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SUPPLEMENTAL INFORMATION UNAUDITED SECOND QUARTER 2026
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 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, 2025, 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 – SECOND QUARTER 2026 2 TABLE OF CONTENTS Page Page Overview 3 Top Markets, Tenants and Industries Top Markets, Tenants and Industries 17 Financials Consolidated Balance Sheets 4 Capitalization and Guidance Consolidated Statements of Operations 5 Capital Structure, Debt Metrics & Covenants 18 Net Operating Income (NOI) & Cash NOI 6 Debt Summary 19 Funds From Operations (FFO) & Core FFO 7 Debt Maturity Schedule 20 Adjusted EBITDAre & Cash Available for Distribution (CAD) 8 Guidance 21 Portfolio Definitions 22-25 Acquisitions 9 Development Summary 10-11 Dispositions 12 Leasing & Retention Statistics 13 Same Store NOI 14 Capital Expenditures 15 Lease Expiration Schedule 16 Preparer Sync/Link Approver NA Jeff M. 10/20/2017 Peter F. 10/23/2017
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 3 OVERVIEW Snapshot (June 30, 2026) Square Feet 122.6 million Number of Buildings 606 Number of States 41 Total Portfolio Occupancy 94.5% Operating Portfolio Occupancy 95.5% Weighted Average Lease Term 4.5 years Weighted Average Rent $6.17/sf Net Debt to Annualized Run Rate Adjusted EBITDAre ratio 5.2x Quarterly Dividend (annualized) $0.387500 ($1.55) 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 – SECOND QUARTER 2026 4 CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2026 December 31, 2025 Assets Rental Property: Land $ 848,814 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,213,281 and $1,119,931, respectively 5,818,778 5,593,471 Deferred leasing intangibles, net of accumulated amortization of $458,083 and $425,502, respectively 401,767 394,967 Total rental property, net 7,069,359 6,800,007 Cash and cash equivalents 65,886 14,910 Restricted cash 670 85,973 Tenant accounts receivable 161,064 156,458 Prepaid expenses and other assets 115,064 104,484 Interest rate swaps 19,191 13,529 Operating lease right-of-use assets 31,596 32,708 Assets held for sale, net 14,165 — Total assets $ 7,476,995 $ 7,208,069 Liabilities and Equity Liabilities: Unsecured credit facility $ 449,000 $ 262,000 Unsecured term loans, net 1,021,854 1,021,341 Unsecured notes, net 1,967,768 1,966,994 Mortgage note, net 3,870 3,980 Accounts payable, accrued expenses and other liabilities 129,600 135,397 Interest rate swaps 2 1,310 Tenant prepaid rent and security deposits 59,754 59,225 Dividends and distributions payable 76,239 24,187 Deferred leasing intangibles, net of accumulated amortization of $34,309 and $34,098, respectively 23,616 25,566 Operating lease liabilities 36,037 37,040 Total liabilities $ 3,767,740 $ 3,537,040 Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued or outstanding — — Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025, 192,803,274 and 191,005,261 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,928 1,910 Additional paid-in capital 4,679,282 4,616,888 Cumulative dividends in excess of earnings (1,068,884) (1,034,954) Accumulated other comprehensive income 18,690 11,853 Total stockholders’ equity 3,631,016 3,595,697 Noncontrolling interest in operating partnership 74,249 71,342 Noncontrolling interest in joint ventures 3,990 3,990 Total equity 3,709,255 3,671,029 Total liabilities and equity $ 7,476,995 $ 7,208,069 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 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 June 30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Revenue Rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 Other income 841 155 1,200 367 Total revenue 224,369 207,593 448,576 413,167 Expenses Property 45,028 40,403 92,344 84,081 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Loss on impairment — 888 — 888 Other expenses 455 (58) 893 514 Total expenses 141,272 128,607 281,475 260,063 Other income (expense) Interest and other income 65 3 161 8 Interest expense (37,495) (33,618) (73,380) (66,147) Gain on involuntary conversion — — — 1,855 Gain on the sales of rental property, net 8,346 5,692 23,445 55,605 Total other income (expense) (29,084) (27,923) (49,774) (8,679) Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Less: income attributable to noncontrolling interest in operating partnership 1,096 1,058 2,411 3,022 Net income attributable to STAG Industrial, Inc. $ 52,917 $ 50,005 $ 114,916 $ 141,403 Less: amount allocated to participating securities 39 42 77 87 Net income attributable to common stockholders $ 52,878 $ 49,963 $ 114,839 $ 141,316 Weighted average common shares outstanding — basic 191,180 186,535 191,088 186,502 Weighted average common shares outstanding — diluted 191,332 186,910 191,285 186,834 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.28 $ 0.27 $ 0.60 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.28 $ 0.27 $ 0.60 $ 0.76
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 6 NET OPERATING INCOME (NOI) & CASH NOI Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest and other income (65) (3) (161) (8) Interest expense 37,495 33,618 73,380 66,147 Loss on impairment — 888 — 888 Gain on involuntary conversion — — — (1,855) Other expenses 455 (58) 893 514 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) Net operating income (1) $ 179,341 $ 167,190 $ 356,232 $ 329,086 Net operating income $ 179,341 $ 167,190 $ 356,232 $ 329,086 Rental property straight-line rent adjustments, net (6,792) (4,859) (13,258) (8,974) Amortization of above and below market leases, net (328) (643) (837) (1,227) Cash net operating income $ 172,221 $ 161,688 $ 342,137 $ 318,885 Cash net operating income $ 172,221 Cash NOI from acquisition and disposition timing 3,118 Cash termination, solar and other income (929) Run Rate Cash NOI $ 174,410 Same Store Portfolio NOI Total NOI $ 179,341 $ 167,190 $ 356,232 $ 329,086 Less: NOI non-same-store properties (14,047) (5,937) (26,376) (10,376) Termination, solar and other adjustments, net (1,917) (1,370) (2,621) (1,782) Same Store NOI $ 163,377 $ 159,883 $ 327,235 $ 316,928 Less: straight-line rent adjustments, net (4,286) (5,669) (8,899) (9,874) Plus: amortization of above and below market leases, net (283) (657) (743) (1,292) Same Store Cash NOI $ 158,808 $ 153,557 $ 317,593 $ 305,762 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 and six months ended June 30, 2026 and 2025, Total Rental Income was $223,528, $207,438, $447,376, and $412,800 comprising of base rental income of $181,097, $169,222, $360,747, and $334,398, and tenant reimbursement income of $42,431, $38,216, $86,629, and $78,402 respectively.
