STAG Industrial Acquires Three Warehouse Distribution Properties For $61 Million

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Mar 03, 2021, 16:06 ET

BOSTON, March 3, 2021 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today provided additional detail highlighting features associated with a subset of acquisition activity that has occurred during 2021.

The Company acquired the following properties, representing a selection of 2021 aggregate acquisition activity, in January and February. All purchase prices include estimated expenses and are before prorations.

The property located in Sacramento, CA, was acquired for $25.9 million. The 267,284 thousand square foot building is 100% leased to a tenant that has occupied the building since 1993. The in-place lease has more than four years of remaining term, annual rental escalators of 3%, and in-place rent approximately 10% to 15% below current market rent per Company estimates.
The property located in Minneapolis, MN, was acquired for $10.2 million. The 80,655 square foot building was built in 2020 and is 100% leased to a subsidiary of a publicly traded company. The in-place lease has more than nine years of remaining term, annual rental escalators of 2.5% over the first five years, and in-place rent approximately 5% to 10% below current market rent per Company estimates.
The property located in Omaha, NE, was acquired for $24.9 million. The 370,000 square foot building is 100% leased to a subsidiary of a publicly traded, investment grade company that has occupied the building since 2016. The in-place lease has more than four years of remaining term with in-place rent approximately 5% to 10% below current market rent per Company estimates.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. As of December 31, 2020, the Company's portfolio consists of 492 buildings in 39 states with approximately 98.2 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. Forward-looking statements in this press release include, among others, statements about the expected redemption, including the redemption date. 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, 2020 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.

SOURCE STAG Industrial, Inc.