Broadstone Net Lease Adds $117.4 Million to its Committed Pipeline of Build-to-Suit Development Commitments and Schedules Fourth Quarter 2024 Earnings Release and Conference Call
Broadstone Net Lease (BNL) has expanded its build-to-suit development pipeline with two new projects totaling approximately $117.4 million in estimated total investment. The company has secured land and begun construction on multiple developments, including a state-of-the-art distribution warehouse for Southwire Company scheduled for completion in Q3 2026.
The development pipeline includes projects across industrial and retail sectors, with estimated cash capitalization rates ranging from 7.2% to 7.8%. Notable projects include two Sierra Nevada facilities in Dayton, OH ($58.6M and $55.5M), a Southwire facility in Bremen, GA ($107.3M), and smaller developments for 7 Brew and UNFI.
BNL has also appointed Sam DeLemos as Vice President of Build-to-Suit Development, bringing experience in executing over $2.0 billion in transaction volume. The company will release its Q4 2024 financial results on February 19, 2025.
Broadstone Net Lease (BNL) ha ampliato la sua pipeline di sviluppo su misura con due nuovi progetti per un investimento totale stimato di circa 117,4 milioni di dollari. L'azienda ha acquisito terreni e avviato la costruzione di diversi sviluppi, tra cui un magazzino di distribuzione all'avanguardia per Southwire Company, previsto per il completamento nel terzo trimestre del 2026.
La pipeline di sviluppo include progetti nei settori industriale e retail, con tassi di capitalizzazione in contante stimati tra il 7,2% e il 7,8%. Progetti notevoli comprendono due strutture Sierra Nevada a Dayton, OH (58,6 milioni di dollari e 55,5 milioni di dollari), un impianto Southwire a Bremen, GA (107,3 milioni di dollari) e sviluppi più piccoli per 7 Brew e UNFI.
BNL ha anche nominato Sam DeLemos come Vice Presidente dello Sviluppo su Misura, portando con sé un'esperienza nell'esecuzione di oltre 2,0 miliardi di dollari in volume di transazioni. L'azienda pubblicherà i suoi risultati finanziari per il quarto trimestre del 2024 il 19 febbraio 2025.
Broadstone Net Lease (BNL) ha ampliado su pipeline de desarrollo a medida con dos nuevos proyectos que suman aproximadamente 117,4 millones de dólares en inversión total estimada. La compañía ha asegurado terrenos y ha comenzado la construcción en múltiples desarrollos, incluido un almacén de distribución de última generación para Southwire Company, programado para completarse en el tercer trimestre de 2026.
La pipeline de desarrollo incluye proyectos en los sectores industrial y retail, con tasas de capitalización en efectivo estimadas que oscilan entre el 7,2% y el 7,8%. Proyectos destacados incluyen dos instalaciones de Sierra Nevada en Dayton, OH (58,6M y 55,5M), una instalación de Southwire en Bremen, GA (107,3M) y desarrollos más pequeños para 7 Brew y UNFI.
BNL también ha nombrado a Sam DeLemos como Vicepresidente de Desarrollo a Medida, aportando experiencia en la ejecución de más de 2,0 mil millones de dólares en volumen de transacciones. La compañía publicará sus resultados financieros del cuarto trimestre de 2024 el 19 de febrero de 2025.
브로드스톤 넷 리스(BNL)는 약 1억 1740만 달러의 총 예정 투자를 포함한 두 개의 새로운 맞춤형 개발 프로젝트로 개발 파이프라인을 확장했습니다. 이 회사는 여러 개발을 위해 토지를 확보하고 건설을 시작했으며, 2026년 3분기 완료 예정인 Southwire Company를 위한 최첨단 물류 센터를 포함합니다.
개발 파이프라인에는 산업 및 소매 부문에 걸친 프로젝트가 포함되어 있으며, 예상 현금 자본화 비율은 7.2%에서 7.8%까지입니다. 주목할 만한 프로젝트로는 오하이오주 데이튼에 있는 두 개의 시에라 네바다 시설(5860만 달러 및 5550만 달러), 조지아주 브레멘에 있는 Southwire 시설(1억 730만 달러), 그리고 7 Brew와 UNFI를 위한 소규모 개발이 포함됩니다.
