STAG Industrial has a 38% dividend buffer, estimated at $2.46 per share, compared to an annualized dividend of $1.52. This is not the largest in the industrial REIT space but provides capacity to absorb moderate earnings pressure without immediately impairing the payout. The company's debt ladder introduces a timing variable that the buffer alone does not capture. This could include refinancing cost, which could compress FFO over time if current debt maturities are priced above current coupon levels. Tenant quality is also an important consideration, as STAG's portfolio includes a higher proportion of smaller, unrated tenants compared to net-lease peers. Stable occupancy has been a consistent feature, but rent growth on renewals will determine whether the buffer holds or compresses over the next year.