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Fall 2025 Investor Presentation
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© 2025 STAG Industrial, Inc. FORWARD-LOOKING STATEMENTS & DEFINITIONS Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (“STAG” or the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward- looking statements, which are based on certain assumptions and describe STAG’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “should”, “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG’s expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Defined Terms, Including Non-GAAP Measurements Please refer to the Company’s supplemental information package for definitions of capitalized terms used herein, such as Cash Rent Change and Retention, as well as “non-GAAP” financial measures, such as Adjusted EBITDAre, Cash Available for Distribution, Cash NOI and Core FFO. The Company’s supplemental information package provides reconciliations of non-GAAP financial measures to net income (loss) in accordance with generally accepted accounting principles in the U.S. (“GAAP”). None of the non-GAAP financial measures is intended as an alternative to net income (loss) in accordance with GAAP as a measure of the Company’s financial performance. The supplemental information package, which contains additional disclosures and financial information, is available on the Company’s website at www.stagindustrial.com. 2
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2011 IPO S&P MidCap 400 Member $10.0 Billion Enterprise Value 2 STAG NYSE Only pure-play industrial REIT active across all CBRE Tier 1 industrial real estate markets1 Platform designed to provide growth through sophisticated industrial operation and attractive opportunity set Member of the S&P Mid-Cap 400 index CBRE Tier 1 Market Focus 1 600 Buildings 2 39.2% Total Shareholder Return Since December 31, 2020 (As of June 30, 2025) 118.3 Million SF Owned 2 STAG OVERVIEW 3 1. CBRE-EA Tier 1 industrial markets are those markets with a sufficient sample of building-by-building rent observations at the market and submarket level over the trailing 10 years. The Tier 1 list includes 75 of the 131 markets covered by CBRE-EA and is highly correlated with larger populations and/or more established industrial markets. 2. Reflects data as of Q2 2025. © 2025 STAG Industrial, Inc.
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PORTFOLIO METRICS Portfolio Quality Portfolio Growth 1. Excludes flex/office assets. 2. NRA is defined as Net Rentable Area. 3. Calculated as year-to-date annualized Q2 2025 Cash Available for Distribution of approximately $410 million less year -to-date annualized Q2 2025 cash dividends paid of approximately $285 million 4. Calculated as year-to-date Q2 2025 cash dividends paid of approximately $285 million divided by year -to-date Q2 2025 Cash Available for Distribution of approximately $410 million 5. Management’s forecasts. Actual results may vary. 4 & As of Q2 ‘25 Number of States 41 CBRE Tier 1 and Tier 2 Exposure By % ABR 87% Weighted Average Lease Term (Years) 4.2 Multi-Tenant Industrial % NRA1 2 26.6% Equity Market Capitalization (millions) $6,916 Free Cash Flow (annual) after Dividends 3 $100 mm + CAD Payout Ratio 4 70% 2025 5 WA Portfolio Escalators ~ 2.9% Cash Rent Change 23.0% – 25.0% Same Store Cash NOI % Growth 3.75% – 4.00% Net Debt to Annualized Run Rate Adjusted EBITDAre 5.00x – 5.50x % secured debt < 0.1% Internal Growth Optimization Balance Sheet Fortification & © 2025 STAG Industrial, Inc.
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SUPPLY DYNAMICS 5 STAG’s average lease size less than 150k SF and median lease size approximately 110k SF ~54% of US construction pipeline is greater than 300k SF Only 13% of the US construction pipeline is in STAG’s top 10 markets 41% of the US construction pipeline is isolated within the top 10 most active construction markets 0 100 200 300 400 500 600 700 800 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Millions TOTAL PRODUCT UNDER CONSTRUCTION BY SIZE RANGE 0-</=250KSF 250-</=500KSF >500KSF © 2025 STAG Industrial, Inc.
