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STAG Industrial, Inc. (the "Company")
, a company focused on the acquisition, ownership and management
of single-tenant industrial properties throughout the United States, today
detailed its acquisition and leasing activity for June 2013 as well the second
quarter of 2013.
o Acquisitions
In June, the Company acquired eight warehouse and distribution facilities
located in Belvidere, Illinois and two light manufacturing facilities located
near Grand Rapids, Michigan. The ten properties consist of over 1.1 million
square feet and were purchased for a total consideration of approximately $58
million.
In the second quarter of 2013, the Company has acquired a total of sixteen
industrial facilities consisting of approximately 2.2 million square feet for
approximately $109 million. On a square foot basis, the second quarter's
acquisitions increased the Company's asset base by more than 7% over the prior
quarter.
For the year to date, the Company has acquired twenty-three industrial
facilities consisting of approximately 4 million square feet for approximately
$170 million.
The Company also has entered into contracts to acquire eleven additional
properties for a combined purchase price of approximately $75 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.
o Leasing
The Company also signed one new lease in June consisting of approximately
42,000 square feet and one renewal of an existing lease consisting of
approximately 343,000 square feet.
With these June leases, the Company has executed leases consisting of over
823,000 square feet in the second quarter of 2013. The second quarter's total
leasing activity consisted of approximately 411,000 square feet of new leases
and approximately 412,000 square feet of renewal leases. The tenant retention
rate for the leases expiring in the second quarter of 2013 was 51%. The
Company's occupancy rate for the second quarter decreased to 93.9% from 95.4%
at the end of the first quarter of 2013. The low retention number and
occupancy decline for the quarter are principally the result of the previously
disclosed significant move out in Sun Prairie, Wisconsin. Year to date tenant
retention rate for the Company is 72%.
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