Statement of Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Stock Dividends

	STAG Industrial, Inc.			Predecessor

	Period April 20, 2011 to December 31, 2011			Period January 1, 2011 to April 19, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007(1)
Fixed Charges
Interest expense	$	12,289		$	4,136		$	14,116		$	14,328		$	15,058		$	7,861
Interest within rental expense		92			—			—			—			—			—

Fixed charges		12,381			4,136			14,116			14,328			15,058			7,861
Earnings
Net loss		(9,279	)		(229	)		(2,946	)		(5,560	)		(7,684	)		(1,982	)
Fixed Charges		12,381			4,136			14,116			14,328			15,058			7,861

Earnings		3,102			3,907			11,170			8,768			7,374			5,879
Add: Depreciation and amortization		22,794			2,459			9,514			10,257			12,108			4,687
Less: Straight line rental revenue adjustment, net		(1,036	)		(16	)		(641	)		(817	)		(1,187	)		(415	)
Add: Above/(Below) market lease amortization		2,776			(2	)		(34	)		284			(563	)		(23	)
Add: Noncash compensation		693			—			—			—			—			—
Add: (Gain) loss on interest rate swaps		(2,179	)		(762	)		282			1,720			1,275			—

Adjusted Earnings	$	26,150		$	5,586		$	20,291		$	20,212		$	19,007		$	10,128
Preferred Dividends
Series A Preferred Dividends	$	1,018			—			—			—			—			—
Ratio of earnings to fixed charges		0.25	x		0.94	x		0.79	x		0.61	x		0.49	x		0.75	x
Ratio of earnings to combined fixed charges and preferred dividends		0.23	x		0.94	x		0.79	x		0.61	x		0.49	x		0.75	x
Ratio of Adjusted Earnings to Fixed Charges(2)		2.11	x		1.35	x		1.44	x		1.41	x		1.26	x		1.29	x
Ratio of Adjusted Earnings to Combined Fixed Charges and Preferred Dividends(2)		1.95	x		1.35	x		1.44	x		1.41	x		1.26	x		1.29	x

(1): Certain properties included as part of STAG Predecessor Group were owned by a related party for the period from August 11, 2006 through May 31, 2007 and were acquired by Fund III on June 1, 2007, its commencement of operations. The period for which certain properties were owned by a related third party is labeled "Antecedent" in the accompanying combined financial statements. We have prepared the results of operations for the year ended December 31, 2007 by combining amounts for 2007 obtained by adding the audited operating results for each of the Antecedent for the period of January 1, 2007 to May 31, 2007 and STAG Predecessor Group for the period of June 1, 2007 to December 31, 2007 (since the difference in basis between the Antecedent and STAG Predecessor Group were not materially different and the entities were under common management). Although this combined presentation does not comply with GAAP, we believe it provides a meaningful method of comparison.
(2): "Adjusted earnings" consist of earnings excluding depreciation and amortization, straight line rental revenue adjustments, above (below) market lease amortization, amortization of noncash compensation, and gain (loss) on interest rate swaps. Earnings, fixed charges and preferred dividends are calculated in the same manner as they are for the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred dividends as described above. We believe that the ratios of adjusted earnings to fixed charges and combined fixed charges and preferred dividends are useful supplemental information regarding our ability to cover our fixed charges and preferred dividends.