STAG Industrial, Inc.

For the period ended Dec 31, 2025. Filed Feb 11, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 11, 2026

STAG$37.44+2.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Financial Statement Schedule—Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2025

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2025

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	$—	$6,748	$1,307	$374	$7,122	$1,307	$8,429	$(1,170)	2020
Birmingham	2991 Shannon Oxmoor Road	—	5,828	1,341	39	5,867	1,341	7,208	(922)	2020
Birmingham	101 39th Street North	—	6,239	590	42	6,281	590	6,871	(711)	2022
Birmingham	101 Shades Creek Circle	—	3,927	836	792	4,719	836	5,555	(762)	2020
Montgomery	4300 Alatex Road	—	7,057	418	3,556	10,613	418	11,031	(2,919)	2016
Moody	2415 Highway 78 East	—	31,467	2,293	262	31,729	2,293	34,022	(4,861)	2021
Phenix City	16 Downing Drive	—	1,364	276	338	1,702	276	1,978	(651)	2012
Arizona
Avondale	925 N. 127th Avenue	—	12,340	1,674	28	12,368	1,674	14,042	(2,599)	2017
Chandler	464 E. Chilton Drive	—	9,728	2,847	671	10,399	2,847	13,246	(1,713)	2020
Gilbert	335 South Hamilton Court	—	5,784	2,107	251	6,035	2,107	8,142	(913)	2021
Mesa	7447 E. Ray Road	—	7,930	1,277	311	8,241	1,277	9,518	(1,459)	2020
Phoenix	4455 West Magnolia Street	—	11,060	1,962	—	11,060	1,962	13,022	(383)	2024
Tucson	6161 South Palo Verde Road	—	7,304	996	157	7,461	996	8,457	(1,334)	2018
Arkansas
Bryant	3700 Bryant Crossing Drive	—	17,386	1,143	—	17,386	1,143	18,529	(2,610)	2021
Rogers	1101 Easy Street	—	7,878	1,072	1,754	9,632	1,072	10,704	(3,447)	2011
California
Fresno	3701 S. Minnewawa Avenue	—	38,954	3,505	—	38,954	3,505	42,459	(316)	2025
Fresno	2624 E. Edgar Avenue	—	23,590	3,049	—	23,590	3,049	26,639	(2,743)	2022
Hollister	2401 Bert Drive	—	26,049	2,913	621	26,670	2,913	29,583	(2,713)	2022
Lodi	1170 South Guild Avenue	—	34,550	4,975	—	34,550	4,975	39,525	(5,370)	2020
McClellan	4841 Urbani Avenue	—	14,218	1,048	—	14,218	1,048	15,266	(2,225)	2020
Menifee	33360 Zeiders Road	—	15,995	2,248	8	16,003	2,248	18,251	(1,104)	2023
Menifee	33380 Zeiders Road	—	13,493	2,227	329	13,822	2,227	16,049	(942)	2023
Morgan Hill	18695 Madrone Parkway	—	7,608	2,562	—	7,608	2,562	10,170	(952)	2021
Morgan Hill	18255 Sutter Boulevard	—	19,849	3,943	5	19,854	3,943	23,797	(2,597)	2021
Rancho Cordova	2587 Mercantile Drive	—	4,280	678	70	4,350	678	5,028	(595)	2020
Rancho Cordova	2431 Mercantile Drive	—	4,583	498	409	4,992	498	5,490	(784)	2020
Roseville	8825 Washington Boulevard	—	11,398	2,140	—	11,398	2,140	13,538	(1,718)	2021
Sacramento	1635 Main Avenue	—	8,407	845	259	8,666	845	9,511	(1,201)	2020
Sacramento	5440 Stationers Way	—	21,258	2,203	225	21,483	2,203	23,686	(3,534)	2021
Sacramento	5601 Warehouse Way	—	8,137	1,347	835	8,972	1,347	10,319	(1,236)	2021
Sacramento	8500 Carbide Court	—	5,218	1,614	—	5,218	1,614	6,832	(690)	2021
Sacramento	8440 Florin Road	—	12,184	3,921	—	12,184	3,921	16,105	(1,949)	2021

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	900 National Drive	—	7,560	1,479	—	7,560	1,479	9,039	(1,028)	2021
Sacramento	5961 Outfall Circle	—	11,019	1,914	—	11,019	1,914	12,933	(938)	2023
Sacramento	7728 Wilbur Way	—	8,723	857	151	8,874	857	9,731	(1,327)	2019
San Diego	2055 Dublin Drive	—	14,332	2,290	4,218	18,550	2,290	20,840	(3,456)	2017
Stockton	4091 Gold River Lane	—	4,001	663	475	4,476	663	5,139	(566)	2020
Stockton	3838 Imperial Way	—	12,512	1,806	1,402	13,914	1,806	15,720	(1,999)	2021
Stockton	3843 Gold River Lane	—	4,004	660	—	4,004	660	4,664	(517)	2020
West Sacramento	2975 Oates Street	—	7,631	1,475	—	7,631	1,475	9,106	(299)	2024
West Sacramento	3525 Carlin Drive	—	24,581	4,350	9,538	34,119	4,350	38,469	(2,557)	2021
Colorado
Grand Junction	2139 Bond Street	—	3,776	314	454	4,230	314	4,544	(1,063)	2015
Johnstown	4150 Ronald Reagan Boulevard	—	14,964	1,133	27	14,991	1,133	16,124	(2,654)	2019
Longmont	4300 Godding Hollow Parkway	—	5,112	734	1,226	6,338	734	7,072	(1,311)	2018
Loveland	4550 Byrd Drive	—	16,591	3,452	2,949	19,540	3,452	22,992	(2,505)	2021
Loveland	4510 Byrd Drive	—	14,134	3,047	3,191	17,325	3,047	20,372	(2,845)	2021
Connecticut
East Windsor	4 Craftsman Road	—	5,335	400	1,080	6,415	400	6,815	(1,440)	2016
East Windsor	24 Thompson Road	—	4,571	348	738	5,309	348	5,657	(1,873)	2012
Milford	200 Research Drive	—	13,853	1,650	1,706	15,559	1,650	17,209	(2,125)	2021
Milford	40 Pepes Farm Road	—	9,433	1,264	1,179	10,612	1,264	11,876	(2,651)	2017
North Haven	300 Montowese Avenue Extension	—	36,753	4,086	5,752	42,505	4,086	46,591	(11,634)	2015
Wallingford	5 Sterling Drive	—	5,733	585	347	6,080	585	6,665	(1,289)	2017
Delaware
New Castle	400 Lukens Drive	—	15,794	2,616	198	15,992	2,616	18,608	(4,065)	2016
Florida
Daytona Beach	530 Fentress Boulevard	—	875	1,237	2,934	3,809	1,237	5,046	(1,996)	2007
Fort Myers	16341 Domestic Avenue	—	22,005	2,729	—	22,005	2,729	24,734	(3,249)	2020
Gibsonton	6508 Powell Road	—	—	4,143	18,975	18,975	4,143	23,118	(119)	2023
Gibsonton	6020 Powell Road	—	—	5,429	21,098	21,098	5,429	26,527	(307)	2023
Jacksonville	775 Whittaker Road	—	3,137	451	415	3,552	451	4,003	(879)	2017
Jacksonville	9601 North Main Street	—	7,414	650	2,551	9,965	650	10,615	(2,089)	2017
Jacksonville	550 Gun Club Road	—	7,403	674	2,354	9,757	674	10,431	(2,318)	2017
Jacksonville	555 Zoo Parkway	—	6,651	596	2,197	8,848	596	9,444	(1,965)	2017
Jacksonville	9779 Pritchard Road	—	14,319	1,284	1,414	15,733	1,284	17,017	(3,276)	2019
Lake Worth	2230 4th Avenue North	—	2,530	1,533	—	2,530	1,533	4,063	(445)	2020
Lake Worth	3600 23rd Avenue South	—	4,729	1,502	—	4,729	1,502	6,231	(748)	2020
Lake Worth	2269 4th Avenue North	—	4,751	2,254	—	4,751	2,254	7,005	(813)	2020
Lakeland	4675 Drane Field Road	—	13,060	1,099	74	13,134	1,099	14,233	(2,156)	2020
Orlando	1854 Central Florida Parkway	—	4,520	1,339	1,692	6,212	1,339	7,551	(1,735)	2013
Orlando	7050 Overland Road	—	1,996	721	1,535	3,531	721	4,252	(999)	2012
Tampa	4330 Williams Road	—	6,058	829	305	6,363	829	7,192	(1,049)	2019
West Palm Beach	4268 Westroads Drive	—	6,835	2,906	605	7,440	2,906	10,346	(1,246)	2020

