Jonesing for January updates
Just two days into 2025’s first full week, a bevy of listed net lease REIT disclosed transaction activity updates:
Agree Realty (NYSE: ADC)
2024 investment activity totaling $951 million including:
$867 million of acquisition volume across 242 retail properties (7.5% cap rate; 10.4-year WALT; 65.6% of ABR from investment grade rated tenants)
$84 million of development and developer funding platform projects completed or currently under construction
4Q2024 acquisition activity of $341 million was completed at a 7.3% cap rate (20bps inside full year average)
2025 investment activity guidance of $1.1-1.3 billion driven by $2 billion in total current liquidity (including $920 million in unsettled forward equity).
Getty Realty (NYSE: GTY)
2024 investment activity totaling $209 million including:
8.3% initial cash yield
31 express tunnel car washes, 19 auto service centers, 17 convenience stores, and 4 quick service restaurants
4Q2024 investments totaling $76 million at an 8.9% initial cash yield (60bps above full year average)
2024 dispositions totaling 31 properties for gross proceeds of $13 million.
Currently $164 million in unsettled forward equity.
Alpine Income Property Trust (NYSE: PINE)
2024 investment activity totaling $134.7 million (weighted average initial yield of 8.7%)
4Q2024 acquisition of a Lowe’s Home Improvement in Knoxville, TN for $22.5 million (13-year WALT)
2024 dispositions totaling $75.6 million (weighted average exit cap rate of 6.6%) including a Lowe’s Home Improvement in 3Q2024
Broadstone Net Lease (NYSE: BNL)
Added two new developments with an aggregate estimated total project investment of ~$117.4 million to its pipeline of build-to-suit development commitments including a new 1.2 million square foot, $107 million estimated project investment state-of-the-art distribution warehouse facility in Bremen, GA for Southwire Company that is expected to deliver in the third quarter of 2026 (estimated cash cap rate of 7.6%).
With unsettled equity capital awaiting ADC/GTY and significant build-to-suit commitments at BNL, these net lease REIT appear primed for future investments.
-Sean Hostert