STAG Industrial (NYSE: STAG) is the monthly dividend workhorse of industrial: single-tenant warehouses in secondary markets (Columbus, Greenville, Milwaukee) that the coastal giants ignore, bought at higher cap rates and managed as a diversified bond-like portfolio paying investors every month.
| STAG Industrial (STAG) Snapshot | |
|---|---|
| Share Price (delayed) | $39.08 +0.26% |
| Market Cap | $7.5B |
| Annualized Dividend | $1.52 (Monthly) |
| Dividend Yield | 3.89% |
| Occupancy | 95.1% |
| Sector | Industrial ยท Single-Tenant Industrial |
Market data updates automatically several times daily. Last price refresh: Jul 13, 2026.
Business Model and Current State
The founding insight: single-tenant industrial in secondary markets is priced for more risk than it actually carries when you own hundreds of them, because tenant defaults are idiosyncratic while the portfolio is diversified. Q1 2026 validated the machine again: core FFO of $0.65 per share (+6.6%), same-store cash NOI up 4.1%, occupancy at 95.1% (96.0% operating), and the quiet star, cash releasing spreads of +20.9%, showing how far in-place rents still sit below market even in unglamorous metros.
Dividend Safety Analysis
The monthly dividend is covered at conservative payout levels with investment-grade credit, though growth has been token (a fraction of a cent annually) for years, a deliberate choice to retain cash for acquisitions. Treat STAG as a high-coverage monthly coupon with modest escalation, not a dividend-growth story.
The Honest Risk Section
Secondary markets mean shallower tenant pools when a building goes vacant, single-tenant means binary occupancy per asset, and the model needs continuous acquisitions to grow, making the stock’s cost of capital a governor. The 20%+ releasing spreads eventually normalize as the below-market rent bank depletes.
Frequently Asked Questions
Does STAG pay monthly dividends?
Yes, STAG has paid monthly since its IPO, covered conservatively by core FFO, with intentionally minimal annual increases as cash is retained for acquisitions.
What does STAG own?
Single-tenant industrial buildings across secondary U.S. markets, a deliberately diversified portfolio where no tenant or metro dominates.
Analysis based on Q1 2026 results (April 28, 2026, SEC filings). Live market data updates automatically. Independent research, not investment advice.