STAG Industrial, Inc. Announces the Acquisition of a $129 Million Portfolio of Industrial Buildings
BOSTON, Oct. 9, 2012 /PRNewswire/ -- STAG Industrial, Inc. (NYSE: STAG) announces the acquisition of a portfolio of 31 primarily single tenant industrial buildings for approximately $129 million. This portfolio acquisition brings STAG's total 2012 acquisition volume to approximately $343 million.
The portfolio, which consists primarily of warehouse and distribution facilities, is 91% leased to 29 different tenants and was purchased at a 9% plus cap rate. The buildings are located in 10 different states and represents approximately 4.3 million square feet. With the addition of this portfolio, the Company's total square footage has increased by 63% since the end of 2011.
"This transaction demonstrates our ability to significantly grow our asset base through a portfolio purchase while still achieving attractive return parameters", remarked Ben Butcher, CEO of STAG.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a fully integrated, full service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. STAG's portfolio consists of 165 properties in 31 states with approximately 27.8 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, 2011, 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.