S-8

As filed with the Securities and Exchange Commission on April 28, 2023

Registration No. 333-

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

_______________

STAG Industrial, Inc.

(Exact name of registrant as specified in its charter)

Maryland	27-3099608
(State or other jurisdiction of	(I.R.S. employer
incorporation or organization)	identification number)

One Federal Street, 23rd Floor

Boston, Massachusetts 02110

(Address of principal executive offices, including zip code)

Amended and Restated

STAG Industrial, Inc. 2011 Equity Incentive Plan

(Full Title of the Plan)

Jeffrey M. Sullivan

STAG Industrial, Inc.

Executive Vice President, General Counsel and Secretary

One Federal Street, 23rd Floor

Boston, Massachusetts 02110

(617) 574-4777

(Name and address of agent for service; telephone number, including area code, of agent for service)

Copies to:

Kerry E. Johnson

DLA Piper LLP (US)

444 West Lake Street, Suite 900

Chicago, Illinois 60606

(312) 368-4000

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer
Non-accelerated filer	Smaller reporting company
	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

EXPLANATORY STATEMENT

STAG Industrial, Inc. (the “Company”) is filing this Registration Statement to register an additional 3,500,000 shares of common stock for issuance pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “Plan”). The increase in the number of shares of common stock authorized for issuance under the Plan was approved by the Company’s stockholders at the 2023 annual meeting of stockholders on April 25, 2023. Pursuant to General Instruction E to Form S-8, the contents of the earlier Registration Statements on Form S-8 (File Nos. 333-173599, 333-188483 and 333-224681), filed on April 20, 2011, May 9, 2013 and May 4, 2018, related to the Plan are incorporated herein by reference, except to the extent supplemented, amended or superseded by the information set forth herein.

PART I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

(a)    The documents constituting Part I of this Registration Statement will be sent or given to participants in the Plan as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the “Securities Act”).

(b)    Upon written or oral request, the Company will provide, without charge, the documents incorporated by reference in Item 3 of Part II of this Registration Statement. The documents are incorporated by reference in the Section 10(a) prospectus. The Company will also provide, without charge, upon written or oral request, other documents required to be delivered to employees pursuant to Rule 428(b). Requests for the above-mentioned information should be directed to Jeffrey M. Sullivan at the address and telephone number on the cover of this Registration Statement.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference

The following documents filed by the Company with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated herein by reference and are deemed to be a part hereof from the date of the filing of such documents (excluding any information that is deemed to have been “furnished” and not “filed” with the SEC):

(1)     the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 15, 2023;

(2)     the information specifically incorporated by reference into the Annual Report on Form 10-K for the year ended December 31, 2022 from the Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 16, 2023;

(3)     the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC on April 26, 2023;

(4)     the Current Reports on Form 8-K, filed with the SEC on March 16, 2023 and April 28, 2023; and

(5)     the description of the Company’s common stock contained in the Company’s Registration Statement on Form 8-A filed with the SEC on April 8, 2011, including any amendments and reports filed for the purpose of updating such description.

All documents subsequently filed by the Company (but not those that are furnished) with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities that remain unsold will be deemed to be incorporated by reference into this Registration Statement and will automatically update and supersede the information in this Registration Statement and any previously filed documents.

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Any statement contained in a document incorporated or deemed incorporated herein by reference shall be deemed to be modified or superseded for the purpose of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is, or is deemed to be, incorporated herein by reference modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities. Not applicable.

Item 5. Interests of Named Experts and Counsel. Not applicable.

Item 6. Indemnification of Directors and Officers.

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from:

•actual receipt of an improper benefit or profit in money, property or services; or 

•active and deliberate dishonesty established by a final judgment and which is material to the cause of action.

The Company’s charter contains such a provision that eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law.

The Company’s charter also authorizes the Company, to the maximum extent permitted by Maryland law, to obligate the Company to indemnify any present or former director or officer or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, member, manager or trustee, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding.

The Company’s bylaws obligate it, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a director or officer of the Company and at the request of the Company, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding.

The Company’s charter and bylaws also permit the Company to indemnify and advance expenses to any individual who served a predecessor of the Company in any of the capacities described above and any employee or agent of the Company or a predecessor of the Company.

Maryland law requires a corporation (unless its charter provides otherwise, which the Company’s charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that:

•the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; 

•the director or officer actually received an improper personal benefit in money, property or services; or 

•in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

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However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis of that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of:

•a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and 

•a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

The Company entered into indemnification agreements with the Company’s directors and executive officers that obligate the Company to indemnify them to the maximum extent permitted by Maryland law.

The indemnification agreements provide that if a director or executive officer is a party or is threatened to be made a party to any proceeding by reason of such director’s or executive officer’s status as a director, officer or employee of the Company, the Company must indemnify such director or executive officer for all expenses and liabilities actually and reasonably incurred by him or her, or on his or her behalf, unless it has been established that:

•the act or omission of the director or executive officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty; 

•the director or executive officer actually received an improper personal benefit in money, property or other services; or 

•with respect to any criminal action or proceeding, the director or executive officer had reasonable cause to believe his or her conduct was unlawful.

The indemnification agreements also provide that upon application of a director or executive officer of the Company to a court of appropriate jurisdiction, the court may order indemnification of such director or executive officer if:

•the court determines the director or executive officer is entitled to indemnification under the applicable section of the MGCL, in which case the director or executive officer will be entitled to recover from the Company the expenses of securing such indemnification; or 

•the court determines that such director or executive officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director or executive officer has met the standards of conduct set forth in the applicable section of the MGCL or has been adjudged liable for receipt of an improper benefit under the applicable section of the MGCL; provided, however, that the Company’s indemnification obligations to such director or executive officer will be limited to the expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with any proceeding by or in the right of the Company or in which the executive officer or director will have been adjudged liable for receipt of an improper personal benefit under the applicable section of the MGCL.

Notwithstanding, and without limiting, any other provisions of the indemnification agreements, if a director or executive officer is a party or is threatened to be made a party to any proceeding by reason of such director’s or executive officer’s status as a director, executive officer or employee of the Company, and such director or executive officer is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such proceeding, the Company must indemnify such director or executive officer for all expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with each successfully resolved claim, issue or matter, including any claim, issue or matter in such a proceeding that is terminated by dismissal, with or without prejudice.

In addition, the indemnification agreements require the Company to advance reasonable expenses incurred by the indemnitee within 20 days of the receipt by the Company of a statement from the indemnitee requesting the advance, provided the statement evidences the expenses and is accompanied by:

•a written affirmation of the indemnitee’s good faith belief that he or she has met the standard of conduct necessary for indemnification; and 

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•a written undertaking by or on behalf of the indemnitee to repay the portion of any expenses advanced to the indemnitee relating to claims, issues or matters in a proceeding if it is ultimately established that the standard of conduct was not met.

The indemnification agreements also provide for procedures for the determination of entitlement to indemnification, including requiring such determination be made by independent counsel after a change of control of the Company.

In addition to the maximum extent permitted by law, the Plan provides the members of the Company’s board of directors with limited liability with respect to actions taken or decisions made in good faith relating to the plan and indemnification in connection with their activities under the plan.

Insofar as the foregoing provisions permit indemnification of directors, executive officers or persons controlling the Company for liability arising under the Securities Act, the Company has been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 7. Exemption from Registration Claimed. Not applicable.

Item 8. Exhibits.

The following is a complete list of exhibits filed as part of this Registration Statement, which are incorporated herein:

Exhibit No.	Description
4.1	Articles of Amendment and Restatement of STAG Industrial, Inc. (including articles of amendment and articles supplementary) (previously filed as an exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on July 30, 2019 and incorporated herein by reference)
4.2	Third Amended and Restated Bylaws of STAG Industrial, Inc. (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the SEC on May 1, 2018 and incorporated herein by reference)
4.3	Form of Common Stock Certificate of STAG Industrial, Inc. (previously filed as an exhibit to the Company’s Registration Statement on Form S-11/A (No. 333-168368), filed with the SEC on September 24, 2010 and incorporated herein by reference)
5.1	Opinion of DLA Piper LLP (US) regarding legality
10.1	STAG Industrial, Inc.2011 Equity Incentive Plan, as amended and restated (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the SEC on April 30, 2018 and incorporated herein by reference)
10.2	Amendment to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the SEC on April 28, 2023 and incorporated herein by reference)
23.1	Consent of PricewaterhouseCoopers LLP
23.2	Consent of DLA Piper LLP (US) (included in Exhibit 5.1)
24.1	Power of Attorney (included on signature page)
107	Filing Fee Table

Item 9. Undertakings.