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 7 FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Rental property depreciation and amortization 82,175 74,386 160,684 148,200 Loss on impairment — 888 — 888 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) Funds from operations $ 127,842 $ 120,645 $ 254,566 $ 237,908 Amount allocated to restricted shares of common stock and unvested units (132) (139) (277) (293) Funds from operations attributable to common stockholders and unit holders $ 127,710 $ 120,506 $ 254,289 $ 237,615 Funds from operations attributable to common stockholders and unit holders $ 127,710 $ 120,506 $ 254,289 $ 237,615 Gain on involuntary conversion — — — (1,855) Core funds from operations $ 127,710 $ 120,506 $ 254,289 $ 235,760 Weighted average common shares and units Weighted average common shares outstanding 191,180 186,535 191,088 186,502 Weighted average units outstanding 3,692 3,697 3,722 3,706 Weighted average common shares and units - basic 194,872 190,232 194,810 190,208 Dilutive shares 152 375 197 332 Weighted average common shares, units, and other dilutive shares - diluted 195,024 190,607 195,007 190,540 Core funds from operations per share / unit - basic $ 0.66 $ 0.63 $ 1.31 $ 1.24 Core funds from operations per share / unit - diluted $ 0.65 $ 0.63 $ 1.30 $ 1.24 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 – SECOND QUARTER 2026 8 ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest and other income (65) (3) (161) (8) Interest expense 37,495 33,618 73,380 66,147 Loss on impairment — 888 — 888 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) EBITDA for Real Estate (EBITDAre) $ 165,343 $ 154,347 $ 327,941 $ 304,220 EBITDAre $ 165,343 $ 154,347 $ 327,941 $ 304,220 Straight-line rent adjustments, net (6,875) (4,935) (13,425) (9,125) Amortization of above and below market leases, net (328) (643) (837) (1,227) Non-cash compensation expense 3,521 3,248 6,983 6,430 Non-recurring other items 8 — 8 (13) Gain on involuntary conversion — — — (1,855) Adjusted EBITDAre $ 161,669 $ 152,017 $ 320,670 $ 298,430 Cash available for distribution reconciliation Core funds from operations $ 127,710 $ 120,506 $ 254,289 $ 235,760 Amount allocated to restricted shares of common stock and unvested units 132 139 277 293 Non-rental property depreciation and amortization 71 87 156 173 Straight-line rent adjustments, net (6,875) (4,935) (13,425) (9,125) Capital expenditures (12,563) (10,996) (21,215) (15,975) Capital expenditures reimbursed by tenants (528) (689) (528) (794) Lease commissions and tenant improvements (11,427) (9,868) (18,162) (14,085) Non-cash portion of interest expense 1,368 1,337 2,739 2,638 Non-cash compensation expense 3,521 3,248 6,983 6,430 Cash available for distribution $ 101,409 $ 98,829 $ 211,114 $ 205,315 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 – SECOND QUARTER 2026 9 ACQUISITIONS SECOND QUARTER 2026 ACQUISITIONS Market Date Acquired Square Feet Buildings Purchase Price ($000) Weighted Average Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Greenville, SC 5/26/2026 560,240 1 $62,373 9.5 Chicago, IL 5/26/2026 246,446 1 31,493 7.4 Cleveland, OH 6/11/2026 280,614 1 34,726 5.0 Indianapolis, IN 6/17/2026 826,687 2 84,732 9.1 Kansas City, KS 6/23/2026 574,732 1 55,493 7.4 Greenville, SC 6/29/2026 141,960 1 18,322 9.1 Total / weighted average 2,630,679 7 $287,139 8.2 6.1% 6.8% 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 584,301 1 $30,100,000.0 Total 584,301 1 $30,100,000.0 2026 ACQUISITIONS Market Square Feet Buildings Purchase Price ($000) Weighted Average Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Q1 748,833 1 $80,713 12.4 6.1% 7.3% Q2 2,630,679 7 287,139 8.2 6.1% 6.8% Total / weighted average 3,379,512 8 $367,852 9.2 6.1% 6.9% Additionally, in the second quarter, the Company acquired two vacant land parcels for $20.5 million.
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 10 1) A lease for 62% of the building located at 6980 Resource Drive was executed on July 22, 2026 and is set to commence on September 1, 2026. If included in the statistics above, the lease would bring the weighted average percent leased from 14% to 18%. 2) 62% of the building located at 2745 Piedmont Commerce Street SW has been placed in service as of June 30, 2026. A lease for 28% of the building was executed on February 11, 2026 and commenced on July 1, 2026, bringing the building to 90% leased. Note: Single/Multi Tenant classifications for unleased properties are based on current leasing assumptions and are subject to change. Note: A development building is transferred to 'Development Properties Substantially Completed but Not in Service' once the building is considered substantially complete. It remains in that category until the earlier of 90% occupancy is achieved or 12 months following construction completion. 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 JUNE 30, 2026 Building Address Market Estimated Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 11355 Dog Leg Road Dayton, OH Q3 2026 349,440 $36,020 Single 100% 87% 14100 Marshall Drive Kansas City, MO Q1 2027 187,689 19,683 Multi 0% 50% 3400 Discovery Boulevard Dallas, TX Q2 2027 342,975 37,934 Single 100% 21% S 56th Street Phoenix, AZ Q3 2027 183,505 44,701 Single 0% 38% Total / weighted average 1,063,609 $138,338 65% 48% Expected Stabilized Yield 7.2% DEVELOPMENT PROPERTIES SUBSTANTIALLY COMPLETED BUT NOT IN SERVICE AS OF JUNE 30, 2026 Building Address Market Substantial 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 $12,456 Multi 0% 93% 14003 Mount Anderson Street Reno, NV Q4 2025 284,233 41,729 Multi 0% 88% 2735 Piedmont Commerce Street SW Charlotte, NC Q1 2026 200,178 28,278 Multi 0% 87% 2745 Piedmont Commerce Street SW Charlotte, NC Q1 2026 200,178 28,187 Multi 90% 89% 650 Park Loop Road Louisville, KY Q2 2026 500,240 46,927 Single 0% 82% Total / weighted average 1,260,649 $157,577 14% 87% Expected Stabilized Yield 7.0% (2) DEVELOPMENT SUMMARY (1)
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 11 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 PLACED IN SERVICE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2025 Building Address Market Substantial Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased 1817 East Poinsett Street Greenville, SC Q1 2024 473,767 $54,945 Single 100% 1809 East Poinsett Street Greenville, SC Q1 2024 243,642 26,147 Single 100% 452 Casual Drive Greenville, SC Q2 2024 233,280 23,835 Multi 100% 6020 Powell Road Tampa, FL Q4 2024 159,659 27,238 Single 100% 6508 Powell Road Tampa, FL Q4 2024 138,807 25,010 Multi 25% 28925 NW Union Road Portland, OR Q2 2025 201,750 34,674 Single 100% 575 Maddox-Simpson Parkway Nashville, TN Q2 2025 296,643 26,205 Multi 69% Total / weighted average 1,747,548 $218,054 89% Expected Stabilized Yield 6.2% Note: Single/Multi Tenant classifications for unleased properties are based on current leasing assumptions and are subject to change. DEVELOPMENT SUMMARY
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 12 DISPOSITIONS 1 2 3 4 5 6 7 8 9 Total 205 83 83 60 97 65 98 691 Top Right 78 37 SECOND QUARTER 2026 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) Elmhurst, IL 5/22/2026 72,499 1 $10,588 Gaffney, SC 5/28/2026 226,968 1 12,500 Total 299,467 2 $23,088 2026 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 584,301 1 $30,100 Q2 299,467 2 23,088 Total 883,768 3 $53,188
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 13 LEASING & RETENTION STATISTICS SECOND QUARTER 2026 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 1,066,906 8 5.2 $7.87 $7.91 $2.85 $0.23 14.7% 20.4% Renewal Leases 4,553,196 28 5.9 $6.24 $6.71 $1.37 $0.26 21.4% 38.0% 75.7% Total / weighted average 5,620,102 36 5.8 $6.55 $6.94 $1.65 $0.25 19.8% 33.7% 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 Note: The table above represents leases commenced during the quarter. Note: Additionally, for the three and six months ended June 30, 2026, leases commenced totaling 204,629 and 385,653 square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above. 2026 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 2,516,949 16 7.1 $6.72 $7.11 $2.60 $0.32 24.3% 38.9% Renewal Leases 9,099,353 57 5.8 $6.10 $6.52 $1.24 $0.18 19.2% 35.9% 72.5% Total / weighted average 11,616,302 73 6.1 $6.23 $6.65 $1.53 $0.21 20.3% 36.6%
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 14 SAME STORE NOI (in thousands, except building count data and square footage) Three months ended June 30, Six months ended June 30, 2026 2026 2025 Change % Change 2026 2025 Change % Change Same Store square footage 111,162,051 111,162,051 Same Store buildings 567 567 % of total square feet 90.7 % 90.7 % Occupancy Rate at quarter end 96.0 % 97.8 % (1.8) % 96.0 % 97.8 % (1.8) % Average Occupancy Rate 96.3 % 98.0 % (1.7) % 96.8 % 97.8 % (1.0) % Same Store GAAP Analysis Income from real estate operations $206,395 $199,182 $7,213 $413,830 $398,261 $15,569 Income from lease terminations, solar and other (1,924) (1,484) (440) (2,652) (1,896) (756) GAAP adjustments for write-offs for lease terminations 7 114 (107) 31 114 (83) Income excluding lease terminations, solar and other 204,478 197,812 6,666 411,209 396,479 14,730 Expenses from real estate operations (41,101) (37,929) (3,172) (83,974) (79,551) (4,423) Same Store GAAP NOI $163,377 $159,883 $3,494 2.2% $327,235 $316,928 $10,307 3.3% Same Store Cash Analysis Income from real estate operations $200,570 $193,032 $7,538 $402,433 $387,169 $15,264 Cash received from lease terminations, solar and other (780) (1,669) 889 (1,105) (2,102) 997 Income excluding lease terminations, solar and other 199,790 191,363 8,427 401,328 385,067 16,261 Expenses from real estate operations (40,982) (37,806) (3,176) (83,735) (79,305) (4,430) Same Store Cash NOI $158,808 $153,557 $5,251 3.4% $317,593 $305,762 $11,831 3.9% Top Right Width 78 37 694 (1) (2)(2)
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 15 CAPITAL EXPENDITURES CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Tenant improvements (TIs) and lease commissions (LCs) $11,427 $9,868 $18,162 $14,085 Capital expenditures $12,563 $10,996 $21,215 $15,975 Total capital expenditures, TIs and LCs $23,990 $20,864 $39,377 $30,060 Building expansions, repositioning, and redevelopment $2,530 $6,324 $5,335 $13,015 Development $24,391 $30,017 $42,997 $59,736 Capital expenditures reimbursed by tenants $528 $689 $528 $794 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 – SECOND QUARTER 2026 16 LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF JUNE 30, 2026 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 6,715,246 N/A N/A N/A MTM 1 113,973 0.1% $1,057 0.1% 2026 20 1,676,581 1.5% 10,194 1.4% 2027 119 13,863,333 12.0% 83,054 11.6% 2028 127 15,224,357 13.1% 91,780 12.8% 2029 126 19,023,829 16.4% 116,390 16.3% 2030 112 15,600,904 13.5% 102,582 14.4% 2031 105 15,470,021 13.4% 90,513 12.7% 2032 53 9,581,780 8.3% 59,886 8.4% 2033 37 6,654,416 5.7% 40,201 5.6% 2034 18 3,870,971 3.3% 27,798 3.9% 2035 25 6,652,684 5.7% 42,196 5.9% Thereafter 30 8,160,400 7.0% 49,085 6.9% Total 773 122,608,495 100.0% $714,736 100.0% 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 2026, totaling 14.7 million square feet, have been executed as of June 30, 2026. These leases are excluded from 2026 expirations and are now reflected in the new year of expiration.
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 17 TOP INDUSTRIES June 30, 2026 # Industry(3) ABR % 1 Air Freight & Logistics 10.8% 2 Containers & Packaging 7.5% 3 Machinery 6.7% 4 Trading Companies & Distribution (Industrial Goods) 6.3% 5 Automobile Components 6.2% 6 Commercial Services & Supplies 5.3% 7 Distributors (Consumer Goods) 4.5% 8 Building Products 4.2% 9 Electrical Equipment 3.5% 10 Broadline Retail 3.3% 11 Consumer Staples Distribution 3.3% 12 Specialty Retail 2.9% 13 Media 2.8% 14 Beverages 2.6% 15 Food Products 2.5% 16 Household Durables 2.3% 17 Electronic Equip, Instruments 2.2% 18 Chemicals 2.0% 19 Construction & Engineering 1.8% 20 Metals & Mining 1.6% Top 10 58.3% Top 11-20 24.0% Total Top 20 82.3% TOP TENANTS June 30, 2026 # Tenant(2) # of Leases ABR % 1 Amazon 7 2.7% 2 Schneider Electric USA, Inc. 3 1.0% 3 American Tire Distributors, Inc. 7 0.9% 4 Soho Studio, LLC 1 0.8% 5 International Paper Company 4 0.8% 6 DSV Solutions, LLC 4 0.8% 7 DHL Supply Chain 5 0.8% 8 CHEP USA 6 0.7% 9 GXO Logistics, Inc. 1 0.7% 10 Penguin Random House LLC 1 0.7% 11 Central PS&S Holdings, LLC 1 0.7% 12 KUEHNE+NAGEL INC. 1 0.7% 13 The Coca-Cola Company 3 0.7% 14 Tempur Sealy International Inc. 2 0.7% 15 Iron Mountain Information Management 6 0.6% 16 Hachette Book Group, Inc. 1 0.6% 17 U.S. Venture, Inc. 6 0.6% 18 Penske Truck Leasing Co. LP 3 0.6% 19 FedEx Corporation 4 0.6% 20 Lippert Component Manufacturing 3 0.6% Top 10 39 9.9% Top 11-20 30 6.4% Total Top 20 69 16.3% TOP MARKETS June 30, 2026 # Market(1) ABR % 1 Chicago, IL 8.4% 2 Greenville, SC 6.2% 3 Minneapolis, MN 3.7% 4 Columbus, OH 3.6% 5 Detroit, MI 3.6% 6 Pittsburgh, PA 3.4% 7 Kansas City, MO 3.3% 8 South Central, PA 2.9% 9 Philadelphia, PA 2.8% 10 Houston, TX 2.7% 11 Boston, MA 2.6% 12 Indianapolis, IN 2.4% 13 El Paso, TX 2.3% 14 Milwaukee, WI 2.2% 15 Cleveland, OH 2.0% 16 Raleigh, NC 2.0% 17 Charlotte, NC 1.9% 18 Cincinnati, OH 1.7% 19 Sacramento, CA 1.5% 20 Columbia, SC 1.2% Top 10 40.6% Top 11-20 19.8% Total Top 20 60.4% TOP MARKETS, TENANTS AND INDUSTRIES GEOGRAPHIC DIVERSIFICATION 46203 # # 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 – SECOND QUARTER 2026 18 CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of June 30, 2026 Common shares, participating securities, performance units and other units Common shares outstanding 192,704,513 Participating securities outstanding 98,761 Units outstanding 3,942,526 Common shares, participating securities, and other units - basic 196,745,800 Performance units 286,139 Common shares, participating securities, performance and other units - diluted 197,031,939 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 June 30, 2026 Consolidated leverage ratio ≤ 60% 29.6% Secured leverage ratio ≤ 40% 0.0% Unencumbered leverage ratio ≤ 60% 30.6% Unsecured interest coverage ratio ≥ 1.75x 4.9x Fixed charge coverage ratio ≥ 1.5x 4.4x DEBT METRICS (in thousands) June 30, 2026 Adjusted EBITDAre $ 161,669 Adjusted EBITDAre from acquisition and disposition timing 3,118 Run Rate Adjusted EBITDAre $ 164,787 Less: Allowable one-time items (937) Run Rate Adjusted EBITDAre net of allowable one-time items $ 163,850 Annualize 655,400 Plus: Allowable one-time items 937 Annualized Run Rate Adjusted EBITDAre $ 656,337 Net Debt / Annualized Adjusted EBITDAre ratio 5.3x Net Debt / Annualized Run Rate Adjusted EBITDAre ratio 5.2x Net Debt / total Real Estate Cost Basis (at quarter end) 38.9% Total debt / total Enterprise Value (at quarter end) 31.8% Liquidity $613.7 million Fitch Credit Rating BBB / Stable Moody's Credit Rating Baa2 / Stable
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 19 AS OF JUNE 30, 2026 (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 $449.0 Term SOFR + 0.775% 9/7/2029 Total / weighted average credit facility $1,000.0 $449.0 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 3.94 % 3/14/2031 3.09 % NA 3.09 % Total / weighted average term loans $1,025.0 $1,025.0 3.59 % 2.81 % 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 $3,449.0 4.42 % 4.0 years Secured Debt: United of Omaha Life Insurance Company $4.0 $4.0 3.71 % 10/1/2039 Total / weighted average secured $4.0 $4.0 3.71 % 13.3 years Total / weighted average $4,004.0 $3,453.0 4.42 % 4.0 years Less: net unamortized fair market value discount $(0.1) Less: total unamortized deferred financing fees and debt issuance costs (10.4) Total book value $3,442.5 DEBT SUMMARY Preparer Sync/Link Approver Matts P. 10/6/2017 Jeff M. 10/6/2017 Jessica B 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 June 30, 2026, based on the Company's investment grade rating as defined in the respective loan agreements. Unsecured term loans A, H and I have a stated interest rate of one-month term SOFR plus a spread of 0.85%. Unsecured term loans F and G have a stated interest rate of daily SOFR plus a spread of 0.85%. As of June 30, 2026, one- month term SOFR for the unsecured term loans A, H, and I was swapped to a fixed rate of 1.31%, 2.50%, and 2.66%, respectively. As of June 30, 2026, daily SOFR for the unsecured term loans F and G was swapped to a fixed rate of 3.98% and 3.09%, respectively. 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 – SECOND QUARTER 2026 20 DEBT MATURITY SCHEDULE $130 $170 $475 $824 $350 $700 $804 Unsecured Revolver Unsecured Term Loans Unsecured Private Placements Secured Debt 2026 2027 2028 2029 2030 2031 Thereafter $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Preparer Sync/Link Approver Matts P. 10/6/2017 Jeff M. 10/6/2017 Jessica F. 10/12/2017 1 1 1 1 4.90%4.64% 2.34% 3.53% 4.84% 5.50%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 JUNE 30, 2026(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 June 30, 2026, one-month term SOFR for the unsecured term loans A, H, and I was swapped to a fixed rate of 1.31%, 2.50%, and 2.66%, respectively. As of June 30, 2026, daily SOFR for the unsecured term loans F and G was swapped to a fixed rate of 3.98% and 3.09%, respectively. (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. 3.89% (3) (4)
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 21 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 2026 GUIDANCE As of Q2 As of Q1 Low High Low High Core FFO per share $2.61 $2.65 $2.60 $2.64 Acquisition volume $400 million $700 million $350 million $650 million Stabilized Capitalization Rate 6.00% 6.50% 6.25% 6.75% Disposition volume $100 million $200 million $100 million $200 million Same Store Cash NOI Change 3.00% 3.50% 2.75% 3.25% Average Same Store Occupancy 96.25% 97.25% 96% 97% Retention 75.0% 70% 80% General & administrative expense $53.0 million $56.0 million $53.0 million $56.0 million
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STAG SUPPLEMENTAL INFORMATION – SECOND QUARTER 2026 22 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, 2025. 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 – SECOND QUARTER 2026 23 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 and proceeds from pending reverse Section 1031 like- kind exchanges that are included in restricted cash. 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 – SECOND QUARTER 2026 24 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, 2025. 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 – SECOND QUARTER 2026 25 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, 2025. 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 SECOND QUARTER 2026 RESULTS Boston, MA — July 28, 2026 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended June 30, 2026. “The second quarter reflected sustained execution across our platform, supported by stabilizing industrial fundamentals,” said Bill Crooker, President and Chief Executive Officer of the Company. “STAG enters the back half of 2026 with an active pipeline, a fortified balance sheet, and clear momentum.” Second Quarter 2026 Highlights • Reported $0.28 of net income per basic and diluted common share for the second quarter of 2026, compared to $0.27 of net income per basic and diluted common share for the second quarter of 2025. Reported $52.9 million of net income attributable to common stockholders for the second quarter of 2026, compared to net income attributable to common stockholders of $50.0 million for the second quarter of 2025. • Achieved $0.65 of Core FFO per diluted share for the second quarter of 2026, an increase of 3.2% compared to the second quarter of 2025 Core FFO per diluted share of $0.63. • Produced Same Store Cash NOI of $158.8 million for the second quarter of 2026, an increase of 3.4% compared to the second quarter of 2025 of $153.6 million. • Acquired seven buildings in the second quarter of 2026, consisting of 2.6 million square feet, for $287.1 million, with a Cash Capitalization Rate of 6.1% and a Straight-Line Capitalization Rate of 6.8%. • Sold two buildings in the second quarter of 2026, consisting of 299,467 square feet, for $23.1 million. • Achieved an Occupancy Rate of 94.5% on the total portfolio and 95.5% on the Operating Portfolio as of June 30, 2026. • Commenced Operating Portfolio leases of 5.6 million square feet for the second quarter of 2026, resulting in a Cash Rent Change and Straight-Line Rent Change of 19.8% and 33.7%, respectively. • Experienced 75.7% Retention for 6.0 million square feet of leases expiring in the quarter. • Commenced a Build-to-Suit development project totaling 342,975 square feet of warehouse and distribution space at 3400 Discovery Boulevard in Dallas, Texas. • Signed three leases totaling 152,824 square feet of warehouse and distribution space across the Company's development projects. • Subsequent to quarter end, refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2027 and now matures January 16, 2032. • Subsequent to quarter end, signed a lease totaling 47,113 square feet of warehouse and distribution space at the Company's development project at 6980 Resource Drive in Reno, Nevada. 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, Wednesday, July 29, 2026 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 SECOND QUARTER & YEAR TO DATE 2026 KEY FINANCIAL MEASURES Three months ended June 30, Six months ended June 30, Metrics 2026 2025 % Change 2026 2025 % Change (in $000s, except per share data) Net income attributable to common stockholders $52,878 $49,963 5.8 % $114,839 $141,316 (18.7) % Net income per common share — basic $0.28 $0.27 3.7 % $0.60 $0.76 (21.1) % Net income per common share — diluted $0.28 $0.27 3.7 % $0.60 $0.76 (21.1) % Cash NOI $172,221 $161,688 6.5 % $342,137 $318,885 7.3 % Same Store Cash NOI (1) $158,808 $153,557 3.4 % $317,593 $305,762 3.9 % Adjusted EBITDAre $161,669 $152,017 6.3 % $320,670 $298,430 7.5 % Core FFO $127,710 $120,506 6.0 % $254,289 $235,760 7.9 % Core FFO per share / unit — basic $0.66 $0.63 4.8 % $1.31 $1.24 5.6 % Core FFO per share / unit — diluted $0.65 $0.63 3.2 % $1.30 $1.24 4.8 % Cash Available for Distribution $101,409 $98,829 2.6 % $211,114 $205,315 2.8 % (1) The Same Store pool accounted for 90.7% of the total portfolio square footage as of June 30, 2026. 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, Development and Disposition Activity For the three months ended June 30, 2026, the Company acquired seven buildings for $287.1 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter: SECOND QUARTER 2026 ACQUISITION ACTIVITY Market Date Acquired Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Greenville, SC 5/26/2026 560,240 1 $62,373 9.5 Chicago, IL 5/26/2026 246,446 1 31,493 7.4 Cleveland, OH 6/11/2026 280,614 1 34,726 5.0 Indianapolis, IN 6/17/2026 826,687 2 84,732 9.1 Kansas City, KS 6/23/2026 574,732 1 55,493 7.4 Greenville, SC 6/29/2026 141,960 1 18,322 9.1 Total / weighted average 2,630,679 7 $287,139 8.2 6.1% 6.8% The chart below details the 2026 acquisition activity and pipeline through July 27, 2026: 2026 ACQUISITION ACTIVITY AND PIPELINE DETAIL Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Q1 748,833 1 $80,713 12.4 6.1% 7.3% Q2 2,630,679 7 287,139 8.2 6.1% 6.8% Total / weighted average 3,379,512 8 $367,852 9.2 6.1% 6.9% Pipeline 35.1 million 145 $4.0 billion Additionally, in the second quarter, the Company acquired two vacant land parcels for $20.5 million. The chart below details the disposition activity for the six months ended June 30, 2026: 2026 DISPOSITION ACTIVITY Square Feet Buildings Sale Price ($000s) Q1 584,301 1 $30,100 Q2 299,467 2 23,088 Total 883,768 3 $53,188 2
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Leasing Activity The chart below details the leasing activity for leases commenced during the three months ended June 30, 2026: SECOND QUARTER 2026 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 1,066,906 8 5.2 $7.87 $7.91 $2.85 $0.23 14.7% 20.4% Renewal Leases 4,553,196 28 5.9 $6.24 $6.71 $1.37 $0.26 21.4% 38.0% 75.7% Total / weighted average 5,620,102 36 5.8 $6.55 $6.94 $1.65 $0.25 19.8% 33.7% The chart below details the leasing activity for leases commenced during the six months ended June 30, 2026: 2026 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 2,516,949 16 7.1 $6.72 $7.11 $2.60 $0.32 24.3% 38.9% Renewal Leases 9,099,353 57 5.8 $6.10 $6.52 $1.24 $0.18 19.2% 35.9% 72.5% Total / weighted average 11,616,302 73 6.1 $6.23 $6.65 $1.53 $0.21 20.3% 36.6% Additionally, for the three and six months ended June 30, 2026 , leases commenced totaling 204,629 and 385,653 square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above. The Company commenced a Build-to-Suit development project totaling 342,975 square feet of warehouse and distribution space at 3400 Discovery Boulevard in Dallas, Texas. The Company signed a lease totaling 72,900 square feet of warehouse and distribution space at the Company's development project at 452 Casual Drive in Greenville, South Carolina. This building is now 100% leased. The Company signed a lease totaling 44,980 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Charlotte, North Carolina. This building is now 90% leased. The Company signed a lease totaling 34,944 square feet of warehouse and distribution space at the Company's development project at 6508 Powell Road in Tampa, Florida. This building is now 25% leased. Subsequent to quarter end, the Company signed a lease totaling 47,113 square feet of warehouse and distribution space at the Company's development project at 6980 Resource Drive in Reno, Nevada. This building is now 62% leased. Year to date, the Company signed seven leases totaling 677,528 square feet of warehouse and distribution space across the Company's development projects. As of July 27, 2026, addressed 91.7% of expected 2026 new and renewal leasing, consisting of 16.6 million square feet, achieving Cash Rent Change of 20.5%. Capital Markets Activity As of July 27, 2026, the Company sold 3.