases[161]. - Renewal leases amounted to 1,557,344 square feet with a cash basis rent of $6.35 per square foot, showing a 24.2% change[161]. - Total weighted average cash rent for the operating portfolio was $6.53 per square foot, with a total of 2,154,189 square feet leased[161]. - Approximately 9.2% of total annualized base rental revenue is expected to expire between October 1, 2025, and September 30, 2026[165]. - Same store occupancy decreased by approximately 1.0% to 96.9% as of September 30, 2025, compared to 97.9% as of September 30, 2024[181]. Property Transactions - The company acquired 1,563,174 square feet across six buildings for a total purchase price of $171.7 million during the nine months ended September 30, 2025[170]. - Three buildings were sold during the nine months ended September 30, 2025, totaling approximately 0.6 million rentable square feet, with net proceeds of approximately $78.3 million[172]. - The company acquired 36 buildings consisting of approximately 7.2 million square feet and sold 13 buildings consisting of approximately 2.2 million square feet after January 1, 2024[195]. - Buildings acquired after January 1, 2024 contributed approximately $13.2 million to NOI for the three months ended September 30, 2025[195]. - Buildings acquired after January 1, 2024 contributed approximately $38.1 million to NOI for the nine months ended September 30, 2025, compared to $7.5 million for the same period in 2024[215]. Financial Metrics - Funds from Operations (FFO) attributable to common stockholders for the nine months ended September 30, 2025, was $360,820,000, up from $341,531,000 in 2024, reflecting a growth of 5.6%[228]. - Net Operating Income (NOI) for the nine months ended September 30, 2025, was $498,039,000, compared to $453,495,000 in 2024, indicating an increase of 9.8%[231]. - Net cash provided by operating activities increased by approximately $3.6 million to $358,921,000 for the nine months ended September 30, 2025, compared to $355,363,000 in 2024, a growth of 1.0%[233]. - Total other expenses increased approximately $2.0 million, or 0.8%, to approximately $264.7 million for the nine months ended September 30, 2025, mainly due to higher depreciation and amortization expenses[219]. - Total other income (expense) decreased approximately $10.3 million, or 20.8%, to approximately $39.3 million for the nine months ended September 30, 2025, primarily due to an increase in gains from the sales of rental property[221]. Debt and Liquidity - Total immediate liquidity as of September 30, 2025, was approximately $904.1 million, consisting of $17.3 million in cash and cash equivalents and $886.8 million available on the unsecured credit facility[240]. - Total indebtedness outstanding as of September 30, 2025, was $3,101,686,000, with a weighted average interest rate of 4.22%[243]. - The company has a net debt to real estate cost basis ratio of 37.9% as of September 30, 2025[258]. - The company has no preferred stock issued or outstanding as of September 30, 2025[261]. - The company has a maximum aggregate offering price of $750 million under its ATM common stock offering program, with $702.229 million available as of September 30, 2025[264]. - The company redeemed $75.0 million of Series G Unsecured Notes at a fixed interest rate of 4.10% on June 13, 2025[253]. - The company issued $350.0 million of Series O Unsecured Notes at a fixed interest rate of 5.50%, maturing on June 25, 2030[254]. - As of September 30, 2025, the company had $1,135.0 million of variable rate debt, with all but the unsecured credit facility fixed through interest rate swaps[277]. - The company entered into four interest rate swaps with an aggregate notional value of $300.0 million, fixing Daily SOFR at 3.09% effective February 5, 2026[273]. - The company is in compliance with all applicable financial covenants as of September 30, 2025[255]. - The company had letters of credit related to development projects totaling approximately $3.2 million as of September 30, 2025[275]. Market Trends - The company anticipates continued demand for industrial space driven by e-commerce growth and onshoring trends[154]. - Vacancy and availability rates are rising but remain near historical standards in many markets[155]. - The supply pipeline for industrial properties remains robust but is concentrated in very large warehouses[155]. - The company’s portfolio is diversified across geographies, tenant industries, and lease terms, which is expected to support competitive rental rates and strong occupancy[156]. - Future economic downturns could impair the ability to renew or re-lease space, affecting rental rates[159]. - The company’s rental income is primarily dependent on occupancy and rental rates from tenants[158]. - The top 20 markets accounted for 59.3% of total annualized base rental revenue, with Chicago, IL being the largest market at 8.1%[174]. - The top 20 tenant industries represented 82.0% of total annualized base rental revenue, with Air Freight & Logistics leading at 10.8%[176]. - The largest tenant, Amazon, accounted for 2.8% of total annualized base rental revenue, with a total of 7 leases[178].

