Broadstone Net Lease Announces Updates to its Build-To-Suit Development Funding Commitments and Participation at Nareit’s REITworld 2024 Annual Conference

VICTOR, N.Y.–(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL) (Broadstone, BNL, the Company, we, our, or us), today announced it has updated its pipeline of build-to-suit development commitments. Additionally, the Company announced that BNL’s CEO, John Moragne, CFO, Kevin Fennell, and Director of Corporate Finance and Investor Relations, Maedl, will be participating in the Nariet REITworld 2024 Annual Conference in Las Vegas, NV, on November 19 and November 20, 2024.

DEVELOPMENT FUNDING COMMI™ENTS

As of the date of this release, we have a total of $246.5 million in estimated build-to-suit development commitments to be funded through the second quarter of 2026. Since our October 30, 2024, release, in which we previously announced a total of $418.8 million remaining estimated build-to-suit development commitments, we were notified that a prospective tenant for a large build-to-suit transaction in our pipeline shifted its strategy in connection with an unanticipated change in its executive leadership, and determined not to proceed with certain initiatives, including our transaction.

We are steadfast in our commitment to scaling a robust and resilient pipeline of build-to-suit developments as part of our core building blocks of growth, said John Moragne, BNL’s Chief Executive Officer. We are focused on laddering additional build-to-suit opportunities that provide visibility to embedded growth in future years while maintaining a strong appetite for accretive regular-way acquisitions to optimize near-term results and generate sustainable, long-term growth.

As of today, the $246.5 million in total estimated build-to-suit commitments includes $125.4 million of commitments for developments that are actively under construction and $121.1 million in additional development commitments. The following table summarizes developments that are actively under construction: