Latest news with #KevinFennell
Business Wire
6 days ago
- Business
- Business Wire
Broadstone Net Lease Provides an Update on Recent Business Activity and Participation at Nareit's REITweek 2025 Annual Conference
VICTOR, N.Y.--(BUSINESS WIRE)--Broadstone Net Lease, Inc. (NYSE: BNL) ('Broadstone,' 'BNL,' the 'Company,' 'we,' 'our,' or 'us'), today provided an update on its recent business activity through June 2, 2025. Additionally, the Company announced that BNL's CEO, John Moragne and CFO, Kevin Fennell, will be participating in the Nareit REITweek 2025 Annual Conference in New York, NY on June 3 and June 4, 2025. JUNE 2025 BUSINESS UPDATE Quarter-to-date, we have invested $83.3 million, including $54.7 million in new property acquisitions and $28.6 million in build-to-suit developments. Year-to-date, we have invested $171.7 million, including $113.7 million in new property acquisitions, and $55.1 million in build-to-suit developments, and $2.8 million in revenue generating capital expenditures. Total investments consist of $152.5 million in industrial properties and $19.2 million in retail properties. As of the date of this release, we have $191.6 million of new property acquisitions under control, consisting of $170.2 million in industrial properties and $21.4 million in retail properties. During the quarter, we successfully sold two healthcare assets for gross proceeds of $5.5 million, bringing our year-to-date total dispositions to $12.9 million. As a result of the second quarter dispositions, we have reduced our Clinical & Surgical healthcare properties to 2.4% of our total ABR. In connection with our previously announced $400 million unsecured term loan maturing in 2028, we exercised the remaining $100 million draw feature, increasing the total term loan to $500 million. The proceeds were used to repay outstanding borrowings on our revolving credit facility. Collected 99.1% of base rents due year-to-date for all properties under lease. The following table summarizes developments that are actively under construction and reflects cumulative investments as of June 2, 2025: (unaudited, in thousands) In-process retail: 7 Brew (High Point - NC) 1 Dec. 2024 Jun. 2025 15.0 1.9 % $ 1,975 $ 1,477 $ 498 8.0 % 8.8 % In-process industrial: Sierra Nevada (Dayton - OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 58,563 19,064 39,500 7.6 % 9.4 % Sierra Nevada (Dayton - OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 55,525 15,044 40,481 7.7 % 9.6 % Southwire (Bremen - GA) 1,178 Dec. 2024 Jul. 2026 10.0 2.8 % 115,411 15,926 99,485 7.8 % 8.8 % Fiat Chrysler Automobile (Forsyth - GA) 422 Apr. 2025 Aug. 2026 15.0 2.8 % 78,242 10,542 67,700 6.9 % 8.4 % Total / weighted average 1,844 13.1 2.8 % $ 309,716 $ 62,053 $ 247,664 7.5 % 8.9 % Stabilized industrial: UNFI (Sarasota - FL) 1,016 May 2023 Completed 15.0 2.5 % 200,958 200,958 — 7.2 % 8.6 % Stabilized retail: 7 Brew (Charleston - SC) 1 Completed 15.0 1.9 % 1,729 1,035 694 7.9 % 8.8 % Total / weighted average 2,861 13.9 2.7 % $ 512,404 $ 264,046 $ 248,358 7.4 % 8.8 % 1 Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment. Expand About Broadstone Net Lease, Inc. BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2025, BNL's diversified portfolio consisted of 769 individual net leased commercial properties with 762 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types. 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, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 'outlook,' 'potential,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'approximately,' 'projects,' 'predicts,' 'expect,' 'intends,' 'anticipates,' 'estimates,' 'plans,' 'would be,' 'believes,' 'continues,' or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL's actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A 'Risk Factors' of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 20, 2025, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, both of which you are encouraged to read, and will be available on the SEC's website at Please note that such Risk Factors will be updated, if necessary, through the filing of Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Yahoo
6 days ago
- Business
- Yahoo
Broadstone Net Lease Provides an Update on Recent Business Activity and Participation at Nareit's REITweek 2025 Annual Conference
VICTOR, N.Y., June 02, 2025--(BUSINESS WIRE)--Broadstone Net Lease, Inc. (NYSE: BNL) ("Broadstone," "BNL," the "Company," "we," "our," or "us"), today provided an update on its recent business activity through June 2, 2025. Additionally, the Company announced that BNL's CEO, John Moragne and CFO, Kevin Fennell, will be participating in the Nareit REITweek 2025 Annual Conference in New York, NY on June 3 and June 4, 2025. JUNE 2025 BUSINESS UPDATE Quarter-to-date, we have invested $83.3 million, including $54.7 million in new property acquisitions and $28.6 million in build-to-suit developments. Year-to-date, we have invested $171.7 million, including $113.7 million in new property acquisitions, and $55.1 million in build-to-suit developments, and $2.8 million in revenue generating capital expenditures. Total