Form 8-K

8-K — STAG Industrial, Inc.

Accession: 0001479094-26-000032

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0001479094

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — stag-20261027.htm (Primary)

EX-99.1 (q32026earningsrelease.htm)

GRAPHIC (staglogoa031a24a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: stag-20261027.htm · Sequence: 1

stag-20261027

0001479094false00014790942026-10-272026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2026

STAG INDUSTRIAL, INC.

(Exact name of registrant as specified in its charter)

Maryland 1-34907 27-3099608

(State or Other Jurisdiction (Commission (IRS Employer

of Incorporation) File Number) Identification No.)

100 Federal Street, 29th Floor

Boston, Massachusetts 02110

(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code: (617) 574-4777

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 27, 2026, STAG Industrial, Inc. (the “Company”) issued a press release announcing its results of operations for the three and nine months ended September 30, 2026, and its financial condition as of September 30, 2026. A copy of such press release is furnished as Exhibit 99.1 to this report. The press release referred to certain supplemental information that is available in the Investor Relations section of the Company’s website at www.stagindustrial.com.

As previously announced and as further detailed in the press release furnished with this report, the Company will conduct a conference call at 10:00 a.m. eastern time on Wednesday, October 28, 2026, to discuss its third quarter results of operations and financial condition.

The information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, shall not be deemed to be incorporated by reference in the filings of the Company under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Exhibit Number Description

99.1

Press release dated October 27, 2026

104 Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STAG INDUSTRIAL, INC.

By: /s/ Jeffrey M. Sullivan

Jeffrey M. Sullivan

Executive Vice President, General Counsel

and Secretary

Dated: October 27, 2026

EX-99.1

Filename: q32026earningsrelease.htm · Sequence: 2

Document

STAG INDUSTRIAL ANNOUNCES THIRD QUARTER 2026 RESULTS

Boston, MA — October 27, 2026 - STAG Industrial, Inc. (the “Company”) (NYSE:STAG), today announced its financial and operating results for the quarter ended September 30, 2026.

“The third quarter built on our leasing and development progress from the first half of the year, aided by a continued improvement in industrial fundamentals,” said Bill Crooker, President and Chief Executive Officer of the Company. “We expect to deliver another strong operational year while maintaining a healthy balance sheet.”

Third Quarter 2026 Highlights

•Reported $0.37 of net income per basic and diluted common share for the third quarter of 2026, compared to $0.26 of net income per basic and diluted common share for the third quarter of 2025. Reported $70.7 million of net income attributable to common stockholders for the third quarter of 2026, compared to net income attributable to common stockholders of $48.6 million for the third quarter of 2025.

•Achieved $0.66 of Core FFO per diluted share for the third quarter of 2026, an increase of 1.5% compared to the third quarter of 2025 Core FFO per diluted share of $0.65.

•Produced Same Store Cash NOI of $159.9 million for the third quarter of 2026, an increase of 3.5% compared to the third quarter of 2025 of $154.5 million.

•Acquired two buildings in the third quarter of 2026, consisting of 1.1 million square feet, for $107.9 million, with a Cash Capitalization Rate of 6.9% and a Straight-Line Capitalization Rate of 7.2%.

•Sold four buildings in the third quarter of 2026, consisting of 1.1 million square feet, for $67.9 million.

•Achieved an Occupancy Rate of 95.9% on the total portfolio and 96.2% on the Operating Portfolio as of September 30, 2026.

•Commenced Operating Portfolio leases of 3.6 million square feet for the third quarter of 2026, resulting in a Cash Rent Change and Straight-Line Rent Change of 23.8% and 35.7%, respectively.

•Experienced 90.3% Retention for 2.9 million square feet of leases expiring in the quarter.

•Signed two leases totaling 68,534 square feet of warehouse and distribution space across the Company's development projects.

•On August 6, 2026, the Company received a 'BBB' investment grade credit rating from S&P Global Ratings with a stable outlook.

Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.

The Company will host a conference call tomorrow, Wednesday, October 28, 2026 at 10:00 a.m. (Eastern Time), to discuss the quarter’s results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.

