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Broadstone Net Lease reports record year for property acquisitions

Broadstone Net Lease (BNL) acquired 78 net leased properties with a combined purchase price of USD275m during 2012.

BNL now owns 171 net lease properties in 26 states.

"2012 was a banner year of growth for BNL. With USD275m in net leased properties acquired, we approximately doubled the size of the portfolio," says chairman and chief executive Amy L Tait. "Our team was quite busy right up until year end; during the month of December alone, the Reit acquired 29 properties in nine separate transactions for more than USD97m. We continued to strengthen our industry, geographic and tenant diversification with these important new acquisitions."

During the month of December, BNL acquired eight medical service properties, located in Florida, Texas, Oklahoma and Missouri, for a total purchase price of USD32.8m. It also acquired seven industrial sites for USD38.1m, located in North Carolina, Michigan, Texas, Wisconsin, Indiana and South Carolina. Finally, during December, it acquired 14 retail properties (quick service restaurants and convenience stores), located in Alabama, Pennsylvania, Florida, Ohio and Virginia, for a total purchase price of USD26.2m.

"The acquisition environment at year end was particularly dynamic with many tax motivated transactions taking place given the uncertainty in the market," says Tait. "Our conservative and flexible capital structure allowed us to capitalise on very favourable opportunities that others could not. Our acquisitions and legal teams were incredibly resourceful, completing one acquisition from start to finish in less than three weeks while still maintaining our vigorous underwriting and due diligence standards. In addition, we continued to utilise the UPREIT structure to acquire property from sellers seeking to defer taxes and receive units in BNL in exchange for property."

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