0001479094--12-312025Q3FALSEP1YP10DP10Dxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purestag:buildingstag:stateutr:sqftutr:Ratestag:extentionstag:extensionstag:derivative_instrument00014790942025-01-012025-09-3000014790942025-10-2800014790942025-09-3000014790942024-12-3100014790942025-07-012025-09-3000014790942024-07-012024-09-3000014790942024-01-012024-09-300001479094us-gaap:OperatingIncomeLossMember2025-07-012025-09-300001479094us-gaap:PreferredStockMember2025-06-300001479094us-gaap:CommonStockMember2025-06-300001479094us-gaap:AdditionalPaidInCapitalMember2025-06-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001479094us-gaap:ParentMember2025-06-300001479094us-gaap:NoncontrollingInterestMember2025-06-300001479094stag:NoncontrollingInterestInJointVentureMember2025-06-3000014790942025-06-300001479094us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001479094us-gaap:ParentMember2025-07-012025-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-07-012025-09-300001479094us-gaap:NoncontrollingInterestMember2025-07-012025-09-300001479094us-gaap:CommonStockMember2025-07-012025-09-300001479094stag:NoncontrollingInterestInJointVentureMember2025-07-012025-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001479094us-gaap:PreferredStockMember2025-09-300001479094us-gaap:CommonStockMember2025-09-300001479094us-gaap:AdditionalPaidInCapitalMember2025-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001479094us-gaap:ParentMember2025-09-300001479094us-gaap:NoncontrollingInterestMember2025-09-300001479094stag:NoncontrollingInterestInJointVentureMember2025-09-300001479094us-gaap:PreferredStockMember2024-06-300001479094us-gaap:CommonStockMember2024-06-300001479094us-gaap:AdditionalPaidInCapitalMember2024-06-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001479094us-gaap:ParentMember2024-06-300001479094us-gaap:NoncontrollingInterestMember2024-06-300001479094stag:NoncontrollingInterestInJointVentureMember2024-06-3000014790942024-06-300001479094us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001479094us-gaap:ParentMember2024-07-012024-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-07-012024-09-300001479094us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001479094us-gaap:CommonStockMember2024-07-012024-09-300001479094stag:NoncontrollingInterestInJointVentureMember2024-07-012024-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001479094us-gaap:PreferredStockMember2024-09-300001479094us-gaap:CommonStockMember2024-09-300001479094us-gaap:AdditionalPaidInCapitalMember2024-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001479094us-gaap:ParentMember2024-09-300001479094us-gaap:NoncontrollingInterestMember2024-09-300001479094stag:NoncontrollingInterestInJointVentureMember2024-09-3000014790942024-09-300001479094us-gaap:PreferredStockMember2024-12-310001479094us-gaap:CommonStockMember2024-12-310001479094us-gaap:AdditionalPaidInCapitalMember2024-12-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001479094us-gaap:ParentMember2024-12-310001479094us-gaap:NoncontrollingInterestMember2024-12-310001479094stag:NoncontrollingInterestInJointVentureMember2024-12-310001479094us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001479094us-gaap:ParentMember2025-01-012025-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-09-300001479094us-gaap:NoncontrollingInterestMember2025-01-012025-09-300001479094us-gaap:CommonStockMember2025-01-012025-09-300001479094stag:NoncontrollingInterestInJointVentureMember2025-01-012025-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300001479094us-gaap:PreferredStockMember2023-12-310001479094us-gaap:CommonStockMember2023-12-310001479094us-gaap:AdditionalPaidInCapitalMember2023-12-310001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001479094us-gaap:ParentMember2023-12-310001479094us-gaap:NoncontrollingInterestMember2023-12-310001479094stag:NoncontrollingInterestInJointVentureMember2023-12-3100014790942023-12-310001479094us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001479094us-gaap:ParentMember2024-01-012024-09-300001479094us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-09-300001479094us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001479094us-gaap:CommonStockMember2024-01-012024-09-300001479094stag:NoncontrollingInterestInJointVentureMember2024-01-012024-09-300001479094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001479094stag:STAGIndustrialIncMember2025-01-012025-09-300001479094stag:STAGIndustrialIncMember2025-01-012025-03-310001479094us-gaap:BuildingMember2025-09-