STAG Industrial is a REIT that owns and operates industrial properties across the U.S., focused on warehouse, distribution, light manufacturing, and logistics space. As of year-end 2025, STAG owned 601 buildings across 41 states totaling roughly 120 million rentable square feet. STAG leases space to tenants under long-term net leases, meaning tenants cover most property-level operating costs, so rental income flows through with limited offsets. Leases include annual rent escalators averaging around 3% on new leases, providing built-in organic revenue growth. STAG's tenant base is broadly diversified across industries including commercial services, logistics, building products, and manufacturing, with no single tenant exceeding roughly 2.8% of annualized base rental revenue. Rather than concentrating in coastal gateway markets, STAG targets a broader set of Tier 1 industrial markets including Midwest and Southeast cities like Nashville, Milwaukee, Minneapolis, Louisville, and Charlotte, arguing this provides access to more acquisition targets with less competition. STAG grows through stabilized acquisitions at roughly 6.25–6.75% cash cap rates, an in-house development platform targeting stabilized yields of around 7%, and organic same-store NOI growth driven by high occupancy and leasing spreads. When re-leasing space, STAG has captured strong spreads — around 24% in 2025 — as in-place rents remain below current market rates. STAG also recycles capital by selling non-core assets and redeploying proceeds into higher-yielding opportunities.