Stag Industrial is like **Prologis, but focused on single-tenant industrial properties.**

Stag Industrial is like **the landlord for e-commerce giants such as Amazon, owning the warehouses and distribution centers they operate from.**

• Industrial Property Leasing: Provides leasable space in single-tenant industrial properties, including warehouses, distribution centers, and light manufacturing facilities, to businesses across the United States.

Stag Industrial (symbol: STAG) sells primarily to other companies. As an industrial Real Estate Investment Trust (REIT), its "customers" are tenants that lease its portfolio of industrial properties, which include warehouses, distribution centers, and light manufacturing facilities.

However, Stag Industrial explicitly pursues a strategy of maintaining a highly diversified tenant base to mitigate risk. As a result, it does not have "major customers" in the sense of a few dominant clients. The company consistently reports that no single tenant accounts for a significant portion (typically no more than 1.8-2.0%) of its total annualized base rent (ABR).

Instead of specific named companies, Stag Industrial's customer base consists of hundreds of businesses across a wide range of industries. These tenants lease its properties for various operational needs. The types of companies and industries that make up its diversified customer base include:

• Third-Party Logistics (3PL) Providers: Companies that manage supply chain and logistics operations for other businesses, utilizing industrial properties for warehousing and distribution.
• E-commerce and Retail Distribution: Businesses that require large-scale industrial space for fulfillment centers, distribution hubs, and last-mile delivery operations to support online and brick-and-mortar retail sales.
• Manufacturing and Light Assembly: Companies across various sectors that use industrial facilities for production, assembly, and related operational activities.
• Food & Beverage Distribution: Businesses involved in the storage and distribution of food and beverage products, often requiring specialized climate-controlled or cold storage facilities.
• Automotive Suppliers: Companies providing parts, components, and logistics support to the automotive manufacturing industry.
• Building Products and Materials: Businesses involved in the storage and distribution of construction materials and other industrial goods.

Due to this broad diversification strategy, Stag Industrial does not disclose individual "major customers" by name, as no single tenant holds a sufficiently material portion of its portfolio to be designated as such.

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William R. Crooker, President, Chief Executive Officer, and Director

William R. Crooker was appointed Chief Executive Officer and joined the Board of Directors of STAG Industrial effective July 1, 2022. He previously held the roles of President, Chief Financial Officer, and Treasurer from May 2021. Prior to that, he served as Executive Vice President, Chief Financial Officer, and Treasurer from January 2016 until May 2021. Mr. Crooker was also Chief Accounting Officer for STAG Industrial from 2011 to 2016 and Senior Vice President of Capital Markets from 2015 to 2016. Before the formation of STAG Industrial, he was Chief Accounting Officer for its predecessor, STAG Capital Partners, LLC, from 2010 to 2011. Earlier in his career, from 2002 to 2010, Mr. Crooker worked for KPMG LLP as a Senior Manager in its real estate practice, focusing on publicly-traded REITs.

Matts S. Pinard, Executive Vice President, Chief Financial Officer and Treasurer

Matts S. Pinard was appointed Executive Vice President, Chief Financial Officer, and Treasurer in January 2022. Before this appointment, he served as Senior Vice President – Capital Markets and Investor Relations for STAG Industrial since 2019.

Benjamin S. Butcher, Executive Chairman of the Board

Benjamin S. Butcher transitioned from Chief Executive Officer to Executive Chairman of the Board for STAG Industrial effective July 1, 2022. He previously served as Chief Executive Officer, President, and Chairman of the Board of Directors from 2010 to 2022. Prior to the formation of STAG Industrial, Mr. Butcher oversaw the growth of its predecessor business, serving as a member of the board of managers of STAG Capital Partners, LLC, STAG Capital Partners III, LLC, and their affiliates from 2003 to 2011. From 1999 to 2003, he was a private equity investor in real estate and technology. He also held director positions at Credit Suisse First Boston, where he focused on real estate debt and equity transactions for the principal transactions group, and at Nomura Asset Capital, where he focused on marketing and business development for its commercial mortgage-backed securities group from 1993 to 1997. STAG Industrial was founded in 2003 and went public in 2011 after executing on five private investment vehicles.

