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SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER 2026
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STAG SUPPLEMENTAL INFORMATION – THIRD 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 – THIRD 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 – THIRD QUARTER 2026 3 OVERVIEW Snapshot (September 30, 2026) Square Feet 123.0 million Number of Buildings 606 Number of States 41 Total Portfolio Occupancy 95.9% Operating Portfolio Occupancy 96.2% Weighted Average Lease Term 4.3 years Weighted Average Rent $6.25/sf Net Debt to Annualized Run Rate Adjusted EBITDAre ratio 5.1x 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 – THIRD QUARTER 2026 4 CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2026 December 31, 2025 Assets Rental Property: Land $ 853,182 $ 811,569 Buildings and improvements, net of accumulated depreciation of $1,261,591 and $1,119,931, respectively 5,860,763 5,593,471 Deferred leasing intangibles, net of accumulated amortization of $477,696 and $425,502, respectively 398,436 394,967 Total rental property, net 7,112,381 6,800,007 Cash and cash equivalents 12,222 14,910 Restricted cash 670 85,973 Tenant accounts receivable 168,240 156,458 Prepaid expenses and other assets 126,090 104,484 Interest rate swaps 38,609 13,529 Operating lease right-of-use assets 46,273 32,708 Total assets $ 7,504,485 $ 7,208,069 Liabilities and Equity Liabilities: Unsecured credit facility $ 463,000 $ 262,000 Unsecured term loans, net 1,020,550 1,021,341 Unsecured notes, net 1,918,147 1,966,994 Mortgage note, net 3,814 3,980 Accounts payable, accrued expenses and other liabilities 160,134 135,397 Interest rate swaps — 1,310 Tenant prepaid rent and security deposits 59,344 59,225 Dividends and distributions payable 76,241 24,187 Deferred leasing intangibles, net of accumulated amortization of $36,010 and $34,098, respectively 22,781 25,566 Operating lease liabilities 51,795 37,040 Total liabilities $ 3,775,806 $ 3,537,040 Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at September 30, 2026 and December 31, 2025; none issued or outstanding — — Common stock, par value $0.01 per share, 300,000,000 shares authorized at September 30, 2026 and December 31, 2025, 192,819,897 and 191,005,261 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 1,928 1,910 Additional paid-in capital 4,683,517 4,616,888 Cumulative dividends in excess of earnings (1,072,893) (1,034,954) Accumulated other comprehensive income 37,720 11,853 Total stockholders’ equity 3,650,272 3,595,697 Noncontrolling interest in operating partnership 74,417 71,342 Noncontrolling interest in joint ventures 3,990 3,990 Total equity 3,728,679 3,671,029 Total liabilities and equity $ 7,504,485 $ 7,208,069 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD 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 September 30, Nine months ended September 30, (in thousands, except per share data) 2026 2025 2026 2025 Revenue Rental income $ 230,970 $ 209,995 $ 678,346 $ 622,795 Other income 75 1,126 1,275 1,493 Total revenue 231,045 211,121 679,621 624,288 Expenses Property 46,236 42,168 138,580 126,249 General and administrative 14,830 12,173 42,228 38,380 Depreciation and amortization 80,548 75,963 241,388 224,336 Loss on impairment — — — 888 Other expenses 805 563 1,698 1,077 Total expenses 142,419 130,867 423,894 390,930 Other income (expense) Interest and other income 4 372 165 380 Interest expense (39,126) (31,670) (112,506) (97,817) Debt extinguishment and modification expenses (1,592) (1,503) (1,592) (1,503) Gain on involuntary conversion — — — 1,855 Gain on the sales of rental property, net 24,244 2,196 47,689 57,801 Total other income (expense) (16,470) (30,605) (66,244) (39,284) Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074 Less: income attributable to noncontrolling interest in operating partnership 1,447 1,013 3,858 4,035 Net income attributable to STAG Industrial, Inc. $ 70,709 $ 48,636 $ 185,625 $ 190,039 Less: amount allocated to participating securities 38 42 115 128 Net income attributable to common stockholders $ 70,671 $ 48,594 $ 185,510 $ 189,911 Weighted average common shares outstanding — basic 192,716 186,593 191,637 186,533 Weighted average common shares outstanding — diluted 192,907 186,840 191,832 186,837 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.37 $ 0.26 $ 0.97 $ 1.02 Net income per share attributable to common stockholders — diluted $ 0.37 $ 0.26 $ 0.97 $ 1.02
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 6 NET OPERATING INCOME (NOI) & CASH NOI Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025 Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074 General and administrative 14,830 12,173 42,228 38,380 Depreciation and amortization 80,548 75,963 241,388 224,336 Interest and other income (4) (372) (165) (380) Interest expense 39,126 31,670 112,506 97,817 Loss on impairment — — — 888 Gain on involuntary conversion — — — (1,855) Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503 Other expenses 805 563 1,698 1,077 Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801) Net operating income (1) $ 184,809 $ 168,953 $ 541,041 $ 498,039 Net operating income $ 184,809 $ 168,953 $ 541,041 $ 498,039 Rental property straight-line rent adjustments, net (5,835) (6,034) (19,093) (15,008) Amortization of above and below market leases, net (311) (667) (1,148) (1,894) Cash net operating income $ 178,663 $ 162,252 $ 520,800 $ 481,137 Cash net operating income $ 178,663 Cash NOI from acquisition and disposition timing 1,904 Cash termination, solar and other income (2,822) Run Rate Cash NOI $ 177,745 Same Store Portfolio NOI Total NOI $ 184,809 $ 168,953 $ 541,041 $ 498,039 Less: NOI non-same-store properties (20,088) (7,815) (47,557) (20,116) Termination, solar and other adjustments, net (590) (1,038) (3,078) (2,820) Same Store NOI $ 164,131 $ 160,100 $ 490,406 $ 475,103 Less: straight-line rent adjustments, net (3,969) (5,015) (12,863) (14,901) Plus: amortization of above and below market leases, net (297) (617) (1,040) (1,778) Same Store Cash NOI $ 159,865 $ 154,468 $ 476,503 $ 458,424 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 nine months ended September 30, 2026 and 2025, Total Rental Income was $230,970, $209,995, $678,346, and $622,795 comprising of base rental income of $187,794, $171,109, $548,541, and $505,507, and tenant reimbursement income of $43,176, $38,886, $129,805, and $117,288 respectively.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 7 FUNDS FROM OPERATIONS (FFO) & CORE FFO Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2026 2025 2026 2025 Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074 Rental property depreciation and amortization 80,415 75,876 241,099 224,076 Loss on impairment — — — 888 Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801) Funds from operations $ 128,327 $ 123,329 $ 382,893 $ 361,237 Amount allocated to restricted shares of common stock and unvested units (116) (125) (393) (417) Funds from operations attributable to common stockholders and unit holders $ 128,211 $ 123,204 $ 382,500 $ 360,820 Funds from operations attributable to common stockholders and unit holders $ 128,211 $ 