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DEMAND DYNAMICS: ECOMMERCE ACTIVITY AND SUPPLY CHAIN CONFIGURATION 6 E-commerce and supply chain reconfiguration are secular demand drivers ~31% of STAG’s portfolio handles e-commerce activity 1 1. 2022 tenant survey - % reflected associated with survey responses received. 2. Source: Statista. 3. Source: St. Louis FRED. 16.3% 30.7% 26.3% 9.1% 15.1% 16.3% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 E-Commerce Retail Sales (%) of Total Sales (UK)2 vs. E-Commerce Retail Sales (%) of Total Sales (US)3 E-Commerce Retail Sales (%) of Total Sales (UK) E-Commerce Retail Sales (%) of Total Sales (US) US has meaningful incremental e-commerce runway based on historical UK rate 10% potential upside © 2025 STAG Industrial, Inc.
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DEMAND DYNAMICS: NEARSHORING & ONSHORING 7 Accelerating re-shoring and near-shoring trends continue to drive domestic warehouse space demand Megasite projects 0.0-0.5 STAG SF (in Millions) 0.5-1.0 1.0-2.1 2.1-5.3 5.3-11.6 1. Megasite Projects are defined as sites listed on the White House “Investing in America” initiative that documents areas where public policy and private investment have combined to inject more than $464 billion in private investment across Electric Vehicles, Batteries, Semiconductors, and Electronics since 2021. A 60-mile radius is approximately a one-hour drive. Approximately one-third of STAG’s portfolio is located within 60-mile radius of Megasite Projects 1 © 2025 STAG Industrial, Inc.
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1. CBRE-EA Tier 1 industrial markets are those markets with a sufficient sample of building-by-building rent observations at the market and submarket level over the trailing 10 years. The Tier 1 list includes 75 of the 131 markets covered by CBRE-EA and is highly correlated with larger populations and/or more established industrial markets. 2. CBRE-EA Tier 1 industrial markets only. Excludes buildings purchased after 12/31/2020. PORTFOLIO EVOLUTION 8 Market Rent Growth1 2020 2021 2022 2023 2024 1H 2025 STAG Market 39.7% 28.1% STAG’s portfolio rent growth exceeded market rent growth by 11.6 percentage points 2 STAG Markets 2021 2022 2023 2024 2025 2026 2027 - 2029 STAG’s CBRE Tier 1 market forecast 1 7.1% 10.3% 7.1% ~4% 0-2% Low-Single Digits Mid-Single Digits © 2025 STAG Industrial, Inc.
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PORTFOLIO OPTIMIZATION & ORGANIZATIONAL STRUCTURE 9 Accounting & Finance Market Research Acquisitions Capital Markets Operations Platform Credit Legal OPERATIONS PLATFORM Asset Management Property Management Finance Development Construction 1. CBRE-EA Tier 1 industrial markets are those markets with a sufficient sample of building-by-building rent observations at the market and submarket level over the trailing 10 years. The Tier 1 list includes 75 of the 131 markets covered by CBRE-EA and is highly correlated with larger populations and/or more established industrial markets. © 2025 STAG Industrial, Inc. A lease for 100% of the 244 thousand square foot building located at 1809 East Poinsett Street in Greer, South Carolina was executed on August 25, 2025, and commenced on September 1, 2025 96.0% of expected 2025 new and renewal leasing has been addressed, consisting of 13.5 million square feet, achieving Cash Rent Change of 24.2% as of September 5, 2025 2025 Same Store Cash NOI growth guidance range of 3.75% - 4.00%
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Acquired 264K SF Class A manufacturing facility in Q4 2017. The building was fully leased to a global automotive parts manufacturer through 2028. Executed a 10-year lease for a proposed 53K SF expansion in conjunction with a 6-year extension of the existing premises in Q2 2024. Completed the 53K SF building expansion along with an additional trailer parking yard in January 2025. Achieved a return on investment of approximately 8.5% for the expansion premises. VACANT ACQUISITION IRVING, TX BUILDING EXPANSION GREENVILLE, SC VALUE-ADD & BUILDING EXPANSION ACTIVITY 10 STAG has completed more Value-Add projects since 2020 than IPO to 2019 Leveraging local market expertise and relationships to take advantage of opportunities 20+ value-add leasing projects identified and executed through STAG’s leasing & operating platform ~ 20 building expansion projects identified & completed by STAG’s Asset Management & Capital Projects teams Acquired a newly