# EDGAR Filing Document

**Accession Number:** 0001479094
**File Stem:** 0001517406-25-000007
**Filing Date:** 2025-11
**Character Count:** 9186
**Document Hash:** 74405e23c603e534f885e77c768a5472
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001517406-25-000007.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001517406-25-000007

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251117

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Butcher Benjamin S
- **CENTRAL INDEX KEY:** 0001517406

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34907
- **FILM NUMBER:** 251499474

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

**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

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Butcher Benjamin S<br><sub>(Last) (First) (Middle)</sub><br>C/O STAG INDUSTRIAL, INC.<br>ONE FEDERAL STREET, 23RD FLOOR<br><sub>(Street)</sub><br>BOSTON, MA 02110<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>STAG Industrial, Inc. [ STAG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-17 |  | C<sup>(1)</sup> |  | 50000 | A | <sup>(1)</sup> | 58014 | D |  |
| Common Stock | 2025-11-17 |  | D |  | 16552 | D | 38.5248<sup>(2)</sup> | 41462 | D |  |
| Common Stock | 2025-11-17 |  | G<sup>(3)</sup> |  | 25000 | D | 0<sup>(3)</sup> | 8014 | D |  |
| Common Stock | 2025-11-18 |  | D |  | 8448 | D | 38.4483<sup>(4)</sup> | 33014 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| LTIP Units<sup>(5)</sup> | <sup>(5)</sup> | 2025-11-17 |  | C<sup>(1)</sup> |  |  | 50000 | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock, par value $0.01 per share | 50000 | <sup>(1)(5)</sup> | 587254 | D |  |
| Partnership Units<sup>(6)</sup> | <sup>(6)</sup> | 2025-11-17 |  | C<sup>(1)</sup> |  | 50000 |  | <sup>(6)</sup> | <sup>(6)</sup> | Common Stock, par value $0.01 per share | 50000 | <sup>(1)(6)</sup> | 59320 | D |  |
| Partnership Units<sup>(6)</sup> | <sup>(6)</sup> | 2025-11-17 |  | C<sup>(1)</sup> |  |  | 50000 | <sup>(6)</sup> | <sup>(6)</sup> | Common Stock, par value $0.01 per share | 50000 | <sup>(1)(6)</sup> | 9320 | D |  |

---

### Footnotes:

(1) On November 17, 2025, the reporting person converted a total of 50,000 long-term incentive plan units ("LTIP Units") of STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), of which STAG Industrial, Inc., a Maryland corporation (the "Issuer"), is the sole member of the general partner, into 50,000 common units of limited partnership of the Operating Partnership ("OP Units") and redeemed 50,000 OP Units. The LTIP Units are convertible into OP Units as they are nonforfeitable and certain conditions to parity have been satisfied. The OP Units held by the reporting person are redeemable for cash equal to the current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The Issuer elected to redeem the reporting person's OP Units with common stock.

(2) This represents the weighted average sales price. On November 17, 2025, sales prices ranged from $38.40 to $38.81. Upon request by the Securities and Exchange Commission (the "SEC"), the Issuer or a stockholder of the Issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

(3) This transaction represents a gift/donation to a charitable organization as described in Section 501(c)(3) of the Internal Revenue Code. This is not a market transaction, thus no price has been reported.

(4) This represents the weighted average sales price. On November 18, 2025, sales prices ranged from $38.40 to $38.60. Upon request by the SEC, the Issuer or a stockholder of the Issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

(5) Represents LTIP Units granted to the reporting person pursuant to the Equity Incentive Plan. Over time, the LTIP Units can achieve full parity with OP Units for all purposes. If such parity is reached, non-forfeitable LTIP Units may be converted into OP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. LTIP Units do not have an expiration date.

(6) Represents OP Units in the Operating Partnership. OP Units may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance and have no expiration date.

**Signature:** /s/ Jeffrey M. Sullivan, Attorney-in-Fact  
**Date:** 2025-11-19

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**