STAG Industrial, Inc. STAG
"Cash Rent Change" means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.
"Comparable Lease" means a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $845.2M | $767.4M | $707.8M | $657.3M | $562.2M | $483.4M | $405.9M | $351.0M | $301.1M | $250.2M |
| SG&A | $51.9M | $49.2M | $47.5M | $47.0M | $48.6M | $40.1M | $35.9M | $34.1M | $33.3M | $33.4M |
| Total operating expenses | $528.2M | $504.4M | $470.2M | $453.8M | $398.2M | $351.8M | $308.1M | $278.1M | $250.7M | $230.3M |
| Interest expense | $132.2M | $113.2M | $94.6M | $78.0M | $63.5M | $62.3M | $54.6M | $48.8M | $42.5M | $42.9M |
| Net income | $273.5M | $189.2M | $192.8M | $178.3M | $192.3M | $202.1M | $49.3M | $92.9M | $31.3M | $34.5M |
| Shares, diluted (wtd. avg.) | $187.2M | $182.4M | $180.6M | $178.9M | $164.1M | $149.2M | $125.7M | $103.8M | $90.0M | $70.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.9M | $36.3M | $20.7M | $25.9M | $19.0M | $15.7M | $9.0M | $8.0M | $24.6M | $12.2M |
| Goodwill | — | — | — | $4.9M | $4.9M | $4.9M | — | — | — | — |
| Other intangibles | $395.0M | $428.9M | $435.7M | $508.9M | $567.7M | $499.8M | $475.1M | $342.0M | $313.3M | $294.5M |
| Total assets | $7.21B | $6.83B | $6.28B | $6.18B | $5.83B | $4.69B | $4.16B | $3.10B | $2.68B | $2.19B |
| Long-term debt | $3.25B | $3.03B | $2.62B | $2.50B | $2.22B | $1.70B | $1.65B | $1.33B | $1.17B | $1.04B |
| Total liabilities | $3.54B | $3.30B | $2.84B | $2.73B | $2.44B | $1.92B | $1.80B | $1.43B | $1.27B | $1.12B |
| Retained earnings | -$1.03B | -$1.03B | -$948.7M | -$876.1M | -$792.3M | -$742.1M | -$723.0M | -$585.0M | -$516.7M | -$411.0M |
| Total equity | $3.60B | $3.46B | $3.45B | $3.46B | $3.39B | $2.77B | $2.36B | $1.67B | $1.41B | $1.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $463.4M | $460.3M | $391.1M | $387.9M | $336.2M | $293.9M | $233.4M | $197.8M | $162.1M | $135.8M |
| Depreciation and amortisation | $301.8M | $293.1M | $278.4M | $275.0M | $238.7M | $214.7M | $185.4M | $167.6M | $150.9M | $125.4M |
| Stock-based compensation | $12.7M | $11.7M | $11.5M | $12.1M | $15.0M | $11.7M | $9.9M | $8.9M | $9.5M | $9.7M |
| Capital expenditure | $204.5M | $150.4M | $107.9M | $111.7M | $39.5M | $55.7M | $65.0M | $34.6M | $45.8M | $30.5M |
| Investing cash flow | -$497.3M | -$731.1M | -$320.3M | -$447.5M | -$1.22B | -$554.6M | -$1.22B | -$507.2M | -$571.6M | -$346.3M |
| Financing cash flow | $97.4M | $286.3M | -$75.7M | $63.2M | $887.1M | $269.2M | $978.5M | $303.8M | $415.9M | $211.9M |
| Dividends paid | $284.0M | $274.9M | $267.6M | $266.8M | $245.7M | $224.3M | $189.6M | $158.9M | $141.0M | $117.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001479094-26-000009.
Others in SIC 6798
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| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |