Oct. 1, 2013
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 activity for
as well as the third quarter of 2013.
In September, the Company acquired two buildings, one light manufacturing facility and one warehouse and distribution facility, containing a total of 457,848 square feet for approximately
. These properties are located near
respectively. The properties are 100% leased with a weighted average remaining lease term of over four and a half years.
In the third quarter of 2013, the Company acquired a total of six industrial facilities consisting of approximately 1.9 million square feet for approximately
For the calendar year to date 2013, the Company has acquired 29 industrial facilities consisting of approximately six million square feet for approximately
The Company has entered into contracts to acquire four additional properties for a combined purchase price of approximately
. 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.
In September, the Company signed two new leases for a total of approximately 79,000 square feet.
With these September leases, the Company has executed leases consisting of over 469,000 square feet in the third quarter of 2013. The third quarter's total leasing activity consisted of approximately 149,000 square feet of new and expansion leases and approximately 320,000 square feet of renewal leases. Only 5 leases expired in the third quarter and the tenant retention rate for those leases was 29%. The year to date tenant retention rate for the Company is 68%. The Company's occupancy rate for the third quarter increased slightly to 94.0% from 93.9% at the end of the second quarter of 2013.