EXHIBIT 99.1

For Immediate Release

August 10, 2018

 

 

Investor Relations Contact:

Christopher J. Brodhead

Senior Vice President, Investor Relations

chris.brodhead@broadstone.com

585.287.6499

 

 

Broadstone Net Lease, Inc. Reports 2018 Second Quarter Operating Results

 

ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (“BNL,” ”we,” or ”us”), a privately offered real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), today filed with the Securities and Exchange Commission (“SEC”) its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2018 (the “Q2 2018 10-Q”), which is available free of charge on the SEC’s public website and on our website at:  http://investors.bnl.broadstone.com.

 

We are pleased to report another quarter of strong performance for BNL,” said Chris Czarnecki, BNL’s Chief Executive Officer. “During the second quarter, the REIT acquired 14 properties for more than $154 million, which further diversified and strengthened the quality of our tenant base. With a robust and attractive pipeline of potential acquisition targets and deals in progress, on July 18, 2018, we increased BNL’s monthly equity cap from $15 million to $20 million. With continued strong investor interest and the successful completion of BNL’s second debt private placement offering that we announced earlier this quarter, we feel that BNL has exceptional access to capital and remains on track to meet its growth and performance objectives for the year.”

 

OPERATING HIGHLIGHTS

 

For the three months ended June 30, 2018, we:

 

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Reported revenues of $57.0 million, representing growth of 30.6% compared to the three months ended June 30, 2017.

 

 

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Generated earnings per diluted share (on a GAAP basis, as defined below), including amounts attributable to noncontrolling interests, of $0.86.

 

 

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Generated funds from operations (“FFO”), a non-GAAP financial measure, of $1.60 per diluted share.

 

 

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Generated adjusted funds from operations (“AFFO”), a non-GAAP financial measure, of $1.39 per diluted share.

 

 

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Closed eight real estate acquisitions totaling $154.3 million, excluding capitalized acquisition expenses, adding 14 new properties at a weighted average initial cash capitalization rate of 6.9%. The properties acquired had a weighted average remaining lease term of 14.3 years at the time of acquisition with weighted average annual rent increases of 1.8%.

 

 

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Disposed of six properties for $14.6 million, recognizing a gain of $4.3 million above carrying value.

 

 

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Received $72.5 million in investments from new and existing stockholders, including property contributed in exchange for membership units in Broadstone Net Lease, LLC (the

 

1

 


The following information was filed by Broadstone Net Lease, Inc. on Friday, August 10, 2018 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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