Financial Performance - Reported net income attributable to common stockholders of $48.6 million for Q3 2025, a 16.2% increase from $41.8 million in Q3 2024[5] - Achieved Core FFO per diluted share of $0.65 for Q3 2025, an 8.3% increase compared to $0.60 in Q3 2024[5] - Produced Same Store Cash NOI of $145.7 million for Q3 2025, reflecting a 3.9% increase from $140.2 million in Q3 2024[5] - Total revenue for Q3 2025 was $211.121 million, a 10.3% increase from $190.739 million in Q3 2024[28] - Rental income for the nine months ended September 30, 2025, reached $622.795 million, up 10.4% from $564.155 million in the same period of 2024[28] - Net income attributable to common stockholders for Q3 2025 was $48.594 million, compared to $41.811 million in Q3 2024, reflecting a 16.7% increase[28] - Net operating income for Q3 2025 was $168.953 million, a 10.6% increase from $152.724 million in Q3 2024[31] - Cash net operating income for the nine months ended September 30, 2025, was $481.137 million, up from $442.319 million in the same period of 2024[31] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $450.967 million, compared to $412.134 million in the same period of 2024, representing a 9.4% increase[31] - Funds from operations (FFO) for Q3 2025 reached $123,329 million, compared to $114,957 million in Q3 2024, marking a 7.5% growth[34] - Core funds from operations for Q3 2025 were $124,707 million, an increase from $110,765 million in Q3 2024, reflecting a 12.6% rise[34] - Cash available for distribution for Q3 2025 was $101,007 million, compared to $87,965 million in Q3 2024, indicating a 14.2% increase[34] Portfolio and Occupancy - Occupancy Rate reached 95.8% for the total portfolio and 96.8% for the Operating Portfolio as of September 30, 2025[5] - Commenced Operating Portfolio leases of 2.2 million square feet in Q3 2025, resulting in Cash Rent Change and Straight-Line Rent Change of 27.2% and 40.6%, respectively[5] - Year-to-date, the Company signed seven leases totaling 1.6 million square feet of warehouse and distribution space across development projects[20] - As of October 28, 2025, achieved Cash Rent Change of 23.9% for 2025 new and renewal leasing, addressing 98.7% of expected leasing[20] Assets and Liabilities - Total assets as of September 30, 2025, were $6.897 billion, an increase from $6.833 billion at the end of 2024[26] - Total liabilities increased to $3.397 billion as of September 30, 2025, compared to $3.304 billion at the end of 2024[26] - The company’s total stockholders' equity decreased to $3.425 billion as of September 30, 2025, from $3.457 billion at the end of 2024[26] Debt and Financing - Refinanced a $300 million term loan, extending the maturity to March 15, 2030, with a fixed interest rate of 1.70% until February 2026[21] - As of September 30, 2025, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x, with Liquidity at $904.1 million[22] - Total debt extinguishment and modification expenses were $1,503 million for the nine months ended September 30, 2025, compared to $705 million in the same period of 2024[34] Shareholder Information - The company reported a weighted average of 186,593 common shares outstanding for Q3 2025, compared to 182,027 shares in Q3 2024[28] - The weighted average common shares outstanding increased to 186,593 million in Q3 2025 from 182,027 million in Q3 2024[34] Capital Expenditures and Impairments - Capital expenditures for Q3 2025 were $11,406 million, slightly down from $12,203 million in Q3 2024[34] - The company reported a loss on impairment of $888 million for the nine months ended September 30, 2025, down from $4,967 million in the same period of 2024[34] Other Metrics - The company’s cash rent change percentage for the period was not specified but is a key metric for evaluating lease performance[40] - Stabilization for assets under development occurs when achieving 90% occupancy or 12 months after completion[61] - Straight-Line Capitalization Rate is calculated by dividing annual net operating income by GAAP purchase price plus estimated Acquisition Capital Expenditures[62] - SL Rent Change measures the percentage change in average monthly base rent compared to the Comparable Lease for assets in the Operating Portfolio[63] - Value Add Portfolio includes properties with less than 75% occupancy at acquisition or significant physical renovation[64] - Forward-looking statements are subject to risks and uncertainties that may materially affect actual results[66]

Core Insights - STAG Industrial, Inc. reported strong financial performance for Q3 2025, highlighting portfolio stability and market health, with expectations for continued growth and value creation [1][2]. Financial Performance - Net income attributable to common stockholders for Q3 2025 was $48.6 million, a 16.2% increase from $41.8 million in Q3 2024 [4][8]. - Basic and diluted net income per common share for Q3 2025 was $0.26, up 13.0% from $0.23 in Q3 2024 [4][8]. - Cash NOI for Q3 2025 reached $162.3 million, a 9.3% increase from $148.4 million in Q3 2024 [4][21]. - Same Store Cash NOI for Q3 2025 was $145.7 million, reflecting a 3.9% increase compared to $140.2 million in Q3 2024 [4][21]. - Adjusted EBITDAre for Q3 2025 was $152.5 million, a 9.9% increase from $138.7 million in Q3 2024 [4][21]. - Core FFO for Q3 2025 was $124.7 million, up 12.6% from $110.8 million in Q3 2024 [4][21]. Acquisition and Disposition Activity - In Q3 2025, the company acquired two buildings for $101.5 million, with a total square footage of 986,410 and an occupancy rate of 100% upon acquisition [6][8]. - The company also acquired a vacant land parcel for $2.9 million during the same period [6]. - Total acquisition activity for 2025 through October 28 included 1.6 million square feet across six buildings for $163.2 million [7]. Leasing Activity - The company commenced leases totaling 2.2 million square feet in Q3 2025, achieving a Cash Rent Change of 27.2% and a Straight-Line Rent Change of 40.6% [8][10]. - Retention rate for leases expiring in Q3 was 63.4% for 2.5 million square feet [8][10]. - Year-to-date leasing activity included 11.3 million square feet across 90 leases, with a weighted average lease term of 5.0 years [12]. Capital Markets Activity - The company refinanced a $300 million term loan, extending the maturity to March 15, 2030, with a fixed interest rate of 1.70% until February 2026, then 3.94% until maturity [14][15]. - As of September 30, 2025, the Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x, with liquidity reported at $904.1 million [15].

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