Blumenthal declined to discuss the report, because the locally based specialty financial REIT is in a "blackout period," prior to the release of its fourth-quarter 2005 earnings report in February. Today's recap of leasing, acquisitions and dispositions during the quarter, however, indicates a shift from acquisition mode to leasing. The leases included 38 of the 68 bank branch locations AFRT acquired in the middle of fourth quarter.

According to the report, the average rent per sf among all space leased in the quarter was $28.64, which the company says will create an annualized additional rent revenue of approximately $11 million. TI costs, calculated on a weighted average lease term, were $1.08 per sf, per year.

While leasing increased, AFRT also continued to acquire properties and dispose of non-core assets during the quarter. It sold 58 properties aggregating 986,000 sf for $58 million. The dispositions, according to AFRT, save approximately $140,000 a month in negative net operating income.

During the fourth quarter, the company paid approximately $90.1 million to acquire 68 branches and 32 bank branch development parcels as part of the Wachovia/SouthTrust portfolio. In addition, it paid $60.1 million for the fully leased, 224,000-sf Citizens Bank Financial Group headquarters in Providence, RI, and $25.3 million for the 164,000-sf building in Glen Allen, VA that houses Citizens Bank's mortgage company. Citizens will lease back 117,000 sf of the Glen Allen asset through March 2014.