STAG Industrial Q1 2025 Earnings Summary

STAG Industrial began 2025 with strong operational and financial performance, delivering notable increases in net income, Core FFO, and Cash NOI, while maintaining high occupancy and achieving significant rent growth on new and renewal leases. The REIT continues to benefit from broad market diversification, a conservative balance sheet, and accretive capital recycling.

Key Q1 2025 Financial Highlights (vs. Q1 2024)
Net Income: $91.3M (▲150%)

Net Income per Share (Diluted): $0.49 (▲145%)

Core FFO per Share: $0.61 (▲3.4%)

Cash NOI: $157.2M (▲8.1%)

Same Store Cash NOI: $144.6M (▲3.4%)

Cash Available for Distribution: $106.5M (▲8.5%)

Adjusted EBITDAre: $146.4M (▲8.7%)

Portfolio & Leasing Performance
Occupancy Rate (Total Portfolio): 95.9%

Operating Portfolio Occupancy: 96.8%

Leasing Commencements: 5.0M sq ft

Cash Rent Change: +27.3%

Straight-Line Rent Change: +42.1%

Tenant Retention Rate: 85.3%

Development Leasing: 102,060 sq ft signed in South Carolina project

Capital Allocation Activity
Acquisitions: 3 buildings, 393.6K sq ft for $43.3M

Cash Cap Rate: 6.8%

Dispositions: 1 building, 337.4K sq ft sold for $67M

Net gain on sale: $49.9M

Acquisition Pipeline: 30.4M sq ft across 181 buildings valued at $3.8B

Capital Structure & Liquidity
Liquidity (as of March 31): $493.1M

Net Debt to Annualized Run Rate Adjusted EBITDAre: 5.2x

Post-Quarter Debt Issuance (April 2025):

$550M in senior unsecured notes

Weighted Avg. Rate: 5.65%, Weighted Avg. Term: 6.5 years

STAG Industrial Secures $550 Million in Private Debt Placement for Strategic Refinancing

STAG Industrial, Inc. (NYSE: STAG) has entered into a definitive agreement to issue $550 million in senior unsecured notes through a private placement transaction with institutional investors.

The agreement, finalized on April 15, 2025, outlines the following tranches:

$350 million maturing June 25, 2030 with a 5.50% fixed annual interest rate

$100 million maturing June 25, 2033 with a 5.82% fixed annual interest rate

$100 million maturing June 25, 2035 with a 5.99% fixed annual interest rate

Interest will be paid semiannually. The notes, expected to close on or around June 25, 2025, can be prepaid in part or full at par plus a make-whole premium.

Proceeds will be used to refinance existing debt and support general corporate initiatives, including potential acquisitions. The notes will be guaranteed by STAG and certain subsidiaries, mirroring the company’s unsecured credit facility covenants, including a minimum interest coverage ratio of 1.50:1.00.

This private placement is being executed under the Section 4(a)(2) exemption of the Securities Act and will not be registered for public sale.