Exhibit 99.1

For Immediate Release

November 13, 2017

Investor Relations Contact:

Christopher J. Brodhead

Senior Vice President, Investor Relations

chris.brodhead@broadstone.com

585.287.6499

 

Third Quarter 2017 Operating Results

Dear Shareholders – We are pleased to provide you with the results of Broadstone Net Lease, Inc.’s (“BNL,” “we,” “our,” or the “Company”) operations for the third quarter of 2017. More information on BNL’s Q3 performance is available in BNL’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, as filed with the SEC on November 13, 2017 (“Q3 2017 10-Q”), which is available free of charge on the SEC’s public website.

“BNL continued to grow its real estate portfolio during the third quarter of 2017,” said Chris Czarnecki, BNL’s Chief Executive Officer. “We acquired $159.2 million of properties via seven real estate acquisitions, bringing our total acquisitions for the year to $352.0 million at a weighted average initial cash capitalization rate of 7.4%. While our per share results have been impacted by the timing difference between ongoing equity raises and capital deployment, we’ve maintained diligence in our credit underwriting standards, focusing on long-term growth and continual enhancements to the credit profile of our portfolio. We maintain our dedication to quality investments and achieving an appropriate risk-adjusted return for our shareholders.”  

THIRD QUARTER 2017 HIGHLIGHTS

For the three and nine months ended September 30, 2017, we:

 

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Generated earnings per share (on a GAAP basis), including amounts attributable to noncontrolling interests, of $0.68 for the three months ended September 30, 2017, and $2.36 for the nine months ended September 30, 2017.

 

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Generated funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, of $1.42 per diluted share for the three months ended September 30, 2017, and $4.43 per diluted share for the nine months ended September 30, 2017.

 

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Generated adjusted funds from operations (“AFFO”) of $1.30 per diluted share for the three months ended September 30, 2017, and $4.04 per diluted share for the nine months ended September 30, 2017.

 

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Subsequent to quarter end, the Independent Directors Committee of our Board of Directors approved increasing the Determined Share Value (“DSV”) to $81.00 per share, from $80.00 per share, which will remain in effect through January 31, 2018.

 

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Also subsequent to quarter end, our Board of Directors declared monthly distributions of $0.415 per share of our common stock and unit of membership interest in Broadstone Net Lease, LLC, our operating company (the “Operating Company”) to be paid by us to our stockholders and members of the Operating Company (other than us) of record prior to the end of November 2017, December 2017, and January 2018.

 

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Closed seven real estate acquisitions during the three months ended September 30, 2017, totaling $159.2 million, excluding capitalized acquisition expenses, adding 22 new properties at a weighted average initial cash capitalization rate of 7.7%. The properties acquired had a weighted average remaining lease term of 13.0 years at the time of acquisition with weighted average annual rent increases of 1.8%.

 

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Received $79.2 million in investments from new and existing stockholders during the three months ended September 30, 2017. As of the end of the quarter we had 2,546 common stockholders and 51 holders of noncontrolling membership units in the Operating Company.

 

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Collected over 99% of rents due during the three and nine months ended September 30, 2017, and maintained a 100% leased portfolio.

FFO and AFFO are performance measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We present these non-GAAP measures as we believe certain investors and other users of our financial information use them as part of their evaluation of our historical operating performance. Please see our discussion below under

1


The following information was filed by Broadstone Net Lease, Inc. on Monday, November 13, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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