STAG Industrial, Inc.
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 27, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
3. Rental Property
- Rental Property
The following table summarizes the components of rental property, net as of September 30, 2026 and December 31, 2025.
| Rental Property (in thousands) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Land | $853,182 | $811,569 |
| Buildings, net of accumulated depreciation of $950,502 and $855,290, respectively | 4,979,127 | 4,785,314 |
| Tenant improvements, net of accumulated depreciation of $50,567 and $43,997, respectively | 47,584 | 45,922 |
| Building and land improvements, net of accumulated depreciation of $260,522 and $220,644, respectively | 695,167 | 613,864 |
| Construction in progress | 138,885 | 148,371 |
| Deferred leasing intangibles, net of accumulated amortization of $477,696 and $425,502, respectively | 398,436 | 394,967 |
| Total rental property, net | $7,112,381 | $6,800,007 |
Acquisitions
The following table summarizes the Company’s acquisitions during the three and nine months ended September 30, 2026. The Company accounted for all of its acquisitions as asset acquisitions.
| Market(1) | Date Acquired | Square Feet | Number of Buildings | Purchase Price (in thousands) |
|---|---|---|---|---|
| Kansas City, MO | February 9, 2026 | 748,833 | 1 | $80,713 |
| Three months ended March 31, 2026 | 748,833 | 1 | 80,713 | |
| Dallas, TX(2) | April 28, 2026 | — | — | 3,536 |
| Phoenix, AZ(2) | April 30, 2026 | — | — | 16,979 |
| Greenville, SC | May 26, 2026 | 560,240 | 1 | 62,373 |
| Chicago, IL | May 26, 2026 | 246,446 | 1 | 31,493 |
| Cleveland, OH | June 11, 2026 | 280,614 | 1 | 34,726 |
| Indianapolis, IN | June 17, 2026 | 826,687 | 2 | 84,732 |
| Kansas City, MO | June 23, 2026 | 574,732 | 1 | 55,493 |
| Greenville, SC | June 29, 2026 | 141,960 | 1 | 18,322 |
| Three months ended June 30, 2026 | 2,630,679 | 7 | 307,654 | |
| Chicago, IL | September 24, 2026 | 442,987 | 1 | 44,518 |
| El Paso, TX | September 24, 2026 | 652,090 | 1 | 63,416 |
| Three months ended September 30, 2026 | 1,095,077 | 2 | 107,934 | |
| Nine months ended September 30, 2026 | 4,474,589 | 10 | $496,301 |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel.
The following table summarizes the allocation of the consideration paid at the date of acquisition during the nine months ended September 30, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
| Acquired Assets and Liabilities | Purchase Price (in thousands) | Weighted Average Amortization Period (years) of Intangibles at Acquisition |
|---|---|---|
| Land | $51,954 | |
| Buildings | 350,177 | |
| Tenant improvements | 6,381 | |
| Building and land improvements | 16,854 | |
| Deferred leasing intangibles - in-place leases | 48,431 | 8.2 |
| Deferred leasing intangibles - tenant relationships | 21,645 | 11.7 |
| Deferred leasing intangibles - above market leases | 3,501 | 6.3 |
| Deferred leasing intangibles - below market leases | (2,642) | 7.0 |
| Total purchase price | $496,301 |
Dispositions
The following table summarizes the Company’s dispositions during the nine months ended September 30, 2026. The dispositions were sold to third parties and were accounted for under the full accrual method.
| Sales of rental property, net (dollars in thousands) | Nine months ended September 30, 2026 |
|---|---|
| Number of buildings | 7 |
| Building square feet (in millions) | 2.0 |
| Proceeds from sales of rental property, net | $117,260 |
| Net book value | $69,571 |
| Gain on the sales of rental property, net | $47,689 |
The following table summarizes the results of operations for the three and nine months ended September 30, 2026 and 2025 for the buildings sold during the nine months ended September 30, 2026, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| Sales of rental property, net (dollars in thousands) | 2026 | 2025 | 2026 | 2025 |
| Sold buildings contribution to net income(1) | $(452) | $1,443 | $(630) | $4,423 |
(1) Exclusive of gain on the sales of rental property, net.
Variable Interest Entities
The buildings acquired through reverse like-kind exchanges agreements pursuant to Section 1031 of the Code during the year ended December 31, 2025, were completed during the three months ended March 31, 2026 and as such the Company is now the legal owner of the entities. Accordingly, these entities are no longer deemed variable interest entities as of September 30, 2026.
Deferred Leasing Intangibles
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.
| September 30, 2026 | December 31, 2025 | |||||
|---|---|---|---|---|---|---|
| Deferred Leasing Intangibles (in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net |
| Above market leases | $74,570 | $(45,534) | $29,036 | $71,657 | $(41,824) | $29,833 |
| Other intangible lease assets | 801,562 | (432,162) | 369,400 | 748,812 | (383,678) | 365,134 |
| Total deferred leasing intangible assets | $876,132 | $(477,696) | $398,436 | $820,469 | $(425,502) | $394,967 |
| Below market leases | $58,791 | $(36,010) | $22,781 | $59,664 | $(34,098) | $25,566 |
| Total deferred leasing intangible liabilities | $58,791 | $(36,010) | $22,781 | $59,664 | $(34,098) | $25,566 |
The following table summarizes the impact to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and nine months ended September 30, 2026 and 2025.
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| Deferred Leasing Intangibles Amortization (in thousands) | 2026 | 2025 | 2026 | 2025 |
| Net increase to rental income related to above and below market lease amortization | $305 | $663 | $1,131 | $1,878 |
| Amortization expense related to other intangible lease assets | $20,806 | $21,438 | $65,813 | $63,469 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.