STAGMEDIUM SIGNALFINANCIAL10-K

STAG delivered strong operational performance with 44.6% net income growth and portfolio expansion, but experienced a significant 58.9% decline in cash reserves.

The company demonstrated solid growth fundamentals through acquiring 10 new buildings and expanding rentable square feet by 2.9%, while maintaining stable occupancy rates above 96%. However, the dramatic cash decline from $36.3M to $14.9M suggests either aggressive capital deployment for acquisitions/development or potential liquidity management challenges that warrant investor attention.

Comparing 2026-02-11 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

STAG's financial performance shows a company in growth mode with revenue increasing 10.1% to $845.2M and net income surging 44.6% to $273.5M, indicating strong operational leverage and margin expansion. However, the sharp 58.9% decline in cash and equivalents to just $14.9M represents a significant reduction in financial flexibility and liquidity cushion. This combination suggests STAG is aggressively deploying capital for growth while potentially stretching its balance sheet, which could limit near-term acquisition capacity or require additional financing.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-58.9%
$36.3M→$14.9M

Cash declined 58.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
+44.6%
$189.2M→$273.5M

Net income grew 44.6% — bottom-line growth signals improving overall business health.

Revenue
P&L
+10.1%
$767.4M→$845.2M

Revenue growing 10.1% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-12
ADDED
As of December 31, 2025, we owned 601 buildings in 41 states with approximately 120.0 million rentable square feet.
As of December 31, 2025, we had seven development projects (which are not included in the building count noted above).
As of December 31, 2025, our buildings were approximately 96.4% leased, with no single tenant accounting for more than approximately 2.8% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.4% of our total annualized base rental revenue.
As of December 31, 2025, our Operating Portfolio was approximately 97.2% leased.
Straight-line Rent Change on new and renewal leases together grew approximately 38.2% and 41.8% during the years ended December 31, 2025 and 2024, respectively, and our Cash Rent Change on new and renewal leases together grew approximately 24.0% and 28.3% during the years ended December 31, 2025 and 2024, respectively.
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REMOVED
As of December 31, 2024, we owned 591 buildings in 41 states with approximately 116.6 million rentable square feet.
As of December 31, 2024, we had 11 development projects (which are not included in the building count noted above).
As of December 31, 2024, our buildings were approximately 96.5% leased, with no single tenant accounting for more than approximately 2.9% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.3% of our total annualized base rental revenue.
We intend to maintain a diversified mix of tenants to limit our exposure to any single tenant or industry.
As of December 31, 2024, our Operating Portfolio was approximately 97.3% leased.
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