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SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER 2025
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 1 Forward-Looking Statements This supplemental information package 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) 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 Definitions section near the end of these materials for definitions of capitalized terms used herein, including, among others, Annualized Base Rental Revenue, Capitalization Rate and Retention, as well as non-GAAP financial measures, such as Adjusted EBITDAre, Cash NOI, and Core FFO. These materials provide reconciliations of non-GAAP financial measures to net income (loss) in accordance with 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. Golden, CO Londonderry, NH Preparer Sync/Link Approver NA Jeff M. 10/20/2017 Peter F. 10/23/2017 1 1 1 1
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 2 TABLE OF CONTENTS Page Page Overview 3 Top Markets, Tenants and Industries Top Markets, Tenants and Industries 16 Financials Consolidated Balance Sheets 4 Capitalization and Guidance Consolidated Statements of Operations 5 Capital Structure, Debt Metrics & Covenants 17 Net Operating Income (NOI) & Cash NOI 6 Debt Summary 18 Funds From Operations (FFO) & Core FFO 7 Debt Maturity Schedule 19 Adjusted EBITDAre & Cash Available for Distribution (CAD) 8 Guidance 20 Portfolio Definitions 21-24 Acquisitions 9 Development Summary 10 Dispositions 11 Leasing & Retention Statistics 12 Same Store NOI 13 Capital Expenditures 14 Lease Expiration Schedule 15 Preparer Sync/Link Approver NA Jeff M. 10/20/2017 Peter F. 10/23/2017
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 3 OVERVIEW Snapshot (September 30, 2025) Square Feet 119.2 million Number of Buildings 601 Number of States 41 Total Portfolio Occupancy 95.8% Operating Portfolio Occupancy 96.8% Weighted Average Lease Term 4.3 years Weighted Average Rent $5.87/sf Net Debt to Annualized Run Rate Adjusted EBITDAre ratio 5.1x Monthly Dividend (annualized) $0.124167 ($1.49) Preparer Sync/Link Approver NA Jeff M. 10/20/2017 Peter F. 10/23/2017 1 1 Garner, NC Sacramento, CA
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 4 CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2025 December 31, 2024 Assets Rental Property: Land $ 793,164 $ 771,794 Buildings and improvements, net of accumulated depreciation of $1,221,545 and $1,085,866, respectively 5,396,280 5,295,120 Deferred leasing intangibles, net of accumulated amortization of $426,813 and $386,627, respectively 381,714 428,865 Total rental property, net 6,571,158 6,495,779 Cash and cash equivalents 17,319 36,284 Restricted cash 1,110 1,109 Tenant accounts receivable 144,996 136,357 Prepaid expenses and other assets 109,705 96,189 Interest rate swaps 16,945 36,466 Operating lease right-of-use assets 29,756 31,151 Assets held for sale, net 6,091 — Total assets $ 6,897,080 $ 6,833,335 Liabilities and Equity Liabilities: Unsecured credit facility $ 110,000 $ 409,000 Unsecured term loans, net 1,021,045 1,021,848 Unsecured notes, net 1,966,606 1,594,092 Mortgage note, net 4,035 4,195 Accounts payable, accrued expenses and other liabilities 154,515 126,811 Interest rate swaps 1,271 — Tenant prepaid rent and security deposits 55,065 56,173 Dividends and distributions payable 23,669 23,469 Deferred leasing intangibles, net of accumulated amortization of $35,569 and $31,368, respectively 26,879 33,335 Operating lease liabilities 34,039 35,304 Total liabilities $ 3,397,124 $ 3,304,227 Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at September 30, 2025 and December 31, 2024; none issued or outstanding — — Common stock, par value $0.01 per share, 300,000,000 shares authorized at September 30, 2025 and December 31, 2024, 186,744,593 and 186,517,523 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,867 1,865 Additional paid-in capital 4,456,453 4,449,964 Cumulative dividends in excess of earnings (1,048,331) (1,029,757) Accumulated other comprehensive income 15,236 35,579 Total stockholders’ equity 3,425,225 3,457,651 Noncontrolling interest in operating partnership 71,078 69,932 Noncontrolling interest in joint ventures 3,653 1,525 Total equity 3,499,956 3,529,108 Total liabilities and equity $ 6,897,080 $ 6,833,335 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 5 CONSOLIDATED STATEMENTS OF OPERATIONS 1 2 3 4 5 6 7 8 Total 403 65 10 65 10 65 10 66 694 Top Right 78 37 Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2025 2024 2025 2024 Revenue Rental income $ 209,995 $ 190,286 $ 622,795 $ 564,155 Other income 1,126 453 1,493 3,904 Total revenue 211,121 190,739 624,288 568,059 Expenses Property 42,168 38,015 126,249 114,564 General and administrative 12,173 11,978 38,380 36,758 Depreciation and amortization 75,963 72,506 224,336 219,213 Loss on impairment — — 888 4,967 Other expenses 563 545 1,077 1,703 Total expenses 130,867 123,044 390,930 377,205 Other income (expense) Interest and other income 372 14 380 39 Interest expense (31,670) (28,705) (97,817) (81,498) Debt extinguishment and modification expenses (1,503) (36) (1,503) (703) Gain on involuntary conversion — 3,568 1,855 9,285 Gain on the sales of rental property, net 2,196 195 57,801 23,281 Total other income (expense) (30,605) (24,964) (39,284) (49,596) Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Less: income attributable to noncontrolling interest in operating partnership 1,013 875 4,035 2,992 Net income attributable to STAG Industrial, Inc. $ 48,636 $ 41,856 $ 190,039 $ 138,266 Less: amount allocated to participating securities 42 45 128 138 Net income attributable to common stockholders $ 48,594 $ 41,811 $ 189,911 $ 138,128 Weighted average common shares outstanding — basic 186,593 182,027 186,533 181,899 Weighted average common shares outstanding — diluted 186,840 182,297 186,837 182,173 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.26 $ 0.23 $ 1.02 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.26 $ 0.23 $ 1.02 $ 0.76
