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

	STAG Industrial, Inc.						STAG Predecessor Group

	Year ended December 31, 2012			Period from April 20, 2011 to December 31, 2011			Period from January 1, 2011 to April 19, 2011			Year ended December 31, 2010			Year ended December 31, 2009			Year ended December 31, 2008
Fixed charges
Interest expense		16,269			12,289			4,136			14,116			14,328			15,058
Interest within rental expense		125			71			—			—			—			—

Fixed charges		16,394			12,360			4,136			14,116			14,328			15,058
Earnings
Net loss from continuing operations		(7,277	)		(10,183	)		(251	)		(3,091	)		(5,044	)		(8,021	)
Fixed charges		16,394			12,360			4,136			14,116			14,328			15,058

Earnings		9,117			2,177			3,885			11,025			9,284			7,037
Add: Depreciation and amortization		43,275			21,958			2,345			8,931			9,640			11,491
Less: Straight-line rent adjustments, net		(2,796	)		(1,367	)		6			(481	)		(750	)		(1,108	)
Add: Intangible amortization in rental income, net		4,832			2,859			(3	)		(175	)		2			(845	)
Add: Loss on impairments		622			—			—			—			—			3,728
Add: Non-cash compensation expense		1,936			693			—			—			—			—
Add: (Gain) loss on interest rate swaps		(215	)		(2,179	)		(762	)		282			1,720			1,275

Adjusted earnings		56,771			24,204			5,471			19,582			19,896			21,578
Preferred stock dividends
Series A preferred stock dividends		6,210			1,018			—			—			—			—
Ratio of earnings to fixed charges		0.56	x		0.18	x		0.94	x		0.78	x		0.65	x		0.47	x
Inadequate amount		(7,277	)		(10,183	)		(251	)		(3,091	)		(5,044	)		(8,021	)
Ratio of earnings to fixed charges and preferred stock dividends		0.40	x		0.16	x		0.94	x		0.78	x		0.65	x		0.47	x
Inadequate amount		(13,487	)		(11,201	)		(251	)		(3,091	)		(5,044	)		(8,021	)
Ratio of adjusted earnings to fixed charges		3.46	x		1.96	x		1.32	x		1.39	x		1.39	x		1.43	x
Ratio of adjusted earnings to combined fixed charges and preferred stock dividends		2.51	x		1.81	x		1.32	x		1.39	x		1.39	x		1.43	x

"Adjusted earnings" consist of earnings excluding depreciation and amortization, straight-line rental adjustments, intangible amortization in rental income, net, amortization of non-cash compensation expense, loss on impairments 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 stock dividends as described above. We believe that the ratios of adjusted earnings to fixed charges and combined fixed charges and preferred stock dividends are useful supplemental information regarding our ability to cover our fixed charges and preferred stock dividends.