# STAG Industrial (STAG) Q2 2025 Financial Results Summary
Boston, MA — July 29, 2025 – STAG Industrial, Inc. (NYSE:STAG) announced its financial and operating results for the quarter ended June 30, 2025. Below is a summary of the key metrics and highlights from the report.
### Financial Highlights
– **Net Income**:
– **Q2 2025**: $49.96 million
– **Q2 2024**: $59.74 million
– **Change**: **-16.4%**
– **Net Income per Share**:
– **Q2 2025**: $0.27 (basic and diluted)
– **Q2 2024**: $0.33 (basic and diluted)
– **Change**: **-18.2%**
– **Core Funds From Operations (Core FFO)**:
– **Q2 2025**: $120.51 million
– **Q2 2024**: $113.15 million
– **Change**: **+6.5%**
– **Core FFO per Share**: $0.63, up **3.3%** from $0.61 in Q2 2024
– **Cash Net Operating Income (Cash NOI)**:
– **Q2 2025**: $161.69 million
– **Q2 2024**: $148.43 million
– **Change**: **+8.9%**
– **Same Store Cash NOI**:
– **Q2 2025**: $145.27 million
– **Q2 2024**: $140.98 million
– **Change**: **+3.0%**
– **Cash Available for Distribution**:
– **Q2 2025**: $98.83 million
– **Q2 2024**: $95.12 million
– **Change**: **+3.9%**
### Operational Highlights
– **Acquisitions and Dispositions**:
– Acquired one building in Chicago (183,200 sq. ft.) for **$18.4 million**, with a cash capitalization rate of **7.1%**.
– Sold one building (151,200 sq. ft.) for **$9.1 million**.
– **Occupancy Rates**:
– Total portfolio occupancy: **96.3%**
– Operating portfolio occupancy: **97.0%**
– **Leasing Activity**:
– Commenced leases totaling **4.2 million sq. ft.** resulting in a Cash Rent Change of **24.6%** and a Straight-Line Rent Change of **41.1%**.
– Retention for expiring leases was **75.3%** across **3.5 million sq. ft.**.
– **Credit Rating**:
– Moody’s upgraded STAG’s corporate credit rating from **Baa3** to **Baa2** with a stable outlook.
### Capital Markets Activities
– Issued **$550 million** in fixed-rate senior unsecured notes at a weighted average rate of **5.65%**.
– Contains $350 million of **5.50%** notes (maturing June 25, 2030).
– $100 million of **5.82%** notes (maturing June 25, 2033).
– $100 million of **5.99%** notes (maturing June 25, 2035).
– As of June 30, 2025, Net Debt to Annualized Run Rate Adjusted EBITDAre was **5.1x**, and liquidity was **$961.2 million**.
### Dividend and Share Repurchase
– The company declared **dividends payable** of **$23.67 million** for Q2 2025, representing a stable payment from the previous quarter.
### Conclusion
In Q2 2025, STAG Industrial demonstrated a robust performance despite a decrease in net income and earnings per share compared to the same quarter a year prior. The growth in Core FFO, Cash NOI, and Cash Available for Distribution reflects positive operational efficiency and strategic acquisitions, while maintaining a strong occupancy rate within the portfolio.
The company will conduct a conference call on July 30, 2025, to discuss these results in detail.