123,204 $ 382,500 $ 360,820 Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503 Gain on involuntary conversion — — — (1,855) Core funds from operations $ 129,803 $ 124,707 $ 384,092 $ 360,468 Weighted average common shares and units Weighted average common shares outstanding 192,716 186,593 191,637 186,533 Weighted average units outstanding 3,696 3,679 3,714 3,697 Weighted average common shares and units - basic 196,412 190,272 195,351 190,230 Dilutive shares 191 247 195 304 Weighted average common shares, units, and other dilutive shares - diluted 196,603 190,519 195,546 190,534 Core funds from operations per share / unit - basic $ 0.66 $ 0.66 $ 1.97 $ 1.89 Core funds from operations per share / unit - diluted $ 0.66 $ 0.65 $ 1.96 $ 1.89 1 2 3 4 5 6 7 8 9 Total 370 71 10 71 10 71 10 71 10 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 8 ADJUSTED EBITDAre & CASH AVAILABLE FOR DISTRIBUTION (CAD) Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025 Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074 Depreciation and amortization 80,548 75,963 241,388 224,336 Interest and other income (4) (372) (165) (380) Interest expense 39,126 31,670 112,506 97,817 Loss on impairment — — — 888 Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801) EBITDA for Real Estate (EBITDAre) $ 167,582 $ 154,714 $ 495,523 $ 458,934 EBITDAre $ 167,582 $ 154,714 $ 495,523 $ 458,934 Straight-line rent adjustments, net (4,892) (6,119) (18,317) (15,244) Amortization of above and below market leases, net (311) (667) (1,148) (1,894) Non-cash compensation expense 4,081 3,136 11,064 9,566 Non-recurring other items (8) (30) — (43) Gain on involuntary conversion — — — (1,855) Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503 Adjusted EBITDAre $ 168,044 $ 152,537 $ 488,714 $ 450,967 Cash available for distribution reconciliation Core funds from operations $ 129,803 $ 124,707 $ 384,092 $ 360,468 Amount allocated to restricted shares of common stock and unvested units 116 125 393 417 Non-rental property depreciation and amortization 133 87 289 260 Straight-line rent adjustments, net (4,892) (6,119) (18,317) (15,244) Capital expenditures (14,869) (11,406) (36,084) (27,381) Capital expenditures reimbursed by tenants (356) (1,578) (884) (2,372) Lease commissions and tenant improvements (6,430) (9,351) (24,592) (23,436) Non-cash portion of interest expense 1,427 1,406 4,166 4,044 Non-cash compensation expense 4,081 3,136 11,064 9,566 Cash available for distribution $ 109,013 $ 101,007 $ 320,127 $ 306,322 1 2 3 4 5 6 7 8 9 Total 370 71 10 71 10 71 10 71 10 694 Top Right 78 37
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 9 ACQUISITIONS THIRD QUARTER 2026 ACQUISITIONS Market Date Acquired Square Feet Buildings Purchase Price ($000) Weighted Average Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate Chicago, IL 9/24/2026 442,987 1 $44,518 4.1 El Paso, TX 9/24/2026 652,090 1 63,416 5.2 Total / weighted average 1,095,077 2 $107,934 4.8 6.9% 7.2% Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Rowan 10/11/2017 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 Total 205 83 83 60 97 65 98 691 Top Right 78 37 2016 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 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% Q3 1,095,077 2 107,934 4.8 6.9% 7.2% Total / weighted average 4,474,589 10 $475,786 8.1 6.3% 7.0%
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 10 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 SEPTEMBER 30, 2026 Building Address Market Estimated Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 14100 Marshall Drive Kansas City, MO Q1 2027 187,689 $19,672 Multi 0% 76% 3400 Discovery Boulevard Dallas, TX Q2 2027 342,975 37,958 Single 100% 45% 7075 West Chandler Boulevard Phoenix, AZ Q3 2027 183,505 44,701 Single 0% 39% Total / weighted average 714,169 $102,331 48% 48% Expected Stabilized Yield 7.2% DEVELOPMENT PROPERTIES SUBSTANTIALLY COMPLETED BUT NOT IN SERVICE AS OF SEPTEMBER 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 $12,675 Multi 62% 95% 14003 Mount Anderson Street Reno, NV Q4 2025 284,233 41,616 Multi 0% 88% 2735 Piedmont Commerce Street SW Charlotte, NC Q1 2026 200,178 28,865 Multi 0% 86% 650 Park Loop Road Louisville, KY Q2 2026 500,240 46,954 Single 0% 83% Total / weighted average 1,060,471 $130,110 4% 87% Expected Stabilized Yield 7.0% DEVELOPMENT SUMMARY DEVELOPMENT PROPERTIES PLACED IN SERVICE IN THE NINE MONTHS ENDED SEPTEMBER 30, 2026 Building Address Market Substantial Building Completion Timing Square Feet Estimated Investment ($000) Single or Multi- Tenant Percent Leased Percent Funded 2745 Piedmont Commerce Street SW Charlotte, NC Q1 2026 201,017 $27,831 Multi 100% 91% 11355 Dog Leg Road Dayton, OH Q3 2026 349,440 34,612 Single 100% 100% Total / weighted average 550,457 $62,443 100% 96% Expected Stabilized Yield 7.4%
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STAG SUPPLEMENTAL INFORMATION – THIRD 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 25,608 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 $218,652 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 – THIRD 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 THIRD QUARTER 2026 DISPOSITIONS Location Date Disposed Square Feet Buildings Gross Proceeds ($000s) St Paul, MN 8/13/2026 422,727 1 $21,475 Sacramento, CA 8/31/2026 267,284 1 23,750 Fairfield, OH 9/28/2026 206,448 1 10,250 Spartanburg, SC 9/29/2026 226,140 1 12,400 Total 1,122,599 4 $67,875 2026 DISPOSITIONS Quarter Square Feet Buildings Gross Proceeds ($000s) Q1 584,301 1 $30,100 Q2 299,467 2 23,088 Q3 1,122,599 4 67,875 Total 2,006,367 7 $121,063
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 13 LEASING & RETENTION STATISTICS THIRD 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 1,019,207 9 4.9 $6.28 $6.35 $1.80 $0.21 31.1% 40.1% Renewal Leases 2,591,145 21 5.0 $7.17 $7.50 $1.32 $0.18 21.4% 34.3% 90.3% Total / weighted average 3,610,352 30 5.0 $6.91 $7.18 $1.46 $0.19 23.8% 35.7% 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 nine months ended September 30, 2026, leases commenced totaling 560,519 and 946,172 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 3,536,156 25 6.5 $6.59 $6.89 $2.37 $0.28 26.1% 39.2% Renewal Leases 11,690,498 78 5.6 $6.33 $6.74 $1.26 $0.18 19.7% 35.5% 75.8% Total / weighted average 15,226,654 103 5.8 $6.39 $6.77 $1.51 $0.20 21.2% 36.4%
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 14 SAME STORE NOI (in thousands, except building count data and square footage) Three months ended September 30, Nine months ended September 30, 2026 2025 Change % Change 2026 2025 Change % Change Same Store square footage 110,461,698 110,461,698 Same Store buildings 564 564 % of total square feet 89.8 % 89.8 % Occupancy Rate at quarter end 97.0 % 97.7 % (0.7) % 97.0 % 97.7 % (0.7) % Average Occupancy Rate 96.8 % 97.8 % (1.0) % 96.9 % 97.8 % (0.9) % Same Store GAAP Analysis Income from real estate operations $206,257 $199,900 $6,357 $618,609 $596,012 $22,597 Income from lease terminations, solar and other (594) (1,103) 509 (3,113) (2,999) (114) GAAP adjustments for write-offs for lease terminations 4 65 (61) 35 179 (144) Income excluding lease terminations, solar and other 205,667 198,862 6,805 615,531 