# EDGAR Filing Document

**Accession Number:** 0001479094
**File Stem:** 0001479094-26-000017
**Filing Date:** 2026-4
**Character Count:** 202205
**Document Hash:** 917bfac126b2db356f920157eb9111b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001479094-26-000017.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001479094-26-000017

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STAG Industrial, Inc.
- **CENTRAL INDEX KEY:** 0001479094
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 273099608
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34907
- **FILM NUMBER:** 26907752

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FEDERAL STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** (617)574-4777

**MAIL ADDRESS:**
- **STREET 1:** ONE FEDERAL STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STAG Industrial REIT, Inc.
- **DATE OF NAME CHANGE:** 20091218

?xml version='1.0' encoding='ASCII'? stag-20260331

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

____________________________________________________________________________

**FORM 10-Q** 

____________________________________________________________________________

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period Ended March 31, 2026** 

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .**

**Commission file number 1-34907** 

____________________________________________________________________________

**STAG Industrial, Inc.** 

(Exact name of registrant as specified in its charter)

____________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Maryland** | **Maryland** | **27-3099608** |
| (State or other jurisdiction of | (State or other jurisdiction of | (IRS Employer Identification No.) |
| incorporation or organization) | incorporation or organization) | |
| **One Federal Street** | **One Federal Street** | |
| **23rd Floor** | **23rd Floor** | |
| **Boston,** | **Massachusetts** | **02110** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**(617) 574-4777** 

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value per share | STAG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer ☐ &nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company ☐&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding at April 27, 2026 was 191,205,055.

------

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| <u>PART I.</u> | <u>[Financial Information](#if13afa24960a421da8e2d3d2df0d4736_10)</u> | <u>[3](#if13afa24960a421da8e2d3d2df0d4736_10)</u> |
| <u>Item 1.</u> | <u>[Financial Statements (unaudited)](#if13afa24960a421da8e2d3d2df0d4736_13)</u> | <u>[3](#if13afa24960a421da8e2d3d2df0d4736_13)</u> |
|  | <u>[Consolidated Balance Sheets as of](#if13afa24960a421da8e2d3d2df0d4736_16)[March](#if13afa24960a421da8e2d3d2df0d4736_16)[3](#if13afa24960a421da8e2d3d2df0d4736_16)[1,](#if13afa24960a421da8e2d3d2df0d4736_16)[2026 an](#if13afa24960a421da8e2d3d2df0d4736_16)[d December 31, 202](#if13afa24960a421da8e2d3d2df0d4736_16)5</u> | <u>[3](#if13afa24960a421da8e2d3d2df0d4736_16)</u> |
|  | <u>[Consolidated Statements of Operations for the Three](#if13afa24960a421da8e2d3d2df0d4736_19)[Months](#if13afa24960a421da8e2d3d2df0d4736_19)[Ended](#if13afa24960a421da8e2d3d2df0d4736_19)[March 31, 202](#if13afa24960a421da8e2d3d2df0d4736_19)[6](#if13afa24960a421da8e2d3d2df0d4736_19)[and 202](#if13afa24960a421da8e2d3d2df0d4736_19)5</u> | <u>[4](#if13afa24960a421da8e2d3d2df0d4736_19)</u> |
|  | <u>[Consolidated Statements of Comprehensive Income for the Three](#if13afa24960a421da8e2d3d2df0d4736_22)[Months Ended](#if13afa24960a421da8e2d3d2df0d4736_22)[March 31,](#if13afa24960a421da8e2d3d2df0d4736_22)[2026](#if13afa24960a421da8e2d3d2df0d4736_22)[and 202](#if13afa24960a421da8e2d3d2df0d4736_22)5</u> | <u>[5](#if13afa24960a421da8e2d3d2df0d4736_22)</u> |
|  | <u>[Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 202](#if13afa24960a421da8e2d3d2df0d4736_25)5</u> | <u>[6](#if13afa24960a421da8e2d3d2df0d4736_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the](#if13afa24960a421da8e2d3d2df0d4736_28)[Three](#if13afa24960a421da8e2d3d2df0d4736_28)[Months Ended](#if13afa24960a421da8e2d3d2df0d4736_28)[March 31, 2026](#if13afa24960a421da8e2d3d2df0d4736_28)[and 202](#if13afa24960a421da8e2d3d2df0d4736_28)5</u> | <u>[7](#if13afa24960a421da8e2d3d2df0d4736_28)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#if13afa24960a421da8e2d3d2df0d4736_31)</u> | <u>[8](#if13afa24960a421da8e2d3d2df0d4736_31)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Organization and Description of Business](#if13afa24960a421da8e2d3d2df0d4736_34)</u> | <u>[8](#if13afa24960a421da8e2d3d2df0d4736_34)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Summary of Significant Accounting Policies](#if13afa24960a421da8e2d3d2df0d4736_37)</u> | <u>[8](#if13afa24960a421da8e2d3d2df0d4736_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Rental Property](#if13afa24960a421da8e2d3d2df0d4736_40)</u> | <u>[9](#if13afa24960a421da8e2d3d2df0d4736_40)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Debt](#if13afa24960a421da8e2d3d2df0d4736_43)</u> | <u>[11](#if13afa24960a421da8e2d3d2df0d4736_43)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Derivative Financial Instruments](#if13afa24960a421da8e2d3d2df0d4736_46)</u> | <u>[12](#if13afa24960a421da8e2d3d2df0d4736_46)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Equity](#if13afa24960a421da8e2d3d2df0d4736_49)</u> | <u>[14](#if13afa24960a421da8e2d3d2df0d4736_49)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Noncontrolling Interest](#if13afa24960a421da8e2d3d2df0d4736_52)</u> | <u>[15](#if13afa24960a421da8e2d3d2df0d4736_52)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Equity Incentive Plan](#if13afa24960a421da8e2d3d2df0d4736_55)</u> | <u>[16](#if13afa24960a421da8e2d3d2df0d4736_55)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Leases](#if13afa24960a421da8e2d3d2df0d4736_58)</u> | <u>[17](#if13afa24960a421da8e2d3d2df0d4736_58)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Earnings Per Share](#if13afa24960a421da8e2d3d2df0d4736_61)</u> | <u>[19](#if13afa24960a421da8e2d3d2df0d4736_61)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Commitments and Contingencies](#if13afa24960a421da8e2d3d2df0d4736_64)</u> | <u>[19](#if13afa24960a421da8e2d3d2df0d4736_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Subsequent Events](#if13afa24960a421da8e2d3d2df0d4736_67)</u> | <u>[19](#if13afa24960a421da8e2d3d2df0d4736_67)</u> |
| <u>Item 2.</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#if13afa24960a421da8e2d3d2df0d4736_70)</u> | <u>[20](#if13afa24960a421da8e2d3d2df0d4736_70)</u> |
| <u>Item 3.</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#if13afa24960a421da8e2d3d2df0d4736_109)</u> | <u>[34](#if13afa24960a421da8e2d3d2df0d4736_109)</u> |
| <u>Item 4.</u> | <u>[Controls and Procedures](#if13afa24960a421da8e2d3d2df0d4736_112)</u> | <u>[34](#if13afa24960a421da8e2d3d2df0d4736_112)</u> |
| <u>PART II.</u> | <u>[Other Information](#if13afa24960a421da8e2d3d2df0d4736_115)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_118)</u> |
| <u>[Item 1.](#if13afa24960a421da8e2d3d2df0d4736_118)</u> | <u>[Legal Proceedings](#if13afa24960a421da8e2d3d2df0d4736_118)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_118)</u> |
| <u>[Item 1A.](#if13afa24960a421da8e2d3d2df0d4736_121)</u>  | <u>[Risk Factors](#if13afa24960a421da8e2d3d2df0d4736_121)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_121)</u> |
| <u>Item 2.</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#if13afa24960a421da8e2d3d2df0d4736_124)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_121)</u> |
| <u>Item 3.</u> | <u>[Defaults Upon Senior Securities](#if13afa24960a421da8e2d3d2df0d4736_127)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_127)</u> |
| <u>Item 4.</u> | <u>[Mine Safety Disclosures](#if13afa24960a421da8e2d3d2df0d4736_130)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_130)</u> |
| <u>Item 5.</u> | <u>[Other Information](#if13afa24960a421da8e2d3d2df0d4736_133)</u> | <u>[35](#if13afa24960a421da8e2d3d2df0d4736_133)</u> |
| <u>[Item 6.](#if13afa24960a421da8e2d3d2df0d4736_136)</u>  | <u>[Exhibits](#if13afa24960a421da8e2d3d2df0d4736_136)</u> | <u>[37](#if13afa24960a421da8e2d3d2df0d4736_136)</u> |
|  | <u>[SIGNATURES](#if13afa24960a421da8e2d3d2df0d4736_139)</u> | <u>[38](#if13afa24960a421da8e2d3d2df0d4736_139)</u> |

---

------

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**Part I. Financial Information**

**Item 1. Financial Statements**

**STAG Industrial, Inc.**

**Consolidated Balance Sheets**

**(unaudited, in thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| Rental Property: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $815587 | $811569 |
| &nbsp;&nbsp;Buildings and improvements, net of accumulated depreciation of $1,165,447 and $1,119,931, respectively | 5617747 | 5593471 |
| &nbsp;&nbsp;Deferred leasing intangibles, net of accumulated amortization of $444,797 and $425,502, respectively | 383337 | 394967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total rental property, net | 6816671 | 6800007 |
| Cash and cash equivalents | 8856 | 14910 |
| Restricted cash | 30298 | 85973 |
| Tenant accounts receivable | 161353 | 156458 |
| Prepaid expenses and other assets | 111143 | 104484 |
| Interest rate swaps | 15578 | 13529 |
| Operating lease right-of-use assets | 32155 | 32708 |
| Assets held for sale, net | 7512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**7183566** | $**7208069** |
| **Liabilities and Equity** |  |  |
| Liabilities: |  |  |
| Unsecured credit facility | $200000 | $262000 |
| Unsecured term loans, net | 1021630 | 1021341 |
| Unsecured notes, net | 1967381 | 1966994 |
| Mortgage note, net | 3926 | 3980 |
| Accounts payable, accrued expenses and other liabilities | 127629 | 135397 |
| Interest rate swaps | 460 | 1310 |
| Tenant prepaid rent and security deposits | 62546 | 59225 |
| Dividends and distributions payable | 75631 | 24187 |
| Deferred leasing intangibles, net of accumulated amortization of $35,894 and $34,098, respectively | 23597 | 25566 |
| Operating lease liabilities | 36542 | 37040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **3519342** | **3537040** |
| Commitments and contingencies (Note 11) |  |  |
| Equity: |  |  |
| Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at March 31, 2026 and December 31, 2025; none issued or outstanding |  |  |
| Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2026 and December 31, 2025, 191,201,600 and 191,005,261 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1912 | 1910 |
| Additional paid-in capital | 4616147 | 4616888 |
| Cumulative dividends in excess of earnings | (1047089) | (1034954) |
| Accumulated other comprehensive income | 14697 | 11853 |
| Total stockholders' equity | 3585667 | 3595697 |
| Noncontrolling interest in operating partnership | 74567 | 71342 |
| Noncontrolling interest in joint ventures | 3990 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **3664224** | **3671029** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**7183566** | $**7208069** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Consolidated Statements of Operations**

**(unaudited, in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income | $223848 | $205362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 359 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 224207 | 205574 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property | 47316 | 43678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13855 | 13306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 78594 | 73900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 438 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 140203 | 131456 |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 96 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (35885) | (32529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on involuntary conversion |  | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on the sales of rental property, net | 15099 | 49913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (20690) | 19244 |
| **Net income** | **63314** | **93362** |
| Less: income attributable to noncontrolling interest in operating partnership | 1315 | 1964 |
| **Net income attributable to STAG Industrial, Inc.** | **61999** | **91398** |
| Less: amount allocated to participating securities | 38 | 58 |
| **Net income attributable to common stockholders** | $**61961** | $**91340** |
| Weighted average common shares outstanding — basic | 190996 | 186468 |
| Weighted average common shares outstanding — diluted | 191238 | 186758 |
| **Net income per share — basic and diluted** |  |  |
| Net income per share attributable to common stockholders — basic | $0.32 | $0.49 |
| Net income per share attributable to common stockholders — diluted | $0.32 | $0.49 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Consolidated Statements of Comprehensive Income** 

**(unaudited, in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Net income** | $**63314** | $**93362** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) on interest rate swaps | 2904 | (10981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 2904 | (10981) |
| **Comprehensive income** | **66218** | **82381** |
| Income attributable to noncontrolling interest | (1315) | (1964) |
| Other comprehensive (income) loss attributable to noncontrolling interest | (60) | 231 |
| **Comprehensive income attributable to STAG Industrial, Inc.** | $**64843** | $**80648** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Consolidated Statements of Equity**

**(unaudited, in thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Cumulative Dividends in Excess of Earnings** | **Accumulated Other Comprehensive Income** | **Total Stockholders' Equity** | **Noncontrolling Interest in Operating Partnership** | **Noncontrolling Interest in Joint Ventures** | **Total Equity** |
| | **Preferred Stock** | **Shares** | **Par Amount** | **Additional Paid-in Capital** | **Cumulative Dividends in Excess of Earnings** | **Accumulated Other Comprehensive Income** | **Total Stockholders' Equity** | **Noncontrolling Interest in Operating Partnership** | **Noncontrolling Interest in Joint Ventures** | **Total Equity** |
| **Three months ended March 31, 2026** | | | | | | | | | | |
| **Balance, December 31, 2025** | $**—** | **191005261** | $**1910** | $**4616888** | $**(1034954)** | $**11853** | $**3595697** | $**71342** | $**3990** | $**3671029** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of common stock, net |  |  |  | (244) |  |  | (244) |  |  | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions, net ($0.39 per share/unit) |  |  |  |  | (74091) |  | (74091) | (1629) |  | (75720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation activity, net |  | 23931 |  | (3212) | (43) |  | (3255) | 6196 |  | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of common units to common stock |  | 172408 | 2 | 3244 |  |  | 3246 | (3246) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rebalancing of noncontrolling interest in operating partnership |  |  |  | (529) |  |  | (529) | 529 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interest in joint ventures |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  | 2844 | 2844 | 60 |  | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | 61999 |  | 61999 | 1315 |  | 63314 |
| &nbsp;&nbsp;&nbsp;**Balance, March 31, 2026** | $**—** | **191201600** | $**1912** | $**4616147** | $**(1047089)** | $**14697** | $**3585667** | $**74567** | $**3990** | $**3664224** |
| **Three months ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Balance, December 31, 2024** | $**—** | **186517523** | $**1865** | $**4449964** | $**(1029757)** | $**35579** | $**3457651** | $**69932** | $**1525** | $**3529108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of common stock, net |  |  |  | (165) |  |  | (165) |  |  | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions, net ($0.37 per share/unit) |  |  |  |  | (69508) |  | (69508) | (1651) |  | (71159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation activity, net |  | 41343 |  | (3578) | (24) |  | (3602) | 6215 |  | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of common units to common stock |  | 53360 | 1 | 988 |  |  | 989 | (989) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rebalancing of noncontrolling interest in operating partnership |  |  |  | 938 |  |  | 938 | (938) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interest in joint ventures |  |  |  |  |  |  |  |  | 874 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  |  | (10750) | (10750) | (231) |  | (10981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | 91398 |  | 91398 | 1964 |  | 93362 |
| &nbsp;&nbsp;&nbsp;**Balance, March 31, 2025** | $**—** | **186612226** | $**1866** | $**4448147** | $**(1007891)** | $**24829** | $**3466951** | $**74302** | $**2399** | $**3543652** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Consolidated Statements of Cash Flows** 

**(unaudited, in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $**63314** | $**93362** |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 78594 | 73900 |
| &nbsp;&nbsp;&nbsp;Gain on involuntary conversion |  | (1855) |
| &nbsp;&nbsp;&nbsp;Non-cash portion of interest expense | 1371 | 1301 |
| &nbsp;&nbsp;&nbsp;Amortization of above and below market leases, net | (509) | (584) |
| &nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (6550) | (4190) |
| &nbsp;&nbsp;&nbsp;Gain on the sales of rental property, net | (15099) | (49913) |
| &nbsp;&nbsp;&nbsp;Non-cash compensation expense | 3474 | 3192 |
| &nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant accounts receivable | 207 | (1943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (12707) | (9230) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 2024 | (4647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant prepaid rent and security deposits | 3321 | 4147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 54126 | 10178 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **117440** | **103540** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Additions of land and buildings and improvements | (41326) | (46325) |
| &nbsp;&nbsp;&nbsp;Acquisitions of land and buildings and improvements | (69488) | (36745) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of rental property, net | 29573 | 63834 |
| &nbsp;&nbsp;&nbsp;Acquisition deposits, net | 450 | 450 |
| &nbsp;&nbsp;&nbsp;Acquisitions of deferred leasing intangibles | (11225) | (6140) |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(92016)** | **(24926)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from unsecured credit facility | 168000 | 489000 |
| &nbsp;&nbsp;&nbsp;Repayment of unsecured credit facility | (230000) | (386000) |
| &nbsp;&nbsp;&nbsp;Repayment of unsecured notes |  | (100000) |
| &nbsp;&nbsp;&nbsp;Repayment of mortgage notes | (57) | (55) |
| &nbsp;&nbsp;&nbsp;Payment of loan fees and costs |  | (5) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of common stock, net | (177) | (159) |
| &nbsp;&nbsp;&nbsp;Dividends and distributions | (24275) | (70960) |
| &nbsp;&nbsp;&nbsp;Income taxes paid on vested equity compensation | (644) | (649) |
| &nbsp;&nbsp;Contributions from noncontrolling interest in joint ventures |  | 874 |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | **(87153)** | **(67954)** |
| Increase (decrease) in cash and cash equivalents and restricted cash | (61729) | 10660 |
| Cash and cash equivalents and restricted cash—beginning of period | 100883 | 37393 |
| **Cash and cash equivalents and restricted cash—end of period** | $**39154** | $**48053** |
| **Supplemental disclosure:** |  |  |
| &nbsp;&nbsp;Cash paid for interest, net of amounts capitalized of $825 and $781 for 2026 and 2025, respectively | $15341 | $19875 |
| **Supplemental schedule of non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisitions of land and buildings and improvements | $— | $(342) |
| &nbsp;&nbsp;&nbsp;Acquisitions of deferred leasing intangibles | $— | $(58) |
| &nbsp;&nbsp;&nbsp;Additions to building and other capital improvements from involuntary conversion | $— | $(1855) |
| &nbsp;&nbsp;&nbsp;Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities | $8887 | $1255 |
| &nbsp;&nbsp;&nbsp;Additions to building and other capital improvements from non-cash compensation | $(111) | $(70) |
| &nbsp;&nbsp;&nbsp;Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities | $(67) | $(58) |
| &nbsp;&nbsp;&nbsp;Dividends and distributions accrued | $75631 | $23668 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

**STAG Industrial, Inc.**

**Notes to Consolidated Financial Statements**

**(unaudited)**

**1. Organization and Description of Business**

STAG Industrial, Inc. (the "Company") is an industrial real estate operating company focused on the acquisition, development, and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of March 31, 2026 and December 31, 2025, the Company owned 98.0% and 98.1%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the "Company" refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.

As of March 31, 2026, the Company owned 601 industrial buildings in 41 states with approximately 120.3 million rentable square feet.

**2. Summary of Significant Accounting Policies**

***Interim Financial Information***

The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

***Basis of Presentation***

The Company's consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as "Noncontrolling Common Units." These Noncontrolling Common Units are held by other limited partners in the form of common units ("Other Common Units") and long term incentive plan units ("LTIP units") issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the "2011 Plan"). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

***Recent Accounting Pronouncements Not Yet Adopted***

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories, such as depreciation and amortization of real estate assets, property operating expenses, and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating ASU 2024-03 to determine the impact on its financial statement disclosures.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

***Restricted Cash***

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

---

| | | |
|:---|:---|:---|
| **Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $8856 | $14910 |
| Restricted cash | 30298 | 85973 |
| &nbsp;&nbsp;&nbsp;**Total cash and cash equivalents and restricted cash** | $**39154** | $**100883** |

---

***Uncertain Tax Positions***

As of March 31, 2026 and December 31, 2025, there were no liabilities for uncertain tax positions.

***Segment Reporting***

The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements.

The chief operating decision maker of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations.

***Concentrations of Credit Risk***

Management believes the current credit risk of the Company's portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

**3. Rental Property**

The following table summarizes the components of rental property, net as of March 31, 2026 and December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Rental Property (in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Land | $815587 | $811569 |
| Buildings, net of accumulated depreciation of $885,907 and $855,290, respectively | 4792953 | 4785314 |
| Tenant improvements, net of accumulated depreciation of $46,338 and $43,997, respectively | 47302 | 45922 |
| Building and land improvements, net of accumulated depreciation of $233,202 and $220,644, respectively | 628147 | 613864 |
| Construction in progress | 149345 | 148371 |
| Deferred leasing intangibles, net of accumulated amortization of $444,797 and $425,502, respectively | 383337 | 394967 |
| **Total rental property, net** | $**6816671** | $**6800007** |

---

***Acquisitions***

The following table summarizes the Company's acquisitions during the three months ended March 31, 2026. The Company accounted for all of its acquisitions as asset acquisitions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Market**<sup>(1)</sup> | **Date Acquired** | **Square Feet** | **Number of Buildings** | **Purchase Price (in thousands)** |
| Kansas City, MO | February 9, 2026 | 748833 | 1 | $80713 |
| **Three months ended March 31, 2026** |  | **748833** | **1** | $**80713** |

---

(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|<br>**Acquired Assets and Liabilities** | **Purchase Price (in thousands)** | **Weighted Average Amortization Period (years) of Intangibles at Acquisition** |
| Land | $7256 |  |
| Buildings | 56108 |  |
| Tenant improvements | 2326 |  |
| Building and land improvements | 3798 |  |
| Deferred leasing intangibles - in-place leases | 8685 | 12.4 |
| Deferred leasing intangibles - tenant relationships | 2540 | 16.4 |
| &nbsp;&nbsp;&nbsp;**Total purchase price** | $**80713** |  |

---

***Dispositions***

The following table summarizes the Company's dispositions during the three months ended March 31, 2026. The dispositions were sold to third parties and were accounted for under the full accrual method.

---

| | |
|:---|:---|
| **Sales of rental property, net (dollars in thousands)** | **Three months ended March 31, 2026** |
| Number of buildings | 1 |
| Building square feet (in millions) | 0.6 |
| Proceeds from sales of rental property, net | $29573 |
| Net book value | $14474 |
| Gain on the sales of rental property, net | $15099 |

---

The following table summarizes the results of operations for the three months ended March 31, 2026 and 2025 for the buildings sold during the three months ended March 31, 2026, which is included in the Company's Consolidated Statements of Operations prior to the date of sale.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Sales of rental property, net (dollars in thousands)** | **2026** | **2025** |
| Sold buildings contribution to net income<sup>(1)</sup> | $4 | $492 |

---

(1) Exclusive of gain on the sales of rental property, net.

***Assets Held for Sale***

As of March 31, 2026, the related land and building and improvements, net, of approximately $0.9 million and $6.6 million, respectively, for one building were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. The building is anticipated to be sold to a third-party within one year.

***Variable Interest Entities***

The buildings acquired through reverse like-kind exchanges agreements pursuant to Section 1031 of the Code during the year ended December 31, 2025, were completed during the three months ended March 31, 2026, and as such the Company is now the legal owner of the entities. Accordingly, these entities are no longer deemed variable interest entities as of March 31, 2026.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

***Deferred Leasing Intangibles***

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Deferred Leasing Intangibles (in thousands)** | **Gross** | **Accumulated Amortization** | **Net** | **Gross** | **Accumulated Amortization** | **Net** |
| Above market leases | $71534 | $(43167) | $28367 | $71657 | $(41824) | $29833 |
| Other intangible lease assets | 756600 | (401630) | 354970 | 748812 | (383678) | 365134 |
| **Total deferred leasing intangible assets** | $**828134** | $**(444797)** | $**383337** | $**820469** | $**(425502)** | $**394967** |
| Below market leases | $59491 | $(35894) | $23597 | $59664 | $(34098) | $25566 |
| **Total deferred leasing intangible liabilities** | $**59491** | $**(35894)** | $**23597** | $**59664** | $**(34098)** | $**25566** |

---

The following table summarizes the impact to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Deferred Leasing Intangibles Amortization (in thousands)** | **2026** | **2025** |
| Net increase to rental income related to above and below market lease amortization | $503 | $578 |
| Amortization expense related to other intangible lease assets | $21389 | $21094 |

---

**4. Debt**

The following table summarizes the Company's outstanding indebtedness, including borrowings under the Company's unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Outstanding** | **Principal Outstanding** | | |
|<br>**Indebtedness (dollars in thousands)** | **March 31, 2026** | **December 31, 2025** |<br>**Weighted Average Interest Rate**<sup>(1)</sup> |<br>**Weighted Average Years**<sup>(2)</sup>  |
| Unsecured credit facility | $200000 | $262000 | Term SOFR + 0.775% | 3.4 |
| Unsecured term loans | 1025000 | 1025000 | 3.59% | 2.9 |
| Unsecured notes | 1975000 | 1975000 | 4.84% | 5.2 |
| Mortgage note | 4042 | 4099 | 3.71% | 13.5 |
| **Total / weighted average** | $**3204042** | $**3266099** | **4.42%** | **4.3** |

---

(1)Interest rate as of March 31, 2026. At March 31, 2026, the one-month Term Secured Overnight Financing Rate ("Term SOFR") was 3.6648%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

(2)The weighted average years represents the remaining maturity in years on the principal outstanding as of March 31, 2026, and assumes that any extension options that are exercisable at the discretion of the Company, subject to certain terms and conditions, have been exercised.

The aggregate undrawn nominal commitment on the unsecured credit facility as of March 31, 2026 was approximately $796.8 million, including issued letters of credit. The Company's actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company's debt covenant compliance. Total accrued interest for the Company's indebtedness was approximately $30.3 million and $11.9 million as of March 31, 2026 and December 31, 2025, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

The following table summarizes the costs included in interest expense related to the Company's debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Costs Included in Interest Expense (in thousands)** | **2026** | **2025** |
| Amortization of deferred financing fees and debt issuance costs and fair market value discount | $1371 | $1301 |
| Facility, unused, and other fees | $435 | $435 |

---

***Financial Covenant Considerations***

The Company was in compliance with applicable restrictions and financial and other covenants as of March 31, 2026 and December 31, 2025 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. The real estate net book value of the property that is collateral for the Company's debt arrangements was approximately $6.9 million and $7.0 million at March 31, 2026 and December 31, 2025, respectively, and is limited to senior, property-level secured debt financing arrangements.

***Fair Value of Debt***

The following table summarizes the aggregate principal amount outstanding under the Company's debt arrangements and the corresponding estimate of fair value as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**Indebtedness (in thousands)** | **Principal Outstanding** | **Fair Value** | **Principal Outstanding** | **Fair Value** |
| Unsecured credit facility | $200000 | $200000 | $262000 | $262000 |
| Unsecured term loans | 1025000 | 1025000 | 1025000 | 1025000 |
| Unsecured notes | 1975000 | 1916138 | 1975000 | 1937338 |
| Mortgage note | 4042 | 3223 | 4099 | 3306 |
| **Total principal amount** | **3204042** | $**3144361** | **3266099** | $**3227644** |
| Unamortized fair market value discount | (116) |  | (119) |  |
| Total unamortized deferred financing fees and debt issuance costs | (10989) |  | (11665) |  |
| **Total carrying value** | $**3192937** |  | $**3254315** |  |

---

The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company's debt is based on Level 3 inputs.

**5. Derivative Financial Instruments**

***Risk Management Objective of Using Derivatives***

The Company's use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company's operating and financial structure.

As of March 31, 2026, the Company had 18 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company's interest rate swaps convert the related loans' Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

The following table summarizes the fair value of the interest rate swaps as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**Balance Sheet Line Item (in thousands)** | **Effective Notional Amount** | **Fair Value** | **Effective Notional Amount** | **Fair Value** |
| Interest rate swaps-gross asset | $825000 | $15578 | $825000 | $13529 |
| Interest rate swaps-gross liability | $200000 | $(460) | $200000 | $(1310) |

---

***Cash Flow Hedges of Interest Rate Risk***

The Company's objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings.

Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate debt. The Company estimates that approximately $8.9 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months.

The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to the Company's derivatives in the consolidated financial statements for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Effect of Cash Flow Hedge Accounting (in thousands)** | **2026** | **2025** |
| Income (loss) recognized in accumulated other comprehensive income on interest rate swaps | $5943 | $(5104) |
| Income reclassified from accumulated other comprehensive income into income as interest expense | $3039 | $5877 |
| Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded | $35885 | $32529 |

---

***Credit-risk-related Contingent Features***

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

As of March 31, 2026, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.

***Fair Value of Interest Rate Swaps***

The Company's valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

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<u>[**Table of Contents**](#if13afa24960a421da8e2d3d2df0d4736_7)</u>

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of March 31, 2026 and December 31, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following table summarizes the Company's financial instruments that were recorded at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements as of March 31, 2026 Using** | **Fair Value Measurements as of March 31, 2026 Using** | **Fair Value Measurements as of March 31, 2026 Using** |
|<br>**Balance Sheet Line Item (in thousands)** |<br>**Fair Value March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| Interest rate swaps-gross asset | $15578 | $— | $15578 | $— |
| Interest rate swaps-gross liability | $(460) | $— | $(460) | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements as of December 31, 2025 Using** | **Fair Value Measurements as of December 31, 2025 Using** | **Fair Value Measurements as of December 31, 2025 Using** |
|<br>**Balance Sheet Line Item (in thousands)** |<br>**Fair Value December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| Interest rate swaps-gross asset | $13529 | $— | $13529 | $— |
| Interest rate swaps-gross liability | $(1310) | $— | $(1310) | $— |

---

**6. Equity**

***Common Stock***

The following table summarizes the terms of the Company's at-the-market ("ATM") common stock offering program as of March 31, 2026. There was no activity for the ATM common stock offering program during the three months ended March 31, 2026, except for the shares sold on a forward basis, as discussed below.

---

| | | |
|:---|:---|:---|
| **ATM Common Stock Offering Program** | **Date** | **Maximum Aggregate Offering Price (in thousands)** |
| 2025 $750 million ATM<sup>(1)</sup> | February 13, 2025 | $750000 |

---

(1)The ATM common stock offering program was originally implemented on February 17, 2022, and had an initial maximum aggregate offering price of $750 million. On February 13, 2025, following the filing of a new shelf registration statement, the Company carried forward the ATM common stock offering program to the new registration statement, at which time the remaining maximum aggregate offering price (that is, the amount carried forward) was less than $750 million.

The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program and shares settled during the three months ended March 31, 2026.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Sale Agreements** | **Shares** | **Gross Sales**<br>**(in thousands)** | **Weighted Average Gross Sales Price Per Share** | **Weighted Average Net Sales Price Per Share** | **Sales Commissions Per Share**<sup>(1)</sup> |
| **Forward Sale Agreements Outstanding at December 31, 2025** | **—** | $**—** |  |  |  |
| New forward sale agreements | 160441 | 6145 | $38.30 | $37.92 | $0.38 |
| Forward sale agreements settled |  |  |  |  |  |
| **Forward Sale Agreements Outstanding at March 31, 2026** | **160441** | $**6145** |  |  |  |

---

(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.

The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, generally the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates.

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***Restricted Stock-Based Compensation***

The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2026 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2027, subject to the recipient's continued employment.

The following table summarizes activity related to the Company's unvested restricted shares of common stock during the three months ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Unvested Restricted Shares of Common Stock** | **Shares** | **Weighted Average Grant Date Fair Value per Share** |
| **Balance at December 31, 2025** | **110832** | $35.99 |
| Granted | 39540 | $37.93 |
| Vested<sup>(1)</sup> | (44498) | $37.48 |
| Forfeited | (7113) | $35.74 |
| **Balance at March 31, 2026** | **98761** | $36.11 |

---

(1)The Company repurchased and retired 16,166 restricted shares of common stock that vested during the three months ended March 31, 2026.

The unrecognized compensation expense associated with the Company's restricted shares of common stock at March 31, 2026 was approximately $2.9 million and is expected to be recognized over a weighted average period of approximately 2.6 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Vested Restricted Shares of Common Stock** | **2026** | **2025** |
| Vested restricted shares of common stock | 44498 | 51100 |
| Fair value of vested restricted shares of common stock (in thousands) | $1636 | $1728 |

---

**7. Noncontrolling Interest**

***Noncontrolling Interest in Operating Partnership***

The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the three months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Noncontrolling Interest** | **LTIP Units** | **Other Common Units** | **Total Noncontrolling Common Units** | **Noncontrolling Interest** |
| **Balance at December 31, 2025** | **2373111** | **1416596** | **3789707** | 1.9% |
| Granted/Issued | 358885 |  | 358885 |  |
| Forfeited |  |  |  |  |
| Conversions from LTIP units to Other Common Units | (172408) | 172408 |  |  |
| Redemptions from Other Common Units to common stock |  | (172408) | (172408) |  |
| **Balance at March 31, 2026** | **2559588** | **1416596** | **3976184** | 2.0% |

---

The Company granted LTIP units under the 2011 Plan on January 8, 2026 to non-employee, independent directors, which vest in equal quarterly installments over one year, with the first vesting date having been March 31, 2026, subject to the recipient's continued service.

The Company granted LTIP units under the 2011 Plan on January 8, 2026 to certain executive officers and senior employees of the Company, which will vest in equal quarterly installments over four years, with the first vesting date having been March 31, 2026, subject to the recipient's continued employment.

The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value

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measurements. The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company's average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.

The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2026.

---

| | |
|:---|:---|
| **LTIP Units** | |
| Grant date | January 8, 2026 |
| Expected term (years) | 10 |
| Expected stock price volatility | 22.0% |
| Expected dividend yield | 4.0% |
| Risk-free interest rate | 3.56% |
| Fair value of LTIP units at issuance (in thousands) | $5210 |
| LTIP units at issuance | 146268 |
| Fair value unit price per LTIP unit at issuance | $35.62 |

---

The following table summarizes activity related to the Company's unvested LTIP units during the three months ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Unvested LTIP Units** | **LTIP Units** | **Weighted Average Grant Date Fair Value per Unit** |
| **Balance at December 31, 2025** | **166252** | $33.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 358885 | $35.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (249208) | $35.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  | $— |
| **Balance at March 31, 2026** | **275929** | $34.42 |

---

The unrecognized compensation expense associated with the Company's LTIP units at March 31, 2026 was approximately $8.8 million and is expected to be recognized over a weighted average period of approximately 2.4 years.

***Noncontrolling Interest in Joint Ventures***

At March 31, 2026, the Company held a 97.4% interest in a joint venture located in Reno, Nevada, a 95.1% interest in a joint venture located in Concord, North Carolina, and a 97.1% interest in a joint venture located in Shepherdsville, Kentucky. The third-parties' equity interest in these joint ventures, totaling approximately $4.0 million at March 31, 2026, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets.

**8. Equity Incentive Plan**

On January 8, 2026, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2026 are substantially the same as the 2025 performance units, except that the measuring period commenced on January 1, 2026 and ends on December 31, 2028.

The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company's average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period.

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The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2026.

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| | |
|:---|:---|
| **Performance Units** | |
| Grant date | January 8, 2026 |
| Expected stock price volatility | 21.8% |
| Expected dividend yield | 4.0% |
| Risk-free interest rate | 3.5586% |
| Fair value of performance units grant (in thousands) | $7241 |

---

The unrecognized compensation expense associated with the Company's performance units at March 31, 2026 was approximately $12.4 million and is expected to be recognized over a weighted average period of approximately 2.2 years.

***Non-cash Compensation Expense***

The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company's director compensation for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Non-Cash Compensation Expense (in thousands)** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted shares of common stock | $292 | $394 |
| &nbsp;&nbsp;&nbsp;&nbsp;LTIP units | 1317 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance units | 1656 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Director compensation<sup>(1)</sup> | 197 | 198 |
| **Total non-cash compensation expense** | $**3462** | $**3182** |

---

(1)All of the Company's independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2026 and 2025. The number of shares of common stock granted was calculated based on the trailing ten-day average common stock price on the third business day preceding the grant date.

**9. Leases**

***Lessor Leases***

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index ("CPI"). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Rental Income (in thousands)** | **2026** | **2025** |
| Fixed lease payments | $170082 | $156782 |
| Variable lease payments | 46652 | 43759 |
| Straight-line rental income | 6611 | 4243 |
| Net increase to rental income related to above and below market lease amortization | 503 | 578 |
| **Total rental income** | $**223848** | $**205362** |

---

As of March 31, 2026 and December 31, 2025, the Company had accrued rental income of approximately $145.0 million and $139.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

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As of March 31, 2026 and December 31, 2025, the Company's total liability associated with lease security deposits was approximately $25.7 million and $26.3 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

***Lessee Leases***

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.2 years to 56.5 years. Certain ground leases contain options to extend the leases for 10 years to 20 years, all of which are reasonably certain to be exercised and are included in the computation of the Company's right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company's Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Operating Lease Term and Discount Rate** | **March 31, 2026** | **December 31, 2025** |
| Weighted average remaining lease term (years) | 37.9 | 37.6 |
| Weighted average discount rate | 7.0% | 7.0% |

---

The following table summarizes the operating lease cost included in the Company's Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Operating Lease Cost (in thousands)** | **2026** | **2025** |
| Operating lease cost included in property expense attributable to ground leases | $771 | $697 |
| Operating lease cost included in general and administrative expense attributable to corporate office leases | 433 | 430 |
| **Total operating lease cost** | $**1204** | $**1127** |

---

The following table summarizes supplemental cash flow information related to operating leases in the Company's Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Operating Leases (in thousands)** | **2026** | **2025** |
| Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $1128 | $1057 |

---

The following table summarizes the maturity of operating lease liabilities under the Company's ground leases and corporate office leases as of March 31, 2026.

---

| | |
|:---|:---|
| **Year** | **Maturity of Operating Lease Liabilities**<sup>(1)</sup> **(in thousands)**  |
| Remainder of 2026 | $2391 |
| 2027 | 2574 |
| 2028 | 2616 |
| 2029 | 2583 |
| 2030 | 2561 |
| Thereafter | 107916 |
| &nbsp;&nbsp;&nbsp;Total lease payments | 120641 |
| Less: Imputed interest | (84099) |
| &nbsp;&nbsp;&nbsp;**Present value of operating lease liabilities** | $**36542** |

---

(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

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**10. Earnings Per Share**

The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Earnings Per Share (in thousands, except per share data)** | **2026** | **2025** |
| **Numerator** |  |  |
| Net income attributable to common stockholders | $61961 | $91340 |
| **Denominator** |  |  |
| Weighted average common shares outstanding — basic | 190996 | 186468 |
| **Effect of dilutive securities**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Share-based compensation | 241 | 290 |
| &nbsp;&nbsp;Shares issuable under forward sale agreements | 1 |  |
| Weighted average common shares outstanding — diluted | 191238 | 186758 |
| **Net income per share — basic and diluted** |  |  |
| Net income per share attributable to common stockholders — basic | $0.32 | $0.49 |
| Net income per share attributable to common stockholders — diluted | $0.32 | $0.49 |

---

(1)During the three months ended March 31, 2026 and 2025, there were approximately 99 and 115 unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.

