U.S. Markets open in 8 hrs 32 mins

STAG Industrial announces March's total acquisitions and leases

STAG Industrial announced that in March, the Company acquired two warehouse and distribution buildings, containing a total of 347,984 square feet for approximately $13.5M. Both of the buildings are located in Ohio, one in Cleveland and one in Columbus. The buildings are 100% leased with a weighted average remaining lease term of just under five years. In the Q1 the Company acquired a total of four industrial buildings consisting of approximately one million square feet for approximately $37M. The Company has entered into contracts to acquire six additional buildings for a purchase price of approximately $56M. These contracts are subject to various closing conditions which have not yet been satisfied, so there can be no assurance that the transactions will be consummated. Also in March, the Company signed one new lease for approximately 20,000 square feet. The Company also signed two renewal leases containing approximately 414,000 square feet, including the lease of a 383,500 square foot building located near Greensboro, North Carolina. With these March leases, the Company had executed leases containing approximately 1.1M square feet in the Q1 consisting of approximately 125,000 square feet of new and expansion leases and approximately one million square feet of renewal leases. The tenant retention rate for Q1 of 2014 was 75%. The Company's occupancy rate for the Q1 decreased slightly to 95.3% from 95.6% at the end of the Q4.