STAG Industrial, Inc. Details Acquisition And Leasing Results For The Second Quarter Of 2013
BOSTON, July 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 detailed its acquisition and leasing activity for June 2013 as well the second quarter of 2013.
In June, the Company acquired eight warehouse and distribution facilities located in Belvidere, Illinois and two light manufacturing facilities located near Grand Rapids, Michigan. The ten properties consist of over 1.1 million square feet and were purchased for a total consideration of approximately $58 million.
In the second quarter of 2013, the Company has acquired a total of sixteen industrial facilities consisting of approximately 2.2 million square feet for approximately $109 million. On a square foot basis, the second quarter's acquisitions increased the Company's asset base by more than 7% over the prior quarter.
For the year to date, the Company has acquired twenty-three industrial facilities consisting of approximately 4 million square feet for approximately $170 million.
The Company also has entered into contracts to acquire eleven additional properties for a combined purchase price of approximately $75 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.
The Company also signed one new lease in June consisting of approximately 42,000 square feet and one renewal of an existing lease consisting of approximately 343,000 square feet.
With these June leases, the Company has executed leases consisting of over 823,000 square feet in the second quarter of 2013. The second quarter's total leasing activity consisted of approximately 411,000 square feet of new leases and approximately 412,000 square feet of renewal leases. The tenant retention rate for the leases expiring in the second quarter of 2013 was 51%. The Company's occupancy rate for the second quarter decreased to 93.9% from 95.4% at the end of the first quarter of 2013. The low retention number and occupancy decline for the quarter are principally the result of the previously disclosed significant move out in Sun Prairie, Wisconsin. Year to date tenant retention rate for the Company is 72%.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a 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 194 properties in 33 states with approximately 33.3 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.