STAG Industrial, Inc. 10-K

Item 9A. 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 December 31, 2024. 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. Management’s Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control—Integrated Framework (2013) , our management concluded that our internal control over financial reporting was effective as of December 31, 2024. The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which appears on page F-2 of this report. Changes in Internal Controls There was no change to our internal control over financial reporting during the fourth quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information During the quarter ended December 31, 2024, all items required to be disclosed in a Current Report on Form 8-K were reported under Form 8-K. During the quarter ended December 31, 2024, 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). Similarly, in that same time period, the Company did not adopt or terminate any Rule 10b5-1 trading arrangement. 56 Table of Contents Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable. PART III. Item 10. Directors, Executive Officers and Corporate Governance The information required by Item 10 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference. Item 11. Executive Compensation The information required by Item 11 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by Item 12 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by Item 13 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference. Item 14. Principal Accountant Fees and Services The information required by Item 14 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference. PART IV. Item 15. Exhibits and Financial Statement Schedules 1. Consolidated Financial Statements The financial statements listed in the accompanying Index to Consolidated Financial Statements on page F-1 are filed as a part of this report. 2. Financial Statement Schedules The financial statement schedules required by this Item are filed with this report and listed in the accompanying Index to Consolidated Financial Statements on page F-1. All other financial statement schedules are not applicable. 3. Exhibits The following exhibits are filed as part of this report: Exhibit Number Description of Document 3.1 Articles of Amendment and Restatement (including all articles of amendment and articles supplementary) (incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on July 30, 2019) 3.2 Third Amended and Restated Bylaws (incorporated by reference to the Current Report on Form 8-K filed with the SEC on May 1, 2018) 57 Table of Contents Exhibit Number Description of Document 4.1 Form of Common Stock Certificate (incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on September 24, 2010) 4.2 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Exchange Act (incorporated by reference to the Annual Report on Form 10-K filed with the SEC on February 16, 2022) 10.1 Second Amended and Restated Agreement of Limited Partnership, dated as of February 15, 2023 (incorporated by reference to the Annual Report on Form 10-K filed with the SEC on February 15, 2023) 10.2 Amended and Restated STAG Industrial, Inc. 2011 Equity Incentive Plan, effective April 30, 2018 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on May 1, 2018)* 10.3 Amendment to the 2011 Equity Incentive Plan, dated as of April 25, 2023 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 28, 2023)* 10.4 Form of LTIP Unit Agreement (incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on April 5, 2011)* 10.5 Form of Performance Award Agreement (incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on May 3, 2016)* 10.6 STAG Industrial Inc. Employee Retirement Vesting Program, effective January 7, 2021 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on January 13, 2021)* 10.7 Amended and Restated Executive Employment Agreement with William R. Crooker, effective as of July 1, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 6, 2022)* 10.8 Executive Employment Agreement with Matts S. Pinard, dated January 10, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on January 12, 2022)* 10.8 Executive Employment Agreement with Jeffrey M. Sullivan, dated October 27, 2014 (incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on October 31, 2014)* 10.9 Amended and Restated Executive Employment Agreement with Michael C. Chase, effective as of July 1, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 6, 2022)* 10.10 Executive Employment Agreement with Steven T. Kimball, effective as of March 31, 2023 (incorporated by reference to the Quarterly Report of Form 10-Q filed with the SEC on April 26, 2023)* 10.11 Form of Indemnification Agreement (incorporated by reference to the Registration Statement on Form S-11/A (File No. 333-168368) filed with the SEC on February 16, 2011)* 10.12 Registration Rights Agreement, dated April 20, 2011 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 21, 2011) 10.13 Unsecured Credit Facility: Second Amended and Restated Credit Agreement, dated as of September 10, 2024 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on September 12, 2024) 10.14 Unsecured Term Loan A: Third Amended and Restated Term Loan Agreement, dated as of September 1, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on September 8, 2022) 10.15 Unsecured Term Loan F: Second Amended and Restated Term Loan Agreement, dated as of March 25, 2024 (incorporated by referenced to the Current Report on Form 8-K filed with the SEC on March 28, 2024) 10.16 Unsecured Term Loan G: Amended and Restated Term Loan Agreement, dated as of September 1, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on September 8, 2022) 10.17 Unsecured Term Loan H: Term Loan Agreement, dated as of July 26, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 29, 2022) 10.18 Unsecured Term Loan I: Term Loan Agreement, dated as of July 26, 2022 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on July 29, 2022) 10.19 Series A Unsecured Notes, Series B Unsecured Notes: Note Purchase Agreement, dated as of April 16, 2014 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 22, 2014) 10.20 Series A Unsecured Notes, Series B Unsecured Notes: First Amendment to Note Purchase Agreement, dated as of December 18, 2014 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 19, 2014) 10.21 Series A Unsecured Notes, Series B Unsecured Notes: Second Amendment to Note Purchase Agreement, dated as of December 1, 2015 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 4, 2015) 10.22 Series A Unsecured Notes, Series B Unsecured Notes: Third Amendment to Note Purchase Agreement, dated as of April 10, 2018 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 13, 2018) 58 Table of Contents Exhibit Number Description of Document 10.23 Series C Unsecured Notes, Series D Unsecured Notes, Series E Unsecured Notes: Note Purchase Agreement, dated as of December 18, 2014 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 19, 2014) 10.24 Series C Unsecured Notes, Series D Unsecured Notes, Series E Unsecured Notes: First Amendment to Note Purchase Agreement, dated as of December 1, 2015 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on December 4, 2015) 10.25 Series C Unsecured Notes, Series D Unsecured Notes, Series E Unsecured Notes: Second Amendment to Note Purchase Agreement, dated as of April 10, 2018 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 13, 2018) 10.26 Series G Unsecured Notes, Series H Unsecured Notes: Note Purchase Agreement, dated as of April 10, 2018 (incorporated by reference to the Current Report on Form 8-K filed with the SEC on April 13, 2018) 10.27 Series I Unsecured Notes, Series J Unsecured Notes: Note Purchase Agreement, dated as of July 8, 2021 (incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on October 28, 2021) 10.28 Series K Unsecured Notes: Note Purchase Agreement, dated as of April 28, 2022 (incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on May 3, 2022) 10.29 Series L Unsecured Notes, Series M Unsecured Notes, Series N Unsecured Notes: Note Purchase Agreement, dated as of March 13, 2024 (incorporated by reference to the Current Report on Form 8-K filed with SEC on March 18, 2024) 19.1 Insider Trading Policy (incorporated by reference to the Annual Report on Form 10-K filed with the SEC on February 13, 2024) 21.1 Subsidiaries of STAG Industrial, Inc. 23.1 Consent of PricewaterhouseCoopers LLP 24.1 Power of Attorney (included on signature page) 31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 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 97.1 Clawback Policy (incorporated by reference to the Annual Report on Form 10-K filed with the SEC on February 13, 2024) 101 The following materials from STAG Industrial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (vi) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these consolidated financial statements. 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). * Represents management contract or compensatory plan or arrangement. Item 16. Form 10-K Summary None. 59 Table of Contents 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. STAG INDUSTRIAL, INC. Dated: February 12, 2025 /s/ William R. Crooker By: William R. Crooker President and Chief Executive Officer KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned officers and directors of STAG Industrial, Inc., hereby severally constitute William R. Crooker and Matts S. Pinard, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form 10-K filed herewith and any and all amendments to said Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable STAG Industrial, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form 10-K and any and all amendments thereto. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and dates indicated. Date Signature Title February 12, 2025 /s/ William R. Crooker President, Chief Executive Officer and Director (principal executive officer) William R. Crooker February 12, 2025 /s/ Benjamin S. Butcher Director Benjamin S. Butcher February 12, 2025 /s/ Jit Kee Chin Director Jit Kee Chin February 12, 2025 /s/ Virgis W. Colbert Director Virgis W. Colbert February 12, 2025 /s/ Michelle S. Dilley Director Michelle S. Dilley February 12, 2025 /s/ Jeffrey D. Furber Director Jeffrey D. Furber February 12, 2025 /s/ Larry T. Guillemette Chairman of the Board Larry T. Guillemette February 12, 2025 /s/ Francis X. Jacoby III Director Francis X. Jacoby III February 12, 2025 /s/ Christopher P. Marr Director Christopher P. Marr February 12, 2025 /s/ Hans S. Weger Director Hans S. Weger February 12, 2025 /s/ Vicki Lundy Wilbon Director Vicki Lundy Wilbon February 12, 2025 /s/ Matts S. Pinard Chief Financial Officer, Executive Vice President and Treasurer (principal financial officer) Matts S. Pinard February 12, 2025 /s/ Jaclyn M. Paul Chief Accounting Officer (principal accounting officer) Jaclyn M. Paul 60 Table of Contents STAG INDUSTRIAL, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 2 Consolidated Balance Sheets as of December 31, 2024 and 2023 4 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 5 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 6 Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022 7 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 8 Notes to Consolidated Financial Statements 9 Financial Statement Schedule—Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2024 36 F-1 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of STAG Industrial, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of STAG Industrial, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. F-2 Table of Contents Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Purchase Price Accounting As described in Notes 2 and 3 to the consolidated financial statements, the Company completed property acquisitions for total consideration of $710.3 million during the year ended December 31, 2024. Management allocates the purchase price of properties based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates, exit capitalization rates, and land value per square foot. The principal considerations for our determination that performing procedures relating to purchase price accounting is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of assets acquired and liabilities assumed; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to rental rates, discount rates, exit capitalization rates, and land value per square foot; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to purchase price accounting, including controls over management’s valuation of the assets acquired and liabilities assumed. These procedures also included, among others, for a sample of acquisitions (i) reading the purchase agreements; (ii) testing management’s process for developing the valuation of the assets acquired and liabilities assumed; (iii) evaluating the appropriateness of the models used by management; (iv) testing the completeness and accuracy of underlying data used in the models; and (v) evaluating the reasonableness of the significant assumptions used by management related to rental rates, discount rates, exit capitalization rates, and land value per square foot. Evaluating management’s assumptions related to rental rates, discount rates, exit capitalization rates, and land value per square foot involved evaluating whether the assumptions used by management were reasonable considering consistency with external market data or comparable transactions. For certain acquisitions, professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the models used by management and (ii) the reasonableness of the significant assumptions used by management related to rental rates, discount rates, exit capitalization rates, and land value per square foot. /s/ PricewaterhouseCoopers LLP Boston, Massachusetts February 12, 2025 We have served as the Company’s auditor since 2009. F-3 Table of Contents STAG Industrial, Inc. Consolidated Balance Sheets (in thousands, except share data) December 31, 2024 December 31, 2023 Assets Rental Property: Land $ 771,794 $ 698,633 Buildings and improvements, net of accumulated depreciation of $ 1,085,866 and $ 921,846 , respectively 5,295,120 4,838,522 Deferred leasing intangibles, net of accumulated amortization of $ 386,627 and $ 360,094 , respectively 428,865 435,722 Total rental property, net 6,495,779 5,972,877 Cash and cash equivalents 36,284 20,741 Restricted cash 1,109 1,127 Tenant accounts receivable 136,357 128,274 Prepaid expenses and other assets 96,189 80,455 Interest rate swaps 36,466 50,418 Operating lease right-of-use assets 31,151 29,566 Total assets $ 6,833,335 $ 6,283,458 Liabilities and Equity Liabilities: Unsecured credit facility $ 409,000 $ 402,000 Unsecured term loans, net 1,021,848 1,021,773 Unsecured notes, net 1,594,092 1,195,872 Mortgage note, net 4,195 4,401 Accounts payable, accrued expenses and other liabilities 126,811 83,152 Tenant prepaid rent and security deposits 56,173 44,238 Dividends and distributions payable 23,469 22,726 Deferred leasing intangibles, net of accumulated amortization of $ 31,368 and $ 26,613 , respectively 33,335 29,908 Operating lease liabilities 35,304 33,577 Total liabilities 3,304,227 2,837,647 Commitments and contingencies (Note 11) Equity: Preferred stock, par value $ 0.01 per share, 20,000,000 shares authorized at December 31, 2024 and December 31, 2023; none issued or outstanding — — Common stock, par value $ 0.01 per share, 300,000,000 shares authorized at December 31, 2024 and December 31, 2023, 186,517,523 and 181,690,867 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1,865 1,817 Additional paid-in capital 4,449,964 4,272,376 Cumulative dividends in excess of earnings ( 1,029,757 ) ( 948,720 ) Accumulated other comprehensive income 35,579 49,207 Total stockholders’ equity 3,457,651 3,374,680 Noncontrolling interest in operating partnership 69,932 71,131 Noncontrolling interest in joint ventures 1,525 — Total equity 3,529,108 3,445,811 Total liabilities and equity $ 6,833,335 $ 6,283,458 The accompanying notes are an