GLYPH<four.lin> (1) Adjusted EBITDA for the fourth quarter annualized. (2) Total real estate cost basis equals undepreciated rental property plus net unamortized deferred leasing intangibles. Our balance sheet is designed to allow STAG  to capitalize on its market opportunity in any  economic climate. STOCK PRICE CHANGE 7/11 100% 80% 60% 40% 20% 0% -20% -40% 10/11 1/12 4/12 7/12 10/12 1/13 4/13 7/13 10/13 1/14 4/14 7/14 10/14 12/14 Liquidity (December 31, 2014) Immediate Liquidity  $458 mm Cash Flow Coverage Net Debt/Adjusted EBITDA (1) 4.9x Interest Coverage Ratio  5.0x Leverage Levels Net Debt/Total Real Estate Cost Basis (2) 36% Debt/Total Enterprise Value  28% Investment Grade Credit Rating Fitch  BBB-  positive outlook CAPITAL STRUCTURE  66% EQUITY  28% DEBT 6% PREFERRED