BNL은 또 샘 델레모스를 맞춤형 개발 부사장으로 임명하여 20억 달러 이상의 거래량 수행 경험을 전달했습니다. 이 회사는 2025년 2월 19일에 2024년 4분기 재무 실적을 발표할 예정입니다.
Broadstone Net Lease (BNL) a élargi son pipeline de développement sur mesure avec deux nouveaux projets totalisant environ 117,4 millions de dollars d'investissements totaux estimés. L'entreprise a sécurisé des terrains et a commencé la construction de plusieurs développements, y compris un entrepôt de distribution à la pointe de la technologie pour Southwire Company, prévu pour être achevé au troisième trimestre de 2026.
Le pipeline de développement comprend des projets dans les secteurs industriel et de détail, avec des taux de capitalisation en espèces estimés entre 7,2% et 7,8%. Parmi les projets notables, on trouve deux installations Sierra Nevada à Dayton, OH (58,6 millions de dollars et 55,5 millions de dollars), une installation Southwire à Bremen, GA (107,3 millions de dollars) et des développements plus petits pour 7 Brew et UNFI.
BNL a également nommé Sam DeLemos au poste de vice-président du développement sur mesure, apportant une expérience de l'exécution de transactions d'un volume supérieur à 2,0 milliards de dollars. L'entreprise publiera ses résultats financiers du quatrième trimestre 2024 le 19 février 2025.
Broadstone Net Lease (BNL) hat seine Entwicklungspipeline für maßgeschneiderte Projekte mit zwei neuen Vorhaben erweitert, die insgesamt etwa 117,4 Millionen Dollar an geschätzten Gesamtkapitalinvestitionen umfassen. Das Unternehmen hat Grundstücke gesichert und mit dem Bau mehrerer Entwicklungen begonnen, darunter ein hochmodernes Verteilungszentrum für die Southwire Company, dessen Abschluss für das 3. Quartal 2026 geplant ist.
Die Entwicklungspipeline umfasst Projekte in den Industrie- und Einzelhandelssektoren, mit geschätzten Kapitalisierungsraten zwischen 7,2% und 7,8%. Zu den bemerkenswerten Projekten gehören zwei Sierra-Nevada-Anlagen in Dayton, OH (58,6M und 55,5M), eine Southwire-Anlage in Bremen, GA (107,3M) und kleinere Entwicklungen für 7 Brew und UNFI.
BNL hat außerdem Sam DeLemos zum Vizepräsidenten für maßgeschneiderte Entwicklungen ernannt, der über Erfahrungen in der Durchführung von Transaktionsvolumen von über 2,0 Milliarden Dollar verfügt. Das Unternehmen wird seine Finanzberichte für das vierte Quartal 2024 am 19. Februar 2025 veröffentlichen.
- Addition of $117.4M in new build-to-suit development commitments
- Strong cash capitalization rates between 7.2% and 7.8% across projects
- Secured high-profile tenant Southwire Company for major distribution facility
- Hired experienced executive with $2.0B transaction history to lead development
- None.
Insights
The announcement of
The Southwire Company facility, spanning 1.2 million square feet, is particularly noteworthy as it demonstrates BNL's ability to secure large-scale, high-quality industrial tenants. The project's
The hiring of Sam DeLemos, with his track record of
The strategic focus on build-to-suit developments is particularly astute in the current market environment. These projects offer several advantages: pre-committed tenants reduce leasing risk, custom specifications enhance tenant retention and development yields typically exceed acquisition cap rates by 75-100 basis points.
The geographic diversification across Ohio, Georgia, North Carolina and Florida helps mitigate market-specific risks. The property mix, heavily weighted toward industrial assets, aligns with strong secular trends in logistics and distribution. The Southwire facility in Bremen, GA, represents a significant commitment to the Southeast industrial market, where demand remains robust.
