STAG Industrial : NAREIT Update – November 2022

STAG INDUSTRIAL

NAREIT UPDATE - NOVEMBER 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 September 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 September 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 September 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 September 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

PORTFOLIO GROWTH & QUALITY

Portfolio Growth

	IPO Era1	Q4 2015	TODAY 2
Portfolio Sq. Ft. (millions)	14.2	54.7	111.6
Properties	93	291	563
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	4.9
Multi-Tenant Industrial % NRA 3	11.8%	17.3%	24.7%

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

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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%
Leasing Spreads (Cash)	4.7%		1.6%	~ 25%
Leasing Spreads (GAAP)	6.1%		7.1%	> 30%
Cash ssNOI % Growth	No		0.6%	> 5.0%
	Growth		Q4 2015
	IPO Era		TODAY

Balance Sheet Fortification

Equity market capitalization (millions)	$290	$1,321	$5,207
Net Debt Plus Preferred to Annualized Run	7.9x 3	6.4x	5.0x
Rate Adjusted EBITDA
% secured debt	100.0%	23.4%	0.3%
Free Cash Flow (annual) 4 5	None	~ $1 mm	~ $75 mm

		Internal growth through portfolio optimization	CAD Payout Ratio 5 > 100% 99.0%	77.9%
					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 Q3 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.
	© 2022 STAG Industrial, Inc.		4

MULTI-FACETED APPROACH TO

CREATING VALUE

VALUE-ADD ACTIVITY, EXPANSION, AND DEVELOPMENT

STAG completed more Value-Add & Development projects since 2020 than it did from IPO to 2019

20+ value-add leasing projects identified and	~ 20 building expansion projects identified &
Three successful development projects
executed through STAG's market expertise &	completed by STAG's Asset Management &	completed and in-process as of today
leasing platform	Capital Projects teams

Acquired Vacancy - Taunton, MA

Acquired vacant building in February 2019 and signed an 18-monthknown-vacate lease that same month

Signed a new 10-year lease with a large investment grade rated e-commerce tenant and terminated the short-term lease in April 2020

Sold building in October 2021 for proceeds of $78.0 million not including estimated expenses

Cap rate on sale ~350 bps below stabilized acquisition cap rate

Expansion & Extension - Houston, TX

Tenant had two years of lease term remaining and required an additional 61,200 SF in order to extend the lease

Signed lease amendment for a ten-year extension with 3.0% annual increases

Expansion delivered in 2021

Exit cap rate ~200 bps below stabilized acquisition cap rate1

Ground-Up Development - Burlington, NJ

Acquired 500,000 SF building with 25 acres of excess land in 2015, which was subdivided for development

Full Class A building specifications with an independent access drive to enhance ingress / egress

Construction began in April 2019 and the building was completed May 11, 2020

Signed a long-term lease with a large investment grade rated e-commerce tenant in July 2020

Achieved an estimated 9.8% stabilized yield on the project

1. Acquisition cap rate compared to third party real estate brokerage estimate of current exit cap rate

© 2022 STAG Industrial, Inc.	5