STAG Industrial posted Core FFO of $0.65 per diluted share in Q1 2026, matching consensus and beating the FactSet estimate of $0.64 per share. Total revenue of $224.2 million topped the $221.5 million analyst consensus by $2.7 million. GAAP net income per share came in at $0.32, declining from $0.49 a year earlier due to fewer property sale gains. Shares fell approximately 3.7% after the report, settling near $38.09 in the session following the April 28, 2026 release.
About STAG Industrial
STAG Industrial, Inc. (NYSE: STAG) is a Boston, Massachusetts-based real estate investment trust focused on the acquisition and operation of single-tenant industrial properties across the United States. Founded in 2010, the company has grown into one of the country’s largest dedicated industrial REITs, with a portfolio spanning 191.2 million shares outstanding and a market capitalization of approximately $7.34 billion. As of March 31, 2026, STAG owned a diversified portfolio of warehouses and distribution centers across 41 states, totaling approximately 120 million rentable square feet across 601 buildings.
The company’s acquisition pipeline stood at $3.9 billion as of April 27, 2026, consisting of 164 buildings totaling 33.8 million square feet. STAG pays monthly dividends and authorized a Q2 2026 cash dividend of $0.3875 per share ($1.55 annualized), payable July 15, 2026. With an analyst consensus rating of Outperform from 11 analysts and an average price target of $41.55, the stock’s 52-week range sits between $32.79 and $39.99.
Top Financial Highlights
- Total revenue reached $224.2 million, reflecting a 9.1% increase from $205.6 million in Q1 2025.
- Rental income was reported at $223.8 million, compared to $205.4 million in the prior year period.
- Net income declined to $63.3 million, down 32.2% from $93.4 million, mainly due to lower gains from property sales.
- GAAP EPS stood at $0.32, compared to $0.49 in Q1 2025.
- Core FFO per diluted share increased to $0.65, reflecting a 6.6% rise from $0.61.
- Core FFO reached $126.6 million, showing a 9.8% year over year increase.
- Same store cash NOI was $159.3 million, up 4.1% from $153.1 million in Q1 2025.
- Cash NOI stood at $169.9 million, reflecting an 8.1% increase year over year.
- Adjusted EBITDAre was recorded at $159.0 million, compared to $146.4 million in Q1 2025.
- Cash available for distribution reached $109.7 million, up 3.0% year over year.
- Total expenses increased to $140.2 million, compared to $131.5 million in Q1 2025.
- The occupancy rate was 95.1% across the total portfolio and 96.0% for the operating portfolio as of March 31, 2026.
- Cash rent change reached 20.9% on 5.99 million square feet of commenced leases, while straight line rent change was 39.6%.
- Cash on hand stood at $8.9 million, with total liquidity of $805.7 million.
- Net debt to annualized run rate adjusted EBITDAre was reported at 5.0x.
- The company acquired one building in Kansas City, Missouri, covering 748,833 square feet for $80.7 million at a 6.1% cash cap rate.
- Full year 2026 guidance indicates core FFO in the range of $2.60 to $2.64 per share.
Beat or Miss?
| Metric | Reported | Estimated (Consensus) | Difference / Analysis |
| Core FFO per Diluted Share | $0.65 | $0.64 (FactSet) | Beat by $0.01; met Zacks/public.com consensus of $0.65 |
| Total Revenue | $224.2M | $221.5M (FactSet) | Beat by $2.7M (+1.2%); Zacks notes +2.63% revenue |
| GAAP EPS | $0.32 | N/A | Down 34.7% YoY; reflects fewer asset sale gains vs. Q1 2025 |
| Same Store Cash NOI | $159.3M | N/A | 4.1% growth; within management’s 2.75%-3.25% full-year |
| Occupancy Rate (Operating Portfolio) | 96.00% | N/A | Slight sequential pullback; Q2 2026 trough expected before H2 recovery |
What Leadership Is Saying?
CEO Bill Crooker on Strategy and Vision:
“STAG delivered strong first quarter results driven by healthy leasing activity, disciplined capital allocation, and a growing acquisition pipeline. These results set a solid foundation for 2026 and we remain well positioned to capitalize on opportunities.”
