Broadstone Net Lease ( NYSE: BNL ) said Wednesday that John Moragne, its current executive vice president and chief operating officer, will succeed Chris Czarnecki as CEO on Feb. 28, 2023.
Czarnecki will step down from his current role and from be board at that date but will remain with the company in an advisory role through Jan. 31, 2024.
As part of the management transition plan, Ryan Albano, BNL's executive vice president and chief financial officer, will become president and chief operating officer, also on Feb. 28. Meanwhile, Kevin Fennell, senior vice president of Capital Markets & Credit Risk, will become executive vice president and CFO.
During Q4 2022, Broadstone Net Lease ( BNL ):
- Invested $310.3M in 18 properties at a weighted average initial cash capitalization rate of 6.7%, with industrial assets representing $292M of the total;
- Sold three properties for net proceeds of $39.2M at a weighted average cash capitalization of 5.8%; and
- Collected 99.9% of base rents due for Q4 for all properties under lease and its portfolio was 99.4% leased based on rentable square footage.
On Dec. 8, 2022, Broadstone Net Lease ( BNL ) settled its outstanding forward equity offering of 13M shares for net proceeds of $273.2M. It used the proceeds to pay down a portion of its outstanding borrowings on its revolving credit line.
In November, BNL had reaffirmed its guidance for full-year 2022 adjusted FFO per share of $1.38-$1.40.
For further details see:
Broadstone Net Lease COO to be promoted to CEO at end of February