Key Financial Measures

THIRD QUARTER & YEAR TO DATE 2026 KEY FINANCIAL MEASURES

Three months ended September 30, Nine months ended September 30,

Metrics 2026 2025 % Change 2026 2025 % Change

(in $000s, except per share data)

Net income attributable to common stockholders $70,671 $48,594 45.4 % $185,510 $189,911 (2.3) %

Net income per common share — basic $0.37 $0.26 42.3 % $0.97 $1.02 (4.9) %

Net income per common share — diluted $0.37 $0.26 42.3 % $0.97 $1.02 (4.9) %

Cash NOI $178,663 $162,252 10.1 % $520,800 $481,137 8.2 %

Same Store Cash NOI (1)

$159,865 $154,468 3.5 % $476,503 $458,424 3.9 %

Adjusted EBITDAre

$168,044 $152,537 10.2 % $488,714 $450,967 8.4 %

Core FFO $129,803 $124,707 4.1 % $384,092 $360,468 6.6 %

Core FFO per share / unit — basic $0.66 $0.66 0.0 % $1.97 $1.89 4.2 %

Core FFO per share / unit — diluted $0.66 $0.65 1.5 % $1.96 $1.89 3.7 %

Cash Available for Distribution $109,013 $101,007 7.9 % $320,127 $306,322 4.5 %

(1) The Same Store pool accounted for 89.8% of the total portfolio square footage as of September 30, 2026.

Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company’s supplemental information package for additional disclosure.

Acquisition, Development and Disposition Activity

For the three months ended September 30, 2026, the Company acquired two buildings for $107.9 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter:

THIRD QUARTER 2026 ACQUISITION ACTIVITY

Market Date Acquired Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate

Chicago, IL 9/24/2026 442,987 1 $44,518 4.1

El Paso, TX 9/24/2026 652,090 1 63,416 5.2

Total / weighted average 1,095,077 2 $107,934 4.8 6.9% 7.2%

The chart below details the 2026 acquisition activity and pipeline through October 26, 2026:

2026 ACQUISITION ACTIVITY AND PIPELINE DETAIL

Square Feet Buildings Purchase Price ($000s) W.A. Lease Term (Years) Cash Capitalization Rate Straight-Line Capitalization Rate

Q1 748,833 1 $80,713 12.4 6.1% 7.3%

Q2 2,630,679 7 287,139 8.2 6.1% 6.8%

Q3 1,095,077 2 107,934 4.8 6.9% 7.2%

Total / weighted average 4,474,589 10 $475,786 8.1 6.3% 7.0%

As of October 26, 2026

Subsequent to quarter-end acquisitions 710,400 1 $55.0 million

Pipeline 34.7 million 138 $4.0 billion

The chart below details the disposition activity for the nine months ended September 30, 2026:

2026 DISPOSITION ACTIVITY

Square Feet Buildings Sale Price ($000s)

Q1 584,301 1 $30,100

Q2 299,467 2 23,088

Q3 1,122,599 4 67,875

Total 2,006,367 7 $121,063

Leasing Activity

The chart below details the leasing activity for leases commenced during the three months ended September 30, 2026:

THIRD QUARTER 2026 OPERATING PORTFOLIO LEASING ACTIVITY

Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash

Base Rent

$/SF SL Base Rent

$/SF Lease

Commissions

$/SF Tenant Improvements $/SF

Cash Rent Change

SL Rent Change Retention

New Leases 1,019,207 9 4.9 $6.28 $6.35 $1.80 $0.21 31.1% 40.1%

Renewal Leases 2,591,145 21 5.0 $7.17 $7.50 $1.32 $0.18 21.4% 34.3% 90.3%

Total / weighted average 3,610,352 30 5.0 $6.91 $7.18 $1.46 $0.19 23.8% 35.7%

The chart below details the leasing activity for leases commenced during the nine months ended September 30, 2026:

2026 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY

Lease Type Square Feet Lease Count W.A. Lease Term (Years) Cash

Base Rent

$/SF SL Base Rent

$/SF Lease

Commissions

$/SF Tenant Improvements $/SF

Cash Rent Change

SL Rent Change Retention

New Leases 3,536,156 25 6.5 $6.59 $6.89 $2.37 $0.28 26.1% 39.2%

Renewal Leases 11,690,498 78 5.6 $6.33 $6.74 $1.26 $0.18 19.7% 35.5% 75.8%

Total / weighted average 15,226,654 103 5.8 $6.39 $6.77 $1.51 $0.20 21.2% 36.4%

Additionally, for the three and nine months ended September 30, 2026, leases commenced totaling 560,519 and 946,172 square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above.

The Company signed a lease totaling 47,113 square feet of warehouse and distribution space at the Company's development project at 6980 Resource Drive in Reno, Nevada. This building is now 62% leased.