CFO Matts Pinard on Financials and Guidance:
“Our balance sheet remains well positioned with liquidity of $805.7 million and Net Debt to Annualized Run Rate Adjusted EBITDAre of 5.0x at quarter end. We are maintaining our full-year 2026 Core FFO per share guidance of $2.60 to $2.64 and our same-store cash NOI growth guidance of 2.75% to 3.25%, with 79% of our forecasted 2026 leasing already addressed at cash rent changes consistent with our initial guidance.”
Historical Performance
STAG Industrial: Q1 2026 vs. Q1 2025
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Total Revenue | $224.2M | $205.6M | 9.10% |
| Rental Income | $223.8M | $205.4M | 8.90% |
| Net Income | $63.3M | $93.4M | -32.20% |
| Net Income per Common Share (Diluted) | $0.32 | $0.49 | -34.70% |
| Core FFO | $126.6M | $115.2M | 9.80% |
| Core FFO per Diluted Share | $0.65 | $0.61 | 6.60% |
| Same Store Cash NOI | $159.3M | $153.1M | 4.10% |
| Cash NOI | $169.9M | $157.2M | 8.10% |
| Adjusted EBITDAre | $159.0M | $146.4M | 8.60% |
| Total Operating Expenses | $140.2M | $131.5M | 6.60% |
| Cash Available for Distribution | $109.7M | $106.5M | 3.00% |
Competitor Performance
Q1 2026 vs. Q1 2025
The following table benchmarks STAG Industrial against its closest industrial REIT peers across key Q1 2026 metrics.
Revenue Comparison
| Company (Ticker) | Q1 2026 Revenue | Q1 2025 Revenue | Change (%) |
| Prologis (PLD) | $2,297.7M | $2,139.7M | 7.40% |
| STAG Industrial (STAG) | $224.2M | $205.6M | 9.10% |
| EastGroup Properties (EGP) | $190.3M | $174.5M | 9.10% |
| Rexford Industrial (REXR) | $245.1M | $252.3M | -2.90% |
Net Income Comparison
| Company (Ticker) | Q1 2026 Net Income | Q1 2025 Net Income | Change (%) |
| Prologis (PLD) | $980.5M (to common) | $591.5M | 65.70% |
| STAG Industrial (STAG) | $63.3M | $93.4M | -32.20% |
| EastGroup Properties (EGP) | $94.6M | N/A | N/A |
| Rexford Industrial (REXR) | $94.6Ms | $74.0M | +27.8% |
Core FFO per Diluted Share Comparison
| Company (Ticker) | Q1 2026 Core FFO/Share | Q1 2025 Core FFO/Share | Change (%) |
| Prologis (PLD) | $1.50 | N/A | N/A |
| STAG Industrial (STAG) | $0.65 | $0.61 | 6.60% |
| EastGroup Properties (EGP) | $2.34 | $2.12 | 10.40% |
| Rexford Industrial (REXR) | $0.61 | $0.62 | -1.60% |
Among industrial REIT peers, STAG’s 9.1% revenue growth matched EastGroup’s pace and outpaced Prologis’s 7.4% gain, while Rexford’s revenue declined 2.9% due to a revenue model shift (third-party management fees ended January 1, 2026) and softer Southern California market conditions.
How the Market Reacted?
Despite beating Core FFO and revenue estimates, STAG Industrial shares declined approximately 3.72% to $38.09 in the trading session following the April 28, 2026 earnings release. The negative reaction appears tied to the significant 34.7% drop in GAAP EPS (from $0.49 to $0.32) and a mild sequential pullback in same-store occupancy, with management flagging an expected Q2 2026 occupancy trough before a recovery in the second half of the year.
STAG’s historical earnings move average is approximately -0.69% across the five prior releases, making this quarter’s decline somewhat more pronounced than the norm. Despite the post-earnings dip, STAG shares had gained 7.4% year-to-date through the earnings date, outperforming the S&P 500’s 4.8% gain over the same period, with analysts maintaining a consensus Outperform rating and a 12-month average price target of $41.55.
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