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.00 per share, or $131.3 million in the aggregate, during the year. The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the agreed-upon maturity date (typically one year) to settle the forward contract. In the second quarter of 2026, the Company received net proceeds of $59.8 million related to forward sales that occurred during the year under the Company's ATM offering program. The Company has total forward equity net proceeds of $70 million available unsettled as of July 27, 2026. As of June 30, 2026, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.2x and Liquidity was $613.7 million. 3
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Subsequent to quarter end, on July 1, 2026, the Company paid at maturity $50 million of fixed rate senior unsecured notes. Subsequent to quarter end, on July 16, 2026, the Company refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2027. The new term loan, totaling $350 million in principal, now matures January 16, 2032. The new term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 3.53% until March 2027 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 4.79% from March 2027 through January 16, 2032. Through the refinance, the Company also obtained a five basis points savings across all term loans and the Unsecured Credit Facility. Quarterly Dividend Declaration On July 27, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.3875 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026. Conference Call The Company will host a conference call tomorrow, Wednesday, July 29, 2026, 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 13761520. 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) June 30, 2026 December 31, 2025 Assets Rental Property: Land $ 848,814 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,213,281 and $1,119,931, respectively 5,818,778 5,593,471 Deferred leasing intangibles, net of accumulated amortization of $458,083 and $425,502, respectively 401,767 394,967 Total rental property, net 7,069,359 6,800,007 Cash and cash equivalents 65,886 14,910 Restricted cash 670 85,973 Tenant accounts receivable 161,064 156,458 Prepaid expenses and other assets 115,064 104,484 Interest rate swaps 19,191 13,529 Operating lease right-of-use assets 31,596 32,708 Assets held for sale, net 14,165 — Total assets $ 7,476,995 $ 7,208,069 Liabilities and Equity Liabilities: Unsecured credit facility $ 449,000 $ 262,000 Unsecured term loans, net 1,021,854 1,021,341 Unsecured notes, net 1,967,768 1,966,994 Mortgage note, net 3,870 3,980 Accounts payable, accrued expenses and other liabilities 129,600 135,397 Interest rate swaps 2 1,310 Tenant prepaid rent and security deposits 59,754 59,225 Dividends and distributions payable 76,239 24,187 Deferred leasing intangibles, net of accumulated amortization of $34,309 and $34,098, respectively 23,616 25,566 Operating lease liabilities 36,037 37,040 Total liabilities $ 3,767,740 $ 3,537,040 Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued or outstanding — — Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025, 192,803,274 and 191,005,261 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,928 1,910 Additional paid-in capital 4,679,282 4,616,888 Cumulative dividends in excess of earnings (1,068,884) (1,034,954) Accumulated other comprehensive income 18,690 11,853 Total stockholders’ equity 3,631,016 3,595,697 Noncontrolling interest in operating partnership 74,249 71,342 Noncontrolling interest in joint ventures 3,990 3,990 Total equity $ 3,709,255 $ 3,671,029 Total liabilities and equity $ 7,476,995 $ 7,208,069 5
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CONSOLIDATED STATEMENTS OF OPERATIONS STAG Industrial, Inc. (unaudited, in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 Other income 841 155 1,200 367 Total revenue 224,369 207,593 448,576 413,167 Expenses Property 45,028 40,403 92,344 84,081 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Loss on impairment — 888 — 888 Other expenses 455 (58) 893 514 Total expenses 141,272 128,607 281,475 260,063 Other income (expense) Interest and other income 65 3 161 8 Interest expense (37,495) (33,618) (73,380) (66,147) Gain on involuntary conversion — — — 1,855 Gain on the sales of rental property, net 8,346 5,692 23,445 55,605 Total other income (expense) (29,084) (27,923) (49,774) (8,679) Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Less: income attributable to noncontrolling interest in operating partnership 1,096 1,058 2,411 3,022 Net income attributable to STAG Industrial, Inc. $ 52,917 $ 50,005 $ 114,916 $ 141,403 Less: amount allocated to participating securities 39 42 77 87 Net income attributable to common stockholders $ 52,878 $ 49,963 $ 114,839 $ 141,316 Weighted average common shares outstanding — basic 191,180 186,535 191,088 186,502 Weighted average common shares outstanding — diluted 191,332 186,910 191,285 186,834 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.28 $ 0.27 $ 0.60 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.28 $ 0.27 $ 0.60 $ 0.76 6