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 6 NET OPERATING INCOME (NOI) & CASH NOI Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 General and administrative 12,173 11,978 38,380 36,758 Depreciation and amortization 75,963 72,506 224,336 219,213 Interest and other income (372) (14) (380) (39) Interest expense 31,670 28,705 97,817 81,498 Loss on impairment — — 888 4,967 Gain on involuntary conversion — (3,568) (1,855) (9,285) Debt extinguishment and modification expenses 1,503 36 1,503 703 Other expenses 563 545 1,077 1,703 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) Net operating income (1) $ 168,953 $ 152,724 $ 498,039 $ 453,495 Net operating income $ 168,953 $ 152,724 $ 498,039 $ 453,495 Rental property straight-line rent adjustments, net (6,034) (3,779) (15,008) (11,178) Amortization of above and below market leases, net (667) (530) (1,894) 2 Cash net operating income $ 162,252 $ 148,415 $ 481,137 $ 442,319 Cash net operating income $ 162,252 Cash NOI from acquisitions' and disposition timing 1,376 Cash termination, solar and other income (2,601) Run Rate Cash NOI $ 161,027 Same Store Portfolio NOI Total NOI $ 168,953 $ 152,724 $ 498,039 $ 453,495 Less: NOI non-same-store properties (18,157) (8,712) (50,396) (20,839) Termination, solar and other adjustments, net (1,128) (876) (2,845) (4,495) Same Store NOI $ 149,668 $ 143,136 $ 444,798 $ 428,161 Less: straight-line rent adjustments, net (3,858) (2,831) (11,092) (8,678) Plus: amortization of above and below market leases, net (116) (147) (266) (560) Same Store Cash NOI $ 145,694 $ 140,158 $ 433,440 $ 418,923 1 2 3 4 5 6 7 8 9 Total 308 80 18 80 18 80 18 80 12 694 Top Right 78 37 (1) For the three months and nine months ended September 30, 2025 and 2024, Total Rental Income was $209,995, $190,286, $622,795, and $564,155 comprising of base rental income of $171,109, $155,184, $505,507, and $457,262 and tenant reimbursement income of $38,886, $35,102, $117,288, and $106,893 respectively.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 7 FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Rental property depreciation and amortization 75,876 72,421 224,076 219,002 Loss on impairment — — 888 4,967 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) Funds from operations $ 123,329 $ 114,957 $ 361,237 $ 341,946 Amount allocated to restricted shares of common stock and unvested units (125) (130) (417) (415) Funds from operations attributable to common stockholders and unit holders $ 123,204 $ 114,827 $ 360,820 $ 341,531 Funds from operations attributable to common stockholders and unit holders $ 123,204 $ 114,827 $ 360,820 $ 341,531 Debt extinguishment and modification expenses and other 1,503 (494) 1,503 705 Gain on involuntary conversion — (3,568) (1,855) (9,285) Core funds from operations $ 124,707 $ 110,765 $ 360,468 $ 332,951 Weighted average common shares and units Weighted average common shares outstanding 186,593 182,027 186,533 181,899 Weighted average units outstanding 3,679 3,588 3,697 3,685 Weighted average common shares and units - basic 190,272 185,615 190,230 185,584 Dilutive shares 247 270 304 274 Weighted average common shares, units, and other dilutive shares - diluted 190,519 185,885 190,534 185,858 Core funds from operations per share / unit - basic $ 0.66 $ 0.60 $ 1.89 $ 1.79 Core funds from operations per share / unit - diluted $ 0.65 $ 0.60 $ 1.89 $ 1.79 1 2 3 4 5 6 7 8 9 Total 370 71 10 71 10 71 10 71 10 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 8 ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Depreciation and amortization 75,963 72,506 224,336 219,213 Interest and other income (372) (14) (380) (39) Interest expense 31,670 28,705 97,817 81,498 Loss on impairment — — 888 4,967 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) EBITDA for Real Estate (EBITDAre) $ 154,714 $ 143,733 $ 458,934 $ 423,616 EBITDAre $ 154,714 $ 143,733 $ 458,934 $ 423,616 Straight-line rent adjustments, net (6,119) (3,853) (15,244) (11,384) Amortization of above and below market leases, net (667) (530) (1,894) 2 Non-cash compensation expense 3,136 2,952 9,566 8,813 Non-recurring other items (30) (29) (43) (331) Gain on involuntary conversion — (3,568) (1,855) (9,285) Debt extinguishment and modification expenses 1,503 36 1,503 703 Adjusted EBITDAre $ 152,537 $ 138,741 $ 450,967 $ 412,134 Cash available for distribution reconciliation Core funds from operations $ 124,707 $ 110,765 $ 360,468 $ 332,951 Amount allocated to restricted shares of common stock and unvested units 125 130 417 415 Non-rental property depreciation and amortization 87 85 260 211 Straight-line rent adjustments, net (6,119) (3,853) (15,244) (11,384) Capital expenditures (11,406) (12,203) (27,381) (28,376) Capital expenditures reimbursed by tenants (1,578) (2,231) (2,372) (4,799) Lease commissions and tenant improvements (9,351) (8,845) (23,436) (19,815) Non-cash portion of interest expense 1,406 1,165 4,044 3,201 Non-cash compensation expense 3,136 2,952 9,566 8,813 Cash available for distribution $ 101,007 $ 87,965 $ 306,322 $ 281,217 1 2 3 4 5 6 7 8 9 Total 370 71 10 71 10 71 10 71 10 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 9 ACQUISITIONS THIRD QUARTER 2025 ACQUISITIONS Market Date Acquired Square Feet Buildings Purchase Price ($000) Weighted Average Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Houston, TX 9/15/2025 462,250 1 $47,485 6.4 Dayton, OH 9/23/2025 524,160 1 54,043 6.9 Total / weighted average 986,410 2 $101,528 6.7 6.6% 7.2% Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Rowan 10/11/2017 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 Total 205 83 83 60 97 65 98 691 Top Right 78 37 2016 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 337,391 1 $67,000,000.0 Total 337,391 1 $67,000,000.0 2025 ACQUISITIONS Market Square Feet Buildings Purchase Price ($000) Weighted Average Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Q1 393,564 3 $43,285 3.2 6.8% 7.0% Q2 183,200 1 18,399 5.0 7.1% 7.1% Q3 986,410 2 101,528 6.7 6.6% 7.2% Total / weighted average 1,563,174 6 $163,212 5.6 6.7% 7.1% Note: Year to date, the Company acquired two vacant land parcels for $8.4 million. Note: In the third quarter, the Company acquired one vacant land parcel for $2.9 million.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 10 DEVELOPMENT SUMMARY Preparer Sync/Link Approver Ed M. 10/16/2017 Jeff M. 10/17/2017 Delva 10/18/2017 1 1 1 1 Top Right Width 78 37 694 (1) (2)(2) (1) Excludes straight line termination income of approximately $273, $681, $(858) and $(858) for three and twelve months ended December 31, 2017 and December 31, 2016 respectively. (2) Excludes cash termination income of approximately $65, $649, $928 and $928 for three and twelve months ended December 31, 2017 and December 31, 2016 respectively. DEVELOPMENT PROPERTIES UNDER CONSTRUCTION AS OF SEPTEMBER 30, 2025 Building Address Market Estimated Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 6980 Resource Drive Reno, NV Q4 2025 75,820 $13,090 Single 0% 86% 14003 Mount Anderson Street Reno, NV Q4 2025 284,233 43,130 Multi 0% 81% 2735 Piedmont Commerce Street Charlotte, NC Q4 2025 199,500 27,642 Multi 0% 79% 2745 Piedmont Commerce Street Charlotte, NC Q4 2025 199,500 27,642 Multi 0% 79% 600 Park Loop Road Louisville, KY Q2 2026 500,240 46,911 Multi 0% 33% 11355 Dog Leg Road Dayton, OH Q3 2026 349,440 34,626 Single 100% 14% Total / weighted average 1,608,733 $193,041 22% 57% Expected Stabilized Yield 7.1% DEVELOPMENT PROPERTIES SUBSTANTIALLY COMPLETED BUT NOT IN SERVICE AS OF SEPTEMBER 30, 2025 Building Address Market Substantial Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 6508 Powell Road Tampa, FL Q4 2024 138,807 $24,053 Multi 0% 95% 575 Maddox-Simpson Parkway Nashville, TN Q2 2025 296,643 26,365 Multi 69% (1) 96% Total / weighted average 435,450 $50,418 47% 95% Expected Stabilized Yield 7.9% 1) A lease for 31% of the building located at 575 Maddox-Simpson Parkway was executed on October 24, 2025 and is set to commence on November 1, 2025. If included in the statistics above, this lease would bring the weighted average percent leased from 47% to 68%. Note: Single/Multi Tenant classifications for unleased properties are based on current leasing assumptions and are subject to change. DEVELOPMENT PROPERTIES IN SERVICE AS OF SEPTEMBER 30, 2025 Building Address Market Substantial Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 1817 East Poinsett Street Greenville, SC Q1 2024 473,767 $54,940 Single 100% 94% 1809 East Poinsett Street Greenville, SC Q1 2024 243,642 26,144 Single 100% 99% 452 Casual Drive Greenville, SC Q2 2024 233,230 23,922 Multi 69% 98% 6020 Powell Road Tampa, FL Q4 2024 159,659 27,238 Single 100% 100% 28925 NW Union Road Portland, OR Q2 2025 201,750 34,667 Single 100% 100% Total / weighted average 1,312,048 $166,911 94% 98% Expected Stabilized Yield 5.6%