**11. Commitments and Contingencies**

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company's financial position, results of operations, or cash flows.

The Company has letters of credit of approximately $3.2 million as of March 31, 2026 related to construction projects and certain other agreements.

**12. Subsequent Events**

There were no recognized or non-recognized subsequent events.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*You should read the following discussion with the financial statements and related notes included elsewhere in Item 1 of this report and the audited financial statements and related notes thereto included in our most recent Annual Report on Form 10-K.*

*As used herein, except where the context otherwise requires, "Company," "we," "our" and "us," refer to STAG Industrial, Inc. and our consolidated subsidiaries and partnerships, including our operating partnership, STAG Industrial Operating Partnership, L.P. (the "Operating Partnership").* 

**Forward-Looking Statements**

This report contains "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). You can identify forward-looking statements by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. Forward-looking statements in this report include, among others, statements about our future financial condition, results of operations, capitalization rates on future acquisitions, our business strategy and objectives, including our acquisition strategy, occupancy and leasing rates and trends, and expected liquidity needs and sources (including capital expenditures and the ability to obtain financing or raise capital). Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the factors included in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated elsewhere in this report, including those set forth under the headings "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of global or national recessions and international, national, regional, and local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased economic activity due to fluctuations in trade policies, tariffs and related government actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise equity capital on attractive terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate risks, including fluctuations in real estate values, the general economic climate in local markets and competition for tenants in such markets, and the repurposing or redevelopment of retail properties into industrial properties (in part or whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased rental rates or increased vacancy rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general level of interest rates and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition risks, including our ability to identify and complete accretive acquisitions and/or failure of such acquisitions to perform in accordance with projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of acquisitions and dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological developments, particularly those affecting supply chains and logistics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential natural disasters, epidemics, pandemics or outbreak of infectious disease, such as the novel coronavirus disease, and other potentially catastrophic events such as acts of war and/or terrorism (including the ongoing conflict between Ukraine and Russia and the conflict between Israel/the United States and Iran, the risk of such conflicts widening and the related impact on market volatility and macroeconomic conditions as a result of such conflicts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renegotiation or termination of trade agreements or treaties among the United States and foreign countries or increases to U.S. tariffs on foreign goods or to foreign tariffs on U.S. goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate and zoning laws or real estate investment trust ("REIT") or corporate income tax laws, and potential increases in real property tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit risk in the event of non-performance by the counterparties to the interest rate swaps and revolving and unfunded debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how and when pending forward equity sales may settle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of or insufficient amounts of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a REIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.

Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**Certain Definitions**

In this report:

"Cash Rent Change" means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.

"Comparable Lease" means a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.

"GAAP" means generally accepted accounting principles in the United States of America.

"New Lease" means a lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space.

"Occupancy rate" means the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.

"Operating Portfolio" means all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.

"Renewal Lease" means a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.

"Straight-line Rent Change" means the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.

"Stabilization" for properties under development or being redeveloped means the earlier of achieving 90% occupancy or 12 months after completion. With respect to properties acquired and immediately added to the Value Add Portfolio, (i) if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date, or (ii) if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred.

"Total annualized base rental revenue" means the monthly base cash rent for the applicable property or properties as of March 31, 2026 (which is different from rent calculated in accordance with GAAP for purposes of our financial statements),

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multiplied by 12. If a tenant is in a free rent period as of March 31, 2026, the annualized rent is calculated based on the first contractual monthly base rent amount multiplied by 12.

"Value Add Portfolio" means our properties that meet any of the following criteria: (i) less than 75% occupied as of the acquisition date; (ii) will be less than 75% occupied due to known move-outs within two years of the acquisition date; (iii) out of service with significant physical renovation of the asset; or (iv) development.

"Weighted Average Lease Term" means the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.

**Overview**

We are a REIT focused on the acquisition, ownership, development, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial property types and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. We are a Maryland corporation and our common stock is publicly traded on the New York Stock Exchange under the symbol "STAG."

We are organized and conduct our operations to maintain our qualification as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), and generally are not subject to federal income tax to the extent we currently distribute our income to our stockholders and maintain our qualification as a REIT. We remain subject to state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed income.

**Factors That May Influence Future Results of Operations**

Our ability to increase revenues or cash flow will depend in part on our (i) external growth, specifically acquisition activity, and (ii) internal growth, specifically occupancy and rental rates on our portfolio, as well as development activity. A variety of other factors, including those noted below, also affect our future results of operations.

***Outlook***

The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, trade policies, fiscal policy, technology (e.g. artificial intelligence), and geopolitical tensions, including ongoing military conflicts in the Middle East. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. In 2025, U.S. real gross domestic product grew 2.1% compared to 2.8% in 2024. Labor conditions softened in 2025 and the first quarter of 2026, with the unemployment rate edging up to 4.3% by March 2026 from 4.1% in December 2024. In the first quarter of 2026, the Federal Open Market Committee maintained a federal funds target range of 3.5% to 3.75%. Going forward, the general consensus among economists is a higher risk of recession or stagflation. Trade policies, geopolitical tensions, and macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates. Given the current uncertainty and events discussed above, our acquisition activity to date in 2026 has been slow relative to our historical acquisition pace.

On the other hand, demographic/consumer trends, geopolitical uncertainty and recent legislation supporting U.S. infrastructure may accelerate trends that support stronger long-term demand for industrial space, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued growth of e-commerce (as compared to the traditional retail store distribution model) and the concomitant demand by e-commerce industry participants for well-located, functional distribution space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increasing attractiveness of the United States as a manufacturing and distribution location because of the size of the U.S. consumer market, an increase in overseas labor costs, policies that promote domestic and regional manufacturing "onshoring and nearshoring", a desire for greater supply chain resilience and redundancy which is driving higher inventory to sales ratios and greater domestic warehouse demand over the long term (i.e. the shortening and fattening of the supply chain); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general quality of the transportation infrastructure in the United States.

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Overall, demand across the industrial market is gradually recovering toward the long-term average. Vacancy and availability rates are near historical standards in many markets. The supply pipeline remains active, albeit lower volume and more notably concentrated in build-to-suits. Speculative construction starts remain low as a result of both moderate demand and volatile capital markets.

Our portfolio is diversified across geographies, tenant industries and lease terms. We believe that the current economic environment, while volatile, provides us with an opportunity to demonstrate the strength of our portfolio arising from its diversification. Specifically, we believe our portfolio should benefit from competitive rental rates and strong occupancy. In addition to our diversified portfolio, we believe that certain characteristics of our business and capital structure should position us well in an uncertain environment, including our minimal floating rate debt exposure (taking into account our hedging activities), strong banking relationships and liquidity, and access to capital.

***Conditions in Our Markets***

The buildings in our portfolio are located in markets throughout the United States. Positive or negative changes in economic or other conditions, new supply, adverse weather conditions, natural disasters, epidemics, and other factors in these markets may affect our overall performance.

***Rental Income***

We receive income primarily in the form of rental income from the tenants who occupy our buildings. The amount of rental income generated by the buildings in our portfolio depends principally on occupancy and rental rates.

Future economic downturns or regional downturns affecting our submarkets that impair our ability to renew or re-lease space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our buildings. Our ability to lease our properties and the attendant rental rate is dependent upon, among other things, (i) the overall economy, (ii) the supply/demand dynamic in our markets, (iii) the quality of our properties, including age, clear height, and configuration, and (iv) our tenants' ability to meet their contractual obligations to us.

The following table summarizes the Operating Portfolio leases that commenced during the three months ended March 31, 2026. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Portfolio** | **Square Feet** | **Cash Basis Rent Per Square Foot** | **SL Rent Per Square Foot** | **Total Costs Per Square Foot**<sup>(1)</sup> | **Cash Rent Change** | **SL Rent Change** | **Weighted Average Lease Term (years)** | **Rental Concessions per Square Foot**<sup>(2)</sup> |
| **Operating Portfolio** | **Square Feet** | **Cash Basis Rent Per Square Foot** | **SL Rent Per Square Foot** | **Total Costs Per Square Foot**<sup>(1)</sup> | **Cash Rent Change** | **SL Rent Change** | **Weighted Average Lease Term (years)** | **Rental Concessions per Square Foot**<sup>(2)</sup> |
| **Three months ended March 31, 2026** | | | | | | | | |
| New Leases | 1450043 | $5.88 | $6.52 | $2.80 | 35.5% | 61.0% | 8.4 | $0.44 |
| Renewal Leases | 4546157 | $5.95 | $6.33 | $1.19 | 16.9% | 33.7% | 5.7 | $0.17 |
| **Total/weighted average** | **5996200** | $**5.93** | $**6.38** | $**1.58** | **20.9%** | **39.6%** | **6.3** | $**0.23** |

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(1)"Total Costs" means the costs for improvements of vacant and renewal spaces, as well as the contingent-based legal fees and commissions for leasing transactions. Total Costs per square foot represent the total costs expected to be incurred on the leases that commenced during the period and do not reflect actual expenditures for the period.

(2)Represents the total rental concessions for the entire lease term.

Additionally, for the three months ended March 31, 2026, leases commenced totaling 181,024 related to the Value Add Portfolio and first generation leasing. These leases are excluded from the Operating Portfolio statistics above.

***Property Operating Expenses***

Our property operating expenses generally consist of utilities, real estate taxes, management fees, insurance, and site repair and maintenance costs. For the majority of our tenants, our property operating expenses are controlled, in part, by the triple net provisions in tenant leases. In our triple net leases, the tenant is responsible for all aspects of and costs related to the building and its operation during the lease term, including utilities, taxes, insurance, and maintenance costs, but typically excluding roof and building structure. However, we also have modified gross leases and gross leases, as well as leases with expense caps, in our building portfolio, which may require us to absorb certain building related expenses of our tenants. In our modified gross leases, we are responsible for certain building related expenses during the lease term, but most of the expenses are passed through to the tenant for reimbursement to us. In our gross leases, we are responsible for all expenses related to the building and

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its operation during the lease term. Our overall performance will be affected by the extent to which we are able to pass-through property operating expenses to our tenants.

***Scheduled Lease Expirations***

Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 8% of our total annualized base rental revenue will expire during the period from April 1, 2026 to March 31, 2027, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period April 1, 2026 to March 31, 2027, thereby resulting in an increase in revenue from the same space.

The following table summarizes lease expirations for leases in place as of March 31, 2026, plus available space, for each of the ten calendar years beginning with 2026 and thereafter in our portfolio. The information in the table assumes that tenants do not exercise renewal options or early termination rights.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lease Expiration Year** | **Number of Leases Expiring** | **Total Rentable Square Feet** | **Percentage of Total Occupied Square Feet** | **Total Annualized Base Rental Revenue (in thousands)** | **Percentage of Total Annualized Base Rental Revenue** |
| Available |  | 5864350 | —% | $— | —% |
| Month-to-month leases | 3 | 566827 | 0.5% | 3541 | 0.5% |
| Remainder of 2026<sup>(1)</sup> | 49 | 4960095 | 4.3% | 30328 | 4.4% |
| 2027 | 124 | 15317723 | 13.4% | 89907 | 12.9% |
| 2028 | 127 | 15575754 | 13.6% | 92402 | 13.3% |
| 2029 | 120 | 18507400 | 16.2% | 111790 | 16.1% |
| 2030 | 108 | 15211412 | 13.3% | 98495 | 14.2% |
| 2031 | 103 | 15032576 | 13.1% | 87940 | 12.7% |
| 2032 | 43 | 7882241 | 6.9% | 47284 | 6.8% |
| 2033 | 28 | 4566420 | 4.0% | 27810 | 4.0% |
| 2034 | 17 | 3762343 | 3.3% | 26468 | 3.8% |
| 2035 | 23 | 5950484 | 5.2% | 37237 | 5.4% |
| Thereafter | 24 | 7077461 | 6.2% | 40955 | 5.9% |
| **Total** | **769** | **120275086** | **100.0%** | $**694157** | **100.0%** |

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(1)Leases previously scheduled to expire in 2026, totaling approximately 12.1 million square feet, have been amended to extend their lease expiration date as of March 31, 2026. These leases are excluded from 2026 expirations and are now reflected in the new year of expiration.

***Portfolio Acquisitions***

The following table summarizes our acquisitions during the three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Market**<sup>(1)</sup> | **Date Acquired** | **Square Feet** | **Number of Buildings** | **Purchase Price (in thousands)** |
| Kansas City, MO | February 9, 2026 | 748833 | 1 | $80713 |
| **Three months ended March 31, 2026** |  | **748833** | **1** | $**80713** |

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(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

***Portfolio Dispositions***

During the three months ended March 31, 2026, we sold one building comprised of approximately 0.6 million rentable square feet with a net book value of approximately $14.5 million to third parties. Net proceeds from the sales of rental property were approximately $29.6 million and we recognized the full gain on the sales of rental property, net, of approximately $15.1 million for the three months ended March 31, 2026.

