STAG Industrial, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Item 2. Properties
As of December 31, 2025, we owned the properties in the following table.
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Alabama | Birmingham | 4 | 362,916 |
| Montgomery | 1 | 332,000 | |
| Moody | 1 | 595,346 | |
| Phenix City | 1 | 117,568 | |
| Arkansas | Bryant | 1 | 300,160 |
| Rogers | 1 | 400,000 | |
| Arizona | Avondale | 1 | 186,643 |
| Chandler | 1 | 104,352 | |
| Gilbert | 1 | 41,504 | |
| Mesa | 1 | 71,030 | |
| Phoenix | 1 | 80,000 | |
| Tucson | 1 | 129,047 | |
| California | Fresno | 2 | 640,270 |
| Hollister | 1 | 175,325 | |
| Lodi | 1 | 400,340 | |
| McClellan | 1 | 160,534 | |
| Menifee | 2 | 157,146 | |
| Morgan Hill | 2 | 107,126 | |
| Rancho Cordova | 2 | 106,718 | |
| Roseville | 1 | 114,597 | |
| Sacramento | 8 | 976,557 | |
| San Diego | 1 | 205,440 | |
| Stockton | 3 | 263,716 | |
| West Sacramento | 2 | 291,780 | |
| Colorado | Grand Junction | 1 | 82,800 |
| Johnstown | 1 | 132,194 | |
| Longmont | 1 | 64,750 | |
| Loveland | 2 | 195,674 | |
| Connecticut | East Windsor | 2 | 271,111 |
| Milford | 2 | 367,700 | |
| North Haven | 3 | 824,727 | |
| Wallingford | 1 | 105,000 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Delaware | New Castle | 1 | 485,987 |
| Florida | Daytona Beach | 1 | 142,857 |
| Fort Myers | 1 | 260,620 | |
| Gibsonton | 2 | 298,466 | |
| Jacksonville | 5 | 1,256,750 | |
| Lake Worth | 3 | 199,916 | |
| Lakeland | 1 | 215,280 | |
| Orlando | 2 | 370,900 | |
| Tampa | 1 | 78,560 | |
| West Palm Beach | 1 | 112,353 | |
| Georgia | Atlanta | 1 | 175,532 |
| Augusta | 1 | 203,726 | |
| Buford | 1 | 103,720 | |
| Dallas | 1 | 92,807 | |
| Forest Park | 1 | 373,900 | |
| LaGrange | 1 | 323,368 | |
| Lithonia | 1 | 210,858 | |
| Norcross | 1 | 152,036 | |
| Savannah | 1 | 504,300 | |
| Smyrna | 1 | 102,150 | |
| Statham | 1 | 225,692 | |
| Stone Mountain | 1 | 78,000 | |
| Iowa | Ankeny | 2 | 400,968 |
| Council Bluffs | 1 | 90,000 | |
| Des Moines | 2 | 301,381 | |
| Marion | 1 | 95,500 | |
| Idaho | Idaho Falls | 1 | 78,690 |
| Illinois | Aurora | 1 | 130,000 |
| Bartlett | 1 | 207,575 | |
| Batavia | 3 | 261,318 | |
| Belvidere | 3 | 536,960 | |
| Buffalo Grove | 2 | 231,964 | |
| Carol Stream | 1 | 89,381 | |
| Cary | 1 | 79,049 | |
| Crystal Lake | 4 | 506,096 | |
| Elgin | 8 | 1,372,401 | |
| Elmhurst | 1 | 72,499 | |
| Gurnee | 1 | 338,740 | |
| Harvard | 1 | 126,304 | |
| Hodgkins | 2 | 518,109 | |
| Itasca | 3 | 311,355 | |
| Lisle | 1 | 105,925 | |
| Machesney Park | 1 | 80,000 | |
| McHenry | 2 | 169,311 | |
| Monee | 1 | 621,246 | |
| Montgomery | 1 | 584,301 | |
| New Lenox | 3 | 506,536 | |
| Saint Charles | 1 | 102,000 | |
| Sauk Village | 1 | 375,785 | |
