STAG Industrial, Inc. STAG disclosed the signing of a new lease deal for a 154,000-square-foot of space at a distribution warehouse building in Duncan, SC. The deal, which runs through a term of two years, was signed with a third-party logistics company.
Recently, the company also announced that a renewal lease deal for a 201,800-square-foot distribution warehouse building in Lexington, NC. This 7-year deal was signed with a healthcare products company.
These new and renewal lease deals indicate solid demand for properties owned by this Boston, MA-based real estate investment trust (“REIT”), which is expected to maintain its growth momentum, going forward.
Notably, in the 11 months ended Nov 30, 2015, STAG Industrial has executed 52 leases for around 5 million square feet of space. This includes new, renewal and temporary leases for 909,523 square feet, 2.7 million square feet and 1.4 million square feet, respectively.
Over the same time frame, the company acquired 39 buildings, totaling around 6.5 million square feet of space, for $319 million. On the other hand, it sold five buildings with a total space of 538,387 square feet for $18.2 million.
Moreover, STAG Industrial reported an earnings surprise of 5.41% in the last quarter. This REIT, which engages in the acquisition and operation of single-tenant industrial properties throughout the U.S., currently carries a Zacks Rank #3 (Hold). The stock remains attractive with a dividend yield of 7.5%.
Investors interested in the REIT space may consider better-ranked stocks like DCT Industrial Trust Inc. DCT, Public Storage PSA and Sovran Self Storage Inc. SSS. All three stocks have a Zacks Rank # 2 (Buy).
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