Michael C. Chase, Executive Vice President and Chief Investment Officer

Michael C. Chase was promoted to Executive Vice President in addition to his role as Chief Investment Officer effective July 1, 2022, having served as Chief Investment Officer since 2020. From 2011 to 2020, he served as Senior Vice President of Acquisitions for STAG Industrial. Before joining STAG Industrial, Mr. Chase was a Managing Director for STAG Capital Partners, LLC, the company's predecessor, from 2003 to 2011, where he managed an acquisition team. His prior experience includes serving as Vice President of Acquisitions at Paradigm Properties from March 1999 to June 2002, and as a broker specializing in investment sales at Grubb & Ellis in Boston from 1996 to 1999.

Jeffrey M. Sullivan, Executive Vice President, General Counsel and Secretary

Jeffrey M. Sullivan serves as Executive Vice President, General Counsel, and Secretary for STAG Industrial. He is responsible for the company's legal affairs and corporate governance.

Stag Industrial (STAG) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, robust leasing activity with significant rent increases, the expansion and lease-up of its development pipeline, organic growth from its existing portfolio, and its advantageous position within the growing e-commerce and logistics sectors.

1. Strong Leasing Spreads on Renewals and New Leases: STAG Industrial has consistently demonstrated the ability to achieve substantial increases in rental rates upon lease expiration and with new tenants. The company reported cash leasing spreads of 23.9% for 2025 and anticipates spreads between 18% and 20% for 2026. This indicates that as existing leases turn over, STAG is able to capture higher market rents, directly boosting revenue from its portfolio.
2. Strategic Property Acquisitions: A key component of STAG's growth strategy is the disciplined acquisition of industrial properties. The company acquired $101.5 million in properties during the third quarter of 2025, with an additional $153 million under agreement to close before year-end. For the full year 2025, STAG has guided for acquisition volumes between $350 million and $500 million. These acquisitions add new income-generating assets to the portfolio, directly contributing to revenue expansion.
3. Development and Lease-up of New Industrial Facilities: STAG is actively engaged in development projects that, upon completion and lease-up, will add new revenue streams. As of the end of Q3 2025, 52% of the 3.4 million square feet of ongoing development activity was completed, with 83% of these completed developments already leased. This expansion of its portfolio through new construction contributes to future rental income.
4. Organic Growth from Existing Portfolio (Same-Store Net Operating Income): The company expects to achieve revenue growth from its existing properties through contractual rent escalations and re-leasing at higher rates. STAG increased its cash same-store Net Operating Income (NOI) guidance to a range of 4% to 4.25% for 2025, reflecting the embedded growth potential within its current asset base.
5. Benefitting from E-commerce Growth and Supply Chain Reconfiguration: STAG's portfolio, primarily composed of single-tenant industrial properties like warehouses and distribution centers, is well-positioned to capitalize on the ongoing expansion of e-commerce and the reconfiguration of global supply chains. These macroeconomic trends drive strong demand for industrial real estate, leading to stable occupancy rates and sustained demand for STAG's properties, thereby supporting recurring rental income and future revenue growth.

Share Repurchases

• Stag Industrial's share repurchases primarily involve the repurchase and retirement of share-based compensation.
• The company repurchased $1,047 thousand for the year ended December 31, 2024.
• Share repurchases amounted to $812 thousand in 2023 and $1,596 thousand in 2022.

Share Issuance

• Stag Industrial frequently utilizes an at-the-market (ATM) common stock offering program to raise equity.
• In the second quarter of 2023, the company raised gross proceeds of $61.7 million of equity on a forward basis through its ATM program.
• During the quarter ended December 31, 2023, Stag Industrial issued 172,743 shares of common stock upon redemption of common units in its Operating Partnership.

Outbound Investments

• The company's primary outbound investment strategy is the acquisition of industrial properties throughout the United States.
• In 2024, the acquisition of rental property amounted to approximately $706.6 million.
• Stag Industrial acquired eight buildings totaling 1.8 million square feet for $166.4 million in the first quarter of 2022.

Capital Expenditures

• Capital expenditures for Stag Industrial encompass leasing commissions, tenant improvements for new leases, building expansions, repositioning, and redevelopment activities.
• Historically, capital expenditures have averaged approximately 7% of Net Operating Income (NOI).
• Capital expenditures increased by approximately $42.6 million in 2024 compared to 2023.