BOSTON, April 1, 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 detailed the acquisition and leasing activity for March 2013 as well as its first quarter of 2013.
In March, the Company acquired, in four individual transactions, four warehouse and distribution facilities consisting of a total of 986,766 square feet for approximately $38 million. The acquired properties are located in DeKalb, Illinois; Ocala, Florida; Marion, Iowa and Londonderry, New Hampshire. The properties are all 100% leased.In total, the Company has acquired seven industrial facilities consisting of approximately 1.8 million square feet in the first quarter of 2013 for approximately $61 million. On a square foot basis, the first quarter's acquisitions increased the Company's asset base by 6% over the prior quarter. These properties were purchased at an average cap rate of 9+% based on in-place income. The Company has entered into contracts to acquire six additional properties for a combined purchase price of approximately $45 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 signed two new leases in March consisting of approximately 86,000 square feet and one renewal of an existing lease consisting of approximately 211,000 square feet. With these March leases, the Company has executed leases consisting of over 749,000 square feet in the first quarter of 2013. The first quarter's total leasing activity consisted of approximately 238,000 square feet of new leases and approximately 511,000 square feet of renewal leases. The tenant retention rate for the leases expiring in the first quarter of 2013 was 100%. The Company's occupancy rate for the first quarter increased to 95.4% from 95.1% at the end of the fourth quarter of 2012.