Michael Chase - 05 Nov 2025 Form 4 Insider Report for STAG Industrial, Inc. (STAG)

Role: EVP AND CIO
Signature: /s/ Jeffrey M. Sullivan, Attorney-in-Fact
Issuer symbol: STAG
Transactions as of: 05 Nov 2025
Net transactions value: -$509,304
Form type: 4
Filing time: 06 Nov 2025, 16:43:19 UTC
Previous filing: 10 Jan 2025
Next filing: 12 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Chase Michael	EVP AND CIO	C/O STAG INDUSTRIAL, INC., ONE FEDERAL STREET, 23RD FLOOR, BOSTON	/s/ Jeffrey M. Sullivan, Attorney-in-Fact	06 Nov 2025	0001937046

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STAG	Common Stock	Conversion of derivative security		+13,144	+140%		22,566	05 Nov 2025	Direct	F1
transaction	STAG	Common Stock	Sale	$509,304	-13,144	-58%	$38.75	9,422	05 Nov 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	STAG	LTIP Units	Conversion of derivative security		-13,144	-15%		73,449	05 Nov 2025	Common Stock, par value $0.01 per share	13,144		Direct	F1, F2
transaction	STAG	Partnership Units	Conversion of derivative security		+13,144	+208%		19,469	05 Nov 2025	Common Stock, par value $0.01 per share	13,144		Direct	F1, F3
transaction	STAG	Partnership Units	Conversion of derivative security		-13,144	-68%		6,325	05 Nov 2025	Common Stock, par value $0.01 per share	13,144		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On November 5, 2025, the reporting person converted a total of 13,144 long-term incentive plan units ("LTIP Units") of STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), of which STAG Industrial, Inc., a Maryland corporation (the "Issuer"), is the sole member of the general partner, into 13,144 common units of limited partnership of the Operating Partnership ("OP Units") and redeemed 13,144 OP Units. The LTIP Units are convertible into OP Units as they are nonforfeitable and certain conditions to parity have been satisfied. The OP Units held by the reporting person are redeemable for cash equal to the current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The Issuer elected to redeem the reporting person's OP Units with common stock.
F2	Represents LTIP Units granted to the reporting person pursuant to the Equity Incentive Plan. Over time, the LTIP Units can achieve full parity with OP Units for all purposes. If such parity is reached, non-forfeitable LTIP Units may be converted into OP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. LTIP Units do not have an expiration date.
F3	Represents OP Units in the Operating Partnership. OP Units may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance and have no expiration date.