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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
STAG Industrial, Inc. Announces Acquisition and Leasing Results for the Fourth Quarter of 2012
The Company completed approximately $55 million of additional acquisitions in the month of December and over $213 million in the fourth quarter.

BOSTON, Jan. 2, 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 announced its acquisition and leasing results for the fourth quarter of 2012.

(Logo: http://photos.prnewswire.com/prnh/20110907/NE63410LOGO )

"Our strong fourth quarter was the icing on a very successful 2012 for the Company.  We enter 2013 with good momentum and high expectations," said Ben Butcher, the Company's CEO.

Acquisitions

The Company announces December acquisition activity of six industrial buildings acquired in six individual transactions containing a total of 1.4 million square feet for approximately $55 million.  The acquired properties consist of one light manufacturing facility and five warehouse and distribution facilities and the locations include two properties in Georgia, two properties in Illinois, one property in Ohio and one property in Missouri.  The properties are all 100% leased with an average remaining lease term of over five years.

In total, the Company acquired 40 industrial facilities consisting of approximately 6.5 million square feet in the fourth quarter.  On a square foot basis, these acquisitions increase the Company's asset base by almost 30%.  These properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $213 million. The fourth quarter acquisitions bring the Company's total acquisition volume for 2012 to approximately $427 million.  Since its IPO in April 2011, the Company's total acquisition volume is approximately $553 million, increasing the Company's asset base by 125% on a square foot basis. 

The Company has entered into contracts to acquire two additional properties for a combined purchase price of approximately $11 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.

Leasing  

The Company also announced that it has signed leases totaling 856,167 square feet in the fourth quarter of 2012.  This leasing activity consists of approximately 184,814 square feet of new or expansion leases and 671,353 square feet of renewal leases. The tenant retention rate for the leases expiring in the fourth quarter of 2012 was 72% resulting in a tenant retention rate for the full year of 84%.  The Company's occupancy rate for the fourth quarter decreased to 95.1% from 96.3% at the end of the third quarter of 2012.  A major factor in this decrease was the acquisition of 401,147 square feet of vacant space that was included with  the portfolio purchase that closed early in the quarter.

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 172 properties in 31 states with approximately 29.4 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 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.

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