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Trustreet Eyeing $300M in Buys

ORLANDO-The one-year-old REIT is on track to close $300 million to $325 million in single-tenant, net-lease acquisitions.

By Jennifer D. Duell | Updated on August 10, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

ORLANDO-With $152.9 million in single-tenant, net-lease acquisitions under its belt in the second quarter, Trustreet Properties Inc. says it’s confident that it will reach its goal of adding $300 million to $325 million to its portfolio in 2005. So far this year, the REIT has completed $190.3 million in new acquisitions including the $139 million in sale-leaseback financing for 67 Perkins Restaurant and Bakery stores.

Currently, the REIT has another $174.4 million of restaurant properties under contract, the majority of which is expected to close by year-end, according to Curtis McWilliams, president and CEO. He adds that the REIT is facing stiff competition from other investors, which has created a challenging acquisition environment.

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