分组1 - Stag Industrial (STAG) reported quarterly funds from operations (FFO) of $0.61 per share, exceeding the Zacks Consensus Estimate of $0.60 per share, and up from $0.59 per share a year ago, representing an FFO surprise of 1.67% [1] - The company achieved revenues of $205.57 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.29%, compared to $187.54 million in the same quarter last year [2] - Stag has consistently outperformed consensus FFO and revenue estimates over the last four quarters, achieving this four times [2] 分组2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3][4] - Stag shares have declined approximately 2.9% since the beginning of the year, while the S&P 500 has decreased by 6% [3] - The current consensus FFO estimate for the upcoming quarter is $0.62 on revenues of $202.73 million, and for the current fiscal year, it is $2.49 on revenues of $820.67 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 38% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5][6]

PART I. Financial Information [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for STAG Industrial, Inc. for the quarter ended March 31, 2025, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, along with detailed notes explaining the company's organization, accounting policies, rental property, debt, derivatives, equity, noncontrolling interests, equity incentive plan, leases, earnings per share, commitments, and subsequent events [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202025%20and%20December%2031%2C%202024) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total Assets | $6,847,859 | $6,833,335 | | Total Liabilities | $3,304,207 | $3,304,227 | | Total Equity | $3,543,652 | $3,529,108 | - Total assets increased by approximately **$14.5 million** from December 31, 2024, to March 31, 2025, primarily driven by an increase in rental property, net, and restricted cash[10](index=10&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) | Metric | Three months ended March 31, 2025 (in thousands) | Three months ended March 31, 2024 (in thousands) | Change (YoY) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------- | | Total Revenue | $205,574 | $187,543 | +9.6% | | Total Expenses | $131,456 | $124,013 | +6.0% | | Net Income | $93,362 | $37,453 | +149.3% | | Net Income Attributable to Common Stockholders | $91,340 | $36,580 | +149.7% | | Net Income Per Share — Basic and Diluted | $0.49 | $0.20 | +145.0% | - Net income significantly increased by **149.3% year-over-year**, primarily driven by a substantial gain on the sale of rental property and an increase in rental income[12](index=12&type=chunk)[180](index=180&type=chunk) [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) | Metric | Three months ended March 31, 2025 (in thousands) | Three months ended March 31, 2024 (in thousands) | | :------------------------------------------ | :----------------------------------- | :----------------------------------- | | Net Income | $93,362 | $37,453 | | Other Comprehensive Income (Loss) | $(10,981) | $7,076 | | Comprehensive Income | $82,381 | $44,529 | | Comprehensive Income Attributable to STAG Industrial, Inc. | $80,648 | $43,547 | - Comprehensive income attributable to STAG Industrial, Inc. increased by **85.2% year-over-year**, despite a negative impact from interest rate swaps in 2025 compared to a positive impact in 2024[14](index=14&type=chunk) [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------------- | :----------------------------- | :----------------------------- | | Total Stockholders' Equity | $3,466,951 | $3,457,651 | | Noncontrolling Interest in Operating Partnership | $74,302 | $69,932 | | Noncontrolling Interest in Joint Ventures | $2,399 | $1,525 | | Total Equity | $3,543,652 | $3,529,108 | - Total equity increased by approximately **$14.5 million** from December 31, 2024, to March 31, 2025, primarily due to net income partially offset by dividends and other comprehensive loss[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) | Metric | Three months ended March 31, 2025 (in thousands) | Three months ended March 31, 2024 (in thousands) | Change (YoY) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------- | | Net Cash Provided by Operating Activities | $103,540 | $105,162 | -1.5% | | Net Cash Used in Investing Activities | $(24,926) | $(76,260) | +67.3% (decrease in cash used) | | Net Cash Used in Financing Activities | $(67,954) | $(37,680) | -80.3% (increase in cash used) | | Cash and Cash Equivalents and Restricted Cash—End of Period | $48,053 | $13,090 | +267.1% | - Net cash used in investing activities significantly decreased by **$51.3 million year-over-year**, primarily due to increased proceeds from the sale of rental property in 2025[20](index=20&type=chunk)[193](index=193&type=chunk) - Net cash used in financing activities increased by **$30.3 million**, mainly due to the redemption of **$100.0 million** in unsecured notes in February 2025[20](index=20&type=chunk)[194](index=194&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited consolidated financial statements, covering the company's business organization, significant accounting policies, specifics on rental property, debt structure, derivative financial instruments, equity, noncontrolling interests, equity incentive plans, lease arrangements, earnings per share calculations, commitments and contingencies, and subsequent events [1. Organization and Description of Business](index=9&type=section&id=1.%20Organization%20and%20Description%20of%20Business) - STAG Industrial, Inc. is an industrial real estate operating company focused on acquisition, development, and operation of industrial properties across the U.S., structured as an UPREIT[22](index=22&type=chunk) - As of March 31, 2025, the Company owned **597** industrial buildings in **41** states, totaling approximately **117.6 million rentable square feet**[23](index=23&type=chunk) - The Company owned **97.9%** of the common units in its Operating Partnership as of March 31, 2025[22](index=22&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - Interim financial statements are prepared in conformity with GAAP and Form 10-Q instructions, including normal recurring adjustments, and are not necessarily indicative of full-year results[24](index=24&type=chunk) - The Company's consolidated financial statements include the accounts of STAG Industrial, Inc., the Operating Partnership, and their consolidated subsidiaries, eliminating all significant intercompany balances and transactions[25](index=25&type=chunk) - The Company manages its operations as a single segment for performance assessment, deriving revenue from rental income, and assesses performance based on net income, FFO, and NOI[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [3. Rental Property](index=11&type=section&id=3.