STAG Industrial : Investor Presentation - March 2022 Conference Update

STAG INDUSTRIAL

Business Update - March

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, 2021, 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 March 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 March 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 March 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 March 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

© 2022 STAG Industrial, Inc.	2

IMPACT OF PANDEMIC ON ECOMMERCE ACTIVITY AND SUPPLY CHAIN CONFIGURATION

Accelerating re-shoring and	"Just-in-case" inventory and
near-shoring trends continue	reverse logistics needs	~40% of STAG's portfolio
to drive domestic warehouse	incrementally drive industrial	handles e-commerce activity (1)
space demand	demand

E-commerce and supply

chain reconfiguration

providing secular

demand drivers

		E-COMMERCE AS A % (2)				RETAIL INVENTORY (2)
	OF RETAIL SALES (U.S)				TO SALES RATIO (U.S)
16.0%									1.70
14.0%									1.60
12.0%									13.0%
								1.50
10.0%									1.40 1.44
8.0%
5.9%									1.30
6.0%
4.0%									1.20
2.0%									1.10
0.0%									1.00							2020
2013	2014	2015	2016	2017	2018	2019	2020	2021	2013	2014	2015	2016	2017	2018	2019	2021

~1.5

1.16Expected to increase

sharply as supply constraints ease (2)

Ecommerce penetration rate is expected to reach 30% by 2030; up from 14% in 2021 (~13% sales CAGR) (3)

1. 2021 tenant survey - % reflected associated with survey responses received
2. Source: St. Louis Fed's FRED Database; 1.5 based on approximate pre-pandemic level
3. Source: Wall Street research

© 2022 STAG Industrial, Inc.	3

LEASING & PORTFOLIO UPDATE

2021 FY cash same store growth of 3.8%

• Includes 80 basis point free rent benefit related to two leases

2022 cash same store growth guidance range of 3.0% - 4.0%

• Highest level of initial same store guidance provided in Company's history

2022 cash leasing spreads expected to exceed 2021 results

Broad based demand for space resulting in shorter downtimes

LEASING ACTIVITY	Q4 2021 REPORTED	FY 2021 REPORTED	Q1 2022 YTD FIRST LOOK
(COMMENCED)	(COMMENCED)	(COMMENCED)
				as of March 1, 2022 1
Square feet leased		3.6 million	13.7 million	2.8 million
Cash Rent Change		+ 16.0%	+ 10.4%	+ 16.5%
Straight-Line Rent Change		+ 22.6%	+ 17.6%	+ 26.4%
Weighted average lease term		4.1 years	5.2 years	6.1 years
Retention		78%	77%	58%
Retention adjusted for immediate backfills 2		81%	87%	75%

1. Q1 2022 First Look includes all commenced leasing activity as of March 1, 2022. We expect additional leases to be executed and commence in Q1 2022
2. Retention metric adjusted for instances of non-retention that resulted in backfilled occupancy within two months of initial vacancy

© 2022 STAG Industrial, Inc.	4

ACQUISITION & DISPOSITION UPDATE

Acquisition volume guidance range of $1.0 billion to $1.2 billion

• Cash Capitalization Rate guidance range of 5.00% to 5.25%

Disposition volume guidance range of $200 million to $300 million

• Cash Capitalization Rate guidance equal to ~4.5%

$4.1 billion acquisition pipeline 1	FY 2021 ACQUISITION ACTIVITY
		Acquired $1.3 billion
In Q1 2022 to date, 2	74 buildings
•	$93.1 million acquired	12.9 million square feet
•	$35.9 million sold	Weighted average lease term equal to 6.7 years

Acquisition platform designed to capitalize on opportunities nationwide

1. As of February 16, 2022
2. As of March 1, 2022

© 2022 STAG Industrial, Inc.	5