STAG Industrial Signs 1.1 Million Square Foot Full Building Early Lease Renewal At Memphis, TN Facility
On August 17, 2020, STAG Industrial announced a 64-month early lease renewal with a major American automaker for its 1.1 million square foot warehouse in Memphis, TN. This extends the lease to November 2029, increasing the remaining lease term to over nine years. The agreement involves minimal transaction costs and incorporates a 2% annual rent escalation. STAG acquired the property in 2019, and CEO Ben Butcher emphasized the transaction's reflection of the company's operational strength.
- 64-month early lease renewal with a major automaker.
- Lease extends to November 2029, providing over nine years of security.
- Minimal transaction costs involved.
- Includes a 2% annual rent escalation.
- None.
BOSTON, Aug. 17, 2020 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG) announced today that it has signed a 64-month early lease renewal to a leading American automaker for a 1.1 million square foot warehouse distribution facility in Memphis, TN. STAG acquired this asset in September 2019 with five years of remaining lease term. This early lease extension results in a current remaining lease term of over nine years. The lease expires November 2029, requires minimal transaction costs, and includes
"This transaction was a testament to the strength of STAG's operational capabilities," said Ben Butcher, Chief Executive Officer of the Company. "Our team produced yet another mutually beneficial result for the Company and the tenant."
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 June 30, 2020, the Company's portfolio consists of 457 buildings in 38 states with approximately 91.8 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, 2019, filed with the Securities and Exchange Commission. 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.
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