Stag Industrial Announces Acquisition And Leasing Activity For January 2015
BOSTON, Feb. 2, 2015 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG), a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States, today announced its acquisition and leasing activity for January 2015.
Acquisitions
During January, the Company acquired one industrial building containing 503,490 square feet for $34.4 million. The acquired property was 100% occupied at closing. Details of the acquired property are shown in the chart below:
JANUARY 2014 ACQUISITION |
|||||||
Location (CBSA) |
Date Acquired |
Square Feet |
Buildings |
Cost (MM) |
Weighted Average Lease Term (Years) |
||
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
1/22/2015 |
503,490 |
1 |
$34.3 |
8.4 |
||
Total/Weighted Average |
503,490 |
1 |
$34.3 |
8.4 |
As of January 30, 2015, the Company had entered into contracts to acquire seven industrial buildings for $94 million. Included in the acquisitions under contract are three build-to-suit transactions totaling approximately $31 million, which are scheduled to close in the second quarter of 2015. The Company also executed non-binding letters of intent to acquire four additional industrial buildings for $29 million. These contracts and letters of intent are subject to various conditions, including the negotiation and execution of a definitive purchase and sale agreement with respect to the buildings subject to letters of intent. There can be no assurance that the transactions will be consummated on the terms anticipated or at all.
As of January 30, 2015, the pipeline of potential acquisitions exceeded $1.0 billion and 88 industrial buildings. The pipeline is a point in time measure that includes all of the transactions under consideration by the Company's acquisitions group that have passed the initial screening process. It also includes transactions under contract and transactions with non-binding LOIs.
Leasing
Six leases for approximately 914,000 square feet expired in January. As a result of previously signed renewals, the tenant retention rate for these leases was 67.3% (based on square footage).
In January, the Company executed one short-term lease for 34,645 square feet.
As of January 30, 2015, the Company had six leases in negotiation for approximately 802,000 square feet. These negotiations are subject to various conditions which have not yet been satisfied and there can be no assurance that the transactions will be consummated.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company's portfolio consists of 249 buildings in 36 states with approximately 47.6 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2013, as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE STAG Industrial, Inc.
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