BOSTON, April 18, 2012 /PRNewswire/ -- STAG Industrial, Inc. (NYSE: STAG) announces that Columbus Nova Real Estate Acquisition Group, Inc. ("CRAG") has agreed to source sale leaseback transactions for potential acquisition by STAG. Under its agreement with STAG, CRAG will source and aid in the structuring of transactions and, after acquisition, will provide tenant credit management services. The agreement contemplates STAG's potential acquisition of up to $300 million of properties under this initiative over the next three years. Amos Beason, Chief Executive Officer of CRAG, stated, "We have known and respected the STAG management team for many years. Working together, we will be able to deliver competitive funding to growing middle market companies and their sponsors, nationwide."
As the first step in this initiative, STAG has entered into a purchase agreement to acquire six industrial properties representing approximately 750,000 square feet in total. STAG expects that the aggregate purchase price of approximately $31 million will be funded from currently available cash. Various conditions to closing for these properties have yet to be satisfied, so there are no assurances that the acquisitions will be consummated.
Ben Butcher, Chief Executive Officer and President of STAG, commented, "We are very excited to enter into this relationship with CRAG and its very experienced principals. We believe that their long standing presence in sourcing newly created sale leaseback transactions will expand this distribution channel for us and materially enhance our executions in this area."
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 112 properties in 29 states with approximately 19.4 million rentable square feet.
About Columbus Nova Real Estate Acquisition Group, Inc.
Columbus Nova Real Estate Acquisition Group, Inc. is a real estate investor, advisor and portfolio manager focused on the sale leaseback sector. CRAG currently owns and manages 3.5 million rentable square feet of industrial real estate and approximately $55 million in commercial mortgages for third parties. CRAG is part of Columbus Nova, a multi-strategy fund manager with over $2 billion in real estate, private equity and fixed income investments.
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. Forward-looking statements in this press release include, among others, statements about future sale leaseback transactions and the potential closing of the acquisition of seven industrial properties. 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.