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Georgia
Atlanta	4200 SW Shirley Drive	—	8,382	1,679	3,934		12,316		1,679		13,995		(1,451)		2022
Augusta	1816 Tobacco Road	—	5,818	937	90		5,908		937		6,845		(1,195)		2018
Buford	4823 Roy Carlson Boulevard	—	9,195	1,061	938		10,133		1,061		11,194		(1,270)		2021
Dallas	351 Thomas D. Murphy Drive	—	1,634	475	8		1,642		475		2,117		(663)		2012
Forest Park	5345 Old Dixie Highway	—	7,369	1,715	7,481		14,850		1,715		16,565		(1,972)		2016
LaGrange	614 Pegasus Parkway	—	26,546	3,021	—		26,546		3,021		29,567		(1,183)		2024
Lithonia	1995 Lithonia Industrial Boulevard	—	18,052	943	301		18,353		943		19,296		(2,081)		2022
Norcross	4075 Blue Ridge Industrial Parkway	—	2,090	1,589	2,390		4,480		1,589		6,069		(961)		2016
Savannah	1086 Oracal Parkway	—	12,670	439	1,902		14,572		439		15,011		(3,775)		2014
Smyrna	3500 Highlands Parkway	—	2,933	264	1,644		4,577		264		4,841		(1,405)		2012
Statham	1965 Statham Drive	—	5,852	588	2,786		8,638		588		9,226		(2,689)		2012
Stone Mountain	1635 Stone Ridge Drive	—	2,404	612	780		3,184		612		3,796		(835)		2017
Idaho
Idaho Falls	3900 South American Way	—	2,592	356	140		2,732		356		3,088		(878)		2013
Illinois
Aurora	2520 Diehl Road	—	8,304	1,848	—		8,304		1,848		10,152		(310)		2024
Bartlett	1590 W. Stearns Road	—	19,449	2,198	694		20,143		2,198		22,341		(2,770)		2021
Batavia	1100 North Raddant Road	—	7,763	1,124	—		7,763		1,124		8,887		(1,233)		2020
Batavia	1862 Suncast Lane	—	4,427	598	274		4,701		598		5,299		(679)		2021
Batavia	1100 Paramount Parkway	—	3,943	618	677		4,620		618		5,238		(922)		2017
Belvidere	888 Landmark Drive	—	6,772	670	78		6,850		670		7,520		(2,167)		2013
Belvidere	3905 & 3925 Morreim Drive	—	4,203	668	41		4,244		668		4,912		(1,329)		2013
Belvidere	857 Landmark Drive	—	8,025	1,542	1,665		9,690		1,542		11,232		(3,340)		2013
Belvidere	984 Landmark Drive	—	—	216	—		—		216		216		—		2013
Buffalo Grove	2500-2550 Millbrook Drive	—	7,971	1,165	—		7,971		1,165		9,136		(234)		2025
Buffalo Grove	2400 Millbrook Drive	—	11,145	2,579	—		11,145		2,579		13,724		(357)		2025
Carol Stream	494 Lies Road East	—	6,536	959	5		6,541		959		7,500		(231)		2024
Cary	680 Industrial Drive	—	3,235	498	87		3,322		498		3,820		(445)		2020
Crystal Lake	215 Exchange Drive	—	10,698	1,790	—		10,698		1,790		12,488		(1,590)		2021
Crystal Lake	220 Exchange Drive	—	8,419	1,343	153		8,572		1,343		9,915		(1,273)		2021
Crystal Lake	300 Exchange Drive	—	9,724	1,568	14		9,738		1,568		11,306		(1,494)		2021
Crystal Lake	450 Congress Parkway	—	8,789	1,456	133		8,922		1,456		10,378		(1,378)		2021
Elgin	1360 Madeline Lane	—	19,754	1,135	124		19,878		1,135		21,013		(2,398)		2021
Elgin	1385 Madeline Lane	—	15,335	1,057	451		15,786		1,057		16,843		(2,023)		2021
Elgin	1690 Cambridge Drive	—	3,321	270	188		3,509		270		3,779		(436)		2021
Elgin	200-220 Corporate Drive	—	7,627	1,130	120	—		7,747		1,130		8,877		(428)		2024
Elgin	300-330 Corporate Drive	—	11,662	1,302	21		11,683		1,302		12,985		(623)		2024
Elgin	305-325 Corporate Drive	—	30,082	2,954	515		30,597		2,954		33,551		(1,644)		2024
Elgin	350-370 River Ridge Drive	—	13,418	1,528	119		13,537		1,528		15,065		(698)		2024
Elgin	1575-1595 Highpoint Drive	—	5,468	945	359		5,827		945		6,772		(337)		2024
Elmhurst	934 North Church Road	—	6,255	874	1,301		7,556		874		8,430		(847)		2022

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	—	10,639	1,716	1,272	11,911	1,716	13,627	(3,517)	2014
Harvard	875 West Diggins Street	—	2,403	1,157	897	3,300	1,157	4,457	(968)	2013
Hodgkins	6600 River Road	—	30,599	2,570	2	30,601	2,570	33,171	(4,579)	2020
Hodgkins	6620 River Road	—	6,163	3,127	—	6,163	3,127	9,290	(945)	2021
Itasca	1251 W. Ardmore Avenue	—	3,621	1,223	—	3,621	1,223	4,844	(487)	2021
Itasca	1500 Bryn Mawr Avenue	—	3,871	2,073	24	3,895	2,073	5,968	(579)	2021
Itasca	1800 Bruning Drive	—	11,431	2,428	1,264	12,695	2,428	15,123	(3,749)	2016
Lisle	4925 Indiana Avenue	—	7,808	2,302	—	7,808	2,302	10,110	(1,244)	2019
Machesney Park	7166 Greenlee Drive	—	3,336	300	43	3,379	300	3,679	(897)	2015
McHenry	831/833 Ridgeview Drive	—	3,593	576	462	4,055	576	4,631	(775)	2018
McHenry	921 Ridgeview Drive	—	3,791	448	202	3,993	448	4,441	(764)	2018
Monee	25100 S. Ridgeland Avenue	—	56,457	5,391	—	56,457	5,391	61,848	(161)	2025
Montgomery	2001 Baseline Road	—	—	173	—	—	173	173	—	2018
Montgomery	2001 Baseline Road	—	12,089	2,190	4,638	16,727	2,190	18,917	(5,617)	2012
New Lenox	2101-2105 West Haven Avenue	—	16,488	1,552	159	16,647	1,552	18,199	(544)	2024
New Lenox	2200 West Haven Avenue	—	10,555	2,450	—	10,555	2,450	13,005	(446)	2024
New Lenox	2201 West Haven Avenue	—	13,753	1,395	1,084	14,837	1,395	16,232	(462)	2024
Saint Charles	3810-3820 Stern Avenue	—	7,028	1,321	606	7,634	1,321	8,955	(1,009)	2021
Saint Charles	3850 Ohio Avenue	—	5,976	1,160	45	6,021	1,160	7,181	(741)	2022
Sauk Village	21399 Torrence Avenue	—	5,153	877	771	5,924	877	6,801	(1,907)	2013
Schaumburg	710 East State Parkway	—	3,940	689	181	4,121	689	4,810	(618)	2020
Vernon Hills	888 Forest Edge Drive	—	9,383	2,416	938	10,321	2,416	12,737	(1,404)	2021
Waukegan	3751 Sunset Avenue	—	4,775	1,004	149	4,924	1,004	5,928	(1,087)	2017
West Chicago	1300 Northwest Avenue	—	1,982	768	1,077	3,059	768	3,827	(1,297)	2016
West Chicago	1400 Northwest Avenue	—	596	382	330	926	382	1,308	(266)	2016
West Chicago	1450 Northwest Avenue	—	641	450	325	966	450	1,416	(268)	2016
West Chicago	1145 & 1149 Howard	—	746	369	402	1,148	369	1,517	(341)	2016
West Chicago	1270 Nuclear Drive	—	808	216	1,685	2,493	216	2,709	(468)	2016
West Chicago	537 Discovery Drive	—	32,618	5,961	1,237	33,855	5,961	39,816	(2,385)	2023
West Chicago	1726-1850 Blackhawk Drive	—	5,770	915	2,331	8,101	915	9,016	(2,032)	2016
West Dundee	901-907 Wesemann Drive	—	12,616	948	103	12,719	948	13,667	(1,657)	2021
Wood Dale	321 Forster Avenue	—	4,758	1,226	1,023	5,781	1,226	7,007	(1,181)	2016
Indiana
Elkhart	2701 Marina Drive	—	210	25	143	353	25	378	(170)	2007
Elkhart	3501 E. County Road 6	—	3,519	422	1,175	4,694	422	5,116	(2,129)	2007
Fort Wayne	3424 Centennial Drive	—	2,936	112	175	3,111	112	3,223	(845)	2014
Goshen	2600 College Avenue	—	5,998	1,442	2,198	8,196	1,442	9,638	(3,241)	2011
Greenwood	2441 E. Main Street	—	12,745	911	1,004	13,749	911	14,660	(2,114)	2021
Indianapolis	7701 West New York Street	—	3,931	620	578	4,509	620	5,129	(598)	2021
Jeffersonville	101 Jacobs Way	—	35,174	2,891	1,255	36,429	2,891	39,320	(3,993)	2022
Jeffersonville	250 Hilton Drive	—	42,618	2,778	—	42,618	2,778	45,396	(2,839)	2024