(a) The undersigned Company hereby undertakes:

(1)     To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

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(i)     To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii)     To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

(iii)     To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change in such information in the registration statement;

provided, however, that paragraphs (a)(l)(i) and (a)(l)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

(2)     That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3)     To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b)     The undersigned issuer hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Company’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c)     Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Company pursuant to Item 6 of this Part II, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

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SIGNATURES

    Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Boston, Commonwealth of Massachusetts, on the 28th day of April, 2023.

    STAG INDUSTRIAL, INC.

                        By: /s/ William R. Crooker            

                        Name: William R. Crooker

    Title: President and Chief Executive Officer

POWER OF ATTORNEY

    KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned officers and directors of STAG Industrial, Inc., hereby severally constitute Benjamin S. Butcher and William R. Crooker, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement, and to file the same, with all exhibits thereto, and any other documents in connection therewith, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

    Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/s/ William R. Crooker	President, Chief Executive Officer and Director (principal executive officer)	April 28, 2023
William R. Crooker
/s/ Benjamin S. Butcher	Executive Chair	April 28, 2023
Benjamin S. Butcher
/s/ Jit Kee Chin	Director	April 28, 2023
Jit Kee Chin
/s/ Virgis W. Colbert	Director	April 28, 2023
Virgis W. Colbert
/s/ Michelle S. Dilley	Director	April 28, 2023
Michelle S. Dilley
/s/ Jeffrey D. Furber	Director	April 28, 2023
Jeffrey D. Furber
/s/ Larry T. Guillemette	Director	April 28, 2023
Larry T. Guillemette
/s/ Francis X. Jacoby III	Director	April 28, 2023
Francis X. Jacoby III
/s/ Christopher P. Marr	Director	April 28, 2023
Christopher P. Marr

/s/ Hans S. Weger	Director	April 28, 2023
Hans S. Weger
/s/ Matts S. Pinard	Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer)	April 28, 2023
Matts S. Pinard
/s/ Jaclyn M. Paul	Chief Accounting Officer (principal accounting officer)	April 28, 2023
Jaclyn M. Paul

EX-FILING FEES

Exhibit 107

Calculation of Filing Fee Table

Form S-8
(Form Type)

STAG Industrial, Inc.

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

	Security Type	Security Class Title	Fee Calculation or Carry Forward Rule	Amount Registered(1)	Proposed Maximum Offering Price Per Unit(2)	Maximum Aggregate Offering Price(2)	Fee Rate	Amount of Registration Fee
Newly Registered Securities*
Fees to Be Paid	Equity	Common Stock	457(c) and 457(h)	3,500,000(3)	$33.305	$116,567,500	0.00011020	$12,845.74
	Total Offering Amounts					$116,567,500		$12,845.74
	Total Fees Previously Paid							—
	Total Fee Offsets							—
	Net Fee Due							$12,845.74

(1)Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover additional shares of common stock, par value $0.01 per share, of STAG Industrial, Inc. (the “Company”), which may become issuable by reason of any stock split, stock dividend, recapitalization or other similar transaction effected without consideration which results in an increase in the number of the Company’s outstanding shares of common stock.

(2)Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) and (h) of the Securities Act. The proposed maximum offering price per share, proposed maximum aggregate offering price and the amount of the registration fee are based on the average of the high and low prices for the common stock as reported on the New York Stock Exchange on April 26, 2023.

(3)Represents additional shares of common stock of the Company issuable under the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “Plan”). Shares of common stock issuable under the Plan include awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based awards.