%20Rental%20Property) | Rental Property Component | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------ | :----------------------------- | :----------------------------- | | Land | $776,387 | $771,794 | | Buildings, net | $4,639,358 | $4,634,634 | | Construction in progress | $140,595 | $218,616 | | Total rental property, net | $6,500,605 | $6,495,779 | - During Q1 2025, the Company acquired **3** industrial buildings totaling **393,564 square feet** for a purchase price of **$43.285 million** in Minneapolis, MN, and Chicago, IL[36](index=36&type=chunk) - The Company disposed of one building (**0.3 million square feet**) for net proceeds of **$63.834 million**, recognizing a net gain of **$49.913 million** in Q1 2025[40](index=40&type=chunk) - A gain on involuntary conversion of approximately **$1.9 million** was recognized in Q1 2025 due to tornado damage from December 2023[42](index=42&type=chunk) [4. Debt](index=13&type=section&id=4.%20Debt) | Debt Type | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Weighted Average Interest Rate (March 31, 2025) | | :-------------------------- | :----------------------------- | :----------------------------- | :------------------------------------ | | Unsecured Credit Facility | $512,000 | $409,000 | Term SOFR + 0.875% | | Unsecured Term Loans, net | $1,022,185 | $1,021,848 | 1.80% - 4.83% (fixed via swaps) | | Unsecured Notes, net | $1,494,303 | $1,594,092 | 2.80% - 6.30% | | Mortgage Note, net | $4,142 | $4,195 | 3.71% | | Total Carrying Value | $3,032,630 | $3,029,135 | 4.13% | - The Company redeemed **$100.0 million** of Series D Unsecured Notes at maturity on February 20, 2025[53](index=53&type=chunk) - The Company was in compliance with all financial covenants for its debt arrangements as of March 31, 2025[54](index=54&type=chunk) [5. Derivative Financial Instruments](index=15&type=section&id=5.%20Derivative%20Financial%20Instruments) - The Company uses interest rate swaps to manage interest rate risk on existing and future liabilities, not for speculative purposes, converting variable rates to effectively fixed rates[58](index=58&type=chunk)[59](index=59&type=chunk) | Derivative Type | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Interest rate swaps-gross asset | $26,261 | $36,466 | | Interest rate swaps-gross liability | $(783) | $0 | - Approximately **$17.3 million** is estimated to be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next **12 months** due to cash flow hedges[62](index=62&type=chunk) [6. Equity](index=17&type=section&id=6.%20Equity) - The Company has **300,000,000 shares** of common stock authorized, with **186,612,226 shares** issued and outstanding as of March 31, 2025[10](index=10&type=chunk)[73](index=73&type=chunk) - A new **$750 million** At-The-Market (ATM) common stock offering program was established on February 13, 2025, with **$749.821 million** available as of March 31, 2025[74](index=74&type=chunk) - During Q1 2025, **52,352** restricted shares of common stock were granted, and **51,100** vested, with an unrecognized compensation expense of approximately **$3.4 million** remaining[78](index=78&type=chunk)[79](index=79&type=chunk) [7. Noncontrolling Interest](index=18&type=section&id=7.%20Noncontrolling%20Interest) | Noncontrolling Interest Type | December 31, 2024 | March 31, 2025 | | :-------------------------------- | :---------------- | :--------------- | | LTIP Units | 2,307,662 | 2,534,636 | | Other Common Units | 1,464,718 | 1,464,718 | | Total Noncontrolling Common Units | 3,772,380 | 3,999,354 | | Percentage of Operating Partnership | 2.0% | 2.1% | - The Company granted **280,334 LTIP units** in Q1 2025 to non-employee directors and certain executive officers/senior employees, with an unrecognized compensation expense of approximately **$8.1 million**[84](index=84&type=chunk)[88](index=88&type=chunk) - As of March 31, 2025, the Company held **90.0%** and **95.3%** interests in joint ventures in Concord, NC, and Reno, NV, respectively, with third-party equity totaling approximately **$2.4 million**[89](index=89&type=chunk) [8. Equity Incentive Plan](index=19&type=section&id=8.%20Equity%20Incentive%20Plan) - Performance units were granted on January 7, 2025, under the 2011 Plan to executive officers and key employees, with a measuring period from January 1, 2025, to December 31, 2027[90](index=90&type=chunk) - The fair value of performance units granted in Q1 2025 was **$6.858 million**, determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation[91](index=91&type=chunk)[92](index=92&type=chunk) - Unrecognized compensation expense for performance units was approximately **$11.4 million** as of March 31, 2025, to be recognized over approximately **2.2 years**[94](index=94&type=chunk) | Non-Cash Compensation Expense (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Restricted shares of common stock | $394 | $475 | | LTIP units | $1,108 | $899 | | Performance units | $1,482 | $1,357 | | Director compensation | $198 | $177 | | Total non-cash compensation expense | $3,182 | $2,908 | [9. Leases](index=20&type=section&id=9.%20Leases) | Rental Income Component (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :------------------------------------- | :-------------------------------- | :-------------------------------- | | Fixed lease payments | $156,782 | $142,111 | | Variable lease payments | $43,759 | $42,189 | | Straight-line rental income | $4,243 | $2,805 | | Net increase to rental income related to above and below market lease amortization | $578 | $297 | | Total rental income | $205,362 | $187,402 | - The weighted average remaining lease term for operating leases (lessee) is **35.1 years** as of March 31, 2025, with a weighted average discount rate of **6.9%**[103](index=103&type=chunk) | Operating Lease Cost (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Operating lease cost (property expense) | $697 | $616 | | Operating lease cost (G&A expense) | $430 | $430 | | Total operating lease cost | $1,127 | $1,046 | [10. Earnings Per Share](index=21&type=section&id=10.