STAG Industrial, Inc. (NYSE:STAG) Q3 2022 Earnings Conference Call October 28, 2022 10:00 AM ET Company Participants Steve Xiarhos - Associate Capital Markets & IR William Crooker - CEO, President & Director Matts Pinard - EVP, CFO, Treasurer & SVP, Capital Markets and IR Conference Call Participants Craig Mailman - Citigroup Blaine Heck - Wells Fargo Securities David Rodgers - Robert W. Baird & Co. Michael Mueller - JPMorgan Chase & Co. Michael Carroll - RBC Capital Markets Wendy Ma - Evercore ISI Vince Ti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition perio ...

STAG Industrial, Inc. (NYSE:STAG) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Steve Xiarhos - Associate Capital Markets & IR William Crooker - CEO, President & Director Matts Pinard - EVP, CFO, Treasurer & SVP, Capital Markets and IR Conference Call Participants Sheila McGrath - Evercore ISI Craig Mailman - Citigroup Blaine Heck - Wells Fargo Securities Jonathan Petersen - Jefferies William Crow - Raymond James & Associates John Massocca - Ladenburg Thalmann & Co. Vince T ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fro ...

IST INDUSTRIAL SUPPLEMENTAL INFORMATION UNAUDITED FIRST QUARTER 2022 Golden, CO Londonderry, NH Preparer Sync/Link Approver NA Jeff M. 10/20/2017 Peter F. 10/23/2017 1 1 1 1 Forward-Looking Statements This supplemental information package 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 b ...

STAG Industrial, Inc. (NYSE:STAG) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants Steve Xiarhos - Capital Markets and Investor Relations Ben Butcher - Chief Executive Officer Bill Crooker - President Matts Pinard - Chief Financial Officer Steve Mecke - Chief Operating Officer Mike Chase - Chief Investment Officer Conference Call Participants Sheila McGrath - Evercore Emmanuel Korchman - Citi Blaine Heck - Wells Fargo Michael Carroll - RBC Jamie Feldman - Bank of America Dave Ro ...

Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the Quarterly Period Ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 incorporation or organizatio ...

Financial Data and Key Metrics Changes - Core FFO for Q4 2021 was $0.51 and $2.06 for the year, representing a 9% increase compared to 2020 [25] - Cash available for distribution totaled $293.8 million in 2021, a year-over-year increase of 20.5% [25] - The dividend payout ratio decreased from 90% in 2020 to 82.4% at year-end 2021 [25][41] - Leverage at year-end remained near the lower end of the range with net debt to run rate adjusted EBITDA equal to 5x [25] Business Line Data and Key Metrics Changes - Acquisition volume for Q4 2021 totaled $689.5 million across 35 buildings with stabilized cash and straight-line cap rates of 5% and 5.2%, respectively [16] - For the year, acquisition volume totaled $1.3 billion with stabilized cash and straight-line cap rates of 5.2% and 5.6%, respectively [16] - Cash same-store NOI grew 3.4% for the quarter and 3.8% for the year, the highest level on record [25][26] Market Data and Key Metrics Changes - Demand exceeded supply in almost all U.S. markets throughout 2021, driving the strongest market rent growth in the company's operating history [13] - The company expects continued strong market rent growth throughout 2022 [13] Company Strategy and Development Direction - The company plans to continue growing its portfolio with expected acquisition volume between $1 billion and $1.2 billion for 2022 [22] - The company is focusing on granular acquisitions across 60-plus markets nationwide, leveraging its ability to evaluate over 1,000 transactions per year [16] - The inaugural environmental, social, and governance (ESG) report was published, indicating a commitment to sustainability [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the industrial fundamentals remaining strong as they enter 2022, with projections for continued healthy demand [13] - The transition of leadership was discussed, with the outgoing CEO expressing confidence in the team's capabilities and the company's future [10][12] Other Important Information - The company completed an equity offering at $42.50 per share, resulting in net proceeds of approximately $386.3 million [28] - The company refinanced its $750 million unsecured revolving credit facility, maturing in October 2025 [29] Q&A Session Summary Question: What kind of premium yield are you thinking about when buying a development? - The specific project will stabilize around a 5 cap with a 33% pro forma development yield, and there are other development projects in the pipeline [37] Question: What is driving the higher disposition guidance for 2022? - A small 2-property portfolio is on the market, and the guidance for dispositions is elevated due to the competitive environment [38] Question: Do you expect the dividend payout ratio to improve further in 2022? - The company aims to continue reducing the payout ratio, which was 82.4% at the end of 2021 [40][41] Question: What is the outlook for lease expirations and occupancy loss in 2022? - There are no large lease expirations expected, and the average lease size is around 200,000 to 250,000 square feet [45] Question: How is the company planning to run the balance sheet and leverage profile? - The company is comfortable with a leverage ratio of 5x and has $500 million of forward equity available [62] Question: What is the breakdown of the acquisition pipeline? - The pipeline consists of approximately 20% multi-tenant and 80% single-tenant properties, with some development transactions included [82]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Securities registered pursuant to Section 12(b) of the Act: Commission file number 1-34907 STAG INDUSTRIAL, INC. (Exact name of registrant as specified ...

