STAG Industrial : Investor Presentation – Winter 2023

STAG INDUSTRIAL

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" 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, 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.

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

© 2023 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

© 2023 STAG Industrial, Inc.	3

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.		5