STAG Industrial, Inc. Announces Acquisition And Leasing Results For The Fourth Quarter 2013
BOSTON, Jan. 2, 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 acquisition and leasing activity for December 2013 as well as the fourth quarter of 2013.
In December, the Company acquired six buildings, consisting of two light manufacturing facilities and four warehouse and distribution facilities, containing a total of 1.7 million square feet for approximately $56 million. Three of the buildings acquired are located near Chicago, Illinois. The remaining buildings are located near Lansing, Michigan, Knoxville, Tennessee, and Janesville, Wisconsin. The properties are 100% leased with a weighted average remaining lease term of just over five years.
In the fourth quarter of 2013, the Company acquired a total of 10 industrial facilities consisting of approximately 3.1 million square feet for approximately $97 million.
For the calendar year ended 2013, the Company has acquired 39 industrial facilities consisting of approximately 9.0 million square feet for approximately $346 million. This annual acquisition activity increased the square footage of the Company's portfolio by 30.8%.
The Company has entered into contracts to acquire one additional property for a purchase price of approximately $11 million. This contract is subject to various closing conditions which have not yet been satisfied, so there can be no assurance that the transaction will be consummated.
In December, the Company signed one new lease located in Holland, Michigan, containing approximately 35,000 square feet and one renewal in Cincinnati, Ohio, containing approximately 56,000 square feet.
In the fourth quarter of 2013, the Company has executed leases containing approximately 728,000 square feet, consisting of approximately 594,000 square feet of new and expansion leases and approximately 134,000 square feet of renewal leases. None of the three leases containing approximately 107,000 square feet scheduled to expire in the fourth quarter were renewed. The tenant retention rate for the calendar year ended 2013 for the Company was 59%. The Company's occupancy rate for the fourth quarter increased to 95.6% from 94.0% at the end of the third quarter of 2013. The occupancy rate at year end 2012 was 95.1%.
About STAG Industrial, Inc.
STAG Industrial, Inc. is an industrial operating company focused on single-tenant, net-leased industrial properties throughout the United States. The Company's portfolio consists of 209 properties in 34 states with approximately 38.1 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, 2012, 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.