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Broadstone(BNL) - 2024 Q4 - Annual Results
BNLBroadstone(BNL)2025-02-19 21:14

Development Commitments - Broadstone Net Lease has added 117.4milliontoitscommittedpipelineofbuild−to−suitdevelopmentcommitments[1]−Thecompanyhassecuredlandandstartedconstructionontwoadditionalbuild−to−suitdevelopments,includingadistributionwarehouseforSouthwireCompanyexpectedtodeliverinQ32026[2]−Thetotalprojectinvestmentfortheactivedevelopmentsisapproximately117.4 million to its committed pipeline of build-to-suit development commitments[1] - The company has secured land and started construction on two additional build-to-suit developments, including a distribution warehouse for Southwire Company expected to deliver in Q3 2026[2] - The total project investment for the active developments is approximately 436.3 million, with an estimated cumulative investment of 423.6millionasofDecember31,2024[2]−Theestimatedfirst−yearyieldforthenewdevelopmentsrangesfrom7.2423.6 million as of December 31, 2024[2] - The estimated first-year yield for the new developments ranges from 7.2% to 7.8%[2] - Sam DeLemos has been appointed as Vice President of Build-to-Suit Development, bringing over 2.0 billion in transaction experience[3] - The company is focused on building a robust pipeline of projects during 2025, emphasizing the importance of build-to-suit developments for growth[2] Portfolio Overview - Broadstone's diversified portfolio consists of 773 net leased commercial properties across 44 U.S. states and four Canadian provinces as of September 30, 2024[8] Financial Outlook and Risks - Risks related to economic conditions, inflation, and tenant financial health may impact future results and distributions to stockholders[9] - The company has a commitment to prudent real estate underwriting and strong credit analysis in its investment strategy[8] Earnings Call Information - The earnings conference call for Q4 2024 will take place on February 20, 2025, at 1:00 p.m. Eastern Time[1]