SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION

UNAUDITED FOURTH QUARTER 2021

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 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, 2021, 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.

Defined Terms, Including Non-GAAP Measurements

Please refer to the Definitions section near the end of these materials for definitions of capitalized terms used herein, including, among others, Annualized Base Rental Revenue, Capitalization Rate and Retention, as well as non-GAAP financial measures, such as Adjusted EBITDAre, Cash NOI, and Core FFO. These materials provide reconciliations of non-GAAP financial measures to net income (loss) in accordance with GAAP. None of the non-GAAP financial measures is intended as an alternative to net income (loss) in accordance with GAAP as a measure of the Company's financial performance.

Golden, CO

Londonderry, NH

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

1

TABLE OF CONTENTS

Overview

Financials Consolidated Balance Sheets Consolidated Statements of Operations Net Operating Income (NOI) & Cash NOI Funds From Operations (FFO) & Core FFO Adjusted EBITDAre & Cash Available for Distribution (CAD)

Portfolio Acquisitions Dispositions Same Store NOI Capital Expenditures Portfolio Characteristics Leasing & Retention Statistics Lease Expiration Schedule

Page 3

4 5 6 7 8

9 10 11 12 13 14 15

Tenants Tenant Profile Portfolio Diversification

Capitalization and Guidance Capital Structure, Debt Metrics & Covenants Debt Summary Debt Maturity Schedule Guidance

Definitions

Page

16 17

18 19 20 21

22-25

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

2

OVERVIEW

Snapshot (December 31, 2021) Square Feet

108.6 million

Number of Buildings

544

Number of States

40

Portfolio Occupancy

96.9%

Weighted Average Lease Term

5.1 years

Weighted Average Rent

$4.71/sf

Net Debt to Run Rate Adjusted EBITDAre 5.0x

Fixed Charge Coverage Ratio

6.2x

Monthly Dividend (annualized)

$0.120833 ($1.45)

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

West Columbia, SC Waukegan, IL 3

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data) Assets Rental Property:

Land Buildings and improvements, net of accumulated depreciation of $611,867 and $495,348, respectively Deferred leasing intangibles, net of accumulated amortization of $282,038 and $258,005, respectively

Total rental property, net Cash and cash equivalents Restricted cash Tenant accounts receivable Prepaid expenses and other assets Interest rate swaps Operating lease right-of-use assets Assets held for sale, net

Total assets Liabilities and Equity Liabilities: Unsecured credit facility Unsecured term loans, net Unsecured notes, net Mortgage notes, net Accounts payable, accrued expenses and other liabilities Interest rate swaps Tenant prepaid rent and security deposits Dividends and distributions payable Deferred leasing intangibles, net of accumulated amortization of $21,136 and $15,759, respectively Operating lease liabilities

Total liabilities Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31, 2021 and December 31, 2020, Series C, -0- and 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at December 31, 2021 and December 31, 2020, respectively Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31, 2021 and December 31, 2020, 177,769,342 and 158,209,823 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively Additional paid-in capital Cumulative dividends in excess of earnings Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interest

Total equity Total liabilities and equity

December 31, 2021

$

617,297

4,435,743

567,658

5,620,698

18,981

4,215

93,600

60,953

5,220

29,582

--

$

5,833,249

$

296,000

970,577

896,941

54,744

76,475

17,052

37,138

21,906

35,721

33,108

$

2,439,662

--

1,777

4,130,038

(792,332)

(11,783)

3,327,700

65,887

3,393,587

$

5,833,249

December 31, 2020

$

492,783

3,532,608

499,802

4,525,193

15,666

4,673

77,796

43,471

--

25,403

444

$

4,692,646

$

107,000

971,111

573,281

51,898

69,765

40,656

27,844

19,379

32,762

27,898

$

1,921,594

75,000

1,582

3,421,721

(742,071)

(40,025)

2,716,207

54,845

2,771,052

$

4,692,646

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

4

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data) Revenue

Rental income Other income

Total revenue Expenses

Property General and administrative Depreciation and amortization Loss on impairments Other expenses

Total expenses Other income (expense)

Interest and other income Interest expense Debt extinguishment and modification expenses Gain on involuntary conversion Gain on the sales of rental property, net

Total other income (expense) Net income

Less: income attributable to noncontrolling interest after preferred stock dividends Net income attributable to STAG Industrial, Inc. Less: preferred stock dividends Less: redemption of preferred stock Less: amount allocated to participating securities Net income attributable to common stockholders Weighted average common shares outstanding -- basic Weighted average common shares outstanding -- diluted Net income per share -- basic and diluted

Net income per share attributable to common stockholders -- basic Net income per share attributable to common stockholders -- diluted

Three months ended December 31,

2021

2020

$

147,525 $

129,768 $

98

183

147,623

129,951

28,886 10,593 63,714

-- 694 103,887

26,203 10,756 54,523

2,405 529

94,416

29

46

(17,107)

(16,218)

(1,473)

