STAG Industrial, Inc.

7. Noncontrolling Interest

Noncontrolling Interest in Operating Partnership

The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the nine months ended September 30, 2026.

The Company granted LTIP units under the 2011 Plan on January 8, 2026 to non-employee, independent directors, which vest in equal quarterly installments overone year, with the first vesting date having been March 31, 2026, subject to the recipient’s continued service.

The Company granted LTIP units under the 2011 Plan on January 8, 2026 to certain executive officers and senior employees of the Company, which will vest in equal quarterly installments over four years, with the first vesting date having been March 31, 2026, subject to the recipient’s continued employment.

The fair value of the LTIP 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 LTIP units are based on Level 3 inputs and non-recurring fair value measurements. 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 athree-year time period.

The following table summarizes the assumptions used in valuing such LTIP units granted during the nine months ended September 30, 2026.

The following table summarizes activity related to the Company’s unvested LTIP units during the nine months ended September 30, 2026.

The unrecognized compensation expense associated with the Company’s LTIP units at September 30, 2026 was approximately $5.6 million and is expected to be recognized over a weighted average period of approximately 2.2 years.

Noncontrolling Interest in Joint Ventures

At September 30, 2026, the Company held a 97.5% interest in a joint venture located in Reno, Nevada, a 95.5% interest in a joint venture located in Concord, North Carolina, and a 97.5% interest in a joint venture located in Shepherdsville, Kentucky. The third-parties’ equity interest in these joint ventures, totaling approximately $4.0 million at September 30, 2026, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets.