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STAG Industrial
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Latest analysis
Updated Jul 29, 2026
STAG Industrial raises Core FFO and acquisition guidance as industrial fundamentals stabilize, vacancy peaks, and data center-adjacent demand emerges as a durable new driver.
Industrial fundamentals have inflected positively for STAG: vacancy has peaked nationally and within the portfolio, net absorption accelerated to 69 million square feet in Q2 — the best first-half performance since 2022 — and the supply pipeline has compressed to 2% of total stock. STAG raised Core FFO guidance to $2.61–$2.65 per share, increased acquisition volume guidance to $400–$700 million, and lifted cash same-store NOI growth guidance to 3.0–3.5%, reflecting strengthening operating fundamentals across Midwest, Southeast, and Texas markets. The emergence of data center-related warehouse demand — 2.3 million square feet leased since early 2025 at a 7-year weighted average lease term and 33% mark-to-market — is a structurally new demand layer that management describes as durable and incremental to the existing e-commerce and onshoring tailwinds.
Tone: bullishRevenue
$845.2M
STAG 10-K · FY 2025
Employees
93
Revenue FY2024
$767.4M
Founded
2010
Profile
STAG 10-K Item 1 · Feb 11, 2026STAG Industrial is a Maryland-incorporated REIT focused on the acquisition, ownership, development, and operation of industrial properties across the United States. As of December 31, 2025, the company owned 601 buildings totaling approximately 120.0 million rentable square feet across 41 states. The portfolio is highly diversified by tenant, industry, and geography, with no single tenant exceeding 2.8% of total annualized base rental revenue.
Read filing description ↓ Collapse description ↑
We are a REIT focused on the acquisition, ownership, development, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer attractive returns across CBRE-EA Tier 1 industrial real estate markets, industries, and tenants, (ii) provide growth through our ownership of high-quality assets, property management and pursuit of acquisitions in an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. As of December 31, 2025, we owned 601 buildings in 41 states with approximately 120.0 million rentable square feet. As of December 31, 2025, we had seven development projects (which are not included in the building count noted above). As of December 31, 2025, our buildings were approximately 96.4% leased, with no single tenant accounting for more than approximately 2.8% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.4% of our total annualized base rental revenue. We have fully integrated acquisition, leasing and operations platforms led by a senior management team with decades of industrial real estate experience. Our mission is to deliver attractive long-term stockholder returns in all market environments by growing cash flow through disciplined investment in high-quality real estate while maintaining a strong balance sheet. We focus on acquiring assets individually or in small portfolios. We believe that owning and operating a portfolio of individually acquired industrial properties throughout CBRE-EA Tier 1 industrial markets in the United States will generate returns for our stockholders that are attractive in light of the associated risks.
Primary products
- Industrial property leasing
- Single-tenant industrial properties
- Multi-tenant industrial properties
- Development projects
Business segments
End markets
Geographies
Named customers
no single tenant accounting for more than approximately 2.8% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.4% of our total annualized base rental revenue
“We compete with other real estate investors and operators. We also face significant competition from owners and managers of other industrial properties in leasing space in our properties to prospective tenants and in re-leasing space to existing tenants.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew from $767.4 million in 2024 to $845.2 million in 2025, driven primarily by growth in rental income.
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