Financial Data and Key Metrics Changes - Core FFO for the quarter was $0.53, an increase of 15.2% compared to Q3 2020 [13] - Cash available for distribution totaled $219.6 million year-to-date, a 22.1% increase compared to the first nine months of 2020 [13] - Cash same-store NOI grew 2.9% for the quarter and 3.4% year-to-date, driven by strong rental escalators and lower average downtime per vacancy [18] Business Line Data and Key Metrics Changes - The company acquired 24 buildings for $427.2 million during Q3, with stabilized cash and straight-line cap rates of 5.35% and 5.7% respectively [14] - Retention rate was 55.7% for the quarter and 76.2% year-to-date, with adjusted retention for immediate backfills at 77.7% for Q3 [17][50] - Disposition for the quarter totaled $39.4 million, with a subsequent sale of a facility for $78 million [16][12] Market Data and Key Metrics Changes - Approximately 40% of the buildings in the portfolio support some level of e-commerce activity, reflecting a structural change in consumer behavior [8][9] - The demand for industrial real estate remains robust, driven by supply chain adjustments due to the COVID pandemic [13] Company Strategy and Development Direction - The company continues to focus on acquiring assets that are undervalued in the market, with a projected acquisition volume for the year increased to a range of $1.1 billion to $1.2 billion [21] - The company is committed to ESG initiatives, having received a GRESB Public Disclosure letter grade rating of B, ranking second among 10 industrial real estate companies [10] Management's Comments on Operating Environment and Future Outlook - Management believes strong industrial fundamentals are likely to persist, with ongoing demand for additional space from tenants [6][23] - The company is experiencing increased competition for larger single asset transactions, but maintains a strategy focused on individual asset underwriting [15][40] Other Important Information - The company raised gross proceeds of $127.5 million through its ATM program at a weighted average share price of $39.59 [19] - The company refinanced its $750 million unsecured revolving credit facility, reducing pricing by 12.5 basis points [20] Q&A Session Summary Question: Thoughts on rent growth profile in secondary vs primary markets - Management noted that secondary markets are less volatile and expect strong rent growth across both market types [26] Question: G&A guidance adjustments - Management indicated a run rate increase of approximately $750,000 due to retirement plan costs, but emphasized that G&A growth is minimal compared to portfolio growth [28][30] Question: Acquisition strategy and competition - Management acknowledged increased competition but stated that lower cap rates are primarily due to better rent growth profiles and cash flow of acquired assets [38] Question: Retention rates and tenant expansions - Management explained that lower retention was primarily due to tenants needing more space, with adjusted retention showing a healthier rate when accounting for immediate backfills [50][52] Question: Acquisition hit rates and competition - Management confirmed that hit rates have decreased due to increased competition, but improvements in acquisition processes have allowed for maintaining volume [56][58] Question: Cap rates for stabilized vs vacant properties - Management estimated that stabilized cap rates for vacant properties are typically about 25 basis points higher than fully leased assets [66] Question: Acquisition mix and value-add strategy - Management stated that acquisitions will continue to focus on where returns are found, without strict guidelines on value-add versus income-producing properties [72][73]