constructed, fully vacant 121K SF Class A warehouse in Q3 2023. Executed a new lease for the entire building within 6 months of acquisition. Seven-year lease with 3.75% annual increases. Located in a primary submarket of Dallas, TX, with immediate access to the south entrance of DFW International Airport and a major highway interchange. The asset is well docked at 1 per 5,000 SF and features 32’ clear height, LED lighting, and ample car and trailer parking. REPOSITIONING & SALE NASHUA, NH Acquired 337K SF facility in Q1 2014 for $11.7 million, representing an 8.2% cash cap rate In early 2024, the asset was identified for repositioning, investing approximately $4.8 million into various building and site improvements to position the asset for logistics use. In addition, access to heavy power at the site was identified. Building improvements were completed before the prior tenant vacated in November 2024. We immediately identified a complex user sale to an Asian entity that will use the building for a bottled water production facility. In January 2025, we completed the sale for $67.0 million, representing a 4.9% cash cap rate and a 20.8% unlevered rate of return over our hold period. © 2025 STAG Industrial, Inc.
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14003 MOUNT ANDERSON STREET (RENO, NV) Acquired 18 acres of land in Q3 2024 as part of a joint venture with the intent to develop a 284K SF Class A warehouse. Located in the North Valleys submarket of Reno with close proximity to I-80 and US- 385, allowing companies efficient access to key markets across the West Coast. Construction commenced in Q3 2024 with an estimated substantial shell completion date in Q3 2025. The front-load warehouse will include 36’ clear height and the ability to accommodate up to two tenants. Acquired 5 acres of land in Q3 2024 with the intent to develop a 76K SF Class A warehouse. Located in the North Valleys submarket of Reno with close proximity to I-80 and US- 385, allowing companies efficient access to key markets across the West Coast. Construction began in Q3 2024 with an estimated substantial shell completion date in Q3 2025. The rear-load warehouse will include 28’ clear height and a flexible design to accommodate single or multi-tenant use. 6980 RESOURCE DRIVE (RENO, NV) 805 TRADE STREET 1 (CHARLOTTE, NC) Acquired 22 acres of land in Q4 2024 as part of a joint venture with the intent to develop two twin 200K SF Class A warehouses. Located in the Concord submarket northeast of Charlotte. The site has secured favorable zoning which positions us well in this high barrier to entry market. Construction began in Q4 2024 with an estimated substantial shell completion date in Q4 2025. The rear-load warehouses will include 32’ clear height with the ability to accommodate up to four tenants per building. BRIAN M. LAMONT Senior Vice President, Head of Development and Sustainability STEVE T. KIMBALL Executive Vice President and Chief Operating Officer Completed the development of nine buildings with five more buildings in-process to date 600 PARK LOOP ROAD 1 (LOUISVILLE, KY) 575 MADDOX-SIMPSON PARKWAY (NASHVILLE, TN) DEVELOPMENT PROJECTS 11 1. Photos are a rendering of the to-be-completed facilities. © 2025 STAG Industrial, Inc. Acquired 43 acres of land in Q2 2025 as part of a joint venture with the intent to develop a 500K SF Class A warehouse. Located in the Bullitt County submarket south of Louisville with proximity to I-65. The market benefits from size limitations and entitlement/zoning difficulties, resulting in limited competition in this size range. Construction began in Q2 2025 with an estimated substantial shell completion date in Q2 2026. The cross-dock warehouse will include 40’ clear height with the ability to accommodate single or multi-tenant use. Acquired a 349K SF warehouse and an adjacent 26-acre parcel of land, at which time the excess land parcel was identified as a potential future development opportunity. Located east of Nashville with close proximity to I-40. The greater Nashville market remains healthy with low vacancy rates and continued rental growth across all product types. Construction on the Class A, 297K SF rear- load warehouse commenced in Q2 2024 and substantial shell completion was achieved in April 2025. A 50-month lease to a 3PL was signed in May 2025 and commenced in June 2025. The lease includes 3.25% annual rent escalations, and the building is 69% leased. The expected stabilized cash yield for the building is 9.3%.
