STAG INDUSTRIAL, INC. BOSTON, July 12, 2022 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced it has successfully completed the sale of two fully occupied industrial real estate properties for gross proceeds of approximately $82.0 million, representing a cash capitalization rate of 5.2%.
The buildings consist of approximately 1.0 million square feet and are located in Dayton, Ohio and Greenwood, Indiana. The Company acquired the buildings in 2017 and 2018, respectively, for a purchase price of approximately $63.3 million, representing a cash capitalization rate of 6.2%. The 100% occupied assets had long-term leases in place, which today have a remaining Weighted Average Lease Term of 10.3 years.
"This portfolio sale of two individually acquired industrial buildings with significant cap rate compression demonstrates the ability of the STAG team to effectively execute on transactions despite the current volatility in the market," said Bill Crooker, Chief Executive Officer of the Company. "This transaction contributes to STAG's ability to accretively recycle capital as opportunities arise through the remainder of the year."
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United States. As of March 31, 2022, the Company's portfolio consists of 551 buildings in 40 states with approximately 110.1 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, 2021, 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.