| Schaumburg | 1 | 67,817 | |
| St. Charles | 1 | 115,491 | |
| Vernon Hills | 1 | 95,486 | |
| Waukegan | 1 | 131,252 | |
| West Chicago | 7 | 955,432 | |
| West Dundee | 1 | 154,475 | |
| Wood Dale | 1 | 137,607 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Indiana | Elkhart | 2 | 170,100 |
| Fort Wayne | 1 | 108,800 | |
| Goshen | 1 | 366,000 | |
| Greenwood | 1 | 154,440 | |
| Indianapolis | 1 | 78,600 | |
| Jeffersonville | 2 | 1,155,832 | |
| Lafayette | 3 | 466,400 | |
| Lebanon | 3 | 2,230,323 | |
| Marion | 1 | 249,920 | |
| Portage | 2 | 786,249 | |
| South Bend | 1 | 225,000 | |
| Whitestown | 1 | 258,000 | |
| Yoder | 1 | 764,177 | |
| Kansas | Edwardsville | 1 | 270,869 |
| Lenexa | 3 | 581,059 | |
| Olathe | 2 | 725,839 | |
| Wichita | 3 | 248,550 | |
| Kentucky | Bardstown | 1 | 102,318 |
| Danville | 1 | 757,047 | |
| Erlanger | 1 | 108,620 | |
| Florence | 2 | 641,136 | |
| Hebron | 1 | 109,000 | |
| Louisiana | Baton Rouge | 3 | 533,230 |
| Shreveport | 1 | 420,259 | |
| Massachusetts | Andover | 1 | 60,000 |
| Hudson | 1 | 128,000 | |
| Lawrence | 1 | 91,333 | |
| Malden | 2 | 109,943 | |
| Middleborough | 1 | 80,100 | |
| Norton | 1 | 200,000 | |
| South Easton | 1 | 86,000 | |
| Sterling | 1 | 119,056 | |
| Stoughton | 2 | 258,213 | |
| Westborough | 1 | 121,700 | |
| Wilmington | 1 | 42,919 | |
| Woburn | 2 | 96,219 | |
| Maryland | Elkridge | 1 | 167,223 |
| Hagerstown | 3 | 1,424,620 | |
| Hampstead | 1 | 1,035,249 | |
| Hunt Valley | 1 | 46,867 | |
| White Marsh | 1 | 103,564 | |
| Maine | Biddeford | 2 | 265,126 |
| Gardiner | 1 | 265,000 | |
| Portland | 1 | 100,600 | |
| Michigan | Belleville | 1 | 160,464 |
| Canton | 1 | 491,049 | |
| Chesterfield | 4 | 478,803 | |
| Grand Rapids | 4 | 656,262 | |
| Holland | 1 | 195,000 | |
| Kentwood | 3 | 455,177 | |
| Lansing | 4 | 770,425 | |
| Livonia | 2 | 285,306 | |
| Marshall | 1 | 57,025 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Novi | 3 | 685,010 | |
| Plymouth | 1 | 125,214 | |
| Redford | 1 | 138,912 | |
| Romulus | 2 | 578,260 | |
| Sterling Heights | 1 | 108,000 | |
| Walker | 1 | 210,000 | |
| Warren | 4 | 981,540 | |
| Wixom | 1 | 126,720 | |
| Zeeland | 1 | 230,200 | |
| Minnesota | Blaine | 1 | 248,816 |
| Bloomington | 1 | 145,351 | |
| Brooklyn Park | 2 | 326,720 | |
| Carlos | 1 | 196,270 | |
| Eagan | 1 | 276,550 | |
| Inver Grove Height | 1 | 80,655 | |
| Lakeville | 1 | 360,000 | |
| Maple Grove | 2 | 207,875 | |
| Mendota Heights | 2 | 183,279 | |
| New Hope | 1 | 107,348 | |
| Newport | 1 | 83,000 | |
| Oakdale | 2 | 210,044 | |
| Plymouth | 3 | 357,085 | |
| Savage | 1 | 244,050 | |
| Shakopee | 3 | 458,189 | |
| South Saint Paul | 1 | 422,727 | |
| St. Paul | 1 | 316,636 | |