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 11 DISPOSITIONS Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Stacy 10/11/2017 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 Total 205 83 83 60 97 65 98 691 Top Right 78 37 THIRD QUARTER 2025 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) Belvidere, IL 7/31/2025 100,000 1 $6,100 Total 100,000 1 $6,100 2025 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 337,391 1 $67,000 Q2 151,200 1 9,100 Q3 100,000 1 6,100 Total 588,591 3 $82,200
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 12 LEASING & RETENTION STATISTICS THIRD QUARTER 2025 OPERATING PORTFOLIO LEASING ACTIVITY Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash Base Rent $/SF SL Base Rent $/SF Lease Commissions $/SF Tenant Improvements $/SF Cash Rent Change SL Rent Change Retention New Leases 596,845 6 5.8 $6.98 $7.43 $2.61 $1.10 35.0% 49.5% Renewal Leases 1,557,344 16 4.6 $6.35 $6.74 $1.39 $0.17 24.2% 37.1% 63.4% Total / weighted average 2,154,189 22 4.9 $6.53 $6.93 $1.73 $0.43 27.2% 40.6% Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Stacy C. 10/11/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 2018 OPERATING PORTFOLIO RETENTION Note: The table above represents leases commenced during the quarter. Note: Additionally, for the three and nine months ended September 30, 2025, leases commenced totaling 284,357 and 2.0 million square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above. 2025 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash Base Rent $/SF SL Base Rent $/SF Lease Commissions $/SF Tenant Improvements $/SF Cash Rent Change SL Rent Change Retention New Leases 2,480,512 21 5.3 $6.25 $6.52 $2.09 $0.65 35.0% 48.9% Renewal Leases 8,852,590 69 4.9 $6.08 $6.47 $1.32 $0.27 24.0% 39.5% 77.5% Total / weighted average 11,333,102 90 5.0 $6.12 $6.48 $1.49 $0.35 26.3% 41.4%
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 13 SAME STORE NOI (in thousands, except building count data and square footage) Three months ended September 30, Nine months ended September 30, 2025 2024 Change % Change 2025 2024 Change % Change Same Store square footage 107,598,957 107,598,957 Same Store buildings 543 543 % of total square feet 90.2 % 90.2 % Occupancy Rate at quarter end 96.9 % 97.9 % (1.0) % 96.9 % 97.9 % (1.0) % Average Occupancy Rate 97.0 % 98.0 % (1.0) % 97.3 % 98.1 % (0.8) % Same Store GAAP Analysis Income from real estate operations $187,738 $179,326 $8,412 $559,241 $539,862 $19,379 Income from lease terminations, solar and other (1,193) (876) (317) (3,024) (4,505) 1,481 GAAP adjustments for write-offs for lease terminations 65 — 65 179 10 169 Income excluding lease terminations, solar and other 186,610 178,450 8,160 556,396 535,367 21,029 Expenses from real estate operations (36,942) (35,314) (1,628) (111,598) (107,206) (4,392) Same Store GAAP NOI $149,668 $143,136 $6,532 4.6% $444,798 $428,161 $16,637 3.9% Same Store Cash Analysis Income from real estate operations $184,640 $176,070 $8,570 $548,551 $529,651 $18,900 Cash received from lease terminations, solar and other (2,104) (700) (1,404) (3,818) (3,830) 12 Income excluding lease terminations, solar and other 182,536 175,370 7,166 544,733 525,821 18,912 Expenses from real estate operations (36,842) (35,212) (1,630) (111,293) (106,898) (4,395) Same Store Cash NOI $145,694 $140,158 $5,536 3.9% $433,440 $418,923 $14,517 3.5% Top Right Width 78 37 694 (1) (2)(2)
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 14 CAPITAL EXPENDITURES CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Tenant improvements (TIs) and lease commissions (LCs) $9,351 $8,845 $23,436 $19,815 Capital expenditures $11,406 $12,203 $27,381 $28,376 Total capital expenditures, TIs and LCs $20,757 $21,048 $50,817 $48,191 Building expansions, repositioning, and redevelopment $3,833 $6,180 $16,848 $7,686 Development $26,209 $26,009 $85,945 $46,085 Capital expenditures reimbursed by tenants $1,578 $2,231 $2,372 $4,799 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 (in thousands, except square feet data)
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 15 LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF SEPTEMBER 30, 2025 Lease Expiration Year Number of Leases Expiring Total Rentable SF % of Occupied SF Annualized Base Rental Revenue ($000s) % of Total Annualized Base Rental Revenue Available N/A 5,022,436 N/A N/A N/A MTM 1 18,143 —% $120 —% 2025 11 945,311 0.8% 5,942 0.9% 2026 105 11,940,563 10.5% 70,509 10.5% 2027 134 17,782,149 15.6% 100,707 15.0% 2028 123 15,034,973 13.2% 86,862 13.0% 2029 109 17,483,234 15.3% 102,314 15.3% 2030 101 14,402,447 12.6% 90,981 13.6% 2031 80 13,134,806 11.5% 72,462 10.8% 2032 33 5,725,323 5.0% 36,405 5.4% 2033 22 3,474,243 3.0% 20,267 3.0% 2034 14 3,459,133 3.0% 24,470 3.6% Thereafter 38 10,820,536 9.5% 59,361 8.9% Total 771 119,243,297 100.0% $670,400 100.0% Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Stacy C. 10/11/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 Note: Leases previously scheduled to expire in 2025, totaling 13.1 million square feet, have been executed as of September 30, 2025. These leases are excluded from 2025 expirations and are now reflected in the new year of expiration.