STAG INDUSTRIAL ANNOUNCES SECOND QUARTER 2024 RESULTS

Boston, MA — July 30, 2024 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for thequarter ended June 30, 2024.

“STAG has delivered exceptional operating results through the first half of 2024,” said Bill Crooker, President and Chief Executive Officer of the Company. “We will leverage these successful operating results along with our liquidity to drive further growth this year and next.”

Second Quarter 2024 Highlights

•Reported $0.33 of net income per basic and diluted common share for the second quarter of 2024, compared to $0.29 of net income per basic and diluted common share for the second quarter of 2023. Reported $59.7 million of net income attributable to common stockholders for the second quarter of 2024, compared to net income attributable to common stockholders of $51.6 million for the second quarter of 2023.

•Achieved $0.61 of Core FFO per diluted share for the second quarter of 2024,an increase of 8.9% compared to the second quarter of 2023 Core FFO per diluted share of $0.56.

•Produced Cash NOI of $148.4 million for the second quarter of 2024, an increase of 10.3% compared to the second quarter of 2023 of $134.6 million.

•Produced Same Store Cash NOI of $138.2 million for the second quarter of 2024, an increase of 6.1% compared to the second quarter of 2023 of $130.3 million.

•Produced Cash Available for Distribution of $95.1 million for the second quarter of 2024, an increase of 9.1% compared to the second quarter of 2023 of $87.2 million.

•Acquired ten buildings in the second quarter of 2024, consisting of 2.2 million square feet, for $225.6 million, with a Cash Capitalization Rate of 6.7% and a Straight-Line Capitalization Rate of 7.0%.

•Sold seven buildings in the second quarter of 2024, consisting of 1.1 million square feet, for $78.2 million.

•Achieved an Occupancy Rate of 97.1% on the total portfolio and 97.5% on the Operating Portfolio as of June 30, 2024.

•Commenced Operating Portfolio leases of 3.5 million square feet for the second quarter of 2024, resulting in a Cash Rent Change and Straight-Line Rent Change of 36.8% and 51.8%, respectively.

•Experienced 79.9% Retention for 3.7 million square feet of leases expiring in the quarter.

•On June 26, 2024, Moody's Investor Services maintained an investment grade rating of Baa3 for the Company and upgraded the associated outlook from 'Stable' to 'Positive'.

•As of July 29, 2024, addressed 94.7% of expected 2024 new and renewal leasing, consisting of 12.6 million square feet, achieving Cash Rent Change of 28.9%.

Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.

The Company will host a conference call tomorrow, Wednesday, July 31, 2024 at 10:00 a.m. (Eastern Time), to discuss the quarter’s results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.

1

Key Financial Measures

SECOND QUARTER 2024 KEY FINANCIAL MEASURES

	Three months ended June 30,				Six months ended June 30,
Metrics	2024	2023	% Change		2024	2023	% Change
(in $000s, except per share data)
Net income attributable to common stockholders	$59,737	$51,553	15.9	%	$96,317	$100,966	(4.6)	%
Net income per common share — basic	$0.33	$0.29	13.8	%	$0.53	$0.56	(5.4)	%
Net income per common share — diluted	$0.33	$0.29	13.8	%	$0.53	$0.56	(5.4)	%
Cash NOI	$148,432	$134,585	10.3	%	$293,904	$267,141	10.0	%
Same Store Cash NOI (1)	$138,193	$130,276	6.1	%	$275,791	$258,866	6.5	%
Adjusted EBITDAre	$138,726	$125,410	10.6	%	$273,393	$247,736	10.4	%
Core FFO	$113,147	$103,497	9.3	%	$222,186	$205,081	8.3	%
Core FFO per share / unit — basic	$0.61	$0.56	8.9	%	$1.20	$1.12	7.1	%
Core FFO per share / unit — diluted	$0.61	$0.56	8.9	%	$1.20	$1.12	7.1	%
Cash Available for Distribution	$95,119	$87,168	9.1	%	$193,252	$177,267	9.0	%

(1) The Same Store pool accounted for 94.5% of the total portfolio square footage as of June 30, 2024.

Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company’s supplemental information package for additional disclosure.

Acquisition and Disposition Activity

For the three months ended June 30, 2024, the Company acquired ten buildings for $225.6 million with an Occupancy Rate of 87.9% upon acquisition. The chart below details the acquisition activity for the quarter:

SECOND QUARTER 2024 ACQUISITION ACTIVITY

Market	Date Acquired	Square Feet	Buildings	Purchase Price ($000s)	W.A. Lease Term (Years)	Cash Capitalization Rate	Straight-Line Capitalization Rate
Milwaukee, WI	4/8/2024	150,002	1	$16,062	5.1
Portland, OR	4/15/2024	99,136	1	17,058	3.6
Louisville, IN	4/16/2024	592,800	1	52,352	4.7
El Paso, TX	6/10/2024	254,103	1	32,182	—
Chicago, IL	6/24/2024	947,436	5	87,560	4.1
Columbus, OH	6/26/2024	150,207	1	20,408	4.7
Total / weighted average		2,193,684	10	$225,622	4.4	6.7%	7.0%

The chart below details the 2024 acquisition activity and pipeline through July 29, 2024:

2024 ACQUISITION AND PIPELINE DETAIL

	Square Feet	Buildings	Purchase Price ($000s)	W.A. Lease Term (Years)	Cash Capitalization Rate	Straight-Line Capitalization Rate
Q1	697,500	1	$50,073	6.8	6.1%	6.8%
Q2	2,193,684	10	225,622	4.4	6.7%	7.0%
Total / weighted average	2,891,184	11	$275,695	5.0	6.6%	6.9%
Pipeline	27.0 million	162	$3.7 billion

Additionally, in the second quarter, the Company acquired one vacant land parcel for $8.2 million. This asset is excluded from the acquisition activity statistics above.

2

The chart below details the disposition activity for the six months ended June 30, 2024:

2024 DISPOSITION ACTIVITY

2016 DISPOSITIONS
	Square Feet	Buildings	Sale Price ($000s)
Q1	—	—	$—
Q2	1,106,217	7	78,196
Total	1,106,217	7	$78,196

Leasing Activity

The chart below details the leasing activity for leases commenced during the three months ended June 30, 2024:

SECOND QUARTER 2024 OPERATING PORTFOLIO LEASING ACTIVITY

Lease Type	Square Feet	Lease Count	W.A. Lease Term (Years)	Cash Base Rent $/SF	SL Base Rent $/SF	Lease Commissions $/SF	Tenant Improvements $/SF	Cash Rent Change	SL Rent Change	Retention
New Leases	559,053	4	6.6	$6.48	$6.98	$2.98	$0.96	51.2%	72.6%
Renewal Leases	2,975,312	22	5.1	$6.25	$6.57	$1.22	$0.29	34.3%	48.3%	79.9%
Total / weighted average	3,534,365	26	5.4	$6.29	$6.63	$1.50	$0.40	36.8%	51.8%

The chart below details the leasing activity for leases commenced during the six months ended June 30, 2024:

2024 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY

Lease Type	Square Feet	Lease Count	W.A. Lease Term (Years)	Cash Base Rent $/SF	SL Base Rent $/SF	Lease Commissions $/SF	Tenant Improvements $/SF	Cash Rent Change	SL Rent Change	Retention
New Leases	1,287,983	9	5.1	$5.85	$6.15	$1.86	$0.63	24.7%	36.9%
Renewal Leases	6,527,325	46	4.7	$5.97	$6.28	$0.97	$0.25	35.3%	49.7%	82.2%
Total / weighted average	7,815,308	55	4.8	$5.95	$6.26	$1.12	$0.31	33.4%	47.4%

Additionally, for the three and six months ended June 30, 2024, leases commenced totaling 263,831 and 390,772 square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above.