The Company signed a lease totaling 21,421 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Charlotte, North Carolina. This building is now 100% leased.

Year to date, the Company signed or commenced nine leases totaling one million square feet of warehouse and distribution space across the Company's development projects.

Capital Markets Activity

On July 1, 2026, the Company paid at maturity $50 million of fixed rate senior unsecured notes.

On July 16, 2026, the Company refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2027. The new term loan, totaling $350 million in principal, now matures January 16, 2032. The new term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 3.53% until March 2027 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 4.79% from March 2027 through January 16, 2032. Through the refinance, the Company also obtained a five basis points savings across all term loans and the Unsecured Credit Facility.

On August 6, 2026, the Company received a 'BBB' investment grade credit rating from S&P Global Ratings with a stable outlook.

As of September 30, 2026, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x and Liquidity was $546.0 million.

In the third quarter of 2026, the Company sold 1.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.10, or $54.3 million.

As of October 26, 2026, the Company sold 3.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.00 per share, or $131.3 million in the aggregate, during the year. The aforementioned equity activity has not changed since our previous disclosure on July 28, 2026.

In the third quarter of 2026, the Company did not receive net proceeds related to forward sales that occurred during the year under the Company's ATM offering program.

The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the agreed-upon maturity date (typically one year) to settle the forward contract.

The Company has total forward equity net proceeds of $70 million available unsettled as of October 26, 2026.

Quarterly Dividend Declaration and New Share Repurchase Authorization

On October 26, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.3875 per share for the fourth quarter of 2026, payable in cash on January 15, 2027, to common stockholders and common unit holders of record as of December 31, 2026.

On October 26, 2026, the Company's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $250 million of common stock. Purchases may be made from time to time through open market transactions, privately negotiated transactions, or other methods permitted under applicable securities laws. The Company will determine the timing, manner, and volume of repurchases, if any, based on prevailing market conditions, the trading price of the common stock, available liquidity, competing investment opportunities, and other considerations. The repurchase authorization does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares, and may be amended, suspended, or discontinued by the Company's Board of Directors at any time.

Conference Call

The Company will host a conference call tomorrow, Wednesday, October 28, 2026, at 10:00 a.m. (Eastern Time) to discuss the quarter’s results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13762978.

Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company’s website at www.stagindustrial.com, or by clicking on the following link:

http://ir.stagindustrial.com/QuarterlyResults

Supplemental Schedule

The Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the “Quarterly Results” tab in the Investor Relations section.

CONSOLIDATED BALANCE SHEETS

STAG Industrial, Inc.

(unaudited, in thousands, except share data)

September 30, 2026 December 31, 2025

Assets

Rental Property:

Land $ 853,182 $ 811,569

Buildings and improvements, net of accumulated depreciation of $1,261,591 and $1,119,931, respectively

5,860,763 5,593,471

Deferred leasing intangibles, net of accumulated amortization of $477,696 and $425,502, respectively

398,436 394,967

Total rental property, net 7,112,381 6,800,007

Cash and cash equivalents 12,222 14,910

Restricted cash 670 85,973

Tenant accounts receivable 168,240 156,458

Prepaid expenses and other assets 126,090 104,484

Interest rate swaps 38,609 13,529

Operating lease right-of-use assets 46,273 32,708

Total assets $ 7,504,485 $ 7,208,069

Liabilities and Equity

Liabilities:

Unsecured credit facility $ 463,000 $ 262,000

Unsecured term loans, net 1,020,550 1,021,341

Unsecured notes, net 1,918,147 1,966,994

Mortgage note, net 3,814 3,980

Accounts payable, accrued expenses and other liabilities 160,134 135,397

Interest rate swaps — 1,310

Tenant prepaid rent and security deposits 59,344 59,225

Dividends and distributions payable 76,241 24,187

Deferred leasing intangibles, net of accumulated amortization of $36,010 and $34,098, respectively

22,781 25,566

Operating lease liabilities 51,795 37,040

Total liabilities $ 3,775,806 $ 3,537,040

Equity:

Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at September 30, 2026 and December 31, 2025; none issued or outstanding

— —

Common stock, par value $0.01 per share, 300,000,000 shares authorized at September 30, 2026 and December 31, 2025, 192,819,897 and 191,005,261 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

1,928 1,910

Additional paid-in capital 4,683,517 4,616,888

Cumulative dividends in excess of earnings (1,072,893) (1,034,954)

Accumulated other comprehensive income 37,720 11,853

Total stockholders’ equity 3,650,272 3,595,697

Noncontrolling interest in operating partnership 74,417 71,342

Noncontrolling interest in joint ventures 3,990 3,990

Total equity $ 3,728,679 $ 3,671,029

Total liabilities and equity $ 7,504,485 $ 7,208,069

CONSOLIDATED STATEMENTS OF OPERATIONS

STAG Industrial, Inc.

