BOSTON, April 4, 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 first quarter of 2012.
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"The STAG team continues to complete accretive acquisitions and accomplish both new and renewal lease executions - another solid quarter for the company," said Ben Butcher, the Company's CEO.
The Company acquired five fully leased industrial facilities consisting of approximately 1.0 million square feet. On a square foot basis, these acquisitions increase the Company's asset base by over 6% compared to the prior quarter. All five properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $38.4 million. These acquisitions bring the Company's total acquisition volume to approximately $165 million since its IPO in April 2011, increasing the Company's asset base by over 32% on a square footage basis. The Company has also entered into contracts to acquire ten additional properties for a combined purchase price of $81.5 million, subject to various closing conditions. These conditions have not yet been satisfied so there can be no assurance that these transactions will be consummated.
The Company also announced that it has signed leases totaling over 494,000 square feet in the first quarter of 2012. This leasing activity consists of approximately 159,436 square feet of new and expansion leases and 335,350 square feet of renewal leases. The tenant retention rate for the leases expiring in the first quarter of 2012 was 100%. The Company's occupancy rate for the first quarter increased to 94.2% from 93.2% at the end of 2011.
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 110 properties in 28 states with approximately 18.3million 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.