STAG Industrial, Inc. 10-K

Item 2. Properties As of December 31, 2025, we owned the properties in the following table. State City Number of Buildings Total Rentable Square Feet Alabama Birmingham 4 362,916 Montgomery 1 332,000 Moody 1 595,346 Phenix City 1 117,568 Arkansas Bryant 1 300,160 Rogers 1 400,000 Arizona Avondale 1 186,643 Chandler 1 104,352 Gilbert 1 41,504 Mesa 1 71,030 Phoenix 1 80,000 Tucson 1 129,047 California Fresno 2 640,270 Hollister 1 175,325 Lodi 1 400,340 McClellan 1 160,534 Menifee 2 157,146 Morgan Hill 2 107,126 Rancho Cordova 2 106,718 Roseville 1 114,597 Sacramento 8 976,557 San Diego 1 205,440 Stockton 3 263,716 West Sacramento 2 291,780 Colorado Grand Junction 1 82,800 Johnstown 1 132,194 Longmont 1 64,750 Loveland 2 195,674 Connecticut East Windsor 2 271,111 Milford 2 367,700 North Haven 3 824,727 Wallingford 1 105,000 24 Table of Contents State City Number of Buildings Total Rentable Square Feet Delaware New Castle 1 485,987 Florida Daytona Beach 1 142,857 Fort Myers 1 260,620 Gibsonton 2 298,466 Jacksonville 5 1,256,750 Lake Worth 3 199,916 Lakeland 1 215,280 Orlando 2 370,900 Tampa 1 78,560 West Palm Beach 1 112,353 Georgia Atlanta 1 175,532 Augusta 1 203,726 Buford 1 103,720 Dallas 1 92,807 Forest Park 1 373,900 LaGrange 1 323,368 Lithonia 1 210,858 Norcross 1 152,036 Savannah 1 504,300 Smyrna 1 102,150 Statham 1 225,692 Stone Mountain 1 78,000 Iowa Ankeny 2 400,968 Council Bluffs 1 90,000 Des Moines 2 301,381 Marion 1 95,500 Idaho Idaho Falls 1 78,690 Illinois Aurora 1 130,000 Bartlett 1 207,575 Batavia 3 261,318 Belvidere 3 536,960 Buffalo Grove 2 231,964 Carol Stream 1 89,381 Cary 1 79,049 Crystal Lake 4 506,096 Elgin 8 1,372,401 Elmhurst 1 72,499 Gurnee 1 338,740 Harvard 1 126,304 Hodgkins 2 518,109 Itasca 3 311,355 Lisle 1 105,925 Machesney Park 1 80,000 McHenry 2 169,311 Monee 1 621,246 Montgomery 1 584,301 New Lenox 3 506,536 Saint Charles 1 102,000 Sauk Village 1 375,785 Schaumburg 1 67,817 St. Charles 1 115,491 Vernon Hills 1 95,486 Waukegan 1 131,252 West Chicago 7 955,432 West Dundee 1 154,475 Wood Dale 1 137,607 25 Table of Contents State City Number of Buildings Total Rentable Square Feet Indiana Elkhart 2 170,100 Fort Wayne 1 108,800 Goshen 1 366,000 Greenwood 1 154,440 Indianapolis 1 78,600 Jeffersonville 2 1,155,832 Lafayette 3 466,400 Lebanon 3 2,230,323 Marion 1 249,920 Portage 2 786,249 South Bend 1 225,000 Whitestown 1 258,000 Yoder 1 764,177 Kansas Edwardsville 1 270,869 Lenexa 3 581,059 Olathe 2 725,839 Wichita 3 248,550 Kentucky Bardstown 1 102,318 Danville 1 757,047 Erlanger 1 108,620 Florence 2 641,136 Hebron 1 109,000 Louisiana Baton Rouge 3 533,230 Shreveport 1 420,259 Massachusetts Andover 1 60,000 Hudson 1 128,000 Lawrence 1 91,333 Malden 2 109,943 Middleborough 1 80,100 Norton 1 200,000 South Easton 1 86,000 Sterling 1 119,056 Stoughton 2 258,213 Westborough 1 121,700 Wilmington 1 42,919 Woburn 2 96,219 Maryland Elkridge 1 167,223 Hagerstown 3 1,424,620 Hampstead 1 1,035,249 Hunt Valley 1 46,867 White Marsh 1 103,564 Maine Biddeford 2 265,126 Gardiner 1 265,000 Portland 1 100,600 Michigan Belleville 1 160,464 