EX-5.1

Exhibit 5.1

DLA Piper LLP (US) 444 West Lake Street, Suite 900
Chicago, Illinois 60606-0089 www.dlapiper.com T 312.368.4000 F 312.236.7516

April 28, 2023

Board of Directors

STAG Industrial, Inc.

One Federal Street, 23rd Floor

Boston, Massachusetts 02110

Re:    Form S-8 Registration Statement – Amendment to 2011 Equity Incentive Plan

Ladies and Gentlemen:

We have served as special counsel to STAG Industrial, Inc., a Maryland corporation (the “Company”), in connection with the Registration Statement on Form S-8 (the “Registration Statement”), to be filed on the date hereof by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”). The Registration Statement relates to the issuance and sale from time to time by the Company of up to 3,500,000 shares of common stock of the Company, par value $0.01 per share (the “Shares”), all of which may be issued by the Company pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “Plan”).

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents:

1)the Plan;

2)the Registration Statement;

3)the Company’s Articles of Amendment and Restatement, together with all amendments and articles supplementary filed to date with respect thereto, as certified by the State Department of Assessments and Taxation of the State of Maryland (the “SDAT”) on February 9, 2023 and by the Secretary of the Company as of the date hereof (collectively, the “Charter”).

4)the Company’s Third Amended and Restated Bylaws, as certified by the Secretary of the Company on the date hereof;

5)the resolutions adopted by the board of directors (the “Board”) of the Company on March 7, 2023 and April 25, 2023 and minutes from the annual meeting of stockholders on April 25, 2023, relating to, among other things, the registration, issuance and sale of the Shares, as certified by the Secretary of the Company on the date hereof;

6)an executed copy of the certificate of the Secretary of the Company, dated the date hereof, as to certain factual matters;

7)the certificate of the SDAT as to the due incorporation, existence and good standing of the Company in the State of Maryland dated April 18, 2023 (the “Good Standing Certificate”); and

8)such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

For purposes of the opinion expressed below, we have assumed (i) the authenticity of all documents submitted to us as originals, (ii) the conformity to the originals of all documents submitted as certified or photostatic copies

STAG Industrial, Inc.

April 28, 2023

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and the authenticity of the originals thereof, (iii) the legal capacity of natural persons, (iv) the genuineness of all signatures and (v) the due authorization, execution and delivery of all documents by all parties and the validity and binding effect and enforceability thereof upon the Company.

Based upon the foregoing, and having regard for such legal considerations as we have considered necessary for purposes hereof, we are of the opinion that:

1.The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT, and has the requisite corporate power to issue the Shares.

2.The issuance of the Shares has been duly authorized and, when issued and delivered upon payment therefor in accordance with the Plan, the applicable award agreements and the applicable resolutions of the Board or Compensation Committee thereof, the Shares will be validly issued, fully paid and nonassessable.

The opinion in paragraph 1 with respect to incorporation, existence and good standing of the Company in the State of Maryland is based solely on the Good Standing Certificate. In expressing the opinions above, we have assumed that the Shares will not be issued in violation of Article VI of the Charter, as amended or supplemented as of the date hereof.

The foregoing opinions are limited to the Maryland General Corporation Law, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities (or “blue sky”) laws, including the securities laws of the State of Maryland or any federal or state laws regarding fraudulent transfers or fraudulent conveyances. To the extent that any matter as to which our opinion is expressed herein would be governed by any provisions other than those set forth in the Maryland General Corporation Law, we do not express any opinion on such matter.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement in accordance with the requirements of Form S-8 and the rules and regulations promulgated under the Securities Act. We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement with the Commission on the date hereof. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act or the rules and regulations promulgated thereunder by the Commission.

This opinion is limited to the matters stated in this letter, and no opinion may be implied or inferred beyond the matters expressly stated in this letter. This opinion is given as of the date hereof, and we assume no obligation to advise you after the date hereof of facts or circumstances that come to our attention or changes in the law, including judicial or administrative interpretations thereof, that occur which could affect the opinions contained herein.

                        Very truly yours,

                        /s/ DLA PIPER LLP (US)

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of STAG Industrial, Inc. of our report dated February 15, 2023relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in STAG Industrial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 28, 2023