STAG Industrial, Inc. Announces Acquisition and Leasing Results for the Third Quarter 2013
BOSTON, Oct. 1, 2013 /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 September 2013 as well as the third quarter of 2013.
In September, the Company acquired two buildings, one light manufacturing facility and one warehouse and distribution facility, containing a total of 457,848 square feet for approximately $14.8 million. These properties are located near Minneapolis, Minnesota, and Dayton, Ohio respectively. The properties are 100% leased with a weighted average remaining lease term of over four and a half years.
In the third quarter of 2013, the Company acquired a total of six industrial facilities consisting of approximately 1.9 million square feet for approximately $79 million.
For the calendar year to date 2013, the Company has acquired 29 industrial facilities consisting of approximately six million square feet for approximately $249 million.
The Company has entered into contracts to acquire four additional properties for a combined purchase price of approximately $47 million. These contracts are subject to various closing conditions which have not yet been satisfied, so there can be no assurance that these transactions will be consummated.
In September, the Company signed two new leases for a total of approximately 79,000 square feet.
With these September leases, the Company has executed leases consisting of over 469,000 square feet in the third quarter of 2013. The third quarter's total leasing activity consisted of approximately 149,000 square feet of new and expansion leases and approximately 320,000 square feet of renewal leases. Only 5 leases expired in the third quarter and the tenant retention rate for those leases was 29%. The year to date tenant retention rate for the Company is 68%. The Company's occupancy rate for the third quarter increased slightly to 94.0% from 93.9% at the end of the second quarter of 2013.
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 200 properties in 34 states with approximately 35.3 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.