Broadstone Net Lease announces updates on build-to-suit development funding

Broadstone Net Lease (BNL) has updated its pipeline of build-to-suit development commitments. Additionally, the Company announced that BNL’s CEO, John Moragne, CFO, Kevin Fennell, and Director of Corporate Finance and Investor Relations, Brent Maedl, will be participating in the Nariet REITworld 2024 Annual Conference in Las Vegas, NV, on November 19 and November 20, 2024. The company said, “As of the date of this release, we have a total of $246.5M in estimated build-to-suit development commitments to be funded through the second quarter of 2026. Since our October 30, 2024, release, in which we previously announced a total of $418.8M remaining estimated build-to-suit development commitments, we were notified that a prospective tenant for a large build-to-suit transaction in our pipeline shifted its strategy in connection with an unanticipated change in its executive leadership, and determined not to proceed with certain initiatives, including our transaction. As of today, the $246.5M in total estimated build-to-suit commitments includes $125.4M of commitments for developments that are actively under construction and $121.1M in additional development commitments. As of the date of this release, we have an aggregate of $264.4M in total investment commitments, which is comprised of the aforementioned $246.5M in total remaining estimated build-to-suit developments, $9.9M of acquisitions under control, and $8M of commitments to fund revenue generating capital expenditures with existing tenants.”