As of July 29, 2024, addressed 94.7% of expected 2024 new and renewal leasing, consisting of 12.6 million square feet, achieving Cash Rent Change of 28.9%.

Capital Markets Activity

In the second quarter of 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a price of $39.10 per share, or $8.9 million. The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the end of the first quarter in 2025 to settle the forward contract.

The Company has total outstanding net proceeds of $72.1 million available as of June 30, 2024.

On May 28, 2024, the Company funded a note purchase agreement to issue $450 million of fixed rate senior unsecured notes in a private placement offering with a weighted average fixed interest rate of 6.17%. The transaction consisted of $175 million of 6.05% notes with a five-year term maturing on May 28, 2029; $125 million of 6.17% notes with a seven-year term maturing on May 28, 2031; and $150 million of 6.30% notes with a ten-year term maturing on May 28, 2034.

On June 26, 2024, Moody's Investor Services maintained an investment grade rating of Baa3 for the Company and upgraded the associated outlook from 'Stable' to 'Positive'. Moody's assigned a first-time rating of Baa3 in 2018.

As of June 30, 2024, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.0x and Liquidity was $902.9 million.

3

Conference Call

The Company will host a conference call tomorrow, Wednesday, July 31, 2024, at 10:00 a.m. (Eastern Time) to discuss the quarter’s results.  The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471.  A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671.  The passcode for the replay is 13747218.

Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company’s website at www.stagindustrial.com, or by clicking on the following link:

http://ir.stagindustrial.com/QuarterlyResults

Supplemental Schedule

The Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the “Quarterly Results” tab in the Investor Relations section.

4

CONSOLIDATED BALANCE SHEETS

STAG Industrial, Inc.

(unaudited, in thousands, except share data)

	June 30, 2024		December 31, 2023
Assets
Rental Property:
Land	$	716,613	$	698,633
Buildings and improvements, net of accumulated depreciation of $998,633 and $921,846, respectively	4,982,291		4,838,522
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively	421,560		435,722
Total rental property, net	6,120,464		5,972,877
Cash and cash equivalents	33,273		20,741
Restricted cash	1,247		1,127
Tenant accounts receivable	125,172		128,274
Prepaid expenses and other assets	80,855		80,455
Interest rate swaps	54,510		50,418
Operating lease right-of-use assets	28,598		29,566
Total assets	$	6,444,119	$	6,283,458
Liabilities and Equity
Liabilities:
Unsecured credit facility	$	127,000	$	402,000
Unsecured term loans, net	1,021,175		1,021,773
Unsecured notes, net	1,643,538		1,195,872
Mortgage notes, net	4,299		4,401
Accounts payable, accrued expenses and other liabilities	98,828		83,152
Tenant prepaid rent and security deposits	44,876		44,238
Dividends and distributions payable	22,936		22,726
Deferred leasing intangibles, net of accumulated amortization of $26,796 and $26,613, respectively	33,454		29,908
Operating lease liabilities	32,683		33,577
Total liabilities	3,028,789		2,837,647
Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2024 and December 31, 2023; none issued or outstanding	—		—
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2024 and December 31, 2023, 182,105,303 and 181,690,867 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,821		1,817
Additional paid-in capital	4,276,498		4,272,376
Cumulative dividends in excess of earnings	(987,218)		(948,720)
Accumulated other comprehensive income	53,228		49,207
Total stockholders’ equity	3,344,329		3,374,680
Noncontrolling interest	71,001		71,131
Total equity	3,415,330		3,445,811
Total liabilities and equity	$	6,444,119	$	6,283,458

5

CONSOLIDATED STATEMENTS OF OPERATIONS

STAG Industrial, Inc.