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	1520 Kepner Drive	—	2,172	295	31	2,203	295	2,498	(735)	2012
Lafayette	1540-1530 Kepner Drive	—	3,325	410	372	3,697	410	4,107	(1,281)	2012
Lafayette	1521 Kepner Drive	—	7,748	906	1,237	8,985	906	9,891	(2,852)	2012
Lebanon	100 Purity Drive	—	20,025	1,654	—	20,025	1,654	21,679	(3,902)	2018
Lebanon	800 Edwards Drive	—	36,091	2,359	—	36,091	2,359	38,450	(6,975)	2019
Lebanon	121 N. Enterprise Boulevard	—	36,461	2,948	13,958	50,419	2,948	53,367	(7,538)	2019
Marion	2201 E. Loew Road	—	2,871	243	818	3,689	243	3,932	(1,480)	2012
Portage	6515 Ameriplex Drive	—	26,449	1,626	746	27,195	1,626	28,821	(4,542)	2019
Portage	725 George Nelson Drive	—	5,379	—	—	5,379	—	5,379	(1,858)	2012
South Bend	3310 William Richardson Court	—	4,718	411	2,004	6,722	411	7,133	(2,012)	2012
Whitestown	4330 S 500 E	—	17,621	1,525	—	17,621	1,525	19,146	(1,289)	2023
Yoder	2909 Pleasant Center Road	—	24,504	941	665	25,169	941	26,110	(5,840)	2020
Iowa
Ankeny	5910 Southeast Rio Circle	—	13,579	846	258	13,837	846	14,683	(2,534)	2019
Ankeny	6150 Southeast Rio Circle	—	19,104	1,421	97	19,201	1,421	20,622	(2,333)	2021
Council Bluffs	1209 31st Avenue	—	4,288	414	—	4,288	414	4,702	(957)	2017
Des Moines	3915 Delaware Avenue	—	9,339	1,685	1,578	10,917	1,685	12,602	(1,553)	2021
Des Moines	1900 E. 17th Street	—	4,191	556	96	4,287	556	4,843	(860)	2018
Marion	6301 North Gateway Drive	—	2,024	691	267	2,291	691	2,982	(759)	2013
Kansas
Edwardsville	9601 Woodend Road	—	12,015	1,360	544	12,559	1,360	13,919	(2,757)	2017
Lenexa	9700 Lackman Road	—	9,168	1,759	183	9,351	1,759	11,110	(1,519)	2019
Lenexa	14000 Marshall Drive	—	6,551	2,368	—	6,551	2,368	8,919	(2,307)	2014
Olathe	1202 South Lone Elm Road	—	16,083	1,193	111	16,194	1,193	17,387	(3,357)	2019
Olathe	16231 South Lone Elm Road	—	18,444	2,431	3,670	22,114	2,431	24,545	(5,726)	2016
Wichita	2655/2755 South Eastmoor Street	—	1,762	88	10	1,772	88	1,860	(593)	2012
Wichita	2652 South Eastmoor Street	—	1,785	107	128	1,913	107	2,020	(686)	2012
Wichita	2510 South Eastmoor Street	—	788	76	147	935	76	1,011	(286)	2012
Kentucky
Bardstown	300 Spencer Mattingly Lane	—	2,295	379	563	2,858	379	3,237	(1,216)	2007
Danville	1355 Lebanon Road	—	11,593	965	4,617	16,210	965	17,175	(6,330)	2011
Erlanger	1500-1532 Interstate Drive	—	3,481	635	424	3,905	635	4,540	(991)	2016
Florence	9200 Brookfield Court	—	7,450	863	88	7,538	863	8,401	(1,336)	2019
Florence	1100 Burlington Pike	—	10,672	3,109	1,369	12,041	3,109	15,150	(3,632)	2018
Hebron	2151 Southpark Drive	—	4,137	370	947	5,084	370	5,454	(1,443)	2014
Louisiana
Baton Rouge	6565 Exchequer Drive	—	5,815	1,619	666	6,481	1,619	8,100	(1,493)	2019
Baton Rouge	6735 Exchequer Drive	—	6,643	2,567	681	7,324	2,567	9,891	(1,769)	2019
Baton Rouge	12100 Little Cayman Avenue	—	14,432	1,962	152	14,584	1,962	16,546	(2,782)	2018
Shreveport	7540 Bert Kouns Industrial Loop	—	5,319	1,804	2,860	8,179	1,804	9,983	(2,076)	2015
Maine
Biddeford	1 Baker's Way	—	8,164	1,369	4,849	13,013	1,369	14,382	(4,506)	2016

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Gardiner	47 Market Street	—	8,025	948	23	8,048	948	8,996	(2,170)	2016
Portland	125 Industrial Way	—	3,648	891	2,918	6,566	891	7,457	(1,587)	2012
Maryland
Elkridge	6685 Santa Barbara Court	—	8,764	2,982	251	9,015	2,982	11,997	(1,805)	2019
Hagerstown	11835 Newgate Boulevard	—	55,177	6,036	—	55,177	6,036	61,213	(7,456)	2021
Hagerstown	11841 Newgate Boulevard	—	55,448	6,174	231	55,679	6,174	61,853	(7,802)	2021
Hagerstown	105 Enterprise Lane	—	11,213	3,472	—	11,213	3,472	14,685	(1,976)	2021
Hampstead	630 Hanover Pike	—	34,116	780	2,892	37,008	780	37,788	(11,330)	2013
Hunt Valley	11100 Gilroy Road	—	4,900	538	75	4,975	538	5,513	(714)	2021
White Marsh	6210 Days Cove Road	—	4,233	963	3,040	7,273	963	8,236	(1,224)	2018
Massachusetts
Andover	7 Connector Road	—	9,744	2,238	456	10,200	2,238	12,438	(455)	2024
Hudson	4 Robert Bonazzoli Avenue	—	12,628	723	445	13,073	723	13,796	(1,662)	2021
Lawrence	91 Glenn Street	—	14,945	3,287	711	15,656	3,287	18,943	(634)	2024
Malden	219 Medford Street	—	2,817	366	—	2,817	366	3,183	(1,341)	2007
Malden	243 Medford Street	—	3,961	507	—	3,961	507	4,468	(1,884)	2007
Middleborough	16 Leona Drive	—	5,951	2,397	172	6,123	2,397	8,520	(1,015)	2019
Norton	202 South Washington Street	—	6,105	2,839	250	6,355	2,839	9,194	(2,444)	2011
South Easton	55 Bristol Drive	—	5,638	403	2,933	8,571	403	8,974	(1,505)	2017
Sterling	15 Chocksett Road	—	10,797	1,472	—	10,797	1,472	12,269	(1,471)	2021
Stoughton	100 Campanelli Parkway	—	1,677	2,256	1,856	3,533	2,256	5,789	(1,024)	2015
Stoughton	12 Campanelli Parkway	—	909	538	438	1,347	538	1,885	(354)	2015
Westborough	35 Otis Street	—	5,511	661	23	5,534	661	6,195	(1,302)	2016
Wilmington	353 Middlesex Avenue	—	9,424	1,158	—	9,424	1,158	10,582	(363)	2024
Woburn	180 New Boston Street	—	14,836	2,123	57	14,893	2,123	17,016	(615)	2024
Woburn	41 Atlantic Avenue	—	7,502	2,265	—	7,502	2,265	9,767	(339)	2024
Michigan
Belleville	8200 Haggerty Road	—	5,993	724	616	6,609	724	7,333	(1,372)	2017
Canton	47440 Michigan Avenue	—	22,519	2,378	1,713	24,232	2,378	26,610	(3,627)	2020
Chesterfield	50501 E. Russell Schmidt	—	1,099	207	165	1,264	207	1,471	(537)	2007
Chesterfield	50371 E. Russell Schmidt	—	798	150	477	1,275	150	1,425	(567)	2007
Chesterfield	50271 E. Russell Schmidt	—	802	151	201	1,003	151	1,154	(495)	2007
Chesterfield	50900 E. Russell Schmidt	—	5,006	942	2,742	7,748	942	8,690	(3,689)	2007
Grand Rapids	5445 International Parkway	—	6,764	1,241	395	7,159	1,241	8,400	(1,015)	2020
Grand Rapids	5079 33rd Street	—	4,907	892	459	5,366	892	6,258	(759)	2022
Grand Rapids	5333 33rd Street	—	3,455	1,052	192	3,647	1,052	4,699	(665)	2022
Grand Rapids	5050 Kendrick Street, SE	—	6,725	169	1,747	8,472	169	8,641	(1,846)	2015
Holland	4757 128th Avenue	—	3,222	279	340	3,562	279	3,841	(1,133)	2012
Kentwood	4660 East Paris Avenue, SE	—	7,494	307	102	7,596	307	7,903	(1,222)	2019
Kentwood	4647 60th Street SE	—	16,933	1,256	1,928	18,861	1,256	20,117	(2,662)	2021
Kentwood	4070 East Paris Avenue	—	2,370	407	120	2,490	407	2,897	(799)	2013
Lansing	7009 West Mount Hope Highway	—	7,706	501	7,464	15,170	501	15,671	(5,641)	2011

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	(1,461)	2012
Lansing	5640 Pierson Highway	—	6,725	429	208	6,933	429	7,362	(2,279)	2012
Lansing	2051 South Canal Road	—	4,868	907	100	4,968	907	5,875	(1,510)	2013
Livonia	38150 Plymouth Road	—	6,168	1,390	1,471	7,639	1,390	9,029	(1,431)	2018
Livonia	38220 Plymouth Road	—	8,485	848	1,016	9,501	848	10,349	(1,783)	2018
Marshall	1511 George Brown Drive	—	953	199	130	1,083	199	1,282	(390)	2013
Novi	22925 Venture Drive	—	3,537	252	486	4,023	252	4,275	(1,310)	2012
Novi	25250 Regency Drive	—	5,638	626	63	5,701	626	6,327	(1,594)	2015
Novi	43800 Gen Mar Drive	—	16,203	1,381	925	17,128	1,381	18,509	(3,251)	2018
Plymouth	14835 Pilot Drive	—	4,338	365	250	4,588	365	4,953	(1,325)	2015
Redford	12100 Inkster Road	—	5,267	728	1,632	6,899	728	7,627	(1,331)	2017
Romulus	9800 Inkster Road	—	14,942	1,254	158	15,100	1,254	16,354	(4,352)	2018
Romulus	27651 Hildebrandt Road	—	13,987	1,080	1,542	15,529	1,080	16,609	(3,176)	2017
Sterling Heights	42600 Merrill Street	—	4,102	1,133	1,414	5,516	1,133	6,649	(2,001)	2012
Walker	2640 Northridge Drive	—	4,593	855	1,110	5,703	855	6,558	(1,915)	2011
Warren	13301 Stephens Road	—	5,497	502	206	5,703	502	6,205	(1,268)	2017
Warren	27027 Mound Road	—	17,018	1,984	69	17,087	1,984	19,071	(2,709)	2020
Warren	25295 Guenther Road	—	19,273	531	1,293	20,566	531	21,097	(2,937)	2021
Warren	7500 Tank Avenue	—	13,076	1,290	1,564	14,640	1,290	15,930	(3,407)	2016
Wixom	48238 Frank Street	—	14,433	293	—	14,433	293	14,726	(1,819)	2021
Zeeland	750 E. Riley Avenue	—	12,100	487	—	12,100	487	12,587	(3,156)	2019
Minnesota
Blaine	3705 95th Avenue NE	—	16,202	2,258	46	16,248	2,258	18,506	(2,939)	2019
Bloomington	11300 Hampshire Avenue South	—	8,096	1,702	589	8,685	1,702	10,387	(1,634)	2018
Brooklyn Park	6688 93rd Avenue North	—	11,349	1,926	17	11,366	1,926	13,292	(2,729)	2016
Brooklyn Park	9400 Decatur Drive	—	18,133	2,051	—	18,133	2,051	20,184	(715)	2024
Carlos	4750 County Road 13 NE	—	4,183	960	1,438	5,621	960	6,581	(2,010)	2011
Eagan	3355 Discovery Road	—	15,290	2,526	—	15,290	2,526	17,816	(4,031)	2019
Inver Grove Height	8450 Courthouse Boulevard	—	6,964	2,595	—	6,964	2,595	9,559	(1,067)	2021
Lakeville	21601 Galway Lane	—	31,841	5,405	—	31,841	5,405	37,246	(1,567)	2024
Maple Grove	6250 Sycamore Lane North	—	6,251	969	877	7,128	969	8,097	(1,644)	2017
Maple Grove	8175 Jefferson Highway	—	10,397	2,327	774	11,171	2,327	13,498	(2,272)	2020
Mendota Heights	1312 Northland Drive	—	10,743	1,497	—	10,743	1,497	12,240	(448)	2024
Mendota Heights	2250 Pilot Knob Road	—	3,175	1,494	1,177	4,352	1,494	5,846	(1,251)	2018
New Hope	5520 North Highway 169	—	1,669	1,919	977	2,646	1,919	4,565	(640)	2013
Newport	710 Hastings Avenue	—	8,367	1,765	—	8,367	1,765	10,132	(1,070)	2021
Oakdale	550-590 Hale Avenue North	—	5,971	647	1,004	6,975	647	7,622	(1,121)	2019
Oakdale	585-595 Hale Avenue	—	4,627	1,396	998	5,625	1,396	7,021	(989)	2018
Plymouth	9800 13th Avenue North	—	4,438	1,599	—	4,438	1,599	6,037	(823)	2018
Plymouth	6050 Nathan Lane	—	5,532	1,109	61	5,593	1,109	6,702	(989)	2019
Plymouth	6075 Trenton Lane North	—	6,919	1,569	30	6,949	1,569	8,518	(1,608)	2019

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Saint Paul	1700 Wynne Avenue	—	23,675	2,258	—	23,675	2,258	25,933	(3,233)	2021
Savage	14399 Huntington Avenue	—	3,251	3,194	1,253	4,504	3,194	7,698	(1,503)	2014
Shakopee	4241 12th Avenue East	—	11,946	2,281	—	11,946	2,281	14,227	(425)	2025
Shakopee	5101/4901 Valley Industrial Boulevard	—	11,596	584	13	11,609	584	12,193	(1,574)	2022
Shakopee	1451 Dean Lakes Trail	—	12,038	927	61	12,099	927	13,026	(1,915)	2019
South Saint Paul	411 Farwell Avenue	—	14,335	2,378	169	14,504	2,378	16,882	(2,819)	2018
Mississippi
Southaven	228 Access Drive	—	28,387	1,000	1,073	29,460	1,000	30,460	(4,568)	2020
Missouri
Berkeley	8901 Springdale Avenue	—	9,850	1,423	1,562	11,412	1,423	12,835	(1,473)	2021
Earth City	1 American Eagle Plaza	—	2,492	1,123	807	3,299	1,123	4,422	(666)	2016
Fenton	2501 & 2509 Cassens Drive	—	8,919	791	932	9,851	791	10,642	(1,556)	2019
Hazelwood	7275 Hazelwood Avenue	—	5,030	1,382	2,094	7,124	1,382	8,506	(2,715)	2011
Kansas City	4001 North Norfleet Road	—	48,342	4,239	—	48,342	4,239	52,581	(6,530)	2022
Kansas City	10410 NW Transcon Drive	—	16,651	—	—	16,651	—	16,651	(615)	2024
Kansas City	9900 NW Global Drive	—	33,113	—	—	33,113	—	33,113	(1,156)	2024
Kansas City	10500 NW Transcon Drive	—	25,994	—	—	25,994	—	25,994	(136)	2025
Kansas City	10451 NW Transcon Drive	—	12,687	—	—	12,687	—	12,687	(74)	2025
O'Fallon	6705 Keaton Corporate Parkway	—	3,238	1,233	559	3,797	1,233	5,030	(926)	2017
O'Fallon	3801 Lloyd King Drive	—	2,579	1,242	1,696	4,275	1,242	5,517	(1,469)	2011
Nebraska
Bellevue	10601 S 15th Street	—	19,491	1,691	135	19,626	1,691	21,317	(2,464)	2021
La Vista	11720 Peel Circle	—	14,679	1,232	165	14,844	1,232	16,076	(2,012)	2021
Omaha	10488 S. 136th Street	—	13,376	1,602	244	13,620	1,602	15,222	(2,412)	2019
Omaha	9995 I Street	—	3,122	572	641	3,763	572	4,335	(604)	2019
Omaha	10025 I Street	—	2,304	579	133	2,437	579	3,016	(431)	2019
Omaha	9931 South 136th Street	—	2,636	828	390	3,026	828	3,854	(544)	2021
Omaha	9950 South 134th Street	—	3,398	868	39	3,437	868	4,305	(461)	2021
Nevada
Fernley	190 Resource Drive	—	11,401	1,034	225	11,626	1,034	12,660	(1,776)	2021
Las Vegas	730 Pilot Road	—	11,655	2,615	727	12,382	2,615	14,997	(2,307)	2018
Las Vegas	3450 West Teco Avenue	—	3,102	770	80	3,182	770	3,952	(665)	2017
Paradise	4565 Wynn Road	—	4,338	949	—	4,338	949	5,287	(765)	2019
Paradise	6460 Arville Street	—	3,131	1,465	251	3,382	1,465	4,847	(615)	2019
Reno	9025 Moya Boulevard	—	3,043	1,372	832	3,875	1,372	5,247	(973)	2014
Sparks	325 E. Nugget Avenue	—	5,589	938	1,179	6,768	938	7,706	(1,690)	2017
Sparks	655 Spice Islands Drive	—	25,453	2,831	421	25,874	2,831	28,705	(1,699)	2023
New Hampshire
Londonderry	29 Jack's Bridge Road/Clark Road	—	6,249	730	339	6,588	730	7,318	(2,064)	2013
New Jersey
Branchburg	291 Evans Way	—	10,470	2,367	24	10,494	2,367	12,861	(1,599)	2019
Burlington	8 Campus Drive	—	—	3,267	16,064	16,064	3,267	19,331	(2,164)	2015

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Burlington	6 Campus Drive	—	18,708	4,030	3,022	21,730	4,030	25,760	(6,068)	2015
Franklin Township	17 & 20 Veronica Avenue	—	7,433	2,272	1,638	9,071	2,272	11,343	(2,154)	2017
Lumberton	101 Mount Holly Bypass	—	5,721	1,121	456	6,177	1,121	7,298	(1,045)	2019
Moorestown	550 Glen Avenue	—	5,627	466	230	5,857	466	6,323	(1,381)	2019
Moorestown	600 Glen Court	—	4,188	510	189	4,377	510	4,887	(750)	2019
Moorestown	11 Twosome Drive	—	9,490	1,230	201	9,691	1,230	10,921	(412)	2024
Mt. Laurel	103 Central Avenue	—	6,447	616	1,106	7,553	616	8,169	(1,043)	2020
Piscataway	100 New England Avenue	—	16,999	7,566	4,336	21,335	7,566	28,901	(998)	2023
Swedesboro	2165 Center Square Road	—	4,827	1,212	901	5,728	1,212	6,940	(1,289)	2017
Westampton	800 Highland Drive	—	20,734	3,647	8,957	29,691	3,647	33,338	(3,089)	2021
New Mexico
Santa Teresa	150 Earhardt Way	—	8,904	723	161	9,065	723	9,788	(935)	2022
New York
Buffalo	1236-50 William Street	—	2,924	146	—	2,924	146	3,070	(1,106)	2012
Cheektowaga	40-60 Industrial Parkway	—	2,699	216	990	3,689	216	3,905	(1,545)	2011
Gloversville	125 Belzano Drive	—	1,203	117	7	1,210	117	1,327	(400)	2012
Gloversville	122 Belzano Drive	—	2,455	151	238	2,693	151	2,844	(864)	2012
Gloversville	109 Belzano Drive	—	1,384	154	210	1,594	154	1,748	(513)	2012
Johnstown	123 Union Avenue	—	1,555	216	305	1,860	216	2,076	(536)	2012
Johnstown	231 Enterprise Drive	—	828	151	49	877	151	1,028	(275)	2012
Johnstown	150 Enterprise Avenue	—	1,304	140	36	1,340	140	1,480	(434)	2012
Rochester	2883 Brighton Henrietta Townline Road	—	6,607	619	1,172	7,779	619	8,398	(1,084)	2020
Rochester	1350 Scottsville Road	—	6,702	208	109	6,811	208	7,019	(1,216)	2020
Ronkonkoma	845 South 1st Street	(4,099)	6,091	1,213	147	6,238	1,213	7,451	(991)	2021
North Carolina
Catawba	3389 Catawba Industrial Place	—	8,166	1,692	—	8,166	1,692	9,858	(1,383)	2020
Charlotte	1401 Tar Heel Road	—	3,770	515	63	3,833	515	4,348	(989)	2015
Charlotte	2027 Gateway Boulevard	—	3,654	913	30	3,684	913	4,597	(920)	2018
Charlotte	3115 Beam Road	—	4,839	369	179	5,018	369	5,387	(911)	2020
Charlotte	12730 Virkler Drive	—	10,650	1,522	60	10,710	1,522	12,232	(508)	2024
Durham	3450 Hopson Road	—	64,860	7,075	—	64,860	7,075	71,935	(164)	2025
Durham	2702 Weck Drive	—	2,411	753	327	2,738	753	3,491	(724)	2015
Garner	2337 US Highway 70E	—	11,790	3,420	—	11,790	3,420	15,210	(2,030)	2020
Greensboro	719 North Regional Road	—	12,396	366	711	13,107	366	13,473	(976)	2023
Greensboro	415 Westcliff Road	—	6,383	691	208	6,591	691	7,282	(1,597)	2018
Huntersville	13201 Reese Boulevard	—	3,030	1,061	976	4,006	1,061	5,067	(1,354)	2012
Lexington	200 Woodside Drive	—	3,863	232	1,308	5,171	232	5,403	(2,002)	2011
Mebane	7412 Oakwood Street	—	4,455	481	887	5,342	481	5,823	(1,886)	2012
Mebane	7600 Oakwood Street	—	3,980	443	314	4,294	443	4,737	(1,456)	2012
Mebane	7110 E. Washington Street	—	4,782	358	2,037	6,819	358	7,177	(1,983)	2013
Mocksville	171 Enterprise Way	—	5,309	1,091	616	5,925	1,091	7,016	(1,082)	2019
Mooresville	119 Super Sport Drive	—	17,029	4,195	923	17,952	4,195	22,147	(3,858)	2017

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Mooresville	313 Mooresville Boulevard	—	6,968	701	1,835	8,803	701	9,504	(2,911)	2011
Mountain Home	199 N. Egerton Road	—	2,265	523	324	2,589	523	3,112	(668)	2014
Newton	1500 Prodelin Drive	—	3,814	732	4,807	8,621	732	9,353	(2,879)	2011
Pineville	10519 Industrial Drive	—	1,179	392	44	1,223	392	1,615	(406)	2012
Rural Hall	300 Forum Parkway	—	5,375	439	695	6,070	439	6,509	(2,248)	2011
Salisbury	990 Cedar Springs Road	—	4,211	1,535	3,008	7,219	1,535	8,754	(1,798)	2017
Smithfield	3250 Highway 70 Business West	—	4,411	613	7,219	11,630	613	12,243	(2,902)	2011
Troutman	279 & 281 Old Murdock Road	—	13,124	802	360	13,484	802	14,286	(3,490)	2018
Winston-Salem	2655 Annapolis Drive	—	9,888	610	3,560	13,448	610	14,058	(2,715)	2014
Youngsville	200 K-Flex Way	—	16,150	1,836	—	16,150	1,836	17,986	(3,855)	2018
Ohio
Bedford Heights	26801 Fargo Avenue	—	4,763	837	1,311	6,074	837	6,911	(1,544)	2017
Boardman	365 McClurg Road	—	3,473	282	1,358	4,831	282	5,113	(2,268)	2007
Canal Winchester	6200-6250 Winchester Boulevard	—	37,431	6,403	2,913	40,344	6,403	46,747	(5,156)	2021
Canal Winchester	6260-6300 Winchester Boulevard	—	19,432	3,708	430	19,862	3,708	23,570	(3,075)	2021
Canal Winchester	6215-6275 Winchester Boulevard	—	16,704	1,690	—	16,704	1,690	18,394	(854)	2024
Columbus	1605 Westbelt Drive	—	4,807	337	1,531	6,338	337	6,675	(1,194)	2017
Columbus	5330 Crosswinds Drive	—	45,112	3,410	1,141	46,253	3,410	49,663	(7,546)	2020
Columbus	200 McCormick Boulevard	—	8,960	988	77	9,037	988	10,025	(1,227)	2022
Columbus	3900-3990 Business Park Drive	—	2,725	489	593	3,318	489	3,807	(946)	2014
Dayton	2815 South Gettysburg Avenue	—	5,616	331	343	5,959	331	6,290	(1,499)	2015
Etna	8591 Mink Street SW	—	73,402	2,939	231	73,633	2,939	76,572	(12,376)	2020
Fairborn	1340 E Dayton Yellow Springs Road	—	4,788	867	635	5,423	867	6,290	(1,411)	2015
Fairfield	4275 Thunderbird Lane	—	2,409	948	1,175	3,584	948	4,532	(981)	2016
Fairfield	3840 Port Union Road	—	5,337	1,086	407	5,744	1,086	6,830	(1,819)	2018
Gahanna	1120 Morrison Road	—	3,806	1,265	4,063	7,869	1,265	9,134	(2,761)	2011
Groveport	5830 Green Pointe Drive South	—	10,346	642	2,017	12,363	642	13,005	(2,372)	2017
Hilliard	4251 Leap Road	—	6,853	550	1,870	8,723	550	9,273	(1,861)	2017
Macedonia	8295 Bavaria Drive	—	10,219	1,001	174	10,393	1,001	11,394	(1,294)	2022
Macedonia	1261 Highland Road	—	7,541	1,690	637	8,178	1,690	9,868	(2,189)	2015
Maple Heights	16645 Granite Road	—	4,357	922	—	4,357	922	5,279	(705)	2021
Mason	7258 Innovation Way	—	4,307	673	—	4,307	673	4,980	(1,220)	2014
North Jackson	500 South Bailey Road	—	4,001	1,528	2,269	6,270	1,528	7,798	(1,578)	2013
North Jackson	382 Rosemont Road	—	5,777	486	3,174	8,951	486	9,437	(2,868)	2011
Oakwood Village	26350 Broadway	—	2,773	343	473	3,246	343	3,589	(802)	2015
Salem	800 Pennsylvania Avenue	—	6,849	858	2,297	9,146	858	10,004	(4,128)	2006
Sharonville	12110 Champion Way	—	16,975	1,385	—	16,975	1,385	18,360	(51)	2025
Streetsboro	9777 Mopar Drive	—	4,909	2,161	1,157	6,066	2,161	8,227	(2,220)	2011
Strongsville	14450 Foltz Industrial Parkway	—	16,431	1,315	—	16,431	1,315	17,746	(2,230)	2021
Strongsville	12930 Darice Parkway	—	5,583	491	963	6,546	491	7,037	(2,169)	2014
Toledo	1800 Jason Street	—	6,296	213	—	6,296	213	6,509	(2,059)	2012

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Twinsburg	8601 Independence Parkway	—	19,731	3,855	—	19,731	3,855	23,586	(3,225)	2020
Twinsburg	7990 Bavaria Road	—	6,437	590	7,021	13,458	590	14,048	(3,449)	2007
Union	1925 Union Airpark Boulevard	—	43,618	3,987	—	43,618	3,987	47,605	(472)	2025
West Chester	9696 International Boulevard	—	8,182	936	270	8,452	936	9,388	(1,873)	2016
West Chester	8778-8910 Le Saint Drive	—	42,704	1,565	304	43,008	1,565	44,573	(2,564)	2024
West Jefferson	1550 West Main Street	—	70,213	2,015	75	70,288	2,015	72,303	(15,591)	2019
Oklahoma
Oklahoma City	4949 Southwest 20th Street	—	1,820	746	194	2,014	746	2,760	(572)	2016
Oklahoma City	5101 South Council Road	—	8,960	1,614	1,466	10,426	1,614	12,040	(3,252)	2015
Tulsa	11607 E. 43rd Street North	—	8,242	966	—	8,242	966	9,208	(2,976)	2015
Tulsa	10757 East Ute Street	—	7,167	644	125	7,292	644	7,936	(1,437)	2020
Oregon
Beaverton	5805 SW 107th Avenue	—	10,602	2,463	53	10,655	2,463	13,118	(812)	2023
Beaverton	5807 SW 107th Avenue	—	4,936	1,237	—	4,936	1,237	6,173	(384)	2023
North Plains	28925 NW Union Road	—	1,888	4,778	25,289	27,177	4,778	31,955	(399)	2024
Salem	4060 Fairview Industrial Drive	—	3,039	599	963	4,002	599	4,601	(1,519)	2011
Salem	4050 Fairview Industrial Drive	—	1,372	266	562	1,934	266	2,200	(799)	2011
Sherwood	20707 SW Wildrose Place	—	14,014	1,315	—	14,014	1,315	15,329	(758)	2024
Wilsonville	9400 SW Barber Street	—	10,142	696	411	10,553	696	11,249	(1,040)	2022
Pennsylvania
Allentown	6670 Grant Way	—	9,937	1,237	487	10,424	1,237	11,661	(745)	2023
Allentown	6690 Grant Way	—	11,721	1,535	66	11,787	1,535	13,322	(828)	2023
Allentown	7132 Daniels Drive	—	6,745	1,962	2,130	8,875	1,962	10,837	(2,948)	2014
Burgettstown	157 Starpointe Boulevard	—	23,416	1,248	598	24,014	1,248	25,262	(5,500)	2019
Charleroi	200 Simko Boulevard	—	9,849	935	136	9,985	935	10,920	(1,796)	2018
Clinton	2300 Sweeney Drive	—	18,020	—	25	18,045	—	18,045	(3,873)	2017
Clinton	2251 Sweeney Drive	—	12,007	—	—	12,007	—	12,007	(2,361)	2018
Clinton	2400 Sweeney Drive Extension	—	16,188	—	2,920	19,108	—	19,108	(3,314)	2018
Clinton	1200 Clifford Ball Drive	—	10,524	—	—	10,524	—	10,524	(1,817)	2020
Clinton	1111 Clifford Ball Drive	—	5,668	—	—	5,668	—	5,668	(997)	2020
Clinton	1300 Clifford Ball Drive	—	18,152	—	—	18,152	—	18,152	(3,051)	2020
Clinton	1100 Clifford Ball Drive	—	40,282	—	945	41,227	—	41,227	(5,567)	2022
Croydon	3001 State Road	—	4,308	829	5,234	9,542	829	10,371	(592)	2018
Elizabethtown	11 and 33 Industrial Road	—	5,052	1,000	674	5,726	1,000	6,726	(1,629)	2014
Export	1003 Corporate Lane	—	5,180	667	210	5,390	667	6,057	(864)	2019
Hazleton	69 Green Mountain Road	—	43,571	4,995	1,063	44,634	4,995	49,629	(6,710)	2021
Imperial	200 Solar Drive	—	22,025	1,762	—	22,025	1,762	23,787	(4,194)	2019
Kulpsville	1510 Gehman Road	—	10,390	3,171	137	10,527	3,171	13,698	(984)	2023
Lancaster	2919 Old Tree Drive	—	4,042	1,520	1,687	5,729	1,520	7,249	(1,491)	2015
Langhorne	2151 Cabot Boulevard West	—	3,546	1,370	1,863	5,409	1,370	6,779	(899)	2016
Langhorne	2201 Cabot Boulevard West	—	2,677	1,308	427	3,104	1,308	4,412	(796)	2016
Langhorne	121 Wheeler Court	—	6,327	1,884	2,035	8,362	1,884	10,246	(2,348)	2016

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Langhorne	1 Cabot Boulevard East	—	3,751	1,155	83	3,834	1,155	4,989	(641)	2020
Lebanon	1 Keystone Drive	—	3,784	1,380	1,048	4,832	1,380	6,212	(1,003)	2017
Mechanicsburg	6350 Brackbill Boulevard	—	4,787	1,482	2,860	7,647	1,482	9,129	(1,920)	2014
Mechanicsburg	6360 Brackbill Boulevard	—	6,586	1,800	1,058	7,644	1,800	9,444	(2,119)	2014
Mechanicsburg	245 Salem Church Road	—	7,462	1,452	2,771	10,233	1,452	11,685	(2,362)	2014
Muhlenberg Township	171-173 Tuckerton Road	—	13,784	843	3,367	17,151	843	17,994	(5,793)	2012
New Galilee	1750 Shenango Road	—	24,483	1,127	354	24,837	1,127	25,964	(3,978)	2019
New Kensington	115 Hunt Valley Road	—	8,898	177	—	8,898	177	9,075	(1,698)	2018
New Kingstown	6 Doughten Road	—	8,074	2,041	594	8,668	2,041	10,709	(2,465)	2014
O'Hara Township	100 Papercraft Park	—	18,158	1,435	7,440	25,598	1,435	27,033	(9,153)	2012
Reading	2001 Centre Avenue	—	5,020	1,708	1,554	6,574	1,708	8,282	(1,512)	2016
Warrendale	410-426 Keystone Drive	—	11,442	1,853	786	12,228	1,853	14,081	(2,206)	2018
York	2925 East Market Street	—	13,818	2,152	381	14,199	2,152	16,351	(3,030)	2017
York	57 Grumbacher Road	—	14,541	966	28	14,569	966	15,535	(2,893)	2018
York	420 Emig Road	—	7,219	869	47	7,266	869	8,135	(1,238)	2019
York	915 Woodland View Drive	—	5,754	1,139	247	6,001	1,139	7,140	(983)	2021
York	2800 Concord Road	—	21,154	1,478	1,526	22,680	1,478	24,158	(3,171)	2021
South Carolina
Columbia	128 Crews Drive	—	5,171	783	287	5,458	783	6,241	(1,768)	2016
Duncan	110 Hidden Lakes Circle	—	10,981	1,002	3,450	14,431	1,002	15,433	(5,163)	2012
Duncan	112 Hidden Lakes Circle	—	6,739	709	1,586	8,325	709	9,034	(3,208)	2012
Duncan	175 Spartangreen Boulevard	—	12,390	936	89	12,479	936	13,415	(1,710)	2021
Fountain Inn	107 Southchase Boulevard	—	7,946	766	672	8,618	766	9,384	(1,884)	2018
Fountain Inn	141 Southchase Boulevard	—	12,806	1,878	9,084	21,890	1,878	23,768	(3,770)	2017
Fountain Inn	111 Southchase Boulevard	—	4,260	719	95	4,355	719	5,074	(1,423)	2016
Gaffney	50 Peachview Boulevard	—	4,001	1,233	2,505	6,506	1,233	7,739	(1,595)	2017
Goose Creek	6 Corporate Parkway	—	28,353	4,459	—	28,353	4,459	32,812	(4,926)	2019
Greer	8 Shelter Drive	—	4,939	681	3,478	8,417	681	9,098	(2,535)	2018
Greer	1000 Robinson Road	—	25,631	849	—	25,631	849	26,480	(2,864)	2021
Greer	1817 East Poinsett Street	—	—	3,674	49,357	49,357	3,674	53,031	(1,079)	2022
Greer	1809 East Poinsett Street	—	—	1,885	24,128	24,128	1,885	26,013	(552)	2022
Greer	129 Metro Court	—	1,376	129	450	1,826	129	1,955	(557)	2015
Greer	149 Metro Court	—	1,664	128	724	2,388	128	2,516	(661)	2015
Greer	153 Metro Court	—	430	153	155	585	153	738	(222)	2015
Greer	154 Metro Court	—	2,841	306	1,831	4,672	306	4,978	(1,222)	2015
Laurens	103 Cherry Blossom Drive	—	3,854	151	52	3,906	151	4,057	(991)	2015
Piedmont	1100 Piedmont Highway	—	3,891	231	548	4,439	231	4,670	(1,210)	2015
Piedmont	1102 Piedmont Highway	—	1,984	158	47	2,031	158	2,189	(532)	2015
Piedmont	1104 Piedmont Highway	—	1,894	204	74	1,968	204	2,172	(494)	2015
Piedmont	513 Old Griffin Road	—	9,036	797	2,022	11,058	797	11,855	(2,261)	2018
Piedmont	1610 Old Grove Road	—	16,478	1,971	730	17,208	1,971	19,179	(2,971)	2019
Piedmont	100 Exchange Logistics Park Drive	—	25,151	569	1,001	26,152	569	26,721	(3,088)	2022

