STAG Industrial Inc. reported first‑quarter 2026 revenue of $224.2 million, up 9.1% from $206.5 million a year earlier, and net income attributable to common stockholders of $61.9 million, a 32.7% decline from $91.3 million in Q1 2025. Core funds from operations rose to $126.6 million, or $0.65 per share, and cash net operating income increased to $169.9 million, reflecting an 8.1% rise in operating cash flow. The company also announced a dividend of $0.3875 per share for the second quarter of 2026, payable July 15, 2026.
The company’s occupancy rate was 95.1% across its total portfolio and 96.0% for its operating portfolio, a slight decline from the 97.2% figure previously reported. Cash leasing spread averaged 20.9% for the quarter, down from the 24% figure cited earlier. Record leasing activity—6.0 million square feet—was driven by strong demand in the industrial and data‑center segments, with eight new leases totaling 1.6 million square feet signed to data‑center‑related tenants since the beginning of 2025.
STAG’s earnings per share of $0.32 beat consensus estimates of $0.22–$0.24, a beat of $0.08–$0.10, while revenue of $224.2 million exceeded estimates of $221.1–$222.4 million, a beat of $1.8–$3.1 million. The earnings beat was largely due to disciplined cost control and a favorable mix of high‑margin leasing activity, offsetting a decline in property‑sale gains that contributed to the net‑income decline. Revenue growth was supported by robust leasing velocity and the company’s focus on data‑center tenants, which command higher rents and longer lease terms.
Management maintained all 2026 guidance, reaffirming a Core FFO per share range of $2.60–$2.64, an acquisition volume target of $350–$650 million, and same‑store cash NOI growth of 2.75%–3.25%. CEO Bill Crooker highlighted the company’s disciplined capital allocation and a growing acquisition pipeline, noting that the internal pipeline has increased to $3.9 billion and that the company is targeting data‑center tenants. CFO Pinard emphasized that cash leasing spreads are expected to remain in the 18%–20% range and that same‑store cash NOI growth is projected at 3% at the midpoint.
Investor sentiment was mixed, with some caution stemming from insider selling—including by the CEO—despite the earnings beat and maintained guidance. Nonetheless, the strong leasing activity, data‑center focus, and confidence in the 2026 outlook suggest a positive trajectory for the company’s core industrial business.
The results reinforce STAG Industrial’s position as a leading single‑tenant industrial REIT, with a solid leasing pipeline and a clear focus on high‑growth data‑center tenants. The company’s ability to maintain guidance while delivering a strong earnings beat indicates robust operational execution and a resilient business model in a competitive industrial real‑estate market.
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