STAG Industrial Inc

STAG Industrial delivered a solid second quarter, with revenue of $207.59 million edging past the $206.90 million consensus estimate and climbing 9.4% year-over-year, as the industrial REIT's core operational engine continued to fire on steady demand for warehouse and distribution space. GAAP earnings came in at $0.27 per diluted share, though the headline figure was weighed down by a sharp drop in gains on rental property sales, $5.69 million versus $23.09 million a year ago, and higher interest expense of $33.62 million. The more telling story lived in non-GAAP metrics, where Core FFO per diluted share grew 3.3% to $0.63 and Cash NOI rose 8.9% to $161.69 million, reflecting strong leasing momentum with Cash Rent Change of 24.6% on 4.2 million square feet commenced in the quarter. A $550.00 million senior unsecured notes placement and a Moody's credit upgrade to Baa2 reinforced the balance sheet, while management noted that 90.8% of expected 2025 leasing has already been addressed, pointing to continued stability through year-end.