STAG Industrial, Inc.

Listed Company

STAGCIK 0001479094NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$845.18M

Net Income

$273.52M

Total Assets

$7.21B

Equity

$3.60B

Shares Out

191.21M

Op. Cash Flow

$463.39M

Business

STAG Industrial, Inc. is a real estate investment trust that acquires, owns, and operates industrial properties across the United States. It provides commercial industrial real estate through leasing, property management, acquisitions, development and redevelopment services focused on generating rental income and long‑term asset appreciation. The company operates as a single reporting and operating segment, managing an aggregated portfolio that excludes non‑core flex/office and value‑add assets from its Operating Portfolio. STAG distributes space primarily to tenants in CBRE‑EA Tier 1 U.S. industrial markets through direct leasing and property management channels.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	843	763	705	654	559
Other income	2	4	3	3	3
Total revenue	845	767	708	657	562
Property	172	155	140	126	108
General and administrative	52	49	47	47	49
Depreciation and amortization	302	293	278	275	239
Loss on impairment	888,000	5	0	2	0
Other expenses	2	2	5	4	3
Total expenses	528	504	470	454	398
Interest and other income	385,000	44,000	68,000	103,000	121,000
Interest expense	−132	−113	−95	—	—
Debt extinguishment and modification expenses	−2	−703,000	0	−838,000	−2
Gain on involuntary conversion	2	12	0	0	0
Gain on the sales of rental property, net	94	32	54	57	98
Total other income (expense)	−38	−70	−40	−21	32
Net income	279	193	197	182	196
Less: income attributable to noncontrolling interest in operating partnership	6	4	4	4	4
Net income attributable to STAG Industrial, Inc.	274	189	193	178	192
Less: amount allocated to participating securities	169,000	182,000	212,000	237,000	288,000
Net income attributable to common stockholders	273	189	193	178	188
Weighted average common shares outstanding basic	187	182	180	179	163
Weighted average common shares outstanding diluted	187	182	181	179	164
Net income per share attributable to common stockholders basic	1.46	1.04	1.07	1	1.15
Net income per share attributable to common stockholders diluted	1.46	1.04	1.07	1	1.15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-11-30	FY 2024 2024-07-31	FY 2023 2023-12-31
Land	812	772	—	—	699
Buildings and improvements, net of accumulated depreciation of $1,119,931 and $1,085,866, respectively	5,593	5,295	—	—	4,839
Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627, respectively	395	429	—	—	436
Total rental property, net	6,800	6,496	—	—	5,973
Cash and cash equivalents	15	36	—	—	21
Restricted cash	86	1	—	—	1
Tenant accounts receivable	156	136	—	—	128
Prepaid expenses and other assets	104	96	—	—	80
Interest rate swaps	14	36	—	—	50
Operating lease right-of-use assets	33	31	—	—	30
Total assets	7,208	6,833	—	—	6,283
Unsecured credit facility	262	409	—	—	402
Unsecured term loans, net	1,021	1,022	—	—	1,022
Unsecured notes, net	1,967	1,594	—	—	1,196
Mortgage note, net	4	4	—	—	4
Accounts payable, accrued expenses and other liabilities	135	127	—	—	83
Interest rate swaps	1	0	—	—	—
Tenant prepaid rent and security deposits	59	56	—	—	44
Dividends and distributions payable	24	23	—	—	23
Deferred leasing intangibles, net of accumulated amortization of $34,098 and $31,368, respectively	26	33	—	—	30
Operating lease liabilities	37	35	—	—	34
Total liabilities	3,537	3,304	—	—	2,838
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31, 2025 and December 31, 2024; none issued or outstanding	0	0	—	—	0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31, 2025 and December 31, 2024, 191,005,261 and 186,517,523 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	2	2	—	—	2
Additional paid-in capital	4,617	4,450	—	—	4,272
Cumulative dividends in excess of earnings	−1,035	−1,030	—	—	−949
Accumulated other comprehensive income	12	36	—	—	49
Total stockholders equity	3,596	3,458	—	—	3,375
Noncontrolling Interest in Operating Partnerships	71	70	—	—	71
Noncontrolling interest in joint ventures	4	2	900,000	700,000	0
Total equity	3,671	3,529	—	—	3,446
Total liabilities and equity	7,208	6,833	—	—	6,283

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	302	293	278	275	239
Gain on involuntary conversion	−2	−12	0	0	0
Non-cash portion of interest expense	5	5	4	4	3
Amortization of above and below market leases, net	−3	−602,000	−887,000	−352,000	2
Straight-line rent adjustments, net	−19	−14	−17	−18	−18
Debt extinguishment and modification expenses	30,000	36,000	0	21,000	249,000
Gain on the sales of rental property, net	−94	−32	−54	−57	−98
Non-cash compensation expense	13	12	11	12	15
Tenant accounts receivable	1	5	2	−6	−36,000
Prepaid expenses and other assets	−28	−27	−24	−22	−19
Accounts payable, accrued expenses and other liabilities	5	23	−9	14	7
Tenant prepaid rent and security deposits	3	12	3	3	8
Total adjustments	184	267	194	206	140
Net cash provided by operating activities	463	460	391	388	336
Additions of land and buildings and improvements	−398	−625	−304	−422	−1,211
Acquisitions of land and buildings and improvements	−205	−150	−108	−112	−40
Acquisitions of other assets	−167,000	−243,000	0	−2	−1
Payment to acquire operating lease right-of-use assets	−3	−4	0	−4	−6
Proceeds from sale of rental property, net	164	126	106	135	188
Acquisitions of tenant prepaid rent	0	0	511,000	445,000	1
Acquisition deposits, net	−350,000	−450,000	4	1	−3
Acquisitions of deferred leasing intangibles	−58	−82	−18	−49	−155
Acquisition of operating lease liabilities	3	4	0	4	6
Net cash used in investing activities	−497	−731	−320	−448	−1,220
Proceeds from unsecured credit facility	1,394	1,976	1,167	1,288	2,665
Repayment of unsecured credit facility	−1,541	−1,969	−940	−1,409	−2,476
Proceeds from unsecured term loans	55	0	0	375	1,125
Repayment of unsecured term loans	−55	0	0	−325	−1,125
Proceeds from unsecured notes	550	450	0	400	325
Repayments of Unsecured Debt	−175	−50	−100	0	0
Repayment of mortgage notes	−223,000	−215,000	−4	−47	−2
Payment of loan fees and costs	−5	−12	−270,000	−5	−10
Dividends and distributions	−284	−275	−268	−267	−246
Proceeds from sales of common stock, net	157	167	69	55	707
Repurchase and retirement of share-based compensation	−649,000	−1	−812,000	−2	−1
Proceeds from (Payments to) Noncontrolling Interests	2	651,000	0	0	—
Net cash provided by (used in) financing activities	97	286	−76	63	887
Increase (decrease) in cash and cash equivalents and restricted cash	63	16	−5	4	3
Cash paid for interest, net of amounts capitalized of $3,612, $2,268, and $2,600 for 2025, 2024, and 2023, respectively	128	109	90	73	58
Acquisitions of land and buildings and improvements	−780,000	−3	−66,000	0	−6
Acquisitions of deferred leasing intangibles	−129,000	−357,000	−6,000	0	−948,000
Additions to building and other capital improvements from involuntary conversion	−2	15	0	0	—
Partial disposal due to involuntary conversion of building	0	0	3	0	0
Investing other receivables due to involuntary conversion of building	0	3	−3	0	0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities	−657,000	−19	3	—	—
Additions to building and other capital improvements from non-cash compensation	266,000	205,000	92,000	62,000	9,000
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities	−296,000	−563,000	−30,000	192,000	930,000
Contributions from noncontrolling interest in joint ventures	0	−874,000	0	0	—

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