SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION

UNAUDITED FIRST QUARTER 2020

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, 2019, 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 ? FIRST QUARTER 2020

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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 ? FIRST QUARTER 2020

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OVERVIEW

Snapshot (March 31, 2020) Square Feet

91.8 million

Number of Buildings

456

Number of States

38

Portfolio Occupancy

96.2%

Weighted Average Lease Term

5.1 years

Weighted Average Rent

$4.44/sf

Net Debt to Run Rate Adjusted EBITDAre 4.4x

Fixed Charge Coverage Ratio

5.3x

Monthly Dividend (annualized)

$0.120000 ($1.44)

STAG SUPPLEMENTAL INFORMATION ? FIRST QUARTER 2020

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 $416,654 and $387,633, respectively Deferred leasing intangibles, net of accumulated amortization of $256,537 and $241,304, 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 $13,357 and $12,064, respectively Operating lease liabilities

Total liabilities Equity: Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at March 31, 2020 and December 31, 2019, respectively, Series C, 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at March 31, 2020 and December 31, 2019 Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2020 and December 31, 2019, respectively, 148,708,031 and 142,815,593 shares issued and outstanding at March 31, 2020 and December 31, 2019, 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

March 31, 2020

December 31, 2019

$

443,427 $

435,923

3,155,744

3,087,435

473,610

475,149

4,072,781

3,998,507

324,877

9,041

16,506

2,823

62,144

57,592

37,312

38,231

--

303

22,528

15,129

1,157

43,019

$

4,537,305 $

4,164,645

$

225,000 $

146,000

971,701

871,375

572,982

572,883

54,289

54,755

55,404

53,737

48,714

18,819

21,552

21,993

18,301

17,465

27,784

26,738

24,464

16,989

$

2,020,191 $

1,800,754

75,000

75,000

1,487

1,428

3,142,495

2,970,553

(714,799)

(723,027)

(47,860)

(18,426)

2,456,323

2,305,528

60,791

58,363

2,517,114

2,363,891

$

4,537,305 $

4,164,645

STAG SUPPLEMENTAL INFORMATION ? FIRST QUARTER 2020

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