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***Top Markets***

The following table summarizes information about the 20 largest markets in our portfolio based on total annualized base rental revenue as of March 31, 2026.

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| | |
|:---|:---|
| **Top 20 Markets**<sup>(1)</sup> | **% of Total Annualized Base Rental Revenue** |
| Chicago, IL | 8.2% |
| Greenville, SC | 5.5% |
| Minneapolis, MN | 4.1% |
| Pittsburgh, PA | 3.8% |
| Columbus, OH | 3.7% |
| Detroit, MI | 3.6% |
| South Central, PA | 2.9% |
| Philadelphia, PA | 2.9% |
| Kansas City, MO | 2.9% |
| Boston, MA | 2.7% |
| Houston, TX | 2.5% |
| El Paso, TX | 2.2% |
| Milwaukee, WI | 2.2% |
| Raleigh, NC | 2.1% |
| Charlotte, NC | 1.8% |
| Indianapolis, IN | 1.8% |
| Cincinnati, OH | 1.8% |
| Cleveland, OH | 1.7% |
| Sacramento, CA | 1.5% |
| Nashville, TN | 1.3% |
| **Total** | **59.2%** |

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(1) Market classification based on CBRE-EA industrial market geographies.

***Top Industries***

The following table summarizes information about the 20 largest tenant industries in our portfolio based on total annualized base rental revenue as of March 31, 2026.

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| | |
|:---|:---|
| **Top 20 Tenant Industries**<sup>(1)</sup> | **% of Total Annualized Base Rental Revenue** |
| Air Freight & Logistics | 11.1% |
| Containers & Packaging | 7.2% |
| Machinery | 6.6% |
| Trading Companies & Distribution (Industrial Goods) | 6.0% |
| Automobile Components | 5.8% |
| Commercial Services & Supplies | 5.6% |
| Distributors (Consumer Goods) | 4.8% |
| Building Products | 4.1% |
| Broadline Retail | 3.4% |
| Consumer Staples Distribution | 3.4% |
| Electrical Equipment | 3.0% |
| Specialty Retail | 2.9% |
| Media | 2.9% |
| Household Durables | 2.6% |
| Beverages | 2.4% |
| Food Products | 2.3% |
| Electronic Equip, Instruments | 2.2% |
| Chemicals | 1.9% |
| Construction & Engineering | 1.8% |
| Ground Transportation | 1.6% |
| **Total** | **81.6%** |

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(1) Industry classification based on Global Industry Classification Standard methodology.

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***Top Tenants***

The following table summarizes information about the 20 largest tenants in our portfolio based on total annualized base rental revenue as of March 31, 2026.

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| | | |
|:---|:---|:---|
| **Top 20 Tenants**<sup>(1)</sup> | **Number of Leases** | **% of Total Annualized Base Rental Revenue** |
| Amazon | 7 | 2.8% |
| Schneider Electric USA, Inc. | 3 | 1.0% |
| American Tire Distributors, Inc. | 7 | 0.9% |
| Soho Studio, LLC | 1 | 0.8% |
| International Paper Company | 4 | 0.8% |
| DSV Solutions, LLC | 4 | 0.8% |
| CHEP USA | 6 | 0.8% |
| Penguin Random House LLC | 1 | 0.7% |
| KUEHNE+NAGEL INC. | 1 | 0.7% |
| Central PS&S Holdings, LLC | 1 | 0.7% |
| Tempur Sealy International Inc. | 2 | 0.7% |
| The Coca-Cola Company | 3 | 0.7% |
| Iron Mountain Information Management | 6 | 0.7% |
| Hachette Book Group, Inc. | 1 | 0.6% |
| DHL Supply Chain | 5 | 0.6% |
| Kenco Logistic Services, LLC | 3 | 0.6% |
| Penske Truck Leasing Co. LP | 3 | 0.6% |
| FedEx Corporation | 4 | 0.6% |
| Lippert Component Manufacturing | 3 | 0.6% |
| WestRock Company | 5 | 0.6% |
| **Total** | **70** | **16.3%** |

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(1) Includes tenants, guarantors, and/or non-guarantor parents.

**Critical Accounting Policies**

See "Critical Accounting Policies" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of our critical accounting policies and estimates.

**Results of Operations**

The following discussion of the results of our same store (as defined below) net operating income ("NOI") should be read in conjunction with our consolidated financial statements included in this report. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see "Non-GAAP Financial Measures" below. Same store results are useful to investors in evaluating our performance because they provide information relating to changes in building-level operating performance without taking into account the effects of acquisitions or dispositions. We encourage the reader to not only look at our same store results, but also our total portfolio results, due to historic and future growth.

We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service on or after January 1, 2025. On March 31, 2026, we owned 569 industrial buildings consisting of approximately 111.8 million square feet and representing approximately 93.0% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 1.2% to 96.6% as of March 31, 2026 compared to 97.8% as of March 31, 2025.

***Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025***

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended March 31, 2026 and 2025 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended March 31, 2026 and 2025 with respect to the buildings acquired and sold on or after January 1, 2025, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Value Add buildings, and buildings classified as held for sale.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Same Store Portfolio** | **Same Store Portfolio** | **Same Store Portfolio** | **Acquisitions/Dispositions** | **Acquisitions/Dispositions** | **Other** | **Other** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Change** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Change** |
| | **2026** | **2025** | $**%** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | $**%** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| *Operating revenue* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $207392 | $199550 | 3.9% | $11118 | $3793 | $5338 | $2019 | $223848 | $205362 | 9.0% |
| &nbsp;&nbsp;&nbsp;Other income | 78 | 188 | (58.5)% | 15 |  | 266 | 24 | 359 | 212 | 69.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total operating revenue* | 207470 | 199738 | 3.9% | 11133 | 3793 | 5604 | 2043 | 224207 | 205574 | 9.1% |
| **Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property | 43171 | 41881 | 3.1% | 2084 | 1180 | 2061 | 617 | 47316 | 43678 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net operating income*<sup>(1)</sup> | $164299 | $157857 | 4.1% | $9049 | $2613 | $3543 | $1426 | 176891 | 161896 | 9.3% |
| *Other expenses* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  | 13855 | 13306 | 4.1% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  | 78594 | 73900 | 6.4% |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;Other expenses |  |  |  |  |  |  | 438 | 572 | (23.4)% |
| &nbsp;&nbsp;&nbsp;*Total other expenses* | &nbsp;&nbsp;&nbsp;*Total other expenses* |  |  |  |  |  |  | 92887 | 87778 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  |  |  |  |  |  | 140203 | 131456 | 6.7% |
| **Other income (expense)** | **Other income (expense)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other income | &nbsp;&nbsp;&nbsp;Interest and other income |  |  |  |  |  |  | 96 | 5 | 1820.0% |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  | (35885) | (32529) | 10.3% |
| &nbsp;&nbsp;&nbsp;Gain on involuntary conversion | &nbsp;&nbsp;&nbsp;Gain on involuntary conversion |  |  |  |  |  |  |  | 1855 | (100.0)% |
| &nbsp;&nbsp;&nbsp;Gain on the sales of rental property, net | &nbsp;&nbsp;&nbsp;Gain on the sales of rental property, net |  |  |  |  |  |  | 15099 | 49913 | (69.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) |  |  |  |  |  |  | (20690) | 19244 | (207.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** |  |  |  |  |  |  | $**63314** | $**93362** | **(32.2)%** |

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(1)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see "Non-GAAP Financial Measures" below.

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***Net Income***

Net income for our total portfolio decreased by approximately $30.0 million, or 32.2%, to approximately $63.3 million for the three months ended March 31, 2026 compared to approximately $93.4 million for the three months ended March 31, 2025.

***Same Store Total Operating Revenue***

Same store total operating revenue consists primarily of rental income from (i) fixed lease payments, variable lease payments, straight-line rental income, and above and below market lease amortization from our properties ("lease income"), and (ii) other tenant billings for insurance, real estate taxes and certain other expenses ("other billings").

For a detailed reconciliation of our same store total operating revenue to net income, see the table above.

Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $7.8 million, or 3.9%, to approximately $207.4 million for the three months ended March 31, 2026 compared to approximately $199.6 million for the three months ended March 31, 2025.

Same store lease income increased by approximately $6.5 million, or 4.0%, to approximately $167.2 million for the three months ended March 31, 2026 compared to approximately $160.7 million for the three months ended March 31, 2025. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.9 million. The increase was partially offset by the reduction of base rent of approximately $2.2 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.2 million.

Same store other billings increased by approximately $1.3 million, or 3.3%, to approximately $40.2 million for the three months ended March 31, 2026 compared to approximately $38.9 million for the three months ended March 31, 2025. Approximately $0.8 million was due to an increase in real estate taxes levied by the taxing authority. Additionally, there was an increase of approximately $0.5 million in expense reimbursements, which was primarily due to an increase in corresponding expenses.

***Same Store Operating Expenses***

Same store operating expenses consist primarily of property operating expenses and real estate taxes and insurance.

For a detailed reconciliation of our same store operating expenses to net income, see the table above.

Total same store property operating expenses increased by approximately $1.3 million, or 3.1%, to approximately $43.2 million for the three months ended March 31, 2026 compared to approximately $41.9 million for the three months ended March 31, 2025. The increase was due to increases in other expenses, repairs and maintenance, utility expense, and real estate tax expense of approximately $0.7 million, $0.5 million, $0.3 million, and $0.2 million, respectively. These increases were partially offset by a reduction of insurance expense of approximately $0.3 million and snow removal expense of $0.2 million

***Acquisitions and Dispositions Net Operating Income***

For a detailed reconciliation of our acquisitions and dispositions NOI to net income, see the table above.

Subsequent to January 1, 2025, we acquired 14 buildings consisting of approximately 4.5 million square feet and sold 12 buildings consisting of approximately 2.8 million square feet. For the three months ended March 31, 2026 and 2025, the buildings acquired after January 1, 2025 contributed approximately $8.9 million and $0.4 million to NOI, respectively. For the three months ended March 31, 2026 and 2025, the buildings sold after January 1, 2025 contributed approximately $0.1 million and $2.2 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

***Other Net Operating Income***

Other assets include our Value Add Portfolio, buildings classified as held for sale, and Operating Portfolio buildings with expansions placed in service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025. Other NOI also includes termination, solar, and other income adjustments from buildings in our same store portfolio.

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For a detailed reconciliation of our other NOI to net income, see the table above.

These buildings contributed approximately $2.8 million and $1.0 million to NOI for the three months ended March 31, 2026 and 2025, respectively. Additionally, there was approximately $0.7 million and $0.4 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended March 31, 2026 and 2025, respectively.

***Total Other Expenses***

Total other expenses consist of general and administrative, depreciation and amortization, and other expenses.

Total other expenses increased approximately $5.1 million, or 5.8%, to approximately $92.9 million for the three months ended March 31, 2026 compared to approximately $87.8 million for the three months ended March 31, 2025. The increase was primarily attributable to an increase in depreciation and amortization of approximately $4.7 million due to an increase in the depreciable asset base from net acquisitions and completed development projects placed into service after March 31, 2025.

***Total Other Income (Expense)***

Total other income (expense) consists of interest and other income, interest expense, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Total other income (expense) decreased approximately $39.9 million, or 207.5%, to approximately $20.7 million total other expense for the three months ended March 31, 2026 compared to approximately $19.2 million of other income for the three months ended March 31, 2025. The decrease was primarily attributable to a decrease in the gain on the sale of rental property, net, of approximately $34.8 million, as well as an increase in interest expense of approximately $3.4 million, which was primarily attributable to the issuance of $550.0 million of unsecured notes on June 25, 2025. Additionally, there was a decrease in the gain on involuntary conversion of approximately $1.9 million that occurred during the three months ended March 31, 2025, which did not occur during the three months ended March 31, 2026.

**Non-GAAP Financial Measures**

In this report, we disclose funds from operations ("FFO") and NOI, which meet the definition of "non-GAAP financial measures" as set forth in Item 10(e) of Regulation S-K promulgated by the Securities and Exchange Commission ("SEC"). As a result, we are required to include in this report a statement of why management believes that presentation of these measures provides useful information to investors.

***Funds From Operations***

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, FFO should be compared with our reported net income (loss) in accordance with GAAP, as presented in our consolidated financial statements included in this report.

We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("Nareit"). FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our buildings that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. In addition, other REITs may not calculate FFO

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in accordance with the Nareit definition, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends.

The following table sets forth a reconciliation of our FFO attributable to common stockholders and unit holders for the periods presented to net income, the nearest GAAP equivalent.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Reconciliation of Net Income to FFO (in thousands)** | **2026** | **2025** |
| **Net income** | $**63314** | $**93362** |
| Rental property depreciation and amortization | 78509 | 73814 |
| Gain on the sales of rental property, net | (15099) | (49913) |
| **FFO** | **126724** | **117263** |
| Amount allocated to restricted shares of common stock and unvested units | (145) | (167) |
| **FFO attributable to common stockholders and unit holders** | $**126579** | $**117096** |

---

***Net Operating Income***

We consider NOI to be an appropriate supplemental performance measure to net income (loss) because we believe it helps investors and management understand the core operations of our buildings. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense. NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI.

