Shares of STAG Industrial declined 2.5% following first quarter earnings, reflecting a neutral-to-cautious investor response despite management maintaining 2026 guidance. The market's reaction suggests that solid leasing numbers and unchanged guidance were largely in line with expectations, without any clear upside surprise.

• Core FFO per share was $0.65 for the quarter, up 6.6% year-over-year.
• Leasing activity set a quarterly record, with 37 leases commenced across 6 million square feet; cash and straight-line leasing spreads were 20.9% and 39.6%, respectively.
• Retention rate came in at 69.5%, with full-year retention guidance unchanged at 70%-80%.
• Same-store cash NOI increased 4.1% year-over-year, and credit loss was minimal.
• All 2026 guidance maintained; 79% of full-year forecasted leasing already addressed at levels consistent with prior years.