STAG Industrial : Business Update – March 2023

STAG INDUSTRIAL

BUSINESS UPDATE - WINTER 2023

FORWARD-LOOKING STATEMENTS &

DEFINITIONS

Forward-Looking Statements

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) 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, 2022, 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.

Preliminary Estimates of Quarterly Information

The information set forth herein is preliminary and subject to completion, including the completion of customary financial statement closing and review procedures for the quarter ended December 31, 2022. You should not place undue reliance on such preliminary estimates because they may prove to be materially inaccurate. The preliminary estimates of select financial and operating data as of and for the quarter ended December 31, 2022, included herein have not been reviewed or examined by our independent auditors, and are subject to revision upon completion of our internal closing process and normal review and as we prepare our consolidated financial statements as of and for the quarter ended December 31, 2022, including all disclosures required by generally accepted accounting principles in the United States ("GAAP"). While we believe that such preliminary estimates are based on reasonable assumptions, actual results may vary, and such variations may be material. Factors that could cause our preliminary information and estimates to differ from the indications presented herein include, but are not limited to: (i) adjustments in the calculation of, or application of accounting principles for, our financial condition and results as of and for the quarter ended December 31, 2022, (ii) discovery of new information that affects the methodologies underlying these disclosures, (iii) errors not discovered because we have not completed our closing process or normal review, and (iv) accounting changes required by GAAP.

Defined Terms, Including Non-GAAP Measurements

Please refer to the Definitions section in the supplemental information package 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. The supplemental package 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.

The supplemental information package, which contains additional disclosure and financial information, is also available on the Company's website at www.stagindustrial.com

© 2023 STAG Industrial, Inc.	2

PORTFOLIO GROWTH & QUALITY

Portfolio Growth

	IPO Era1	Q4 2015	TODAY 2
Portfolio Sq. Ft. (millions)	14.2	54.7	111.7
Properties	93	291	562
Number of States	26	38	41

Portfolio Quality

	IPO Era	Q4 2015	TODAY
Prim. and Sec. Market Exp. by % ABR	74.1%	87.6%	96.4%
Flex/Office (% of ABR)	21.1%	3.9%	0.1%
Weighted Average Lease Term (Years)	5.9	4.0	4.7
Multi-Tenant Industrial % NRA 3	11.8%	17.3%	24.2%

Portfolio growth and diversification

Focus on market and asset quality

1. Reflects data as of Q2 2011
2. Reflects data as of Q4 2022
3. Excludes flex/office assets

© 2023 STAG Industrial, Inc.

STAG HAS GROWN INTO ONE OF THE LARGEST OWNERS AND OPERATORS OF U.S. INDUSTRIAL REAL ESTATE

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PORTFOLIO OPTIMIZATION & BALANCE SHEET

Internal Growth Optimization

IPO Era 1		Q4 2015	TODAY 2
WA Portfolio Escalators	1.25%		~ 1.75%	~ 2.50%
Cash Rent Change	4.7%		1.6%	> 25%
GAAP Rent Change	6.1%		7.1%	> 30%
Cash ssNOI % Growth	No		0.6%	~ 4.75%
	Growth		Q4 2015
	IPO Era		TODAY

Balance Sheet Fortification

Equity market capitalization (millions)	$290	$1,321	$5,917
Net Debt Plus Preferred to Annualized Run	7.9x 3	6.4x	5.2x
Rate Adjusted EBITDA
% secured debt	100.0%	23.4%	0.3%
Free Cash Flow (annual) 4 5	None	~ $1 mm	~ $80 mm

		Internal growth through portfolio optimization	CAD Payout Ratio 5 > 100% 99.0%	77.8%
					STAG PLATFORM DESIGNED TO PROVIDE GROWTH
		Investment grade balance sheet achieved
1.	Reflects data as of Q2 2011		THROUGH SOPHISTICATED INDUSTRIAL OPERATION & AN
	ATTRACTIVE ACQUISITON OPPORTUNITY SET
2.	Data is combination of current guidance and Q4 2022 results
3.	As of Q4 2011
4.	Free Cash Flow is equal to Cash Available for Distribution less cash dividends paid
5.	IPO Era and 2015 Free Cash Flow and Cash Available for Distribution are calculated using the current definition of Cash Available for Distribution. IPO Era Free Cash Flow and Cash Available for
		Distribution are based on aggregate quarterly results from Q3 2011, Q4 2011, Q1 2012, and Q2 2012.
	© 2023 STAG Industrial, Inc.		4

BUILDING BLOCKS OF GROWTH

	HISTORICAL TREND	2023 GUIDANCE	NOTES
	Average same store cash NOI growth of ~2% over past	Same store cash NOI growth of 4.50% - 5.00%	Expect recent same store cash NOI growth to be
	eight years	• Retention range of 65 - 75%	sustainable, driven by increase in rental escalators, higher
		• Cash Rent Change of 25-30%	cash releasing spreads, and shorter downtimes as
Internal Growth		• WA rental escalators of ~2.5% across portfolio	compared to historical trend
			61.5% of expected 2023 new and renewal leasing has
			been addressed, consisting of 8.4 million square feet,
			achieving cash rent change of 31.6% 1
	Average acquisition volume of ~$750 million over past	Acquisition volume range of $300 million to $700	Pipeline equal to $2.4 billion as of February 2023
External Growth	eight years	million
	• Stabilized Cash Capitalization Rate of 5.75% - 6.50%
		• Disposition range of $50 to $200 million
	G&A as a % of NOI has averaged ~12% over past eight	G&A range of $48 to $50 million	G&A as a % of NOI below 10% as of Q4 2022; Additional
G&A	years		scalability in platform will maintain downward pressure
Capital	Average capital expenditure per average SF equal to	Capital expenditure per average SF range of $0.25 to
$0.29 over past five years	$0.30
Expenditures
	Reduction in leverage since 2015 with net debt plus	Net debt to Annualized Run Rate Adjusted EBITDA of
	preferred to Annualized Run Rate Adjusted EBITDA	5.00x to 5.50x
	reduced from 6.4x in 2015 to 5.2x as of Q4 2022
Capitalization	Cash Available for Distribution payout ratio equal to 77.8%
	as of Q4 2022

• • Portfolio premium created as a result of granular asset acquisition strategy
• Additional value created at the asset level through value-add projects and built-to-suittake-out acquisitions
• • Additional value created at the asset level through expansions and developments

CLEAR PATH TO STRONG CORE FFO AND CAD GROWTH

1. As of February 13, 2023

© 2023 STAG Industrial, Inc.	5