Q1 2026 STAG Industrial Inc Earnings Call Transcript
Key Points
- Stag Industrial Inc (STAG) reported a healthy industrial leasing velocity and volume, with year-over-year absorption continuing to improve.
- The company signed 8 leases totaling 1.6 million square feet to data center-related tenants, indicating a new segment of leasing demand.
- Core FFO per share increased by 6.6% compared to last year, reaching $0.65 for the quarter.
- Liquidity stood at $806 million at quarter end, providing a strong financial position.
- The company maintained its retention guidance of 70% to 80% for the year, with 79% of forecasted leasing for 2026 already addressed.
- The company is facing a higher lease expiration year, which is driving occupancy guidance.
- Despite strong leasing activity, the company has not changed its lease-up assumptions, maintaining a 9 to 12 months lease-up time for vacant assets.
- Same-store cash NOI growth was 4.1% for the quarter, but the company expects a slowdown with guidance at 3% for the year.
- Occupancy is expected to trough in the second quarter, reflecting the full impact of vacancy from nonrenewals.
- Some markets, such as San Diego, Memphis, and Pittsburgh, are experiencing slower performance compared to others.
Greetings. Welcome to the STAG Industrial Inc first quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
I will now turn the conference over to Steve Xiarhos, Vice President, Investor Relations. Please proceed, sir.
Thank you. Welcome to STAG Industrial's conference call covering the first quarter 2026 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information presentation on the company's website at www.stagindustrial.com, under the Investor Relations section.
On today's call, company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties and may cause actual results to differ from those discussed
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