News

Broadstone Net Lease, Inc. Announces Closing of Initial Public Offering

ROCHESTER, N.Y. – Broadstone Net Lease, Inc., an internally-managed real estate investment trust (“BNL”), today announced that it has completed its initial public offering of 33,500,000 shares of its Class A Common Stock at a price to the public of $17.00 per share for estimated net proceeds of $533.5 million. The underwriters also have been granted a 30-day option to purchase up to an additional 5,025,000 shares of Class A Common Stock from BNL at the initial public offering price, less underwriting discounts and commissions. The shares of Class A Common Stock began trading on the New York Stock Exchange on September 17, 2020, under the ticker symbol “BNL”.

BNL intends to use the net proceeds to repay borrowings under its unsecured term loan and revolving credit facility, and for general business and working capital purposes, including potential future acquisitions.

J.P. Morgan, Goldman Sachs & Co. LLC, BMO Capital Markets, Morgan Stanley, Capital One Securities and Truist Securities acted as joint book-running managers for the offering. Regions Securities LLC, BTIG, KeyBanc Capital Markets and Ramirez & Co., Inc. acted as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 16, 2020. Copies of the final prospectus related to the offering may be obtained from any of the following sources: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; 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]; 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]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor New York, NY 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 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. BNL utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of June 30, 2020, BNL’s diversified portfolio consisted of 632 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.