(unaudited, in thousands, except per share data)

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenue
Rental income	$	186,467	$	171,439	$	373,869	$	344,707
Other income	3,310		255		3,451		540
Total revenue	189,777		171,694		377,320		345,247
Expenses
Property	37,478		32,675		76,549		68,556
General and administrative	11,828		12,060		24,780		24,736
Depreciation and amortization	75,280		68,494		146,707		137,438
Loss on impairment	4,967		—		4,967		—
Other expenses	595		357		1,158		3,336
Total expenses	130,148		113,586		254,161		234,066
Other income (expense)
Interest and other income	14		17		25		36
Interest expense	(27,372)		(22,860)		(52,793)		(45,472)
Debt extinguishment and modification expenses	—		—		(667)		—
Gain on involuntary conversion	5,717		—		5,717		—
Gain on the sales of rental property, net	23,086		17,532		23,086		37,660
Total other income (expense)	1,445		(5,311)		(24,632)		(7,776)
Net income	$	61,074	$	52,797	$	98,527	$	103,405
Less: income attributable to noncontrolling interest	1,291		1,191		2,117		2,333
Net income attributable to STAG Industrial, Inc.	$	59,783	$	51,606	$	96,410	$	101,072
Less: amount allocated to participating securities	46		53		93		106
Net income attributable to common stockholders	$	59,737	$	51,553	$	96,317	$	100,966
Weighted average common shares outstanding — basic	181,961		179,413		181,834		179,305
Weighted average common shares outstanding — diluted	182,185		179,738		182,088		179,518
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic	$	0.33	$	0.29	$	0.53	$	0.56
Net income per share attributable to common stockholders — diluted	$	0.33	$	0.29	$	0.53	$	0.56

6

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

STAG Industrial, Inc.

(unaudited, in thousands)

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
NET OPERATING INCOME RECONCILIATION
Net income	$	61,074	$	52,797	$	98,527	$	103,405
General and administrative	11,828		12,060		24,780		24,736
Depreciation and amortization	75,280		68,494		146,707		137,438
Interest and other income	(14)		(17)		(25)		(36)
Interest expense	27,372		22,860		52,793		45,472
Loss on impairment	4,967		—		4,967		—
Gain on involuntary conversion	(5,717)		—		(5,717)		—
Debt extinguishment and modification expenses	—		—		667		—
Other expenses	595		357		1,158		3,336
Gain on the sales of rental property, net	(23,086)		(17,532)		(23,086)		(37,660)
Net operating income	$	152,299	$	139,019	$	300,771	$	276,691
Net operating income	$	152,299	$	139,019	$	300,771	$	276,691
Rental property straight-line rent adjustments, net	(4,702)		(4,371)		(7,399)		(9,358)
Amortization of above and below market leases, net	835		(63)		532		(192)
Cash net operating income	$	148,432	$	134,585	$	293,904	$	267,141
Cash net operating income	$	148,432
Cash NOI from acquisitions' and dispositions' timing	1,567
Cash termination, solar and other income	(3,363)
Run Rate Cash NOI	$	146,636
Same Store Portfolio NOI
Total NOI	$	152,299	$	139,019	$	300,771	$	276,691
Less: NOI non-same-store properties	(9,719)		(4,242)		(17,469)		(7,439)
Termination, solar and other adjustments, net	(1,645)		(451)		(2,238)		(1,305)
Same Store NOI	$	140,935	$	134,326	$	281,064	$	267,947
Less: straight-line rent adjustments, net	(2,858)		(3,945)		(5,490)		(8,826)
Plus: amortization of above and below market leases, net	116		(105)		217		(255)
Same Store Cash NOI	$	138,193	$	130,276	$	275,791	$	258,866
EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION
Net income	$	61,074	$	52,797	$	98,527	$	103,405
Depreciation and amortization	75,280		68,494		146,707		137,438
Interest and other income	(14)		(17)		(25)		(36)
Interest expense	27,372		22,860		52,793		45,472
Loss on impairment	4,967		—		4,967		—
Gain on the sales of rental property, net	(23,086)		(17,532)		(23,086)		(37,660)
EBITDAre	$	145,593	$	126,602	$	279,883	$	248,619
ADJUSTED EBITDAre RECONCILIATION
EBITDAre	$	145,593	$	126,602	$	279,883	$	248,619
Straight-line rent adjustments, net	(4,769)		(4,422)		(7,531)		(9,466)
Amortization of above and below market leases, net	835		(63)		532		(192)
Non-cash compensation expense	2,953		3,293		5,861		6,385
Non-recurring other items	(169)		—		(302)		2,390
Gain on involuntary conversion	(5,717)		—		(5,717)		—
Debt extinguishment and modification expenses	—		—		667		—
Adjusted EBITDAre	$	138,726	$	125,410	$	273,393	$	247,736

7

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

STAG Industrial, Inc.