%20Earnings%20Per%20Share) | Metric (in thousands, except per share data) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net income attributable to common stockholders | $91,340 | $36,580 | | Weighted average common shares outstanding — basic | 186,468 | 181,708 | | Weighted average common shares outstanding — diluted | 186,758 | 181,991 | | Net income per share — basic and diluted | $0.49 | $0.20 | - Basic and diluted EPS increased by **$0.29 (145%) year-over-year**, reflecting higher net income attributable to common stockholders[109](index=109&type=chunk) [11. Commitments and Contingencies](index=23&type=section&id=11.%20Commitments%20and%20Contingencies) - The Company is involved in various legal proceedings in the ordinary course of business, but management believes their ultimate settlement will not materially adversely affect financial position, results of operations, or cash flows[110](index=110&type=chunk) - As of March 31, 2025, the Company had approximately **$4.2 million** in letters of credit related to construction projects and other agreements[111](index=111&type=chunk) [12. Subsequent Events](index=23&type=section&id=12.%20Subsequent%20Events) - On April 15, 2025, the Company entered into a note purchase agreement for a future private placement of **$550.0 million** in senior unsecured notes, expected to be issued around June 25, 2025[113](index=113&type=chunk) | Note Series | Principal Amount (in millions) | Maturity Date | Fixed Annual Interest Rate | | :---------- | :----------------------------- | :------------ | :------------------------- | | Series O | $350.0 | June 25, 2030 | 5.50% | | Series P | $100.0 | June 25, 2033 | 5.82% | | Series Q | $100.0 | June 25, 2035 | 5.99% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the three months ended March 31, 2025, compared to the same period in 2024. It covers forward-looking statements, key definitions, an overview of the business, factors influencing future results, market outlook, rental income, property expenses, lease expirations, portfolio activity (acquisitions/dispositions), market and tenant concentrations, critical accounting policies, detailed results of operations (including same-store NOI), non-GAAP financial measures (FFO and NOI), cash flows, and liquidity and capital resources [Forward-Looking Statements](index=24&type=section&id=Forward-Looking%20Statements) - The report contains forward-looking statements regarding future financial condition, operations, acquisition strategy, occupancy, leasing rates, and liquidity, which are subject to various risks and uncertainties[117](index=117&type=chunk) - Key risks include global/national recessions, economic conditions, ability to raise equity, competitive environment, real estate value fluctuations, interest rates, tenant defaults, acquisition timing, technological developments, natural disasters, geopolitical events, changes in laws/regulations, and financing risks[117](index=117&type=chunk) [Certain Definitions](index=25&type=section&id=Certain%20Definitions) - Key definitions include 'Cash Rent Change' (percentage change in base rent of new/renewal leases vs. comparable leases), 'Occupancy rate' (percentage of total leasable square footage with commenced revenue recognition or lease term), and 'Operating Portfolio' (stabilized buildings, excluding non-core flex/office, Value Add, and held for sale)[119](index=119&type=chunk)[122](index=122&type=chunk) - 'Straight-line Rent Change' measures the percentage change in average monthly base rent over the lease term compared to the Comparable Lease[124](index=124&type=chunk) - 'Value Add Portfolio' refers to properties that are less than **75%** occupied, undergoing significant renovation, or under development[128](index=128&type=chunk) [Overview](index=26&type=section&id=Overview) - STAG Industrial, Inc. is a REIT focused on acquiring, owning, developing, and operating industrial properties across the U.S., publicly traded on the NYSE under 'STAG'[130](index=130&type=chunk) - The company's platform identifies properties offering relative value, provides growth through sophisticated industrial operations, and capitalizes its business appropriately[130](index=130&type=chunk) - The company operates to maintain its REIT qualification, generally avoiding federal income tax by distributing income to stockholders[130](index=130&type=chunk) [Factors That May Influence Future Results of Operations](index=26&type=section&id=Factors%20That%20May%20Influence%20Future%20Results%20of%20Operations) - Future revenue and cash flow growth depend on external growth (acquisition activity) and internal growth (occupancy and rental rates)[131](index=131&type=chunk) [Outlook](index=26&type=section&id=Outlook) - The industrial real estate business is influenced by macro-economic trends like interest rates, inflation, trade policies, and geopolitical tensions, leading to financial market volatility and concerns about a slowing global economy[132](index=132&type=chunk) - Despite volatility, the company expects to benefit from its diversified portfolio, competitive rental rates, strong occupancy, minimal floating rate debt exposure (hedged), strong banking relationships, and access to capital[133](index=133&type=chunk) - Long-term demand for U.S. industrial real estate is expected to accelerate due to e-commerce growth, increasing attractiveness of the U.S. as a manufacturing/distribution location, and improved transportation infrastructure[134](index=134&type=chunk)[143](index=143&type=chunk) [Conditions in Our Markets](index=27&type=section&id=Conditions%20in%20Our%20Markets) - The portfolio maintains strong occupancy and geographic diversity, though industrial market demand is moderating, and vacancy rates are rising but remain near historical standards[135](index=135&type=chunk) - American Tire Distributors, Inc. (ATD), a tenant accounting for ~**1%** of