Exhibit 99.1
For Immediate Release
June 23, 2021
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Company Contact: Michael Caruso SVP, Corporate Finance & Investor Relations 585.402.7842 | |  |
Broadstone Net Lease Provides Updates on Second Quarter Acquisitions and Portfolio Performance
ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL), an internally-managed real estate investment trust (“BNL,” the “Company,” “we,” “our,” or “us”), today provided an update on its recent business activities.
QUARTER-TO-DATE UPDATES
Quarter-to-date, we have invested $134.5 million, excluding capitalized acquisition costs, to acquire 14 properties at a weighted average initial cash cap rate of 6.2%. “Cash cap rate” represents the first-year cash yield estimated by us to be generated by a property that we acquire, based on the contractually specified base rent in place for the first full year after the date of our acquisition, divided by the purchase price of the property. The acquisitions included properties in industrial and retail asset classes located across 13 states with a weighted average initial lease term and minimum annual base rent increases of 14.7 years and 1.3%, respectively. Year-to-date, we have acquired 42 properties in 8 separate transactions for a total of $221.8 million.
We continue to build and evaluate a robust pipeline of potential investment opportunities predominantly focused on industrial, healthcare, and retail property sectors and currently have $176.6 million of properties under control, which we define as under contract or executed letter of intent. Year-to-date, we have a total of $398.5 million of acquisitions either closed or currently under control. There can be no assurance that any of the acquisitions currently under control will be completed.
As of May 31, 2021, our portfolio included 660 properties located in 41 U.S. states and one property located in British Columbia, Canada, and was 99.7% occupied. We collected 100% of base rents due for April and May of 2021.
About Broadstone Net Lease, Inc.
BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of March 31, 2021, BNL’s diversified portfolio consisted of 661 individual net leased commercial properties with 660 located in 41 U.S. states and one property located in Canada across the industrial, healthcare, restaurant, office, and retail 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 “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or other similar words. Forward-looking statements, including our 2021 guidance, involve known and unknown risks and uncertainties, which may cause
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