I think it has to do with the growth rate and tenancy to do significant ATM offerings and that a June hike is not necessarily off the table. But the business is solid. I'm in at $24.50 and would by more around $20.70. Check out the SFL board for a discussion I started there. But my points are similar to yours.
pretty much all eREITS were down big today presumably because of a spike in treasury yields. but STAG was slaughtered. curiously, STAG traded at normal volumes. i have never seen a stock go down 4.5% in one day on average volume. very weird.
Still can't find any news to account for today's drop. STAG has been a good position for me in the past. I just bought in again two days ago for the following reasons - #1 performing industrial REIT since its' IPO ; highest dividend, lowest FFO & AFFO multiples among peers; high growth rate; leases are triple net; dividend covered by operating income; sizable pipeline which should produce 25% growth this year; only 7% tenant turnover this year. So keep the faith for now.