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	—	13,886	331	362	14,248	331	14,579	(1,652)	2022
Rock Hill	2751 Commerce Drive, Unit C	—	6,146	1,411	1,601	7,747	1,411	9,158	(2,198)	2016
Rock Hill	1953 Langston Street	—	3,982	1,095	984	4,966	1,095	6,061	(1,179)	2017
Simpsonville	101 Harrison Bridge Road	—	2,960	957	3,661	6,621	957	7,578	(2,416)	2012
Simpsonville	103 Harrison Bridge Road	—	3,364	470	1,114	4,478	470	4,948	(1,714)	2012
Simpsonville	1312 Old Stage Road	—	24,200	1,454	3,428	27,628	1,454	29,082	(6,610)	2018
Spartanburg	5675 North Blackstock Road	—	13,452	1,867	6,123	19,575	1,867	21,442	(3,734)	2016
Spartanburg	5679 North Blackstock Road	—	—	—	344	344	—	344	(4)	2016
Spartanburg	950 Brisack Road	—	3,250	342	2,360	5,610	342	5,952	(1,479)	2014
Spartanburg	2071 Fryml Drive	—	7,288	663	241	7,529	663	8,192	(1,400)	2019
Spartanburg	2171 Fryml Drive	—	4,116	530	143	4,259	530	4,789	(733)	2019
Spartanburg	2010 Nazareth Church Road	—	16,373	895	745	17,118	895	18,013	(3,750)	2019
Spartanburg	150-160 National Avenue	—	5,797	493	2,428	8,225	493	8,718	(2,574)	2012
Summerville	105 Eastport Lane	—	4,710	1,157	534	5,244	1,157	6,401	(1,041)	2019
Wellford	462 Casual Drive	—	16,147	2,588	1,155	17,302	2,588	19,890	(1,365)	2023
Wellford	452 Casual Drive	—	16,187	2,548	4,623	20,810	2,548	23,358	(608)	2023
West Columbia	185 McQueen Street	—	6,808	715	2,355	9,163	715	9,878	(3,156)	2013
West Columbia	610 Kelsey Court	—	9,152	488	—	9,152	488	9,640	(2,078)	2016
West Columbia	825 Bistline Drive	—	8,640	240	1,050	9,690	240	9,930	(2,114)	2017
West Columbia	810 Bistline Drive	—	10,881	564	—	10,881	564	11,445	(2,331)	2019
West Columbia	1000 Technology Drive	—	23,567	1,422	5	23,572	1,422	24,994	(3,806)	2019
West Columbia	842 Bistline Drive	—	12,723	1,217	1,749	14,472	1,217	15,689	(2,300)	2021
West Columbia	222 Old Wire Road	—	3,878	551	2,301	6,179	551	6,730	(2,100)	2016
Tennessee
Chattanooga	1800 Crutchfield Street Building A	—	2,085	187	127	2,212	187	2,399	(556)	2015
Chattanooga	1800 Crutchfield Street Building B	—	4,251	380	84	4,335	380	4,715	(1,148)	2015
Chattanooga	1295 Stuart Street	—	7,113	424	2,626	9,739	424	10,163	(2,223)	2015
Cleveland	4405 Michigan Avenue Road NE	—	3,161	554	1,175	4,336	554	4,890	(1,402)	2011
Clinton	1330 Carden Farm Drive	—	2,930	403	241	3,171	403	3,574	(948)	2015
Jackson	1094 Flex Drive	—	2,250	230	2,671	4,921	230	5,151	(1,289)	2012
Knoxville	2525 Quality Drive	—	2,842	447	541	3,383	447	3,830	(852)	2015
Knoxville	2522 and 2526 Westcott Boulevard	—	4,730	472	806	5,536	472	6,008	(1,027)	2018
Knoxville	5700 Casey Drive	—	6,847	1,117	996	7,843	1,117	8,960	(1,266)	2019
Lebanon	535 Maddox-Simpson Parkway	—	13,858	468	1,432	15,290	468	15,758	(2,443)	2019
Lebanon	675 Maddox-Simpson Parkway	—	5,891	519	213	6,104	519	6,623	(783)	2021
Lebanon	575 Maddox-Simpson Parkway	—	—	549	24,903	24,903	549	25,452	(343)	2019
Loudon	1700 Elizabeth Lee Parkway	—	3,372	170	2,137	5,509	170	5,679	(1,412)	2015
Madison	538 Myatt Drive	—	2,790	1,655	19,879	22,669	1,655	24,324	(3,633)	2011
Mascot	9575 Commission Drive	—	2,827	284	112	2,939	284	3,223	(728)	2016
Mascot	2122 Holston Bend Drive	—	3,120	385	8,294	11,414	385	11,799	(1,604)	2013
Memphis	7625 Appling Center Drive	—	13,463	539	31	13,494	539	14,033	(1,742)	2022
Memphis	4880 East Tuggle Road	—	38,524	2,501	2,176	40,700	2,501	43,201	(6,637)	2019

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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	1975 Joe B. Jackson Parkway	—		9,617		2,206		469		10,086		2,206		12,292		(1,192)		2022
Murfreesboro	941 Esther Lane		11,289		3,867		—		11,289		3,867		15,156		(30)		2025
Murfreesboro	540 New Salem Road	—		2,358		722		700		3,058		722		3,780		(723)		2014
Nashville	3258 Ezell Pike	—		3,411		547		304		3,715		547		4,262		(1,163)		2013
Vonore	90 Deer Crossing Road	—		7,821		2,355		2,219		10,040		2,355		12,395		(3,038)		2011
Texas
Arlington	3311 Pinewood Drive	—		2,374		413		385		2,759		413		3,172		(1,287)		2007
Arlington	401 N. Great Southwest Parkway	—		5,767		1,246		1,445		7,212		1,246		8,458		(2,597)		2012
Cedar Hill	1650 U.S. Highway 67	—		9,992		4,066		2,395		12,387		4,066		16,453		(3,096)		2016
Conroe	16548 Donwick Drive	—		20,995		1,853		1,631		22,626		1,853		24,479		(4,984)		2018
El Paso	32 Celerity Wagon	—		3,269		—		264		3,533		—		3,533		(776)		2017
El Paso	48 Walter Jones Boulevard	—		9,194		—		1,234		10,428		—		10,428		(1,964)		2017
El Paso	1601 Northwestern Drive	—		8,575		1,248		1,024		9,599		1,248		10,847		(2,823)		2014
El Paso	6500 N. Desert Boulevard	—		7,126		1,124		1,188		8,314		1,124		9,438		(2,211)		2014
El Paso	1550 Northwestern Drive	—		13,388		1,854		2,433		15,821		1,854		17,675		(4,929)		2014
El Paso	1701 Northwestern Drive	—		9,527		1,581		2,694		12,221		1,581		13,802		(3,411)		2014
El Paso	7801 Northern Pass Road	—		5,230		1,136		—		5,230		1,136		6,366		(1,497)		2015
El Paso	12285 Gateway Boulevard West	—		22,548		1,725		—		22,548		1,725		24,273		(2,887)		2021
El Paso	9571 Pan American Drive	—		9,382		1,101		153		9,535		1,101		10,636		(1,029)		2022
El Paso	9555 Plaza Circle	—		4,666		626		146		4,812		626		5,438		(638)		2022
El Paso	9494 Escobar Drive	—		8,529		701		164		8,693		701		9,394		(910)		2022
El Paso	47 Butterfield Circle	—		2,827		—		2,435		5,262		—		5,262		(1,682)		2012
Garland	2901 W. Kingsley Road	—		4,911		1,344		3,661		8,572		1,344		9,916		(2,457)		2014
Grapevine	2402 Esters Boulevard	—		9,522		—		145		9,667		—		9,667		(1,369)		2021
Grapevine	2400 Esters Boulevard	—		15,029		—		301		15,330		—		15,330		(2,143)		2021
Houston	18601 Intercontinental Crossing Drive	—		8,744		1,505		—		8,744		1,505		10,249		(2,366)		2019
Houston	9302 Ley Road	—		8,683		1,236		310		8,993		1,236		10,229		(1,549)		2019
Houston	10343 Ella Boulevard	—		16,586		1,747		—		16,586		1,747		18,333		(2,855)		2019
Houston	4949 Windfern Road	—		7,610		2,255		578		8,188		2,255		10,443		(3,128)		2013
Houston	7300 Airport Boulevard	—		7,730		2,546		6,834		14,564		2,546		17,110		(2,878)		2016
Houston	13627 West Hardy	—		4,163		1,502		—		4,163		1,502		5,665		(893)		2017
Houston	868 Pear Street	—		4,836		953		—		4,836		953		5,789		(1,038)		2017
Houston	14620 Henry Road	—		6,702		927		112		6,814		927		7,741		(1,476)		2017
Houston	7049 Brookhollow West Drive	—		9,154		809		684		9,838		809		10,647		(1,861)		2018
Houston	10401 S. Sam Houston Parkway	—		9,368		1,108		608		9,976		1,108		11,084		(1,805)		2019
Humble	7491 Rankin Road		36,135		5,807		—		36,135		5,807		41,942		(345)		2025
Humble	18727 Kenswick Drive	—		11,493		2,255		10,104		21,597		2,255		23,852		(4,203)		2019
Irving	2450 Valley View Lane	—		15,312		5,976		1,833		17,145		5,976		23,121		(1,111)		2023
Katy	1800 North Mason Road	—		7,571		2,192		—		7,571		2,192		9,763		(1,863)		2019
Katy	21601 Park Row Drive	—		3,224		1,655		34		3,258		1,655		4,913		(522)		2019
Laredo	13710 IH 35 Frontage Road	—		13,847		2,538		—		13,847		2,538		16,385		(3,218)		2019
Laredo	13808 Humphrey Road	—		9,037		1,535		2,235		11,272		1,535		12,807		(2,343)		2017

