STAG Industrial, Inc. Announces Acquisition And Leasing Activity For The Second Quarter 2014
BOSTON, July 1, 2014 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG), a company focused on the acquisition, ownership, and management of single-tenant industrial properties throughout the United States, today announced its operating activity for June 2014 as well as the second quarter of 2014.
In June, the Company acquired three warehouse and distribution buildings, containing a total of 716,398 square feet for approximately $26 million. These buildings are located in the greater Milwaukee, Wisconsin and Knoxville, Tennessee markets. They are 100% leased with a weighted average lease term remaining of just over four years.
In the second quarter of 2014, the Company acquired a total of nine industrial buildings consisting of approximately 2.1 million square feet for approximately $82 million.
For the year to date, the Company has acquired 13 industrial buildings consisting of approximately 3.1 million square feet for approximately $119 million.
The Company has entered into contracts to acquire nine additional buildings for a purchase price of approximately $96 million. These contracts are subject to various closing conditions which have not yet been satisfied, so there can be no assurance that the transactions will be consummated.
In June, the Company signed two new leases for approximately 210,000 square feet. The Company also signed three renewal leases containing approximately 694,000 square feet.
With these June leases, the Company has executed leases consisting of over 1.3 million square feet in the second quarter of 2014. The second quarter's total leasing activity consisted of approximately 210,000 square feet of new leases and approximately 1.1 million square feet of renewal leases. The tenant retention rate for the leases expiring in the second quarter of 2014 was 35%. The Company's occupancy rate for the second quarter decreased to 94.5% from 95.3% at the end of the first quarter of 2014.
For the year to date, the Company has executed leases containing approximately 2.6 million square feet consisting of 2.3 million square feet of renewal leases and 335,000 square feet of new and expansion leases. Year to date tenant retention rate for the Company is 56%.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate operating company focused on the acquisition, ownership and management of single-tenant, net-leased industrial properties throughout the United States. The Company's portfolio consists of 221 properties in 34 states with approximately 41.2 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
This press release, together with other statements and information publicly disseminated by STAG Industrial, Inc. (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.