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 16 TOP INDUSTRIES September 30, 2025 # Industry(3) ABR % 1 Air Freight & Logistics 10.8% 2 Containers & Packaging 7.4% 3 Machinery 6.7% 4 Automobile Components 6.0% 5 Commercial Services & Supplies 5.9% 6 Trading Companies & Distribution (Industrial Goods) 5.2% 7 Distributors (Consumer Goods) 4.7% 8 Building Products 4.6% 9 Broadline Retail 3.6% 10 Consumer Staples Distribution 3.6% 11 Specialty Retail 2.9% 12 Household Durables 2.9% 13 Media 2.8% 14 Food Products 2.6% 15 Electrical Equipment 2.5% 16 Beverages 2.4% 17 Electronic Equip, Instruments 2.0% 18 Chemicals 1.9% 19 Ground Transportation 1.8% 20 Construction & Engineering 1.7% Top 10 58.5% Top 11-20 23.5% Total Top 20 82.0% TOP TENANTS September 30, 2025 # Tenant(2) # of Leases ABR % 1 Amazon 7 2.8% 2 Schneider Electric USA, Inc. 3 1.0% 3 American Tire Distributors, Inc. 7 0.9% 4 Soho Studio, LLC 1 0.9% 5 International Paper Company 4 0.8% 6 DSV Solutions, LLC 4 0.8% 7 CHEP USA 6 0.8% 8 The Coca-Cola Company 3 0.7% 9 Tempur Sealy International, Inc. 2 0.7% 10 Iron Mountain Information Management 6 0.7% 11 Hachette Book Group, Inc. 1 0.7% 12 Penguin Random House, LLC 1 0.7% 13 Kenco Logistic Services, LLC 3 0.6% 14 Penske Truck Leasing Co. LP 3 0.6% 15 WestRock Company 6 0.6% 16 FedEx Corporation 4 0.6% 17 DHL Supply Chain 4 0.6% 18 Lippert Component Manufacturing 4 0.6% 19 Carolina Beverage Group 3 0.6% 20 AFL Telecommunications LLC 2 0.6% Top 10 43 10.1% Top 11-20 31 6.2% Total Top 20 74 16.3% TOP MARKETS September 30, 2025 # Market(1) ABR % 1 Chicago, IL 8.1% 2 Greenville, SC 5.8% 3 Minneapolis, MN 4.3% 4 Pittsburgh, PA 3.9% 5 Columbus, OH 3.7% 6 Detroit, MI 3.6% 7 South Central, PA 3.3% 8 Philadelphia, PA 3.0% 9 Houston, TX 2.5% 10 El Paso, TX 2.5% 11 Boston, MA 2.4% 12 Milwaukee, WI 2.1% 13 Kansas City, MO 2.1% 14 Charlotte, NC 2.0% 15 Sacramento, CA 1.9% 16 Indianapolis, IN 1.9% 17 Cleveland, OH 1.8% 18 Cincinnati, OH 1.7% 19 Raleigh, NC 1.4% 20 Columbia, SC 1.3% Top 10 40.7% Top 11-20 18.6% Total Top 20 59.3% TOP MARKETS, TENANTS AND INDUSTRIES GEOGRAPHIC DIVERSIFICATION 45930 # # OF CBSA(1) ABR % 1 States Sorted by Annual Base Rent 2 State Name Number of CBSA Mkts % Ann Base Rent 3 Alabama 3 1.1% 4 Arkansas 2 0.5% 5 Arizona 2 0.7% 6 California 6 4.0% 7 Colorado 4 0.8% 8 Connecticut 2 1.6% 9 Delaware 1 0.4% 10 Florida 6 2.3% Top 10 States 26 11.4% VA 5 1.0% Total Top 20 States 31 12.4% Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Stacy C. 10/11/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 (1) Top markets classification based on CBRE-EA industrial market geographies. (2) Based on annualized base rental revenue and the inclusion of tenants, guarantors, and / or non-guarantor parents. (3) Industry classification based on GICS methodology.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 17 CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of September 30, 2025 Common shares, participating securities, performance units and other units Common shares outstanding 186,633,625 Participating securities outstanding 110,968 Units outstanding 3,875,211 Common shares, participating securities, and other units - basic 190,619,804 Performance units 501,963 Common shares, participating securities, performance and other units - diluted 191,121,767 Preparer Sync/Link Approver Jessica F. 10/16/2017 Jeff M. 10/20/2017 Jaclyn P. 10/24/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 UNSECURED BANK DEBT COVENANTS Covenant September 30, 2025 Consolidated leverage ratio ≤ 60% 29.5% Secured leverage ratio ≤ 40% 0.0% Unencumbered leverage ratio ≤ 60% 30.3% Unsecured interest coverage ratio ≥ 1.75x 5.3x Fixed charge coverage ratio ≥ 1.5x 5.0x DEBT METRICS (in thousands) September 30, 2025 Adjusted EBITDAre $ 152,537 Adjusted EBITDAre from acquisitions' and disposition timing 1,376 Run Rate Adjusted EBITDAre $ 153,913 Less: Allowable one-time items (2,571) Run Rate Adjusted EBITDAre net of allowable one-time items $ 151,342 Annualize 605,368 Plus: Allowable one-time items 2,571 Annualized Run Rate Adjusted EBITDAre $ 607,939 Net Debt / Annualized Adjusted EBITDAre ratio 5.1x Net Debt / Annualized Run Rate Adjusted EBITDAre ratio 5.1x Net Debt / total Real Estate Cost Basis (at quarter end) 37.9% Total debt / total Enterprise Value (at quarter end) 31.7% Liquidity $904.1 million Fitch Credit Rating BBB / Stable Moody's Credit Rating Baa2 / Stable
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 18 AS OF SEPTEMBER 30, 2025 (in millions) Category Committed Principal Balance Interest Rate(1) Current Maturity In place swap rate Forward swap effective date Swap rate at maturity Unsecured Debt: Unsecured Credit Facility (2) $1,000.0 $110.0 Term SOFR + 0.775% 9/7/2029 Total / weighted average credit facility $1,000.0 $110.0 Term SOFR + 0.775% Unsecured Term Loan A $150.0 $150.0 2.06 % 3/15/2027 1.31 % NA 1.31 % Unsecured Term Loan H 187.5 187.5 3.25 % 1/25/2028 2.50 % NA 2.50 % Unsecured Term Loan I 187.5 187.5 3.41 % 1/25/2028 2.66 % NA 2.66 % Unsecured Term Loan F (3) 200.0 200.0 4.73 % 3/23/2029 3.98 % NA 3.98 % Unsecured Term Loan G (4) 300.0 300.0 1.70 % 3/14/2031 0.95 % 2/5/2026 3.09 % Total / weighted average term loans $1,025.0 $1,025.0 2.94 % 2.19 % 2.81 % Series B Unsecured Note $50.0 $50.0 4.98 % 7/1/2026 Series C Unsecured Note 80.0 80.0 4.42 % 12/30/2026 Series E Unsecured Note 20.0 20.0 4.42 % 2/20/2027 Series H Unsecured Note 100.0 100.0 4.27 % 6/13/2028 Series L Unsecured Note 175.0 175.0 6.05 % 5/28/2029 Series O Unsecured Note 350.0 350.0 5.50 % 6/25/2030 Series M Unsecured Note 125.0 125.0 6.17 % 5/28/2031 Series I Unsecured Note 275.0 275.0 2.80 % 9/29/2031 Series K Unsecured Note 400.0 400.0 4.12 % 6/28/2032 Series P Unsecured Note 100.0 100.0 5.82 % 6/25/2033 Series J Unsecured Note 50.0 50.0 2.95 % 9/28/2033 Series N Unsecured Note 150.0 150.0 6.30 % 5/28/2034 Series Q Unsecured Note 100.0 100.0 5.99 % 6/25/2035 Total / weighted average notes $1,975.0 $1,975.0 4.84 % Total / weighted average unsecured $4,000.0 $3,110.0 4.22 % 4.9 years Secured Debt: United of Omaha Life Insurance Company $4.2 $4.2 3.71 % 10/1/2039 Total / weighted average secured $4.2 $4.2 3.71 % 14.0 years Total / weighted average $4,004.2 $3,114.2 4.22 % 4.9 years Less: net unamortized fair market value discount $(0.1) Less: total unamortized deferred financing fees and debt issuance costs (12.4) Total book value $3,101.7 DEBT SUMMARY Preparer Sync/Link Approver Matts P. 10/6/2017 Jeff M. 10/6/2017 Jessica F. 10/12/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 (1) The interest rate on the unsecured facilities represents the interest rate as of September 30, 2025, based on the Company's investment grade rating as defined in the respective loan agreements. Unsecured term loans A, G, H and I have a stated interest rate of one-month term SOFR plus a spread of 0.85%. Unsecured term loan F has a stated interest rate of daily SOFR plus a spread of 0.85%. As of September 30, 2025, one-month term SOFR for the unsecured term loans A, G, H, and I was swapped to a fixed rate of 1.31%, 0.95%, 2.50%, and 2.66%, respectively. As of September 30, 2025, daily SOFR for the unsecured term loan F was swapped to a fixed rate of 3.98%. Daily SOFR for the unsecured term loan G will be swapped to a fixed rate of 3.09% effective February 5, 2026. The current interest rates presented in the table above are not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or the unamortized fair market value premiums or discounts. (2) The unsecured credit facility has a stated rate of one-month Term SOFR plus a spread of 0.775%. The maturity date for the unsecured credit facility is September 8, 2028, or such later date as may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (3) The maturity date for the unsecured term loan F is March 25, 2027, or such later date as may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (4) The maturity date for the unsecured term loan G is March 15, 2030, or such later date as may be extended pursuant to one one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the one-year extension option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 19 DEBT MATURITY SCHEDULE $0 $130 $170 $475 $485 $350 $1,504 Unsecured Revolver Unsecured Term Loans Unsecured Private Placements Secured Debt 2025 2026 2027 2028 2029 2030 Thereafter $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 Preparer Sync/Link Approver Matts P. 10/6/2017 Jeff M. 10/6/2017 Jessica F. 10/12/2017 1 1 1 1 3.98%—% 4.64% 2.34% 3.53% 5.24%Wtd Avg. Interest Rate (1) 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 MAKE SURE TO CHANGE SECURED DEBT COLOR IN ALL YEARS IF THERE ENDS UP BENING A SECURED DEBT BALANCE Note: The above balances do not reflect future scheduled principal amortization payments. PRINCIPAL BALANCE AS OF SEPTEMBER 30, 2025(in millions) (2) (1) The weighted average interest rate for unsecured debt was calculated using the current swapped notional amount of $1.025 billion of debt, and excludes any fair market value premiums or discounts and also excludes the amortization of deferred financing fees and debt issuance costs incurred in obtaining debt. As of September 30, 2025, one-month term SOFR for the unsecured term loans A, G, H, and I was swapped to a fixed rate of 1.31%, 0.95%, 2.50%, and 2.66%, respectively. As of September 30, 2025 , daily SOFR for the unsecured term loan F was swapped to a fixed rate of 3.98%. Daily SOFR for the unsecured term loan G will be swapped to a fixed rate of 3.09% effective February 5, 2026. (2) The maturity date for the unsecured term loan F is March 25, 2027, or such later date as may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (3) The maturity date for the unsecured credit facility is September 8, 2028, or such later date as may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (4) The maturity date for the unsecured term loan G is March 15, 2030, or such later date as may be extended pursuant to one one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the one-year extension option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions. 5.50% (3) (4)
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 20 GUIDANCE Preparer Sync/Link Approver 10/16/2017 Jeff M. 10/20/2017 Jessica F. 10/24/2017 1 2 3 4 Total 390 4 150 150 694 Top Right 694 78 37 2025 GUIDANCE As of Q3 As of Q2 Low High Low High Core FFO per share $2.52 $2.54 $2.48 $2.52 Acquisition volume $350 million $500 million $350 million $650 million Stabilized Capitalization Rate 6.25% 6.75% 6.25% 6.75% Disposition volume $100 million $200 million $100 million $200 million Same Store Cash NOI Change 4.00% 4.25% 3.75% 4.00% Retention 75% 75% General & administrative expense $51.0 million $52.0 million $52.0 million $53.0 million
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 21 Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership. Annualized Base Rental Revenue: We define Annualized Base Rental Revenue as the monthly base cash rent for the applicable property or properties (which is different from rent calculated in accordance with GAAP for purposes of our financial statements), multiplied by 12. If a tenant is in a free rent period, the annualized rent is calculated based on the first contractual monthly base rent amount multiplied by 12. Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non- cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs. Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs. Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Cash Rent Change: We define Cash Rent Change as 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: We define a Comparable Lease as 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. Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items. We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four. We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company’s historical results and does not predict future results, which may be substantially different. We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items. NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Preparer Sync/Link Approver Jeff M. 7/15/2016 1 1 UPDATE
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 22 EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers. Enterprise Value: We define Enterprise Value as the Company's total Equity Market Capitalization, plus Net Debt. Equity Market Capitalization: We define Equity Market Capitalization as the Company's total outstanding shares and units, less performance units, multiplied by the Company's closing share price. Expected Stabilized Yield: We define Expected Stabilized Yield as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the land and costs of developing the property capitalized in accordance with GAAP. Fixed Charge Coverage Ratio: We define the Fixed Charge Coverage Ratio as Adjusted EBITDAre divided by cash interest expense, preferred dividends paid and principal payments. Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses. None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO. However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs. GAAP: We define GAAP as generally accepted accounting principles in the United States. Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company’s unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances. Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents. Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses. NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Preparer Sync/Link Approver Jeff M. 7/15/2016 1 1 UPDATE
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 23 We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net. We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company’s historical results and does not predict future results, which may be substantially different. We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs. Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier. Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/ office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale. Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company’s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs. Real Estate Cost Basis: We define Real Estate Cost Basis as the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization. Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more. Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio. Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio. Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024. Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following: • if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date; • if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred. NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Preparer Sync/Link Approver Jeff M. 7/15/2016 1 1 UPDATE
