YEAR GLYPH<hyphen.lin> END  FINANCIAL  HIGHLIGHTS STAG also priced and modified 100% of its  unsecured debt, resulting in an increase in  maturity of 4.5 years and an improvement  and conformity of all its unsecured debt  covenants. To consistently deliver best-in-class shareholder returns in all market environ- ments, STAG aims to provide a fully covered  dividend, combined with significant accretive  growth. In 2014, STAG generated cash net operating income of $142.4 million, compared to $115.1 million for the year ended 2013, constituting an increase of 24%. Additionally, STAG generated core  funds from operations (“Core FFO”) of $84.2 million, compared to $67.9 million for  the year ended 2013, constituting an increase  of 24%. This represents $1.45 of Core FFO  per diluted share for the year ended 2014,  compared to $1.37 of Core FFO per share for the year ended 2013 — an increase of 6%. Through a combination of “at the market”  programs and a follow-on offering, STAG  raised $317 million of common equity at an average price of $21.98 per share.  STAG also increased its monthly per share  common stock dividend twice, for a total  increase of 10% in 2014. Please refer to our earnings release for the  year ended December 31, 2014 (available  at our website) for the definitions, historical  amounts and reconciliations of non-GAAP  measurements we use in this report. DIVIDENDS $1.60 35% 30% 25% 20% 15% 10% 5% 0% Q3 2011 Q2 2012 Q1 2013 Q1 2014 Q3 2014 Q1 2015 $1.40 $1.20 $1.00 $.80 $.60 $.40 $.20 $.00 Annualized Dividends Dividend Change Date Annualized Dividend/Share Dividend Growth Dividend Change % Our monthly dividend is entirely derived from operating  income and has grown consistently since inception. GLYPH<three.lin>