| Missouri | Berkeley | 1 | 121,223 |
| Earth City | 1 | 116,783 | |
| Fenton | 1 | 127,464 | |
| Hazelwood | 1 | 305,550 | |
| Kansas City | 5 | 1,930,281 | |
| O'Fallon | 2 | 186,854 | |
| Mississippi | Southaven | 1 | 556,600 |
| North Carolina | Catawba | 1 | 137,785 |
| Charlotte | 4 | 330,629 | |
| Durham | 2 | 420,800 | |
| Garner | 1 | 150,000 | |
| Greensboro | 2 | 261,909 | |
| Huntersville | 1 | 185,570 | |
| Lexington | 1 | 201,800 | |
| Mebane | 3 | 813,133 | |
| Mocksville | 1 | 129,600 | |
| Mooresville | 2 | 799,200 | |
| Mountain Home | 1 | 146,014 | |
| Newton | 1 | 217,200 | |
| Pineville | 1 | 75,400 | |
| Rural Hall | 1 | 250,000 | |
| Salisbury | 1 | 288,000 | |
| Smithfield | 1 | 307,845 | |
| Troutman | 1 | 301,000 | |
| Winston-Salem | 1 | 385,000 | |
| Youngsville | 1 | 365,000 | |
| Nebraska | Bellevue | 1 | 370,000 |
| La Vista | 1 | 178,368 | |
| Omaha | 5 | 464,558 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| New Hampshire | Londonderry | 1 | 125,060 |
| New Jersey | Branchburg | 1 | 113,973 |
| Burlington | 2 | 756,990 | |
| Franklin Township | 1 | 183,000 | |
| Lumberton | 1 | 120,000 | |
| Moorestown | 3 | 257,061 | |
| Mt. Laurel | 1 | 112,294 | |
| Piscataway | 1 | 101,381 | |
| Swedesboro | 1 | 123,962 | |
| Westampton | 1 | 189,434 | |
| New Mexico | Santa Teresa | 1 | 92,325 |
| Nevada | Fernley | 1 | 183,435 |
| Las Vegas | 2 | 157,388 | |
| Paradise | 2 | 80,422 | |
| Reno | 1 | 87,264 | |
| Sparks | 2 | 326,986 | |
| New York | Buffalo | 1 | 117,000 |
| Cheektowaga | 1 | 121,760 | |
| Gloversville | 3 | 211,554 | |
| Johnstown | 3 | 159,427 | |
| Rochester | 2 | 252,860 | |
| Ronkonkoma | 1 | 64,224 | |
| Ohio | Bedford Heights | 1 | 173,034 |
| Boardman | 1 | 176,930 | |
| Canal Winchester | 3 | 964,472 | |
| Columbus | 4 | 1,486,596 | |
| Dayton | 1 | 205,761 | |
| Etna | 1 | 1,232,149 | |
| Fairborn | 1 | 259,369 | |
| Fairfield | 2 | 364,948 | |
| Gahanna | 1 | 385,919 | |
| Groveport | 1 | 320,657 | |
| Hilliard | 1 | 237,500 | |
| Macedonia | 2 | 338,297 | |
| Maple Heights | 1 | 170,000 | |
| Mason | 1 | 116,200 | |
| North Jackson | 2 | 518,758 | |
| Oakwood Village | 1 | 75,000 | |
| Salem | 1 | 271,000 | |
| Sharonville | 1 | 215,670 | |
| Streetsboro | 1 | 343,416 | |
| Strongsville | 2 | 341,561 | |
| Toledo | 1 | 177,500 | |
| Twinsburg | 2 | 467,689 | |
| Union | 1 | 524,160 | |
| West Chester | 2 | 967,368 | |
| West Jefferson | 1 | 857,390 | |
| Oklahoma | Oklahoma City | 2 | 303,740 |
| Tulsa | 2 | 309,600 | |
| Oregon | Beaverton | 2 | 121,426 |
| North Plains | 1 | 201,750 | |
| Salem | 2 | 155,900 | |
| Sherwood | 1 | 99,136 | |
| Wilsonville | 1 | 78,000 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Pennsylvania | Allentown | 3 | 454,784 |