The following table sets forth a reconciliation of our NOI for the periods presented to net income, the nearest GAAP equivalent.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
|<br>**Reconciliation of Net Income to NOI (in thousands)** | **2026** | **2025** |
| **Net income** | $**63314** | $**93362** |
| General and administrative | 13855 | 13306 |
| Depreciation and amortization | 78594 | 73900 |
| Interest and other income | (96) | (5) |
| Interest expense | 35885 | 32529 |
| Gain on involuntary conversion |  | (1855) |
| Other expenses | 438 | 572 |
| Gain on the sales of rental property, net | (15099) | (49913) |
| **Net operating income** | $**176891** | $**161896** |

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**Cash Flows**

***Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025***

The following table summarizes our cash flows for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Change** |
|<br>**Cash Flows (dollars in thousands)** | **2026** | **2025** | $**%** |
| Net cash provided by operating activities | $117440 | $103540 | 13.4% |
| Net cash used in investing activities | $92016 | $24926 | 269.2% |
| Net cash used in financing activities | $87153 | $67954 | 28.3% |

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Net cash provided by operating activities increased approximately $13.9 million to approximately $117.4 million for the three months ended March 31, 2026 compared to approximately $103.5 million for the three months ended March 31, 2025. The increase was attributable to fluctuations in working capital due to timing of payments and rental receipts.

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Net cash used in investing activities increased approximately $67.1 million to approximately $92.0 million for the three months ended March 31, 2026 compared to approximately $24.9 million for the three months ended March 31, 2025. The increase was primarily attributable to a decrease in proceeds from sale of rental property, net of approximately $34.3 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, as well as an increase in the acquisition of rental property of approximately $37.8 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increase was partially offset by a decrease in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $5.0 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

Net cash used in financing activities increased approximately $19.2 million to approximately $87.2 million for the three months ended March 31, 2026 compared to approximately $68.0 million for the three months ended March 31, 2025. The increase was primarily attributable to an increase in net cash outflow of approximately $165.0 million under our unsecured credit facility during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This increase was partially offset by the repayment of unsecured notes of $100.0 million during the three months ended March 31, 2025, which did not occur during the three months ended March 31, 2026. The increase was also partially offset by a decrease of approximately $46.7 million in dividends and distributions paid, which was attributable to our change in 2026 to quarterly dividend payments, compared to monthly dividend payments in 2025.

**Liquidity and Capital Resources**

We believe that our liquidity needs will be satisfied through cash flows generated by operations, disposition proceeds, and financing activities. Operating cash flow from rental income, expense recoveries from tenants, and other income from operations are our principal sources of funds to pay operating expenses, debt service, recurring capital expenditures, and the distributions required to maintain our REIT qualification. We primarily rely on the capital markets (equity and debt securities and bank borrowings) to fund our acquisition activity. We seek to increase cash flows from our properties by maintaining quality building standards that promote high occupancy rates and permit increases in rental rates, while reducing tenant turnover and controlling operating expenses. We believe that our revenue, together with proceeds from building sales and equity and debt financings, will continue to provide funds for our short-term and medium-term liquidity needs.

Our short-term liquidity requirements consist primarily of funds necessary to pay for operating expenses and other expenditures directly associated with our buildings, including interest expense, interest rate swap payments, scheduled principal payments on outstanding indebtedness, property acquisitions under contract, general and administrative expenses, and capital expenditures including development projects, tenant improvements and leasing commissions.

Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for property acquisitions and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through cash flow from operations, the issuance of equity or debt securities, other borrowings, property dispositions, or, in connection with acquisitions of certain additional buildings, the issuance of common units in our Operating Partnership.

As of March 31, 2026, we had total immediate liquidity of approximately $805.7 million, comprised of approximately $8.9 million of cash and cash equivalents and approximately $796.8 million of immediate availability on our unsecured credit facility.

In addition, we require funds to pay dividends to holders of our common stock and common units in our Operating Partnership. Any future dividends on our common stock are declared in the sole discretion of our board of directors, subject to the distribution requirements to maintain our REIT status for federal income tax purposes, and may be reduced or stopped for any reason, including to use funds for other liquidity requirements.

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***Indebtedness Outstanding***

The following table summarizes certain information with respect to our indebtedness outstanding as of March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| **Indebtedness (dollars in thousands)** | **Principal Outstanding March 31, 2026** | **Weighted Average Interest Rate**<sup>(1)</sup> | **Weighted Average Years**<sup>(2)</sup>  |
| Unsecured credit facility | $200000 | Term SOFR + 0.775% | 3.4 |
| Unsecured term loans | 1025000 | 3.59% | 2.9 |
| Unsecured notes | 1975000 | 4.84% | 5.2 |
| Mortgage note | 4042 | 3.71% | 13.5 |
| **Total / weighted average** | $**3204042** | **4.42%** | **4.3** |

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(1)Interest rate as of March 31, 2026. At March 31, 2026, the one-month Term Secured Overnight Financing Rate ("Term SOFR") was 3.6648%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

(2)The weighted average years represents the remaining maturity in years on the principal outstanding as of March 31, 2026 , and assumes that any extension options that are exercisable at our discretion, subject to certain terms and conditions, have been exercised

The aggregate undrawn nominal commitments on our unsecured credit facility as of March 31, 2026 was approximately $796.8 million, including issued letters of credit. Our actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on our debt covenant compliance.

Our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note are subject to ongoing compliance with a number of financial and other covenants. As of March 31, 2026, we were in compliance with the applicable financial covenants.

The following table summarizes our debt capital structure as of March 31, 2026.

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| | |
|:---|:---|
| **Debt Capital Structure** | **March 31, 2026** |
| Total principal outstanding (in thousands) | $3204042 |
| Weighted average duration (years) | 4.3 |
| % Secured debt | 0.1% |
| % Debt maturing next 12 months | 9.4% |
| Net Debt to Real Estate Cost Basis<sup>(1)</sup> | 38.1% |

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(1)"Net Debt" means amounts outstanding under our unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note, less cash and cash equivalents. "Real Estate Cost Basis" means the book value of rental property and deferred leasing intangibles, exclusive of the related accumulated depreciation and amortization.

We regularly pursue new financing opportunities to ensure an appropriate balance sheet position. As a result of these dedicated efforts, we are confident in our ability to meet future debt maturities and fund acquisitions. We believe that our current balance sheet is in an adequate position at the date of this filing, despite possible volatility in the credit markets.

Our interest rate exposure on our floating rate debt is managed through the use of interest rate swaps, which fix the rate of our long term floating rate debt. For a detailed discussion on our use of interest rate swaps, see "Interest Rate Risk" below.

***Equity***

*Common Stock*

Pursuant to the equity distribution agreements for our ATM common stock offering program, we may from time to time sell common stock through sales agents and their affiliates, including shares sold on a forward basis under forward sale agreements. There was no activity for the ATM common stock offering program during the three months ended March 31, 2026, except for the shares sold on a forward basis, as discussed below.

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The following table summarizes our ATM common stock offering program as of March 31, 2026.

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| | | |
|:---|:---|:---|
| **ATM Common Stock Offering Program** | **Date** | **Maximum Aggregate Offering Price (in thousands)** |
| 2025 $750 million ATM<sup>(1)</sup> | February 13, 2025 | $750000 |

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(1) The ATM common stock offering program was originally implemented on February 17, 2022, and had an initial maximum aggregate offering price of $750 million. On February 13, 2025, following the filing of a new shelf registration statement, we carried forward the ATM common stock offering program to the new registration statement, at which time the remaining maximum aggregate offering price (that is, the amount carried forward) was less than $750 million.

The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program and shares settled during the three months March 31, 2026.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Sale Agreements** | **Shares** | **Gross Sales**<br>**(in thousands)** | **Weighted Average Gross Sales Price Per Share** | **Weighted Average Net Sales Price Per Share** | **Sales Commissions Per Share**<sup>(1)</sup> |
| **Forward Sale Agreements Outstanding at December 31, 2025** | **—** | $**—** |  |  |  |
| New forward sale agreements | 160441 | 6145 | $38.30 | $37.92 | $0.38 |
| Forward sale agreements settled |  |  |  |  |  |
| **Forward Sale Agreements Outstanding at March 31, 2026** | **160441** | $**6145** |  |  |  |

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(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.

We initially do not receive any proceeds from the sales of shares on a forward basis. We may physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point we would receive the proceeds net of certain costs; provided, however, generally we may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates.

*Noncontrolling Interest*

We own our interests in all of our properties and conduct substantially all of our business through the Operating Partnership. We are the sole member of the sole general partner of the Operating Partnership. As of March 31, 2026, we owned approximately 98.0% of the common units in the Operating Partnership, and our current and former executive officers, directors, senior employees and their affiliates, and third parties that contributed properties to us in exchange for common units in the Operating Partnership owned the remaining 2.0%.

We also own joint ventures with third parties primarily engaged in the development and eventual operation of industrial real estate properties. At March 31, 2026, we held a 97.4% interest in a joint venture located in Reno, Nevada, a 95.1% interest in a joint venture located in Concord, North Carolina, and a 97.1% interest in a joint venture located in Shepherdsville, Kentucky.

**Interest Rate Risk**

We use interest rate swaps to fix the rate of our variable rate debt. As of March 31, 2026, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through maturity.

We recognize all derivatives on the balance sheet at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income (loss), which is a component of equity. Derivatives that are not designated as hedges must be adjusted to fair value and the changes in fair value must be reflected as income or expense.

We have established criteria for suitable counterparties in relation to various specific types of risk. We only use counterparties that have a credit rating of no lower than investment grade at swap inception from Moody's Investor Services, Standard & Poor's, or Fitch Ratings or other nationally recognized rating agencies.

The swaps are all designated as cash flow hedges of interest rate risk, and all are valued as Level 2 financial instruments. Level 2 financial instruments are defined as significant other observable inputs. As of March 31, 2026, 14 of our interest rate swaps outstanding were in an asset position of approximately $15.6 million and four of our interest rate swaps were in a liability position of approximately $0.5 million, including any adjustment for nonperformance risk related to these agreements.

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As of March 31, 2026, we had approximately $1,225.0 million of variable rate debt. As of March 31, 2026, all of our outstanding variable rate debt, with the exception of our unsecured credit facility, was fixed with interest rate swaps through initial maturity. To the extent interest rates increase, interest costs on our floating rate debt not fixed with interest rate swaps will increase, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. From time to time, we may enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions.

**Off-balance Sheet Arrangements**

As of March 31, 2026, we had letters of credit related to development projects and certain other agreements of approximately $3.2 million. As of March 31, 2026, we had no other material off-balance sheet arrangements.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. The primary market risk we are exposed to is interest rate risk. We have used derivative financial instruments to manage, or hedge, interest rate risks related to our borrowings, primarily through interest rate swaps.

As of March 31, 2026, we had $1,225.0 million of variable rate debt outstanding. As of March 31, 2026, all of our outstanding variable rate debt, with the exception of our unsecured credit facility which had a balance of $200.0 million, was fixed with interest rate swaps through initial maturity. To the extent we undertake additional variable rate indebtedness, if interest rates increase, then so will the interest costs on our unhedged variable rate debt, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our security holders. Further, rising interest rates could significantly increase our future interest expense. From time to time, we enter into interest rate swap agreements and other interest rate hedging contracts, including swaps, caps and floors. While these agreements are intended to lessen the impact of rising interest rates on us, they also expose us to the risk that the other parties to the agreements will not perform, we could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly-effective cash flow hedges under GAAP. In addition, an increase in interest rates could decrease the amounts third parties are willing to pay for our assets, thereby limiting our ability to change our portfolio promptly in response to changes in economic or other conditions. If interest rates increased by 100 basis points and assuming we had an outstanding balance of $200.0 million on our unsecured credit facility for the three months ended March 31, 2026, our interest expense would have increased by approximately $0.5 million for the three months ended March 31, 2026.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

As required by SEC Rule 13a-15(b), we have evaluated, under the supervision of and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of March 31, 2026. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for the periods covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls**

There was no change to our internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. Other Information**

**Item 1. Legal Proceedings**

From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, would be expected to have a material effect on our business, financial condition or results of operations if determined adversely to the Company.

**Item 1A. Risk Factors**

There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 11, 2026.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Recent Sales of Unregistered Equity Securities**

During the quarter ended March 31, 2026, the Operating Partnership issued 172,408 common units upon exchange of outstanding long term incentive plan units issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the "2011 Plan"). Subject to certain restrictions, common units in the Operating Partnership may be redeemed for cash in an amount equal to the value of a share of common stock or, at our election, for a share of common stock on a one-for-one basis.

During the quarter ended March 31, 2026, we issued 172,408 shares of common stock upon redemption of 172,408 common units in the Operating Partnership held by various limited partners. The issuance of such shares of common stock was either registered under the Securities Act or effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder.

All other issuances of unregistered securities during the quarter ended March 31, 2026, if any, have previously been disclosed in filings with the SEC.

