STAG Industrial, Inc. Q1 2026 Earnings Recap

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.

Key Takeaways

• 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.