STAG Industrial : Investor Presentation – Winter 2022

STAG INDUSTRIAL

Winter 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

Designed to create and enhance value

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

Relative value investment strategy driven by a robust quantitative process

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

SIGNIFICANT TRANSFORMATION

SINCE IPO

		IPO1		Q4 2021
	Square Feet (millions)	14.2		108.6
	Properties	93		544
Portfolio	Number of States	26		40
Transformation	Flex / Office (% ABR)	21.1%		0.1%
		IPO		Q4 2021
	Equity market capitalization (millions)	$290		$8,695
Net debt to Run Rate Adjusted EBITDA	5.9x		5.0x
Balance Sheet	Debt / total capitalization	46.8%		20.4%
Strengthened
% secured debt	100.0%		2.5%

Portfolio strengthened and diversified

Investment grade balance sheet achieved

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

1. Reflects data as of Q2 2011

© 2022 STAG Industrial, Inc.	4

BUILDING BLOCKS OF GROWTH

	HISTORICAL TREND	2022 GUIDANCE	NOTES
	Average same store cash NOI growth of ~1.6% over past	Same store cash NOI growth of 3.00% - 4.00%	Highest level of initial guidance presented in company
	seven years	• Retention range of 65 - 75%	history
		• Cash leasing spreads in low teens
Internal Growth			Driven by increase in rental escalators, higher cash
			releasing spreads, and shorter downtimes as compared to
			historical trend
	Average acquisition volume of ~$785 million over past	Acquisition volume range of $1.0 billion to $1.2 billion	Pipeline equal to $4.1 billion as of February 2022
	seven years	• Stabilized Cash Capitalization Rate of 5.00% - 5.25%
External Growth		• Disposition range of $200 to $300 million
		• Disposition Cash Capitalization Rate ~4.5%
	G&A as a % of NOI has averaged ~13% over past seven	G&A range of $49 to $51 million	Additional scalability in platform to drive G&A as a % of
G&A	years		NOI below 10% in future
	Average capital expenditure per average SF equal to	Capital expenditure per average SF range of $0.25 to
Capital	$0.29 over past three years	$0.30
Expenditures
	Reduction in leverage since 2015 with net debt to Run	Net debt to Run Rate Adjusted EBITDA of 4.75x to	2021 average leverage lower than normalized
	Rate Adjusted EBITDA reduced from 5.6x in 2015 to 5.0x	5.50x	expectations due to pandemic
	as of Q4 2021
Capitalization	Cash Available for Distribution payout ratio equal to 82.4%
	in 2021

• • 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 GROWTH

© 2022 STAG Industrial, Inc.	5