Canton 1 491,049 Chesterfield 4 478,803 Grand Rapids 4 656,262 Holland 1 195,000 Kentwood 3 455,177 Lansing 4 770,425 Livonia 2 285,306 Marshall 1 57,025 26 Table of Contents State City Number of Buildings Total Rentable Square Feet Novi 3 685,010 Plymouth 1 125,214 Redford 1 138,912 Romulus 2 578,260 Sterling Heights 1 108,000 Walker 1 210,000 Warren 4 981,540 Wixom 1 126,720 Zeeland 1 230,200 Minnesota Blaine 1 248,816 Bloomington 1 145,351 Brooklyn Park 2 326,720 Carlos 1 196,270 Eagan 1 276,550 Inver Grove Height 1 80,655 Lakeville 1 360,000 Maple Grove 2 207,875 Mendota Heights 2 183,279 New Hope 1 107,348 Newport 1 83,000 Oakdale 2 210,044 Plymouth 3 357,085 Savage 1 244,050 Shakopee 3 458,189 South Saint Paul 1 422,727 St. Paul 1 316,636 Missouri Berkeley 1 121,223 Earth City 1 116,783 Fenton 1 127,464 Hazelwood 1 305,550 Kansas City 5 1,930,281 O'Fallon 2 186,854 Mississippi Southaven 1 556,600 North Carolina Catawba 1 137,785 Charlotte 4 330,629 Durham 2 420,800 Garner 1 150,000 Greensboro 2 261,909 Huntersville 1 185,570 Lexington 1 201,800 Mebane 3 813,133 Mocksville 1 129,600 Mooresville 2 799,200 Mountain Home 1 146,014 Newton 1 217,200 Pineville 1 75,400 Rural Hall 1 250,000 Salisbury 1 288,000 Smithfield 1 307,845 Troutman 1 301,000 Winston-Salem 1 385,000 Youngsville 1 365,000 Nebraska Bellevue 1 370,000 La Vista 1 178,368 Omaha 5 464,558 27 Table of Contents State City Number of Buildings Total Rentable Square Feet New Hampshire Londonderry 1 125,060 New Jersey Branchburg 1 113,973 Burlington 2 756,990 Franklin Township 1 183,000 Lumberton 1 120,000 Moorestown 3 257,061 Mt. Laurel 1 112,294 Piscataway 1 101,381 Swedesboro 1 123,962 Westampton 1 189,434 New Mexico Santa Teresa 1 92,325 Nevada Fernley 1 183,435 Las Vegas 2 157,388 Paradise 2 80,422 Reno 1 87,264 Sparks 2 326,986 New York Buffalo 1 117,000 Cheektowaga 1 121,760 Gloversville 3 211,554 Johnstown 3 159,427 Rochester 2 252,860 Ronkonkoma 1 64,224 Ohio Bedford Heights 1 173,034 Boardman 1 176,930 Canal Winchester 3 964,472 Columbus 4 1,486,596 Dayton 1 205,761 Etna 1 1,232,149 Fairborn 1 259,369 Fairfield 2 364,948 Gahanna 1 385,919 Groveport 1 320,657 Hilliard 1 237,500 Macedonia 2 338,297 Maple Heights 1 170,000 Mason 1 116,200 North Jackson 2 518,758 Oakwood Village 1 75,000 Salem 1 271,000 Sharonville 1 215,670 Streetsboro 1 343,416 Strongsville 2 341,561 Toledo 1 177,500 Twinsburg 2 467,689 Union 1 524,160 West Chester 2 967,368 West Jefferson 1 857,390 Oklahoma Oklahoma City 2 303,740 Tulsa 2 309,600 Oregon Beaverton 2 121,426 North Plains 1 201,750 Salem 2 155,900 Sherwood 1 99,136 Wilsonville 1 78,000 28 Table of Contents State City Number of Buildings Total Rentable Square Feet Pennsylvania Allentown 3 454,784 Burgettstown 1 455,000 Charleroi 1 119,161 Clinton 7 1,532,414 Croydon 1 101,869 Elizabethtown 1 206,236 Export 1 138,270 Hazleton 1 589,580 Imperial 1 315,634 Kulpsville 1 152,625 Lancaster 1 240,528 Langhorne 4 464,474 Lebanon 1 211,358 Mechanicsburg 3 747,256 Muhlenberg Township 1 392,107 New Galilee 1 410,389 New Kensington 1 200,500 New Kingstown 1 330,000 O'Hara Township 