integral part of these consolidated financial statements. F-4 Table of Contents STAG Industrial, Inc. Consolidated Statements of Operations (in thousands, except share data) Year ended December 31, 2024 2023 2022 Revenue Rental income $ 762,892 $ 705,160 $ 654,377 Other income 4,492 2,675 2,968 Total revenue 767,384 707,835 657,345 Expenses Property 154,828 139,596 125,701 General and administrative 49,202 47,491 46,958 Depreciation and amortization 293,077 278,447 275,040 Loss on impairment 4,967 — 1,783 Other expenses 2,332 4,693 4,363 Total expenses 504,406 470,227 453,845 Other income (expense) Interest and other income 44 68 103 Interest expense ( 113,169 ) ( 94,575 ) ( 78,018 ) Debt extinguishment and modification expenses ( 703 ) — ( 838 ) Gain on involuntary conversion 11,843 — — Gain on the sales of rental property, net 32,273 54,100 57,487 Total other income (expense) ( 69,712 ) ( 40,407 ) ( 21,266 ) Net income 193,266 197,201 182,234 Less: income attributable to noncontrolling interest in operating partnership 4,046 4,356 3,908 Net income attributable to STAG Industrial, Inc. 189,220 192,845 178,326 Less: amount allocated to participating securities 182 212 237 Net income attributable to common stockholders $ 189,038 $ 192,633 $ 178,089 Weighted average common shares outstanding — basic 182,160 180,221 178,753 Weighted average common shares outstanding — diluted 182,404 180,555 178,940 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.04 $ 1.07 $ 1.00 Net income per share attributable to common stockholders — diluted $ 1.04 $ 1.07 $ 1.00 The accompanying notes are an integral part of these consolidated financial statements. F-5 Table of Contents STAG Industrial, Inc. Consolidated Statements of Comprehensive Income (in thousands) Year ended December 31, 2024 2023 2022 Net income $ 193,266 $ 197,201 $ 182,234 Other comprehensive income (loss): Income (loss) on interest rate swaps ( 13,919 ) ( 21,774 ) 84,086 Other comprehensive income (loss) ( 13,919 ) ( 21,774 ) 84,086 Comprehensive income 179,347 175,427 266,320 Income attributable to noncontrolling interest ( 4,046 ) ( 4,356 ) ( 3,908 ) Other comprehensive (income) loss attributable to noncontrolling interest 291 481 ( 1,803 ) Comprehensive income attributable to STAG Industrial, Inc. $ 175,592 $ 171,552 $ 260,609 The accompanying notes are an integral part of these consolidated financial statements. F-6 Table of Contents STAG Industrial, Inc. Consolidated Statements of Equity (in thousands, except share data) Preferred Stock Common Stock Additional Paid-in Capital Cumulative Dividends in Excess of Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Noncontrolling Interest in Operating Partnership Noncontrolling Interest in Joint Ventures Total Equity Shares Par Amount Balance, December 31, 2021 $ — 177,769,342 $ 1,777 $ 4,130,038 $ ( 792,332 ) $ ( 11,783 ) $ 3,327,700 $ 65,887 $ — $ 3,393,587 Proceeds from sales of common stock, net — 1,328,335 13 54,931 — — 54,944 — — 54,944 Dividends and distributions, net ($1.46 per share/unit) — — — — ( 261,359 ) — ( 261,359 ) ( 5,832 ) — ( 267,191 ) Non-cash compensation activity, net — 52,809 1 2,832 ( 780 ) — 2,053 8,468 — 10,521 Redemption of common units to common stock — 98,494 1 1,856 — — 1,857 ( 1,857 ) — — Rebalancing of noncontrolling interest — — — ( 980 ) — — ( 980 ) 980 — — Other comprehensive income — — — — — 82,283 82,283 1,803 — 84,086 Net income — — — — 178,326 — 178,326 3,908 — 182,234 Balance, December 31, 2022 — 179,248,980 1,792 4,188,677 ( 876,145 ) 70,500 3,384,824 73,357 — 3,458,181 Proceeds from sales of common stock, net — 1,967,009 20 69,436 — — 69,456 — — 69,456 Dividends and distributions, net ($1.47 per share/unit) — — — — ( 265,337 ) — ( 265,337 ) ( 2,672 ) — ( 268,009 ) Non-cash compensation activity, net — 102,704 1 1,748 ( 83 ) — 1,666 9,090 — 10,756 Redemption of common units to common stock — 372,174 4 6,997 — — 7,001 ( 7,001 ) — — Rebalancing of noncontrolling interest — — — 5,518 — — 5,518 ( 5,518 ) — — Other comprehensive loss — — — — — ( 21,293 ) ( 21,293 ) ( 481 ) — ( 21,774 ) Net income — — — — 192,845 — 192,845 4,356 — 197,201 Balance, December 31, 2023 — 181,690,867 1,817 4,272,376 ( 948,720 ) 49,207 3,374,680 71,131 — 3,445,811 Proceeds from sales of common stock, net — 4,308,008 43 167,176 — — 167,219 — $ — 167,219 Dividends and distributions, net ($1.48 per share/unit) — — — — ( 270,021 ) — ( 270,021 ) ( 5,644 ) — ( 275,665 ) Non-cash compensation activity, net — 78,098 1 3,724 ( 236 ) — 3,489 7,382 — 10,871 Redemption of common units to common stock — 440,550 4 8,157 — — 8,161 ( 8,161 ) — — Rebalancing of noncontrolling interest — — — ( 1,469 ) — — ( 1,469 ) 1,469 — — Contributions from noncontrolling interest in joint ventures — — — — — — — — 1,525 1,525 Other comprehensive loss — — — — — ( 13,628 ) ( 13,628 ) ( 291 ) — ( 13,919 ) Net income — — — — 189,220 — 189,220 4,046 — 193,266 Balance, December 31, 2024 $ — 186,517,523 $ 1,865 $ 4,449,964 $ ( 1,029,757 ) $ 35,579 $ 3,457,651 $ 69,932 $ 1,525 $ 3,529,108 The accompanying notes are an integral part of these consolidated financial statements. F-7 Table of Contents STAG Industrial, Inc . Consolidated Statements of Cash Flows (in thousands) Year ended December 31, 2024 2023 2022 Cash flows from operating activities: Net income $ 193,266 $ 197,201 $ 182,234 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 293,077 278,447 275,040 Loss on impairment 4,967 — 1,783 Gain on involuntary conversion ( 11,843 ) — — Non-cash portion of interest expense 4,506 3,905 3,747 Amortization of above and below market leases, net ( 602 ) ( 887 ) ( 352 ) Straight-line rent adjustments, net ( 14,447 ) ( 16,648 ) ( 17,610 ) Debt extinguishment and modification expenses 36 — 21 Gain on the sales of rental property, net ( 32,273 ) ( 54,100 ) ( 57,487 ) Non-cash compensation expense 11,740 11,486 12,068 Change in assets and liabilities: Tenant accounts receivable 4,607 1,915 ( 6,438 ) Prepaid expenses and other assets ( 27,425 ) ( 23,870 ) ( 21,870 ) Accounts payable, accrued expenses and other liabilities 22,748 ( 9,237 ) 13,531 Tenant prepaid rent and security deposits 11,935 2,880 3,264 Total adjustments 267,026 193,891 205,697 Net cash provided by operating activities 460,292 391,092 387,931 Cash flows from investing activities: Additions of land and buildings and improvements ( 150,445 ) ( 107,856 ) ( 111,653 ) Acquisitions of land and buildings and improvements ( 624,722 ) ( 303,991 ) ( 421,784 ) Acquisitions of other assets ( 243 ) — ( 2,134 ) Acquisitions of operating lease right-of-use assets ( 3,554 ) — ( 3,541 ) Proceeds from sales of rental property, net 126,479 105,602 135,348 Acquisitions of tenant prepaid rent — 511 445 Acquisition deposits, net ( 450 ) 3,850 1,428 Acquisitions of deferred leasing intangibles ( 81,677 ) ( 18,462 ) ( 49,174 ) Acquisitions of operating lease liabilities 3,554 — 3,541 Net cash used in investing activities ( 731,058 ) ( 320,346 ) ( 447,524 ) Cash flows from financing activities: Proceeds from unsecured credit facility 1,976,000 1,167,000 1,288,000 Repayment of unsecured credit facility ( 1,969,000 ) ( 940,000 ) ( 1,409,000 ) Proceeds from unsecured term loans — — 375,000 Repayment of unsecured term loans — — ( 325,000 ) Proceeds from unsecured notes 450,000 — 400,000 Repayment of unsecured notes ( 50,000 ) ( 100,000 ) — Repayment of mortgage notes ( 215 ) ( 3,503 ) ( 46,943 ) Payment of loan fees and costs ( 12,456 ) ( 270 ) ( 5,211 ) Dividends and distributions ( 274,920 ) ( 267,567 ) ( 266,817 ) Proceeds from sales of common stock, net 167,278 69,485 54,753 Repurchase and retirement of share-based compensation ( 1,047 ) ( 812 ) ( 1,596 ) Contributions from noncontrolling interest in joint ventures 651 — — Net cash provided by (used in) financing activities 286,291 ( 75,667 ) 63,186 Increase (decrease) in cash and cash equivalents and restricted cash 15,525 ( 4,921 ) 3,593 Cash and cash equivalents and restricted cash—beginning of period 21,868 26,789 23,196 Cash and cash equivalents and restricted cash—end of period $ 37,393 $ 21,868 $ 26,789 Supplemental disclosure: Cash paid for interest, net of amounts capitalized of $ 2,268 , $ 2,600 , and $ 1,456 for 2024, 2023, and 2022, respectively $ 108,817 $ 89,979 $ 72,740 Supplemental schedule of non-cash investing and financing activities Additions of land and buildings and improvements $ — $ — $ ( 2,674 ) Transfer of other assets to building and other capital improvements $ — $ — $ 2,674 Acquisitions of land and buildings and improvements $ ( 3,330 ) $ ( 66 ) $ — Acquisitions of deferred leasing intangibles $ ( 357 ) $ ( 6 ) $ — Additions to building and other capital improvements from involuntary conversion $ ( 14,810 ) $ — $ — Partial disposal due to involuntary conversion of building $ — $ 2,968 $ — Investing other receivables due to involuntary conversion of building $ 2,968 $ ( 2,968 ) $ — Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities $ ( 19,126 ) $ 2,836 $ ( 7,897 ) Additions to building and other capital improvements from non-cash compensation $ ( 205 ) $ ( 92 ) $ ( 62 ) Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities $ ( 563 ) $ ( 30 ) $ 192 Contributions from noncontrolling interest in joint ventures $ 874 $ — $ — Dividends and distributions accrued $ 23,469 $ 22,726 $ 22,282 The accompanying notes are an integral part of these consolidated financial statements. F-8 Table of Contents STAG Industrial, Inc. Notes to Consolidated Financial Statements 1. Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition 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 December 31, 2024 and December 31, 2023, the Company owned 98.0 % and 97.9 %, 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 December 31, 2024, the Company owned 591 industrial buildings in 41 states with approximately 116.6 million rentable square feet (square feet unaudited herein and throughout the Notes). 2. Summary of Significant Accounting Policies 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. New Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). ASU 2023-07 was effective for the year ended December 31, 2024 and interim periods thereafter. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2024. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital F-9 expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company’s unsecured indebtedness during the period. For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and therefore involves subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section. In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method. The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective. Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease Fully depreciated or amortized tenant improvements, deferred leasing intangible assets, or deferred leasing intangible liabilities and the associated accumulated depreciation or amortization are written-off. The Company wrote-off fully depreciated or amortized tenant improvements, deferred leasing intangible assets, and deferred leasing intangible liabilities of approximately F-10 $ 4.6 million, $ 71.1 million, $ 4.1 million, respectively, for the year ended December 31, 2024 and approximately $ 3.9 million, $ 63.0 million, $ 6.3 million, respectively, for the year ended December 31, 2023. Leases For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments. Interest in Joint Ventures The Company has equity interests in consolidated joint ventures that are primarily engaged in the development and eventual operation of industrial real estate properties. The Company evaluated the joint ventures under the variable interest entity (“VIE”) model of consolidation and determined that the joint ventures are not VIEs. Accordingly, the Company has determined to account for its investment in the joint ventures under the voting interest model of consolidation, as the Company has a majority voting interest and financial control. Control is determined using accounting standards related to the consolidation of joint ventures and VIEs. The evaluation of control includes a review of the entity’s governing documents and the Company’s rights and obligations. In determining whether the Company has a controlling financial interest in a joint venture, the Company considers various factors, including the percentage of voting interests owned, the ability to direct the activities that most significantly impact the entity’s economic performance, and the extent of the Company’s exposure to the entity’s returns. The Company also considers whether other parties hold substantive participating rights or protective rights that would preclude consolidation. The Company reevaluates its consolidation conclusions on an ongoing basis and upon occurrence of certain significant events under the accounting standards consolidation guidance. The assets and liabilities of the consolidated joint ventures are included in the accompanying Consolidated Balance Sheets, and the joint ventures’ results of operations are included in the accompanying Consolidated Statements of Operations. The joint venture partners’ share of the joint ventures is reflected as noncontrolling interest in joint ventures in the accompanying consolidated financial statements. See Note 7 for further discussion of the noncontrolling interest in joint ventures. The Company’s interest in the joint ventures is recognized under the hypothetical liquidation at book value model. Under this model, the Company’s earnings from and equity interest in the joint ventures are recorded based on its proportionate share of the joint ventures based on its ownership interest, after giving effect to incentive fees earned by the joint venture partner. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. Restricted Cash Restricted cash may include tenant security deposits, cash held in escrow for real estate taxes and capital improvements as required by various mortgage note agreements, and cash held by the Company’s transfer agent for preferred stock dividends, if any, that are distributed subsequent to period end. Restricted cash may also include cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. F-11 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) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 36,284 $ 20,741 Restricted cash 1,109 1,127 Total cash and cash equivalents and restricted cash $ 37,393 $ 21,868 Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt. Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $ 4.9 million as of December 31, 2024 represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2024. Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality F-12 counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets. Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. All other financial instruments noted are recorded at carrying value, which equates to their fair value. The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier 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. Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations. Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital may not be taxable. A return of capital has the effect of reducing the holder’s adjusted tax basis in its investment, which may or may not be taxable to the holder. The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes. Year ended December 31, 2024 2023 2022 Federal Income Tax Treatment of Dividends per Common Share Per Share % Per Share % Per Share % Ordinary income $ 1.316017 89.9 % $ 1.243518 83.7 % $ 1.172486 80.4 % Return of capital 0.103508 7.1 % — — % 0.165158 11.3 % Unrecaptured section 1250 capital gain 0.043793 3.0 % 0.089829 6.0 % 0.014248 1.0 % Other capital gain — — % 0.151665 10.3 % 0.107278 7.3 % Total (1) $ 1.463318 100.0 % $ 1.485012 100.0 % $ 1.459170 100.0 % (1) The December 2021 monthly common stock dividend of $ 0.120833 per share was included in the stockholder’s 2022 tax year. The December 2022 monthly common stock dividend of $ 0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $ 0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $ 0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $ 0.123333 per share will be included in the stockholder’s 2025 tax year. Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, F-13 would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations. Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space. The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the costs funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease. Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. Gain on the Sales of Rental Property, net The timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized. Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units , respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. The Company provides supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. Related-Party Transactions The Company did no t have any related-party transactions during the years ended December 31, 2024, 2023 and 2022. Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the F-14 Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS recognized a net income of approximately $ 0 , $ 0 and $ 0.1 million, for the years ended December 31, 2024, 2023 and 2022, respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $ 2.0 million, $ 2.0 million and $ 2.1 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2024, 2023 and 2022, there were no liabilities for uncertain tax positions. Earnings Per Shar e The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period. 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 CODM 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. The CODM also assesses the performance of the segment based on funds from operations (“FFO”) and net operating income (“NOI”). FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. 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. 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. F-15 The CODM uses net income, FFO, and NOI in the annual budgeting and quarterly reforecasting process and considers the quarterly reforecasting results to evaluate the performance of the segment and make decisions about allocating resources back into the segment, or into other parts of the Company. Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines. Concentrations of credit risk may also arise when the Company enters into leases with multiple tenants concentrated in the same industry, or into a significant lease or multiple leases with a single tenant, or tenants are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk through financial statement review, tenant management calls, and press releases. 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 December 31, 2024 and 2023. Rental Property (in thousands) December 31, 2024 December 31, 2023 Land $ 771,794 $ 698,633 Buildings, net of accumulated depreciation of $ 738,348 and $ 622,941 , respectively 4,634,634 4,330,799 Tenant improvements, net of accumulated depreciation of $ 42,092 and $ 36,920 , respectively 44,987 39,145 Building and land improvements, net of accumulated depreciation of $ 305,426 and $ 261,985 , respectively 396,883 369,724 Construction in progress 218,616 98,854 Deferred leasing intangibles, net of accumulated amortization of $ 386,627 and $ 360,094 , respectively 428,865 435,722 Total rental property, net $ 6,495,779 $ 5,972,877 F-16 Acquisitions The following tables summarize the acquisitions of the Company during the years ended December 31, 2024 and 2023. The Company accounted for all of its acquisitions as asset acquisitions. Year ended December 31, 2024 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 50,073 Milwaukee, WI April 8, 2024 150,002 1 16,062 Portland, OR April 15, 2024 99,136 1 17,058 Louisville, IN April 16, 2024 592,800 1 52,352 Portland, OR (2) June 6, 2024 — — 8,178 El Paso, TX June 10, 2024 254,103 1 32,182 Chicago, IL June 24, 2024 947,436 5 87,560 Columbus, OH June 26, 2024 150,207 1 20,408 Three months ended June 30, 2024 2,193,684 10 233,800 Reno, NV (2) July 25, 2024 — — 1,896 Reno, NV (3) August 8, 2024 — — 8,959 LaGrange, GA September 9, 2024 323,368 1 34,870 Boston, MA September 12, 2024 290,471 5 78,127 Three months ended September 30, 2024 613,839 6 123,852 Minneapolis, MN October 10, 2024 360,000 1 43,288 Minneapolis, MN October 15, 2024 126,000 1 23,331 Minneapolis, MN October 30, 2024 96,096 1 13,896 Philadelphia, PA October 31, 2024 69,492 1 12,443 Phoenix, AZ November 7, 2024 80,000 1 14,707 Kansas City, MO November 12, 2024 676,000 2 55,651 Chicago, IL December 3, 2024 725,917 5 73,230 Charlotte, NC December 5, 2024 86,749 1 12,981 Salt Lake City, UT December 10, 2024 172,847 1 34,615 Charlotte, NC (3) December 13, 2024 — — 8,926 Sacramento, CA December 30, 2024 55,064 1 9,536 Three months ended December 31, 2024 2,448,165 15 302,604 Year ended December 31, 2024 5,953,188 32 $ 710,329 (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. (2) The Company acquired a vacant land parcel. (3) The Company acquired a vacant land parcel through a consolidated joint venture. Year ended December 31, 2023 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Central New Jersey, NJ April 24, 2023 101,381 1 $ 26,660 Greensboro, NC May 5, 2023 133,622 1 14,004 Three and Six months ended June 30, 2023 235,003 2 40,664 Portland, OR July 18, 2023 121,426 2 20,685 Allentown, PA July 24, 2023 222,042 3 34,859 Philadelphia, PA July 24, 2023 152,625 1 15,031 Sacramento, CA August 7, 2023 96,658 1 13,725 Chicago, IL August 10, 2023 400,088 1 41,348 Tampa, FL (2) August 30, 2023 — — 9,572 Indianapolis, IN September 18, 2023 258,000 1 21,306 Riverside, CA September 25, 2023 157,146 2 36,095 Dallas, TX September 29, 2023 120,900 1 21,288 Three months ended September 30, 2023 1,528,885 12 213,909 Greenville, SC (3) October 5, 2023 — — 18,735 Greenville, SC October 5, 2023 233,433 1 18,735 Reno, NV October 19, 2023 165,000 1 29,971 Three months ended December 31, 2023 398,433 2 67,441 Year ended December 31, 2023 2,162,321 16 $ 322,014 (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. (2) The Company acquired vacant land parcels. (3) The Company acquired one building under development. On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of two industrial real estate properties located in Concord, North Carolina. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further F-17 discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture. On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture. The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2024 and 2023 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2024 Year ended December 31, 2023 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 84,965 N/A $ 56,055 N/A Buildings 504,551 N/A 217,420 N/A Tenant improvements 8,726 N/A 1,407 N/A Building and land improvements 26,207 N/A 12,988 N/A Construction in progress 3,603 N/A 16,187 N/A Deferred leasing intangibles - in-place leases 60,659 6.4 16,914 5.1 Deferred leasing intangibles - tenant relationships 32,784 10.1 6,870 8.9 Deferred leasing intangibles - above market leases 934 2.7 523 2.7 Other assets 243 N/A — N/A Operating lease right-of-use assets 3,554 N/A — N/A Tenant prepaid rent — N/A ( 511 ) N/A Deferred leasing intangibles - below market leases ( 12,343 ) 6.2 ( 5,839 ) 6.4 Operating lease liabilities ( 3,554 ) N/A — N/A Total purchase price $ 710,329 $ 322,014 Dispositions The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023, and 2022. All of the dispositions were sold to third parties and were accounted for under the full accrual method. Year ended December 31, Sales of rental property, net (dollars in thousands) 2024 2023 2022 Number of buildings 10 10 8 Number of land parcels — — 1 Building square feet (in millions) $ 1.6 2.0 1.8 2024 dispositions contribution to net income (loss) (1) $ ( 6,183 ) $ 3,964 $ 3,465 2023 dispositions contribution to net income (1) $ — $ 2,354 $ 5,926 2022 dispositions contribution to net income (1) $ — $ — $ 1,008 Proceeds from sales of rental property, net $ 126,479 $ 105,602 $ 135,348 Net book value $ 94,206 $ 51,502 $ 77,861 Gain on the sales of rental property, net $ 32,273 $ 54,100 $ 57,487 (1) Exclusive of any loss on impairment, gain on involuntary conversion, and gain on the sales of rental property, net. F-18 Loss on Impairment The following table summarizes the Company’s loss on impairment for assets held and used during the years ended December 31, 2024 and 2022. The Company did not recognize a loss on impairment during the year ended December 31, 2023. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation technique utilized to estimate fair value Fair Value (3) Loss on Impairment (in thousands) Salt Lake City, UT 1 Change in estimated hold period (4) Discounted cash flows (5) $ 21,827 $ 4,967 Year ended December 31, 2024 $ 4,967 Hartford, CT 1 Change in estimated hold period (6) Discounted cash flows (7) $ 834 $ 1,783 Year ended December 31, 2022 $ 1,783 (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. (2) The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (3) The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. (4) This property was sold during the year ended December 31, 2024. (5) Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3 % and exit capitalization rate of 6.3 %. (6) This property was sold during the year ended December 31, 2023. (7) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0 % and exit capitalization rate of 8.5 %. Involuntary Conversion In December 2023, the Company recorded an estimated loss on involuntary conversion of approximately $ 3.0 million for the year ended December 31, 2023 related to a tornado that damaged one of the Company’s buildings. An insurance policy provided coverage for these losses, and accordingly the loss on involuntary conversion was fully offset for the year ended December 31, 2023. As of December 31, 2023, the receivable from the insurance coverage was estimated to be approximately $ 3.0 million, which was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the year ended December 31, 2024, the approximately $ 3.0 million receivable from the insurance coverage was relieved and exchanged for improvements made to the building and included as a non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the year ended December 31, 2024, the Company recognized a gain on involuntary conversion of approximately $ 11.8 million. The Company did not recognize a gain or loss on involuntary conversion during the year ended December 31, 2023. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023. December 31, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 76,232 $ ( 39,335 ) $ 36,897 $ 79,946 $ ( 35,698 ) $ 44,248 Other intangible lease assets 739,260 ( 347,292 ) 391,968 715,870 ( 324,396 ) 391,474 Total deferred leasing intangible assets $ 815,492 $ ( 386,627 ) $ 428,865 $ 795,816 $ ( 360,094 ) $ 435,722 Below market leases $ 64,703 $ ( 31,368 ) $ 33,335 $ 56,521 $ ( 26,613 ) $ 29,908 Total deferred leasing intangible liabilities $ 64,703 $ ( 31,368 ) $ 33,335 $ 56,521 $ ( 26,613 ) $ 29,908 The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 2022 Net increase to rental income related to above and below market lease amortization $ 579 $ 865 $ 329 Amortization expense related to other intangible lease assets $ 91,254 $ 89,036 $ 95,901 F-19 The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2025 $ 80,029 $ 2,433 2026 $ 68,191 $ 1,245 2027 $ 55,652 $ 521 2028 $ 47,572 $ 446 2029 $ 39,488 $ 131 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 December 31, 2024 and 2023. Indebtedness (dollars in thousands) December 31, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 409,000 $ 402,000 Term SOFR + 0.875% September 7, 2029 i Total unsecured credit facility 409,000 402,000 Unsecured term loans: Unsecured Term Loan G 300,000 300,000 1.80 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.16 % March 15, 2027 i Unsecured Term Loan H 187,500 187,500 3.35 % January 25, 2028 i Unsecured Term Loan I 187,500 187,500 3.51 % January 25, 2028 i Unsecured Term Loan F (5) 200,000 200,000 2.96 % March 23, 2029 i Total unsecured term loans 1,025,000 1,025,000 Total unamortized deferred financing fees and debt issuance costs ( 3,152 ) ( 3,227 ) Total carrying value unsecured term loans, net 1,021,848 1,021,773 Unsecured notes: Series A Unsecured Notes — 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series L Unsecured Notes 175,000 — 6.05 % May 28, 2029 ii Series M Unsecured Notes 125,000 — 6.17 % May 28, 2031 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 400,000 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Series N Unsecured Notes 150,000 — 6.30 % May 28, 2034 ii Total unsecured notes 1,600,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs ( 5,908 ) ( 4,128 ) Total carrying value unsecured notes, net 1,594,092 1,195,872 Mortgage note (secured debt): United of Omaha Life Insurance Company 4,322 4,537 3.71 % October 1, 2039 ii Total mortgage note 4,322 4,537 Net unamortized fair market value discount ( 127 ) ( 136 ) Total carrying value mortgage note, net 4,195 4,401 Total / weighted average interest rate (6) $ 3,029,135 $ 2,624,046 3.98 % (1) Interest rate as of December 31, 2024. At December 31, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 4.33249 %. 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 spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10 % adjustment and a spread of 0.775 %. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10 % adjustment and a spread of 0.85 %. As of December 31, 2024, one-month Term F-20 SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31 %, 2.11 %, 0.95 %, 2.50 %, and 2.66 %, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR was swapped to a fixed rate of 3.98 %. (3) Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4) The capacity of the unsecured credit facility is $ 1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $ 10.1 million and $ 3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six -month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1 % to 0.3 %, depending on the Company’s debt rating, as defined in the 2024 Credit Agreement (as defined below). The facility fee is due and payable quarterly. (5) The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $ 1,025.0 million of debt and 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 aggregate undrawn nominal commitment on the unsecured credit facility as of December 31, 2024 was approximately $ 586.8 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 $ 13.7 million and $ 14.6 million as of December 31, 2024 and 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. 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 years ended December 31, 2024, 2023 and 2022. Year ended December 31, Costs Included in Interest Expense (in thousands) 2024 2023 2022 Amortization of deferred financing fees and debt issuance costs and fair market value discount $ 4,506 $ 3,905 $ 3,747 Facility, unused, and other fees $ 1,765 $ 1,759 $ 1,548 2024 Debt Activity On October 1, 2024, the Company redeemed in full at maturity the $ 50.0 million in aggregate principal amount of the Series A Unsecured Notes with a fixed interest rate of 4.98%. On September 10, 2024, the Company entered into the second amended and restated credit agreement for the unsecured credit facility (the “2024 Credit Agreement”) to (i) extend the maturity date to September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion, subject to certain conditions, including the payment of a fee, and (ii) provide that borrowings under the unsecured credit facility will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the 2024 Credit Agreement), which interest rate will be increased by 0.10 % for any SOFR Loan (as defined in the 2024 Credit Agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the 2024 Credit Agreement). Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of the unsecured credit facility remain unchanged. In connection with the 2024 Credit Agreement, the Company incurred approximately $ 8.9 million in costs, which have been deferred and will amortize through the maturity date of September 8, 2028. The previous unamortized fees related to the unsecured credit facility have been extended to amortize through the new maturity date of September 8, 2028. Additionally, the Company incurred approximately $ 36 thousand of modification expenses, which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On June 29, 2024, the sustainability-related interest rate reduction of 0.02 % on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements. On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions F-21 (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10 % for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. Other than the maturity and interest rate provisions described above, the material terms remain unchanged. The Unsecured Term Loan F’s initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125 % of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $ 1.2 million in costs, which have been deferred, including approximately $ 0.5 million of accrued extension fees, and will amortize through the extended maturity date of March 23, 2029. The Company also incurred approximately $ 0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $ 175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05 %, $ 125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17 %, and $ 150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30 %. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50 :1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA. 2023 Debt Activity On December 15, 2023, the mortgage note associated with Thrivent Financial for Lutherans in the amount of approximately $ 3.2 million was repaid in full. On January 19, 2023, the sustainability-related interest rate adjustment for the Unsecured Term Loan H and Unsecured Term Loan I went into effect in connection with the Company's 2022 public disclosure assessment score of “A” from the Global Real Estate Sustainability Benchmark. The interest rate adjustment, a 0.02 % interest rate reduction for each instrument, will end on June 29, 2024, in accordance with the respective loan agreements. On January 5, 2023, the Company redeemed in full at maturity the $ 100.0 million in aggregate principal amount of the Series F Unsecured Notes with a fixed interest rate of 3.98%. Financial Covenant Considerations The Company’s ability to borrow under the unsecured credit facility, unsecured term loans, and unsecured notes are subject to its ongoing compliance with a number of customary financial covenants, including: • a maximum consolidated leverage ratio of not greater than 0.60 :1.00; • a maximum secured leverage ratio of not greater than 0.40 :1.00; • a maximum unencumbered leverage ratio of not greater than 0.60 :1.00; • a minimum fixed charge ratio of not less than or equal to 1.50 :1.00; • a minimum unsecured interest coverage ratio of not less than or equal to 1.75 :1.00; and • with respect to the unsecured notes, a minimum interest coverage ratio of not less than 1.50 :1.00. The Company was in compliance with all such applicable restrictions and financial and other covenants as of December 31, 2024 and 2023 related to its unsecured credit facility, unsecured term loans, and unsecured notes. In the event of a default under F-22 the unsecured credit facility or the unsecured term loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. The mortgage note held by the Company has a specific property and an assignment of rents and leases that are collateral for the loan. The real estate net book value of the property that is collateral for the Company’s debt arrangements was approximately $ 7.3 million and $ 7.5 million at December 31, 2024 and 2023, respectively, and is limited to senior, property-level secured debt financing arrangement. 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 December 31, 2024 and 2023. The fair value of the Company’s debt is based on Level 3 inputs. December 31, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 409,000 $ 409,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,600,000 1,490,667 1,200,000 1,074,003 Mortgage note 4,322 3,366 4,537 3,535 Total principal amount 3,038,322 $ 2,928,033 2,631,537 $ 2,504,538 Net unamortized fair market value discount ( 127 ) ( 136 ) Total unamortized deferred financing fees and debt issuance costs ( 9,060 ) ( 7,355 ) Total carrying value $ 3,029,135 $ 2,624,046 Future Principal Payments of Debt The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2024. Year Future Principal Payments of Debt (in thousands) 2025 $ 175,223 2026 430,231 2027 370,240 2028 884,249 2029 175,258 Thereafter 1,003,121 Total aggregate principal payments $ 3,038,322 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. During the year ended December 31, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $ 200.0 million which fix Daily SOFR at 3.98 % effective January 15, 2025 and mature on March 25, 2027, and were designated as cash flow hedges. F-23 As of December 31, 2024, the Company had 21 interest rate swaps outstanding, 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. The following table summarizes the fair value of the interest rate swaps as of December 31, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Effective Notional Amount December 31, 2024 Fair Value December 31, 2024 Effective Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-Asset $ 1,025,000 $ 36,466 $ 1,025,000 $ 50,418 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. The Company uses interest rate swaps to fix the rate of its long term variable rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 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 $ 20.5 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 the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 2022 Income recognized in accumulated other comprehensive income on interest rate swaps $ 21,854 $ 12,333 $ 85,726 Income reclassified from accumulated other comprehensive income into income as interest expense $ 35,773 $ 34,107 $ 1,640 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 113,169 $ 94,575 $ 78,018 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 December 31, 2024, 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 F-24 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. 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 December 31, 2024 and 2023, 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 December 31, 2024 and 2023. Fair Value Measurements as of December 31, 2024 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 36,466 $ — $ 36,466 $ — Fair Value Measurements as of December 31, 2023 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2023 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 50,418 $ — $ 50,418 $ — 6. Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $ 0.01 per share. As of December 31, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $ 0.01 per share. The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of December 31, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 510,513 The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the year ended December 31, 2024, except for the shares sold on a forward basis, as discussed below. Year ended December 31, 2023 ATM Common Stock Offering Program Shares Sold Weighted Average Price Per Share Net Proceeds (in thousands) 2022 $750 million ATM (1) 249,016 $ 35.55 $ 8,765 Total/weighted average 249,016 $ 35.55 $ 8,765 (1) Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below. F-25 The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and settled during the years ended December 31, 2024, 2023, and 2022. The Company initially does not receive any proceeds from the sales of such shares on a forward basis. The Company may fully 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, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates. Forward Sale Agreements Shares Gross Sales Proceeds (in thousands) Weighted Average Gross Sales Price Per Share Weighted Average Net Sales Price Per Share Sales Commissions Per Share (1) Net Proceeds Received Per Share (2) Forward Sale Agreements Outstanding at December 31, 2021 1,200,000 $ 50,243 Forward sale agreements settled (3) ( 1,200,000 ) ( 50,243 ) $ 41.39 Forward Sale Agreements Outstanding at December 31, 2022 — — New forward sale agreements 2,817,993 103,483 $ 36.72 $ 36.36 $ 0.36 Forward sale agreements settled (3) ( 1,717,993 ) ( 61,683 ) $ 35.60 Forward Sale Agreements Outstanding at December 31, 2023 1,100,000 41,800 New forward sale agreements 3,208,008 127,150 $ 39.64 $ 39.23 $ 0.41 Forward sale agreements settled (3) ( 4,308,008 ) ( 168,950 ) $ 38.93 Forward Sale Agreements Outstanding at December 31, 2024 — $ — (1) Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price. (2) Reflects amount the Company received per share upon settlement of the forward sale. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent. (3) The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $ 167.7 million, $ 61.2 million, and $ 49.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively. Restricted Stock-Based Compensation Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2024, 2023, and 2022, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2025, 2024, and 2023, respectively. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period. F-26 The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2024, 2023 and 2022. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (1) ( 73,556 ) $ 28.03 Forfeited ( 14,036 ) $ 36.16 Balance at December 31, 2022 156,703 $ 34.32 Granted 55,954 $ 34.73 Vested (1) ( 68,625 ) $ 31.71 Forfeited — $ — Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) ( 62,123 ) $ 34.65 Forfeited ( 5,153 ) $ 38.58 Balance at December 31, 2024 118,667 $ 37.30 (1) The Company repurchased and retired 22,001 , 24,210 , and 25,836 restricted shares of common stock that vested during the years ended December 31, 2024, 2023, and 2022, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2024 was approximately $ 2.4 million and is expected to be recognized over a weighted average period of approximately 2.2 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested Restricted Shares of Common Stock 2024 2023 2022 Vested restricted shares of common stock 62,123 68,625 73,556 Fair value of vested restricted shares of common stock (in thousands) $ 2,438 $ 2,217 $ 3,528 7. Noncontrolling Interest Noncontrolling Interest in the Operating Partnership The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the years ended December 31, 2024, 2023 and 2022. Noncontrolling Interest in the Operating Partnership LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Percentage Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited ( 6,791 ) — ( 6,791 ) N/A Conversions from LTIP units to Other Common Units ( 98,494 ) 98,494 — N/A Redemptions from Other Common Units to common stock — ( 98,494 ) ( 98,494 ) N/A Balance at December 31, 2022 2,314,076 1,570,640 3,884,716 2.1 % Granted/Issued 326,215 — 326,215 N/A Forfeited ( 9,119 ) — ( 9,119 ) N/A Conversions from LTIP units to Other Common Units ( 269,252 ) 269,252 — N/A Redemptions from Other Common Units to common stock — ( 372,174 ) ( 372,174 ) N/A Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 383,292 — 383,292 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units ( 437,550 ) 437,550 — N/A Redemptions from Other Common Units to common stock — ( 440,550 ) ( 440,550 ) N/A Balance at December 31, 2024 2,307,662 1,464,718 3,772,380 2.0 % F-27 The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity. LTIP Units LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service. Vested LTIP units can be converted to Other Common Units on a one -for-one basis once an equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of an Other Common Unit. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Other Common Units, which equal per share dividends on common stock. LTIP units granted in January 2024, 2023, and 2022 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years , with the first vesting date having been March 31, 2024, 2023, and 2022, respectively. LTIP units granted in January 2024, 2023, and 2022 to independent directors, subject to the recipient’s continued service, will vest on January 1, 2025, 2024, and 2023, respectively. On July 1, 2024, the Company’s board of directors appointed Vicki Lundy Wilbon to serve as director of the Company. The Company granted LTIP units under the 2011 Plan to Ms. Wilbon on July 1, 2024, which, subject to Ms. Wilbon’s continued service, will vest on January 1, 2025. On March 13, 2023, the Company executed an employment agreement with Steven T. Kimball to serve as the Company's Executive Vice President of Real Estate Operations, effective March 31, 2023. On March 31, 2023, pursuant to the 2011 Plan, the Company awarded Mr. Kimball an initial LTIP unit grant equal in value to approximately $ 0.6 million, which equated to 19,345 LTIP units, which will vest in equal installments on a quarterly basis over four years , with the first vesting date having been March 31, 2023, subject to Mr. Kimball’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted in January 2025, 2024, and 2023, pursuant to the 2022, 2021, and 2020 performance units, respectively. The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2024, 2023 and 2022 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details). LTIP Units Assumptions Grant date July 1, 2024 January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected term (years) 10 10 10 10 10 Expected stock price volatility 25.0 % 25.0 % 37.0 % 37.0 % 34.0 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.580 % 4.110 % 3.810 % 3.900 % 1.204 % Fair value of LTIP units at issuance (in thousands) $ 60 $ 4,597 $ 628 $ 4,635 $ 4,385 LTIP units at issuance 1,775 124,235 19,345 139,026 104,241 Fair value unit price per LTIP unit at issuance $ 33.80 $ 37.00 $ 32.47 $ 33.34 $ 42.07 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group comp anies. 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. F-28 The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2024, 2023 and 2022. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested ( 513,438 ) $ 38.67 Forfeited ( 6,791 ) $ 34.02 Balance at December 31, 2022 140,116 $ 35.60 Granted 326,215 $ 33.29 Vested ( 280,286 ) $ 33.81 Forfeited ( 9,119 ) $ 34.11 Balance at December 31, 2023 176,926 $ 34.25 Granted 383,292 $ 36.99 Vested ( 377,836 ) $ 36.13 Forfeited — $ — Balance at December 31, 2024 182,382 $ 36.10 The unrecognized compensation expense associated with the Company’s LTIP units at December 31, 2024 was approximately $ 4.4 million and is expected to be recognized over a weighted average period of approximately 2.4 years. The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested LTIP Units 2024 2023 2022 Vested LTIP units 377,836 280,286 513,438 Fair value of vested LTIP units (in thousands) $ 14,440 $ 9,507 $ 21,662 Noncontrolling Interest in Joint Ventures On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of industrial real estate properties located in Concord, North Carolina. At December 31, 2024, the Company held a 90 % interest and the third party held the remaining 10 % interest in the joint venture. The third party equity interest in the joint venture, totaling approximately $ 0.9 million at December 31, 2024, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets. On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. At December 31, 2024, the Company held a 95 % interest and the third party held the remaining 5 % interest in the joint venture. The third party equity interest in the joint venture, totaling approximately $ 0.7 million at December 31, 2024, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets. Other Common Units Other Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Other Common Units directly, and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Other Common Units have the right to cause the Operating Partnership to redeem any or all of their Other Common Units for cash equal to the then-current value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one -for-one basis. When redeeming the Other Common Unit for cash, the value of a share of common stock is calculated as the average common stock closing price on the NYSE for the 10 days immediately preceding the redemption notice date. Each Other Common Unit receives the same monthly distribution as a share of common stock. F-29 8. Equity Incentive Plan The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company’s common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees, and other individuals providing bona fide services to or for the Company. Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company’s common stock that may be awarded under the 2011 Plan is 10,142,461 shares. Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one -for-one basis. The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on April 24, 2033. Under the 2011 Plan, the Company grants performance units to certain key employees of the Company. The ultimate value of the performance units depends on the Company’s total stockholder return (“TSR”) over a three-year period (the “measuring period”). At the end of the measuring period, the performance units convert into shares of common stock, or, at the Company’s election and with the award recipient’s consent, LTIP units or other securities (“Award Shares”), at a rate depending on the Company’s TSR over the measuring period as compared to various benchmarks and on the absolute amount of the Company’s TSR. A recipient of performance units may receive as few as zero shares or as many as 250 % of the number of target units, plus deemed dividends. For the performance units granted in 2022, at the end of the measuring period the performance units convert into common stock or LTIP units at a rate depending on the Company’s TSR over the measuring period as compared to three different benchmarks and on the absolute amount of the Company’s TSR. The target amount of the performance units is nominally allocated as: (i) 25 % to the Company’s TSR compared to the TSR of an industry peer group; (ii) 25 % to the Company’s TSR compared to the TSR of a size-based peer group; and (iii) 50 % to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT index. For the performance units granted in 2024 and 2023, at the end of the measuring period the performance units convert into common stock or LTIP units at a rate depending on the Company’s TSR over the measuring period as compared to two different benchmarks and on the absolute amount of the Company’s TSR. The target amount of the performance units is nominally allocated as follows: (i) 50 % to the Company’s TSR compared to the TSR of an industry peer group; and (ii) 50 % to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT Index. No dividends are paid to the recipient during the measuring period. At the end of the measuring period, if the Company’s TSR is such that the recipient earns Award Shares, the recipient will receive additional Award Shares relating to dividends deemed to have been paid and reinvested on the Award Shares. The Company, in the discretion of the compensation committee of the board of directors, may pay the cash value of the deemed dividends instead of issuing additional Award Shares. The Award Shares are immediately vested at the end of the measuring period. In January 2024, 2023, and 2022, the Company granted performance units approved by the compensation committee of the board of directors, under the 2011 Plan to certain key employees of the Company. The measuring periods commenced on January 1, 2024, 2023, and 2022, respectively, and end on December 31, 2026, 2025, and 2024, respectively. On March 31, 2023, in connection with the execution of the employment agreement discussed in Note 7, the Company granted Mr. Kimball performance units under the 2011 Plan with a target grant date fair value equal to approximately $ 0.6 million. The terms and measuring period of the performance units granted to Mr. Kimball are the same as the performance units granted in January 2023. F-30 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 performance unit equity compensation expense is recognized ratably from the grant date into earnings over the respective vesting periods. The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2024, 2023 and 2022. Performance Units Assumptions Grant date January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected stock price volatility 24.5 % 25.4 % 37.4 % 34.1 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.1130 % 3.8725 % 3.9060 % 1.1979 % Fair value of performance units grant (in thousands) $ 6,502 $ 609 $ 4,517 $ 6,289 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 time period of the performance period. During the years ended December 31, 2024, 2023, and 2022, it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle for each of the 2022, 2021, and 2020 performance units, respectively. The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2024, 2023, and 2022. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2022 Performance Units 2021 Performance Units 2020 Performance Units Measuring period conclusion date December 31, 2024 December 31, 2023 December 31, 2022 Issuance date January 7, 2025 January 8, 2024 January 11, 2023 Vested LTIP units 126,333 257,282 167,844 Vested shares of common stock 8,246 49,106 40,660 Shares of common stock repurchased and retired 751 4,716 875 The unrecognized compensation expense associated with the Company’s performance units at December 31, 2024 was approximately $ 6.0 million and is expected to be recognized over a weighted average period of approximately 1.7 years. At December 31, 2024 and 2023, the number of shares available for issuance under the 2011 Plan were 3,603,642 and 4,226,328 , respectively. The number of shares available for issuance under the 2011 Plan as of December 31, 2024 do not include an allocation for the 2024 and 2023 performance units as the awards were not determinable as of December 31, 2024. The number of shares available for issuance under the 2011 Plan as of December 31, 2023 do not include an allocation for the 2023 and 2022 performance units as the awards were not determinable as of December 31, 2023. Non-cash Compensation Expense The following table summarizes the amounts 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 years ended December 31, 2024, 2023 and 2022. Year ended December 31, Non-Cash Compensation Expense (in thousands) 2024 2023 2022 Restricted shares of common stock $ 1,752 $ 1,936 $ 2,103 LTIP units 3,635 4,194 3,996 Performance units 5,585 4,754 5,423 Director compensation (1) 755 583 504 Total non-cash compensation expense $ 11,727 $ 11,467 $ 12,026 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2024, 2023 and 2022. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date. F-31 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 years ended December 31, 2024, 2023 and 2022. Year ended December 31, Rental Income (in thousands) 2024 2023 2022 Fixed lease payments $ 585,611 $ 540,447 $ 500,267 Variable lease payments 162,090 146,954 135,888 Straight-line rental income 14,612 16,894 17,893 Net increase to rental income related to above and below market lease amortization 579 865 329 Total rental income $ 762,892 $ 705,160 $ 654,377 As of December 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $ 118.6 million and $ 105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023, the Company’s total liability associated with tenant lease security deposits was approximately $ 23.9 million and $ 21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) 2025 $ 620,000 2026 $ 560,792 2027 $ 473,583 2028 $ 395,035 2029 $ 315,126 Thereafter $ 721,207 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 1.3 years to 57.7 years. Certain ground leases contain options to extend the leases for ten 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 December 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate December 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 34.9 31.6 Weighted average discount rate 6.9 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. F-32 Year ended December 31, Operating Lease Cost (in thousands) 2024 2023 2022 Operating lease cost included in property expense attributable to ground leases $ 2,516 $ 2,467 $ 2,372 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,722 1,732 1,747 Total operating lease cost $ 4,238 $ 4,199 $ 4,119 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Leases (in thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 4,013 $ 3,890 $ 3,784 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 141 $ — The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2025 $ 4,252 2026 3,245 2027 2,265 2028 2,306 2029 2,312 Thereafter 94,551 Total lease payments 108,931 Less: Imputed interest ( 73,627 ) Present value of operating lease liabilities $ 35,304 (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. 10. Earnings Per Share Under the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2024, 2023 and 2022, there were 122,454 , 142,875 and 161,704 , respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share. F-33 The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Earnings Per Share (in thousands, except per share data) 2024 2023 2022 Numerator Net income attributable to common stockholders $ 189,038 $ 192,633 $ 178,089 Denominator Weighted average common shares outstanding — basic 182,160 180,221 178,753 Effect of dilutive securities (1) Share-based compensation 244 332 187 Shares issuable under forward sale agreements — 2 — Weighted average common shares outstanding — diluted 182,404 180,555 178,940 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.04 $ 1.07 $ 1.00 Net income per share attributable to common stockholders — diluted $ 1.04 $ 1.07 $ 1.00 (1) During the years ended December 31, 2024, 2023, and 2022, there were 122 , 143 , and 162 unvested restricted shares of common stock (on a weighted average basis), respectively, 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 $ 4.2 million as of December 31, 2024 related to construction projects and certain other agreements. 12. Employee Benefit Plans Effective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the “Plan”) for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50 % of the employee’s contributions annually up to 6.0 % of the employee’s annual compensation, subject to a cap imposed by federal tax law. The Company’s aggregate matching contribution for the years ended December 31, 2024, 2023 and 2022 was approximately $ 0.6 million, $ 0.5 million and $ 0.5 million, respectively. The Company’s contribution is subject to vest over three years , such that employees who have been with the Company for three years are fully vested in past and future contributions. 13. Subsequent Events The Company identified the following events subsequent to December 31, 2024 that are not recognized in the financial statements. On January 7, 2025, the Company granted 52,352 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest over four years in equal installments on January 1 of each year beginning January 1, 2026. The fair value of the restricted shares of common stock at the date of grant was $ 33.14 per share. On January 7, 2025, the Company granted 38,120 LTIP units to non-employee, independent directors and 115,881 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest in equal quarterly installments over one year, with the first vesting date being March 31, 2025. The LTIP units granted to certain executive officers and senior employees will vest in equal quarterly installments over four years , with the first vesting date being March 31, 2025. The aggregate fair value of the LTIP units at the date of grant was approximately $ 4.8 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of 10 years, a weighted average volatility factor of 25.0 %, a weighted average expected dividend yield of 4.0 %, and a weighted average risk-free interest rate of 4.33 %. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. F-34 On January 7, 2025, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 7, 2025 performance units are substantially the same as the 2024 performance units discussed in Note 8, except that the measuring period commenced on January 1, 2025 and ends on December 31, 2027. The aggregate fair value of the performance units at the date of grant was approximately $ 6.9 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 24.6 %, a weighted average expected dividend yield of 4.0 %, and a weighted average risk-free interest rate of 4.3294 %. The fair value of the performance units is based on Level 3 inputs and is a non-recurring fair value measurement. F-35 STAG Industrial, Inc. Schedule III—Real Estate and Accumulated Depreciation December 31, 2024 (in thousands) Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Alabama Birmingham 103 Shades Creek Circle $ — $ 6,772 $ 1,307 $ 353 $ 7,125 $ 1,307 $ 8,432 $ ( 949 ) 2020 Birmingham 2991 Shannon Oxmoor Road — 5,828 1,341 39 5,867 1,341 7,208 ( 739 ) 2020 Birmingham 101 39th Street North — 6,239 590 42 6,281 590 6,871 ( 516 ) 2022 Birmingham 101 Shades Creek Circle — 3,927 836 707 4,634 836 5,470 ( 554 ) 2020 Montgomery 4300 Alatex Road — 7,057 418 2,540 9,597 418 10,015 ( 2,530 ) 2016 Moody 2415 Highway 78 East — 31,467 2,293 262 31,729 2,293 34,022 ( 3,749 ) 2021 Phenix City 16 Downing Drive — 1,415 276 338 1,753 276 2,029 ( 639 ) 2012 Arizona Avondale 925 N. 127th Avenue — 13,163 1,674 28 13,191 1,674 14,865 ( 3,097 ) 2017 Chandler 464 E. Chilton Drive — 9,728 2,847 671 10,399 2,847 13,246 ( 1,367 ) 2020 Gilbert 335 South Hamilton Court — 5,784 2,107 271 6,055 2,107 8,162 ( 709 ) 2021 Mesa 7447 E. Ray Road — 7,930 1,277 311 8,241 1,277 9,518 ( 1,150 ) 2020 Phoenix 4455 West Magnolia Street — 11,060 1,962 — 11,060 1,962 13,022 ( 55 ) 2024 Tucson 6161 South Palo Verde Road — 7,656 996 157 7,813 996 8,809 ( 1,490 ) 2018 Arkansas Bryant 3700 Bryant Crossing Drive — 17,386 1,143 — 17,386 1,143 18,529 ( 2,070 ) 2021 Rogers 1101 Easy Street — 7,878 1,072 1,834 9,712 1,072 10,784 ( 3,240 ) 2011 California Fresno 2624 E. Edgar Avenue — 23,590 3,049 — 23,590 3,049 26,639 ( 1,960 ) 2022 Hollister 2401 Bert Drive — 26,049 2,913 621 26,670 2,913 29,583 ( 1,943 ) 2022 Lodi 1170 South Guild Avenue — 34,550 4,975 — 34,550 4,975 39,525 ( 4,347 ) 2020 Menifee 33360 Zeiders Road — 16,013 2,248 8 16,021 2,248 18,269 ( 638 ) 2023 Menifee 33380 Zeiders Road — 13,505 2,227 39 13,544 2,227 15,771 ( 541 ) 2023 McClellan 4841 Urbani Avenue — 14,582 1,048 — 14,582 1,048 15,630 ( 2,213 ) 2020 Morgan Hill 18695 Madrone Parkway — 7,608 2,562 — 7,608 2,562 10,170 ( 728 ) 2021 Morgan Hill 18255 Sutter Boulevard — 19,849 3,943 — 19,849 3,943 23,792 ( 2,009 ) 2021 Rancho Cordova 2587 Mercantile Drive — 4,346 678 70 4,416 678 5,094 ( 532 ) 2020 Rancho Cordova 2431 Mercantile Drive — 4,747 498 409 5,156 498 5,654 ( 784 ) 2020 Roseville 8825 Washington Boulevard — 11,398 2,140 — 11,398 2,140 13,538 ( 1,329 ) 2021 Sacramento 1635 Main Avenue — 8,609 845 259 8,868 845 9,713 ( 1,138 ) 2020 Sacramento 5440 Stationers Way — 21,258 2,203 225 21,483 2,203 23,686 ( 2,807 ) 2021 Sacramento 5601 Warehouse Way — 8,137 1,347 821 8,958 1,347 10,305 ( 932 ) 2021 Sacramento 8500 Carbide Court — 5,218 1,614 — 5,218 1,614 6,832 ( 521 ) 2021 Sacramento 8440 Florin Road — 12,184 3,921 — 12,184 3,921 16,105 ( 1,472 ) 2021 Sacramento 900 National Drive — 7,560 1,479 — 7,560 1,479 9,039 ( 776 ) 2021 F-36 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Sacramento 5961 Outfall Circle — 11,026 1,914 — 11,026 1,914 12,940 ( 557 ) 2023 Sacramento 7728 Wilbur Way — 9,171 857 — 9,171 857 10,028 ( 1,556 ) 2019 San Diego 2055 Dublin Drive — 14,895 2,290 3,072 17,967 2,290 20,257 ( 3,439 ) 2017 Stockton 4091 Gold River Lane — 4,124 663 475 4,599 663 5,262 ( 556 ) 2020 Stockton 3841 Metro Drive — 12,552 1,806 545 13,097 1,806 14,903 ( 1,582 ) 2021 Stockton 3843 Gold River Lane — 4,129 660 — 4,129 660 4,789 ( 531 ) 2020 West Sacramento 2975 Oates Street — 7,631 1,475 — 7,631 1,475 9,106 ( 23 ) 2024 West Sacramento 3525 Carlin Drive — 24,581 4,350 9,538 34,119 4,350 38,469 ( 1,704 ) 2021 Colorado Grand Junction 2139 Bond Street — 3,896 314 454 4,350 314 4,664 ( 1,048 ) 2015 Johnstown 4150 Ronald Reagan Boulevard — 14,964 1,133 27 14,991 1,133 16,124 ( 2,216 ) 2019 Longmont 4300 Godding Hollow Parkway — 5,322 734 1,226 6,548 734 7,282 ( 1,280 ) 2018 Loveland 4550 Byrd Drive — 16,591 3,452 2,949 19,540 3,452 22,992 ( 1,751 ) 2021 Loveland 4510 Byrd Drive — 14,134 3,047 3,191 17,325 3,047 20,372 ( 2,096 ) 2021 Connecticut East Windsor 4 Craftsman Road — 5,711 400 1,000 6,711 400 7,111 ( 1,614 ) 2016 East Windsor 24 Thompson Road — 4,571 348 1,182 5,753 348 6,101 ( 2,165 ) 2012 Milford 200 Research Drive — 13,853 1,650 1,706 15,559 1,650 17,209 ( 1,566 ) 2021 Milford 40 Pepes Farm Road — 10,040 1,264 1,179 11,219 1,264 12,483 ( 2,937 ) 2017 North Haven 300 Montowese Avenue Extension — 39,253 4,086 5,106 44,359 4,086 48,445 ( 12,915 ) 2015 Wallingford 5 Sterling Drive — 6,071 585 347 6,418 585 7,003 ( 1,463 ) 2017 Delaware New Castle 400 Lukens Drive — 17,767 2,616 198 17,965 2,616 20,581 ( 5,603 ) 2016 Florida Daytona Beach 530 Fentress Boulevard — 875 1,237 2,388 3,263 1,237 4,500 ( 1,835 ) 2007 Fort Myers 16341 Domestic Avenue — 22,005 2,729 — 22,005 2,729 24,734 ( 2,610 ) 2020 Gibsonton 6400-6280 Powell Road — — 4,143 18,495 18,495 4,143 22,638 — 2023 Gibsonton 1283 US Highway 41S — — 5,429 20,480 20,480 5,429 25,909 — 2023 Jacksonville 775 Whittaker Road — 3,391 451 415 3,806 451 4,257 ( 1,034 ) 2017 Jacksonville 9601 North Main Street — 7,803 650 2,551 10,354 650 11,004 ( 2,169 ) 2017 Jacksonville 550 Gun Club Road — 7,837 674 1,557 9,394 674 10,068 ( 2,479 ) 2017 Jacksonville 555 Zoo Parkway — 7,025 596 1,170 8,195 596 8,791 ( 2,089 ) 2017 Jacksonville 9779 Pritchard Road — 14,319 1,284 1,414 15,733 1,284 17,017 ( 2,774 ) 2019 Lake Worth 2230 4th Avenue North — 2,530 1,533 — 2,530 1,533 4,063 ( 357 ) 2020 Lake Worth 3600 23rd Avenue South — 4,729 1,502 — 4,729 1,502 6,231 ( 610 ) 2020 Lake Worth 2269 4th Avenue North — 4,751 2,254 — 4,751 2,254 7,005 ( 661 ) 2020 Lakeland 4675 Drane Field Road — 13,060 1,099 — 13,060 1,099 14,159 ( 1,731 ) 2020 Orlando 1854 Central Florida Parkway — 4,814 1,339 1,692 6,506 1,339 7,845 ( 1,826 ) 2013 Orlando 7050 Overland Road — 1,996 721 1,535 3,531 721 4,252 ( 859 ) 2012 Tampa 4330 Williams Road — 6,390 829 71 6,461 829 7,290 ( 1,215 ) 2019 West Palm Beach 4268 Westroads Drive — 6,835 2,906 600 7,435 2,906 10,341 ( 991 ) 2020 Georgia F-37 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Atlanta 4200 SW Shirley Drive — 8,382 1,679 3,806 12,188 1,679 13,867 ( 939 ) 2022 Augusta 1816 Tobacco Road — 6,249 937 90 6,339 937 7,276 ( 1,457 ) 2018 Buford 4823 Roy Carlson Boulevard — 9,195 1,061 938 10,133 1,061 11,194 ( 942 ) 2021 Calhoun 103 Enterprise Drive — 2,743 388 820 3,563 388 3,951 ( 834 ) 2014 Dallas 351 Thomas D. Murphy Drive — 1,712 475 — 1,712 475 2,187 ( 700 ) 2012 Forest Park 5345 Old Dixie Highway — 8,189 1,715 3,683 11,872 1,715 13,587 ( 2,761 ) 2016 LaGrange 614 Pegasus Parkway — 26,546 3,021 — 26,546 3,021 29,567 ( 296 ) 2024 Lithonia 1995 Lithonia Industrial Boulevard — 18,052 943 301 18,353 943 19,296 ( 1,518 ) 2022 Norcross 4075 Blue Ridge Industrial Parkway — 2,415 1,589 2,390 4,805 1,589 6,394 ( 1,107 ) 2016 Savannah 1086 Oracal Parkway — 13,034 439 119 13,153 439 13,592 ( 3,829 ) 2014 Shannon 212 Burlington Drive — 12,922 393 1,332 14,254 393 14,647 ( 4,050 ) 2013 Smyrna 3500 Highlands Parkway — 3,092 264 1,649 4,741 264 5,005 ( 1,435 ) 2012 Statham 1965 Statham Drive — 6,130 588 2,399 8,529 588 9,117 ( 2,672 ) 2012 Stone Mountain 1635 Stone Ridge Drive — 2,548 612 780 3,328 612 3,940 ( 874 ) 2017 Idaho Idaho Falls 3900 South American Way — 2,712 356 140 2,852 356 3,208 ( 922 ) 2013 Illinois Aurora 2520 Diehl Road — 8,304 1,848 — 8,304 1,848 10,152 ( 24 ) 2024 Bartlett 1590 W. Stearns Road — 19,493 2,198 694 20,187 2,198 22,385 ( 2,175 ) 2021 Batavia 1100 North Raddant Road — 7,763 1,124 — 7,763 1,124 8,887 ( 990 ) 2020 Batavia 1862 Suncast Lane — 4,427 598 274 4,701 598 5,299 ( 516 ) 2021 Batavia 1100 Paramount Parkway — 4,238 618 677 4,915 618 5,533 ( 1,083 ) 2017 Belvidere 888 Landmark Drive — 6,824 670 78 6,902 670 7,572 ( 2,041 ) 2013 Belvidere 3905 & 3925 Morreim Drive — 4,291 668 31 4,322 668 4,990 ( 1,309 ) 2013 Belvidere 725 & 729 Logistics Drive — 3,699 866 312 4,011 866 4,877 ( 1,347 ) 2013 Belvidere 857 Landmark Drive — 8,269 1,542 1,665 9,934 1,542 11,476 ( 3,272 ) 2013 Belvidere 984 Landmark Drive — 71 216 — 71 216 287 ( 71 ) 2013 Carol Stream 494 Lies Road East — 6,536 959 — 6,536 959 7,495 ( 18 ) 2024 Cary 680 Industrial Drive — 3,312 498 85 3,397 498 3,895 ( 427 ) 2020 Crystal Lake 215 Exchange Drive — 10,737 1,790 — 10,737 1,790 12,527 ( 1,258 ) 2021 Crystal Lake 220 Exchange Drive — 8,455 1,343 90 8,545 1,343 9,888 ( 1,007 ) 2021 Crystal Lake 300 Exchange Drive — 9,742 1,568 — 9,742 1,568 11,310 ( 1,167 ) 2021 Crystal Lake 450 Congress Parkway — 8,791 1,456 112 8,903 1,456 10,359 ( 1,048 ) 2021 Elgin 1360 Madeline Lane — 19,754 1,135 131 19,885 1,135 21,020 ( 1,819 ) 2021 Elgin 1385 Madeline Lane — 15,346 1,057 439 15,785 1,057 16,842 ( 1,535 ) 2021 Elgin 1690 Cambridge Drive — 3,332 270 188 3,520 270 3,790 ( 337 ) 2021 Elgin 200-220 Corporate Drive — 7,627 1,130 28 — 7,655 1,130 8,785 ( 157 ) 2024 Elgin 300-330 Corporate Drive — 11,662 1,302 11 11,673 1,302 12,975 ( 229 ) 2024 Elgin 305-325 Corporate Drive — 30,082 2,954 165 30,247 2,954 33,201 ( 599 ) 2024 Elgin 350-370 River Ridge Drive — 13,418 1,528 85 13,503 1,528 15,031 ( 254 ) 2024 Elgin 1575-1595 Highpoint Drive — 5,470 945 187 5,657 945 6,602 ( 119 ) 2024 Elmhurst 934 North Church Road — 6,255 874 1,212 7,467 874 8,341 ( 586 ) 2022 F-38 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Gurnee 3818 Grandville Avenue & 1200 Northwestern Avenue — 11,231 1,716 1,272 12,503 1,716 14,219 ( 3,758 ) 2014 Harvard 875 West Diggins Street — 2,875 1,157 895 3,770 1,157 4,927 ( 1,331 ) 2013 Hodgkins 6600 River Road — 30,599 2,570 — 30,599 2,570 33,169 ( 3,678 ) 2020 Hodgkins 6620 River Road — 6,163 3,127 — 6,163 3,127 9,290 ( 727 ) 2021 Itasca 1251 W. Ardmore Avenue — 3,621 1,223 — 3,621 1,223 4,844 ( 379 ) 2021 Itasca 1500 Bryn Mawr Avenue — 3,871 2,073 — 3,871 2,073 5,944 ( 450 ) 2021 Itasca 1800 Bruning Drive — 12,216 2,428 1,251 13,467 2,428 15,895 ( 4,111 ) 2016 Lisle 4925 Indiana Avenue — 8,368 2,302 — 8,368 2,302 10,670 ( 1,605 ) 2019 Machesney Park 7166 Greenlee Drive — 3,525 300 43 3,568 300 3,868 ( 1,000 ) 2015 McHenry 831/833 Ridgeview Drive — 3,818 576 492 4,310 576 4,886 ( 905 ) 2018 McHenry 921 Ridgeview Drive — 4,004 448 202 4,206 448 4,654 ( 862 ) 2018 Montgomery 2001 Baseline Road — — 173 — — 173 173 — 2018 Montgomery 2001 Baseline Road — 12,373 2,190 4,730 17,103 2,190 19,293 ( 5,473 ) 2012 New Lenox 2101-2105 West Haven Avenue — 16,488 1,552 — 16,488 1,552 18,040 ( 42 ) 2024 New Lenox 2200 West Haven Avenue — 10,555 2,450 — 10,555 2,450 13,005 ( 34 ) 2024 New Lenox 2201 West Haven Avenue — 13,753 1,395 — 13,753 1,395 15,148 ( 34 ) 2024 Saint Charles 3810-3820 Stern Avenue — 7,028 1,321 606 7,634 1,321 8,955 ( 746 ) 2021 Saint Charles 3850 Ohio Avenue — 5,976 1,160 45 6,021 1,160 7,181 ( 500 ) 2022 Sauk Village 21399 Torrence Avenue — 5,405 877 676 6,081 877 6,958 ( 1,960 ) 2013 Schaumburg 710 East State Parkway — 4,086 689 181 4,267 689 4,956 ( 651 ) 2020 Vernon Hills 888 Forest Edge Drive — 9,383 2,416 938 10,321 2,416 12,737 ( 1,057 ) 2021 Waukegan 3751 Sunset Avenue — 5,030 1,004 149 5,179 1,004 6,183 ( 1,207 ) 2017 West Chicago 1300 Northwest Avenue — 2,036 768 1,077 3,113 768 3,881 ( 1,179 ) 2016 West Chicago 1400 Northwest Avenue — 668 382 330 998 382 1,380 ( 303 ) 2016 West Chicago 1450 Northwest Avenue — 768 450 325 1,093 450 1,543 ( 359 ) 2016 West Chicago 1145 & 1149 Howard — 842 369 402 1,244 369 1,613 ( 390 ) 2016 West Chicago 1270 Nuclear Drive — 892 216 1,593 2,485 216 2,701 ( 422 ) 2016 West Chicago 537 Discovery Drive — 32,618 5,961 1,237 33,855 5,961 39,816 ( 1,388 ) 2023 West Chicago 1726-1850 Blackhawk Drive — 6,135 915 1,774 7,909 915 8,824 ( 2,283 ) 2016 West Dundee 901-907 Wesemann Drive — 12,621 948 135 12,756 948 13,704 ( 1,303 ) 2021 Wood Dale 321 Forster Avenue — 4,982 1,226 823 5,805 1,226 7,031 ( 1,240 ) 2016 Indiana Elkhart 2701 Marina Drive — 210 25 143 353 25 378 ( 158 ) 2007 Elkhart 3501 E. County Road 6 — 3,519 422 1,175 4,694 422 5,116 ( 1,969 ) 2007 Fort Wayne 3424 Centennial Drive — 3,076 112 106 3,182 112 3,294 ( 899 ) 2014 Goshen 2600 College Avenue — 5,998 1,442 2,198 8,196 1,442 9,638 ( 2,953 ) 2011 Greenwood 2441 E. Main Street — 12,745 911 1,004 13,749 911 14,660 ( 1,620 ) 2021 Indianapolis 7701 West New York Street — 3,931 620 578 4,509 620 5,129 ( 443 ) 2021 Jeffersonville 101 Jacobs Way — 35,174 2,891 1,255 36,429 2,891 39,320 ( 2,768 ) 2022 Jeffersonville 250 Hilton Drive — 42,618 2,778 — 42,618 2,778 45,396 ( 1,217 ) 2024 Lafayette 1520 Kepner Drive — 2,205 295 65 2,270 295 2,565 ( 744 ) 2012 F-39 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lafayette 1540-1530 Kepner Drive — 3,405 410 372 3,777 410 4,187 ( 1,243 ) 2012 Lafayette 1521 Kepner Drive — 7,920 906 1,337 9,257 906 10,163 ( 2,844 ) 2012 Lebanon 100 Purity Drive — 21,160 1,654 — 21,160 1,654 22,814 ( 4,384 ) 2018 Lebanon 800 Edwards Drive — 36,091 2,359 — 36,091 2,359 38,450 ( 5,827 ) 2019 Lebanon 121 N. Enterprise Boulevard — 37,971 2,948 13,530 51,501 2,948 54,449 ( 7,550 ) 2019 Marion 2201 E. Loew Road — 2,934 243 818 3,752 243 3,995 ( 1,413 ) 2012 Portage 6515 Ameriplex Drive — 28,094 1,626 746 28,840 1,626 30,466 ( 5,421 ) 2019 Portage 725 George Nelson Drive — 5,416 — — 5,416 — 5,416 ( 1,754 ) 2012 South Bend 3310 William Richardson Court — 4,718 411 1,810 6,528 411 6,939 ( 1,793 ) 2012 Whitestown 4330 S 500 E — 17,621 1,525 — 17,621 1,525 19,146 ( 737 ) 2023 Yoder 2909 Pleasant Center Road — 24,504 941 665 25,169 941 26,110 ( 4,720 ) 2020 Iowa Ankeny 5910 Southeast Rio Circle — 13,709 846 159 13,868 846 14,714 ( 2,237 ) 2019 Ankeny 6150 Southeast Rio Circle — 19,104 1,421 — 19,104 1,421 20,525 ( 1,760 ) 2021 Council Bluffs 1209 31st Avenue — 4,438 414 — 4,438 414 4,852 ( 991 ) 2017 Des Moines 3915 Delaware Avenue — 9,342 1,685 1,515 10,857 1,685 12,542 ( 1,141 ) 2021 Des Moines 1900 E. 17th Street — 4,477 556 96 4,573 556 5,129 ( 1,024 ) 2018 Marion 6301 North Gateway Drive — 2,229 691 188 2,417 691 3,108 ( 908 ) 2013 Kansas Edwardsville 9601 Woodend Road — 13,007 1,360 544 13,551 1,360 14,911 ( 3,420 ) 2017 Lenexa 9700 Lackman Road — 9,614 1,759 33 9,647 1,759 11,406 ( 1,699 ) 2019 Lenexa 14000 Marshall Drive — 7,610 2,368 — 7,610 2,368 9,978 ( 3,162 ) 2014 Olathe 1202 South Lone Elm Road — 16,216 1,193 111 16,327 1,193 17,520 ( 2,938 ) 2019 Olathe 16231 South Lone Elm Road — 20,763 2,431 4,340 25,103 2,431 27,534 ( 8,126 ) 2016 Wichita 2655/2755 South Eastmoor Street — 1,815 88 10 1,825 88 1,913 ( 602 ) 2012 Wichita 2652 South Eastmoor Street — 1,839 107 183 2,022 107 2,129 ( 739 ) 2012 Wichita 2510 South Eastmoor Street — 833 76 328 1,161 76 1,237 ( 482 ) 2012 Kentucky Bardstown 300 Spencer Mattingly Lane — 2,295 379 563 2,858 379 3,237 ( 1,104 ) 2007 Danville 1355 Lebanon Road — 11,593 965 4,787 16,380 965 17,345 ( 5,984 ) 2011 Erlanger 1500-1532 Interstate Drive — 3,791 635 346 4,137 635 4,772 ( 1,195 ) 2016 Florence 9200 Brookfield Court — 7,853 863 88 7,941 863 8,804 ( 1,544 ) 2019 Florence 1100 Burlington Pike — 10,672 3,109 334 11,006 3,109 14,115 ( 3,138 ) 2018 Hebron 2151 Southpark Drive — 4,526 370 866 5,392 370 5,762 ( 1,671 ) 2014 Louisiana Baton Rouge 6565 Exchequer Drive — 5,815 1,619 666 6,481 1,619 8,100 ( 1,260 ) 2019 Baton Rouge 6735 Exchequer Drive — 6,643 2,567 537 7,180 2,567 9,747 ( 1,485 ) 2019 Baton Rouge 12100 Little Cayman Avenue — 15,402 1,962 53 15,455 1,962 17,417 ( 3,386 ) 2018 Shreveport 7540 Bert Kouns Industrial Loop — 5,572 1,804 1,522 7,094 1,804 8,898 ( 2,036 ) 2015 Maine Biddeford 1 Baker's Way — 8,164 1,369 4,849 13,013 1,369 14,382 ( 4,084 ) 2016 Gardiner 47 Market Street — 8,983 948 23 9,006 948 9,954 ( 2,895 ) 2016 F-40 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lewiston 19 Mollison Way — 5,374 173 1,064 6,438 173 6,611 ( 2,807 ) 2007 Portland 125 Industrial Way — 3,648 891 2,773 6,421 891 7,312 ( 1,344 ) 2012 Maryland Elkridge 6685 Santa Barbara Court — 8,764 2,982 113 8,877 2,982 11,859 ( 1,582 ) 2019 Hagerstown 11835 Newgate Boulevard — 55,177 6,036 — 55,177 6,036 61,213 ( 5,630 ) 2021 Hagerstown 11841 Newgate Boulevard — 55,448 6,174 231 55,679 6,174 61,853 ( 5,884 ) 2021 Hagerstown 105 Enterprise Lane — 11,213 3,472 — 11,213 3,472 14,685 ( 1,545 ) 2021 Hampstead 630 Hanover Pike — 34,933 780 2,892 37,825 780 38,605 ( 11,143 ) 2013 Hunt Valley 11100 Gilroy Road — 4,900 538 47 4,947 538 5,485 ( 555 ) 2021 White Marsh 6210 Days Cove Road — 4,601 963 3,040 7,641 963 8,604 ( 1,388 ) 2018 Massachusetts Andover 7 Connector Road — 9,744 2,238 9 9,753 2,238 11,991 ( 111 ) 2024 Hudson 4 Robert Bonazzoli Avenue — 12,628 723 414 13,042 723 13,765 ( 1,255 ) 2021 Lawrence 91 Glenn Street — 14,945 3,287 12 14,957 3,287 18,244 ( 158 ) 2024 Malden 219 Medford Street — 2,817 366 — 2,817 366 3,183 ( 1,269 ) 2007 Malden 243 Medford Street — 3,961 507 — 3,961 507 4,468 ( 1,783 ) 2007 Middleborough 16 Leona Drive — 7,243 2,397 172 7,415 2,397 9,812 ( 2,132 ) 2019 Norton 202 South Washington Street — 6,105 2,839 250 6,355 2,839 9,194 ( 2,253 ) 2011 South Easton 55 Bristol Drive — 5,826 403 2,491 8,317 403 8,720 ( 1,399 ) 2017 Sterling 15 Chocksett Road — 10,797 1,472 — 10,797 1,472 12,269 ( 1,132 ) 2021 Stoughton 100 Campanelli Parkway — 2,305 2,256 1,817 4,122 2,256 6,378 ( 1,526 ) 2015 Stoughton 12 Campanelli Parkway — 1,138 538 438 1,576 538 2,114 ( 531 ) 2015 Westborough 35 Otis Street — 5,733 661 23 5,756 661 6,417 ( 1,384 ) 2016 Wilmington 353 Middlesex Avenue — 9,424 1,158 — 9,424 1,158 10,582 ( 91 ) 2024 Woburn 180 New Boston Street — 14,836 2,123 — 14,836 2,123 16,959 ( 154 ) 2024 Woburn 41 Atlantic Avenue — 7,502 2,265 — 7,502 2,265 9,767 ( 85 ) 2024 Michigan Belleville 8200 Haggerty Road — 6,484 724 616 7,100 724 7,824 ( 1,682 ) 2017 Canton 47440 Michigan Avenue — 23,603 2,378 1,619 25,222 2,378 27,600 ( 3,911 ) 2020 Chesterfield 50501 E. Russell Schmidt — 1,099 207 177 1,276 207 1,483 ( 505 ) 2007 Chesterfield 50371 E. Russell Schmidt — 798 150 477 1,275 150 1,425 ( 521 ) 2007 Chesterfield 50271 E. Russell Schmidt — 802 151 210 1,012 151 1,163 ( 515 ) 2007 Chesterfield 50900 E. Russell Schmidt — 5,006 942 2,365 7,371 942 8,313 ( 3,424 ) 2007 Grand Rapids 5445 International Parkway — 7,039 1,241 319 7,358 1,241 8,599 ( 1,032 ) 2020 Grand Rapids 5079 33rd Street — 4,907 892 316 5,223 892 6,115 ( 542 ) 2022 Grand Rapids 5333 33rd Street — 3,455 1,052 192 3,647 1,052 4,699 ( 482 ) 2022 Grand Rapids 5050 Kendrick Street, SE — 7,332 169 1,607 8,939 169 9,108 ( 2,182 ) 2015 Holland 4757 128th Avenue — 3,273 279 228 3,501 279 3,780 ( 1,140 ) 2012 Kentwood 4660 East Paris Avenue, SE — 7,875 307 102 7,977 307 8,284 ( 1,409 ) 2019 Kentwood 4647 60th Street SE — 16,933 1,256 1,928 18,861 1,256 20,117 ( 2,001 ) 2021 Kentwood 4070 East Paris Avenue — 2,436 407 120 2,556 407 2,963 ( 798 ) 2013 Lansing 7009 West Mount Hope Highway — 7,706 501 7,357 15,063 501 15,564 ( 4,956 ) 2011 F-41 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lansing 2780 Sanders Road — 3,961 580 460 4,421 580 5,001 ( 1,337 ) 2012 Lansing 5640 Pierson Highway — 7,056 429 100 7,156 429 7,585 ( 2,434 ) 2012 Lansing 2051 South Canal Road — 5,176 907 100 5,276 907 6,183 ( 1,680 ) 2013 Livonia 38150 Plymouth Road — 7,032 1,390 1,471 8,503 1,390 9,893 ( 2,033 ) 2018 Livonia 38220 Plymouth Road — 8,918 848 1,016 9,934 848 10,782 ( 1,930 ) 2018 Marshall 1511 George Brown Drive — 1,042 199 130 1,172 199 1,371 ( 442 ) 2013 Novi 22925 Venture Drive — 3,649 252 484 4,133 252 4,385 ( 1,306 ) 2012 Novi 25250 Regency Drive — 6,035 626 23 6,058 