John Moragne, CEO of Broadstone Net Lease, Inc. (NYSE: BNL), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas on Nov. 18-21.
He reflected on the company’s key achievements and strategic goals, highlighting efforts to simplify the portfolio through a clinical health care repositioning strategy—while also laying the groundwork for sustainable adjusted funds from operations (AFFO) growth using four key building blocks: in-place portfolio performance, revenue-generating capital expenditures, build-to-suit developments, and regular acquisitions.
“We’re very excited about the future and believe that we’ve been able to substantially accomplish both,” Moragne stated, referencing the company’s portfolio realignment and growth targets.
He also discussed a build-to-suit project with Sierra Nevada Corporation. Broadstone partnered with the aerospace company to construct two 120,000-square-foot maintenance, repair, and overhaul (MRO) airplane hangars for servicing U.S. Air Force aircraft.
“The words ‘mission critical’ get used a lot in our industry, but thinking about those planes and the service they provide...this is as mission critical as it possibly gets,” Moragne emphasized.
Looking ahead, Broadstone intends to concentrate on industrial, retail, and restaurant properties while leveraging established tenant relationships. Moragne expressed confidence in the firm’s ability to capitalize on its streamlined portfolio and comprehensive growth strategy to generate long-term value for investors.