593,192 22,339 Expenses from real estate operations (41,536) (38,762) (2,774) (125,125) (118,089) (7,036) Same Store GAAP NOI $164,131 $160,100 $4,031 2.5% $490,406 $475,103 $15,303 3.2% Same Store Cash Analysis Income from real estate operations $202,172 $195,089 $7,083 $603,132 $580,229 $22,903 Cash received from lease terminations, solar and other (889) (1,979) 1,090 (1,861) (4,082) 2,221 Income excluding lease terminations, solar and other 201,283 193,110 8,173 601,271 576,147 25,124 Expenses from real estate operations (41,418) (38,642) (2,776) (124,768) (117,723) (7,045) Same Store Cash NOI $159,865 $154,468 $5,397 3.5% $476,503 $458,424 $18,079 3.9% Top Right Width 78 37 694 (1) (2)(2)
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 15 CAPITAL EXPENDITURES CAPITAL EXPENDITURES, TENANT IMPROVEMENTS, AND LEASE COMMISSIONS SUMMARY Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Tenant improvements (TIs) and lease commissions (LCs) $6,430 $9,351 $24,592 $23,436 Capital expenditures $14,869 $11,406 $36,084 $27,381 Total capital expenditures, TIs and LCs $21,299 $20,757 $60,676 $50,817 Building expansions, repositioning, and redevelopment $1,035 $3,833 $6,370 $16,848 Development $19,145 $26,209 $62,142 $85,945 Capital expenditures reimbursed by tenants $356 $1,578 $884 $2,372 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 (in thousands, except square feet data)
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 16 LEASE EXPIRATION SCHEDULE LEASE EXPIRATION SCHEDULE AS OF SEPTEMBER 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 5,044,186 N/A N/A N/A MTM 2 249,022 0.2% $2,110 0.3% 2026 11 934,834 0.8% 5,865 0.8% 2027 108 12,627,900 10.7% 76,139 10.3% 2028 128 15,215,489 12.9% 92,611 12.5% 2029 128 19,281,519 16.4% 119,158 16.2% 2030 116 16,551,999 14.0% 108,876 14.8% 2031 112 16,303,457 13.8% 97,892 13.3% 2032 63 10,621,015 9.0% 66,594 9.0% 2033 39 6,899,360 5.9% 43,743 5.9% 2034 20 4,114,426 3.5% 29,576 4.0% 2035 25 6,652,684 5.6% 42,549 5.8% Thereafter 31 8,509,840 7.2% 52,096 7.1% Total 783 123,005,731 100.0% $737,209 100.0% 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 15.6 million square feet, have been executed as of September 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 – THIRD QUARTER 2026 17 TOP INDUSTRIES September 30, 2026 # Industry(3) ABR % 1 Air Freight & Logistics 11.5% 2 Containers & Packaging 7.3% 3 Machinery 6.9% 4 Trading Companies & Distribution (Industrial Goods) 6.3% 5 Automobile Components 6.1% 6 Commercial Services & Supplies 5.1% 7 Distributors (Consumer Goods) 4.4% 8 Building Products 4.3% 9 Electrical Equipment 3.7% 10 Consumer Staples Distribution 3.3% 11 Broadline Retail 3.2% 12 Specialty Retail 2.9% 13 Media 2.7% 14 Beverages 2.6% 15 Food Products 2.5% 16 Household Durables 2.2% 17 Electronic Equip, Instruments 2.2% 18 Chemicals 2.0% 19 Construction & Engineering 1.9% 20 Metals & Mining 1.5% Top 10 58.9% Top 11-20 23.7% Total Top 20 82.6% TOP TENANTS September 30, 2026 # Tenant(2) # of Leases ABR % 1 Amazon 7 2.6% 2 Schneider Electric USA, Inc. 3 0.9% 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 0.7% 8 CHEP USA 6 0.7% 9 GXO Logistics, Inc. 1 0.7% 10 Penguin Random House LLC 1 0.7% 11 KUEHNE+NAGEL INC. 1 0.7% 12 Central PS&S Holdings, LLC 1 0.7% 13 Kenco Logistic Services, LLC 2 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 9.6% Top 11-20 29 6.4% Total Top 20 68 16.0% TOP MARKETS September 30, 2026 # Market(1) ABR % 1 Chicago, IL 8.7% 2 Greenville, SC 6.0% 3 Detroit, MI 3.6% 4 Minneapolis, MN 3.6% 5 Columbus, OH 3.6% 6 Pittsburgh, PA 3.3% 7 Kansas City, MO 3.3% 8 South Central, PA 