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STAG Industrial buys 21 buildings for $286M in Q2

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STAG Industrial buys 21 buildings for $286M in Q2

STAG Industrial Inc. picked up 21 buildings for $285.6 million and off-loaded three buildings for $6.5 million during the second quarter.

The acquired properties span 4,573,794 square feet, with a 7.2% weighted average capitalization rate, while the sold buildings comprise 134,900 square feet.

Subsequent to quarter-end and through Aug. 1, STAG unloaded four buildings covering 440,564 square feet for $23.7 million.

In late July, STAG obtained a $150 million unsecured term loan due Jan. 4, 2023, that carries an interest rate equal to the London Interbank Offered Rate plus a 1.3% spread. Through five interest-rate swaps, the company agreed to fix the interest rate on the loan at 3.15%, including the swaps.

Under its at-the-market equity offering program, the company raised gross proceeds of $205.8 million for the second quarter and $21.3 million subsequent to quarter-end and through Aug. 1.