STAG Industrial, Inc. Announces Acquisition And Leasing Results For The Fourth Quarter Of 2011 And For The Year Ended 2011
In the fourth quarter the Company completed $50 million of additional acquisitions and leased over six hundred thousand square feet bringing the total acquisition volume since April 2011 to $126.2 million and total leasing activity to 1.9 million square feet
BOSTON, Jan. 3, 2012 /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 announced its acquisition and leasing results for the fourth quarter of 2011 as well as for the partial year ended 2011. (Logo: http://photos.prnewswire.com/prnh/20110907/NE63410LOGO ) "We are pleased that our fourth quarter results reflect continued success in both leasing and acquisitions," said Ben Butcher, the Company's CEO. Acquisitions On December 29th, the Company acquired a $3.9 million, 97,500 square foot warehouse and distribution facility located in Georgetown, KY. The building is 100% leased to Leggett & Platt, Incorporated (NYSE: LEG), with over 5 years of remaining lease term. In the fourth quarter the Company acquired a total of seven fully leased industrial facilities consisting of approximately 1.5 million square feet. On a square foot basis these acquisitions increased the Company's asset base by over 9% compared to the prior quarter. All seven properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $50 million. In total since the IPO in April of 2011, the Company has acquired 15 fully leased industrial facilities with a total of 3.5 million square feet. On a square foot basis these acquisitions increase the Company's asset base by 25%. All 15 properties were purchased at an average cap rate of 9+% based on in-place income for a total cost of approximately $126.2 million. Leasing The Company also announced that it has signed leases totaling over 600,000 square feet in the fourth quarter of 2011. This leasing activity consists of approximately 40,925 square feet of new and expansion leases and 585,942 square feet of renewal leases.