Broadstone Net Lease (BNL) acquired 41 properties during 2013 at a combined purchase price of over USD188m.
The BNL portfolio now has a total market capitalisation of over USD750m.
Nearly half of the acquisition volume during the past year took place in the fourth quarter, when BNL acquired 20 properties for more than USD102m. The acquisitions included medical facilities in Virginia and Alabama, retail automotive properties in California, a portfolio of eight wholesale landscape supply properties in six states, and industrial facilities in Illinois, Michigan and Colorado.
The largest fourth-quarter acquisition was the 165,000 square foot Johnstown, Colorado, facility of Fiberspar, a subsidiary of National Oilwell Varco, which manufactures flexible, corrosion-resistant piping for the oil and gas industry.
The REIT also selectively sold properties totalling approximately USD20m during the year. In total, Broadstone Net Lease increased its net holdings to 203 properties in 29 states.
"With going-in yields on acquisitions still significantly exceeding our cost of long-term debt and equity capital, there are ample opportunities to make accretive acquisitions," says Amy Tait, Broadstone chairman and CEO. "These compelling additions continue to strengthen the quality of our portfolio while also increasing our diversification by industry, geography and tenant."