(unaudited, in thousands, except per share data)

Three months ended September 30, Nine months ended September 30,

2026 2025 2026 2025

Revenue

Rental income $ 230,970 $ 209,995 $ 678,346 $ 622,795

Other income 75 1,126 1,275 1,493

Total revenue 231,045 211,121 679,621 624,288

Expenses

Property 46,236 42,168 138,580 126,249

General and administrative 14,830 12,173 42,228 38,380

Depreciation and amortization 80,548 75,963 241,388 224,336

Loss on impairment — — — 888

Other expenses 805 563 1,698 1,077

Total expenses 142,419 130,867 423,894 390,930

Other income (expense)

Interest and other income 4 372 165 380

Interest expense (39,126) (31,670) (112,506) (97,817)

Debt extinguishment and modification expenses (1,592) (1,503) (1,592) (1,503)

Gain on involuntary conversion — — — 1,855

Gain on the sales of rental property, net 24,244 2,196 47,689 57,801

Total other income (expense) (16,470) (30,605) (66,244) (39,284)

Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074

Less: income attributable to noncontrolling interest in operating partnership 1,447 1,013 3,858 4,035

Net income attributable to STAG Industrial, Inc. $ 70,709 $ 48,636 $ 185,625 $ 190,039

Less: amount allocated to participating securities 38 42 115 128

Net income attributable to common stockholders $ 70,671 $ 48,594 $ 185,510 $ 189,911

Weighted average common shares outstanding — basic 192,716 186,593 191,637 186,533

Weighted average common shares outstanding — diluted 192,907 186,840 191,832 186,837

Net income per share — basic and diluted

Net income per share attributable to common stockholders — basic $ 0.37 $ 0.26 $ 0.97 $ 1.02

Net income per share attributable to common stockholders — diluted $ 0.37 $ 0.26 $ 0.97 $ 1.02

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

STAG Industrial, Inc.

(unaudited, in thousands)

Three months ended September 30, Nine months ended September 30,

2026 2025 2026 2025

NET OPERATING INCOME RECONCILIATION

Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074

General and administrative 14,830 12,173 42,228 38,380

Depreciation and amortization 80,548 75,963 241,388 224,336

Interest and other income (4) (372) (165) (380)

Interest expense 39,126 31,670 112,506 97,817

Loss on impairment — — — 888

Gain on involuntary conversion — — — (1,855)

Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503

Other expenses 805 563 1,698 1,077

Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801)

Net operating income $ 184,809 $ 168,953 $ 541,041 $ 498,039

Rental property straight-line rent adjustments, net (5,835) (6,034) (19,093) (15,008)

Amortization of above and below market leases, net (311) (667) (1,148) (1,894)

Cash net operating income $ 178,663 $ 162,252 $ 520,800 $ 481,137

Cash net operating income $ 178,663

Cash NOI from acquisition and disposition timing 1,904

Cash termination, solar and other income (2,822)

Run Rate Cash NOI $ 177,745

Same Store Portfolio NOI

Total NOI $ 184,809 $ 168,953 $ 541,041 $ 498,039

Less: NOI non-same-store properties (20,088) (7,815) (47,557) (20,116)

Termination, solar and other adjustments, net (590) (1,038) (3,078) (2,820)

Same Store NOI $ 164,131 $ 160,100 $ 490,406 $ 475,103

Less: straight-line rent adjustments, net (3,969) (5,015) (12,863) (14,901)

Plus: amortization of above and below market leases, net (297) (617) (1,040) (1,778)

Same Store Cash NOI $ 159,865 $ 154,468 $ 476,503 $ 458,424

EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION

Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074

Depreciation and amortization 80,548 75,963 241,388 224,336

Interest and other income (4) (372) (165) (380)

Interest expense 39,126 31,670 112,506 97,817

Loss on impairment — — — 888

Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801)

EBITDAre

$ 167,582 $ 154,714 $ 495,523 $ 458,934

ADJUSTED EBITDAre RECONCILIATION

EBITDAre

$ 167,582 $ 154,714 $ 495,523 $ 458,934

Straight-line rent adjustments, net (4,892) (6,119) (18,317) (15,244)

Amortization of above and below market leases, net (311) (667) (1,148) (1,894)

Non-cash compensation expense 4,081 3,136 11,064 9,566

Non-recurring other items (8) (30) — (43)

Gain on involuntary conversion — — — (1,855)

Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503

Adjusted EBITDAre

$ 168,044 $ 152,537 $ 488,714 $ 450,967

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

STAG Industrial, Inc.

