Broadstone Net Lease Announces Management Transition and Business Update YE 2022

John Moragne will be appointed Chief Executive Officer
Ryan Albano will be named president and chief operating officer
Kevin Fennell will be promoted to executive vice president and chief financial officer

ROCHESTER, NY, January 11, 2023—(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL) (“Broadstone,” “BNL,” “Company,” “we,” “our” or “us”) announced today that its Board of Directors has approved a senior executive succession plan pursuant to which John Moragne, currently the Company’s Executive Vice President and Chief Operating Officer, to become Chief Executive Officer (“CEO”) and a member of the Board, effective February 28, 2023. .. President and Chief Executive Officer Chris Czarnecki will step down from his current role and the Board of Directors after effective date, but will remain with the company until January 31, 2024 in an advisory role as part of the planned transition.

Broadstone has a bright future and John is the clear choice as CEO to lead the company into its next phase of growth,” stated Chris Czarnecki. “I am extremely proud to have been part of such a dynamic team over the past 13 years and to have been the company’s CEO since 2017. I am extremely grateful to have had the opportunity to build BNL into what it is today. After an exceptional year of operational performance and much thought and consideration, I feel now is the appropriate time to step down to focus more on my personal interests and spend more time with my family. I am confident that the company will be in very capable hands moving forward in the next chapter. John has been a close colleague and friend of mine for many years and I look forward to facilitating a smooth transition and supporting the entire team.

Accepting the appointment of Chief Executive Officer, Mr. Moragne said “I am grateful for this opportunity to lead Broadstone into the future with the same team I have worked with for the past seven years. I appreciate the trust Chris and the Board have placed in me to maintain our strong track record of execution and continue to deliver long-term value to our shareholders.Mr. Moragne has served as Executive Vice President and Chief Operating Officer since 2018, leading the Company’s real estate investments, operations and numerous other corporate functions, and previously served as the Company’s General Counsel from 2016 to 2018. Prior to joining the Company, Mr. Moragne has worked as an M&A and securities attorney in private practice, including providing legal advice to BNL since the Company’s inception in 2007.

On behalf of the Board, I would like to thank Chris for his outstanding leadership and steadfast commitment to BNL during his more than 13 years with the Company,” said President Laurie Hawkes. “Chris has been instrumental in the growth of BNL from its earliest days, including recruiting and developing the current leadership team. We congratulate him on the outstanding success he has achieved on behalf of all our stakeholders.” continued Mrs. Hawkes, “The company is extremely fortunate to have such a deep bench of talent and experience. As we turn the company over to John, the board and I remain completely confident and excited about the future of BNL.

As part of the 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. In his new role, Mr. Albano will oversee the Company’s investment strategy and real estate operations, including acquisitions, portfolio management, asset management and disposition, and credit functions. Mr. Albano has been the Chief Financial Officer of BNL since February 2017 and is a member of our Investment Committee.

In addition, Kevin Fennell, currently the Company’s Senior Vice President of 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 will oversee capital markets strategy, investor relations, financial planning and analysis, accounting, internal audit, tax and IT.


  • During the fourth quarter, we invested $310.3 million in 18 properties at a weighted average initial capitalization rate of 6.7%. Investments were primarily weighted towards industrial assets, which represented $292 million of the total. The leases had a weighted average initial term of 19.7 years and a minimum annual rent increase of 2.0%. For the entire year 2022, we completed investments with a total value of USD 907.2 million.

  • During the fourth quarter, we sold three properties for net proceeds of $39.2 million at a weighted average cash capitalization rate of 5.8%. For the full year 2022, we sold eight properties for net proceeds of $57.9 million.

  • We collected 99.9% of base rents due for the fourth quarter for all leased properties, and our portfolio was 99.4% leased based on rentable square footage, with three of the total 804 properties vacant and not subject to lease by the end of the quarter. For the entire year 2022, we collected more than 99.9% of the basic rents for all leased properties.

  • On December 28, 2022, we settled our outstanding forward stock offering of 13,000,000 shares for net proceeds of $273.2 million. We used the proceeds to repay part of the outstanding loans on our revolving credit line.

About Broadstone Net Lease, Inc.
BNL is a real estate investment trust that acquires, owns and manages primarily single-tenant commercial properties that are net leased on a long-term basis to a diverse group of tenants. The company employs an investment strategy backed by strong fundamental credit analysis and prudent real estate acquisitions. As of December 31, 2022, BNL’s diversified portfolio consisted of 804 individual net leased commercial properties with 797 properties in 44 US states and seven properties in four Canadian provinces across industrial, healthcare, restaurant, retail and office 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 , with our plans, strategies, and perspectives, business and financial. Such forward-looking statements generally can be identified by our use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate” , “would be”, “believe”, “continue” or other similar words. Forward-looking statements, including our 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 the COVID-19 pandemic and related impacts on us and our tenants, general economic conditions, including but not limited to increases in inflation and/or interest rates, local real estate conditions, financial health of tenants, real estate acquisitions and the timing and uncertainty of completing these acquisitions, and uncertainties in connection with future distributions to our shareholders. 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, 2021, filed with the SEC on February 23, 2022, which you are encouraged to is available for reading and is available on the SEC’s website at If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ 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 on which they are made. The Company undertakes 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.

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Company contact:
Michael Caruso
Senior Vice President, Corporate Finance and Investor Relations
[email protected]

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