| Burgettstown | 1 | 455,000 | |
| Charleroi | 1 | 119,161 | |
| Clinton | 7 | 1,532,414 | |
| Croydon | 1 | 101,869 | |
| Elizabethtown | 1 | 206,236 | |
| Export | 1 | 138,270 | |
| Hazleton | 1 | 589,580 | |
| Imperial | 1 | 315,634 | |
| Kulpsville | 1 | 152,625 | |
| Lancaster | 1 | 240,528 | |
| Langhorne | 4 | 464,474 | |
| Lebanon | 1 | 211,358 | |
| Mechanicsburg | 3 | 747,256 | |
| Muhlenberg Township | 1 | 392,107 | |
| New Galilee | 1 | 410,389 | |
| New Kensington | 1 | 200,500 | |
| New Kingstown | 1 | 330,000 | |
| O'Hara Township | 1 | 887,084 | |
| Reading | 1 | 248,000 | |
| Warrendale | 1 | 179,394 | |
| York | 5 | 1,306,834 | |
| South Carolina | Columbia | 1 | 185,600 |
| Duncan | 3 | 996,841 | |
| Fountain Inn | 3 | 700,343 | |
| Gaffney | 1 | 226,968 | |
| Goose Creek | 1 | 500,355 | |
| Greer | 8 | 1,372,344 | |
| Laurens | 1 | 125,000 | |
| Piedmont | 7 | 1,387,556 | |
| Rock Hill | 2 | 590,520 | |
| Simpsonville | 3 | 1,138,494 | |
| Spartanburg | 10 | 1,782,945 | |
| Summerville | 1 | 88,583 | |
| Wellford | 2 | 466,663 | |
| West Columbia | 7 | 1,628,028 | |
| Tennessee | Chattanooga | 3 | 646,200 |
| Cleveland | 1 | 151,704 | |
| Clinton | 1 | 166,000 | |
| Jackson | 1 | 267,391 | |
| Knoxville | 3 | 441,310 | |
| Lebanon | 3 | 704,195 | |
| Loudon | 1 | 104,074 | |
| Madison | 1 | 418,406 | |
| Mascot | 2 | 321,120 | |
| Memphis | 2 | 1,331,075 | |
| Murfreesboro | 3 | 311,873 | |
| Nashville | 1 | 154,485 | |
| Vonore | 1 | 342,700 | |
| Texas | Arlington | 2 | 290,324 |
| Cedar Hill | 1 | 420,000 | |
| Conroe | 1 | 252,662 | |
| El Paso | 12 | 2,417,131 | |
| Garland | 1 | 253,900 | |
| Grapevine | 2 | 202,140 | |
| Houston | 10 | 1,412,121 | |
| Humble | 2 | 751,450 |
| State | City | Number of Buildings | Total Rentable Square Feet |
|---|---|---|---|
| Irving | 1 | 120,900 | |
| Katy | 2 | 244,916 | |
| Laredo | 2 | 462,658 | |
| McAllen | 1 | 301,200 | |
| Mission | 1 | 270,084 | |
| Rockwall | 1 | 389,546 | |
| Socorro | 1 | 254,103 | |
| Stafford | 1 | 68,300 | |
| Waco | 1 | 66,400 | |
| Utah | Salt Lake City | 1 | 172,847 |
| Virginia | Chester | 1 | 100,000 |
| Fredericksburg | 1 | 140,555 | |
| Harrisonburg | 1 | 357,673 | |
| Independence | 1 | 120,000 | |
| N. Chesterfield | 1 | 109,520 | |
| Norfolk | 1 | 102,512 | |
| Richmond | 1 | 78,128 | |
| Washington | Ridgefield | 1 | 141,400 |
| Wisconsin | Appleton | 1 | 152,000 |
| Caledonia | 1 | 53,680 | |
| Cudahy | 1 | 128,000 | |
| De Pere | 1 | 200,000 | |
| DeForest | 1 | 262,521 | |
| Delavan | 2 | 146,400 | |
| East Troy | 1 | 149,624 | |
| Elkhorn | 1 | 78,540 | |
| Franklin | 1 | 156,482 | |
| Germantown | 4 | 520,163 | |
| Hartland | 1 | 121,050 | |
| Hudson | 1 | 139,875 | |
| Janesville | 1 | 700,000 | |