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2025 24 Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent. Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria: • less than 75% occupied as of the acquisition date • will be less than 75% occupied due to known move-outs within two years of the acquisition date; • out of service with significant physical renovation of the asset; • development. Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage. NON-GAAP FINANCIAL MEASURES & OTHER DEFINITIONS Preparer Sync/Link Approver Jeff M. 7/15/2016 1 1 UPDATE
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STAG INDUSTRIAL ANNOUNCES THIRD QUARTER 2025 RESULTS Boston, MA — October 29, 2025 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended September 30, 2025. “STAG's strong performance through the third quarter reflects the stability of our portfolio and the continued health of our markets,” said Bill Crooker, President and Chief Executive Officer of the Company. “With disciplined execution and improving leasing momentum, we expect to deliver another year of meaningful growth and long-term value creation.” Third Quarter 2025 Highlights • Reported $0.26 of net income per basic and diluted common share for the third quarter of 2025, compared to $0.23 of net income per basic and diluted common share for the third quarter of 2024. Reported $48.6 million of net income attributable to common stockholders for the third quarter of 2025, compared to net income attributable to common stockholders of $41.8 million for the third quarter of 2024. • Achieved $0.65 of Core FFO per diluted share for the third quarter of 2025, an increase of 8.3% compared to the third quarter of 2024 Core FFO per diluted share of $0.60. • Produced Same Store Cash NOI of $145.7 million for the third quarter of 2025, an increase of 3.9% compared to the third quarter of 2024 of $140.2 million. • Acquired two buildings in the third quarter of 2025, consisting of 1.0 million square feet, for $101.5 million, with a Cash Capitalization Rate of 6.6%. • Achieved an Occupancy Rate of 95.8% on the total portfolio and 96.8% on the Operating Portfolio as of September 30, 2025. • Commenced Operating Portfolio leases of 2.2 million square feet for the third quarter of 2025, resulting in a Cash Rent Change and Straight-Line Rent Change of 27.2% and 40.6%, respectively. • Experienced 63.4% Retention for 2.5 million square feet of leases expiring in the quarter. • Refinanced $300 million term loan G, which was scheduled to mature in February 2026 and now matures March 15, 2030. • Signed a full building lease totaling 243,642 square feet of warehouse and distribution space at the Company's development project at 1809 East Poinsett Street in Greer, South Carolina. • Subsequent to quarter end, signed a lease totaling 90,896 square feet of warehouse and distribution space at the Company's development project at 575 Maddox-Simpson Parkway in Lebanon, Tennessee. Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release. The Company will host a conference call tomorrow, Thursday, October 30, 2025 at 10:00 a.m. (Eastern Time), to discuss the quarter’s results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release. 1
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Key Financial Measures THIRD QUARTER 2025 KEY FINANCIAL MEASURES Three months ended September 30, Nine months ended September 30, Metrics 2025 2024 % Change 2025 2024 % Change (in $000s, except per share data) Net income attributable to common stockholders $48,594 $41,811 16.2 % $189,911 $138,128 37.5 % Net income per common share — basic $0.26 $0.23 13.0 % $1.02 $0.76 34.2 % Net income per common share — diluted $0.26 $0.23 13.0 % $1.02 $0.76 34.2 % Cash NOI $162,252 $148,415 9.3 % $481,137 $442,319 8.8 % Same Store Cash NOI (1) $145,694 $140,158 3.9 % $433,440 $418,923 3.5 % Adjusted EBITDAre $152,537 $138,741 9.9 % $450,967 $412,134 9.4 % Core FFO $124,707 $110,765 12.6 % $360,468 $332,951 8.3 % Core FFO per share / unit — basic $0.66 $0.60 10.0 % $1.89 $1.79 5.6 % Core FFO per share / unit — diluted $0.65 $0.60 8.3 % $1.89 $1.79 5.6 % Cash Available for Distribution $101,007 $87,965 14.8 % $306,322 $281,217 8.9 % (1) The Same Store pool accounted for 90.2% of the total portfolio square footage as of September 30, 2025. Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company’s supplemental information package for additional disclosure. Acquisition and Disposition Activity For the three months ended September 30, 2025, the Company acquired two buildings for $101.5 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter: THIRD QUARTER 2025 ACQUISITION ACTIVITY Market Date Acquired Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Houston, TX 9/15/2025 462,250 1 $47,485 6.4 Dayton, OH 9/23/2025 524,160 1 54,043 6.9 Total / weighted average 986,410 2 $101,528 6.7 6.6% 7.2% In the third quarter, the Company acquired one vacant land parcel for $2.9 million. The chart below details the 2025 acquisition activity and pipeline through October 28, 2025: 2025 ACQUISITION ACTIVITY AND PIPELINE DETAIL Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Q1 393,564 3 $43,285 3.2 6.8% 7.0% Q2 183,200 1 18,399 5.0 7.1% 7.1% Q3 986,410 2 101,528 6.7 6.6% 7.2% Total / weighted average 1,563,174 6 $163,212 5.6 6.7% 7.1% As of October 28, 2025 Subsequent to quarter-end acquisitions 408,198 1 $49.2 million Pipeline 29.4 million 169 $3.6 billion Year to date, the Company acquired two vacant land parcels for $8.4 million. 2
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The chart below details the disposition activity for the nine months ended September 30, 2025: 2025 DISPOSITION ACTIVITY Square Feet Buildings Sale Price ($000s) Q1 337,391 1 $67,000 Q2 151,200 1 9,100 Q3 100,000 1 6,100 Total 588,591 3 $82,200 Leasing Activity The chart below details the leasing activity for leases commenced during the three months ended September 30, 2025: THIRD QUARTER 2025 OPERATING PORTFOLIO LEASING ACTIVITY Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash Base Rent $/SF SL Base Rent $/SF Lease Commissions $/SF Tenant Improvements $/SF Cash Rent Change SL Rent Change Retention New Leases 596,845 6 5.8 $6.98 $7.43 $2.61 $1.10 35.0% 49.5% Renewal Leases 1,557,344 16 4.6 $6.35 $6.74 $1.39 $0.17 24.2% 37.1% 63.4% Total / weighted average 2,154,189 22 4.9 $6.53 $6.93 $1.73 $0.43 27.2% 40.6% In the third quarter of 2025, the Company signed a full building lease totaling 243,642 square feet of warehouse and distribution space at the Company's development project at 1809 East Poinsett Street in Greer, South Carolina. Subsequent to quarter end, the Company signed a lease totaling 90,896 square feet of warehouse and distribution space at the Company's development project at 575 Maddox-Simpson Parkway in Lebanon, Tennessee. The chart below details the leasing activity for leases commenced during the nine months ended September 30, 2025: 2025 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash Base Rent $/SF