2.8% 9 Philadelphia, PA 2.8% 10 El Paso, TX 2.8% 11 Houston, TX 2.6% 12 Boston, MA 2.5% 13 Indianapolis, IN 2.4% 14 Milwaukee, WI 2.1% 15 Charlotte, NC 2.1% 16 Raleigh, NC 2.0% 17 Cleveland, OH 1.9% 18 Cincinnati, OH 1.7% 19 Sacramento, CA 1.5% 20 Grand Rapids, MI 1.3% Top 10 40.5% Top 11-20 20.1% Total Top 20 60.6% TOP MARKETS, TENANTS AND INDUSTRIES GEOGRAPHIC DIVERSIFICATION 46295 # # OF CBSA(1) ABR % 1 States Sorted by Annual Base Rent 2 State Name Number of CBSA Mkts % Ann Base Rent 3 Alabama 3 0.9% 4 Arkansas 2 0.5% 5 Arizona 2 0.8% 6 California 6 3.8% 7 Colorado 4 0.7% 8 Connecticut 2 1.8% 9 Delaware 1 0.3% 10 Florida 6 2.5% Top 10 States 26 11.3% VA 5 0.9% Total Top 20 States 31 12.2% Preparer Sync/Link Approver Ed M. 10/11/2017 Jeff M. 10/11/2017 Stacy C. 10/11/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 (1) Top markets classification based on CBRE-EA industrial market geographies. (2) Based on annualized base rental revenue and the inclusion of tenants, guarantors, and / or non-guarantor parents. (3) Industry classification based on GICS methodology.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 18 CAPITAL STRUCTURE, DEBT METRICS & COVENANTS CAPITAL STRUCTURE As of September 30, 2026 Common shares, participating securities, performance units and other units Common shares outstanding 192,721,136 Participating securities outstanding 98,761 Units outstanding 3,930,958 Common shares, participating securities, and other units - basic 196,750,855 Performance units 345,065 Common shares, participating securities, performance and other units - diluted 197,095,920 Preparer Sync/Link Approver Jessica F. 10/16/2017 Jeff M. 10/20/2017 Jaclyn P. 10/24/2017 1 1 1 1 1 2 3 4 Total 489 100 5 100 694 Top Right 78 37 UNSECURED BANK DEBT COVENANTS Covenant September 30, 2026 Consolidated leverage ratio ≤ 60% 29.1% Secured leverage ratio ≤ 40% 0.0% Unencumbered leverage ratio ≤ 60% 29.8% Unsecured interest coverage ratio ≥ 1.75x 4.8x Fixed charge coverage ratio ≥ 1.5x 4.4x DEBT METRICS (in thousands) September 30, 2026 Adjusted EBITDAre $ 168,044 Adjusted EBITDAre from acquisition and disposition timing 1,904 Run Rate Adjusted EBITDAre $ 169,948 Less: Allowable one-time items (2,814) Run Rate Adjusted EBITDAre net of allowable one-time items $ 167,134 Annualize 668,536 Plus: Allowable one-time items 2,814 Annualized Run Rate Adjusted EBITDAre $ 671,350 Net Debt / Annualized Adjusted EBITDAre ratio 5.1x Net Debt / Annualized Run Rate Adjusted EBITDAre ratio 5.1x Net Debt / total Real Estate Cost Basis (at quarter end) 38.7% Total debt / total Enterprise Value (at quarter end) 32.7% Liquidity $546.0 million Fitch Credit Rating BBB / Stable Moody's Credit Rating Baa2 / Stable S&P Credit Rating BBB / Stable
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 19 AS OF SEPTEMBER 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 $463.0 Term SOFR + 0.725% 9/7/2029 Total / weighted average credit facility $1,000.0 $463.0 Term SOFR + 0.725% Unsecured Term Loan H $187.5 $187.5 3.20 % 1/25/2028 2.50 % NA 2.50 % Unsecured Term Loan I 187.5 187.5 3.36 % 1/25/2028 2.66 % NA 2.66 % Unsecured Term Loan G (3) 300.0 300.0 3.89 % 3/14/2031 3.09 % NA 3.09 % Unsecured Term Loan A 350.0 350.0 3.53 % 1/16/2032 2.83 % 3/25/2027 3.99 % Total / weighted average term loans $1,025.0 $1,025.0 3.54 % 2.81 % 3.21 % 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 $1,925.0 $1,925.0 4.84 % Total / weighted average unsecured $3,950.0 $3,413.0 4.42 % 4.2 years Secured Debt: United of Omaha Life Insurance Company $3.9 $3.9 3.71 % 10/1/2039 Total / weighted average secured $3.9 $3.9 