STAG Industrial Signs One Million Square Foot Full Building Lease At Hampstead, MD Facility
STAG Industrial (NYSE:STAG) has signed a significant 1 million square foot lease with a leading book publisher at its Hampstead, MD facility, effective August 1, 2020. The lease spans five and a half years, featuring five months of free rent, minimal tenant improvements, and annual rent increases of 3%. This strategic leasing agreement highlights the strength of STAG's portfolio and operational capabilities, demonstrating their ability to outperform expectations.
- 1 million square foot lease signed with a global book publisher.
- No downtime during transition, effective August 1, 2020.
- Five months of free rent included in the lease agreement.
- Minimal tenant improvements required, reducing initial costs.
- Annual escalators of 3% benefit long-term revenue.
- None.
BOSTON, Aug. 5, 2020 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) announced today that it has signed a five and a half year lease for a total of 1 million square feet to a global leader in book publishing at a warehouse distribution facility located in Hampstead, MD. The lease was effective August 1, 2020, resulting in no downtime, has five months of free rent, minimal tenant improvements, and annual escalators of
"We are pleased to announce this leasing achievement as it exemplifies the quality of our portfolio and our operational capabilities," said Ben Butcher, Chief Executive Officer of the Company. "This transaction significantly outperformed our expectation."
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.