SL Base Rent $/SF Lease Commissions $/SF Tenant Improvements $/SF Cash Rent Change SL Rent Change Retention New Leases 2,480,512 21 5.3 $6.25 $6.52 $2.09 $0.65 35.0% 48.9% Renewal Leases 8,852,590 69 4.9 $6.08 $6.47 $1.32 $0.27 24.0% 39.5% 77.5% Total / weighted average 11,333,102 90 5.0 $6.12 $6.48 $1.49 $0.35 26.3% 41.4% Additionally, for the three and nine months ended September 30, 2025 , leases commenced totaling 284,357 and 2.0 million square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above. As of October 28, 2025, addressed 98.7% of expected 2025 new and renewal leasing, consisting of 14.0 million square feet, achieving Cash Rent Change of 23.9%. As of October 28, 2025, addressed 52.0% of expected 2026 new and renewal leasing, consisting of 9.5 million square feet, achieving Cash Rent Change of 21.8%. Year to date, the Company signed seven leases totaling 1.6 million square feet of warehouse and distribution space across the Company's development projects. Capital Markets Activity On September 15, 2025, the Company refinanced $300 million term loan G, which was scheduled to mature in February 2026. The term loan now matures March 15, 2030, with one one-year extension option, subject to certain conditions. The term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 1.70% until February 5, 2026 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 3.94% from February 5, 2026 through March 15, 2030. As of September 30, 2025 , Net Debt to Annualized Run Rate Adjusted EBITDA re was 5.1x and Liquidity was $904.1 million. 3
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Conference Call The Company will host a conference call tomorrow, Thursday, October 30, 2025 , at 10:00 a.m. (Eastern Time) to discuss the quarter’s results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13756207. Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company’s website at www.stagindustrial.com, or by clicking on the following link: http://ir.stagindustrial.com/QuarterlyResults Supplemental Schedule The Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the “Quarterly Results” tab in the Investor Relations section. 4
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CONSOLIDATED BALANCE SHEETS STAG Industrial, Inc. (unaudited, in thousands, except share data) September 30, 2025 December 31, 2024 Assets Rental Property: Land $ 793,164 $ 771,794 Buildings and improvements, net of accumulated depreciation of $1,221,545 and $1,085,866, respectively 5,396,280 5,295,120 Deferred leasing intangibles, net of accumulated amortization of $426,813 and $386,627, respectively 381,714 428,865 Total rental property, net 6,571,158 6,495,779 Cash and cash equivalents 17,319 36,284 Restricted cash 1,110 1,109 Tenant accounts receivable 144,996 136,357 Prepaid expenses and other assets 109,705 96,189 Interest rate swaps 16,945 36,466 Operating lease right-of-use assets 29,756 31,151 Assets held for sale, net 6,091 — Total assets $ 6,897,080 $ 6,833,335 Liabilities and Equity Liabilities: Unsecured credit facility $ 110,000 $ 409,000 Unsecured term loans, net 1,021,045 1,021,848 Unsecured notes, net 1,966,606 1,594,092 Mortgage note, net 4,035 4,195 Accounts payable, accrued expenses and other liabilities 154,515 126,811 Interest rate swaps 1,271 — Tenant prepaid rent and security deposits 55,065 56,173 Dividends and distributions payable 23,669 23,469 Deferred leasing intangibles, net of accumulated amortization of $35,569 and $31,368, respectively 26,879 33,335 Operating lease liabilities 34,039 35,304 Total liabilities $ 3,397,124 $ 3,304,227 Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at September 30, 2025 and December 31, 2024; none issued or outstanding — — Common stock, par value $0.01 per share, 300,000,000 shares authorized at September 30, 2025 and December 31, 2024, 186,744,593 and 186,517,523 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,867 1,865 Additional paid-in capital 4,456,453 4,449,964 Cumulative dividends in excess of earnings (1,048,331) (1,029,757) Accumulated other comprehensive income 15,236 35,579 Total stockholders’ equity 3,425,225 3,457,651 Noncontrolling interest in operating partnership 71,078 69,932 Noncontrolling interest in joint ventures 3,653 1,525 Total equity $ 3,499,956 $ 3,529,108 Total liabilities and equity $ 6,897,080 $ 6,833,335 5
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CONSOLIDATED STATEMENTS OF OPERATIONS STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Revenue Rental income $ 209,995 $ 190,286 $ 622,795 $ 564,155 Other income 1,126 453 1,493 3,904 Total revenue 211,121 190,739 624,288 568,059 Expenses Property 42,168 38,015 126,249 114,564 General and administrative 12,173 11,978 38,380 36,758 Depreciation and amortization 75,963 72,506 224,336 219,213 Loss on impairment — — 888 4,967 Other expenses 563 545 1,077 1,703 Total expenses 130,867 123,044 390,930 377,205 Other income (expense) Interest and other income 372 14 380 39 Interest expense (31,670) (28,705) (97,817) (81,498) Debt extinguishment and modification expenses (1,503) (36) (1,503) (703) Gain on involuntary conversion — 3,568 1,855 9,285 Gain on the sales of rental property, net 2,196 195 57,801 23,281 Total other income (expense) (30,605) (24,964) (39,284) (49,596) Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Less: income attributable to noncontrolling interest in operating partnership 1,013 875 4,035 2,992 Net income attributable to STAG Industrial, Inc. $ 48,636 $ 41,856 $ 190,039 $ 138,266 Less: amount allocated to participating securities 42 45 128 138 Net income attributable to common stockholders $ 48,594 $ 41,811 $ 189,911 $ 138,128 Weighted average common shares outstanding — basic 186,593 182,027 186,533 181,899 Weighted average common shares outstanding — diluted 186,840 182,297 186,837 182,173 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.26 $ 0.23 $ 1.02 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.26 $ 0.23 $ 1.02 $ 0.76 6
