to us of are you Chris today. all Thank morning you, who good and joining
what contribute past contributions way our it Chris to that blocks during as our in did service particular, over He today and into was growth leadership big of result, fulfilling greater oriented how a full believed taught ever like for not steadfast for good, ego, to service be and the we in were humble thanking the create and continuous has a Chris' and begin and to BNL to CEO so Company about that would as since XX XXXX. Before since. improvement, culture by guided small that immeasurable vision the quarter pursue BNL all the Chris' in his selfless is our without BNL to foundational never years, jump to fourth year leadership us shoulder XXXX stakeholders. innumerable would I dedication CEO and all commitment us his him.
exceptional future also same immensely closely directors Chris deliver am many commitment and their our and friendship grateful years his Chris I to joining board be since our alongside for mentorship continue confident with laid help am I Chris I am and confidence value look for for to grateful both team support will stewardship, that the talented has me, will felt but to foundation legacy come. at through BNL's transparency, of The worked and the results Chris' and enduring support to creation. to deep I in I have BNL bright Company. to
out ample markets attractive and our vacancies investment leverage accretive for X.X the to XXXX XX.X% of deliver continue are to strong I times annualized to we full Now with XXXX. were and to despite rent results able of facing AFFO With deliver able incredibly selectively of out liquidity, net X.X% a share, quarter more I over collected, were turning a well-positioned XXXX. million a and conservative am prior backdrop. to EBITDAre year. results. per we year am the year than the to we debt our report during proactive challenging of execution, XXX growth pleased XXXX opportunities investments, close a to all that accomplished in fourth to representing market shareholders, we over profile adjusted Closing $X.XX capital pursue proud minimal
QX, XXXX, our distillation diversified and by buy undervalued us dynamic perfect restaurants retail me, Throughout In frankly makes assets. $XXX of invested provided our XX with ABR so what with coming and unparalleled we box market. in the flexibility. the For XX% broadly the strategy XXXX from of diversified million investment was properties
transaction sector market our QX. Responding focus supply on expectations. sellers specific forced market cap the this to dislocation exited level assets, to rate struggling the adjust as we rising demand of private and uncertainty, between due through asset macroeconomic rely as period financing slowly shifted forward to disruption, cost interest price asset fast characteristics, to due all and discovery Now, capital their a A pricing centric we rising of pace and debt significant are saw who industrial at leverage to to more expand buyers where costs. many accelerated rates,
rates this were year With shareholders. activity higher industrial achieve with investment vertical, transact the in at finished able our risk as of we shift, adjusted our our total returns cap XX% for better we concentrated and to
to us points lease largest types multiple During weighted the nimble to our approach a cap investment box QX XXXX, QX, our from expansion that having disciplined, accretive spans standards. where property the rate without taking expanded maintain a buy XXX capital, any basis net underwriting to and core spread representing average compromising allocate allowed REIT, acquisition but we of
properties average During term new the leases initial escalation, of rate into cash a average solid X% include XX translating of years rate fourth average acquisitions for weighted cap and weighted approximately an quarter, in cap X.X%. a of invested million X%. at approximately lease XX rent $XXX we The cash weighted strong attractive
directly transaction longstanding leased and successful mission the were call, fourth BNL our single an sourced existing a As facilities seven opportunity operating the food from sale critical history. acquire largely by driven acquisitions to in earnings an relationship previous with industrial discussed a to largest history, leaseback quarter on manufacturer
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the XXX% master seven In well-located are locations of represent leased, addition, Company's and capabilities. the production
signed summer. pace While the risk-reward QX to resetting an for Predominantly, became during been the acquisition QX XXXX, appropriate clear quarter up activity our underwritten were discovery as of it represents trade-off. our to all that quarter price us and intentionally expectation late properly had in and transactions early largest closed slowed November additional by to occur reflect of needed we and
Solid the earlier cost year during all completed allowed investment to in spread us QX. a lock of on translated a acquisitions in favorable capital that execution creative into capital markets
the XXXX. half guidance end activity full in to Heightened range, continue low translated of in to us it's our quarter of but selectivity grow the year investment just positioned the into prudently above second
in will as term external employ We approach near to measured growth continue discovery this persists. to price more the
remain on are pursuing appropriately only where opportunities and focused return risk As calibrated. always, we
stewards we of believe selective in a prudent disciplined, deploying our for take will do we capital, not capital. shareholder and and As growth our growth's approach sake,
have supports $X.X under We contract focused million that as are rates. currently investments currently on quarter investing having dry intent. deploying cap in a executed With creative of powder we prevailing letter we an end, or of market define which control, at hand available spread
with commitments $XX.X addition, to fund revenue currently tenants. have In generating existing in we capital expenditures million
our routine efforts. ways existing creative We tenants an our in effort supplement partner to continue with to see to sourcing
In XXXX. creatively dispositions through addition, strategic capital to will we in continue recycle
rate these both approximately but only properties at X%. cap Opportunistic such three $XX.X an During we sales to buyout net credit the in a sold fourth X.X%. recycled, executed cap an residual helped quarter all-in $XX.X to rate proceeds also risk of not for office be powder and exit of end, Subsequent and dry proceeds quarter, of asset existing approximately into million, mitigate lease, of additional a translating weighted as simultaneous total for asset sale of cash we provided average to million our portfolio. accretively
year-end, X.X% in basis, office a will we further and generate we to continue our ABR look opportunities this our shareholders. for returns at forma With that sale, our of for and pro to ways on exposure X.X% office our standalone have reduce strong from reduced to exposure
as XXX by XX to subject As were and commercial our our across for of were three properties tenants the properties but different existing of a XXX portfolio, year-end, health industries. of lease, all occupied our
operator lease average of uncertainty term remains increased weighted licensing process complete steps the in internal track The time, X% review extended to may this Of ongoing and economic rent begin and persist that accreditation Santa known at we credit patients light as and of Valley continues for the escalation current on years. Center, their process. the and through have year. at scrutiny XX.X Medical portfolios backdrop. an Valley average now weighted annual stress later note, was It period Hospital, With significant Cruz new portfolio work Green the testing of our accepting to these remaining is
its closely to residual are situation in Carvana remain and the underlying we we value. nature asset of industrial leased them mission and addition, confident critical monitoring In the
continues Red corridors properties original opportunities areas which in XX over XXXX strong population and sold lease located net exception COVID subject we collected with the own of currently tenant XXXX three of net a and are pace a cap company year, of rates, which of exposure during those at large becoming master record Lobster rent the still to at the more XXXX continue the time. of percent and of retail the lease in all to in space, look net space. than the industry collections since XX are plus to collections with in attractive [indiscernible] XX.X% were centers. cap decrease increased rates, with and for XXXX our collections we'll when properties acquired the lease XX attention, our continue in track our to for lease lowest top-tier we a some of public seven-year gains Finally, our the We reporting pandemic, for concentrations Despite
I to diversification otherwise I'm operating today. find portfolio environments, credit this and defensive differentiated highly in is and any our selective year, than throughout conservative well-positioned profile BNL and profile, XXXX percentage beyond. tenant ourselves against across believe event. and With XXXX hedge investment growth the XXXX, one solid built would for industry until brand year constructed build a robust lower diversified a growth confident disciplined, Geographic maturities thoughtfully leverage the approach model risk tenant including is no indicate. that grade liquidity to and in to performance, all a creates market Our a prudent singular debt rated capitalize material on perform simple portfolio we provides momentum
I will And to the turn with now Ryan. that, call over
