American Finance Trust Inc. purchased 53 retail properties during the fourth quarter of 2019 for approximately $62 million.
The properties have a weighted average remaining lease term of 12.1 years and are located across various states, including Alabama, Georgia, Illinois, Tennessee, North Carolina, Virginia and Kentucky.
The acquired assets include 24 properties leased to Advance Auto; 13 properties leased to Dollar General in the states of Alabama, Georgia, Illinois and Tennessee; two properties leased to Mister Car Wash in Georgia; and 14 Pizza Hut-leased properties in North Carolina, Illinois, Virginia and Kentucky.
The company also sold five Truist Bank-leased properties during the quarter for gross proceeds of $16.3 million, of which it used approximately $6.3 million to repay related debt.
In total, the company acquired 218 properties for $423 million in 2019.