STAG Industrial : Investor Presentation – Fall 2022

STAG INDUSTRIAL

Fall 2022

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" or the "Company") 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.

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.

Additional information is also available on the Company's website at www.stagindustrial.com

© 2022 STAG Industrial, Inc.	2

THOUGHTFUL APPROACH TO INDUSTRIAL REAL ESTATE

is an owner and operator of industrial real estate

Only pure-play industrial REIT active across the entire domestic industrial real estate market

Platform able to address a large opportunity in an attractive asset class

Relative value investment strategy driven by a robust quantitative process

Designed to create and enhance value

Scalable operating platform focused on cash flow maximization

Ability to add additional value at the asset level

Widely diversified portfolio across geography, tenancy, industry, lease maturity

Investment grade balance sheet with low leverage and high liquidity

© 2022 STAG Industrial, Inc.	3

PORTFOLIO GROWTH & QUALITY

		IPO1		Q4 2015		TODAY 2
	Portfolio Sq. Ft. (millions)	14.2		54.7		111.6
Portfolio Growth	Properties	93		291		563
Number of States	26		38		41
	Multi-Tenant Industrial % NRA 3	11.8%		17.3%		24.7%
		IPO		Q4 2015		TODAY

Portfolio Quality

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	4.9

Portfolio growth and diversification

Focus on market and asset quality

1. Reflects data as of Q2 2011
2. Data is combination of current guidance and Q3 2022 results
3. Excludes flex/office assets

© 2022 STAG Industrial, Inc.

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

4

PORTFOLIO OPTIMIZATION & BALANCE SHEET

Internal Growth Optimization

	IPO 1	Q4 2015	TODAY 2
WA Portfolio Escalators	1.25%	~ 1.75%	~ 2.50%
Leasing Spreads (Cash)	4.7%	1.6%	~ 25%
Leasing Spreads (GAAP)	6.1%	7.1%	> 30%
Cash ssNOI % Growth	~ 0.0%	0.6%	> 5.0%

Balance Sheet Fortification

	IPO		Q4 2015	TODAY
Equity market capitalization (millions)	$290		$1,321	$5,207
Net Debt Plus Preferred to Annualized	7.9x	3	6.4x	5.0x
Adjusted EBITDA
% secured debt	100.0%	23.4%	0.3%
Retained Earnings (annual)	~ $0		~ $1 mm	~ $75 mm
CAD Payout Ratio	> 100%	94.5%	78.0%

Internal growth through portfolio optimization

Investment grade balance sheet achieved

STAG PLATFORM DESIGNED TO PROVIDE GROWTH THROUGH SOPHISTICATED INDUSTRIAL OPERATION & AN ATTRACTIVE ACQUISITON OPPORTUNITY SET

1. Reflects data as of Q2 2011
2. Data is combination of current guidance and Q3 2022 results
3. As of Q4 2011

© 2022 STAG Industrial, Inc.	5