Form 4: STAG Industrial EVP Kimball Gains 40,228 LTIP Units

STAG Industrial's Executive Vice President, Steven T. Kimball, reported the acquisition of 40,228 Long-Term Incentive Plan units, including performance-based and time-vesting awards.

Summary

• Steven T. Kimball, Executive Vice President of STAG Industrial, Inc., acquired a total of 40,228 Long-Term Incentive Plan (LTIP) Units on January 8, 2026.
• This total includes 13,050 LTIP Units that are scheduled to vest quarterly over a four-year period.
• Additionally, 27,178 LTIP Units were acquired, which were fully vested upon issuance, earned from a performance unit award initiated in January 2023.
• Kimball achieved 154.5% of the target performance units over the three-year performance period, leading to the grant of the 27,178 fully vested units.
• LTIP Units can achieve full parity with common units of the Operating Partnership (OP Units) and may be converted into OP Units, then redeemed for cash or common stock on a one-for-one basis.

Sentiment

Score: 7

Explanation: The filing indicates successful achievement of performance targets by a key executive, leading to the vesting of incentive units, which is generally a positive sign for executive performance and retention.

Positives

• Steven T. Kimball earned 27,178 fully vested LTIP Units due to achieving 154.5% of his performance targets over a three-year period, indicating strong individual performance.
• The grant of additional LTIP Units aligns management incentives with long-term shareholder value creation and executive retention.

Future Outlook

The 13,050 LTIP Units will vest quarterly over a four-year period, indicating a future incentive structure for the reporting person. LTIP Units have the potential to achieve full parity with common units of the Operating Partnership and can be converted into OP Units, then redeemed for cash or common stock.

Industry Context

This filing reflects standard executive compensation practices within the REIT (Real Estate Investment Trust) industry, where long-term incentive plans like LTIPs are commonly used to align executive interests with shareholder value and encourage retention.

Comparison to Industry Standards

• NA

Related Party Transactions

• The grants of LTIP Units to Steven T. Kimball, an executive of STAG Industrial, Inc., represent a related party transaction conducted under the Issuer's approved 2011 Equity Incentive Plan.

Stakeholder Impact

• Shareholders: Potential positive impact from incentivized management performance and alignment of interests. Dilution risk if LTIP units are converted to common stock, which is a standard part of equity compensation plans.
• Management: Steven T. Kimball benefits directly from the grants, enhancing his equity stake and long-term incentives.

Next Steps

• The 13,050 LTIP Units will continue to vest quarterly over the next four years.
• The reporting person may convert non-forfeitable LTIP Units into OP Units and then redeem them for cash or common stock in the future.

Key Dates

Recommendation

This Form 4 reports routine executive compensation grants, including performance-based awards that reflect past achievement of targets and time-based awards for future retention. While it indicates positive executive performance, it does not provide new financial data or strategic shifts that would warrant a change in investment recommendation. It's a standard disclosure of an expected event under an existing compensation plan.

Keywords

STAG Industrial, Steven T. Kimball, Form 4, SEC filing, LTIP Units, Long-Term Incentive Plan, Executive Compensation, Performance Award, Equity Incentive Plan, Beneficial Ownership, Insider Transaction