STAG Industrial Inc

We are a REIT focused on the acquisition ownership and operation of industrial properties throughout the United States. We seek to (i) identify properties for acquisition that offer relative value across all locations industrial property types and tenants through the principled application of our proprietary risk assessment model (ii) operate our properties in an efficient cost-effective manner and (iii) capitalize our business appropriately given the characteristics of our assets. We are organized and conduct our operations to maintain our qualification as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 as amended (the "Code"") and generally are not subject to federal income tax to the extent we currently distribute our income to our stockholders and maintain our qualification as a REIT. We remain subject to state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed income. As of December 31 2022 we owned 562 buildings in 41 states with approximately 111.7 million rentable square feet consisting of 484 warehouse/distribution buildings 74 light manufacturing buildings one flex/office building and three Value Add Portfolio buildings. While the majority of our portfolio consists of single-tenant properties we also own multi-tenant properties and may re-lease originally single-tenant properties to multiple tenants. As of December 31 2022 our buildings were approximately 98.5% leased with no single tenant accounting for more than approximately 3.0% of our total annualized base rental revenue and no single industry accounting for more than approximately 10.9% of our total annualized base rental revenue. We intend to maintain a diversified mix of tenants to limit our exposure to any single tenant. As of December 31 2022 our Operating Portfolio was approximately 99.0% leased and our SL Rent Change on new and renewal leases together grew approximately 24.3% and 17.6% during the years ended December 31 2022 and 2021 resp"