3.71 % 13.0 years Total / weighted average $3,953.9 $3,416.9 4.42 % 4.2 years Less: net unamortized fair market value discount $(0.1) Less: total unamortized deferred financing fees and debt issuance costs (11.3) Total book value $3,405.5 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 September 30, 2026, based on the Company's investment grade rating as defined in the respective loan agreements. Unsecured term loans H and I have a stated interest rate of one-month term SOFR plus a spread of 0.80%. Unsecured term loan G has a stated interest rate of daily SOFR plus a spread of 0.80%. Unsecured term loan A has a stated interest rate of one-month term SOFR plus a spread of 0.80% for the $150 million tranche of the loan and has a stated interest rate of daily SOFR plus a spread of 0.80% for the $200 million tranche of the loan. As of September 30, 2026, one-month term SOFR for the unsecured term loans H and I was swapped to a fixed rate of 2.50% and 2.66%, respectively. As of September 30, 2026, daily SOFR for the unsecured term loan G was swapped to a fixed rate of 3.09%. As of September 30, 2026, unsecured term loan A was swapped to a fixed rate of 2.83%. Daily SOFR for unsecured term loan A will be fully swapped to a fixed rate of 3.99% effective March 25, 2027. 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 0.725%. 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 G is March 15, 2030, or such later date as may be extended pursuant to one one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the one-year extension option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions.
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STAG SUPPLEMENTAL INFORMATION – THIRD QUARTER 2026 20 DEBT MATURITY SCHEDULE $80 $20 $475 $638 $350 $700 $1,154 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 $1,100 $1,200 $1,300 Preparer Sync/Link Approver Matts P. 10/6/2017 Jeff M. 10/6/2017 Jessica F. 10/12/2017 1 1 1 1 4.48%4.42% 4.42% 3.49% 5.02% 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 SEPTEMBER 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 September 30, 2026 , one-month term SOFR for the unsecured term loans H and I was swapped to a fixed rate of 2.50% and 2.66%, respectively. As of September 30, 2026, daily SOFR for the unsecured term loan G was swapped to a fixed rate of 3.09%. As of September 30, 2026, unsecured term loan A was swapped to a fixed rate of 2.83%. Daily SOFR for unsecured term loan A will be fully swapped to a fixed rate of 3.99% effective March 25, 2027. (2) 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 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. 3.87% (3)
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STAG SUPPLEMENTAL INFORMATION – THIRD 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 Q3 As of Q2 Low High Low High Core FFO per share $2.64 $2.66 $2.61 $2.65 Acquisition volume $530 million $600 million $400 million $700 million Stabilized Capitalization Rate 6.30% 6.40% 6.00% 6.50% Disposition volume $125 million $200 million $100 million $200 million Same Store Cash NOI Change 3.50% 3.75% 3.00% 3.50% Average Same Store Occupancy 96.75% 97.25% 96.25% 97.25% Retention 75.0% 75.0% General & administrative expense $56.0 million $57.0 million $53.0 million $56.0 million
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STAG SUPPLEMENTAL INFORMATION – THIRD 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 – THIRD 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 – THIRD 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 – THIRD 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