News

Broadstone Net Lease Announces Closing of Public Offering of Common Stock

ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL), an internally-managed real estate investment trust (“BNL,” the “Company,” “we,” “our,” or “us”), today 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.

The offering of Common Stock was made pursuant to BNL’s shelf registration statement (including a prospectus), which was filed on June 23, 2021 with the Securities and Exchange Commission (the “SEC”) and automatically became effective upon filing. Copies of documents related to the offering are available at no charge on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus and the accompanying prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at [email protected]; and BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, or by telephone at (800) 414-3627, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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.