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Earnings analysis · 10-Q

STAG earnings analysis

Filed July 28, 2026 · Our reading of the company's report

The latest report

STAG delivered Q2 revenue of $224.369 million, up 8.1% year over year, and GAAP diluted EPS of $0.28, while same-store NOI grew 2.2%. Leasing spreads and acquisition NOI were strong, but same-store occupancy fell to…

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STAG delivered Q2 revenue of $224.369 million, up 8.1% year over year, and GAAP diluted EPS of $0.28, while same-store NOI grew 2.2%. Leasing spreads and acquisition NOI were strong, but same-store occupancy fell to 96.0% and interest expense rose 11.5%. Liquidity remains substantial at $613.7 million, although the balance sheet carries $3.453 billion of debt and acquisition spending drove a $408.402 million six-month investing outflow.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $20 Operating expenses $43 Left as operating profit $37

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$0.28

What stood out

  • Revenue and NOI grew strongly

    Q2 total operating revenue rose 8.1% year over year to $224.369 million from $207.593 million, while total portfolio NOI increased 7.3% to $179.341 million.

  • Internal leasing spreads remained robust

    Same-store rental income increased 3.4% to $204.427 million. New and renewal leases commencing in Q2 produced a 19.8% cash-rent increase across 5.620 million square feet.

  • Acquisitions accelerated portfolio growth

    Acquisitions added meaningfully to earnings: acquired properties contributed $10.9 million of Q2 NOI, versus $0.9 million a year earlier. The company acquired 7 buildings for $307.654 million during Q2.

  • GAAP earnings increased year over year

    Quarterly GAAP net income rose 5.8% to $54.013 million, or $0.28 diluted EPS, from $51.063 million and $0.27 diluted EPS in Q2 2025.

  • Operating cash flow and liquidity improved

    Six-month operating cash flow increased 6.0% to $228.376 million. Immediate liquidity was $613.7 million at June 30, comprising $65.9 million of cash and $547.8 million of revolver availability.

  • Post-quarter refinancing extended maturities

    Management refinanced its $150.0 million term loan into a $350.0 million term loan maturing January 16, 2032, and reduced applicable spreads by 5 basis points on that loan and several credit facilities.

What to watch

  • Occupancy decline pressured same-store rent

    Same-store occupancy declined 180 basis points year over year to 96.0% at June 30, 2026 from 97.8%. Tenant vacancies reduced same-store base rent by approximately $3.3 million in Q2.

  • Higher interest expense and revolver exposure

    Q2 interest expense rose 11.5% to $37.495 million from $33.618 million, principally due to $550.0 million of unsecured notes issued in June 2025. The unsecured credit facility had a $449.0 million balance at June 30, 2026.

  • Debt maturities and residual floating-rate risk

    Total debt principal was $3.453 billion, with 8.7% maturing in the next 12 months. A 100-basis-point increase in rates on the $449.0 million revolver balance would have raised six-month interest expense by approximately $2.2 million.

  • Capital deployment is funding-intensive

    Six-month investing cash outflow increased to $408.402 million from $89.629 million, driven partly by $388.367 million of acquisitions. Management says 2026 acquisition activity has nevertheless been slow relative to its historical pace because of macro uncertainty.

  • No formal risk-factor updates; macro risks persist

    The filing reports no material changes to risk factors from the 2025 Form 10-K. However, management cites evolving trade policy, geopolitical tensions and macro conditions that could tighten credit, weaken tenant cash flows and raise vacancies.

Management's outlook

The 10-Q contains no quantitative revenue, EPS, FFO, acquisition, or capital-spending guidance. Management states that acquisition activity in 2026 has been slow relative to its historical pace amid macroeconomic and credit-market uncertainty.

Earlier filings 1

10-Q · April 28, 2026

STAG reported total operating revenue of $224,207 (in thousands) for Q1 2026, up $18,633 (9.1%) vs. Q1 2025, driven by same-store rental income growth. Same-store NOI rose 4.1% and total portfolio NOI increased 9.3% to…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.