300001479094us-gaap:BuildingMember2024-12-310001479094us-gaap:LeaseholdImprovementsMember2025-09-300001479094us-gaap:LeaseholdImprovementsMember2024-12-310001479094us-gaap:LandBuildingsAndImprovementsMember2025-09-300001479094us-gaap:LandBuildingsAndImprovementsMember2024-12-310001479094stag:MinneapolisMN1092025Member2025-03-310001479094stag:MinneapolisMN1092025Member2025-01-012025-03-310001479094stag:ChicagoIL2272025Member2025-03-310001479094stag:ChicagoIL2272025Member2025-01-012025-03-310001479094stag:AcquisitionsQ12025Member2025-03-310001479094stag:AcquisitionsQ12025Member2025-01-012025-03-310001479094stag:LouisvilleKY5072025Member2025-06-300001479094stag:LouisvilleKY5072025Member2025-04-012025-06-300001479094stag:ChicagoIL6122025Member2025-06-300001479094stag:ChicagoIL6122025Member2025-04-012025-06-300001479094stag:AcquisitionsQ22025Member2025-06-300001479094stag:AcquisitionsQ22025Member2025-04-012025-06-300001479094stag:HoustonTX9152025Member2025-09-300001479094stag:HoustonTX9152025Member2025-07-012025-09-300001479094stag:DaytonOHLandParcel9232025Member2025-09-300001479094stag:DaytonOHLandParcel9232025Member2025-07-012025-09-300001479094stag:DaytonOH9232025Member2025-09-300001479094stag:DaytonOH9232025Member2025-07-012025-09-300001479094stag:AcquisitionsQ32025Member2025-09-300001479094stag:AcquisitionsQ32025Member2025-01-012025-09-300001479094stag:Acquisitions2025Member2025-09-300001479094stag:Acquisitions2025Member2025-01-012025-09-300001479094us-gaap:LeasesAcquiredInPlaceMember2025-09-300001479094us-gaap:LeasesAcquiredInPlaceMember2025-01-012025-09-300001479094us-gaap:CustomerRelationshipsMember2025-09-300001479094us-gaap:CustomerRelationshipsMember2025-01-012025-09-300001479094us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2025-09-300001479094us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2025-01-012025-09-300001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-09-300001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-01-012025-09-300001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-07-012025-09-300001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-07-012024-09-300001479094us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-09-300001479094us-gaap:LandMember2025-09-300001479094us-gaap:BuildingAndBuildingImprovementsMember2025-09-300001479094us-gaap:LeaseAgreementsMember2025-09-300001479094us-gaap:SubsequentEventMember2025-10-290001479094us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001479094us-gaap:FairValueMeasurementsNonrecurringMember2025-09-300001479094us-gaap:OperatingIncomeLossMember2025-01-012025-09-300001479094us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001479094us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCapRateMember2025-09-300001479094us-gaap:AboveMarketLeasesMember2025-09-300001479094us-gaap:AboveMarketLeasesMember2024-12-310001479094us-gaap:OtherIntangibleAssetsMember2025-09-300001479094us-gaap:OtherIntangibleAssetsMember2024-12-310001479094us-gaap:OtherIntangibleAssetsMember2025-07-012025-09-300001479094us-gaap:OtherIntangibleAssetsMember2024-07-012024-09-300001479094us-gaap:OtherIntangibleAssetsMember2025-01-012025-09-300001479094us-gaap:OtherIntangibleAssetsMember2024-01-012024-09-300001479094us-gaap:LineOfCreditMember2025-09-300001479094us-gaap:LineOfCreditMember2024-12-310001479094us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-09-300001479094us-gaap:LineOfCreditMember2025-01-012025-09-300001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2025-09-300001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2024-12-310001479094stag:A150MillionUnsecuredTermLoanAMemberus-gaap:LongTermDebtMember2025-01-012025-09-300001479094stag:A1875MillionUnsecuredTermLoanHMemberus-gaap:LongTermDebtMember2025-09-300001479094stag:A1875MillionUnsecuredTermLoanHMemberus-gaap:LongTermDebtMember2024-12-310001479094stag:A1875MillionUnsecuredTermLoanHMemberus-gaap:LongTermDebtMember2025-01-012025-09-300001479094stag:A1875MillionUnsecuredTermLoanIMemberus-gaap:LongTermDebtMember2025-09-300001479094stag:A1875MillionUnsecuredTermLoanIMemberus-gaap:LongTermDebtMember2024-12-310001479094stag:A1875MillionUnsecuredTermLoanIMemberus-gaap:LongTermDebtMember2025-01-012025-09-300001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2025-09-300001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2024-12-310001479094stag:A200MillionUnsecuredTermLoanFMemberus-gaap:LongTermDebtMember2025-01-012025-09-300001479094stag:A300MillionUnsecuredTermLoanGMemberus-gaap:LongTermDebtMember2025-09-300001479