STAG Industrial(STAG) - 2025 Q3 - Quarterly Results

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]