Here are the extracted tables in Markdown format:
### CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands)
| Three months ended June 30, | 2025 | 2024 | Six months ended June 30, | 2025 | 2024 |
|---|---|---|---|---|---|
| Revenue | |||||
| Rental income | $207,438 | $186,467 | $412,800 | $373,869 | |
| Other income | $155 | $3,310 | $367 | $3,451 | |
| Total revenue | $207,593 | $189,777 | $413,167 | $377,320 | |
| Expenses | |||||
| Property | $40,403 | $37,478 | $84,081 | $76,549 | |
| General and administrative | $12,901 | $11,828 | $26,207 | $24,780 | |
| Depreciation and amortization | $74,473 | $75,280 | $148,373 | $146,707 | |
| Loss on impairment | $888 | $4,967 | $888 | $4,967 | |
| Other expenses | -$58 | $595 | $514 | $1,158 | |
| Total expenses | $128,607 | $130,148 | $260,063 | $254,161 | |
| Other income (expense) | |||||
| Interest and other income | $3 | $14 | $8 | $25 | |
| Interest expense | -$33,618 | -$27,372 | -$66,147 | -$52,793 | |
| Debt extinguishment and modification expenses | $— | $— | $— | -$667 | |
| Gain on involuntary conversion | $— | $5,717 | $1,855 | $5,717 | |
| Gain on the sales of rental property, net | $5,692 | $23,086 | $55,605 | $23,086 | |
| Total other income (expense) | -$27,923 | $1,445 | -$8,679 | -$24,632 | |
| Net income | $51,063 | $61,074 | $144,425 | $98,527 | |
| Less: income attributable to noncontrolling interest in operating partnership | $1,058 | $1,291 | $3,022 | $2,117 | |
| Net income attributable to STAG Industrial, Inc. | $50,005 | $59,783 | $141,403 | $96,410 | |
| Less: amount allocated to participating securities | $42 | $46 | $87 | $93 | |
| Net income attributable to common stockholders | $49,963 | $59,737 | $141,316 | $96,317 | |
| Weighted average common shares outstanding — basic | 186,535 | 181,961 | 186,502 | 181,834 | |
| Weighted average common shares outstanding — diluted | 186,910 | 182,185 | 186,834 | 182,088 | |
| Net income per share — basic and diluted | $0.27 | $0.33 | $0.76 | $0.53 |
### CONSOLIDATED BALANCE SHEETS (in thousands)
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Rental Property: | ||
| Land | $782,046 | $771,794 |
| Buildings and improvements, net of accumulated depreciation of $1,177,622 and $1,085,866, respectively | $5,325,367 | $5,295,120 |
| Deferred leasing intangibles, net of accumulated amortization of $406,658 and $386,627, respectively | $392,677 | $428,865 |
| Total rental property, net | $6,500,090 | $6,495,779 |
| Cash and cash equivalents | $15,379 | $36,284 |
| Restricted cash | $20,466 | $1,109 |
| Tenant accounts receivable | $138,936 | $136,357 |
| Prepaid expenses and other assets | $100,464 | $96,189 |
| Interest rate swaps | $19,703 | $36,466 |
| Operating lease right-of-use assets | $30,110 | $31,151 |
| Total assets | $6,825,148 | $6,833,335 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Unsecured credit facility | $51,000 | $409,000 |
| Unsecured term loans, net | $1,022,522 | $1,021,848 |
| Unsecured notes, net | $1,966,291 | $1,594,092 |
| Mortgage note, net | $4,089 | $4,195 |
| Accounts payable, accrued expenses and other liabilities | $117,823 | $126,811 |
| Interest rate swaps | $1,250 | — |
| Tenant prepaid rent and security deposits | $54,445 | $56,173 |
| Dividends and distributions payable | $23,668 | $23,469 |
| Deferred leasing intangibles, net of accumulated amortization of $33,876 and $31,368, respectively | $29,044 | $33,335 |
| Operating lease liabilities | $34,357 | $35,304 |
| Total liabilities | $3,304,489 | $3,304,227 |
| Equity: | ||
| Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2025 and December 31, 2024; none issued or outstanding | — | — |
| Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2025 and December 31, 2024, 186,691,274 and 186,517,523 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | $1,867 | $1,865 |
| Additional paid-in capital | $4,452,472 | $4,449,964 |
| Cumulative dividends in excess of earnings | -$1,027,416 | -$1,029,757 |
| Accumulated other comprehensive income | $17,954 | $35,579 |
| Total stockholders’ equity | $3,444,877 | $3,457,651 |
| Noncontrolling interest in operating partnership | $72,447 | $69,932 |
| Noncontrolling interest in joint ventures | $3,335 | $1,525 |
| Total equity | $3,520,659 | $3,529,108 |
| Total liabilities and equity | $6,825,148 | $6,833,335 |