investments consist of $152.5 million in industrial properties and $19.2 million in retail properties. As of the date of this release, we have $191.6 million of new property acquisitions under control, consisting of $170.2 million in industrial properties and $21.4 million in retail properties. During the quarter, we successfully sold two healthcare assets for gross proceeds of $5.5 million, bringing our year-to-date total dispositions to $12.9 million. As a result of the second quarter dispositions, we have reduced our Clinical & Surgical healthcare properties to 2.4% of our total ABR. In connection with our previously announced $400 million unsecured term loan maturing in 2028, we exercised the remaining $100 million draw feature, increasing the total term loan to $500 million. The proceeds were used to repay outstanding borrowings on our revolving credit facility. Collected 99.1% of base rents due year-to-date for all properties under lease. The following table summarizes developments that are actively under construction and reflects cumulative investments as of June 2, 2025: (unaudited, in thousands) Property Projected Rentable Square Feet Start Date Target Stabilization Date Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment at 6/2/2025 Estimated Remaining Investment Estimated Cash Capitalization Rate Estimated Straight-line Yield1 In-process retail: 7 Brew (High Point - NC) 1 Dec. 2024 Jun. 2025 15.0 1.9 % $ 1,975 $ 1,477 $ 498 8.0 % 8.8 % In-process industrial: Sierra Nevada (Dayton - OH) 122 Oct. 2024 Nov. 2025 15.0 3.0 % 58,563 19,064 39,500 7.6 % 9.4 % Sierra Nevada (Dayton - OH) 122 Oct. 2024 Mar. 2026 15.0 3.0 % 55,525 15,044 40,481 7.7 % 9.6 % Southwire (Bremen - GA) 1,178 Dec. 2024 Jul. 2026 10.0 2.8 % 115,411 15,926 99,485 7.8 % 8.8 % Fiat Chrysler Automobile (Forsyth - GA) 422 Apr. 2025 Aug. 2026 15.0 2.8 % 78,242 10,542 67,700 6.9 % 8.4 % Total / weighted average 1,844 13.1 2.8 % $ 309,716 $ 62,053 $ 247,664 7.5 % 8.9 % Stabilized industrial: UNFI (Sarasota - FL) 1,016 May 2023 Completed 15.0 2.5 % 200,958 200,958 — 7.2 % 8.6 % Stabilized retail: 7 Brew (Charleston - SC) 1 Feb. 2025 Completed 15.0 1.9 % 1,729 1,035 694 7.9 % 8.8 % Total / weighted average 2,861 13.9 2.7 % $ 512,404 $ 264,046 $ 248,358 7.4 % 8.8 % 1 Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment. About Broadstone Net Lease, Inc. BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2025, BNL's diversified portfolio consisted of 769 individual net leased commercial properties with 762 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types. 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, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "outlook," "potential," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "expect," "intends," "anticipates," "estimates," "plans," "would be," "believes," "continues," or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL's actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 20, 2025, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, both of which you are encouraged to read, and will be available on the SEC's website at Please note that such Risk Factors will be updated, if necessary, through the filing of Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. View source version on Contacts Company Contact:Brent MaedlDirector, Corporate Finance & Investor 585.382.8507 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-02-2025
- Automotive
- Yahoo
You Have No Idea How Hard It Is to Fix a Crashed Lotus Elise
Track driving is not for the faint of heart — or with those thin wallets. The likelihood that you and your car will take a hit is high, and the costs associated are always going to be on the expensive end. But the heart wants what it wants, and so long as you go in with your eyes open, the difficulty of a repair shouldn't deter you from buying your track weapon of choice — even if it's something rather exotic and hard to like a Lotus. Fastx Autosport in San Marcos, Texas, is all too familiar with the costs associated with rebuilding a previously track-prepped, smashed-up Lotus Elise. The track-prep specialists, mid-engine experts, and driver coaching hub situated squarely between Austin and San Antonio has been developing a regular clientele of Lotus owners for the past five years. And when an Elise recently met its maker at Road Atlanta, Fastx Autosport's owner Kevin Fennell was the Lotus owner's first call for a full rebuild. Fennell, a former oil field engineer and Canadian-turned-Texan, brought Fastx Autosport to life after purchasing a Lotus Exige in 2014. The Lotus in his driveway garnered a neighborly invitation to Harris Hill Raceway, Fennell's local course, and track driving became a regular facet of his life shortly thereafter. He spent two years in his garage and the following three building up his shop in San Marcos, attracting Lotus customers from across the country. It's not just crash repair that Fastx Autosport focuses on, either: check their YouTube channel and you'll see the likes of a twin-turbo, 1000-hp time-attack Exige, a number of ChampCar Miatas, and even an in-house wiring harness room. We first