Broadstone Net Lease

Broadstone Net Lease has begun construction in Manor, Texas, on two build-to-suit stores for Hobby Lobby and Academy Sports. Each property is 55,000 square feet, carries a 15-year lease with annual rent escalations of 0.5% and 0.4%, respectively, and is scheduled for completion in June 2027. Total investments are estimated at $10.3 million for Hobby Lobby and $12.4 million for Academy Sports; the cash capitalization rate is about 7.1% for each, and both transactions were conducted off-market. » Więcej na de.investing.com

Broadstone Net Lease has set the price for a public, fully underwritten offering of 11 million common shares at $20.50 per share; the syndicate banks have a 30-day option to purchase 1.65 million additional shares, bringing the potential total to 12.65 million. The closing of the offering is expected on August 10, 2026; the company has entered into forward sale agreements with Morgan Stanley and JPMorgan, so BNL will not receive proceeds from the sale initially and physical delivery is planned no later than September 30, 2027. BNL intends to use the net proceeds after settlement to finance investments, to repay outstanding amounts under its revolving credit facility and for general corporate purposes. » Więcej na de.investing.com

Broadstone Net Lease is entering a joint venture to develop a roughly 112,000-square-foot technology facility in Colorado, planning a total investment of about $303 million. The facility will be developed under a triple-net lease with an initial term of 15 years; rent increases by 3% annually and the tenant is a Fortune-20 company with an investment-grade rating. Expected cash returns are about 8.5% in year one and 9.7% in year two; substantial completion and lease commencement are planned for March 2027. » Więcej na de.investing.com