094stag:A300MillionUnsecuredTermLoanGMemberus-gaap:LongTermDebtMember2024-12-310001479094stag:A300MillionUnsecuredTermLoanGMemberus-gaap:LongTermDebtMember2025-01-012025-09-300001479094us-gaap:LongTermDebtMember2025-09-300001479094us-gaap:LongTermDebtMember2024-12-310001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A100MillionSeriesDUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A75MillionSeriesGUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A75MillionSeriesGUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A75MillionSeriesGUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A50MillionSeriesBUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A50MillionSeriesBUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A50MillionSeriesBUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A80MillionSeriesCUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A80MillionSeriesCUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A80MillionSeriesCUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A20MillionSeriesEUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A20MillionSeriesEUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A20MillionSeriesEUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A100MillionSeriesHUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A100MillionSeriesHUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A100MillionSeriesHUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A175MillionSeriesLUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A175MillionSeriesLUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A175MillionSeriesLUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A350MillionSeriesOUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A350MillionSeriesOUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A350MillionSeriesOUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A125MillionSeriesMUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A125MillionSeriesMUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A125MillionSeriesMUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A275MillionSeriesIUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A275MillionSeriesIUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A275MillionSeriesIUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A400MillionSeriesKUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A400MillionSeriesKUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A400MillionSeriesKUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A100MillionSeriesPUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A100MillionSeriesPUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A100MillionSeriesPUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A50MillionSeriesJUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A50MillionSeriesJUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A50MillionSeriesJUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A150MillionSeriesNUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A150MillionSeriesNUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A150MillionSeriesNUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094stag:A100MillionSeriesQUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-09-300001479094stag:A100MillionSeriesQUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2024-12-310001479094stag:A100MillionSeriesQUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001479094us-gaap:UnsecuredDebtMember2025-09-300001479094us-gaap:UnsecuredDebtMember2024-12-310001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2025-09-300001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2024-12-310001479094stag:UnitedOfOmahaLifeInsuranceCompanyMemberus-gaap:MortgagesMember2025-01-012025-09-300001479094us-gaap:MortgagesMember2025-09-300001479094us-gaap:MortgagesMember2024-12-310001479094us-gaap:SecuredOvernightFinancingRateSofrMember2025-09-300001479094stag:DailySimpleSecuredOvernightFinancingRateSOFRMember2025-09-300001479094us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-09-300001479094stag:TermLoansAFGMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-09-300001479094us-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberus-gaap:ScenarioPlanMember2026-02-050001479094us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:LineOfCreditMember2025-09-300001479094us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:LineOfCreditMember2024-12-310001479094srt:MinimumMember2025-01-012025-09-300001479094srt:MaximumMember2025-01-012025