learned about Fastx Autosport after a social media post of a crash at Road Atlanta went viral. Exiting corner 10b and cresting the ridge toward turn 11, a gnarly set of rumble strips appeared to unsettle the rear end of the Elise, sending the driver into the inside edge concrete wall headfirst at about 40 mph. The initial video clip shows the driver screaming a repeated expletive — we would be doing so as well — but Fennell told us that their customer was ultimately okay. Plus, the time and cost to repair his precious Elise track car weren't as cost-prohibitive as forum posts and Lotus exclusivity might lead you to believe. "It was about 80 hours to do that job. Something around 15 hours to do the crash structure, 10 hours each to do the clams and get them quick mounted, and maybe five hours to get the roof quick mounted," Fennell told Road & Track. The front-end damage was the primary problem, but the Elise had spun around and taken a rear-end hit, too. As a result, Fennell and the folks at Fastx Autosport elected to do a full rebuild. Replacing the front-end crash structure was first on the list. Lotus uses a fiberglass body structure under the front end of its Elise lineup, a decided departure from the likes of Toyota and Ford, but it's not actually that expensive to buy. Fennell said the price for a new crash structure from Lotus came out to $3000. That's a drop in the bucket compared to the price of buying and tracking an Elise these days. What was difficult, however, was the way Lotus attached the crash structure to the chassis. Instead of bolting it in like any other automaker, Lotus primarily uses glue to fix its safety brace, meaning Fennell and his team had to cut the damaged one out and grind out all the adhesive first. Then came the painstaking process of inserting the new structure. Glue remains a critical component in reassembly, but Fennell said the glue itself isn't very tacky; it takes precision, temporary rivets, and a patient touch to get it sitting right. "We mocked everything up, checked all the alignment, got the new crash structure in, mounted it up with Rivnuts, figured out where it had to sit, and then used the special two-part glue to put it back on in that position," Fennell said. "From there, it was just a matter of putting body panels back on." It's here where the story starts to get expensive. Factory body panels for most Lotus models remain available, but the price per panel can be as high as $10,000. This particular client needed to replace his Elise's front and rear clamshells, meaning the carbon fiber body panel bill would have run upwards of $18,000. ("Simplify and add lightness" ain't cheap.) However, Fannell found a workaround for his client in the form of aftermarket, race-ready panels that cost around $7000 total. Using quick-release latches, the rebuilt Elise can have its front end off in a matter of seconds — ideal for quick track-side fixes or future crash repair. Even after all the fixes and upgrades — on guidance from Fannell, the Elise owner went on to upgrade his aerodynamics and add a supercharger — but one piece of the damaged Elise remained. Both doors took minor hits during the crash, but repairing an Elise door is perhaps the most annoying part of all. "Man, you have to really want your door repaired on a Lotus. Everything is glued to the inside of it," Fannell said. "So if it gets hit and one of those glue panels breaks off, trying to get the alignment back so that you know the window, latch, and hinge works, the mirrors in the right spot, and so you can mount the door back on the car in the right spot is kind of beyond what most people would want to pay for and maybe even what we could do here." Beyond the host of power and aerodynamic upgrades applied to this Elise, the total parts cost of rebuilding a nearly totaled Elise ran the client about $10,000, plus 80 hours of labor on top of that. We're not here to say that five figures of repair are affordable, but it's akin to the inflated repair costs associated with an insurance claim for a pedestrian commuter car these days. While the bodywork can be understandably expensive, Lotus's long-held partnership with Toyota parts and generous engine bay arrangement is a significant reason why even a mechanical rebuild isn't bank-breaking; gear sets, engine parts, and even odd-ball interior parts are all stocked by your local Toyota dealership. "Those parts that are glued on are incredibly difficult to work on. Then on the counter side, the parts that you can take off make it very easy to work on. On my personal race car, you could be standing in the engine bay in a minute and a half and have every piece of bodywork off the entire rear end of the car," Fennell said. "The reason I like working on the Lotuses is that you can kind of figure out anything to do in them. You have this chassis, but inside the chassis, there's this big open space to have the engine and the engine bay, so it gives you some freedom to put different drive trains in and different kinds of plumbing layouts and so on. You're not restricted so much by the car." You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
