STAG Industrial (STAG) Announces 12% Increase in Asset Base During Q2; Updates on Leases
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STAG Industrial, Inc. (NYSE: STAG), announced its acquisition and leasing results for the second quarter of 2012.
"The STAG team continues to take advantage of the robust opportunities for accretive external growth. We also continue to achieve internal growth through leasing in our existing portfolio. Another solid quarter for the Company," said Ben Butcher, the Company's CEO.
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"The STAG team continues to take advantage of the robust opportunities for accretive external growth. We also continue to achieve internal growth through leasing in our existing portfolio. Another solid quarter for the Company," said Ben Butcher, the Company's CEO.
- AcquisitionsThe Company acquired twelve fully leased industrial facilities consisting of approximately 2.3 million square feet. On a square foot basis, these acquisitions increase the Company's asset base by over 12% compared to the prior quarter. All twelve properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $74.8 million. These acquisitions bring the Company's total acquisition volume for 2012 to approximately $113 million. Since its IPO in April 2011 the Company's total acquisition volume is approximately $240 million, increasing the Company's asset base by over 49% on a square footage basis. The Company also has entered into contracts to acquire nine additional properties for a combined purchase price of approximately $62.3 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.
- Leasing The Company also announced that it has signed leases totaling 259,041 square feet in the second quarter of 2012. This leasing activity consists of approximately 94,132 square feet of new leases and 164,909 square feet of renewal leases. The tenant retention rate for the leases expiring in the second quarter of 2012 was 91.5%. The Company's occupancy rate for the second quarter increased to 95.7% from 94.2% at the end of the first quarter of 2012.
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