**Issuer Purchases of Equity Securities**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased**<sup>(1)</sup> | **Average Price Paid per Share**<sup>(1)</sup> | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs** |
| January 1, 2026 - January 31, 2026 | 17470 | $36.85 |  | $— |
| February 1, 2026 - February 28, 2026 |  | $— |  | $— |
| March 1, 2026 - March 31, 2026 |  | $— |  | $— |
| **Total/weighted average** | **17470** | $**36.85** | **—** | $**—** |

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(1) Reflects shares surrendered to the Company for payment of tax withholdings obligations in connection with the vesting of shares of common stock issued pursuant to the 2011 Plan. The average price paid reflects the average market value of shares withheld for tax purposes.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

As of the quarter ended March 31, 2026, all items required to be disclosed in a Current Report on Form 8-K were reported under Form 8-K.

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**Director and Officer Trading Arrangements**

During the three months ended March 31, 2026, none of the Company's directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act).

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**Item 6. Exhibits** 

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| | |
|:---|:---|
| **Exhibit <br>Number** | **Description of Document** |
| 4.1 \* | <u>[Description of the Registrant's Securities Registered Pursuant to Section 12 of the Exchange Act](stag-exhibit41q110xq2026.htm)</u> |
| 31.1 \* | <u>[Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](q1202610-qex311.htm)</u> |
| 31.2 \* | <u>[Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](q1202610-qex312.htm)</u> |
| 32.1 \*\* | <u>[Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](q1202610-qex321.htm)</u> |
| 101.INS \* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH \* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL \* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF \* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB \* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE \* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 \* | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | **STAG INDUSTRIAL, INC.** |
| Date: April 28, 2026 | **BY:** | **/s/** MATTS S. PINARD |
|  |  | **Matts S. Pinard** |
|  |  | *Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer)* |
|  | **BY:** | **/s/** JACLYN M. PAUL |
|  |  | **Jaclyn M. Paul** |
|  |  | *Chief Accounting Officer (Principal Accounting Officer)* |

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## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED** 

**PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

As of April 28, 2026, STAG Industrial, Inc., a Maryland corporation (the "Company," "we," "us" and "our") has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the common stock, par value $0.01 per share ("common stock").

**Description of Our Common Stock**

*The following description of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to Maryland law and to our charter and bylaws, copies of which are filed as exhibits to the Annual Report on Form 10-K filed on February 11, 2026.* 

**General**

Our charter provides that we may issue 300,000,000 shares of common stock, and 20,000,000 shares of preferred stock, $0.01 par value per share ("preferred stock"). Our board of directors, without any action by our stockholders, may amend our charter to increase or decrease the aggregate number of shares of our common stock or the number of shares of our stock of any class or series.

**Common Stock**

Holders of our common stock are entitled to receive dividends or other distributions if and when authorized by our board of directors and declared by us out of assets legally available for the payment of dividends or other distributions. They also are entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up, after payment of or adequate provision for all of our known debts and liabilities. These rights are subject to the preferential rights of any other class or series of our stock and to the provisions of our charter regarding restrictions on transfer and ownership of our stock.

Subject to the provisions of our charter restricting the transfer and ownership of shares of our stock and except as may otherwise be specified in the terms of any class or series of stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors, and, except as provided with respect to any other class or series of shares of our stock, the holders of our common stock possess exclusive voting power. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding shares of common stock, voting as a single class, may elect all of the directors then standing for election.

Holders of our common stock generally have no appraisal, preference, conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Subject to the restrictions on transfer of capital stock contained in our charter, all shares of common stock have equal dividend, liquidation and other rights.

Pursuant to our charter, we cannot dissolve, amend our charter, merge, sell all or substantially all of our assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business unless declared advisable by our board of directors and approved by the affirmative vote of stockholders holding at least a majority of all votes entitled to be cast on the matter.

Maryland law permits the merger of a 90% or more owned subsidiary with or into its parent without stockholder approval, provided that the charter of the successor is not amended other than in certain minor respects in order to change its name, the name or other designation or the par value of any class or series of its stock, or the aggregate par value of its stock and the contract rights of any stock of the successor issued in the merger in exchange for stock of the other corporation are identical to the contract rights of the stock for which it is exchanged. Also,

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because Maryland law may not require the stockholders of a parent corporation to approve a merger or sale of all or substantially all of the assets of a subsidiary entity, our subsidiaries may be able to merge or sell all or substantially all of their assets without a vote of our stockholders.

**Power to Reclassify Shares of Our Stock**

Our charter authorizes our board of directors to reclassify any unissued shares of stock into any class or series of stock, including preferred stock, to classify any unissued shares of common stock or preferred stock or to reclassify any previously classified but unissued shares of any series of preferred stock previously authorized by our board of directors. Prior to issuance of shares of each class or series of preferred stock, our board of directors is required by Maryland law and our charter to fix, subject to our charter restrictions on transfer and ownership, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series of preferred stock. Thus, our board of directors could authorize the issuance of shares of common stock with terms and conditions, or preferred stock with priority over our existing common stock with respect to distributions and rights upon liquidation or with other terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change of control of the Company that might involve a premium price or otherwise be in our stockholders' best interest.

**Power to Increase and Issue Additional Shares of Common Stock and Preferred Stock**

We believe that the power of our board of directors to amend our charter to increase the aggregate number of shares of our authorized stock or the number of shares of stock of any class or series, to issue additional shares of common stock or preferred stock and to classify or reclassify unissued shares of our common stock or preferred stock and thereafter to issue the classified or reclassified shares of stock provides us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. Subject to the right of holders of any outstanding shares of preferred stock to approve the classification or issuance of shares of a senior class or series of capital stock, the additional classes or series, as well as our common stock, are available for issuance without further action by our stockholders, unless stockholder action is required by applicable law or the rules of any stock exchange on which our securities may be listed.

**Restrictions on Ownership and Transfer**

Our charter provides that our board of directors may decide whether it is in the best interests of the Company to maintain our status as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT under the Code, our shares of stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, no more than 50% of the value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined by the Code to include certain entities) during the last half of any taxable year.

To help us to qualify as a REIT, our charter, subject to certain exceptions, contains restrictions on the number and proportionate value of shares of our capital stock that a person may own. Our charter provides that generally no person may own, or be deemed to own by virtue of the attribution provisions of the Code, either more than 9.8% in value or in number of shares, whichever is more restrictive, of the aggregate of our outstanding shares of capital stock, or more than 9.8% in value or in number of shares, whichever is more restrictive, of the aggregate of our outstanding common stock. The beneficial ownership and/or constructive ownership rules under the Code are complex and may cause shares of our capital stock owned actually or constructively by a group of related individuals and/or entities to be owned constructively by one individual or entity.

Our charter also prohibits any person from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficially or constructively owning shares of our capital stock that would result in our being "closely held" under Section 856(h) of the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficially or constructively owning shares of our capital stock if such ownership would result in our being treated as a "pension-held REIT" under Section 856(h)(3)(D) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transferring shares of our capital stock if such transfer would result in our capital stock being beneficially owned by fewer than 100 persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficially or constructively owning shares of our capital stock if such ownership would cause us to constructively own 10% or more of the ownership interests in a tenant of the Company or would cause any independent contractor to not be treated as such under Section 856(d)(3) of the Code, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficially or constructively owning shares of our capital stock to the extent such beneficial or constructive ownership would otherwise cause us to fail to qualify as a REIT.

Any person who acquires, attempts or intends to acquire beneficial or constructive ownership of shares of our capital stock that will or may violate any of the foregoing restrictions on transferability and ownership, and any person who would have owned shares of our capital stock that resulted in a transfer of shares to a charitable trust (as described below), will be required to give written notice immediately to us, or in the case of a proposed or attempted transaction, to give at least 15 days' prior written notice to us, and provide us with such other information as we may request in order to determine the effect of such transfer on our status as a REIT. The foregoing restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to continue to qualify as a REIT.

Our board of directors, in its sole discretion, may exempt a person from the above ownership limits and certain of the restrictions described above. However, our board of directors may not grant an exemption to any person unless our board of directors obtains such representations, covenants and undertakings as our board of directors may deem appropriate in order to determine that granting the exemption would not result in our losing our status as a REIT. As a condition of granting the exemption, our board of directors may require a ruling from the Internal Revenue Service or an opinion of counsel, in either case in form and substance satisfactory to our board of directors in its sole discretion, in order to determine or ensure our status as a REIT.

Our board of directors may increase or decrease the ownership limits so long as the change would not result in five or fewer persons beneficially owning more than 49.9% in value of our outstanding capital stock. Any decrease in the ownership limits will not apply to any person whose percentage ownership of capital stock is in excess of the decreased ownership limits until such time as such person's percentage ownership of capital stock equals or falls below the decreased ownership limits.

However, if any transfer of our shares of stock or other event occurs that, if effective, would result in any person beneficially or constructively owning shares of our capital stock in excess, or in violation, of the above ownership or transfer limitations, referred to as a prohibited owner, then that number of shares of our capital stock, the beneficial or constructive ownership of which otherwise would cause such person to violate the transfer or ownership limitations (rounded up to the nearest whole share), will be automatically transferred to a charitable trust for the exclusive benefit of a charitable beneficiary, and the prohibited owner will not acquire any rights in such shares. This automatic transfer will be considered effective as of the close of business on the business day before the violative transfer. If the transfer to the charitable trust would not be effective for any reason to prevent the violation of the above transfer or ownership limitations, then the transfer of that number of shares of our capital stock that otherwise would cause any person to violate the above limitations will be void ab initio and the intended transferee will acquire no rights in our capital stock. Shares of our capital stock held in the charitable trust will continue to constitute issued and outstanding shares of our capital stock. The prohibited owner will not benefit economically from ownership of any shares of capital stock held in the charitable trust, will have no rights to dividends or other distributions and will not possess any rights to vote or other rights attributable to the shares of capital stock held in the charitable trust. The trustee of the charitable trust will be designated by us and must be unaffiliated with us or any prohibited owner and will have all voting rights and rights to dividends or other distributions with respect to shares of capital stock held in the charitable trust, and these rights will be exercised for the exclusive benefit of the

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trust's charitable beneficiary. Any dividend or other distribution paid before our discovery that shares of capital stock have been transferred to the trustee will be paid by the recipient of such dividend or distribution to the trustee upon demand, and any dividend or other distribution authorized but unpaid will be paid when due to the trustee. Any dividend or distribution so paid to the trustee will be held in trust for the trust's charitable beneficiary. The prohibited owner will have no voting rights with respect to shares of capital stock held in the charitable trust, and, subject to Maryland law, effective as of the date that such shares of capital stock have been transferred to the trustee, the trustee, in its sole discretion, will have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rescind as void any vote cast by a prohibited owner prior to our discovery that such shares have been transferred to the trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recast such vote in accordance with the desires of the trustee acting for the benefit of the trust's beneficiary.

However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast such vote.

Within 20 days of receiving notice from us that shares of capital stock have been transferred to the charitable trust, and unless we buy the shares first as described below, the trustee will sell the shares of capital stock held in the charitable trust to a person, designated by the trustee, whose ownership of the shares will not violate the ownership limitations in our charter. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and to the charitable beneficiary. The prohibited owner will receive the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price paid by the prohibited owner for the shares or, if the prohibited owner did not give value for the shares in connection with the event causing the shares to be held in the charitable trust (for example, in the case of a gift or devise), the market price of the shares on the day of the event causing the shares to be held in the charitable trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price per share received by the trustee from the sale or other disposition of the shares held in the charitable trust (less any commission and other expenses of a sale).

The trustee may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee. Any net sale proceeds in excess of the amount payable to the prohibited owner will be paid immediately to the charitable beneficiary. If, before our discovery that shares of capital stock have been transferred to the charitable trust, such shares are sold by a prohibited owner, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such shares will be deemed to have been sold on behalf of the charitable trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that the prohibited owner received an amount for such shares that exceeds the amount that the prohibited owner was entitled to receive as described above, the excess must be paid to the trustee upon demand.

In addition, shares of capital stock held in the charitable trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price per share in the transaction that resulted in such transfer to the charitable trust (or, in the case of a gift or devise, the market price at the time of the gift or devise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price on the date we, or our designee, accept such offer.

We may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee. We will pay the amount of such

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reduction to the trustee for the benefit of the charitable beneficiary. We will have the right to accept the offer until the trustee has sold the shares of capital stock held in the charitable trust. Upon such a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and any dividends or other distributions held by the trustee will be paid to the charitable beneficiary.

All certificates representing shares of our capital stock will bear a legend referring to the restrictions described above.

Every owner of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) in value of the outstanding shares of our capital stock, within 30 days after the end of each taxable year, must give written notice to us stating the name and address of such owner, the number of shares of each class and series of shares of our capital stock that the owner beneficially owns and a description of the manner in which the shares are held. Each such owner must also provide to us such additional information as we may request in order to determine the effect, if any, of the owner's beneficial ownership on our status as a REIT and to ensure compliance with our ownership limitations. In addition, each of our stockholders, whether or not an owner of 5% or more of our capital stock, must upon demand provide to us such information as we may request, in good faith, in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance and to ensure our compliance with the ownership restrictions in our charter.

The ownership and transfer limitations in our charter could delay, defer or prevent a transaction or a change in control of us that might involve a premium price for holders of our capital stock or might otherwise be in the best interest of our stockholders.

**Stock Exchange Listings**

Our common stock is listed on the New York Stock Exchange under the symbol "STAG."

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company.

