ROCHESTER, N.Y.–(BUSINESS WIRE)–Broadstone Net Lease, Inc. (NYSE: BNL), an internally-managed real estate investment trust announced that it has completed its underwritten public offering of 11,500,000 shares of its Common Stock, which includes the full exercise of the underwriters’ option to purchase an additional 1,500,000 shares of Common Stock, at a price to the public of $23.00 per share, less underwriting discounts and commissions.
BNL will contribute the net proceeds of the proposed offering to its operating partnership, Broadstone Net Lease, LLC, which intends to subsequently use such net proceeds to pay down outstanding borrowings under BNL’s $900 million revolving credit facility, fund potential acquisition opportunities and for other general corporate and working capital purposes.
Goldman Sachs & Co. LLC and BMO Capital Markets acted as joint lead book-running managers for the offering. J.P. Morgan, Morgan Stanley, Capital One Securities and Truist Securities acted as joint book-running managers for the offering. KeyBanc Capital Markets, BTIG, Regions Securities LLC, Ramirez & Co., Inc. and TD Securities acted as co-managers for the offering.
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.
