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STAG Industrial prices common stock offering

STAG Industrial Inc. priced its public offering of 11.0 million common shares for approximately $319.0 million of gross proceeds.

The industrial real estate investment trust granted a 30-day option for the underwriters to buy up to 1,650,000 additional shares. The offering is expected to close Sept. 27, subject to customary closing conditions.

The offering comprises 5.5 million shares offered directly by the company and 5.5 million shares offered on a forward basis under a forward sale agreement signed with an affiliate of Citigroup Global Markets Inc.

The REIT aims to use the net proceeds to fund acquisitions and repay outstanding indebtedness under its $500 million unsecured credit facility, as well as for working capital and other general corporate purposes.

Citigroup and Raymond James were the joint book-running managers for the offering.