avatar Stag Industrial, Inc. Finance, Insurance, And Real Estate

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    2 0 2 0 ANNUAL REPORT


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    STAG STAG Industrial, Inc. (NYSE: STAG) is a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. CASH NOI GROWTH 19.1 % $ 775.8M ACQUIRED 6.0% CAPITALIZATION RATE FFO GROWTH 21.6 % 48 BUILDINGS OPERATING PORTFOLIO OCCUPANCY 97.2 % 11.7M SQ FT LEASED 98M SQ FT · 39 STATES · 444 TENANTS 8.2 % STRAIGHT-LINE RENT CHANGE


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    Dear Shareholders, 2020 – what a year. Our country, industry and Company all faced, and are continuing to deal with, multiple challenges. We were blissfully ignorant of the COVID virus when the year began. That is no longer the case. In the real estate industry, there have been stark differences in the performance by sector. Some of this was due to the reduced general economic activity but a reasonable amount was due to the acceleration of trends already in place before the pandemic began. The sectors that have performed well, industrial real estate included, are being aided by these same trend accelerations. The majority of warehousing and logistics activity in the US is to serve the domestic consumer – circa 70% of GDP is consumption. The supply chains serving this consumption have evolved over time in reaction to changes in transportation, technology, and demographics. In the years preceding the onset of the pandemic, the dominant evolutionary force was the increase in online shopping and the resulting need to reconfigure supply chains. The pandemic accelerated these trends. This was not simply future demand for warehouse space being pulled forward. This was a new level of required logistical space being established for the higher proportion of goods being delivered through various forms of eCommerce. Growth in demand for industrial space will continue to grow from here in concert with further increases in online shopping. Throughout the year, our team continued to execute on our business initiatives, including scaling the business, executing on operational goals, and continuing to make significant progress on Environmental, Social and Governance (ESG). All of this occurred despite the challenging backdrop. SCALING THE BUSINESS ESG In February 2020, we announced the opening of our office in Dallas. Throughout the year, we achieved significant milestones with respect to ESG. Since then, we continue to build out the team and have had great successes with acquisitions and asset management directly Our operations team was very focused on the ‘E’ in ESG. We completed related to this office. a number of solar projects this year including the largest rooftop community solar project in the country. These solar projects coupled with our LED lighting EXECUTING ON OPERATIONAL GOALS initiative contributed to our improved GRESB Public Disclosure rating of ‘B’ in 2020, Heading into 2020, our operations team had their hands full exceeding the median of all the companies rated by GRESB. with two one million square foot vacancies scheduled to occur during the year. With their efforts, we were able to backfill the first For the ‘S’ in ESG, we were very excited to announce in December that we million square vacancy with no downtime to a very strong credit. formed the STAG Charitable Action Fund (the “Fund”). The Fund announced The second million square foot vacancy was sold at a 5.4% cash cap continuing support of six organizations with a mission to improve our communities rate resulting in an unlevered IRR of 19% during our hold period. and the lives of our fellow citizens. We are proud to provide this sustaining Both outcomes greatly exceeded our internal expectations. support to groups working to make a difference through improved health, opportunity, and equality for all. Collections were a big focus, and rightfully so, during 2020. Our operations and customer solutions team successfully Our ‘G’ in ESG has historically been a strength for STAG. We continue to enhance negotiated a handful of rent deferrals and worked with our our governance standards annually and 2020 was no different. Along with our tenants to ensure their operations could continue post-pandemic. governance improvements, I was particularly proud that our General Counsel The result of this hard work was a collections percentage of 99.6%, was named a recipient of the 2020 Modern Governance 100. representing one the highest in the industry and REIT space. I am very satisfied with how our company performed during the past year both on an absolute basis and relative to our industry. My colleagues transitioned to a largely ‘work from home’ operation seamlessly. As needed, processes were evolved quickly to be effective, while maintaining efficiency, in the new environment. Innovation, intellectual curiosity, and high levels of engagement continued to be hallmarks of the STAG team. As I write this letter, I see many reasons to be optimistic for 2021 – a great team, a rock-solid balance sheet, abundant opportunity, and the liquidity to address it. In short, our company is well positioned for success this year and into the future. Your grateful CEO, Benjamin S. Butcher CEO STAG Industrial


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