**Certain Provisions of Maryland Law and our Charter and Bylaws**

*The following summary of certain provisions of Maryland law and our charter and bylaws does not purport to be complete and is subject to and qualified in its entirety by reference to Maryland law and our charter and bylaws, copies of which are filed as exhibits to the Annual Report on Form 10-K filed on February 11, 2026.*

**Our Board of Directors**

Our charter and bylaws provide that the number of directors constituting our full board of directors will be not less than the minimum number required by Maryland law, and our bylaws provide that the number of directors constituting our full board of directors will not exceed 15 and may only be increased or decreased by a vote of a majority of our directors. Pursuant to our charter, each member of our board of directors is elected by our stockholders to serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualifies. Holders of shares of our common stock will have no right to cumulative voting in the election of these directors. Consequently, at each annual meeting of stockholders, the holders of a majority of the shares of our common stock will be able to elect all of these directors. Directors are elected by a majority of the votes cast; provided, that, in any contested election, each director will be elected by a plurality of the votes cast at a meeting of stockholders duly called for the election of directors and at which a quorum is present. In addition, pursuant to our director resignation policy any incumbent director nominee who fails to receive a majority of the votes cast must submit promptly a written offer to resign from our board of directors. The nominating and corporate governance committee will make a recommendation to our board of directors on whether to accept or reject the resignation.

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Taking into account the recommendation of the nominating and corporate governance committee, our board of directors will determine whether to accept or reject any such resignation within 90 days after the certification of the voting results, and we will report such decision in a current report on Form 8-K furnished to the SEC.

**Amendment to the Charter and Bylaws**

Generally, our charter may be amended only if the amendment is declared advisable by our board of directors and approved by the affirmative vote of a majority of the votes entitled to be cast on the matter. As permitted by the MGCL, our charter contains a provision permitting our directors, without any action by our stockholders, to amend the charter to increase or decrease the aggregate number of shares of stock of any class or series that we have authority to issue. In addition, our charter provides that our board of directors, in setting the terms of any class or series of stock, may grant exclusive voting rights to the holders of the class or series of stock with respect to a charter amendment that would alter the contract rights, as expressly set forth in the charter, only of that specified class or series of stock.

Our bylaws may be altered, amended or repealed, or new bylaws may be adopted (i) by our board of directors or (ii) by the affirmative vote of a majority of all votes entitled to be cast by holders of outstanding shares of common stock. In addition, the following bylaw provisions may be amended only with the affirmative vote of a majority of the votes cast on such an amendment by holders of outstanding shares of common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions opting out of the control share acquisition statute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions prohibiting our board of directors without the approval of a majority of the votes entitled to be cast by holders of outstanding shares of our common stock, from revoking, altering or amending any resolution, or adopting any resolution inconsistent with any previously adopted resolution of our board of directors, that exempts any business combination between us and any other person or entity from the business combination provisions of the MGCL.

In addition, any amendment to the provisions governing amendments of the bylaw provisions above requires the approval of a majority of the votes entitled to be cast by holders of outstanding shares of our common stock.

**No Stockholder Rights Plan**

We have no stockholder rights plan. We do not intend to adopt a stockholder rights plan unless our stockholders approve in advance the adoption of a plan or, if our board of directors adopts a plan, we submit the stockholder rights plan to our stockholders for a ratification vote within 12 months of adoption, without which the plan will terminate.

**Dissolution**

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Our dissolution must be approved by a majority of our entire board of directors and by the affirmative vote of the holders of a majority of all of the votes entitled to be cast on the matter.

**Business Combinations**

Maryland law prohibits "business combinations" between us and an interested stockholder or an affiliate of an interested stockholder for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or transfer of equity securities, liquidation plan or reclassification of equity securities. Maryland law defines an interested stockholder as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person or entity who beneficially owns 10% or more of the voting power of our stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then outstanding voting stock.

A person is not an interested stockholder if our board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, our board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by our board of directors.

After the five-year prohibition, any business combination between us and an interested stockholder or an affiliate of an interested stockholder generally must be recommended by our board of directors and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% of the votes entitled to be cast by holders of our then-outstanding shares of voting stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• two-thirds of the votes entitled to be cast by holders of our voting stock other than stock held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if our common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its stock.

The statute permits various exemptions from its provisions, including business combinations that are approved or exempted by our board of directors before the time that the interested stockholder becomes an interested stockholder.

Our board of directors has adopted a resolution opting out of the business combination provisions. Our bylaws provide that this resolution or any other resolution of our board of directors exempting any business combination from the business combination provisions of the MGCL may only be revoked, altered or amended, and our board of directors may only adopt any resolution inconsistent with any such resolution, with the affirmative vote of a majority of the votes cast on the matter by holders of outstanding shares of our common stock. If this resolution is repealed, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

**Control Share Acquisitions**

Maryland law provides that "control shares" of a Maryland corporation acquired in a "control share acquisition" have no voting rights, except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror or by officers or by directors who are our employees are excluded from the shares entitled to vote on the matter. "Control shares" are voting shares of stock that, if aggregated with all

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other shares of stock currently owned by the acquiring person, or in respect of which the acquiring person is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiring person to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority or more of all voting power.

Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A "control share acquisition" means the acquisition of control shares, subject to certain exceptions. A person who has made or proposes to make a control share acquisition may compel our board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, we may present the question at any stockholders meeting.

If voting rights are not approved at the stockholders meeting or if the acquiring person does not deliver the statement required by Maryland law, then, subject to certain conditions and limitations, we may redeem any or all of the control shares, except those for which voting rights have previously been approved, for fair value. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares were considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares for purposes of these appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. The control share acquisition statute does not apply to shares acquired in a merger, consolidation or share exchange if we are a party to the transaction, nor does it apply to acquisitions approved by or exempted by our charter or bylaws.

Our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of our stock, and this provision of our bylaws may not be amended without the affirmative vote of a majority of the votes cast on the matter by holders of outstanding shares of our common stock.

**Maryland Unsolicited Takeovers Act**

Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act, and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a classified board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a two-thirds vote requirement for removing a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that the number of directors be fixed only by vote of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that a vacancy on our board be filled only by the affirmative vote of a majority of the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority requirement for the calling of a special meeting of stockholders.

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In our charter, we have elected that, except as may be provided by our board of directors in setting the terms of any class or series of stock, vacancies on our board of directors be filled only by the affirmative vote of a majority of the remaining directors, even if the remaining directors do not constitute a quorum, and for the remainder of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vest in our board of directors the exclusive power to fix the number of directorships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that unless called by our chairman of our board of directors, our president, our chief executive officer or our board of directors, a special meeting of stockholders may only be called by our secretary upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled to be cast at the meeting.

**Limitation of Liability and Indemnification**

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual receipt of an improper benefit or profit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• active and deliberate dishonesty established by a final judgment and which is material to the cause of action.

Our charter contains such a provision that eliminates directors' and officers' liability to the maximum extent permitted by Maryland law. Our charter also authorizes us, to the maximum extent permitted by Maryland law, to obligate us to indemnify any present or former director or officer or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, member, manager or trustee, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding.

Our bylaws obligate us, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our charter and bylaws also permit us to indemnify and advance expenses to any individual who served a predecessor of the Company in any of the capacities described above and any employee or agent of the Company or a predecessor of the Company.

Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

We entered into indemnification agreements with our directors and executive officers that obligate us to indemnify them to the maximum extent permitted by Maryland law.

The indemnification agreements provide that if a director or executive officer is a party or is threatened to be made a party to any proceeding by reason of such director's or executive officer's status as a director, officer or employee of the Company, we must indemnify such director or executive officer for all expenses and liabilities actually and reasonably incurred by him or her, or on his or her behalf, unless it has been established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act or omission of the director or executive officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the director or executive officer actually received an improper personal benefit in money, property or other services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to any criminal action or proceeding, the director or executive officer had reasonable cause to believe his or her conduct was unlawful.

The indemnification agreements also provide that upon application of a director or executive officer of the Company to a court of appropriate jurisdiction, the court may order indemnification of such director or executive officer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the court determines the director or executive officer is entitled to indemnification under the applicable section of the MGCL, in which case the director or executive officer will be entitled to recover from us the expenses of securing such indemnification; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the court determines that such director or executive officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director or executive officer has met the standards of conduct set forth in the applicable section of the MGCL or has been adjudged liable for receipt of an improper benefit under the applicable section of the MGCL; provided, however, that our indemnification obligations to such director or executive officer will be limited to the expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with any proceeding by or in the right of the Company or in which the executive officer or director will have been adjudged liable for receipt of an improper personal benefit under the applicable section of the MGCL.

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Notwithstanding, and without limiting, any other provisions of the indemnification agreements, if a director or executive officer is a party or is threatened to be made a party to any proceeding by reason of such director's or executive officer's status as a director, executive officer or employee of the Company, and such director or executive officer is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such proceeding, we must indemnify such director or executive officer for all expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with each successfully resolved claim, issue or matter, including any claim, issue or matter in such a proceeding that is terminated by dismissal, with or without prejudice.

In addition, the indemnification agreements require us to advance reasonable expenses incurred by the indemnitee within 20 days of the receipt by us of a statement from the indemnitee requesting the advance, provided the statement evidences the expenses and is accompanied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written affirmation of the indemnitee's good faith belief that he or she has met the standard of conduct necessary for indemnification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written undertaking by or on behalf of the indemnitee to repay the portion of any expenses advanced to the indemnitee relating to claims, issues or matters in a proceeding if it is ultimately established that the standard of conduct was not met.

The indemnification agreements also provide for procedures for the determination of entitlement to indemnification, including requiring such determination be made by independent counsel after a change of control of us.

In addition, to the maximum extent permitted by law, the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended, provides the members of our board of directors with limited liability with respect to actions taken or decisions made in good faith relating to the plan and indemnification in connection with their activities under the plan.

Insofar as the foregoing provisions permit indemnification of directors, executive officers or persons controlling us for liability arising under the Securities Act of 1933, as amended (the "Securities Act"), we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Meetings of Stockholders**

Subject to the rights of holders of one or more classes or series of preferred stock specifically set forth in our charter, special meetings of stockholders may be called only by our board of directors, the chairman of our board of directors, our chief executive officer, our president or, in the case of a stockholder requested special meeting, by our secretary upon the written request of the holders of common stock entitled to cast not less than a majority of all votes entitled to be cast at such meeting. Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting.

**Advance Notice of Director Nominations and New Business**

Our bylaws provide that with respect to an annual meeting of stockholders, nominations of individuals for election to our board of directors and the proposal of business to be considered by stockholders may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to our notice of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by our board of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws.

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With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to our board of directors at a special meeting may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to our notice of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by our board of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provided that our board of directors has determined that directors will be elected at the meeting, by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

Generally, in accordance with our bylaws, a stockholder seeking to nominate a director or bring other business before our annual meeting of stockholders must deliver a notice to our secretary not later than 5:00 p.m., Eastern Time, on the 90th day, nor earlier than the 120th day, prior to the first anniversary of the prior year's annual meeting of stockholders.

For a stockholder seeking to nominate a candidate for our board of directors, the notice must describe various matters regarding the nominee, including the name, address, and occupation of such individual, the number of shares held by such individual, and other specified matters. For a stockholder seeking to propose other business, the notice must include a description of the proposed business, the reasons for the proposal, and other specified matters.

**Exclusive Forum**

Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, any state court of competent jurisdiction in the State of Maryland, or, if such state courts do not have jurisdiction, the United States District Court located within the State of Maryland will, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, other than actions arising under federal securities laws, (ii) any Internal Corporate Claim, as such term is defined in the MGCL, and any action or proceeding asserting any Internal Corporate Claim, including, without limitation, (a) any claim, or any action or proceeding asserting a claim, based on an alleged breach of any duty owed by any of our directors, officers, employees or agents to us or to our stockholders, or (b) any claim, or any action or proceeding asserting a claim, against us or any of our directors, officers, employees, or agents arising pursuant to any provision of the MGCL or our charter or bylaws, or (iii) any other action or proceeding asserting a claim against us or any of our directors, officers, employees, or agents that is governed by the internal affairs doctrine; provided, however, that this choice of forum provision will not apply to any action or proceeding under federal securities laws, including claims arising under the Securities Act or the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction.

Additionally, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America will, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, William R. Crooker, certify that:

1. I have reviewed this quarterly report on Form 10-Q of STAG Industrial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 28, 2026 | /s/ WILLIAM R. CROOKER |
| | **William R. Crooker**<br>*President and Chief Executive Officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Matts S. Pinard, certify that:

1. I have reviewed this quarterly report on Form 10-Q of STAG Industrial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 28, 2026 | /s/ MATTS S. PINARD |
| | **Matts S. Pinard**<br>*Chief Financial Officer, Executive Vice President and Treasurer* |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant To**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of The Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of STAG Industrial, Inc. on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officers of STAG Industrial, Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report, containing the financial statements, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of STAG Industrial, Inc.

---

| | |
|:---|:---|
| Date: April 28, 2026 | /s/ WILLIAM R. CROOKER |
| | **William R. Crooker**<br>*President and Chief Executive Officer* |
| | /s/ MATTS S. PINARD |
| | **Matts S. Pinard**<br>*Chief Financial Officer, Executive Vice President and Treasurer* |

---

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