1 887,084 Reading 1 248,000 Warrendale 1 179,394 York 5 1,306,834 South Carolina Columbia 1 185,600 Duncan 3 996,841 Fountain Inn 3 700,343 Gaffney 1 226,968 Goose Creek 1 500,355 Greer 8 1,372,344 Laurens 1 125,000 Piedmont 7 1,387,556 Rock Hill 2 590,520 Simpsonville 3 1,138,494 Spartanburg 10 1,782,945 Summerville 1 88,583 Wellford 2 466,663 West Columbia 7 1,628,028 Tennessee Chattanooga 3 646,200 Cleveland 1 151,704 Clinton 1 166,000 Jackson 1 267,391 Knoxville 3 441,310 Lebanon 3 704,195 Loudon 1 104,074 Madison 1 418,406 Mascot 2 321,120 Memphis 2 1,331,075 Murfreesboro 3 311,873 Nashville 1 154,485 Vonore 1 342,700 Texas Arlington 2 290,324 Cedar Hill 1 420,000 Conroe 1 252,662 El Paso 12 2,417,131 Garland 1 253,900 Grapevine 2 202,140 Houston 10 1,412,121 Humble 2 751,450 29 Table of Contents State City Number of Buildings Total Rentable Square Feet Irving 1 120,900 Katy 2 244,916 Laredo 2 462,658 McAllen 1 301,200 Mission 1 270,084 Rockwall 1 389,546 Socorro 1 254,103 Stafford 1 68,300 Waco 1 66,400 Utah Salt Lake City 1 172,847 Virginia Chester 1 100,000 Fredericksburg 1 140,555 Harrisonburg 1 357,673 Independence 1 120,000 N. Chesterfield 1 109,520 Norfolk 1 102,512 Richmond 1 78,128 Washington Ridgefield 1 141,400 Wisconsin Appleton 1 152,000 Caledonia 1 53,680 Cudahy 1 128,000 De Pere 1 200,000 DeForest 1 262,521 Delavan 2 146,400 East Troy 1 149,624 Elkhorn 1 78,540 Franklin 1 156,482 Germantown 4 520,163 Hartland 1 121,050 Hudson 1 139,875 Janesville 1 700,000 Kenosha 1 175,052 Madison 2 283,000 Mayville 1 339,179 Mukwonago 2 340,638 Muskego 1 81,230 New Berlin 3 591,035 Oak Creek 2 232,144 Pewaukee 2 288,201 Pleasant Prairie 1 105,637 Sun Prairie 1 427,000 Sussex 1 150,002 West Allis 4 243,478 Yorkville 1 98,151 Total 601 119,974,349 Not reflected in the table above are seven buildings under development. As of December 31, 2025, one of our 601 buildings was encumbered by mortgage indebtedness totaling approximately $4.1 million (excluding any unamortized deferred financing fees, debt issuance costs, and fair market value premiums or discounts). See Note 4 in the accompanying Notes to the Consolidated Financial Statements and the accompanying Schedule III for additional information. 30 Table of Contents Top Markets The following table summarizes information about the 20 largest markets in our portfolio based on total annualized base rental revenue as of December 31, 2025. Top 20 Markets (1) % of Total Annualized Base Rental Revenue Chicago, IL 8.6 % Greenville, SC 5.6 % Minneapolis, MN 4.2 % Pittsburgh, PA 3.8 % Columbus, OH 3.7 % Detroit, MI 3.6 % South Central, PA 3.2 % Philadelphia, PA 2.9 % Boston, MA 2.5 % Houston, TX 2.4 % Kansas City, MO 2.4 % El Paso, TX 2.4 % Milwaukee, WI 2.2 % Raleigh, NC 2.1 % Sacramento, CA 1.9 % Charlotte, NC 1.9 % Indianapolis, IN 1.8 % Cleveland, OH 1.8 % Cincinnati, OH 1.7 % Nashville, TN 1.4 % Total 60.1 % (1) Market classification based on CBRE-EA industrial market geographies. Top Industries The following table summarizes information about the 20 largest tenant industries in our portfolio based on total annualized base