EXHIBIT 99.1

For Immediate Release

March 14, 2019

 

Investor Relations Contact:

Christopher J. Brodhead

Senior Vice President, Investor Relations

chris.brodhead@broadstone.com

585.287.6499

 

 

Broadstone Net Lease, Inc. Reports 2018 Fourth-Quarter and Full-Year Performance

 

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 Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”), which is available free of charge on the SEC’s public website and on our website at: http://investors.bnl.broadstone.com.

 

OPERATING HIGHLIGHTS

 

During the fourth quarter and year ended December 31, 2018, we:

 

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Increased fourth-quarter revenues to $63.1 million and full-year revenues to $237.5 million, representing increases of 27.5% and 30.8% compared to the respective comparable periods in 2017.

 

 

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Generated earnings per diluted share in accordance with accounting principles generally accepted in the United States of America (“GAAP”) of $0.63 for the fourth quarter of 2018, representing a decrease of $0.21, or 25.0%, compared to the fourth quarter of 2017. Generated earnings per diluted share of $3.43 for the year ended December 31, 2018, representing an increase of $0.22, or 6.9%, compared to the year ended December 31, 2017.

 

 

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Generated funds from operations (“FFO”) per diluted share, a non-GAAP financial measure, of $1.58 for the fourth quarter of 2018, representing an increase of $0.01, or 0.6%, compared to the fourth quarter of 2017. Generated FFO per diluted share of $6.88 for the year ended December 31, 2018, representing an increase of $0.88, or 14.7%, compared to the year ended December 31, 2017.

 

 

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Generated adjusted funds from operations (“AFFO”) per diluted share, a non-GAAP financial measure, of $1.41 for the fourth quarter of 2018, representing an increase of $0.07, or 5.2%, compared to the fourth quarter of 2017. Generated AFFO per diluted share of $5.66 for the year ended December 31, 2018, representing an increase of $0.28, or 5.2%, compared to the year ended December 31, 2017.

 

 

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Increased our monthly distribution to our stockholders and the holders of membership interests in Broadstone Net Lease, LLC, our operating company (the “Operating Company”) from $0.415 per share at December 31, 2017, to $0.43 per share at December 31, 2018. Subsequent to year end, our Board of Directors voted to increase the monthly distribution to $0.44 per share, payable to holders of record prior to the ends of February 2019, March 2019, and April 2019.

 

 

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Closed 11 real estate acquisitions totaling $241.5 million, excluding capitalized acquisition expenses, during the fourth quarter, adding 43 new properties at a weighted average initial cash capitalization rate of 6.8%. The properties acquired had a weighted average remaining

 

1

 


The following information was filed by Broadstone Net Lease, Inc. on Thursday, March 14, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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