Wells Real Estate Investment Trust (REIT) announced today that its acquisitions for 2002 year-to-date have totaled over $770 million, a figure that ranks Wells first nationally among purchasers of office properties and places the company in line to reach its goal of closing $1.2 billion in acquisitions for the year.
'We expanded and realigned our acquisitions team several months ago to match our professionals with the new opportunities in the market, and that strategic move has produced extraordinary results,' said David Steinwedell, Wells Chief Investment Officer. 'We have achieved our success from single asset purchases, as well as through portfolio acquisitions, sale/leasebacks and build-to-suits. Adhering to our all-cash purchasing approach has made for quick, efficient closings which has contributed to our success as well.'
Third quarter 2002 acquisitions totaled approximately $520 million, a figure that exceeded Wells REIT acquisitions for 2000 and 2001 combined ($517 million). September 2002 closings alone were over $267 million.
'The 25 properties that the Wells REIT has acquired this year fit our diversification strategy perfectly,' added Steinwedell. 'These additions to the Wells REIT portfolio include 27 different companies representing 16 industries that are located in 18 major markets across the country. The weighted average credit rating exceeds BBB+ and average lease term is 10 years. Wells has been able to remain flexible in the size of the deals that we have executed, which have ranged from $10 million to $120 million, fulfilling our desire to continue to be recognized as a player across a broad price spectrum.'
(source: Wells Real Estate Investment Trust)