-09-300001479094stag:A200MillionUnsecuredTermLoanFMember2025-09-300001479094stag:A200MillionUnsecuredTermLoanFMember2025-07-012025-09-300001479094us-gaap:InterestRateSwapMember2025-09-300001479094us-gaap:AccountsPayableAndAccruedLiabilitiesMember2025-09-300001479094us-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-12-310001479094us-gaap:InterestExpenseMember2025-07-012025-09-300001479094us-gaap:InterestExpenseMember2024-07-012024-09-300001479094us-gaap:InterestExpenseMember2025-01-012025-09-300001479094us-gaap:InterestExpenseMember2024-01-012024-09-300001479094stag:A300MillionUnsecuredTermLoanGMemberus-gaap:UnsecuredDebtMember2025-09-152025-09-150001479094stag:A300MillionUnsecuredTermLoanGMemberus-gaap:UnsecuredDebtMember2025-09-150001479094stag:UnsecuredTermLoanAFHAndIMemberus-gaap:UnsecuredDebtMember2025-09-152025-09-150001479094stag:A75MillionSeriesGUnsecuredNotesMember2025-06-132025-06-130001479094stag:A75MillionSeriesGUnsecuredNotesMember2025-06-130001479094stag:A350MillionUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-04-150001479094stag:A100MillionUnsecuredNotesMemberus-gaap:UnsecuredDebtMember2025-04-150001479094stag:A100MillionUnsecuredNotes41525Memberus-gaap:UnsecuredDebtMember2025-04-150001479094stag:A100MillionSeriesDUnsecuredNotesMember2025-02-202025-02-200001479094stag:A100MillionSeriesDUnsecuredNotesMember2025-02-2000014790942025-01-012025-03-310001479094us-gaap:LineOfCreditMember2025-09-300001479094us-gaap:LineOfCreditMember2024-12-310001479094us-gaap:LongTermDebtMember2025-09-300001479094us-gaap:LongTermDebtMember2024-12-310001479094us-gaap:UnsecuredDebtMember2025-09-300001479094us-gaap:UnsecuredDebtMember2024-12-310001479094us-gaap:MortgagesMember2025-09-300001479094us-gaap:MortgagesMember2024-12-310001479094us-gaap:InterestRateSwapMember2024-12-310001479094us-gaap:InterestRateSwapMember2025-07-012025-09-300001479094us-gaap:InterestRateSwapMember2024-07-012024-09-300001479094us-gaap:InterestRateSwapMember2025-01-012025-09-300001479094us-gaap:InterestRateSwapMember2024-01-012024-09-300001479094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-09-300001479094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-09-300001479094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-09-300001479094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-09-300001479094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310001479094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310001479094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310001479094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310001479094stag:AtTheMarketProgram2025750MillionMember2025-09-300001479094us-gaap:CommonStockMemberstag:AtTheMarketProgram2025750MillionMember2025-09-300001479094stag:AtTheMarketProgram2022750MillionMember2025-02-120001479094stag:ForwardSaleAgreementsOutstandingSharesMember2024-12-310001479094stag:ForwardSaleAgreementsOutstandingValueMember2024-01-012024-12-310001479094stag:NewForwardSaleAgreementsValueMember2025-03-310001479094stag:NewForwardSaleAgreementsValueMember2025-01-012025-03-310001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsGrossPricePerShareMember2025-01-012025-03-310001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsNetPricePerShareMember2025-01-012025-03-310001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsSalesCommissionsMember2025-01-012025-03-310001479094stag:ForwardSaleAgreementsSettledSharesMember2025-03-310001479094stag:ForwardSaleAgreementsSettledValueMember2025-01-012025-03-310001479094stag:ForwardSaleAgreementsOutstandingSharesMember2025-03-310001479094stag:ForwardSaleAgreementsOutstandingValueMember2025-01-012025-03-310001479094stag:NewForwardSaleAgreementsValueMember2025-06-300001479094stag:NewForwardSaleAgreementsValueMember2025-04-012025-06-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsGrossPricePerShareMember2025-04-012025-06-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsNetPricePerShareMember2025-04-012025-06-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsSalesCommissionsMember2025-04-012025-06-300001479094stag:ForwardSaleAgreementsSettledSharesMember2025-06-300001479094stag:ForwardSaleAgreementsSettledValueMember2025-04-012025-06-300001479094stag:ForwardSaleAgreementsOutstandingSharesMember2025-06-300001479094stag:ForwardSaleAgreementsOutstandingValueMember2025-04-012025-06-300001479094stag:NewForwardSaleAgreementsValueMember2025-09-300001479094stag:NewForwardSaleAgreementsValueMember2025-07-012025-09-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsGrossPricePerShareMember2025-07-012025-09-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsNetPricePerShareMember2025-07-012025-09-300001479094us-gaap:CommonStockMemberstag:NewForwardSaleAgreementsSalesCommissionsMember2025-07-012025-09-300001479094stag:ForwardSaleAgreementsSettledSharesMember2025-09-300001479094stag:ForwardSaleAgreementsSettledValueMember2025-07-012025-09-300001479094stag:ForwardSaleAgreementsOutstandingSharesMember2025-09-300001479094stag:ForwardSaleAgreementsOutstandingValueMember2025-07-012025-09-300001479094us-gaap:RestrictedStockMember2025-01-072025-01-070001479094us-gaap:RestrictedStockMember2024-12-310001479094us-gaap:RestrictedStockMember2025-01-012025-09-300001479094us-gaap:RestrictedStockMember2025-09-300001479094us-gaap:RestrictedStockMember2025-07-012025-09-300001479094us-gaap:RestrictedStockMember2024-07-012024-09-300001479094us-gaap:RestrictedStockMember2024-01-012024-09-300001479094stag:LongTermIncentivePlanUnitsMember2024-12-310001479094stag:OtherNoncontrollingCommonUnitsMember2024-12-310001479094stag:LimitedPartnerNoncontrollingInterestMember2024-12-310001479094us-gaap:NoncontrollingInterestMemberstag:LongTermIncentivePlanUnitsMember2025-01-012025-09-300001479094us-gaap:NoncontrollingInterestMemberstag:OtherNoncontrollingCommonUnitsMember2025-01-012025-09-300001479094stag:LongTermIncentivePlanUnitsMember2025-09-300001479094stag:OtherNoncontrollingCommonUnitsMember2025-09-300001479094stag:LimitedPartnerNoncontrollingInterestMember2025-09-300001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:DirectorMember2025-01-072025-01-070001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-01-072025-01-070001479094stag:LongTermIncentivePlanUnitsMember2025-01-072025-01-070001479094stag:LongTermIncentivePlanUnitsMember2024-12-310001479094stag:LongTermIncentivePlanUnitsMember2025-01-012025-09-300001479094stag:LongTermIncentivePlanUnitsMember2025-09-300001479094stag:STAGIndustrialIncNVVentureMember2025-09-300001479094stag:STAGIndustrialIncNCVentureMember2025-09-300001479094stag:STAGIndustrialIncKYVentureMember2025-09-300001479094stag:STAGIndustrialIncVentureMember2025-09-300001479094us-gaap:PerformanceSharesMember2025-01-072025-01-070001479094stag:LongTermIncentivePlanUnitsMemberstag:PerformanceUnitsGrantedIn2022Member2025-01-072025-01-070001479094us-gaap:CommonStockMemberstag:PerformanceUnitsGrantedIn2022Member2025-01-072025-01-070001479094us-gaap:PerformanceSharesMember2025-09-300001479094us-gaap:PerformanceSharesMember2025-01-012025-09-300001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-07-012025-09-300001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-09-300001479094us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-07-012025-09-300001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-09-300001479094stag:LongTermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-07-012025-09-300001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-09-300001479094us-gaap:PerformanceSharesMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMembersrt:DirectorMember2025-07-012025-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMembersrt:DirectorMember2024-07-012024-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMembersrt:DirectorMember2025-01-012025-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMembersrt:DirectorMember2024-01-012024-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMember2025-07-012025-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-09-300001479094us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001479094srt:DirectorMemberus-gaap:CommonStockMember2024-01-012024-09-300001479094srt:DirectorMemberus-gaap:CommonStockMember2025-01-012025-09-300001479094us-gaap:AccruedIncomeReceivableMember2025-09-300001479094us-gaap:AccruedIncomeReceivableMember2024-12-310001479094srt:MinimumMember2025-09-300001479094srt:MaximumMember2025-09-300001479094stag:CorporateHeadquarterMember2025-06-1000014790942025-06-102025-06-1000014790942025-06-100001479094stag:CorporateHeadquarterMember2025-06-102025-06-100001479094us-gaap:OperatingExpenseMember2025-07-012025-09-300001479094us-gaap:OperatingExpenseMember2024-07-012024-09-300001479094us-gaap:OperatingExpenseMember2025-01-012025-09-300001479094us-gaap:OperatingExpenseMember2024-01-012024-09-300001479094us-gaap:StockCompensationPlanMember2025-07-012025-09-300001479094us-gaap:StockCompensationPlanMember2024-07-012024-09-300001479094us-gaap:StockCompensationPlanMember2025-01-012025-09-300001479094us-gaap:StockCompensationPlanMember2024-01-012024-09-30