(unaudited, in thousands, except per share data)

Three months ended September 30, Nine months ended September 30,

2026 2025 2026 2025

CORE FUNDS FROM OPERATIONS RECONCILIATION

Net income $ 72,156 $ 49,649 $ 189,483 $ 194,074

Rental property depreciation and amortization 80,415 75,876 241,099 224,076

Loss on impairment — — — 888

Gain on the sales of rental property, net (24,244) (2,196) (47,689) (57,801)

Funds from operations $ 128,327 $ 123,329 $ 382,893 $ 361,237

Amount allocated to restricted shares of common stock and unvested units (116) (125) (393) (417)

Funds from operations attributable to common stockholders and unit holders $ 128,211 $ 123,204 $ 382,500 $ 360,820

Debt extinguishment and modification expenses 1,592 1,503 1,592 1,503

Gain on involuntary conversion — — — (1,855)

Core funds from operations $ 129,803 $ 124,707 $ 384,092 $ 360,468

Weighted average common shares and units

Weighted average common shares outstanding 192,716 186,593 191,637 186,533

Weighted average units outstanding 3,696 3,679 3,714 3,697

Weighted average common shares and units - basic 196,412 190,272 195,351 190,230

Dilutive shares 191 247 195 304

Weighted average common shares, units, and other dilutive shares - diluted 196,603 190,519 195,546 190,534

Core funds from operations per share / unit - basic $ 0.66 $ 0.66 $ 1.97 $ 1.89

Core funds from operations per share / unit - diluted $ 0.66 $ 0.65 $ 1.96 $ 1.89

CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION

Core funds from operations $ 129,803 $ 124,707 $ 384,092 $ 360,468

Amount allocated to restricted shares of common stock and unvested units 116 125 393 417

Non-rental property depreciation and amortization 133 87 289 260

Straight-line rent adjustments, net (4,892) (6,119) (18,317) (15,244)

Capital expenditures (14,869) (11,406) (36,084) (27,381)

Capital expenditures reimbursed by tenants (356) (1,578) (884) (2,372)

Lease commissions and tenant improvements (6,430) (9,351) (24,592) (23,436)

Non-cash portion of interest expense 1,427 1,406 4,166 4,044

Non-cash compensation expense 4,081 3,136 11,064 9,566

Cash available for distribution $ 109,013 $ 101,007 $ 320,127 $ 306,322

Non-GAAP Financial Measures and Other Definitions

Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership.

Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs.

Cash Available for Distribution 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, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.

Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs.

Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company’s estimate of year one cash net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

Cash Rent Change: We define Cash Rent Change as 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: We define a Comparable Lease as 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.

Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items.

We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.

We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items.

EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre 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, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.

Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property 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. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.

None of FFO or Core FFO should 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, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use 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. We and investors may use Core FFO similarly as FFO.

However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.

GAAP: We define GAAP as generally accepted accounting principles in the United States.

Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company’s unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.

Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents and proceeds from pending reverse Section 1031 like-kind exchanges that are included in restricted cash.

Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses.

We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net.

We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company’s historical results and does not predict future results, which may be substantially different.

We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should 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, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.

Occupancy Rate: We define Occupancy Rate as 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: We define the Operating Portfolio as 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.

Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company’s acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.

Renewal Lease: We define a Renewal Lease as 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.

Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio.

Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.

Same Store: 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 revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025.

Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:

•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,

•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.

Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company’s estimate of annual net operating income from the applicable property’s operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as 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.

Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:

•less than 75% occupied as of the acquisition date;

•will be less than 75% occupied due to known move-outs within two years of the acquisition date;

•out of service with significant physical renovation of the asset;

•development.

Weighted Average Lease Term: We define Weighted Average Lease Term as 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.

Forward-Looking Statements

This earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “should”, “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG’s expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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