STAGNYSEReal Estate Investment TrustsUS GAAP · USD

STAG Industrial, Inc.

STAG Industrial, Inc. is a U.S.-based real estate investment trust that owns, acquires, develops, and operates industrial properties. Its portfolio consists primarily of warehouse and distribution buildings leased to a broad mix of industrial and logistics tenants across the United States.

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Revenue845m USD
+10.1 %y/y
Net income274m USD
+44.6 %y/y
Free cash flow463m USD
+0.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02004006008001,000m USD2020: 483 m USD20202021: 562 m USD20212022: 657 m USD20222023: 708 m USD20232024: 767 m USD20242025: 845 m USD2025845
RevenueOperating profit (EBIT)
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Business

Share of revenue
Industrial property ownership70 %

Long-term ownership of warehouse, distribution, and light industrial buildings.

Leasing income25 %

Rental income from tenants occupying industrial space under lease contracts.

Development and redevelopment5 %

Development projects and expansions that add rentable industrial square footage.

Customers

STAG leases industrial buildings to tenants that need functional distribution, storage, and light manufacturing space. Its tenant base spans logistics, packaging, automotive, retail distribution, and industrial services, with demand tied to supply-chain activity and warehouse utilization. The company also competes for tenants in re-leasing space when leases expire.

Air freight and logistics

Leases warehouse and distribution space used for freight handling, sorting, and last-mile logistics.

Industrial distributors and wholesalers

Buys space for inventory storage and regional distribution to serve downstream customers.

Manufacturing and components

Uses industrial buildings for production support, assembly, and parts storage.

Retail and consumer goods

Leases fulfillment and storage facilities to support e-commerce and store replenishment.

Specialty industrial services

Occupies buildings for business services, packaging, equipment, and related operations.

Strategy

STAG’s strategy is to grow through acquisitions of industrial properties that fit its risk model and to improve returns through leasing, occupancy, and rental-rate management. The company emphasizes diversification across tenants, industries, and markets, while maintaining a capital structure suited to a REIT platform.

External growth through acquisitionsMedium term

Adds rentable square footage and expands the industrial portfolio.

Internal growth through leasing performanceShort term

Occupancy and rent resets drive same-property revenue growth.

Portfolio diversificationLong term

Reduces dependence on any one tenant industry or metro area.

Geography

STAG operates across the United States and focuses on industrial markets rather than a single region. Its portfolio is diversified across many metro areas, with large concentrations in markets such as Chicago, Greenville, Minneapolis, Pittsburgh, Columbus, and Detroit. This geographic spread reduces dependence on any one local economy, but it also ties results to U.S. industrial demand and regional supply conditions.

Risks

STAG’s results depend on industrial demand, tenant credit quality, and the ability to re-lease space at acceptable rates when leases expire. As a REIT, it is also exposed to interest-rate sensitivity, capital-market access, and valuation risk in its property portfolio. Operationally, cyber incidents, internal control failures, and impairment judgments can affect reporting, compliance, and asset values.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Re-leasing at lower rates or with concessions1Tenant defaults and lease non-renewals2Property impairment and valuation declines3Interest-rate and capital-market sensitivity4Cybersecurity and IT disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Re-leasing at lower rates or with concessionsImpact: HighLikelihood: High

    Weak demand or oversupply can pressure rental spreads and occupancy.

    Exposure: Buildings with near-term expirations

  2. Tenant defaults and lease non-renewalsImpact: HighLikelihood: Medium

    Industrial rental income depends on tenants renewing or replacing expiring leases.

    Exposure: Portfolio-wide lease expirations and tenant concentration

  3. Property impairment and valuation declinesImpact: HighLikelihood: Medium

    Industrial asset values depend on occupancy, rent, cap rates, and market demand.

    Exposure: Rental property and deferred leasing intangibles

  4. Interest-rate and capital-market sensitivityImpact: MediumLikelihood: High

    REITs rely on external capital and are valued relative to yields.

    ExposureDebtEquity issuanceMarket valuation
  5. Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium

    System failures can impair reporting, controls, and tenant data protection.

    Exposure: Financial reporting and operating systems

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Accounting

Judgemental items
Rental property and deferred leasing intangible impairment

Management must estimate future cash flows, occupancy, rents, and exit cap rates.

Impact: Can create material non-cash impairment charges

Lease expiration and renewal assumptions

Expected renewals, downtime, and re-leasing rates affect revenue recognition and comparability.

Impact: Influences same-store NOI and forward revenue outlook

Fair value and valuation estimates

Industrial property values are sensitive to market cap rates and asset-specific assumptions.

Impact: Affects balance sheet carrying values and impairment testing

REIT qualification and internal controls

Maintaining REIT status and effective controls is essential to tax treatment and reporting.

Impact: Can affect tax expense, compliance, and financial statement reliability

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Last updated: 24/09/2026