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Commercial Real Estate

July 31 - STAG Industrial announces 2nd Qtr. 2014 Results; closes on Savannah area building

Category: Commercial Real Estate

By Lou Phelps, Savannah Business Journal

July 31, 2014 - STAG Industrial, Inc. (the "Company") (NYSE: STAG), a real estate company focused on the acquisition and management of single-tenant industrial properties throughout the United States, today announced its financial and operating results for the second quarter of 2014.

The company owns more than 500,000 sq. ft. of industrial space in the Savannah area, and has purchased eight buildings in Georgia.  In May, STAG purchased the Oneida manufacturing building on Oracal Parkway in Bryan County, which recently closed.   

STAG reported $20.3 million in cash flow for the 2nd Qtr. compared to $16.0 million for the same quarter in 2013, an increase of 27%.

The company acquired nine buildings totaling approximately 2.1 million sq. ft. in the 2nd quarter at a total all-in cost of $81.7 mil, and executed leases for over 1.3 million sq. ft. In total. STAG achieved a quarter-end occupancy on the company's portfolio of 94.5%, according to today’s release of financial performance information.

The company also raised gross proceeds of approximately $42 mil under the company's "At the Market" offering program (ATM).

And, during the quarter, STAG entered into a three year employment agreement, effective July 1, 2014, with Geoffrey G. Jervis to serve as the Company's Chief Financial Officer, Executive Vice President and Treasurer. 

"In the second quarter, we continued to see strong leasing demand and an ample quantity of good quality acquisition opportunities," said Ben Butcher, CEO of STAG. "The achievements in the quarter are continued evidence of the talent and commitment of the STAG team.  In the quarter, we further strengthened our team with the addition of our new CFO, Geoff Jervis, our 50th employee."

Buildings purchased in the 2nd Qtr. 2014 include:

 

© Copyright by SavannahBusinessJournal.com 2014. A publication of Coastal Empire News, Savannah, GA.

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