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What were the key takeaways from Stag Industrial’s earnings call?

- **Core FFO guidance raised**: $2.52-2.54 per share (midpoint +3%) due to strong leasing and acquisition execution.
- **2026 lease prep ahead of curve**: 52% of expiring square footage leased (vs. 38% last year), with 18-20% cash spreads.
- **Development success**: 88% of completed projects leased, including a 7% yield build-to-suit in Ohio.
- **Balance sheet strength**: 5.1x net debt/EBITDA, $904M liquidity post-refinancing.
- **Q4 caution**: $0.03 potential credit loss offset by tenant catch-up payments.

**【CEO Opening Remarks】**
- **Year-to-date outperformance**: Core FFO guidance increased to $2.52-2.54 per share (midpoint +$0.03), driven by stable industrial fundamentals and strong leasing activity.
- **2026 lease expirations**: 52% of 2026 operating portfolio square footage leased (vs. 38% last year), with cash spreads of 18-20%.
- **Supply pipeline contraction**: 2025 acquisition volume expected to be $350-500 million, with $212 million closed YTD and $153 million under agreement.
- **Development success**: 88% of completed developments leased, including a 349k sq ft build-to-suit in Ohio with 7% yield.

**【CFO Financial Commentary】**
- **Q3 2025 results**: Core FFO of $0.65 (8.3% YoY growth), GAAP net income $420 million, Non-GAAP EPS exceeded expectations.
- **Balance sheet strength**: Net debt/EBITDA 5.1x, liquidity $904 million post-term loan refinancing.
- **Updated guidance**: Same-store NOI growth increased to 4-4.25%, G&A reduced by $1 million.

**【Q&A Highlights】**
- **2026 leasing dynamics**: 95% renewals vs. new leases; 4/5 large expirations (≥400k sq ft) resolved.
- **Acquisition activity**: $212M closed YTD, $153M under contract; focus on accretive, stable assets.
- **Development pipeline**: 3.4M sq ft in progress, 83% leased; 7%+ yields on new projects.
- **Market trends**: 7% national vacancy rate expected for next 2-3Q; Midwest/Southeast outperforming.
- **Credit risk**: $0.03 drag on Q4 core FFO from potential credit loss, offset by tenant catch-up payments.

STAG Industrial, Inc. (STAG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

STAG

STAG fundamentals

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