Broadstone Net Lease, Inc. Announces Continued Portfolio Growth in 2018
January 30, 2019| Broadstone Net Lease
Broadstone Net Lease, Inc. (“BNL”), a privately offered real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), continued to expand its nationwide portfolio of freestanding, single-tenant, net leased commercial properties during 2018. Today, BNL announced strong full-year portfolio activity, including the acquisition of 113 properties via 26 distinct transactions for approximately $606.8 million. In the fourth quarter alone, BNL acquired 43 properties for approximately $241.5 million. The REIT also disposed of 20 properties in 2018, realizing approximately $57.3 million in gross proceeds. At December 31, 2018, BNL owned 621 properties in 42 states, with a total market value of nearly $3.5 billion.
BNL invests in freestanding, single-tenant, net leased commercial properties located throughout the United States, primarily via sale and leaseback, lease assumption, and UPREIT transactions. UPREIT transactions (where “UPREIT” means “umbrella partnership real estate investment trust”) provide a tax deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax cost basis. With a diversified portfolio of 621 retail, healthcare, industrial, office, and other properties in 42 states as of December 31, 2018, the REIT targets individual or portfolio acquisitions within the $5 million to $300 million range.
There are currently more than 3,100 stockholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum direct investment of $500,000. Shares are offered directly by BNL via private placement.
“I am pleased to report another strong year of operating performance and portfolio growth for BNL,” said Chris Czarnecki, BNL’s Chief Executive Officer. “Our continued access to capital through strong relationships with both our stockholders and debt financing partners allowed us to further build our portfolio of high quality, diversified, commercial, net leased assets while selectively disposing of non-core assets to reap and reinvest gains. As a result, we were able to provide a strong 13.1% total return to our stockholders for the year, assuming dividend reinvestment. We continue to identify and pursue attractive, accretive acquisition targets, and anticipate 2019 will build upon 2018’s momentum.”