626 6,684 ( 1,837 ) 2015 Novi 43800 Gen Mar Drive — 16,708 1,381 925 17,633 1,381 19,014 ( 3,304 ) 2018 Plymouth 14835 Pilot Drive — 4,620 365 250 4,870 365 5,235 ( 1,460 ) 2015 Redford 12100 Inkster Road — 6,114 728 870 6,984 728 7,712 ( 1,948 ) 2017 Romulus 9800 Inkster Road — 14,942 1,254 — 14,942 1,254 16,196 ( 3,775 ) 2018 Romulus 27651 Hildebrandt Road — 14,949 1,080 289 15,238 1,080 16,318 ( 3,696 ) 2017 Sterling Heights 42600 Merrill Street — 4,191 1,133 1,469 5,660 1,133 6,793 ( 1,914 ) 2012 Walker 2640 Northridge Drive — 4,593 855 1,127 5,720 855 6,575 ( 1,758 ) 2011 Warren 13301 Stephens Road — 5,820 502 206 6,026 502 6,528 ( 1,437 ) 2017 Warren 27027 Mound Road — 17,584 1,984 67 17,651 1,984 19,635 ( 2,813 ) 2020 Warren 25295 Guenther Road — 19,273 531 387 19,660 531 20,191 ( 2,274 ) 2021 Warren 7500 Tank Avenue — 14,473 1,290 1,562 16,035 1,290 17,325 ( 4,425 ) 2016 Wixom 48238 Frank Street — 14,433 293 — 14,433 293 14,726 ( 1,383 ) 2021 Zeeland 750 E. Riley Avenue — 12,100 487 — 12,100 487 12,587 ( 2,691 ) 2019 Minnesota Blaine 3705 95th Avenue NE — 16,873 2,258 46 16,919 2,258 19,177 ( 3,178 ) 2019 Bloomington 11300 Hampshire Avenue South — 8,542 1,702 23 8,565 1,702 10,267 ( 1,875 ) 2018 Brooklyn Park 6688 93rd Avenue North — 11,988 1,926 — 11,988 1,926 13,914 ( 3,067 ) 2016 Brooklyn Park 9400 Decatur Drive — 18,133 2,051 — 18,133 2,051 20,184 ( 143 ) 2024 Carlos 4750 County Road 13 NE — 4,183 960 1,438 5,621 960 6,581 ( 1,866 ) 2011 Eagan 3355 Discovery Road — 15,290 2,526 — 15,290 2,526 17,816 ( 3,377 ) 2019 Inver Grove Height 8450 Courthouse Boulevard — 6,964 2,595 — 6,964 2,595 9,559 ( 850 ) 2021 Lakeville 21601 Galway Lane — 31,841 5,405 — 31,841 5,405 37,246 ( 313 ) 2024 Maple Grove 6250 Sycamore Lane North — 6,634 969 786 7,420 969 8,389 ( 1,862 ) 2017 Maple Grove 8175 Jefferson Highway — 10,397 2,327 156 10,553 2,327 12,880 ( 1,808 ) 2020 Mendota Heights 1312 Northland Drive — 10,743 1,497 — 10,743 1,497 12,240 ( 90 ) 2024 Mendota Heights 2250 Pilot Knob Road — 3,492 1,494 1,177 4,669 1,494 6,163 ( 1,388 ) 2018 New Hope 5520 North Highway 169 — 1,902 1,919 473 2,375 1,919 4,294 ( 803 ) 2013 Newport 710 Hastings Avenue — 8,367 1,765 — 8,367 1,765 10,132 ( 808 ) 2021 Oakdale 550-590 Hale Avenue North — 6,468 647 311 6,779 647 7,426 ( 1,424 ) 2019 Oakdale 585-595 Hale Avenue — 4,984 1,396 316 5,300 1,396 6,696 ( 1,183 ) 2018 Plymouth 9800 13th Avenue North — 4,978 1,599 — 4,978 1,599 6,577 ( 1,252 ) 2018 Plymouth 6050 Nathan Lane — 5,855 1,109 61 5,916 1,109 7,025 ( 1,152 ) 2019 Plymouth 6075 Trenton Lane North — 6,919 1,569 30 6,949 1,569 8,518 ( 1,335 ) 2019 F-42 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Savage 14399 Huntington Avenue — 3,836 3,194 1,253 5,089 3,194 8,283 ( 1,930 ) 2014 Shakopee 5101/4901 Valley Industrial Boulevard — 11,596 584 13 11,609 584 12,193 ( 1,154 ) 2022 Shakopee 1451 Dean Lakes Trail — 12,496 927 61 12,557 927 13,484 ( 2,007 ) 2019 Saint Paul 1700 Wynne Avenue — 23,675 2,258 — 23,675 2,258 25,933 ( 2,457 ) 2021 South Saint Paul 411 Farwell Avenue — 14,904 2,378 498 15,402 2,378 17,780 ( 3,343 ) 2018 Mississippi Southaven 228 Access Drive — 28,566 1,000 1,275 29,841 1,000 30,841 ( 3,779 ) 2020 Missouri Berkeley 8901 Springdale Avenue — 9,850 1,423 929 10,779 1,423 12,202 ( 1,079 ) 2021 Earth City 1 American Eagle Plaza — 2,751 1,123 273 3,024 1,123 4,147 ( 836 ) 2016 Fenton 2501 & 2509 Cassens Drive — 9,358 791 294 9,652 791 10,443 ( 1,718 ) 2019 Hazelwood 7275 Hazelwood Avenue — 5,030 1,382 2,094 7,124 1,382 8,506 ( 2,449 ) 2011 Kansas City 4001 North Norfleet Road — 48,342 4,239 — 48,342 4,239 52,581 ( 4,880 ) 2022 Kansas City 10410 NW Transcon Drive — 16,651 — — 16,651 — 16,651 ( 88 ) 2024 Kansas City 9900 NW Global Drive — 33,113 — — 33,113 — 33,113 ( 165 ) 2024 O'Fallon 6705 Keaton Corporate Parkway — 3,606 1,233 606 4,212 1,233 5,445 ( 1,207 ) 2017 O'Fallon 3801 Lloyd King Drive — 2,579 1,242 1,766 4,345 1,242 5,587 ( 1,359 ) 2011 Nebraska Bellevue 10601 S 15th Street — 20,384 1,691 135 20,519 1,691 22,210 ( 2,785 ) 2021 La Vista 11720 Peel Circle — 14,679 1,232 165 14,844 1,232 16,076 ( 1,494 ) 2021 Omaha 10488 S. 136th Street — 13,736 1,602 102 13,838 1,602 15,440 ( 2,413 ) 2019 Omaha 9995 I Street — 3,202 572 641 3,843 572 4,415 ( 565 ) 2019 Omaha 10025 I Street — 2,414 579 133 2,547 579 3,126 ( 471 ) 2019 Omaha 9931 South 136th Street — 2,636 828 385 3,021 828 3,849 ( 404 ) 2021 Omaha 9950 South 134th Street — 3,398 868 6 3,404 868 4,272 ( 352 ) 2021 Nevada Fernley 190 Resource Drive — 11,401 1,034 — 11,401 1,034 12,435 ( 1,385 ) 2021 Las Vegas 730 Pilot Road — 12,390 2,615 897 13,287 2,615 15,902 ( 2,883 ) 2018 Las Vegas 3450 West Teco Avenue — 3,259 770 80 3,339 770 4,109 ( 740 ) 2017 Paradise 4565 Wynn Road — 4,514 949 — 4,514 949 5,463 ( 818 ) 2019 Paradise 6460 Arville Street — 3,415 1,465 251 3,666 1,465 5,131 ( 801 ) 2019 Reno 9025 Moya Boulevard — 3,356 1,372 832 4,188 1,372 5,560 ( 1,144 ) 2014 Sparks 325 E. Nugget Avenue — 6,328 938 1,179 7,507 938 8,445 ( 2,219 ) 2017 Sparks 655 Spice Islands Drive — 25,457 2,831 250 25,707 2,831 28,538 ( 936 ) 2023 New Hampshire Londonderry 29 Jack's Bridge Road/Clark Road — 6,449 730 339 6,788 730 7,518 ( 2,080 ) 2013 Nashua 80 Northwest Boulevard — 8,470 1,431 6,874 15,344 1,431 16,775 ( 2,848 ) 2014 New Jersey Branchburg 291 Evans Way — 10,852 2,367 149 11,001 2,367 13,368 ( 1,817 ) 2019 Burlington 8 Campus Drive — — 3,267 16,064 16,064 3,267 19,331 ( 1,764 ) 2015 Burlington 6 Campus Drive — 19,237 4,030 3,067 22,304 4,030 26,334 ( 5,878 ) 2015 Franklin Township 17 & 20 Veronica Avenue — 8,264 2,272 1,555 9,819 2,272 12,091 ( 2,705 ) 2017 F-43 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lumberton 101 Mount Holly Bypass — 6,372 1,121 456 6,828 1,121 7,949 ( 1,519 ) 2019 Moorestown 550 Glen Avenue — 5,627 466 188 5,815 466 6,281 ( 1,170 ) 2019 Moorestown 600 Glen Court — 4,749 510 189 4,938 510 5,448 ( 1,175 ) 2019 Moorestown 11 Twosome Drive — 9,490 1,230 — 9,490 1,230 10,720 ( 81 ) 2024 Mt. Laurel 103 Central Avenue — 6,672 616 1,006 7,678 616 8,294 ( 1,032 ) 2020 Piscataway 100 New England Avenue — 17,096 7,566 144 17,240 7,566 24,806 ( 1,095 ) 2023 Swedesboro 2165 Center Square Road — 5,129 1,212 901 6,030 1,212 7,242 ( 1,407 ) 2017 Westampton 800 Highland Drive — 20,734 3,647 8,721 29,455 3,647 33,102 ( 2,184 ) 2021 New Mexico Santa Teresa 150 Earhardt Drive — 8,904 723 187 9,091 723 9,814 ( 661 ) 2022 New York Buffalo 1236-50 William Street — 2,924 146 — 2,924 146 3,070 ( 1,025 ) 2012 Cheektowaga 40-60 Industrial Parkway — 2,699 216 1,095 3,794 216 4,010 ( 1,525 ) 2011 Farmington 5786 Collett Road — 5,282 410 896 6,178 410 6,588 ( 2,649 ) 2007 Gloversville 125 Belzano Drive — 1,299 117 7 1,306 117 1,423 ( 465 ) 2012 Gloversville 122 Belzano Drive — 2,559 151 238 2,797 151 2,948 ( 893 ) 2012 Gloversville 109 Belzano Drive — 1,486 154 188 1,674 154 1,828 ( 568 ) 2012 Johnstown 123 Union Avenue — 1,592 216 33 1,625 216 1,841 ( 528 ) 2012 Johnstown 231 Enterprise Drive — 955 151 96 1,051 151 1,202 ( 460 ) 2012 Johnstown 150 Enterprise Avenue — 1,440 140 36 1,476 140 1,616 ( 536 ) 2012 Rochester 2883 Brighton Henrietta Townline Road — 6,964 619 1,034 7,998 619 8,617 ( 1,124 ) 2020 Rochester 1350 Scottsville Road — 6,702 208 109 6,811 208 7,019 ( 1,010 ) 2020 Ronkonkoma 845 South 1st Street ( 4,322 ) 6,091 1,213 144 6,235 1,213 7,448 ( 785 ) 2021 North Carolina Catawba 3389 Catawba Industrial Place — 8,166 1,692 — 8,166 1,692 9,858 ( 1,120 ) 2020 Charlotte 1401 Tar Heel Road — 3,842 515 63 3,905 515 4,420 ( 960 ) 2015 Charlotte 2027 Gateway Boulevard — 3,654 913 30 3,684 913 4,597 ( 798 ) 2018 Charlotte 3115 Beam Road — 4,839 369 179 5,018 369 5,387 ( 738 ) 2020 Charlotte 12730 Virkler Drive — 10,650 1,522 — 10,650 1,522 12,172 ( 39 ) 2024 Durham 2702 Weck Drive — 2,589 753 258 2,847 753 3,600 ( 810 ) 2015 Garner 2337 US Highway 70E — 11,790 3,420 — 11,790 3,420 15,210 ( 1,631 ) 2020 Greensboro 719 North Regional Road — 12,396 366 — 12,396 366 12,762 ( 596 ) 2023 Greensboro 415 Westcliff Road — 6,383 691 208 6,591 691 7,282 ( 1,417 ) 2018 Huntersville 13201 Reese Boulevard — 3,123 1,061 980 4,103 1,061 5,164 ( 1,327 ) 2012 Lexington 200 Woodside Drive — 3,863 232 1,397 5,260 232 5,492 ( 1,929 ) 2011 Mebane 7412 Oakwood Street — 4,570 481 552 5,122 481 5,603 ( 1,851 ) 2012 Mebane 7600 Oakwood Street — 4,148 443 — 4,148 443 4,591 ( 1,522 ) 2012 Mebane 7110 E. Washington Street — 4,981 358 1,994 6,975 358 7,333 ( 1,942 ) 2013 Mocksville 171 Enterprise Way — 5,582 1,091 616 6,198 1,091 7,289 ( 1,180 ) 2019 Mooresville 119 Super Sport Drive — 17,792 4,195 765 18,557 4,195 22,752 ( 4,116 ) 2017 Mooresville 313 Mooresville Boulevard — 6,968 701 466 7,434 701 8,135 ( 2,689 ) 2011 Mountain Home 199 N. Egerton Road — 2,359 523 324 2,683 523 3,206 ( 689 ) 2014 F-44 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Newton 1500 Prodelin Drive — 3,814 732 4,807 8,621 732 9,353 ( 2,609 ) 2011 Pineville 10519 Industrial Drive — 1,179 392 44 1,223 392 1,615 ( 372 ) 2012 Rural Hall 300 Forum Parkway — 5,375 439 1,007 6,382 439 6,821 ( 2,388 ) 2011 Salisbury 990 Cedar Springs Road — 5,009 1,535 3,008 8,017 1,535 9,552 ( 2,308 ) 2017 Smithfield 3250 Highway 70 Business West — 4,411 613 7,231 11,642 613 12,255 ( 2,604 ) 2011 Troutman 279 & 281 Old Murdock Road — 13,124 802 360 13,484 802 14,286 ( 2,985 ) 2018 Winston-Salem 2655 Annapolis Drive — 10,716 610 235 10,951 610 11,561 ( 3,366 ) 2014 Youngsville 200 K-Flex Way — 16,150 1,836 — 16,150 1,836 17,986 ( 3,335 ) 2018 Ohio Bedford Heights 26801 Fargo Avenue — 5,267 837 1,019 6,286 837 7,123 ( 1,891 ) 2017 Boardman 365 McClurg Road — 3,473 282 1,289 4,762 282 5,044 ( 2,094 ) 2007 Canal Winchester 6200-6250 Winchester Boulevard — 37,431 6,403 — 37,431 6,403 43,834 ( 3,977 ) 2021 Canal Winchester 6260-6300 Winchester Boulevard — 19,432 3,708 430 19,862 3,708 23,570 ( 2,372 ) 2021 Canal Winchester 6215-6275 Winchester Boulevard — 16,704 1,690 — 16,704 1,690 18,394 ( 315 ) 2024 Columbus 1605 Westbelt Drive — 5,125 337 1,114 6,239 337 6,576 ( 1,285 ) 2017 Columbus 5330 Crosswinds Drive — 45,112 3,410 1,117 46,229 3,410 49,639 ( 6,002 ) 2020 Columbus 200 McCormick Boulevard — 8,960 988 77 9,037 988 10,025 ( 911 ) 2022 Columbus 3900-3990 Business Park Drive — 2,976 489 657 3,633 489 4,122 ( 1,254 ) 2014 Dayton 2815 South Gettysburg Avenue — 5,896 331 529 6,425 331 6,756 ( 1,985 ) 2015 Etna 8591 Mink Street SW — 73,402 2,939 231 73,633 2,939 76,572 ( 10,008 ) 2020 Fairborn 1340 E Dayton Yellow Springs Road — 5,569 867 402 5,971 867 6,838 ( 2,035 ) 2015 Fairfield 4275 Thunderbird Lane — 2,788 948 1,175 3,963 948 4,911 ( 1,204 ) 2016 Fairfield 3840 Port Union Road — 5,337 1,086 407 5,744 1,086 6,830 ( 1,562 ) 2018 Gahanna 1120 Morrison Road — 3,806 1,265 3,988 7,794 1,265 9,059 ( 2,479 ) 2011 Groveport 5830 Green Pointe Drive South — 10,828 642 424 11,252 642 11,894 ( 2,556 ) 2017 Hilliard 4251 Leap Road — 7,412 550 1,498 8,910 550 9,460 ( 2,129 ) 2017 Macedonia 8295 Bavaria Drive — 10,219 1,001 107 10,326 1,001 11,327 ( 958 ) 2022 Macedonia 1261 Highland Road — 8,063 1,690 647 8,710 1,690 10,400 ( 2,477 ) 2015 Maple Heights 16645 Granite Road — 4,357 922 — 4,357 922 5,279 ( 559 ) 2021 Mason 7258 Innovation Way — 4,582 673 — 4,582 673 5,255 ( 1,388 ) 2014 North Jackson 500 South Bailey Road — 4,356 1,528 2,269 6,625 1,528 8,153 ( 1,693 ) 2013 North Jackson 382 Rosemont Road — 5,777 486 3,174 8,951 486 9,437 ( 2,582 ) 2011 Oakwood Village 26350 Broadway — 3,041 343 178 3,219 343 3,562 ( 986 ) 2015 Salem 800 Pennsylvania Avenue — 6,849 858 2,297 9,146 858 10,004 ( 3,842 ) 2006 Streetsboro 9777 Mopar Drive — 4,909 2,161 1,157 6,066 2,161 8,227 ( 2,037 ) 2011 Strongsville 14450 Foltz Industrial Parkway — 16,487 1,315 — 16,487 1,315 17,802 ( 1,791 ) 2021 Strongsville 12930 Darice Parkway — 5,750 491 963 6,713 491 7,204 ( 2,102 ) 2014 Toledo 1800 Jason Street — 6,487 213 250 6,737 213 6,950 ( 2,319 ) 2012 Twinsburg 8601 Independence Parkway — 19,772 3,855 — 19,772 3,855 23,627 ( 2,658 ) 2020 Twinsburg 7990 Bavaria Road — 6,497 590 3,486 9,983 590 10,573 ( 3,247 ) 2007 West Chester 9696 International Boulevard — 8,580 936 — 8,580 936 9,516 ( 2,051 ) 2016 F-45 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired West Chester 8778-8910 Le Saint Drive — 42,704 1,565 109 42,813 1,565 44,378 ( 1,154 ) 2024 West Jefferson 1550 West Main Street — 70,213 2,015 75 70,288 2,015 72,303 ( 13,218 ) 2019 Oklahoma Oklahoma City 4949 Southwest 20th Street — 2,211 746 124 2,335 746 3,081 ( 896 ) 2016 Oklahoma City 5101 South Council Road — 9,199 1,614 1,466 10,665 1,614 12,279 ( 3,173 ) 2015 Tulsa 11607 E. 43rd Street North — 8,242 966 — 8,242 966 9,208 ( 2,691 ) 2015 Tulsa 10757 East Ute Street — 7,167 644 125 7,292 644 7,936 ( 1,199 ) 2020 Oregon Beaverton 5805 SW 107th Avenue — 10,602 2,463 — 10,602 2,463 13,065 ( 486 ) 2023 Beaverton 5807 SW 107th Avenue — 4,936 1,237 — 4,936 1,237 6,173 ( 231 ) 2023 Salem 4060 Fairview Industrial Drive — 3,039 599 916 3,955 599 4,554 ( 1,391 ) 2011 Salem 4050 Fairview Industrial Drive — 1,372 266 562 1,934 266 2,200 ( 728 ) 2011 Sherwood 20707 SW Wildrose Place — 14,014 1,315 — 14,014 1,315 15,329 ( 325 ) 2024 Wilsonville 9400 SW Barber Street — 10,142 696 243 10,385 696 11,081 ( 714 ) 2022 Pennsylvania Allentown 6670 Grant Way — 9,937 1,237 378 10,315 1,237 11,552 ( 426 ) 2023 Allentown 6690 Grant Way — 11,721 1,535 66 11,787 1,535 13,322 ( 495 ) 2023 Allentown 7132 Daniels Drive — 7,199 1,962 2,130 9,329 1,962 11,291 ( 3,080 ) 2014 Burgettstown 157 Starpointe Boulevard — 23,416 1,248 598 24,014 1,248 25,262 ( 4,668 ) 2019 Charleroi 200 Simko Boulevard — 10,539 935 136 10,675 935 11,610 ( 2,229 ) 2018 Clinton 2300 Sweeney Drive — 19,144 — 25 19,169 — 19,169 ( 4,536 ) 2017 Clinton 2251 Sweeney Drive — 12,390 — — 12,390 — 12,390 ( 2,440 ) 2018 Clinton 2400 Sweeney Drive Extension — 16,840 — 2,920 19,760 — 19,760 ( 3,396 ) 2018 Clinton 1200 Clifford Ball Drive — 10,524 — — 10,524 — 10,524 ( 1,477 ) 2020 Clinton 1111 Clifford Ball Drive — 5,668 — — 5,668 — 5,668 ( 810 ) 2020 Clinton 1300 Clifford Ball Drive — 18,152 — — 18,152 — 18,152 ( 2,470 ) 2020 Clinton 1100 Clifford Ball Drive — 40,282 — 510 40,792 — 40,792 ( 4,045 ) 2022 Croydon 3001 State Road — 4,628 829 4,115 8,743 829 9,572 ( 912 ) 2018 Elizabethtown 11 and 33 Industrial Road — 5,315 1,000 804 6,119 1,000 7,119 ( 1,847 ) 2014 Export 1003 Corporate Lane — 5,604 667 196 5,800 667 6,467 ( 1,138 ) 2019 Hazleton 69 Green Mountain Road — 43,571 4,995 1,179 44,750 4,995 49,745 ( 5,030 ) 2021 Imperial 200 Solar Drive — 22,025 1,762 — 22,025 1,762 23,787 ( 3,532 ) 2019 Kulpsville 1510 Gehman Road — 10,390 3,171 — 10,390 3,171 13,561 ( 588 ) 2023 Lancaster 2919 Old Tree Drive — 5,134 1,520 1,687 6,821 1,520 8,341 ( 2,351 ) 2015 Langhorne 2151 Cabot Boulevard West — 3,771 1,370 287 4,058 1,370 5,428 ( 1,009 ) 2016 Langhorne 2201 Cabot Boulevard West — 3,018 1,308 528 3,546 1,308 4,854 ( 1,149 ) 2016 Langhorne 121 Wheeler Court — 6,327 1,884 1,198 7,525 1,884 9,409 ( 2,056 ) 2016 Langhorne 1 Cabot Boulevard East — 4,203 1,155 83 4,286 1,155 5,441 ( 972 ) 2020 Lebanon 1 Keystone Drive — 5,083 1,380 1,048 6,131 1,380 7,511 ( 2,128 ) 2017 Mechanicsburg 6350 Brackbill Boulevard — 5,079 1,482 2,684 7,763 1,482 9,245 ( 2,016 ) 2014 Mechanicsburg 6360 Brackbill Boulevard — 7,042 1,800 989 8,031 1,800 9,831 ( 2,354 ) 2014 Mechanicsburg 245 Salem Church Road — 7,977 1,452 905 8,882 1,452 10,334 ( 2,616 ) 2014 F-46 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Muhlenberg Township 171-173 Tuckerton Road — 13,784 843 3,153 16,937 843 17,780 ( 5,290 ) 2012 New Galilee 1750 Shenango Road — 25,553 1,127 354 25,907 1,127 27,034 ( 4,334 ) 2019 New Kensington 115 Hunt Valley Road — 9,145 177 — 9,145 177 9,322 ( 1,716 ) 2018 New Kingstown 6 Doughten Road — 8,625 2,041 619 9,244 2,041 11,285 ( 2,874 ) 2014 O'Hara Township 100 Papercraft Park — 18,612 1,435 8,291 26,903 1,435 28,338 ( 9,862 ) 2012 Pittston One Commerce Road — 19,603 677 263 19,866 677 20,543 ( 4,290 ) 2017 Reading 2001 Centre Avenue — 5,294 1,708 1,554 6,848 1,708 8,556 ( 1,571 ) 2016 