STAG Industrial, Inc. (NYSE:STAG) today announced an update to the Company's business as detailed below.

First, the Company has experienced an acceleration of acquisition activity in the fourth quarter, with an increase in the number of transactions under contract and subject to letter of intent. From October 1, 2020 through December 7, 2020, the Company acquired 13 buildings, totaling approximately 4.0 million square feet for approximately $297.9 million, including expenses. In addition, as of December 7, 2020, the Company was party to the following commercial arrangements expected to close in 2020:

• pending purchase and sale agreements to acquire seven additional industrial buildings totaling approximately 1.1 million square feet for approximately $98.6 million, including estimated expenses but before prorations, subject to various closing conditions; and

• non-binding letters of intent to acquire 12 additional industrial buildings totaling approximately 2.7 million square feet for approximately $208.9 million, including estimated expenses but before prorations, subject to the negotiation and execution of mutually-acceptable definitive purchase and sale agreements and satisfaction of various closing conditions that may be included in those agreements.

In sum, in 2020 the Company closed $493.8 million of acquisitions as of December 7 and expects to close an additional $307.5 million of acquisitions before yearend, which would bring the Company's total acquisition volume for 2020 to $801.3 million.

Secondly, on December 5, 2020, the Company entered into a contract to sell its one million square foot building in Burlington, New Jersey, subject to various closing conditions. Gross proceeds are expected to be in excess of $100 million.

Third, the Company has experienced continued health of its tenants, strong leasing demand across the portfolio and further reduction in expected credit loss. As a result, the Company now expects Same Store Cash NOI change for 2020 to be in the range of 1.25% to 1.75%, an increase from the most recently announced range of 0.75% to 1.25%.

"Our business has accelerated meaningfully across all facets of the organization in the second half of this year and specifically in the fourth quarter," said Ben Butcher, Chief Executive Officer of the Company. "The strength of the industrial sector communicated during our third quarter earnings call continues to drive our internal and external growth. Given the great execution by our team, we see an increased opportunity to deliver strong fourth quarter and full year 2020 results."

Please refer to the Company's supplemental information package for additional disclosure, including definitions of the above-mentioned non-GAAP financial measure.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. As of September 30, 2020, the Company's portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.