total annualized base rental revenue, filed for Chapter 11 reorganization but is current on rent; the company does not expect a material adverse effect[136](index=136&type=chunk) [Rental Income](index=27&type=section&id=Rental%20Income) - Rental income is primarily driven by occupancy and rental rates, which are influenced by the overall economy, supply/demand dynamics, property quality, and tenant's ability to meet obligations[138](index=138&type=chunk)[139](index=139&type=chunk) | Operating Portfolio Leases Commenced (Q1 2025) | Square Feet | Cash Rent Change | SL Rent Change | Weighted Average Lease Term (years) | | :--------------------------------------------- | :---------- | :--------------- | :------------- | :---------------------------------- | | New Leases | 279,055 | 34.0% | 47.0% | 4.3 | | Renewal Leases | 4,683,573 | 27.0% | 41.9% | 4.5 | | Total/Weighted Average | 4,962,628 | 27.3% | 42.1% | 4.5 | [Property Operating Expenses](index=28&type=section&id=Property%20Operating%20Expenses) - Property operating expenses include utilities, real estate taxes, management fees, insurance, and maintenance. For most tenants, these are controlled by triple net lease provisions, where tenants are responsible for most costs[145](index=145&type=chunk) - The company's overall performance is affected by its ability to pass through property operating expenses to tenants, as some modified gross and gross leases, or leases with expense caps, may require the company to absorb certain expenses[145](index=145&type=chunk) [Scheduled Lease Expirations](index=28&type=section&id=Scheduled%20Lease%20Expirations) - Approximately **9.4%** of total annualized base rental revenue is subject to leases expiring between April 1, 2025, and March 31, 2026 (excluding month-to-month leases)[146](index=146&type=chunk) - The company expects rental rates on new leases for expiring space to be higher than existing rates, leading to increased revenue[146](index=146&type=chunk) | Lease Expiration Year | Total Rentable Square Feet | Percentage of Total Occupied Square Feet | Total Annualized Base Rental Revenue (in thousands) | | :-------------------- | :------------------------- | :--------------------------------------- | :------------------------------------------------ | | Remainder of 2025 | 4,615,168 | 4.1% | $26,162 | | 2026 | 18,976,908 | 16.8% | $107,431 | | 2027 | 18,118,549 | 16.1% | $101,202 | | Thereafter | 48,860,750 | 43.3% | $267,832 | | Total | 117,625,561 | 100.0% | $645,170 | [Portfolio Acquisitions](index=29&type=section&id=Portfolio%20Acquisitions) | Market | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) | | :------------- | :------------ | :---------- | :------------------ | :---------------------------- | | Minneapolis, MN | Jan 9, 2025 | 161,600 | 1 | $16,537 | | Chicago, IL | Feb 27, 2025 | 231,964 | 2 | $26,748 | | Total (Q1 2025) | | 393,564 | 3 | $43,285 | [Portfolio Disposition](index=29&type=section&id=Portfolio%20Disposition) - During Q1 2025, the company sold one building (**0.3 million rentable square feet**) for net proceeds of approximately **$63.8 million**, recognizing a gain of **$49.9 million**[151](index=151&type=chunk) [Top Markets](index=29&type=section&id=Top%20Markets) | Top 20 Markets | % of Total Annualized Base Rental Revenue | | :--------------- | :---------------------------------------- | | Chicago, IL | 8.1% | | Greenville, SC | 5.2% | | Minneapolis, MN | 4.3% | | Pittsburgh, PA | 4.0% | | Columbus, OH | 3.8% | | Detroit, MI | 3.6% | | Philadelphia, PA | 3.1% | | South Central, PA | 3.1% | | Boston, MA | 2.5% | | El Paso, TX | 2.4% | | Milwaukee, WI | 2.3% | | Kansas City, MO | 2.1% | | Charlotte, NC | 2.1% | | Houston, TX | 2.0% | | Sacramento, CA | 2.0% | | Indianapolis, IN | 1.9% | | Cincinnati, OH | 1.8% | | Cleveland, OH | 1.7% | | Columbia, SC | 1.4% | | Grand Rapids, MI | 1.4% | | Total | 58.8% | [Top Industries](index=30&type=section&id=Top%20Industries) | Top 20 Tenant Industries | % of Total Annualized Base Rental Revenue | | :------------------------------------ | :---------------------------------------- | | Air Freight & Logistics | 11.0% | | Containers & Packaging | 7.6% | | Machinery | 6.4% | | Automobile Components | 6.2% | | Commercial Services & Supplies | 5.6% | | Trading Companies & Distribution (Industrial Goods) | 5.4% | | Distributors (Consumer Goods) | 4.6% | | Building Products | 4.5% | | Broadline Retail | 3.7% | | Consumer Staples Distribution | 3.7% | | Household Durables | 3.3% | | Specialty Retail | 3.0% | | Media | 2.9% | | Beverages | 2.4% | | Food Products | 2.4% | | Electrical Equipment | 2.1% | | Electronic Equip, Instruments | 2.0% | | Chemicals | 1.9% | | Ground Transportation | 1.9% | | Automobiles | 1.5% | | Total | 82.1% | [Top Tenants](index=30&type=section&id=Top%20Tenants) | Top 20 Tenants | Number of Leases | % of Total Annualized Base Rental Revenue | | :-------------------------------- | :--------------- | :---------------------------------------- | | Amazon | 7 | 2.9% | | American Tire Distributors, Inc. | 7 | 1.0% | | Schneider Electric USA, Inc. | 3 | 0.9% | | Soho Studio, LLC | 1 | 0.9% | | International Paper Company | 4 | 0.9% | | CHEP USA | 6 | 0.7% | | Tempur Sealy International, Inc. | 2 | 0.7% | | The Coca-Cola Company | 3 | 0.7% | | Iron Mountain Information Management | 6 | 0.7% | | Hachette Book Group, Inc. | 1 | 0.7% | | Kenco Logistic Services, LLC | 3 | 0.7% | | Penguin Random House, LLC | 1 | 0.7% | | FedEx Corporation | 4 | 0.7% | | Penske Truck Leasing Co. LP | 3 | 0.6% | | WestRock Company | 6 | 0.6% | | Lippert Component Manufacturing | 4 | 0.6% | | DHL Supply Chain | 4 | 0.6% | | GXO Logistics, Inc. | 2 | 0.6% | | Carolina Beverage Group | 3 | 0.6% | | AFL Telecommunications LLC | 2 | 0.6% | | Total | 72 | 16.4% | [Critical Accounting Policies](index=31&type=section&id=Critical%20Accounting%20Policies) - The company refers to its Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of its critical accounting policies and estimates[158](index=158&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) - Net income for the total portfolio increased by **$55.9 million (149.3%)** to **$93.4 million** for Q1 2025 compared to Q1 2024[165](index=165&type=chunk) - Same store total operating revenue increased by **$6.3 million (3.5%)** to **$187.0 million**, driven by a **$5.7 million** increase in lease income due to new leases and renewals[167](index=167&type=chunk)[168](index=168&type=chunk) - Same store operating expenses increased by **$1.8 million (4.9%)** to **$39.5 million**, primarily due to increases in real estate tax, other expenses, and snow removal[172](index=172&type=chunk) - Total other income (expense) increased by **$45.3 million (173.8%)** to **$19.2 million** in Q1 2025, mainly due to a **$49.9 million** gain on property sales and a **$1.9 million** gain on involuntary conversion[180](index=180&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) - Funds From Operations (FFO) and Net Operating Income (NOI) are non-GAAP financial measures used by management and investors to understand core operations and compare performance among REITs[181](index=181&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk) | Metric (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | FFO attributable to common stockholders and unit holders | $117,096 | $108,675 | | Net Operating Income (NOI) | $161,896 | $148,472 | - FFO increased by **$8.4 million (7.7%) year-over-year**, while NOI increased by **$13.4 million (9.0%) year-over-year**[187](index=187&type=chunk)[190](index=190&type=chunk) [Cash Flows](index=36&type=section&id=Cash%20Flows) | Cash Flow Activity (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net cash provided by operating activities | $103,540 | $105,162 | $(1,622) (-1.5%) | | Net cash used in Investing Activities | $(24,926) | $(76,260) | $51,334 (+67.3% (decrease in cash used)) | | Net cash used in Financing Activities | $(67,954) | $(37,680) | $(30,274) (-80.3% (increase in cash used)) | - The decrease in net cash from operating activities was due to fluctuations in working capital[192](index=192&type=chunk) - The significant decrease in cash used in investing activities was primarily due to higher proceeds from property sales (**$63.8 million**) in Q1 2025[193](index=193&type=chunk) - The increase in cash used in financing activities was mainly driven by the redemption of **$100.0 million** in unsecured notes[194](index=194&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's liquidity needs are met through operating cash flows, disposition proceeds, and financing activities, with capital markets being the primary source for acquisition funding[195](index=195&type=chunk)[197](index=197&type=chunk) - As of March 31, 2025, immediate liquidity totaled approximately **$493.1 million**, comprising **$9.3 million** in cash and cash equivalents and **$483.8 million** available on its unsecured credit facility[198](index=198&type=chunk) - Short-term liquidity covers operating expenses, debt service, recurring capital expenditures, and REIT distributions, while long-term needs include property acquisitions and debt maturities[196](index=196&type=chunk)[197](index=197&type=chunk) [Indebtedness Outstanding](index=37&type=section&id=Indebtedness%20Outstanding) | Debt Capital Structure (March 31, 2025) | Value | | :-------------------------------------- | :------------------- | | Total principal outstanding (in thousands) | $3,041,267 | | Weighted average duration (years) | 4.4 | | % Secured debt | 0.1% | | % Debt maturing next 12 months | 12.3% | | Net Debt to Real Estate Cost Basis | 38.1% | - The company redeemed **$100.0 million** of Series D Unsecured Notes on February 20, 2025[204](index=204&type=chunk) - Subsequent to quarter-end, the company entered into an agreement for a **$550.0 million** private placement of senior unsecured notes with maturities in 2030, 2033, and 2035[205](index=205&type=chunk) [Equity](index=38&type=section&id=Equity) - The company has **20,000,000 shares** of preferred stock authorized but none issued or outstanding as of March 31, 2025[211](index=211&type=chunk) - A new **$750 million** ATM common stock offering program was established on February 13, 2025, with **$749.821 million** available[215](index=215&type=chunk) - During Q1 2025, **4,830 shares** were sold on a forward basis under the ATM program, with gross sales of **$179 thousand** and a weighted average gross sales price of **$37.02** per share[217](index=217&type=chunk) [Noncontrolling Interest](index=39&type=section&id=Noncontrolling%20Interest) - As of March 31, 2025, the company owned approximately **97.9%** of the common units in its Operating Partnership, with the remaining **2.1%** held by current/former officers, directors, employees, and third parties[218](index=218&type=chunk) - The company also holds **90.0%** and **95.3%** interests in joint ventures in Concord, NC, and Reno, NV, respectively[219](index=219&type=chunk) [Interest Rate Risk](index=39&type=section&id=Interest%20Rate%20Risk) - The company uses interest rate swaps to fix the rate of its variable rate debt, with all outstanding variable rate debt (except the unsecured credit facility) fixed through initial maturity as of March 31, 2025[220](index=220&type=chunk)[225](index=225&type=chunk) - As of March 31, 2025, the company had **$1,537.0 million** of variable rate debt outstanding, with **$512.0 million** on its unsecured credit facility not fixed by swaps[225](index=225&type=chunk) - A **100 basis point** increase in interest rates would increase interest expense by approximately **$1.3 million** for Q1 2025, assuming the unsecured credit facility balance[228](index=228&type=chunk) [Off-balance Sheet Arrangements](index=40&type=section&id=Off-balance%20Sheet%20Arrangements) - As of March 31, 2025, the company had approximately **$4.2 million** in letters of credit related to development projects and other agreements, with no other material off-balance sheet arrangements[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the company's exposure to market risk, primarily interest rate risk. It explains the use of derivative financial instruments, specifically interest rate swaps, to manage this risk and quantifies the potential impact of interest rate changes on its unhedged variable rate debt - The primary market risk exposure is interest rate risk, managed through interest rate swaps to hedge borrowings[227](index=227&type=chunk) - As of March 31, 2025, **$1,537.0 million** of variable