2023-06-05 16:35:21 ET
In the second quarter-to-date, Broadstone Net Lease ( NYSE: BNL ) invested $60.1M in four industrial properties and sold four properties for $69.4M, the company said Monday in a business update.
The investments in four properties were at a weighted average initial cash capitalization of 7.3%. They were comprised of $20.4M in new property acquisitions, $7.0M in revenue-generating capital expenditures, and $32.7M in development funding opportunities.
The properties were sold at a weighted average cap rate of 5.6% on tenanted properties. Year-to-date, Broadstone ( BNL ) has sold seven assets for proceeds of $121.3M at a weighted average cap rate of 5.7% on tenanted properties.
On May 22, the REIT closed on the acqusitiion of land associated with its previously announced $204.8M build-to-suit transaction, of which $32.7M was funded through June 5, 2023 and included in development opportunities mentioned above.
Broadstone ( BNL ) currenly has commitments to fund $13.5M in revenue-generating capital expenditures with existing tenants and $172.1M in development funding opportunities.
The company has collected 100% of base rents due through April and May for all properties under lease and, as of June 5, its portfolio was 99.4% leased based on rentable square footage as of the end of Q1. Two of its total properties are vacant and not subject to lease.
Broadstone Net Lease ( BNL ) screens as one of the top three yield diversified REITs for H2 2023 , SA's Steven Cress says.
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Broadstone Net Lease invests $60.1M in Q2, sells four properties for $69.4M