BOSTON, Dec. 2, 2015 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG), a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States, today announced its acquisition and leasing activity for November 2015.
Acquisitions and Dispositions
In November, the Company acquired one building consisting of 205,761 square feet for $9 million. The acquired building is 100% occupied. The chart below details the November acquisition activity:
|
NOVEMBER 2015 ACQUISITIONS
|
|
Location (CBSA) (1)
|
Date Acquired
|
Square Feet
|
Buildings
|
Purchase Price
($MM) (2)
|
Weighted Average
Lease Term (Years)
|
|
Dayton, OH
|
11/23/2015
|
205,761
|
1
|
$9.2
|
|
4.9
|
|
Total/Weighted Average
|
|
205,761
|
1
|
$9.2
|
|
4.9
|
|
(1)Core based statistical area
|
|
|
|
|
|
|
|
(2)Excludes property acquisition costs
|
|
|
|
|
|
|
During the eleven months ended November 30, 2015, the Company acquired 39 buildings consisting of approximately 6.5 million square feet for $319 million. The chart below details the acquisition activity during the eleven months ended November 30, 2015:
|
2015 ACQUISITION ACTIVITY
|
|
Quarter
|
Square Feet
|
|
Buildings
|
|
Purchase Price
($MM) (1)
|
|
Weighted Average
Lease Term (Years)
|
|
Q1
|
1,485,717
|
|
5
|
|
$97.1
|
|
|
5.7
|
|
Q2
|
1,639,383
|
|
12
|
|
83.8
|
|
|
6.0
|
|
Q3
|
2,509,084
|
|
18
|
|
108.3
|
|
|
5.5
|
|
Q4
|
831,300
|
|
4
|
|
29.8
|
|
|
4.7
|
|
Total/Weighted Average
|
6,465,484
|
|
39
|
|
$319.0
|
|
|
5.6
|
|
(1)Excludes property acquisition costs
|
|
|
|
|
|
|
|
|
As of December 2, 2015, the Company has entered into contracts to acquire eleven buildings for $124 million. The Company has also executed non-binding letters of intent to acquire four additional buildings for $28 million.
As of December 2, 2015, the Company's pipeline of potential acquisitions is $1.7 billion across 168 buildings. The pipeline is a point in time measure that includes all of the transactions under consideration by the Company's acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.
The purchase and sale agreements for the properties under contract are subject to satisfaction of closing conditions, and the properties under LOI require the negotiation and execution of definitive purchase and sale agreements. There can be no assurance that any of the properties under contract or LOI will be acquired on the terms anticipated or at all.
In November, the Company sold two buildings consisting of 103,577 square feet for $1.0 million. During the eleven months ended November 30, 2015, the Company sold five buildings consisting of 538,387 square feet for $18.2 million.
Leasing
In November, the Company executed three leases totaling 86,670 square feet. The chart below details the November leasing activity:
|
NOVEMBER 2015 LEASING ACTIVITY
|
|
Lease Type
|
Square Feet
|
Base Rent
$/PSF
|
Lease
Commissions
$/PSF
|
Tenant
Improvements
$/PSF
|
Total Costs
$/PSF
|
Cash Rent
Change (1)(3)
|
GAAP Rent
Change (2)(3)
|
|
New Leases
|
0
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
|
Renewal Leases
|
50,000
|
3.50
|
0.21
|
0.00
|
0.21
|
-0.5%
|
-0.5%
|
|
Total /Weighted Avg New & Renewal
|
50,000
|
$3.50
|
$0.21
|
$0.00
|
$0.21
|
-0.5%
|
-0.5%
|
|
Temporary Leases
|
36,670
|
|
|
|
|
|
|
|
Total Leasing Activity
|
86,670
|
|
|
|
|
|
|
|
(1) Cash basis rent growth is a ratio of the change in base rent (excluding straight-line rent adjustments as required by GAAP) of the comparable lease
|
|
(2)GAAP basis rent growth is a ratio of the change in base rent (including straight-line rent adjustments as required by GAAP) of the comparable lease
|
|
(3)Rent change for new leases where there were no prior comparable leases, due to extended downtime or materially different lease structures are excluded
|
For the eleven months ended November 30, 2015, the Company has executed 52 leases for approximately 5.0 million square feet, including 909,523 square feet of new leases, 2.7 million square feet of renewal leases, and 1.4 million square feet of temporary leases. The chart below details the leasing activity for the eleven months ended November 30, 2015:
|
2015 LEASING ACTIVITY
|
|
Quarter
|
|
New Square Feet
|
|
Renewal Square Feet
|
|
Temporary Square Feet
|
|
Total Leasing Activity Square Feet
|
|
|
Q1
|
|
167,200
|
|
|
136,653
|
|
|
245,280
|
|
|
549,133
|
|
|
|
Q2
|
|
385,295
|
|
|
1,346,025
|
|
|
365,620
|
|
|
2,096,940
|
|
|
|
Q3
|
|
357,028
|
|
|
1,215,848
|
|
|
87,900
|
|
|
1,660,776
|
|
|
|
Q4
|
|
0
|
|
|
50,000
|
|
|
657,970
|
|
|
707,970
|
|
|
|
Total
|
|
909,523
|
|
|
2,748,526
|
|
|
1,356,770
|
|
|
5,014,819
|
|
|
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company's portfolio consists of 282 properties in 38 states with approximately 52.8 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2014 as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE STAG Industrial, Inc.