STAG Industrial beats Q3 2026 estimates for the sixth straight quarter

STAG Industrial reported GAAP earnings of $0.37 per diluted share for Q3 2026, beating expectations and extending its streak of topping EPS estimates to six consecutive quarters. Revenue rose 9.4% year over year, also ahead of the analyst estimate.

The GAAP earnings figure carries one-time items: a gain on sales of rental property lifted it, while debt extinguishment and modification expenses tied to a term loan refinancing pulled in the other direction. Core FFO per diluted share grew 1.5%, and same-store cash NOI rose 3.5%, pointing to genuine organic rent growth beneath the headline.

Industrial landlords still have the upper hand, and STAG commenced leases on 3.6 million square feet with cash rent change of 23.8%, while tenant retention and portfolio occupancy both held up. Tenants are renewing at materially higher rents, a dynamic that supports continued NOI growth even without new acquisitions.

Growth on the external side is moving as well. During the quarter STAG acquired two buildings in Chicago and El Paso at a 6.9% cash cap rate, bringing year-to-date acquisitions to 10 buildings. A large acquisition pipeline and ample liquidity give the company substantial runway, and a post-quarter deal added another 710,400 square feet.

The board paired the earnings release with a new $250 million share repurchase program, authorized October 26, 2026, with no expiration date. CEO Bill Crooker noted that the third quarter built on leasing and development progress from the first half of the year, aided by continued improvement in industrial fundamentals, and expressed confidence in delivering another strong operational year while maintaining a healthy balance sheet. Rising interest expense and a heavier credit facility balance are the clearest pressure points to monitor as the company finances its acquisition pace.