STAG Industrial, Inc. is a real estate investment trust focused on the acquisition ownership development and operation of industrial properties throughout the United States. The company identifies properties for acquisition in CBRE-EA Tier 1 industrial real estate markets to provide growth through high-quality assets and property management. It operates to maintain qualification as a REIT under the Internal Revenue Code and distributes income to stockholders while managing state local and federal tax obligations.

STAG Industrial generates revenue primarily through leasing industrial properties to tenants across various industries. The company earns base rental income from its portfolio of buildings and development projects. Revenue is derived from monthly base cash rent multiplied by twelve to calculate total annualized base rental revenue. The company serves a diverse tenant base with no single tenant accounting for more than approximately 2.8% of total annualized base rental revenue and no single industry exceeding approximately 11.4% of revenue as of December 31 2025.

The company operates through the following segments:

STAG Industrial operates in the competitive industrial real estate sector where it faces competition from national regional and local investors operators owners and managers of other industrial properties. The company differentiates itself by focusing on individually acquired assets in CBRE-EA Tier 1 markets which allows for a granular and quantitative approach to investment. Its strategy of owning a diversified portfolio of individually acquired properties lowers risk through asset-level diversification and provides access to a broader opportunity set compared to competitors focused on super-primary markets. Industrial properties generally require less capital expenditure than other commercial property types supporting its competitive position.

STAG Industrial serves a broad customer base consisting of tenants across various industries that lease its industrial properties. The company does not disclose specific tenant names in the filing but indicates that its tenants operate in diverse sectors with no single industry representing more than approximately 11.4% of total annualized base rental revenue. The tenant base includes users of industrial space for manufacturing distribution and other commercial purposes throughout the 41 states where the company owns properties.