| Kenosha | 1 | 175,052 | |
| Madison | 2 | 283,000 | |
| Mayville | 1 | 339,179 | |
| Mukwonago | 2 | 340,638 | |
| Muskego | 1 | 81,230 | |
| New Berlin | 3 | 591,035 | |
| Oak Creek | 2 | 232,144 | |
| Pewaukee | 2 | 288,201 | |
| Pleasant Prairie | 1 | 105,637 | |
| Sun Prairie | 1 | 427,000 | |
| Sussex | 1 | 150,002 | |
| West Allis | 4 | 243,478 | |
| Yorkville | 1 | 98,151 | |
| Total | 601 | 119,974,349 |
Not reflected in the table above are seven buildings under development.
As of December 31, 2025, one of our 601 buildings was encumbered by mortgage indebtedness totaling approximately $4.1 million (excluding any unamortized deferred financing fees, debt issuance costs, and fair market value premiums or discounts). See Note 4 in the accompanying Notes to the Consolidated Financial Statements and the accompanying Schedule III for additional information.
Top Markets
The following table summarizes information about the 20 largest markets in our portfolio based on total annualized base rental revenue as of December 31, 2025.
| Top 20 Markets(1) | % of Total Annualized Base Rental Revenue |
|---|---|
| Chicago, IL | 8.6% |
| Greenville, SC | 5.6% |
| Minneapolis, MN | 4.2% |
| Pittsburgh, PA | 3.8% |
| Columbus, OH | 3.7% |
| Detroit, MI | 3.6% |
| South Central, PA | 3.2% |
| Philadelphia, PA | 2.9% |
| Boston, MA | 2.5% |
| Houston, TX | 2.4% |
| Kansas City, MO | 2.4% |
| El Paso, TX | 2.4% |
| Milwaukee, WI | 2.2% |
| Raleigh, NC | 2.1% |
| Sacramento, CA | 1.9% |
| Charlotte, NC | 1.9% |
| Indianapolis, IN | 1.8% |
| Cleveland, OH | 1.8% |
| Cincinnati, OH | 1.7% |
| Nashville, TN | 1.4% |
| Total | 60.1% |
(1) Market classification based on CBRE-EA industrial market geographies.
Top Industries
The following table summarizes information about the 20 largest tenant industries in our portfolio based on total annualized base rental revenue as of December 31, 2025.
| Top 20 Tenant Industries(1) | % of Total Annualized Base Rental Revenue |
|---|---|
| Air Freight & Logistics | 11.4% |
| Containers & Packaging | 7.2% |
| Machinery | 6.5% |
| Automobile Components | 5.9% |
| Commercial Services & Supplies | 5.7% |
| Trading Companies & Distribution (Industrial Goods) | 5.2% |
| Distributors (Consumer Goods) | 4.7% |
| Building Products | 4.1% |
| Consumer Staples Distribution | 3.6% |
| Broadline Retail | 3.4% |
| Specialty Retail | 3.0% |
| Household Durables | 2.8% |
| Media | 2.7% |
| Electrical Equipment | 2.6% |
| Beverages | 2.4% |
| Food Products | 2.4% |
| Electronic Equip, Instruments | 2.4% |
| Ground Transportation | 1.9% |
| Chemicals | 1.9% |
| Construction & Engineering | 1.8% |
| Total | 81.6% |
(1) Industry classification based on Global Industry Classification Standard methodology.
