STAG Industrial reported third‑quarter 2025 revenue of $211.1 million, a 10.0% year‑over‑year increase, and net income attributable to common shareholders of $48.6 million, up 16.2% from the same period last year. Earnings per share were $0.26, compared with $0.23 in Q3 2024, and core funds from operations reached $124.7 million, a 12.6% rise. Cash net operating income for the quarter was $162.3 million, up 9.3% from the prior year.
The company signed 5.0 million square feet of new leases during the quarter, including 2.2 million square feet of commenced operating portfolio leases. These new leases, along with renewals, contributed to a 3.9% increase in same‑store cash NOI. As of October 28, 2025, STAG had addressed 98.7% of its expected 2025 new and renewal leasing, totaling 14.0 million square feet, reflecting strong demand in its Tier 1 markets.
Capital‑market activity included a $300 million term‑loan refinancing that extends maturity to March 15, 2030 and reduces the net debt to adjusted EBITDA ratio to 5.1×. Liquidity stood at $904 million, and the company maintained a robust balance sheet with $1.54 billion of variable‑rate debt largely hedged, providing flexibility for future acquisitions and debt management in a volatile interest‑rate environment.
The company added 1.0 million square feet of new property in Q3 2025 for $101.5 million, continuing its strategy of targeted acquisitions to grow its portfolio. The acquisition added to the company’s industrial and logistics footprint and supported its leasing momentum.
Management cited strong demand from e‑commerce and data‑center customers as the primary driver of revenue growth. The company’s ability to command higher cash and straight‑line rents on new and renewed leases, combined with disciplined cost management, contributed to the improvement in net income and core FFO. The company’s focus on Tier 1 markets and its disciplined capital‑market strategy position it well to sustain growth in the industrial real‑estate sector.
Revenue rose 10% from $190.7 million in Q3 2024, while net income increased 16.3% from $41.8 million in Q3 2024. Compared with Q2 2025, revenue grew from $207.6 million to $211.1 million, a 1.8% increase, and core FFO per share rose from $0.63 to $0.65. These figures underscore the company’s continued operational strength and effective execution of its growth strategy.
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