Private REIT Moves to Monthly Dividends
ROCHESTER, N.Y. – Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, has declared a quarterly dividend of $1.12 for the first quarter of 2014, and also announced that it will shift to a monthly dividend going forward. The new monthly dividend will be 39 cents per share, reflecting a payout ratio of approximately 90% of the REIT’s adjusted operating funds from operations (O-AFFO.) The new annualized dividend represents a 4.4% increase, following a 6.6% increase in February, and equates to a 7% annualized yield.
The REIT’s independent board members also voted to increase the determined share value from $66 to $67 per share for new investments received during May, June and July of 2014. In 2013, BNL generated O-AFFO growth per share of over 18% and total return of 17.9%. Since 12/31/2007 inception, the REIT has generated an average total annual return of 12.2%.² Continue reading