rental revenue as of December 31, 2025. Top 20 Tenant Industries (1) % of Total Annualized Base Rental Revenue Air Freight & Logistics 11.4 % Containers & Packaging 7.2 % Machinery 6.5 % Automobile Components 5.9 % Commercial Services & Supplies 5.7 % Trading Companies & Distribution (Industrial Goods) 5.2 % Distributors (Consumer Goods) 4.7 % Building Products 4.1 % Consumer Staples Distribution 3.6 % Broadline Retail 3.4 % Specialty Retail 3.0 % Household Durables 2.8 % Media 2.7 % Electrical Equipment 2.6 % Beverages 2.4 % Food Products 2.4 % Electronic Equip, Instruments 2.4 % Ground Transportation 1.9 % Chemicals 1.9 % Construction & Engineering 1.8 % Total 81.6 % (1) Industry classification based on Global Industry Classification Standard methodology. 31 Table of Contents Top Tenants The following table summarizes information about the 20 largest tenants in our portfolio based on total annualized base rental revenue as of December 31, 2025. Top 20 Tenants (1) Number of Leases % of Total Annualized Base Rental Revenue Amazon 7 2.8 % Schneider Electric USA, Inc. 3 1.0 % American Tire Distributors, Inc. 7 0.9 % Soho Studio, LLC 1 0.8 % International Paper Company 4 0.8 % DSV Solutions, LLC 4 0.8 % CHEP USA 6 0.7 % KUEHNE+NAGEL INC. 1 0.7 % Tempur Sealy International Inc 2 0.7 % The Coca-Cola Company 3 0.7 % Iron Mountain Information Management 6 0.7 % Hachette Book Group, Inc. 1 0.7 % DHL Supply Chain 5 0.6 % Penguin Random House LLC 1 0.6 % Penske Truck Leasing Co. LP 3 0.6 % Kenco Logistic Services, LLC 3 0.6 % FedEx Corporation 4 0.6 % WestRock Company 6 0.6 % Lippert Component Manufacturing 4 0.6 % Carolina Beverage Group 3 0.6 % Total 74 16.1 % (1) Includes tenants, guarantors, and/or non-guarantor parents. Scheduled Lease Expirations As of December 31, 2025, our Weighted Average Lease Term was approximately 4.3 years. The following table summarizes lease expirations for leases in place as of December 31, 2025, plus available space, for each of the ten calendar years beginning with 2026 and thereafter in our portfolio. Lease Expiration Year (1) Number of Leases Expiring Total Rentable Square Feet % of Total Occupied Square Feet Total Annualized Base Rental Revenue (in thousands) % of Total Annualized Base Rental Revenue Available — 4,363,980 — $ — — Month-to-month leases 1 113,973 0.1 % 1,057 0.2 % 2026 86 9,356,993 8.1 % 56,786 8.2 % 2027 130 15,950,845 13.8 % 93,814 13.6 % 2028 125 15,445,232 13.4 % 89,713 13.0 % 2029 117 18,455,188 16.0 % 109,093 15.8 % 2030 105 14,895,220 12.9 % 95,229 13.8 % 2031 94 14,681,052 12.7 % 82,357 11.9 % 2032 38 7,218,929 6.2 % 42,991 6.2 % 2033 26 4,358,720 3.8 % 26,057 3.8 % 2034 15 3,534,133 3.0 % 25,142 3.7 % 2035 23 5,950,484 5.1 % 36,823 5.4 % Thereafter 20 5,649,600 4.9 % 30,422 4.4 % Total 780 119,974,349 100.0 % $ 689,484 100.0 % (1) Leases previously scheduled to expire in 2026, totaling approximately 10.5 million square feet, have been amended to extend their lease expiration date as of December 31, 2025. These leases are excluded from 2026 expirations and are reflected in the new year of expiration. 32 Table of Contents