ROCHESTER, N.Y. – Broadstone Net Lease, Inc., an internally-managed real estate investment trust (“BNL”), announced today that it plans to commence the roadshow for its proposed initial public offering. BNL has filed a registration statement on Form S-11 with the Securities and Exchange Commission (“SEC”) to offer 33,500,000 shares of its Class A Common Stock to the public.BNL also intends to grant the underwriters a 30-day option to purchase up to an additional 5,025,000 shares of its Class A Common Stock from BNL. The initial public offering price is expected to be between $17.00 and $19.00 per share. BNL has been approved to list its Class A Common Stock, subject to notice of issuance, on the New York Stock Exchange under the ticker symbol “BNL”. BNL intends to use the net proceeds from the proposed offering 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 are acting as joint book-running managers for the proposed offering. Regions Securities LLC, BTIG, KeyBanc Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus may be obtained from 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.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 the registration or qualification under the securities laws of any such state or jurisdiction.
About Broadstone Net Lease, Inc.
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.