Broadstone Net Lease Inc Stock Price, News & Analysis

Broadstone Net Lease (NYSE: BNL) announced a public offering of 10,000,000 shares of Common Stock priced at $23.00 each, with a 30-day option for underwriters to buy an additional 1,500,000 shares. The offering will close on June 28, 2021, subject to customary conditions. Proceeds will be used to pay down debt under BNL's $900 million revolving credit facility, fund acquisitions, and for general corporate purposes. The offering is registered under BNL's shelf registration statement filed with the SEC on June 23, 2021.

Broadstone Net Lease, Inc. (BNL) has initiated an underwritten public offering of 10,000,000 shares of its common stock, with the potential for an additional 1,500,000 shares via an underwriters' option. The proceeds will be utilized to reduce borrowings under a $900 million revolving credit facility, finance acquisition opportunities, and cover general corporate expenses. Goldman Sachs & Co. LLC and BMO Capital Markets are the joint lead book-running managers for this offering. A shelf registration statement became effective on June 23, 2021, with documents available on the SEC's website.

Broadstone Net Lease (NYSE: BNL) reported it has invested $134.5 million in 14 properties this quarter, achieving a weighted average initial cash cap rate of 6.2%. Year-to-date, total acquisitions amount to $221.8 million across 42 properties. BNL maintains a robust pipeline with $176.6 million in properties under control. As of May 31, 2021, the company’s portfolio includes 660 properties, 99.7% occupied, with 100% of base rents collected for April and May. The company emphasizes a strong focus on credit analysis and prudent real estate underwriting.

Broadstone Net Lease announced that its Board of Directors decided to amend the Company’s Articles of Incorporation. The amendment will allow changes to the Charter with a majority vote from stockholders, rather than the current supermajority requirement, excluding provisions related to REIT ownership compliance. This will be submitted for approval at the 2022 annual stockholders meeting. As of March 31, 2021, BNL's portfolio comprises 661 net leased properties across various sectors, located primarily within the U.S.

Broadstone Net Lease (BNL) announced strong first-quarter 2021 results, raising its AFFO guidance to $1.28-$1.34 per share. The company invested $87.3 million in 28 properties, achieving a 99.8% rent collection rate and a 99.7% occupancy rate. BNL received an initial 'BBB' credit rating from S&P, enhancing its loan terms. The company generated net income of $24 million, resulting in $0.15 per share. A 2% dividend increase to $0.255 per share was declared for payment on July 15, 2021. BNL continues to build a robust pipeline of acquisitions valued at $206.5 million.

Broadstone Net Lease, Inc. (NYSE: BNL) will release its financial results for Q1 2021 post-market on May 4, 2021. An earnings conference call will follow on May 5, 2021, at 1:30 p.m. ET. The company's diversified portfolio includes 640 properties with a gross asset value of approximately $4.0 billion, spanning industrial, healthcare, restaurant, office, and retail sectors across 41 states and Canada. BNL emphasizes strong credit analysis and prudent real estate underwriting in its investment strategy.

The Board of Directors of Broadstone Net Lease (NYSE: BNL) has nominated Denise Brooks-Williams and Michael A. Coke for election at the upcoming Annual Meeting of Stockholders in May 2021. Brooks-Williams has extensive experience in the healthcare sector, currently serving as CEO at Henry Ford Health System. Coke, co-founder of Terreno Realty, brings significant expertise in industrial real estate. Their appointments aim to enhance the Board's capabilities in core property types, aligning with BNL's growth strategy. The Board will consist of nine members if all nominees are elected, with seven being independent.

Broadstone Net Lease (BNL) announced that all outstanding shares of Class A Common Stock will convert to Common Stock on a one-for-one basis, effective March 22, 2021. This automatic conversion, per BNL’s Articles of Incorporation, will not impact the economic rights of Class A shareholders. Post-conversion, no Class A shares will remain outstanding, and the new Common Stock will have a different CUSIP number. BNL, an internally-managed REIT, holds a diversified portfolio of 640 properties across diverse sectors in the U.S. and Canada, with an aggregate gross asset value of around $4 billion.

Broadstone Net Lease (BNL) reported its operating results for Q4 and full year 2020. The Company invested $100.3 million in 19 properties with a cap rate of 6.9% and achieved a 98.8% rent collection rate for Q4 2020. Net income for Q4 was $17.6 million ($0.11 per share), and for the year, it totaled $56.3 million ($0.44 per share). BNL raised $588.3 million from its IPO, which was used to reduce debt and fund acquisitions. The Company declared a dividend of $0.25 per share and projects 2021 AFFO to be between $1.27 and $1.33 per share.