(unaudited, in thousands, except per share data)

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
CORE FUNDS FROM OPERATIONS RECONCILIATION
Net income	$	61,074	$	52,797	$	98,527	$	103,405
Rental property depreciation and amortization	75,213		68,439		146,581		137,328
Loss on impairment	4,967		—		4,967		—
Gain on the sales of rental property, net	(23,086)		(17,532)		(23,086)		(37,660)
Funds from operations	$	118,168	$	103,704	$	226,989	$	203,073
Amount allocated to restricted shares of common stock and unvested units	(139)		(144)		(285)		(291)
Funds from operations attributable to common stockholders and unit holders	$	118,029	$	103,560	$	226,704	$	202,782
Funds from operations attributable to common stockholders and unit holders	$	118,029	$	103,560	$	226,704	$	202,782
Amortization of above and below market leases, net	835		(63)		532		(192)
Non-recurring dead deal costs and other	—		—		—		2,491
Debt extinguishment and modification expenses	—		—		667		—
Gain on involuntary conversion	(5,717)		—		(5,717)		—
Core funds from operations	$	113,147	$	103,497	$	222,186	$	205,081
Weighted average common shares and units
Weighted average common shares outstanding	181,961		179,413		181,834		179,305
Weighted average units outstanding	3,631		3,891		3,734		3,894
Weighted average common shares and units - basic	185,592		183,304		185,568		183,199
Dilutive shares	224		325		254		213
Weighted average common shares, units, and other dilutive shares - diluted	185,816		183,629		185,822		183,412
Core funds from operations per share / unit - basic	$	0.61	$	0.56	$	1.20	$	1.12
Core funds from operations per share / unit - diluted	$	0.61	$	0.56	$	1.20	$	1.12
CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION
Core funds from operations	$	113,147	$	103,497	$	222,186	$	205,081
Amount allocated to restricted shares of common stock and unvested units	139		144		285		291
Non-rental property depreciation and amortization	67		55		126		110
Straight-line rent adjustments, net	(4,769)		(4,422)		(7,531)		(9,466)
Capital expenditures	(7,779)		(10,820)		(16,173)		(16,767)
Capital expenditures reimbursed by tenants	(2,115)		(81)		(2,568)		(270)
Lease commissions and tenant improvements	(7,576)		(5,470)		(10,970)		(10,045)
Non-cash portion of interest expense	1,052		972		2,036		1,948
Non-cash compensation expense	2,953		3,293		5,861		6,385
Cash available for distribution	$	95,119	$	87,168	$	193,252	$	177,267

8

Non-GAAP Financial Measures and Other Definitions

Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership.

Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs.

Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.

Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs.

Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

Cash Rent Change: We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.

Comparable Lease: We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.

Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items.

We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.

We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

9

We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items.

EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.

Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes amortization of above and below market leases, net, debt extinguishment and modification expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.

None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO.

However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.

GAAP: We define GAAP as generally accepted accounting principles in the United States.

Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company’s unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.

Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents.

Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses.

We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net.

10

We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.

Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.

Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.

Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company’s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.

Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.

Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio.

Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.

Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2023.

Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:

•if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date;

•if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.

11

Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of average annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.

Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:

•less than 75% occupied as of the acquisition date

•will be less than 75% occupied due to known move-outs within two years of the acquisition date;

•out of service with significant physical renovation of the asset;

•development.

Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.

12

Forward-Looking Statements

This earnings release 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, 2023, 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.

13