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ACQUISITIONS PLATFORM 12 PROCESS DRIVEN APPROACH TO ADDRESS ATTRACTIVE OPPORTUNITY MICHAEL C. CHASE Executive Vice President and Chief Investment Officer 1,250+ transactions pass initial triage for investment consideration 20 transactions closed 2% of transactions considered were acquired $3.1B pipeline Visibility into thousands of assets across the US Value created via granular approach to acquisitions across a broad opportunity set Benefit from relationships with real estate brokers developed over time who value STAG’s institutional transactional certainty Difficult-to-replicate platform constructed to rationally evaluate thousands of opportunities – quantitative approach allows for wide opportunity set Leverage data analytics to identify markets and potential acquisition opportunities Average annual acquisition volume of ~$700 million over the last five years Acquired a four-building 326K SF portfolio in greater El Paso, TX. The portfolio consisted of well-located infill assets in close proximity to local / regional infrastructure providing the existing tenant base with cross border and regional distribution capabilities. As of closing, the portfolio had a WALT of 3.5 years with in- place rents approximately 20% below market. Since closing on the portfolio, STAG executed on one renewal in a 20k SF suite at a Cash Rent Change of 84%. SACRAMENTO, CA EL PASO, TX Acquired a building located in Sacramento which was 100% leased to HD Supply with an initial remaining lease term of 15 months. HD Supply was renewed for 36 months with 4% annual escalators and a Cash Rent Change of 44%. Located in Power Inn, Sacramento’s most established and largest submarket, the building was a rare stand-alone 100K SF cross-dock facility that was also easily divisible down to 50K SF which offered flexibility in a re-leasing scenario. BROOKLYN PARK, MN Acquired a newly constructed 126K SF building in Brooklyn Park, MN, that is 100% leased to Tesla. The building offers 28’ clear heights, 3000 amps of power and is fully conditioned. As of closing, Tesla had 9.4 years remaining on their lease with 3.5% annual rent escalations. This stand-alone, Class A building is well-located in an established Northwest submarket of Minneapolis, offering proximity to key transportation arteries, amenities, and a strong labor pool. © 2025 STAG Industrial, Inc.
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As of 12/31/24 As of 6/30/25 Net Debt to Annualized Run Rate Adjusted EBITDAre 5.2x 5.1x Fixed Charge Coverage Ratio 4.7x 4.6x CONSERVATIVE BALANCE SHEET POSITIONED TO SUPPORT GROWTH $6,916 Common Equity at Market Value $3,051 Unsecured Debt $4 Secured Debt Conservative Capitalization (in $ millions) 30.6% < 0.1% 69.4% 1.7% Floating (revolving credit facility only) 98.3% Fixed Rate Fixed Rate Borrower 1 BALANCE SHEET DISCIPLINE 13 Low Leverage $409M © 2025 STAG Industrial, Inc. Weighted Avg Interest Rate 1 Note: Information presented as of Q2 2025. 1. Inclusive of fixed interest rate swaps. 2. Debt notional reflects outstanding revolving credit facility balance as of June 30, 2025. Assumes exercise of all extension options at the Company’s discretion, subject to certain conditions. ($ in millions) $0M $430M $170M $475M $426M $350M $1.2B 2025 2026 2027 2028 2029 2030 Thereafter BALANCED DEBT MATURITY LADDER 2 Revolving Credit Facility 2.65% 2.43%—% 3.61% 5.37% 4.55% Fitch Credit Rating BBB / Stable Moody’s Credit Rating Baa2 / Stable Total Weighted Avg. Interest Rate1 4.24% Total Weighted Avg. Maturity Years 1 4.6 Years $51M 5.50% 13 © 2025 STAG Industrial, Inc.