rate debt was outstanding, with all but the **$512.0 million** unsecured credit facility fixed by interest rate swaps[228](index=228&type=chunk) - A **100 basis point** increase in interest rates would have increased interest expense by approximately **$1.3 million** for the three months ended March 31, 2025, on the unhedged unsecured credit facility[228](index=228&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures and reports no material changes in internal control over financial reporting during the quarter ended March 31, 2025 [Evaluation of Disclosure Controls and Procedures](index=40&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[229](index=229&type=chunk) [Changes in Internal Controls](index=40&type=section&id=Changes%20in%20Internal%20Controls) - There were no material changes to internal control over financial reporting during the quarter ended March 31, 2025[230](index=230&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) This section states that the company is not currently a party to any legal proceedings that would individually or in aggregate have a material adverse effect on its business, financial condition, or results of operations - The company is not involved in any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations[231](index=231&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section highlights an updated risk factor concerning the potential adverse impact of trade policies, tariffs, and related government actions on the company's business, tenants, and development projects - Changes in trade policies, tariffs, and related government actions (e.g., U.S. tariffs on foreign goods, retaliatory tariffs) could increase costs, decrease margins, and adversely affect tenants' revenues and profitability[233](index=233&type=chunk) - Such actions or uncertainties could depress economic activity and have a material adverse effect on the company's business, financial condition, and results of operations[233](index=233&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the unregistered sales of equity securities, specifically the issuance of common units upon exchange of LTIP units and the subsequent redemption of common units for common stock, and reports on issuer purchases of equity securities related to tax withholdings [Recent Sales of Unregistered Equity Securities](index=41&type=section&id=Recent%20Sales%20of%20Unregistered%20Equity%20Securities) - During Q1 2025, the Operating Partnership issued **53,360 common units** upon exchange of outstanding LTIP units[234](index=234&type=chunk) - The company issued **53,360 shares** of common stock upon redemption of **53,360 common units** in the Operating Partnership, relying on Section 4(a)(2) of the Securities Act for exemption from registration[235](index=235&type=chunk) [Issuer Purchases of Equity Securities](index=42&type=section&id=Issuer%20Purchases%20of%20Equity%20Securities) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :-------------------------------- | :----------------------------- | :--------------------------- | | January 1, 2025 - January 31, 2025 | 19,207 | $33.79 | | February 1, 2025 - February 28, 2025 | — | $— | | March 1, 2025 - March 31, 2025 | — | $— | | Total/weighted average | 19,207 | $33.79 | - Shares purchased reflect those surrendered to the company for tax withholding obligations related to the vesting of common stock issued under the 2011 Plan[237](index=237&type=chunk) [Item 3. Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities occurred during the quarter ended March 31, 2025[238](index=238&type=chunk) [Item 4. Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to STAG Industrial, Inc[239](index=239&type=chunk) [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2025 - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025[240](index=240&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Note Purchase Agreement, certifications from the CEO and CFO, and Inline XBRL documents - Key exhibits include the Note Purchase Agreement (Exhibit 10.1), CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1), and Inline XBRL documents (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[242](index=242&type=chunk) [SIGNATURES](index=44&type=section&id=SIGNATURES) This section contains the required signatures for the Form 10-Q report, affirming its submission by STAG Industrial, Inc. through its Chief Financial Officer and Chief Accounting Officer - The report is duly signed on behalf of STAG Industrial, Inc. by Matts S. Pinard, Chief Financial Officer, Executive Vice President and Treasurer, and Jaclyn M. Paul, Chief Accounting Officer, on April 29, 2025[248](index=248&type=chunk)

[Overview and Highlights](index=1&type=section&id=STAG%20INDUSTRIAL%20ANNOUNCES%20FIRST%20QUARTER%202025%20RESULTS) This section presents the key financial and operational achievements for the first quarter of 2025 [First Quarter 2025 Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) The company reported strong Q1 2025 operational success, with significant growth in net income, FFO, and leasing activity Key Performance Metrics | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Income per Share (diluted) | $0.49 | $0.20 | +145.0% | | Core FFO per Share (diluted) | $0.61 | $0.59 | +3.4% | | Cash NOI | $157.2M | $145.5M | +8.1% | | Same Store Cash NOI | $144.6M | $139.9M | +3.4% | | Cash Available for Distribution | $106.5M | $98.1M | +8.5% | - Acquired three buildings (393,564 sq ft) for **$43.3 million** with a Cash Capitalization Rate of **6.8%**[5](index=5&type=chunk) - Sold one building (337,391 sq ft) for **$67.0 million**, resulting in a net gain of **$49.9 million**[5](index=5&type=chunk) - Commenced leases for **5.0 million square feet**, achieving a Cash Rent Change of **27.3%** and a Straight-Line Rent Change of **42.1%**[5](index=5&type=chunk) - Achieved an Occupancy Rate of **96.8%** on the Operating Portfolio and **85.3%** retention for leases expiring in the quarter[5](index=5&type=chunk) [Financial and Operating Performance](index=3&type=section&id=Financial%20and%20Operating%20Performance) This section details the company's financial results, capital activities, and leasing performance for the quarter [Key Financial Measures](index=3&type=section&id=Key%20Financial%20Measures) The company demonstrated strong financial growth in Q1 2025 with a 149.7% surge in net income and an 8.1% increase in Cash NOI Financial Highlights (Q1 2025 vs Q1 2024) | Metrics (in $000s, except per share data) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net income attributable to common stockholders | $91,340 | $36,580 | 149.7% | | Net income per common share — diluted | $0.49 | $0.20 | 145.0% | | Cash NOI | $157,197 | $145,472 | 8.1% | | Same Store Cash NOI | $144,620 | $139,922 | 3.4% | | Adjusted EBITDAre | $146,413 | $134,667 | 8.7% | | Core FFO | $115,241 | $109,039 | 5.7% | | Core FFO per share / unit — diluted | $0.61 | $0.59 | 3.4% | | Cash Available for Distribution | $106,486 | $98,133 | 8.5% | [Acquisition, Development and Disposition Activity](index=3&type=section&id=Acquisition%2C%20Development%20and%20Disposition%20Activity) The company actively managed its portfolio through strategic acquisitions and a significant disposition, maintaining a robust acquisition pipeline Q1 2025 Transaction Summary | Activity | Buildings | Square Feet | Price ($000s) | W.A. Cash Cap Rate | | :--- | :--- | :--- | :--- | :--- | | Q1 Acquisitions | 3 | 393,564 | $43,285 | 6.8% | | Q1 Dispositions | 1 | 337,391 | $67,000 | N/A | - The acquisition pipeline includes 181 buildings, totaling 30.4 million square feet, with an estimated value of **$3.8 billion**[13](index=13&type=chunk) [Leasing Activity](index=4&type=section&id=Leasing%20Activity) The company executed significant leasing for 5.0 million square feet in Q1 2025, achieving strong rent growth and high tenant retention Q1 2025 Leasing Summary | Lease Type | Square Feet | Lease Count | Cash Rent Change | SL Rent Change | Retention | | :--- | :--- | :--- | :--- | :--- | :--- | | New Leases | 279,055 | 4 | 34.0% | 47.0% | N/A | | Renewal Leases | 4,683,573 | 32 | 27.0% | 41.9% | 85.3% | | **Total / W.A.** | **4,962,628** | **36** | **27.3%** | **42.1%** | **85.3%** | - As of April 28, 2025, the company had addressed **78.5%** of its expected 2025 new and renewal leasing, covering 11.3 million square feet and achieving a Cash Rent Change of **25.1%**[19](index=19&type=chunk) - A new lease for 102,060 square feet was signed at the company's development project in Wellford, South Carolina[18](index=18&type=chunk) [Capital Markets Activity](index=4&type=section&id=Capital%20Markets%20Activity) The company maintained a healthy balance sheet and strong liquidity while proactively managing its debt through note repayment and new issuance - As of March 31, 2025, Net Debt to Annualized Run Rate Adjusted EBITDAre was **5.2x** and Liquidity was **$493.1 million**[20](index=20&type=chunk) - On February 20, 2025, the company paid its **$100 million** fixed rate senior unsecured note at maturity[20](index=20&type=chunk) - Subsequent to quarter end, the company agreed to issue **$550 million** of fixed rate senior unsecured notes with a weighted average interest rate of **5.65%** and a weighted average tenor of **6.5 years**[21](index=21&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the company's consolidated balance sheets and statements of operations for the reporting period [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The company's total assets grew slightly to $6.85 billion as of March 31, 2025, with stable liabilities and a modest increase in equity Balance Sheet Summary | Balance Sheet Item (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total rental property, net | $6,500,605 | $6,495,779 | | Total assets | $6,847,859 | $6,833,335 | | Total liabilities | $3,304,207 | $3,304,227 | | Total stockholders' equity | $3,466,951 | $3,457,651 | | Total equity | $3,543,652 | $3,529,108 | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Total revenue and net income increased significantly in Q1 2025, driven by operational performance and a gain on the sale of property Statement of Operations Summary | Income Statement Item (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $205,574 | $187,543 | | Total expenses | $131,456 | $124,013 | | Gain on the sale of rental property, net | $49,913 | $— | | Net income | $93,362 | $37,453 | | Net income attributable to common stockholders | $91,340 | $36,580 | | Net income per share — diluted | $0.49 | $0.20 | [Non-GAAP Measures and Reconciliations](index=7&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) This section provides reconciliations of GAAP to non-GAAP financial measures and defines key performance indicators [Reconciliations of GAAP to Non-GAAP Measures](index=7&type=section&id=RECONCILIATIONS%20OF%20GAAP%20TO%20NON-GAAP%20MEASURES) This section details the reconciliation of GAAP Net Income to key non-GAAP metrics including Cash NOI, Core FFO, and CAD for Q1 2025 Reconciliation of Net Income to Cash NOI (Q1 2025) | Reconciliation to Cash NOI (Q1 2025, in thousands) | Amount | | :--- | :--- | | Net income | $93,362 | | +/- Adjustments (G&A, D&A, Interest, etc.) | $68,534 | | **Net operating income (NOI)** | **$161,896** | | - Straight-line rent & lease amortization | ($4,699) | | **Cash net operating income (Cash NOI)** | **$157,197** | Reconciliation of Net Income to Core FFO (Q1 2025) | Reconciliation to Core FFO (Q1 2025, in thousands) | Amount | | :--- | :--- | | Net income | $93,362 | | + Rental property depreciation and amortization | $73,814 | | - Gain on the sale of rental property, net | ($49,913) | | **Funds from operations (FFO)** | **$117,263** | | +/- Adjustments (Gain on involuntary conversion, etc.) | ($1,855) | | **Core funds from operations (Core FFO)** | **$115,241** | [Non-GAAP Financial Measures and Other Definitions](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Other%20Definitions) This section defines key non-GAAP financial measures and operational terms to clarify how the company measures its performance - **Core FFO** is defined as FFO adjusted to exclude items such as debt extinguishment expenses, gain/loss on involuntary conversion, and other non-recurring expenses[44](index=44&type=chunk) - **Cash NOI** is defined as NOI less rental property straight-line rent adjustments and the amortization of above and below market leases[50](index=50&type=chunk) - **Same Store properties** are defined as properties