Warrendale 410-426 Keystone Drive — 12,057 1,853 786 12,843 1,853 14,696 ( 2,485 ) 2018 York 2925 East Market Street — 14,209 2,152 381 14,590 2,152 16,742 ( 3,050 ) 2017 York 57 Grumbacher Road — 14,832 966 28 14,860 966 15,826 ( 2,818 ) 2018 York 420 Emig Road — 7,863 869 47 7,910 869 8,779 ( 1,694 ) 2019 York 915 Woodland View Drive — 5,754 1,139 237 5,991 1,139 7,130 ( 731 ) 2021 York 2800 Concord Road — 21,154 1,478 1,394 22,548 1,478 24,026 ( 2,366 ) 2021 South Carolina Columbia 128 Crews Drive — 5,171 783 287 5,458 783 6,241 ( 1,603 ) 2016 Duncan 110 Hidden Lakes Circle — 10,981 1,002 3,455 14,436 1,002 15,438 ( 4,677 ) 2012 Duncan 112 Hidden Lakes Circle — 6,739 709 1,586 8,325 709 9,034 ( 2,941 ) 2012 Duncan 175 Spartangreen Boulevard — 12,390 936 89 12,479 936 13,415 ( 1,321 ) 2021 Edgefield One Tranter Drive — 938 220 887 1,825 220 2,045 ( 847 ) 2012 Fountain Inn 107 Southchase Boulevard — 8,308 766 577 8,885 766 9,651 ( 1,989 ) 2018 Fountain Inn 141 Southchase Boulevard — 13,511 1,878 9,027 22,538 1,878 24,416 ( 3,802 ) 2017 Fountain Inn 111 Southchase Boulevard — 4,260 719 95 4,355 719 5,074 ( 1,324 ) 2016 Gaffney 50 Peachview Boulevard — 4,383 1,233 2,505 6,888 1,233 8,121 ( 1,692 ) 2017 Goose Creek 6 Corporate Parkway — 29,360 4,459 — 29,360 4,459 33,819 ( 5,203 ) 2019 Greenwood 215 Mill Avenue — 1,824 166 641 2,465 166 2,631 ( 748 ) 2012 Greenwood 308-310 Maxwell Avenue — 1,168 169 848 2,016 169 2,185 ( 643 ) 2012 Greer 8 Shelter Drive — 4,939 681 3,478 8,417 681 9,098 ( 2,197 ) 2018 Greer 1000 Robinson Road — 25,631 849 — 25,631 849 26,480 ( 2,163 ) 2021 Greer 1817 East Poinsett Street — — 3,674 45,728 45,728 3,674 49,402 — 2022 Greer 1809 East Poinsett Street — — 1,885 23,544 23,544 1,885 25,429 — 2022 Greer 129 Metro Court — 1,434 129 392 1,826 129 1,955 ( 561 ) 2015 Greer 149 Metro Court — 1,731 128 558 2,289 128 2,417 ( 644 ) 2015 Greer 153 Metro Court — 460 153 155 615 153 768 ( 230 ) 2015 Greer 154 Metro Court — 2,963 306 941 3,904 306 4,210 ( 1,199 ) 2015 Laurens 103 Cherry Blossom Drive — 4,033 151 52 4,085 151 4,236 ( 1,070 ) 2015 Piedmont 1100 Piedmont Highway — 4,093 231 588 4,681 231 4,912 ( 1,271 ) 2015 Piedmont 1102 Piedmont Highway — 2,092 158 45 2,137 158 2,295 ( 587 ) 2015 Piedmont 1104 Piedmont Highway — 2,166 204 — 2,166 204 2,370 ( 718 ) 2015 Piedmont 513 Old Griffin Road — 9,260 797 2,022 11,282 797 12,079 ( 2,152 ) 2018 Piedmont 1610 Old Grove Road — 18,734 1,971 63 18,797 1,971 20,768 ( 4,664 ) 2019 Piedmont 100 Exchange Logistics Park Drive — 25,151 569 1,001 26,152 569 26,721 ( 2,267 ) 2022 F-47 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Piedmont 119 Matrix Parkway — 13,912 331 62 13,974 331 14,305 ( 1,241 ) 2022 Rock Hill 2751 Commerce Drive, Unit C — 6,146 1,411 1,496 7,642 1,411 9,053 ( 1,972 ) 2016 Rock Hill 1953 Langston Street — 4,333 1,095 984 5,317 1,095 6,412 ( 1,376 ) 2017 Rock Hill 2225 Williams Industrial Boulevard — 10,903 1,118 — 10,903 1,118 12,021 ( 1,614 ) 2020 Simpsonville 101 Harrison Bridge Road — 2,960 957 3,659 6,619 957 7,576 ( 2,156 ) 2012 Simpsonville 103 Harrison Bridge Road — 3,364 470 1,112 4,476 470 4,946 ( 1,541 ) 2012 Simpsonville 1312 Old Stage Road — 24,200 1,454 3,426 27,626 1,454 29,080 ( 5,664 ) 2018 Spartanburg 5675 North Blackstock Road — 14,791 1,867 1,791 16,582 1,867 18,449 ( 4,496 ) 2016 Spartanburg 950 Brisack Road — 3,564 342 2,084 5,648 342 5,990 ( 1,599 ) 2014 Spartanburg 2071 Fryml Drive — 7,509 663 161 7,670 663 8,333 ( 1,403 ) 2019 Spartanburg 2171 Fryml Drive — 4,275 530 143 4,418 530 4,948 ( 779 ) 2019 Spartanburg 2010 Nazareth Church Road — 16,535 895 745 17,280 895 18,175 ( 3,342 ) 2019 Spartanburg 150-160 National Avenue — 5,797 493 2,151 7,948 493 8,441 ( 2,316 ) 2012 Summerville 105 Eastport Lane — 4,710 1,157 591 5,301 1,157 6,458 ( 899 ) 2019 Wellford 462 Casual Drive — 16,147 2,588 1,155 17,302 2,588 19,890 ( 712 ) 2023 Wellford 452 Casual Drive — 16,187 2,548 2,732 18,919 2,548 21,467 — 2023 West Columbia 185 McQueen Street — 6,946 715 2,355 9,301 715 10,016 ( 2,992 ) 2013 West Columbia 610 Kelsey Court — 9,488 488 — 9,488 488 9,976 ( 2,185 ) 2016 West Columbia 825 Bistline Drive — 9,151 240 1,008 10,159 240 10,399 ( 2,339 ) 2017 West Columbia 810 Bistline Drive — 10,881 564 — 10,881 564 11,445 ( 1,974 ) 2019 West Columbia 1000 Technology Drive — 26,023 1,422 5 26,028 1,422 27,450 ( 5,606 ) 2019 West Columbia 842 Bistline Drive — 12,723 1,217 1,749 14,472 1,217 15,689 ( 1,775 ) 2021 West Columbia 222 Old Wire Road — 4,646 551 2,301 6,947 551 7,498 ( 2,660 ) 2016 Tennessee Chattanooga 1800 Crutchfield Street Building A — 2,181 187 127 2,308 187 2,495 ( 593 ) 2015 Chattanooga 1800 Crutchfield Street Building B — 4,448 380 84 4,532 380 4,912 ( 1,233 ) 2015 Chattanooga 1295 Stuart Street — 7,959 424 2,546 10,505 424 10,929 ( 2,751 ) 2015 Cleveland 4405 Michigan Avenue Road NE — 3,161 554 84 3,245 554 3,799 ( 1,299 ) 2011 Clinton 1330 Carden Farm Drive — 3,101 403 241 3,342 403 3,745 ( 1,021 ) 2015 Jackson 1094 Flex Drive — 2,374 230 772 3,146 230 3,376 ( 1,199 ) 2012 Knoxville 2525 Quality Drive — 3,104 447 541 3,645 447 4,092 ( 1,008 ) 2015 Knoxville 2522 and 2526 Westcott Boulevard — 4,919 472 728 5,647 472 6,119 ( 1,049 ) 2018 Knoxville 5700 Casey Drive — 7,812 1,117 811 8,623 1,117 9,740 ( 1,987 ) 2019 Lebanon 535 Maddox-Simpson Parkway — 15,890 468 1,432 17,322 468 17,790 ( 4,036 ) 2019 Lebanon 675 Maddox-Simpson Parkway — 5,891 519 211 6,102 519 6,621 ( 582 ) 2021 Loudon 1700 Elizabeth Lee Parkway — 3,686 170 2,137 5,823 170 5,993 ( 1,473 ) 2015 Madison 538 Myatt Drive — 2,790 1,655 16,713 19,503 1,655 21,158 ( 2,874 ) 2011 Mascot 9575 Commission Drive — 3,179 284 75 3,254 284 3,538 ( 1,001 ) 2016 Mascot 2122 Holston Bend Drive — 3,409 385 8,294 11,703 385 12,088 ( 1,592 ) 2013 Memphis 7625 Appling Center Drive — 13,463 539 29 13,492 539 14,031 ( 1,286 ) 2022 Memphis 4880 East Tuggle Road — 40,956 2,501 1,826 42,782 2,501 45,283 ( 7,779 ) 2019 Murfreesboro 1975 Joe B. Jackson Parkway — 9,617 2,206 6 9,623 2,206 11,829 ( 881 ) 2022 F-48 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Murfreesboro 540 New Salem Road — 2,799 722 151 2,950 722 3,672 ( 1,081 ) 2014 Nashville 3258 Ezell Pike — 3,455 547 276 3,731 547 4,278 ( 1,092 ) 2013 Vonore 90 Deer Crossing Road — 7,821 2,355 1,479 9,300 2,355 11,655 ( 2,760 ) 2011 Texas Arlington 3311 Pinewood Drive — 2,374 413 385 2,759 413 3,172 ( 1,205 ) 2007 Arlington 401 N. Great Southwest Parkway — 5,767 1,246 1,445 7,212 1,246 8,458 ( 2,320 ) 2012 Cedar Hill 1650 U.S. Highway 67 — 11,870 4,066 2,298 14,168 4,066 18,234 ( 4,550 ) 2016 Conroe 16548 Donwick Drive — 20,995 1,853 1,631 22,626 1,853 24,479 ( 4,274 ) 2018 El Paso 32 Celerity Wagon — 3,532 — 264 3,796 — 3,796 ( 929 ) 2017 El Paso 48 Walter Jones Boulevard — 10,250 — 1,255 11,505 — 11,505 ( 2,746 ) 2017 El Paso 1601 Northwestern Drive — 9,052 1,248 899 9,951 1,248 11,199 ( 3,046 ) 2014 El Paso 6500 N. Desert Boulevard — 7,518 1,124 1,242 8,760 1,124 9,884 ( 2,517 ) 2014 El Paso 1550 Northwestern Drive — 14,011 1,854 2,433 16,444 1,854 18,298 ( 5,047 ) 2014 El Paso 1701 Northwestern Drive — 9,897 1,581 2,031 11,928 1,581 13,509 ( 3,422 ) 2014 El Paso 7801 Northern Pass Road — 5,893 1,136 — 5,893 1,136 7,029 ( 2,027 ) 2015 El Paso 12285 Gateway Boulevard West — 22,548 1,725 — 22,548 1,725 24,273 ( 2,208 ) 2021 El Paso 9571 Pan American Drive — 9,382 1,101 150 9,532 1,101 10,633 ( 724 ) 2022 El Paso 9555 Plaza Circle — 4,666 626 146 4,812 626 5,438 ( 454 ) 2022 El Paso 9494 Escobar Drive — 8,551 701 — 8,551 701 9,252 ( 666 ) 2022 El Paso 47 Butterfield Circle — 3,000 — 1,831 4,831 — 4,831 ( 1,890 ) 2012 Garland 2901 W. Kingsley Road — 5,166 1,344 3,646 8,812 1,344 10,156 ( 2,382 ) 2014 Grapevine 2402 Esters Boulevard — 9,522 — 139 9,661 — 9,661 ( 1,042 ) 2021 Grapevine 2400 Esters Boulevard — 15,029 — 301 15,330 — 15,330 ( 1,635 ) 2021 Houston 18601 Intercontinental Crossing Drive — 8,744 1,505 — 8,744 1,505 10,249 ( 2,019 ) 2019 Houston 9302 Ley Road — 8,879 1,236 310 9,189 1,236 10,425 ( 1,498 ) 2019 Houston 10343 Ella Boulevard — 16,586 1,747 — 16,586 1,747 18,333 ( 2,386 ) 2019 Houston 4949 Windfern Road — 7,610 2,255 578 8,188 2,255 10,443 ( 2,797 ) 2013 Houston 7300 Airport Boulevard — 8,336 2,546 6,803 15,139 2,546 17,685 ( 3,072 ) 2016 Houston 13627 West Hardy — 4,989 1,502 — 4,989 1,502 6,491 ( 1,615 ) 2017 Houston 868 Pear Street — 5,508 953 — 5,508 953 6,461 ( 1,589 ) 2017 Houston 14620 Henry Road — 7,052 927 112 7,164 927 8,091 ( 1,647 ) 2017 Houston 7049 Brookhollow West Drive — 9,283 809 575 9,858 809 10,667 ( 1,720 ) 2018 Houston 10401 S. Sam Houston Parkway — 9,456 1,108 405 9,861 1,108 10,969 ( 1,573 ) 2019 Humble 18727 Kenswick Drive — 11,493 2,255 9,958 21,451 2,255 23,706 ( 3,554 ) 2019 Irving 2450 Valley View Lane — 15,312 5,976 137 15,449 5,976 21,425 ( 575 ) 2023 Katy 1800 North Mason Road — 7,571 2,192 — 7,571 2,192 9,763 ( 1,576 ) 2019 Katy 21601 Park Row Drive — 3,412 1,655 — 3,412 1,655 5,067 ( 625 ) 2019 Laredo 13710 IH 35 Frontage Road — 13,847 2,538 — 13,847 2,538 16,385 ( 2,729 ) 2019 Laredo 13808 Humphrey Road — 10,195 1,535 2,235 12,430 1,535 13,965 ( 3,204 ) 2017 McAllen 5601 West Military Highway — 13,549 818 1,612 15,161 818 15,979 ( 1,945 ) 2020 Mission 802 Trinity Street — 12,623 1,882 663 13,286 1,882 15,168 ( 2,829 ) 2018 F-49 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Rockwall 3400 Discovery Boulevard — 16,066 2,683 — 16,066 2,683 18,749 ( 4,440 ) 2017 Socorro 11320 Gateway Boulevard East — 27,752 4,430 86 27,838 4,430 32,268 ( 505 ) 2024 Stafford 13720 Stafford Road — 6,570 339 41 6,611 339 6,950 ( 1,460 ) 2017 Waco 101 Apron Road — 1,394 — 922 2,316 — 2,316 ( 981 ) 2011 Utah Salt Lake City 3175 West 500 South — 26,292 3,939 — 26,292 3,939 30,231 ( 64 ) 2024 Virginia Chester 2001 Ware Bottom Spring Road — 3,276 775 — 3,276 775 4,051 ( 1,133 ) 2014 Fredericksburg 2031 International Parkway — 15,235 2,182 — 15,235 2,182 17,417 ( 1,188 ) 2022 Harrisonburg 4500 Early Road — 11,057 1,455 2,088 13,145 1,455 14,600 ( 3,976 ) 2012 Independence One Compair Way — 2,061 226 — 2,061 226 2,287 ( 678 ) 2012 Norfolk 4555 Progress Road — 7,990 1,259 — 7,990 1,259 9,249 ( 622 ) 2022 North Chesterfield 8001 Greenpine Road — 6,174 1,599 942 7,116 1,599 8,715 ( 1,360 ) 2019 Richmond 5250 Klockner Drive — 3,801 819 1,236 5,037 819 5,856 ( 1,143 ) 2020 Washington Ridgefield 6111 S. 6th Way — 9,711 2,307 780 10,491 2,307 12,798 ( 2,055 ) 2019 Wisconsin Appleton 1919 W. College Avenue — 5,757 261 219 5,976 261 6,237 ( 687 ) 2021 Caledonia 1343 27th Street — 3,339 225 — 3,339 225 3,564 ( 767 ) 2018 Cudahy 5831 S. Pennsylvania Avenue — 4,751 1,427 — 4,751 1,427 6,178 ( 879 ) 2020 De Pere 2191 American Boulevard — 6,042 525 101 6,143 525 6,668 ( 2,172 ) 2012 DeForest 505-507 Stokely Drive — 5,298 1,131 759 6,057 1,131 7,188 ( 1,464 ) 2016 Delavan 329 Hallberg Street — 2,032 127 232 2,264 127 2,391 ( 451 ) 2019 Delavan 1714 Hobbs Drive — 4,676 241 89 4,765 241 5,006 ( 863 ) 2019 East Troy 2761 Buell Drive — 4,936 304 77 5,013 304 5,317 ( 1,416 ) 2014 Elkhorn 390 Koopman Lane — 3,621 210 — 3,621 210 3,831 ( 769 ) 2019 Franklin 5215 W Airways Avenue — 8,193 1,551 — 8,193 1,551 9,744 ( 1,026 ) 2021 Germantown N117 W18456 Fulton Drive — 5,956 442 — 5,956 442 6,398 ( 1,089 ) 2018 Germantown N106 W13131 Bradley Way — 3,269 359 346 3,615 359 3,974 ( 732 ) 2018 Germantown N102 W19400 Willow Creek Way — 10,908 1,175 — 10,908 1,175 12,083 ( 2,283 ) 2018 Germantown 11900 N. River Lane — 5,977 1,186 22 5,999 1,186 7,185 ( 2,079 ) 2014 Hartland 500 North Shore Drive — 4,634 1,526 — 4,634 1,526 6,160 ( 1,281 ) 2016 Hudson 2700 Harvey Street — 7,982 683 6 7,988 683 8,671 ( 1,330 ) 2020 Janesville 2929 Venture Drive — 17,379 828 1,197 18,576 828 19,404 ( 5,967 ) 2013 Kenosha 9625 55th Street — 3,968 797 763 4,731 797 5,528 ( 1,386 ) 2016 Madison 4718 Helgesen Drive — 6,296 609 531 6,827 609 7,436 ( 1,429 ) 2017 Madison 4722 Helgesen Drive — 4,489 444 39 4,528 444 4,972 ( 946 ) 2017 Mayville 605 Fourth Street — 4,118 547 623 4,741 547 5,288 ( 2,259 ) 2007 Mukwonago 103 Hill Court — 10,791 1,478 219 11,010 1,478 12,488 ( 1,195 ) 2021 Muskego S64 W15660 Commerce Center Parkway — 5,469 393 154 5,623 393 6,016 ( 1,070 ) 2020 New Berlin 16250 West Woods Edge Drive — 15,917 277 — 15,917 277 16,194 ( 2,421 ) 2019 New Berlin 16555 W. Smalls Road — 20,176 955 — 20,176 955 21,131 ( 1,866 ) 2021 F-50 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired New Berlin 5600 S. Moorland Road — 6,409 1,068 82 6,491 1,068 7,559 ( 2,007 ) 2013 Oak Creek 525 West Marquette Avenue — 4,249 526 100 4,349 526 4,875 ( 891 ) 2018 Oak Creek 7475 South 6th Street — 6,125 805 355 6,480 805 7,285 ( 1,473 ) 2018 Pewaukee W288 N2801 Duplainville Road — 6,624 841 1,001 7,625 841 8,466 ( 2,024 ) 2018 Pewaukee W277 N2837 Duplainville Road — 4,516 439 52 4,568 439 5,007 ( 1,106 ) 2018 Pleasant Prairie 8901 102nd Street — 4,899 523 713 5,612 523 6,135 ( 1,148 ) 2018 Sun Prairie 1615 Commerce Drive — 5,809 2,360 4,540 10,349 2,360 12,709 ( 3,356 ) 2011 Sussex W251 N5350 Business Drive — 13,026 1,212 15 13,041 1,212 14,253 ( 331 ) 2024 West Allis 2207 S. 114th Street — 1,757 462 2,338 4,095 462 4,557 ( 1,122 ) 2015 West Allis 2075 S. 114th Street — 1,848 444 1,736 3,584 444 4,028 ( 960 ) 2015 West Allis 2145 S. 114th Street — 846 252 1,051 1,897 252 2,149 ( 557 ) 2015 West Allis 2025 S. 114th Street — 956 251 838 1,794 251 2,045 ( 455 ) 2015 Yorkville 13900 West Grandview Parkway — 4,886 416 323 5,209 416 5,625 ( 1,437 ) 2014 Developments in Process Lebanon, TN Maddox-Simpson Parkway — — 549 18,014 18,014 549 18,563 — 2019 Concord, NC 2711 Concord Parkway South — 910 3,553 1,329 2,239 3,553 5,792 — 2024 Concord, NC 2711 Concord Parkway South — 910 3,553 1,330 2,240 3,553 5,793 — 2024 North Plains, OR 28925 NW Union Road — 1,888 4,778 14,116 16,004 4,778 20,782 — 2024 Reno, NV Resource Drive — — 1,896 4,912 4,912 1,896 6,808 — 2024 Reno, NV Echo Avenue — — 8,959 6,224 6,224 8,959 15,183 — 2024 Total (5)(6) $ ( 4,322 ) $ 5,709,918 $ 771,794 $ 671,068 $ 6,380,986 $ 771,794 $ 7,152,780 $ ( 1,085,866 ) (1) Balance excludes the net unamortized balance of fair market value discount of approximately $ 0.1 million. (2) The initial costs of buildings and improvements is the acquisition costs and non-cash transfers of acquired other assets to initial cost of building and improvements, less asset impairment write-downs and disposals of building and tenant improvements. (3) Represents values at acquisition date less any impairments. (4) Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease (5) As of December 31, 2024, the aggregate cost for federal income tax purposes of investments in real estate was approximately $ 8.0 billion. F-51 (6) The following table summarizes our real estate and accumulated depreciation per Schedule III for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Real Estate and Accumulated Depreciation (in thousands) 2024 2023 2022 Real Estate: Balance at beginning of period $ 6,459,001 $ 6,123,295 $ 5,664,907 Additions during period Acquisitions 628,052 304,057 423,918 Improvements, etc. 184,586 105,112 120,151 Other additions — — — Deductions during period Cost of real estate sold ( 109,313 ) ( 66,565 ) ( 80,470 ) Write-off of tenant improvements ( 4,579 ) ( 3,930 ) ( 3,428 ) Asset impairments and involuntary conversion ( 4,967 ) ( 2,968 ) ( 1,783 ) Balance at the end of the period including assets held for sale 7,152,780 6,459,001 6,123,295 Assets held for sale — — ( 6,324 ) Balance at the end of the period excluding assets held for sale $ 7,152,780 $ 6,459,001 $ 6,116,971 Accumulated Depreciation: Balance at beginning of period $ 921,846 $ 764,809 $ 611,867 Additions during period Depreciation and amortization expense 185,711 177,358 170,088 Other additions — — — Deductions during period Disposals ( 21,691 ) ( 20,321 ) ( 17,146 ) Balance at the end of the period including assets held for sale 1,085,866 921,846 764,809 Assets held for sale — — ( 1,681 ) Balance at the end of the period excluding assets held for sale $ 1,085,866 $ 921,846 $ 763,128 F-52