STAG INDUSTRIAL SIGNS NEW LEASE AT WELLFORD, SC DEVELOPMENT TOTALING 102,060 SQUARE FEET

Rhea-AI Summary

STAG Industrial (NYSE:STAG) has secured a new lease agreement for 102,060 square feet of warehouse and distribution space at its Wellford, SC development project. The 30-month lease, commencing April 1, 2025, was signed with a wholesale apparel and promotional product distributor and includes 3.5% annual rent escalations.

The property at 452 Casual Drive, completed in June 2024, is now 69% leased. This new agreement brings STAG's completed development portfolio to an aggregate lease-up rate of 51%.

Positive

• New 102,060 sq ft lease signed, improving property occupancy to 69%
• 3.5% annual rent escalations secured in the new lease
• Property lease-up progressing since June 2024 completion

Negative

• Overall development portfolio still shows relatively low 51% lease-up rate
• Short lease duration of only 30 months indicates long-term tenant commitment

BOSTON, March 10, 2025 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) announced today that it signed a new lease totaling 102,060 square feet of warehouse and distribution space at its development project at 452 Casual Drive in Wellford, SC.

The 30-month lease to a wholesale apparel and promotional product distributor commences April 1, 2025, and includes 3.5% annual rent escalations. This asset, which STAG substantially completed in June 2024, is now 69% leased, bringing our completed development portfolio to an aggregate lease-up rate of 51%.

"This transaction was a testament to the strength of STAG's development platform and operational capabilities," said Steve Kimball, Executive Vice President of Real Estate Operations at 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 industrial properties throughout the United States. As of December 31, 2024, the Company's portfolio consists of 591 buildings in 41 states with approximately 116.6 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, 2024, 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.

FAQ

What is the size and duration of STAG Industrial's new lease in Wellford, SC?

STAG Industrial signed a 30-month lease for 102,060 square feet of warehouse and distribution space, starting April 1, 2025.

What are the rent escalation terms for STAG's new Wellford, SC lease?

The lease includes 3.5% annual rent escalations.

What is the current lease-up rate of STAG's Wellford, SC property?

The Wellford, SC property is now 69% leased following this new agreement.

How does the new lease impact STAG's overall development portfolio occupancy?

The new lease brings STAG's completed development portfolio to an aggregate lease-up rate of 51%.