____________________________________________________________________________

 

____________________________________________________________________________

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

____________________________________________________________________________

 

(Exact name of registrant as specified in its charter) 

____________________________________________________________________________

Maryland									27-3099608
(State or other jurisdiction of									(IRS Employer Identification No.)
incorporation or organization)
One Federal Street
23rd Floor
Boston,			Massachusetts						02110
(Address of principal executive offices)									(Zip code)

                        

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			STAG			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒     Accelerated filer  ☐     Non-accelerated filer ☐     Smaller reporting company ☐     Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒

The number of shares of common stock outstanding at October 28, 2025 was 186,750,070.

Consolidated Statements of Equity

STAG Industrial, Inc.

1. Organization and Description of Business

STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition, development, and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of September 30, 2025 and December 31, 2024, the Company owned 98.0% and 98.0%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.

As of September 30, 2025, the Company owned 601 industrial buildings in 41 states with approximately 119.2 million rentable square feet.

The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

As of September 30, 2025 and December 31, 2024, there were no liabilities for uncertain tax positions.

The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements.

The chief operating decision maker (“CODM”) of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations.

The CODM also assesses the performance of the segment based on funds from operations (“FFO”) and net operating income (“NOI”). FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense.

Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

The following table summarizes the components of rental property, net as of September 30, 2025 and December 31, 2024.

The following table summarizes the Company’s acquisitions during the three and nine months ended September 30, 2025. The Company accounted for all of its acquisitions as asset acquisitions.

(2) The Company acquired a vacant land parcel.

(3) These buildings were acquired through reverse like-kind exchange agreements pursuant to Section 1031 of the Code (“Reverse 1031 Exchanges”) with a third-party intermediary. See below under “Variable Interest Entities” for additional information.

On May 7, 2025, the Company formed a joint venture with a third party, and the venture is primarily engaged in the development and eventual operation of an industrial real estate property located in Shepherdsville, Kentucky. The Company accounts for its investment in the joint venture under the voting interest model of consolidation. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the nine months ended September 30, 2025 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

The following table summarizes the Company’s dispositions during the nine months ended September 30, 2025. The dispositions were sold to third parties and were accounted for under the full accrual method.

The following table summarizes the results of operations for the three and nine months ended September 30, 2025 and 2024 for the buildings sold during the nine months ended September 30, 2025, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.

(1) Exclusive of gain on the sales of rental property, net.

As of September 30, 2025, the related land, building and improvements, net, and deferred leasing intangibles, net, of approximately $0.5 million, $5.6 million, and $0, respectively, for three buildings were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. Two of the buildings were sold subsequent to September 30, 2025 to a third-party. The remaining building is anticipated to be sold to a third-party within one year.

In conjunction with the acquisition of the Houston, Texas and Dayton, Ohio buildings noted above, the Company entered into Reverse 1031 Exchanges with a third-party intermediary, which, for a maximum of 180 days, allows the Company to defer for tax purposes gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the acquisition dates, the third-party intermediary is the legal owner of the entities that own these properties. The agreements that govern the operations of these entities provide the Company with the power to direct the activities that most significantly impact the entities’ economic performance. These entities are deemed a variable interest entity (“VIE”) as of September 30, 2025 because it does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. The Company has determined that it is the primary beneficiary of these VIEs as a result of having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits that could be potentially significant to the VIEs. Accordingly, the Company has consolidated the entities and its operations as of the acquisition date. As of September 30, 2025, the VIEs had total assets, primarily consisting of real estate, and liabilities of approximately $101.8 million and $2.0 million, respectively.

The following table summarizes the Company’s loss on impairment for assets held and used during the nine months ended September 30, 2025.

(1)As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

(2)The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.

(3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

(4)Level 3 inputs used to determine fair value for the property impaired: discount rate of 12.0% and exit capitalization rate of 10.0%.

During the three and nine months ended September 30, 2025 and 2024, the Company recognized a gain on involuntary conversion of approximately $0, $3.6 million, $1.9 million, and $9.3 million, respectively, related to tornado damage to one of the Company’s buildings in December 2023.

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

The following table summarizes the net increase (decrease) to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and nine months ended September 30, 2025 and 2024.

The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of September 30, 2025 and December 31, 2024.