STAG Industrial, Inc. Q3 2026 Earnings Recap

STAG’s third-quarter results and revised guidance were broadly positive, while shares were roughly flat, up 0.4% after earnings. Core FFO per share rose 1.5% year over year, and the company raised its same-store cash NOI and core FFO guidance.

Key Takeaways

• Core FFO was $0.66 per share, up 1.5% from a year earlier.
• Same-store cash NOI grew 3.5% in the quarter and 3.9% year to date; full-year growth guidance increased to 3.5%–3.75%.
• Average same-store occupancy guidance rose 25 basis points at the midpoint, to 96.75%–97.25%; core FFO guidance increased $0.02 at the midpoint, to $2.64–$2.66 per share.
• The company commenced 30 leases covering 3.6 million square feet, with cash and straight-line leasing spreads of 23.8% and 35.7%; retention was 90.3%.
• Net debt to annualized run-rate adjusted EBITDA was 5.1x, and liquidity was $546 million. Acquisition guidance was narrowed to $530 million–$600 million, with an expected stabilized cap rate of 6.3%–6.4%.