BOSTON, Oct. 3, 2011 /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 results for the third quarter of 2011.
"We are very pleased with our third quarter operational results – both on the leasing of our existing portfolio and on our acquisition of new assets. On the leasing front, our 'ground level' experience is that tenants (both new and existing) are active as they move forward in the current, 'more normal' business environment. This has been evidenced not only by signed leases but also by increased showings, RFPs and the like," said Ben Butcher, the Company's CEO.
The Company acquired six fully leased functional industrial facilities consisting of approximately 1.7 million square feet. On a square foot basis these acquisitions increase the Company's asset base by over 11% this quarter. The properties are diversely located in 5 different states covering the East, Southeast, Midwest, and West regions of the United States. All six properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $58.1 million.
The Company also announced that it has signed leases totaling 1.1 million square feet in the third quarter of 2011. This leasing activity consists of approximately 300,819 square feet of new leases, 20,834 square feet of expansion leases and 825,400 square feet of renewal leases. The year to date tenant retention rate for the existing portfolio's expiring leases has been 88%.
Including the acquisitions, the Company's occupancy rate for the third quarter increased to 92.2% from 91.0% at the end of the second quarter of 2011.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a self-administered and self-managed 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 99 properties in 26 states with approximately 15.9 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 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 final prospectus related to its initial public offering, as updated by the Company's annual and quarterly reports. 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.