The landlord for America's industrial warehouses, similar to Amazon's fulfillment centers.

• Leasing of Industrial Real Estate: STAG Industrial provides businesses with leased space in single-tenant industrial properties across the United States.
• Industrial Property Management: STAG Industrial manages the operations and maintenance of its portfolio of single-tenant industrial properties.

Stag Industrial (NYSE: STAG) operates as a real estate investment trust (REIT) focused on leasing single-tenant industrial properties. Therefore, its customers are the businesses that lease these properties for purposes such as warehousing, distribution, and light manufacturing.

STAG maintains a highly diversified tenant base across various industries and geographies as a core part of its investment strategy. This diversification means that no single tenant accounts for a significant portion of its total revenue, thereby mitigating risk. For example, as of recent reports, no single tenant typically accounts for more than 1.1% of STAG's Annualized Base Rent (ABR).

While STAG does not have "major customers" in the sense of a few companies dominating its revenue, its largest tenants by Annualized Base Rent (ABR) include a variety of well-known companies. Below are some of its top tenants (customers), along with their symbols if they are public companies:

• XPO Logistics (NYSE: XPO)
• FedEx Ground Package System, Inc. (a subsidiary of FedEx Corporation, NYSE: FDX)
• Ryder Logistics, Inc. (a subsidiary of Ryder System, Inc., NYSE: R)
• Iron Mountain Information Management, LLC (a subsidiary of Iron Mountain Incorporated, NYSE: IRM)
• DHL Express (a subsidiary of Deutsche Post AG, XTRA: DPW)

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

Mr. Crooker has served as STAG Industrial's Chief Executive Officer and a member of its board of directors since 2022, and as President since 2021. Previously, he held the roles of Chief Financial Officer and Treasurer from 2016 to 2022, Executive Vice President from 2016 to 2021, Chief Accounting Officer from 2011 to 2016, and Senior Vice President of Capital Markets from 2015 to 2016. Before the formation of STAG Industrial, Mr. Crooker was the Chief Accounting Officer for STAG Capital Partners, LLC, its predecessor business, from 2010 to 2011. From 2002 to 2010, he worked for KPMG LLP in its real estate practice, primarily focusing on publicly traded real estate investment trusts.

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

Mr. Pinard was appointed Executive Vice President, Chief Financial Officer, and Treasurer, effective July 1, 2022. He previously served as the Company's Senior Vice President – Capital Markets and Investor Relations since 2019 and as Vice President – Capital Markets and Investor Relations from 2015 until 2019. Mr. Pinard has been employed at STAG Industrial since 2013, holding various positions in capital markets and portfolio management prior to his current role.

Benjamin S. Butcher, Director

Mr. Butcher is the founder of STAG Industrial and served as its CEO and Chairman from 2010 until 2022, and as President from 2010 to 2021. He transitioned to Executive Chairman from July 2022 to July 2023. Prior to the company's formation and initial public offering, Mr. Butcher oversaw the growth of its predecessor business, STAG Capital Partners, LLC, STAG Capital Partners III, LLC, and their affiliates, from 2003 to 2011, which operated through five private investment vehicles before going public. He has a background in private equity investments, real estate debt and equity transactions, and commercial mortgage-backed securities, having previously worked for Credit Suisse First Boston and Nomura Asset Capital.

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

Mr. Chase has served as Executive Vice President since July 2022, in addition to his role as Chief Investment Officer, which he has held since 2020. He served as a Senior Vice President of Acquisitions since the Company's formation and initial public offering in 2011. From 2003 to 2011, Mr. Chase was a Managing Director for STAG Capital Partners, LLC, the predecessor business of STAG Industrial.

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

Mr. Sullivan serves as STAG Industrial's Executive Vice President, General Counsel, and Secretary.

The key risks to Stag Industrial's business operations primarily stem from its specialized focus within the real estate investment trust (REIT) sector and broader economic factors. The company focuses on acquiring and operating single-tenant, industrial properties across the United States.