The estimated completion timeline spanning from Q1 2025 to Q3 2026 provides a steady pipeline of income-producing assets coming online, supporting predictable NOI growth. The substantial square footage of industrial space (2.4 million SF) being developed will meaningfully impact BNL's portfolio composition and growth trajectory.
“We are proud of the significant progress we have made in growing our pipeline of committed build-to-suit developments, particularly securing the land on a build-to-suit development for Southwire Company prior to year end, adding to a year substantially comprised of directly-sourced investments,” said John Moragne, BNL’s Chief Executive Officer. “Build-to-suit developments are a key part of our differentiated core building blocks of growth, and we are excited by the host of additional build-to-suit opportunities we are currently evaluating and are looking forward to building a robust and resilient committed pipeline of projects during 2025.”
As of the date of this release, we have secured the land and started construction on two additional build-to-suit development opportunities as outlined below, notably including a new state-of-the-art distribution warehouse facility for Southwire Company that is expected to deliver in the third quarter of 2026. The following table summarizes developments that are actively under construction:
(unaudited, in thousands) |
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Property |
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Property
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Projected
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Start
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Target
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Total Project
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Estimated
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Cumulative
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Estimated
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Estimated
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Estimated
|
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Sierra |
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Industrial |
|
|
122 |
|
Oct. 2024 |
|
Nov. 2025 |
|
|
58,563 |
|
$ |
58,563 |
|
$ |
4,638 |
|
$ |
53,925 |
|
|
7.6 |
% |
|
9.4 |
% |
Sierra |
|
Industrial |
|
|
122 |
|
Oct. 2024 |
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Mar. 2026 |
|
|
55,525 |
|
|
55,525 |
|
|
4,257 |
|
|
51,268 |
|
|
7.7 |
% |
|
9.6 |
% |
Southwire
|
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Industrial |
|
|
1,200 |
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Dec. 2024 |
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Jul. 2026 |
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115,411 |
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107,333 |
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8,285 |
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99,048 |
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7.6 |
% |
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8.6 |
% |
7 Brew
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Retail |
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1 |
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Dec. 2024 |
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Mar. 2025 |
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1,975 |
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1,975 |
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1,173 |
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802 |
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7.8 |
% |
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8.6 |
% |
UNFI
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Industrial |
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1,016 |
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May 2023 |
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Substantially Completed |
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204,833 |
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200,186 |
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190,573 |
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9,613 |
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7.2 |
% |
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8.6 |
% |
Total |
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2,461 |
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$ |
436,307 |
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$ |
423,582 |
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$ |
208,926 |
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$ |
214,656 |
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1 Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment. |
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We are also pleased to announce the addition of Sam DeLemos as the Company’s Vice President of Build-to-Suit Development. Prior to joining BNL, Sam worked as a Director in the Structured Real Estate group for Truist Securities where he led structuring and execution for developer and lease initiatives, along with executing build-to-suit transactions through developer and tenant relationships within the bank. During this time, Sam executed over
“We have built a lot of momentum in our build-to-suit pipeline over the last 12 months and are excited by the continued growth prospects that this core building block brings to our business. Sam brings additional relationships and significant experience from sourcing, managing, and closing build-to-suit development projects throughout his career,” said Ryan Albano, President & Chief Operating Officer. “He will play a key role in growing and managing our build-to-suit pipeline, and we are very excited to have him join our team.”
Conference Call and Webcast Details
To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/369889726. If you prefer to listen via phone,
A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com.
About Broadstone Net Lease, Inc.
BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2024, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, restaurant, retail, healthcare, and office property types.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2024 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 22, 2024, which you are encouraged to read, and will be available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250106714896/en/
Company Contact:
Brent Maedl
Director, Corporate Finance & Investor Relations
brent.maedl@broadstone.com
585.382.8507
Source: Broadstone Net Lease, Inc.
FAQ
What is the total value of BNL's new build-to-suit development commitments announced in 2024?
When will BNL's Southwire Company facility in Bremen, GA be completed?
What are the expected capitalization rates for BNL's new development projects?
When will BNL release its Q4 2024 earnings?
How many square feet of industrial space is BNL developing in its new projects?