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RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES STAG Industrial, Inc. (unaudited, in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 NET OPERATING INCOME RECONCILIATION Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest and other income (65) (3) (161) (8) Interest expense 37,495 33,618 73,380 66,147 Loss on impairment — 888 — 888 Gain on involuntary conversion — — — (1,855) Other expenses 455 (58) 893 514 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) Net operating income $ 179,341 $ 167,190 $ 356,232 $ 329,086 Net operating income $ 179,341 $ 167,190 $ 356,232 $ 329,086 Rental property straight-line rent adjustments, net (6,792) (4,859) (13,258) (8,974) Amortization of above and below market leases, net (328) (643) (837) (1,227) Cash net operating income $ 172,221 $ 161,688 $ 342,137 $ 318,885 Cash net operating income $ 172,221 Cash NOI from acquisition and disposition timing 3,118 Cash termination, solar and other income (929) Run Rate Cash NOI $ 174,410 Same Store Portfolio NOI Total NOI $ 179,341 $ 167,190 $ 356,232 $ 329,086 Less: NOI non-same-store properties (14,047) (5,937) (26,376) (10,376) Termination, solar and other adjustments, net (1,917) (1,370) (2,621) (1,782) Same Store NOI $ 163,377 $ 159,883 $ 327,235 $ 316,928 Less: straight-line rent adjustments, net (4,286) (5,669) (8,899) (9,874) Plus: amortization of above and below market leases, net (283) (657) (743) (1,292) Same Store Cash NOI $ 158,808 $ 153,557 $ 317,593 $ 305,762 EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Depreciation and amortization 82,246 74,473 160,840 148,373 Interest and other income (65) (3) (161) (8) Interest expense 37,495 33,618 73,380 66,147 Loss on impairment — 888 — 888 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) EBITDAre $ 165,343 $ 154,347 $ 327,941 $ 304,220 ADJUSTED EBITDAre RECONCILIATION EBITDAre $ 165,343 $ 154,347 $ 327,941 $ 304,220 Straight-line rent adjustments, net (6,875) (4,935) (13,425) (9,125) Amortization of above and below market leases, net (328) (643) (837) (1,227) Non-cash compensation expense 3,521 3,248 6,983 6,430 Non-recurring other items 8 — 8 (13) Gain on involuntary conversion — — — (1,855) Adjusted EBITDAre $ 161,669 $ 152,017 $ 320,670 $ 298,430 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 June 30, Six months ended June 30, 2026 2025 2026 2025 CORE FUNDS FROM OPERATIONS RECONCILIATION Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Rental property depreciation and amortization 82,175 74,386 160,684 148,200 Loss on impairment — 888 — 888 Gain on the sales of rental property, net (8,346) (5,692) (23,445) (55,605) Funds from operations $ 127,842 $ 120,645 $ 254,566 $ 237,908 Amount allocated to restricted shares of common stock and unvested units (132) (139) (277) (293) Funds from operations attributable to common stockholders and unit holders $ 127,710 $ 120,506 $ 254,289 $ 237,615 Funds from operations attributable to common stockholders and unit holders $ 127,710 $ 120,506 $ 254,289 $ 237,615 Gain on involuntary conversion — — — (1,855) Core funds from operations $ 127,710 $ 120,506 $ 254,289 $ 235,760 Weighted average common shares and units Weighted average common shares outstanding 191,180 186,535 191,088 186,502 Weighted average units outstanding 3,692 3,697 3,722 3,706 Weighted average common shares and units - basic 194,872 190,232 194,810 190,208 Dilutive shares 152 375 197 332 Weighted average common shares, units, and other dilutive shares - diluted 195,024 190,607 195,007 190,540 Core funds from operations per share / unit - basic $ 0.66 $ 0.63 $ 1.31 $ 1.24 Core funds from operations per share / unit - diluted $ 0.65 $ 0.63 $ 1.30 $ 1.24 CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION Core funds from operations $ 127,710 $ 120,506 $ 254,289 $ 235,760 Amount allocated to restricted shares of common stock and unvested units 132 139 277 293 Non-rental property depreciation and amortization 71 87 156 173 Straight-line rent adjustments, net (6,875) (4,935) (13,425) (9,125) Capital expenditures (12,563) (10,996) (21,215) (15,975) Capital expenditures reimbursed by tenants (528) (689) (528) (794) Lease commissions and tenant improvements (11,427) (9,868) (18,162) (14,085) Non-cash portion of interest expense 1,368 1,337 2,739 2,638 Non-cash compensation expense 3,521 3,248 6,983 6,430 Cash available for distribution $ 101,409 $ 98,829 $ 211,114 $ 205,315 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, 2025. 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 and proceeds from pending reverse Section 1031 like-kind exchanges that are included in restricted cash. 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, 2025. 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, 2025. 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, 2025, 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