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HISTORICAL TREND 2025 GUIDANCE NOTES Internal Growth Average Same Store Cash NOI growth of ~2.8% over past ten years Same Store Cash NOI growth of 3.75% - 4.00% • Retention at 75% • Cash Rent Change of 23.0% to 25.0% • WA rental escalators approximately 2.9% across portfolio • Credit loss of 50 basis points • Same Store occupancy loss of 75 basis points Expect recent Same Store Cash NOI growth to be sustainable, driven by increase in rental escalators, higher cash releasing spreads, and shorter downtimes as compared to historical trend 96.0% of expected 2025 new and renewal leasing has been addressed, consisting of 13.5 million square feet, achieving Cash Rent Change of 24.2% 1 External Growth - Acquisitions Average acquisition volume of ~$700 million over past five years Acquisition volume range of $350 million to $650 million • Stabilized Cash Capitalization Rate of 6.25% - 6.75% • Disposition range of $100 to $200 million Pipeline equal to $3.4 billion 2 External Growth - Developments Minimal development 3.0 million square feet of active developments • 42% of the buildings are under construction • The remaining 58% has been delivered and is currently 83% leased A lease for 100% of the 244 thousand square foot building located at 1809 East Poinsett Street in Greer, South Carolina was executed on August 25, 2025, and commenced on September 1, 2025 G&A G&A as a % of NOI has averaged ~9% over past five years G&A range of $52 to $53 million G&A as a % of NOI of 8% as of Q2 2025; Additional scalability in platform will maintain downward pressure Capital Expenditures Average capital expenditure as a percentage of Cash NOI of 7% over past five years Capital expenditure as a percentage of Cash NOI of ~ 7% Capitalization Reduction in leverage since 2015 with Net Debt plus preferred to Annualized Run Rate Adjusted EBITDA reduced from 6.4x in 2015 to 5.1x as of Q2 2025 Net Debt to Annualized Run Rate Adjusted EBITDA of 5.00x to 5.50x CLEAR PATH TO STRONG CORE FFO AND CAD GROWTH + Portfolio premium created as a result of granular asset acquisition strategy + Additional value created at the asset level through value-add projects, redevelopment projects, and building expansions 1. As of September 5, 2025 2. As of July 28, 2025 14 BUILDING BLOCKS OF GROWTH © 2025 STAG Industrial, Inc.
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COMPELLING VALUATION Growing Income Value Creation Low Risk • Internal growth with long history of success managing portfolio • External growth with large opportunity set and robust investment pipeline • Opportunistic development projects by partnering local and regional developers looking to diversify their project pipeline • Attractive asset class that is difficult to aggregate • Granular investment approach to identify relative value • Value add opportunities at asset level • Widely diversified portfolio across geography, tenancy, industry, lease maturity • Investment grade balance sheet with low leverage and high level of liquidity • Historically low credit loss • Nearly one-third of tenants are investment grade • Retaining ~$100 million of cash annually IMPLIED CAP RATE 1 6.3% STAG 5.4% Peer Average 2 AFFO MULTIPLE 1 14.9x STAG 19.4x Peer Average 2 1. Information presented as of September 8, 2025 (closing share price as of September 5, 2025); STAG metrics use annualized year-to-date Q2 2025 Core FFO and Cash Available for Distribution for the FFO and AFFO Multiples, respectively. Peer metrics incorporate future Wall Street research projections. 2. Peers consist of EGP, FR, PLD, REXR, and TRNO. 3. Uses the most recent dividend annualized. 4. CBRE-EA Tier 1 industrial markets are those markets with a sufficient sample of building-by-building rent observations at the market and submarket level over the trailing 10 years. The Tier 1 list includes 75 of the 131 markets covered by CBRE-EA and is highly correlated with larger populations and/or more established industrial markets. 15 High Quality • CBRE Tier 1 strategy 4 FFO MULTIPLE 1 17.1x STAG 24.3x Peer Average 2 DIVIDEND YIELD 3 4.0% STAG 3.6% Peer Average 2 © 2025 STAG Industrial, Inc.
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GRESB Public Disclosure ScoreREFLECTIVE ROOFING LED LIGHTING CONVERSION GREEN LEASE LEADERS AWARD RECIPIENT SOLAR PANEL INSTALLATION Recognizes forward-thinking companies that utilize energy efficient and sustainable leases Gold level since 2020 STAG form lease includes environmentally friendly provisions focused on utility transparency to promote sustainability Leverage rooftop square footage to create clean energy 30.3 MW completed by the end of 2024 Reflect sunlight to reduce warehouse temperature and decrease energy usage 48% of the portfolio has reflective roofing Actively pursuing opportunities nationwide More efficient lighting system reduces energy usage Fluorescent or LED lighting systems in 90%+ of portfolio Converted 30.9 million SF of less efficient lighting systems with LED since 2016 Actively pursuing additional opportunities for upgrade across portfolio Currently evaluating 40 solar projects over the next several years with the potential to double the current capacity ESG - ENVIRONMENTAL 16 2024 GRESB Public Disclosure Score of A 2018 E C 2019 B 2020 A 2022 © 2025 STAG Industrial, Inc. 10+ MW expected to be installed by the end of 2025
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Our Charitable Action Committee proudly supports a diverse group of nonprofit organizations SOCIAL RESPONSIBILITY Focus on efforts supporting children, young adults, and promoting equal opportunity across the U.S. — Support provided through direct donation, employee matching, and significant volunteering — Oversee a Charitable Action Fund administered by the Boston Foundation. The Fund has made six, multi-year grants to non-profit organizations. GOVERNANCE Diverse board (36% women and minorities) and independent chairman — Shareholder friendly bylaws including majority voting and shareholder ability to amend bylaws — Alignment of management compensation with total shareholder return — Stock ownership guidelines for executives and directors — ISS QualityScore Governance rating of 1 (1 = best / 10 = worst) ESG – SOCIAL AND GOVERNANCE 17 © 2025 STAG Industrial, Inc.
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APPENDIX
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NEARSHORING CASE STUDY - EL PASO, TX 19 Corporate & Govt Investment/Infrastructure Supportive Regulatory Climate Strategic Location/Superior Labor: • More than 70 Fortune 500 firms heavily invested in region • Major bridge infrastructure for freight transport • El Paso named #1 foreign-trade zone location for large tenants in the Americas • USMCA: A modern trade agreement signed with Mexico & Canada in 2018 and runs through 2036 • Provides tariff protection for key industries • Mexico has surpassed China as the U.S. #1 trade partner • Juarez logistically proximate • More than two million residents in El Paso/Juarez • Labor pool is highly available, productive, and cost competitive Leasing Results 1: 1. Leasing results exclude Value Add assets, first generation leasing, and short-term leasing. © 2025 STAG Industrial, Inc. • Seven executed leases commencing in 2024 and 2025 • 48.5% cash releasing spreads • Less than one month of average downtime
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ONSHORING CASE STUDY - GEORGIA 20 1. Leasing results exclude Value Add assets, first generation leasing, and short-term leasing. © 2025 STAG Industrial, Inc. Attractive Profile for Manufacturing Investment • Easy access to growing ports, favorable tax incentives, and deep labor pools • One of the Fastest growing container ports in the U.S. with connectivity to interior via growing Inland Port Complex • Georgia named #1 state for Business by Area Development for 10 Consecutive years (2023) Leasing Results 1: • $39 Billion in private sector manufacturing investments since 2021 • $24 Billion in EVs & Batteries • $10 Billion in clean energy manufacturing investment • Hyundai, Kia, Rivian, Hyundai Mobis, Georgia Power, Freyr, Koch Industries among firms making investments of >$1 Billion Growing Private Investment in Domestic Manufacturing • Six executed leases commencing in 2024 and 2025 • 38.2% cash releasing spreads • Less than six months of average downtime