105 0 Kommentare Broadstone Net Lease Provides Business Update

Broadstone Net Lease, Inc. (NYSE: BNL) ("BNL," the "Company," "we," "our," or "us"), today provided an update on the Company’s second quarter activity to date.

MANAGEMENT COMMENTARY

“I am pleased to provide a preview of our second quarter activity,” said John Moragne, Chief Executive Officer. “Our portfolio continues to demonstrate its strength and resiliency with 100% collections through April and May. We continue to selectively find accretive opportunities to deploy capital in today’s market including new acquisitions, continued investment in our existing properties, and attractive build-to-suit opportunities. We remain committed to our disciplined and prudent approach to capital allocation as we continue to navigate today’s challenging market backdrop.”

INVESTMENT ACTIVITY

During the second quarter, we invested $60.1 million in 4 properties at a weighted average initial cash capitalization rate of 7.3%. Investments were all industrial opportunities and consisted of $20.4 million in new property acquisitions, $7.0 million in revenue generating capital expenditures, and $32.7 million in development funding opportunities. The leases on new property acquisitions and revenue generating capital expenditures had a weighted average initial term of over 15 years and minimum annual rent increases of 1.9%. Year-to-date, we have completed investments totaling $80.1 million at a weighted average initial cash capitalization rate of 7.1%.
On May 22, 2023, BNL closed on the acquisition of the land in connection with the previously announced $204.8 million build-to-suit transaction, of which $32.7 million was funded through the date of this release and included in the development opportunities referenced above. The facility is projected to open in the third quarter of 2024, with rent commencing no later than October 15, 2024. During the 18-month construction period, BNL will earn capitalized interest at customary rates. Once completed, the facility will be leased to a leading distributor to retailers in the United States and Canada pursuant to a 15-year lease with multiple renewal options and 2.50% annual rent escalations, translating into a GAAP cap rate of 8.1%.
We currently have commitments to fund $13.5 million in revenue generating capital expenditures with existing tenants and $172.1 million in development funding opportunities.
During the second quarter, we sold four properties for proceeds of $69.4 million at a weighted average cap rate of 5.6% on tenanted properties. Year-to-date, we have sold seven assets for proceeds of $121.3 million at a weighted average cap rate of 5.7% on tenanted properties.