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John Moragne appointed as Chief Executive Officer
Ryan Albano Named President and Chief Operating Officer
Kevin Fennell Promoted to Executive Vice President and Chief Financial Officer
January 11, 2023 Rochester, NY–(BUSINESS WIRE)– Broadstone Net Lease (NYSE: BNL) (“Broadstone”, “BNL”, “Company”, “We”, “Our” or “Our”) today announced , its Board of Directors is a senior executive board of directors whose current Executive Vice President and Chief Operating Officer, John Moragne, will become Chief Executive Officer (“CEO”) and a member of the Board effective February 28, 2023. I approved the succession plan. His president and CEO, Chris Czarnecki, will step down from his current position and board of directors on the effective date, but will remain in an advisory role until January 31, 2024 as part of a planned transition. I will remain with the company.
“Broadstone has a bright future and John is the clear choice as CEO to lead the company into its next phase of growth.Chris Czarnecki said.I am extremely proud to have been part of such a dynamic team for the last 13 years and having been CEO of the company since 2017. Today he is very grateful for the opportunity to build BNL. After his extraordinary year of operational performance and much reflection and reflection, I feel now is the right time to step down and focus more on my personal interests and spend more time with my family. We are confident that you will hold a very capable hand for the next chapter. John has been a close colleague and friend of mine for many years, and I look forward to facilitating a seamless transition and supporting the entire team.“
Accepting the CEO appointment, Moragne said:I am grateful for this opportunity to lead Broadstone into the future with the same great team I have worked with for the past seven years. I am grateful to Chris and the Board for trusting me to maintain our strong execution track record and continue to deliver long-term value to our shareholders.Mr. Moragne has served as Vice President and Chief Operating Officer since 2018, leading the Company’s real estate investments, operations, and numerous other corporate functions, and served as General Counsel to the Company from 2016 to 2018. rice field. Prior to joining the firm, Mr. Moragne was an M&A and securities attorney in private practice since the firm’s inception in 2007, including providing legal counsel to BNL.
“On behalf of the Board, I would like to thank Chris for his outstanding leadership and unwavering commitment to BNL during his tenure at BNL over 13 years.Rory Hawks chairman said.Chris has been instrumental in the growth of BNL since its early days, including recruiting and developing the current management team. We congratulate him on the extraordinary success he has achieved on behalf of all stakeholders.“Mr. Hawks continued.”We are very lucky to have a bench with such a wealth of talent and experience. In transferring leadership of the company to John, the Board and I have complete confidence and anticipation in his future for BNL.“
As part of a senior executive succession plan, Ryan Albano, currently the Company’s Executive Vice President and Chief Financial Officer, will transition to the role of President and Chief Operating Officer effective February 28, 2023. He will oversee the firm’s investment strategy and real estate operations, including acquisitions, portfolio management, asset management and disposals, and credit functions. Mr Albano has been BNL’s Chief Financial Officer since February 2017 and is a member of the Investment Committee.
Additionally, Kevin Fennell, currently Senior Vice President, Capital Markets and Credit Risk, will be promoted to Executive Vice President and Chief Financial Officer effective February 28, 2023. As Chief Financial Officer, Kevin oversees capital markets strategy and investor relations. , Financial Planning and Analysis, Accounting, Internal Audit, Tax, and he IT.
Q4 and 2022 business updates
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In the fourth quarter, we invested $310.3 million in 18 properties with a weighted average initial cash capitalization rate of 6.7%. Investments are primarily focused on industrial assets, representing his total of $292 million. The weighted average initial term of the leases was 19.7 years and the minimum annual rent increment was 2.0%. Completed investments totaling $907.2 million in 2022.
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We sold three properties in the fourth quarter with net income of $39.2 million and a weighted average cash capitalization rate of 5.8%. For the full year of 2022, he sold eight properties, bringing his net income to $57.9 million.
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Collected 99.9% of base rents maturing in the fourth quarter on all properties under lease, and our portfolio is 99.4% leased based on rentable square footage, with 3 out of 804 total properties One is vacant and not under lease at the end of the quarter. Collected over 99.9% of the base rent for all rental properties for the full year 2022.
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On December 28, 2022, we closed an outstanding futures offering of 13,000,000 shares with net income of $273.2 million. We used the proceeds to pay off a portion of the outstanding borrowings on the revolving credit facility.
About Broadstone Net Lease, Inc.
BNL is a real estate investment trust that acquires, owns and manages primarily single-tenant commercial properties on long-term net leases to diverse tenant groups. We utilize investment strategies backed by strong fundamental credit analysis and prudent real estate underwriting. As of December 31, 2022, BNL’s diversified portfolio includes 797 properties in 44 U.S. states and 7 properties in four Canadian provinces across industrial, healthcare, restaurant, retail and office property types, 804 consists of individual net lease commercial properties.
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, and, among other things, It’s about planning, strategy. , and outlook, both business and financial. Such forward-looking statements generally use the term “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate.” can be identified by the use of forward-looking terms such as ‘, ‘will’. ”, “believe”, “continue” and other words. Forward-looking statements, including assumptions, involve known and unknown risks and uncertainties and BNL’s actual future results may not be the same as the risks associated with the COVID-19 pandemic and its related impacts. Expected results may differ materially, including without limitation uncertainties. general economic conditions, including but not limited to rising inflation and/or interest rates, local real estate conditions, the financial health of tenants, real estate acquisitions, and the timing and uncertainty of completing these acquisitions; and uncertainty regarding future distributions to shareholders; These and other risks, assumptions and uncertainties are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022. section 1A, “Risk Factors.” Reading is encouraged and is available on the SEC’s website at www.sec.gov. If one or more of these risks or uncertainties materializes or the underlying assumptions prove incorrect, actual results may not be indicated or projected in such forward-looking statements. It may differ significantly from what is presented. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise after the date of this press release.
View source version at businesswire.com: https://www.businesswire.com/news/home/20230111005683/en/
contact address
Company Contact:
Michael Caruso
Senior Vice President, Corporate Finance and Investor Relations
michael.caruso@broadstone.com
585.402.7842
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