Top Tenants
The following table summarizes information about the 20 largest tenants in our portfolio based on total annualized base rental revenue as of December 31, 2025.
| Top 20 Tenants(1) | Number of Leases | % of Total Annualized Base Rental Revenue |
|---|---|---|
| Amazon | 7 | 2.8% |
| Schneider Electric USA, Inc. | 3 | 1.0% |
| American Tire Distributors, Inc. | 7 | 0.9% |
| Soho Studio, LLC | 1 | 0.8% |
| International Paper Company | 4 | 0.8% |
| DSV Solutions, LLC | 4 | 0.8% |
| CHEP USA | 6 | 0.7% |
| KUEHNE+NAGEL INC. | 1 | 0.7% |
| Tempur Sealy International Inc | 2 | 0.7% |
| The Coca-Cola Company | 3 | 0.7% |
| Iron Mountain Information Management | 6 | 0.7% |
| Hachette Book Group, Inc. | 1 | 0.7% |
| DHL Supply Chain | 5 | 0.6% |
| Penguin Random House LLC | 1 | 0.6% |
| Penske Truck Leasing Co. LP | 3 | 0.6% |
| Kenco Logistic Services, LLC | 3 | 0.6% |
| FedEx Corporation | 4 | 0.6% |
| WestRock Company | 6 | 0.6% |
| Lippert Component Manufacturing | 4 | 0.6% |
| Carolina Beverage Group | 3 | 0.6% |
| Total | 74 | 16.1% |
(1) Includes tenants, guarantors, and/or non-guarantor parents.
Scheduled Lease Expirations
As of December 31, 2025, our Weighted Average Lease Term was approximately 4.3 years. The following table summarizes lease expirations for leases in place as of December 31, 2025, plus available space, for each of the ten calendar years beginning with 2026 and thereafter in our portfolio.
| Lease Expiration Year(1) | Number of Leases Expiring | Total Rentable Square Feet | % of Total Occupied Square Feet | Total Annualized Base Rental Revenue (in thousands) | % of Total Annualized Base Rental Revenue |
|---|---|---|---|---|---|
| Available | — | 4,363,980 | — | $— | — |
| Month-to-month leases | 1 | 113,973 | 0.1% | 1,057 | 0.2% |
| 2026 | 86 | 9,356,993 | 8.1% | 56,786 | 8.2% |
| 2027 | 130 | 15,950,845 | 13.8% | 93,814 | 13.6% |
| 2028 | 125 | 15,445,232 | 13.4% | 89,713 | 13.0% |
| 2029 | 117 | 18,455,188 | 16.0% | 109,093 | 15.8% |
| 2030 | 105 | 14,895,220 | 12.9% | 95,229 | 13.8% |
| 2031 | 94 | 14,681,052 | 12.7% | 82,357 | 11.9% |
| 2032 | 38 | 7,218,929 | 6.2% | 42,991 | 6.2% |
| 2033 | 26 | 4,358,720 | 3.8% | 26,057 | 3.8% |
| 2034 | 15 | 3,534,133 | 3.0% | 25,142 | 3.7% |
| 2035 | 23 | 5,950,484 | 5.1% | 36,823 | 5.4% |
| Thereafter | 20 | 5,649,600 | 4.9% | 30,422 | 4.4% |
| Total | 780 | 119,974,349 | 100.0% | $689,484 | 100.0% |
(1)Leases previously scheduled to expire in 2026, totaling approximately 10.5 million square feet, have been amended to extend their lease expiration date as of December 31, 2025. These leases are excluded from 2026 expirations and are reflected in the new year of expiration.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.