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RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 NET OPERATING INCOME RECONCILIATION Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 General and administrative 12,173 11,978 38,380 36,758 Depreciation and amortization 75,963 72,506 224,336 219,213 Interest and other income (372) (14) (380) (39) Interest expense 31,670 28,705 97,817 81,498 Loss on impairment — — 888 4,967 Gain on involuntary conversion — (3,568) (1,855) (9,285) Debt extinguishment and modification expenses 1,503 36 1,503 703 Other expenses 563 545 1,077 1,703 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) Net operating income $ 168,953 $ 152,724 $ 498,039 $ 453,495 Net operating income $ 168,953 $ 152,724 $ 498,039 $ 453,495 Rental property straight-line rent adjustments, net (6,034) (3,779) (15,008) (11,178) Amortization of above and below market leases, net (667) (530) (1,894) 2 Cash net operating income $ 162,252 $ 148,415 $ 481,137 $ 442,319 Cash net operating income $ 162,252 Cash NOI from acquisitions' and disposition timing 1,376 Cash termination, solar and other income (2,601) Run Rate Cash NOI $ 161,027 Same Store Portfolio NOI Total NOI $ 168,953 $ 152,724 $ 498,039 $ 453,495 Less: NOI non-same-store properties (18,157) (8,712) (50,396) (20,839) Termination, solar and other adjustments, net (1,128) (876) (2,845) (4,495) Same Store NOI $ 149,668 $ 143,136 $ 444,798 $ 428,161 Less: straight-line rent adjustments, net (3,858) (2,831) (11,092) (8,678) Plus: amortization of above and below market leases, net (116) (147) (266) (560) Same Store Cash NOI $ 145,694 $ 140,158 $ 433,440 $ 418,923 EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Depreciation and amortization 75,963 72,506 224,336 219,213 Interest and other income (372) (14) (380) (39) Interest expense 31,670 28,705 97,817 81,498 Loss on impairment — — 888 4,967 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) EBITDAre $ 154,714 $ 143,733 $ 458,934 $ 423,616 ADJUSTED EBITDAre RECONCILIATION EBITDAre $ 154,714 $ 143,733 $ 458,934 $ 423,616 Straight-line rent adjustments, net (6,119) (3,853) (15,244) (11,384) Amortization of above and below market leases, net (667) (530) (1,894) 2 Non-cash compensation expense 3,136 2,952 9,566 8,813 Non-recurring other items (30) (29) (43) (331) Gain on involuntary conversion — (3,568) (1,855) (9,285) Debt extinguishment and modification expenses 1,503 36 1,503 703 Adjusted EBITDAre $ 152,537 $ 138,741 $ 450,967 $ 412,134 7
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RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 CORE FUNDS FROM OPERATIONS RECONCILIATION Net income $ 49,649 $ 42,731 $ 194,074 $ 141,258 Rental property depreciation and amortization 75,876 72,421 224,076 219,002 Loss on impairment — — 888 4,967 Gain on the sales of rental property, net (2,196) (195) (57,801) (23,281) Funds from operations $ 123,329 $ 114,957 $ 361,237 $ 341,946 Amount allocated to restricted shares of common stock and unvested units (125) (130) (417) (415) Funds from operations attributable to common stockholders and unit holders $ 123,204 $ 114,827 $ 360,820 $ 341,531 Funds from operations attributable to common stockholders and unit holders $ 123,204 $ 114,827 $ 360,820 $ 341,531 Debt extinguishment and modification expenses and other 1,503 (494) 1,503 705 Gain on involuntary conversion — (3,568) (1,855) (9,285) Core funds from operations $ 124,707 $ 110,765 $ 360,468 $ 332,951 Weighted average common shares and units Weighted average common shares outstanding 186,593 182,027 186,533 181,899 Weighted average units outstanding 3,679 3,588 3,697 3,685 Weighted average common shares and units - basic 190,272 185,615 190,230 185,584 Dilutive shares 247 270 304 274 Weighted average common shares, units, and other dilutive shares - diluted 190,519 185,885 190,534 185,858 Core funds from operations per share / unit - basic $ 0.66 $ 0.60 $ 1.89 $ 1.79 Core funds from operations per share / unit - diluted $ 0.65 $ 0.60 $ 1.89 $ 1.79 CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION Core funds from operations $ 124,707 $ 110,765 $ 360,468 $ 332,951 Amount allocated to restricted shares of common stock and unvested units 125 130 417 415 Non-rental property depreciation and amortization 87 85 260 211 Straight-line rent adjustments, net (6,119) (3,853) (15,244) (11,384) Capital expenditures (11,406) (12,203) (27,381) (28,376) Capital expenditures reimbursed by tenants (1,578) (2,231) (2,372) (4,799) Lease commissions and tenant improvements (9,351) (8,845) (23,436) (19,815) Non-cash portion of interest expense 1,406 1,165 4,044 3,201 Non-cash compensation expense 3,136 2,952 9,566 8,813 Cash available for distribution $ 101,007 $ 87,965 $ 306,322 $ 281,217 8
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Non-GAAP Financial Measures and Other Definitions Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership. Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non- cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs. Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs. Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post- lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Cash Rent Change: We define Cash Rent Change as 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: We define a Comparable Lease as 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. Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items. We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four. We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company’s historical results and does not predict future results, which may be substantially different. 9
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We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items. EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers. Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non- recurring other expenses. None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO. However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs. GAAP: We define GAAP as generally accepted accounting principles in the United States. Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company’s unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances. Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents. Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses. We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net. 10
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We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company’s historical results and does not predict future results, which may be substantially different. We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs. Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier. Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale. Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company’s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs. Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more. Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio. Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio. Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2024. Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following: • if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date; • if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred. 11
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Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent. Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria: • less than 75% occupied as of the acquisition date • will be less than 75% occupied due to known move-outs within two years of the acquisition date; • out of service with significant physical renovation of the asset; • development. Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage. 12
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Forward-Looking Statements This earnings release 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) 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. 13