Stag Industrial Signs Two Lease Renewals Totaling 646,200 Square Feet In Chattanooga, Tn
BOSTON, Dec. 20, 2023 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) announced today that it signed two 63-month early lease renewals totaling 646,200 square feet of warehouse and distribution space in Chattanooga, TN, to a premier multi-national beverage conglomerate. The lease renewals generate a 49.8% cash rent change over the previous term's expiring rent and include 3.0% annual rent escalations thereafter. STAG acquired this asset in August 2015.
"This transaction was a testament to the strength of STAG's operational capabilities," said Bill Crooker, President, and Chief Executive Officer of the Company. "Our team produced yet another mutually beneficial result for both 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 September 30, 2023, the Company's portfolio consists of 568 buildings in 41 states with approximately 112.0 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, 2022, 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.