that were in the Operating Portfolio for the entirety of the comparative periods presented, with results excluding termination fees and other one-time income[58](index=58&type=chunk) [Other Information](index=4&type=section&id=Other%20Information) This section provides details on the upcoming conference call and important forward-looking statement disclosures [Conference Call Information](index=4&type=section&id=Conference%20Call) The company will host a conference call on April 30, 2025, to discuss quarterly results, with access details provided - A conference call to discuss Q1 2025 results is scheduled for **Wednesday, April 30, 2025, at 10:00 a.m. (Eastern Time)**[22](index=22&type=chunk) - Access to the live call, a replay, and a simultaneous webcast is available through provided phone numbers and the Investor Relations section of the company's website[22](index=22&type=chunk)[23](index=23&type=chunk) [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section contains a safe harbor statement cautioning that forward-looking statements are subject to risks and uncertainties - The earnings release contains forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors which could cause actual results to differ materially from current expectations[64](index=64&type=chunk) - The company disclaims any obligation to publicly release updates or revisions to any forward-looking statements, except as required by federal securities laws[64](index=64&type=chunk)

Core Viewpoint - STAG Industrial, Inc. reported impressive operational success in the first quarter of 2025, establishing a foundation for sustainable growth with a strong balance sheet and market diversification [1][4]. Financial Performance - Net income attributable to common stockholders for Q1 2025 was $91.3 million, a 149.7% increase from $36.6 million in Q1 2024 [4][7]. - Basic and diluted net income per common share for Q1 2025 was $0.49, up 145.0% from $0.20 in Q1 2024 [4][7]. - Cash NOI for Q1 2025 was $157.2 million, an 8.1% increase from $145.5 million in Q1 2024 [4][7]. - Same Store Cash NOI for Q1 2025 was $144.6 million, a 3.4% increase from $139.9 million in Q1 2024 [4][7]. - Adjusted EBITDAre for Q1 2025 was $146.4 million, an 8.7% increase from $134.7 million in Q1 2024 [4][7]. - Core FFO for Q1 2025 was $115.2 million, a 5.7% increase from $109.0 million in Q1 2024 [4][7]. - Cash Available for Distribution for Q1 2025 was $106.5 million, an 8.5% increase from $98.1 million in Q1 2024 [4][7]. Acquisition and Disposition Activity - The company acquired three buildings for $43.3 million in Q1 2025, achieving a 100% occupancy rate upon acquisition [6][7]. - One building was sold for $67.0 million in Q1 2025, resulting in a net gain of $49.9 million [7][9]. Leasing Activity - The total portfolio occupancy rate was 95.9% as of March 31, 2025, with the operating portfolio at 96.8% [7]. - The company commenced operating portfolio leases totaling 5.0 million square feet in Q1 2025, with Cash Rent Change and Straight-Line Rent Change of 27.3% and 42.1%, respectively [7][11]. - Retention rate for leases expiring in the quarter was 85.3% [7]. Capital Markets Activity - The company paid off a $100 million fixed-rate senior unsecured note at maturity on February 20, 2025 [12]. - As of March 31, 2025, the Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.2x, with liquidity of $493.1 million [12]. - On April 15, 2025, the company entered into a note purchase agreement to issue $550 million of fixed-rate senior unsecured notes with a weighted average interest rate of 5.65% [13].

Core Insights - STAG Industrial Inc. is identified as a promising industrial-focused real estate investment trust (REIT) with a solid dividend yield of 5% paid monthly and a dividend payout ratio of approximately 61% [1] Financial Performance - The company has growing core funds from operations, indicating a positive trend in its financial health and operational efficiency [1] Investment Appeal - The combination of a strong dividend yield and a reasonable payout ratio makes STAG Industrial an attractive option for income-focused investors [1]

BOSTON, April 15, 2025 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced that it entered into a note purchase agreement to issue $550 million of fixed rate senior unsecured notes in a private placement offering with a weighted average fixed interest rate of 5.65% and a weighted average tenor of 6.5 years. The transaction consists of $350 million of 5.50% notes with a five-year term maturing on June 25, 2030; $100 million of 5.82% notes with an eight-year term maturing on June ...

Group 1 - The article suggests that not all stocks are equally affected by tariff wars, using STAG Industrial REIT (STAG) as an example to challenge the notion that tariffs are the sole influence on stock performance [1] - The author emphasizes the importance of understanding market narratives and teaches subscribers how to interpret these stories for investment decisions [1] Group 2 - The article does not provide any specific financial data or performance metrics related to STAG Industrial REIT or other companies [2][3]

Stag Industrial (STAG) shares rallied 6.9% in the last trading session to close at $32.15. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 17.3% loss over the past four weeks.The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.This industrial real estate investment trust is expected to ...

While minor differences may remain in calculation methods or terminology, the shared goal is to enhance consistency and comparability across the sector. About STAG Industrial, Inc. STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United States. As of December 31, 2024, the Company's portfolio consists of 591 buildings in 41 states with approximately 116.6 million rentable square feet. For additional informati ...

BOSTON, April 1, 2025 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced that the Company will release its first quarter 2025 operating and financial results after market close on Tuesday, April 29, 2025. The Company will host its quarterly earnings conference call on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time. STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United S ...