--

--

--

62,933

78,869

44,382

62,697

$

88,118 $

98,232 $

1,825

2,177

$

86,293 $

96,055 $

--

1,289

--

--

95

117

$

86,198 $

94,649 $

172,801

149,920

173,650

150,493

$

0.50 $

0.63 $

$

0.50 $

0.63 $

Year ended December 31,

2021

2020

559,432 $ 2,727

562,159

482,825 586

483,411

107,986 48,629

238,699 --

2,878 398,192

89,359 40,072 214,738

5,577 2,029 351,775

121 (63,484)

(2,152) --

97,980 32,465 196,432 $

4,098 192,334 $

1,289 2,582

288 188,175 $ 163,442 164,090

446 (62,343)

(834) 2,157 135,733 75,159 206,795

4,648 202,147

5,156 --

271 196,720 148,791 149,215

1.15 $

1.32

1.15 $

1.32

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

5

(in thousands)

NET OPERATING INCOME (NOI) &

CASH NOI

Three months ended December 31,

2021

2020

Year ended December 31,

2021

2020

Net income General and administrative Transaction costs Depreciation and amortization Interest and other income Interest expense Loss on impairments Gain on involuntary conversion Debt extinguishment and modification expenses Other expenses Gain on the sales of rental property, net Net operating income (1)

$

88,118 $

98,232 $

196,432 $

206,795

10,593

10,756

48,629

40,072

158

77

347

159

63,714

54,523

238,699

214,738

(29)

(46)

(121)

(446)

17,107

16,218

63,484

62,343

--

2,405

--

5,577

--

--

--

(2,157)

1,473

--

2,152

834

536

452

2,531

1,870

(62,933)

(78,869)

(97,980)

(135,733)

$

118,737 $

103,748 $

454,173 $

394,052

Net operating income Straight-line rent adjustments, net Straight-line termination, solar and other income adjustments, net Amortization of above and below market leases, net Cash net operating income

$

118,737 $

103,748 $

454,173 $

394,052

(4,257)

(6,012)

(19,619)

(18,174)

(53)

1,994

1,431

5,743

29

712

2,051

4,341

$

114,456 $

100,442 $

438,036 $

385,962

Cash net operating income Cash NOI from acquisitions' and dispositions' timing Cash termination, solar and other income Run Rate Cash NOI

$

114,456

5,209

(402)

$

119,263

Same Store Portfolio NOI Total NOI Less: NOI non-same-store properties Termination, solar and other adjustments, net Same Store NOI Less: straight-line rent adjustments, net Amortization of above and below market leases, net Same Store Cash NOI

$

118,737 $

103,748 $

454,173 $

394,052

(26,495)

(12,168)

(83,839)

(34,928)

(405)

(576)

(3,437)

(1,018)

$

91,837 $

91,004 $

366,897 $

358,106

(2,466)

(4,715)

(11,339)

(16,509)

519

676

2,544

3,331

$

89,890 $

86,965 $

358,102 $

344,928

(1) For the three months and year ended December 31, 2021 and 2020, Total Rental Income was $147,525, $559,432, $129,768 and $482,825, comprising of base rental income of $122,207, $464,886, $106,781 and $406,066 and tenant reimbursement income of $25,318, $94,546, $22,987 and $76,759, respectively.

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

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FUNDS FROM OPERATIONS (FFO) &

CORE FFO

(in thousands, except per share data)

Three months ended December 31,

2021

2020

Year ended December 31,

2021

2020

Net income

$

Rental property depreciation and amortization

Loss on impairments

Gain on the sales of rental property, net

Funds from operations

$

Preferred stock dividends

Redemption of preferred stock

Amount allocated to restricted shares of common stock and unvested units

Funds from operations attributable to common stockholders and unit holders

$

88,118 $ 63,662

-- (62,933) 88,847 $

-- -- (197) 88,650 $

98,232 $ 54,457

2,405 (78,869) 76,225 $

(1,289) --

(216) 74,720 $

196,432 $ 238,487

-- (97,980) 336,939 $

(1,289) (2,582)

(838) 332,230 $

206,795 214,464

5,577 (135,733) 291,103

(5,156) --

(756) 285,191

Funds from operations attributable to common stockholders and unit holders

$

Amortization of above and below market leases, net

Transaction costs

Non-recurring dead deal costs

Debt extinguishment and modification expenses

Gain on involuntary conversion

Redemption of preferred stock

Retirement plan adoption

Severance costs

Core funds from operations

$

88,650 $ 29

158 --

1,473 -- --

(315) --

89,995 $

74,720 $ 712 77 -- -- -- -- -- --

75,509 $

332,230 $ 2,051 347 412 2,152 -- 2,582 2,335 2,148

344,257 $

285,191 4,341 159 347 834 (2,157) -- -- --

288,715

Weighted average common shares and units Weighted average common shares outstanding Weighted average units outstanding Weighted average common shares and units - basic Dilutive shares Weighted average common shares, units, and other dilutive shares - diluted Core funds from operations per share / unit - basic Core funds from operations per share / unit - diluted

172,801

149,920

163,442

148,791

3,192

2,982

3,164

3,168

175,993

152,902

166,606

151,959

849

573

648

424

176,842

153,475

167,254

152,383

$

0.51 $

0.49 $

2.07 $

1.90

$

0.51 $

0.49 $

2.06 $

1.89

STAG SUPPLEMENTAL INFORMATION ? FOURTH QUARTER 2021

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