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
McAllen	5601 West Military Highway	—	13,341	818	1,612	14,953	818	15,771	(2,208)	2020
Mission	802 Trinity Street	—	11,986	1,882	682	12,668	1,882	14,550	(2,554)	2018
Rockwall	3400 Discovery Boulevard	—	14,561	2,683	1	14,562	2,683	17,245	(3,322)	2017
Socorro	11320 Gateway Boulevard East	—	27,752	4,430	1,165	28,917	4,430	33,347	(1,380)	2024
Stafford	13720 Stafford Road	—	6,353	339	41	6,394	339	6,733	(1,419)	2017
Waco	101 Apron Road	—	1,394	—	1,151	2,545	—	2,545	(1,102)	2011
Utah
Salt Lake City	3175 West 500 South	—	26,292	3,939	1,170	27,462	3,939	31,401	(889)	2024
Virginia
Chester	2001 Ware Bottom Spring Road	—	2,890	775	—	2,890	775	3,665	(819)	2014
Fredericksburg	2031 International Parkway	—	15,235	2,182	—	15,235	2,182	17,417	(1,648)	2022
Harrisonburg	4500 Early Road	—	11,003	1,455	1,918	12,921	1,455	14,376	(4,169)	2012
Independence	One Compair Way	—	1,994	226	688	2,682	226	2,908	(684)	2012
Norfolk	4555 Progress Road	—	7,990	1,259	—	7,990	1,259	9,249	(863)	2022
North Chesterfield	8001 Greenpine Road	—	5,697	1,599	942	6,639	1,599	8,238	(1,080)	2019
Richmond	5250 Klockner Drive	—	3,111	819	1,236	4,347	819	5,166	(681)	2020
Washington
Ridgefield	6111 S. 6th Way	—	9,159	2,307	780	9,939	2,307	12,246	(1,801)	2019
Wisconsin
Appleton	1919 W. College Avenue	—	5,757	261	636	6,393	261	6,654	(906)	2021
Caledonia	1343 27th Street	—	3,113	225	—	3,113	225	3,338	(621)	2018
Cudahy	5831 S. Pennsylvania Avenue	—	4,313	1,427	—	4,313	1,427	5,740	(566)	2020
De Pere	2191 American Boulevard	—	5,671	525	101	5,772	525	6,297	(1,951)	2012
DeForest	505-507 Stokely Drive	—	5,119	1,131	870	5,989	1,131	7,120	(1,447)	2016
Delavan	329 Hallberg Street	—	1,807	127	253	2,060	127	2,187	(300)	2019
Delavan	1714 Hobbs Drive	—	4,419	241	89	4,508	241	4,749	(722)	2019
East Troy	2761 Buell Drive	—	4,826	304	205	5,031	304	5,335	(1,433)	2014
Elkhorn	390 Koopman Lane	—	3,328	210	—	3,328	210	3,538	(573)	2019
Franklin	5215 W Airways Avenue	—	8,193	1,551	—	8,193	1,551	9,744	(1,334)	2021
Germantown	N117 W18456 Fulton Drive	—	5,782	442	—	5,782	442	6,224	(1,060)	2018
Germantown	N106 W13131 Bradley Way	—	3,104	359	346	3,450	359	3,809	(670)	2018
Germantown	N102 W19400 Willow Creek Way	—	10,908	1,175	—	10,908	1,175	12,083	(2,659)	2018
Germantown	11900 N. River Lane	—	5,226	1,186	1,462	6,688	1,186	7,874	(1,462)	2014
Hartland	500 North Shore Drive	—	4,271	1,526	—	4,271	1,526	5,797	(1,031)	2016
Hudson	2700 Harvey Street	—	7,684	683	6	7,690	683	8,373	(1,243)	2020
Janesville	2929 Venture Drive	—	16,377	828	1,197	17,574	828	18,402	(5,461)	2013
Kenosha	9625 55th Street	—	3,643	797	711	4,354	797	5,151	(1,143)	2016
Madison	4718 Helgesen Drive	—	6,009	609	531	6,540	609	7,149	(1,328)	2017
Madison	4722 Helgesen Drive	—	4,316	444	39	4,355	444	4,799	(883)	2017
Mayville	605 Fourth Street	—	4,118	547	623	4,741	547	5,288	(2,407)	2007
Mukwonago	115 Hill Court	—	13,808	1,872	—	13,808	1,872	15,680	(323)	2025
Mukwonago	103 Hill Court	—	10,791	1,478	219	11,010	1,478	12,488	(1,563)	2021

Initial Cost to STAG Industrial, Inc. · Gross Amounts at Which Carried at December 31, 2025
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
Muskego	S64 W15660 Commerce Center Parkway	—	5,140	393	154	5,294	393	5,687	(950)	2020
New Berlin	16250 West Woods Edge Drive	—	15,917	277	—	15,917	277	16,194	(2,897)	2019
New Berlin	16555 W. Smalls Road	—	20,176	955	—	20,176	955	21,131	(2,473)	2021
New Berlin	5600 S. Moorland Road	—	6,220	1,068	269	6,489	1,068	7,557	(1,944)	2013
Oak Creek	525 West Marquette Avenue	—	3,982	526	100	4,082	526	4,608	(733)	2018
Oak Creek	7475 South 6th Street	—	5,769	805	464	6,233	805	7,038	(1,332)	2018
Pewaukee	W288 N2801 Duplainville Road	—	5,744	841	1,001	6,745	841	7,586	(1,347)	2018
Pewaukee	W277 N2837 Duplainville Road	—	4,055	439	304	4,359	439	4,798	(754)	2018
Pleasant Prairie	8901 102nd Street	—	4,615	523	713	5,328	523	5,851	(1,028)	2018
Sun Prairie	1615 Commerce Drive	—	5,809	2,360	4,415	10,224	2,360	12,584	(3,597)	2011
Sussex	W251 N5350 Business Drive	—	13,026	1,212	15	13,041	1,212	14,253	(775)	2024
West Allis	2207 S. 114th Street	—	1,617	462	2,338	3,955	462	4,417	(1,163)	2015
West Allis	2075 S. 114th Street	—	1,713	444	1,866	3,579	444	4,023	(886)	2015
West Allis	2145 S. 114th Street	—	777	252	1,051	1,828	252	2,080	(566)	2015
West Allis	2025 S. 114th Street	—	890	251	838	1,728	251	1,979	(454)	2015
Yorkville	13900 West Grandview Parkway	—	4,790	416	323	5,113	416	5,529	(1,478)	2014
Developments in Process
Lenexa, KS	14100 Marshall Drive	—	—	—	618	618	—	618	—	2014
Shepherdsville, KY	650 Park Loop Road	—	1,281	4,216	24,752	26,033	4,216	30,249	—	2025
Dayton, OH	11355 Dog Leg Road	—	288	2,656	7,337	7,625	2,656	10,281	—	2025
Concord, NC	2745 Piedmont Commerce Street SW	—	910	3,553	17,970	18,880	3,553	22,433	—	2024
Concord, NC	2735 Piedmont Commerce Street SW	—	910	3,553	19,097	20,007	3,553	23,560	—	2024
Reno, NV	6980 Resource Drive	—	—	1,896	9,575	9,575	1,896	11,471	—	2024
Reno, NV	14003 Mount Anderson Street	—	—	8,959	27,052	27,052	8,959	36,011	—	2024
	Total(5)(6)	$(4,099)	$5,856,867	$811,569	$856,535	$6,713,402	$811,569	$7,524,971	$(1,119,931)

(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, 2025, the aggregate cost for federal income tax purposes of investments in real estate was approximately $8.5 billion.

(6)The following table summarizes our real estate and accumulated depreciation per Schedule III for the years ended December 31, 2025, 2024 and 2023.

	Year ended December 31,
Real Estate and Accumulated Depreciation (in thousands)	2025	2024	2023
Real Estate:
Balance at beginning of period	$7,152,780	$6,459,001	$6,123,295
Additions during period
Acquisitions	399,197	628,052	304,057
Improvements, etc.	207,295	184,586	105,112
Other additions	—	—	—
Deductions during period
Cost of real estate sold	(91,190)	(109,313)	(66,565)
Write-off of fully depreciated assets	(142,223)	(4,579)	(3,930)
Asset impairments and involuntary conversion	(888)	(4,967)	(2,968)
Balance at the end of the period	$7,524,971	$7,152,780	$6,459,001
Accumulated Depreciation:
Balance at beginning of period	$1,085,866	$921,846	$764,809
Additions during period
Depreciation and amortization expense	199,605	185,711	177,358
Other additions	—	—	—
Deductions during period
Disposals	(165,540)	(21,691)	(20,321)
Balance at the end of the period	$1,119,931	$1,085,866	$921,846

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.