Broadstone Net Lease Provides Q1 2024 Business Update
Portfolio Pulse from Benzinga Newsdesk
Broadstone Net Lease (BNL) invested $40.1 million in Q1 2024, including development fundings and capital expenditures, primarily for a distribution facility in Sarasota, Florida. The facility, leased to UNFI for 15 years, is expected to open in Q3 2024 with a 7.2% stabilized yield. BNL has $282.7 million in committed investments and sold 37 healthcare properties for $251.7 million. The portfolio was 99.2% leased, with 99.0% of base rents collected.
April 03, 2024 | 8:13 pm
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Broadstone Net Lease (BNL) reported significant investments and property sales in Q1 2024, with a strong focus on a new distribution facility leased to UNFI. The company's portfolio remains robust with high lease and rent collection rates.
BNL's Q1 2024 activities, including the investment in a new distribution facility and the sale of healthcare properties, indicate a strategic realignment and focus on high-yield investments. The high lease and rent collection rates further underscore the company's operational efficiency and financial health, likely leading to a positive short-term impact on its stock price.
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IMPORTANCE 90
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