STAG Industrial : Investor Presentation – NAREIT Update 2022

STAG INDUSTRIAL

NAREIT UPDATE - JUNE 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) 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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	~40% of STAG's portfolio	E-commerce and supply
near-shoring trends continue	reverse logistics needs	chain reconfiguration
to drive domestic warehouse	incrementally drive industrial	handles e-commerce activity (1)	providing secular
space demand	demand		demand drivers

			E-COMMERCE AS A %(2)					RETAIL INVENTORY(2)
		OF RETAIL SALES (U.S)					TO SALES RATIO (U.S)
18.0%										1.70
16.0%										1.60
14.0%																			~1.5
								14.3%	1.50
12.0%									1.43
10.0%										1.40
8.0%										1.30
6.0%
6.2%								1.20										Expected to increase
4.0%																1.16
2.0%										1.10									sharply as supply
0.0%										1.00										constraints ease (2)
2014	2015	2016	2017	2018	2019	2020	2021	2022	2014	2015	2016	2017	2018	2019	2020	2021	2022

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: CBRE-EA Industrial Outlook
3. Source: Wall Street research

© 2022 STAG Industrial, Inc.	3

LEASING & PORTFOLIO UPDATE

Q1 2022 cash same store growth of 4.8%

• Includes +40 bps impact from settlement payment for past-due rent (FY impact of +10 bps)

2022 cash same store growth guidance range of 4.0% - 4.5% 1

Shorter periods of time between leases

+

2.5% weighted average rental escalators

+

Mid-teen cash leasing spreads

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

LEASING ACTIVITY	Q1 2022 REPORTED	Q2 2022 YTD FIRST LOOK	2022 YTD FIRST LOOK
	(COMMENCED)	(COMMENCED)	(COMMENCED)
			as of May 27, 2022 2	as of May 27, 2022 2
Square feet leased		3.1 million	2.8 million	5.9 million
Cash Rent Change		+ 15.2%	+ 17.0%	+ 16.0%
Straight-Line Rent Change		+ 25.1%	+ 25.2%	+ 25.1%
Weighted average lease term		6.3 years	4.5 years	5.4 years
Retention		58%	81%	68%
Retention adjusted for immediate backfills 3		87%	84%	86%

1. As of May 3, 2022
2. Q2 2022 First Look includes all commenced leasing activity as of May 27, 2022. We expect additional leases to be executed and commence in Q2 2022
3. 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

YTD through May 31, 2022 =

• $271.3 million acquired
• • 5.0% cash capitalization rate

Continue to see attractive acquisition opportunities

Cap rate expansion expected on transactions featuring long term leases with low contractual rental escalators

• $36.1 million sold
• • 4.4% cash capitalization rate

1. As of May 3, 2022

© 2022 STAG Industrial, Inc.

Currently managing multiple capital recycling opportunities in process

Actively evaluating additional accretive capital recycling opportunities

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