Broadstone Net Lease details property transactions with Q4'21 results

Broadstone Net Lease Inc. invested $147.5 million, excluding capitalized acquisition costs, in 36 properties across the industrial, retail, restaurant, healthcare and office asset classes in eight U.S. states during the 2021 fourth quarter.

The diversified real estate investment trust said in its latest earnings report that the properties have a weighted average initial lease term of 14.2 years.

The office asset was included in a portfolio purchase of five casual dining restaurants and is under the same master lease.

Subsequent to quarter-end, the REIT deployed an additional $32.9 million, excluding capitalized acquisition costs, in seven industrial and retail properties.

It has $209.8 million of properties under control, which are under contract or executed letter of intent.

During the fourth quarter, it disposed of six properties for net proceeds of $15.2 million, recognizing a gain over carrying value of $3.7 million.

Broadstone received 100% of base rent payments due for the quarter, and occupancy stayed consistent at 99.8% quarter over quarter.

During the same period, it sold 1,071,500 common shares for net proceeds of $27.3 million under its newly launched $400 million at-the-market common equity offering program.