BOSTON, Jan. 3, 2012 /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 fourth quarter of 2011 as well as for the partial year ended 2011.
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"We are pleased that our fourth quarter results reflect continued success in both leasing and acquisitions," said Ben Butcher, the Company's CEO.
Acquisitions
On December 29th, the Company acquired a $3.9 million, 97,500 square foot warehouse and distribution facility located in Georgetown, KY. The building is 100% leased to Leggett & Platt, Incorporated (NYSE: LEG), with over 5 years of remaining lease term.
In the fourth quarter the Company acquired a total of seven fully leased industrial facilities consisting of approximately 1.5 million square feet. On a square foot basis these acquisitions increased the Company's asset base by over 9% compared to the prior quarter. All seven properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $50 million.
In total since the IPO in April of 2011, the Company has acquired 15 fully leased industrial facilities with a total of 3.5 million square feet. On a square foot basis these acquisitions increase the Company's asset base by 25%. All 15 properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $126.2 million.
Leasing
The Company also announced that it has signed leases totaling over 600,000 square feet in the fourth quarter of 2011. This leasing activity consists of approximately 40,925 square feet of new and expansion leases and 585,942 square feet of renewal leases.
In total since the IPO the Company has renewed 13 leases with a total of 1.5 million square feet and signed new and expansion leases with 9 tenants totaling 380,578 square feet. The calendar year 2011 tenant retention rate for the existing portfolio's expiring leases was 88%.
The Company's occupancy rate for the fourth quarter increased to 93.0% from 92.2% at the end of the third 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 105 properties in 27 states with approximately 17.3 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E 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.
