STAG Industrial(STAG) - 2025 Q4 - Annual Results

Financial Performance - Reported net income attributable to common stockholders of $83.4 million for Q4 2025, a 63.9% increase from $50.9 million in Q4 2024[4] - For the year ended December 31, 2025, net income attributable to common stockholders was $273.4 million, a 44.6% increase from $189.0 million in 2024[5] - Net income for the three months ended December 31, 2025, was $85,196,000, compared to $52,008,000 for the same period in 2024, representing a year-over-year increase of 63.8%[31] - The company reported a net income per share attributable to common stockholders of $1.46 for the year ended December 31, 2025, up from $1.04 in 2024[25] Revenue and Income Metrics - Total revenue for the year ended December 31, 2025, increased to $845.184 million, up 10.1% from $767.384 million in 2024[25] - Net operating income for the year ended December 31, 2025, was $673.359 million, up 9.9% from $612.556 million in 2024[28] - Adjusted EBITDAre for the year ended December 31, 2025, was $610.319 million, a 9.5% increase from $557.350 million in 2024[28] - Funds from operations (FFO) for the year ended December 31, 2025, reached $487,857,000, up from $458,741,000 in 2024, indicating a growth of 6.5%[31] Cash Flow and Distribution - Cash available for distribution for the year ended December 31, 2025, was $405,357,000, compared to $369,814,000 in 2024, marking a rise of 9.6%[31] - Cash and cash equivalents decreased to $14.910 million as of December 31, 2025, down from $36.284 million in 2024[23] Operational Metrics - Achieved Core FFO per diluted share of $0.66 for Q4 2025, an 8.2% increase compared to $0.61 in Q4 2024[4] - Produced Same Store Cash NOI of $148.5 million for Q4 2025, reflecting a 5.4% increase from $140.8 million in Q4 2024[4] - Same Store Cash NOI for the year ended December 31, 2025, was $579.410 million, compared to $555.620 million in 2024, indicating a growth of 4.3%[28] - The occupancy rate for the operating portfolio was not explicitly stated but is a key metric for assessing property performance[52] Acquisitions and Leasing - Acquired seven buildings totaling 2.2 million square feet for $285.9 million in Q4 2025, with a Cash Capitalization Rate of 6.4%[4] - Commenced leases totaling 3.0 million square feet in Q4 2025, resulting in a Cash Rent Change of 16.3%[4] - The Company addressed 69.2% of expected 2026 new and renewal leasing, achieving a Cash Rent Change of 20.0%[18] - The total acquisition pipeline as of February 10, 2026, includes 30.5 million square feet valued at $3.6 billion[10] Shareholder Metrics - Weighted average common shares outstanding increased to 186.844 million for the year ended December 31, 2025, from 182.160 million in 2024[25] - The weighted average common shares outstanding increased to 187,767,000 for the three months ended December 31, 2025, from 182,936,000 in 2024, a growth of 2.3%[31] - Core funds from operations per share (basic) for the year ended December 31, 2025, was $2.56, up from $2.40 in 2024, representing a 6.7% increase[31] Debt and Liabilities - Total liabilities rose to $3.537 billion as of December 31, 2025, an increase of 7.1% from $3.304 billion in 2024[23] - The company reported a total debt extinguishment and modification expense of $1,503,000 for the year ended December 31, 2025, compared to $101,000 in 2024[31] Forward-Looking Statements - Forward-looking statements are subject to risks and uncertainties that could materially affect actual results, as outlined in the Annual Report on Form 10-K for the year ended December 31, 2025[63]