NEW YORK ( TheStreet) -- Boston-based STAG Industrial (STAG) announced this week the acquisition of a portfolio of 31 primarily single tenant industrial buildings for approximately $129 million. This portfolio increases STAG's total 2012 acquisition volume to about $343 million.
The portfolio, primarily warehouse and distribution facilities, is 91% leased to 29 different tenants and was purchased at a 9% plus cap rate. The buildings are in 10 different states and represent approximately 4.3 million square feet. With the addition of this portfolio, STAG's total square footage has increased by 63% since the end of 2011.
Less than 30 days later STAG announced (8-K filed Sept. 10) that it struck an agreement with Bank of America (BAC) and other lenders for a senior unsecured revolving credit facility of up to $200 million (with an accordion of up to $300 million).
In addition, on Aug. 15 STAG closed its underwritten public offering of 9.2 million common shares. The company said that it intended to use the net proceeds to fund a portion of the anticipated $138.8 million purchase price of the STAG Investments II LLC portfolio or other acquisitions currently under contract; to repay indebtedness outstanding under its secured corporate revolving credit facility; to repay indebtedness outstanding under its Wells Fargo (WFC) master loan; for general working capital purposes, or a combination of the above.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV