Broadstone Net Lease, Inc. (NYSE: BNL) has announced updates to its build-to-suit development funding commitments and participation at Nareit's REITworld 2024 Annual Conference. As of the date of the release, the company has a total of $246.5 million in estimated build-to-suit development commitments to be funded through the second quarter of 2026. This is a decrease from the previously announced total of $418.8 million remaining estimated build-to-suit development commitments as of October 30, 2024.
The decrease in commitments is attributed to a prospective tenant for a large build-to-suit transaction in the company's pipeline shifting its strategy due to an unanticipated change in its executive leadership and deciding not to proceed with certain initiatives, including the transaction.
The $246.5 million in total estimated build-to-suit commitments includes $125.4 million of commitments for developments actively under construction and $121.1 million in additional development commitments. The actively under construction developments are as follows: Sierra Nevada (Dayton, OH): Industrial property with a projected rentable square feet of 122. The start date is October 2024, and the target completion date is December 2025. The estimated total project investment is $58,563. Sierra Nevada (Dayton, OH): Another industrial property with a projected rentable square feet of 122. The start date is October 2024, and the target completion date is May 2026. The estimated total project investment is $55,525. * UNFI (Sarasota, FL): Industrial property with a projected rentable square feet of 1,016. The start date was May 2023, and it is substantially completed. The estimated total project investment is $204,833.
As of the date of the release, the company has an aggregate of $264.4 million in total investment commitments, which includes the $246.5 million in total remaining estimated build-to-suit developments, $9.9 million of acquisitions under control, and $8.0 million of commitments to fund revenue-generating capital expenditures with existing tenants.
Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease REIT that invests primarily in single-tenant commercial real estate properties net leased on a long-term basis to a diversified group of tenants. As of September 30, 2024, the company's diversified portfolio consisted of 773 individual net leased commercial properties located in 44 U.S. states and four Canadian provinces across various property types. Today the company's shares have moved 0.2% to a price of $17.24. For the full picture, make sure to review Broadstone Net Lease's 8-K report.
