Furthermore, during third quarter, AFR inked new leases for an aggregate 248,500 sf in that same-store portfolio, which includes only properties it owned prior to June 30. Between June 30 and Sept. 30, the financial REIT acquired approximately 7.7 million sf from Wachovia. On a full-portfolio basis, occupancy at AFR properties increased to 85% and overall new leasing totaled 312,000 sf.
The new leasing included 60,000 sf in the Spring Ridge Campus of suburban Reading, which was part of the Wachovia acquisition. The space was leased for a 10-year term to a tenant described only as "a major financial institution rated A+ by Standard & Poor's." AFR also sold a vacant 204,000-sf office building, located in Winston-Salem, NC, which it obtained in the Wachovia transaction. In all, AFR sold 268,500-sf of vacant space during third quarter.
As a result of its third-quarter acquisitions, dispositions, and absorptions, AFR's annual contractual rent increased 19% this quarter over last to reach $292.4 million.
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