The most significant risks include:

1. Single-Tenant Lease Rollover and Vacancy Risk: A core aspect of Stag Industrial's strategy is its portfolio of single-tenant industrial properties. This model presents a significant risk because if a single tenant defaults or chooses not to renew its lease, the specific property generates no cash flow until a new tenant is secured. This "single-tenant rollover risk is real: when a tenant leaves, cash flow can drop to zero for that building until re-leased." Such events can lead to substantial revenue loss and increased vacancy rates, especially given that lease terms eventually expire, such as a "meaningful" lease rollover in 2026.
2. Economic Downturns and Interest Rate Fluctuations: Like most REITs, Stag Industrial is vulnerable to broader economic conditions. Economic downturns can lead to reduced demand for industrial space, increase the likelihood of tenant defaults, and impact rental revenues. Additionally, rising interest rates pose a threat by increasing financing costs for acquisitions and debt refinancing, which can negatively affect property valuations and overall profitability.
3. Industrial Real Estate Market Dynamics and Competition: While Stag Industrial aims for diversification across industries and geographies, there are inherent risks related to the specific industrial real estate market. These include "uneven growth across markets" and the possibility that larger tenants may increasingly favor "mega facilities instead of STAG's mid sized assets." Increased industrial supply in certain markets could also lead to more competitive re-leasing spreads and potentially slower growth compared to "blue-chip peer group[s]." Changes in trade policies and tariffs could also negatively impact the businesses of STAG's tenants, particularly those reliant on imported goods, thereby affecting their ability to meet rental obligations.

STAG Industrial (NYSE: STAG) is positioned for future revenue growth over the next 2-3 years, driven by several key factors stemming from its focus on single-tenant industrial properties across the United States.

Here are 5 expected drivers of future revenue growth for STAG Industrial:

1. Positive Leasing Spreads: STAG Industrial has demonstrated and expects to continue achieving significant increases in rental rates on new and renewing leases. For instance, the company reported cash leasing spreads of 24% for the full year 2025 and 16.3% in the fourth quarter of 2025. Guidance for 2026 anticipates cash leasing spreads between 18% and 20%. These higher re-leasing rates directly translate to increased revenue per square foot.
2. Strategic Acquisitions of Industrial Properties: As an acquisitive real estate investment trust, STAG Industrial consistently expands its portfolio through new property acquisitions. In 2025, the company acquired properties totaling 3.8 million square feet for $449.1 million, with $285.9 million of that occurring in the fourth quarter. For 2026, STAG has provided acquisition guidance ranging from $350 million to $650 million. These new additions to the portfolio will contribute additional rental income.
3. Development Activity: STAG Industrial engages in development to add new, high-quality industrial assets to its portfolio. As of the end of Q4 2025, the company had 3.5 million square feet of development activity across 14 buildings, with 59% completed and 73% leased. The successful completion and leasing of these developments will introduce new revenue streams.
4. Same-Store Net Operating Income (NOI) Growth: The company's ability to generate organic growth from its existing properties is a significant driver. STAG Industrial reported same-store cash NOI growth of 5.4% for Q4 2025 and 4.3% for the full year 2025. Looking ahead, the company's 2026 guidance projects same-store cash NOI growth between 2.75% and 3.25%. This growth reflects factors such as contractual rent escalations and effective property management within its stabilized portfolio.
5. High Occupancy Rates and Tenant Retention: Maintaining high occupancy across its portfolio and retaining tenants are crucial for a stable and growing revenue base. At year-end 2025, STAG Industrial reported a total portfolio occupancy of 96.4% and an operating portfolio occupancy of 97.2%. The company expects a retention rate between 70% and 80% for 2026. High occupancy minimizes vacant space, while strong retention reduces turnover costs and helps maintain consistent rental income, providing a solid foundation for growth through re-leasing at higher market rates.

Share Issuance

• STAG Industrial's shares outstanding increased from 0.164 billion in 2021 to 0.187 billion in 2025.
• The company's Additional Paid-in Capital increased by approximately $487 million from 2021 ($4,130 million) to 2025 ($4,617 million), indicating capital raised through share issuances.

Capital Expenditures

• STAG Industrial has averaged approximately $700 million in acquisition volume over the past five years.
• In 2025, the company acquired properties totaling 3.8 million square feet for $449.1 million, with seven buildings acquired in the fourth quarter for $285.9 million.
• For 2026, STAG Industrial has a targeted acquisition volume between $350 million and $650 million, and its development pipelines are accelerating.