ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (“BNL,” ”we,” or ”us”), a privately offered real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), today filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (the “Q1 2018 10-Q”), which is available free of charge on the public website of the Securities and Exchange Commission (“SEC”) and on our website at http://investors.bnl.broadstone.com.
“Broadstone Net Lease experienced exceptional performance during the first quarter of 2018, driven by the strong and accretive acquisition volume experienced throughout 2017, and exceptional portfolio performance via high occupancy levels, continued strong rent collections, and best-in-class annual rent escalations, combined with prudent capital and balance sheet management,” said Chris Czarnecki, BNL’s Chief Executive Officer. “As a result of implementing a monthly cap on new equity raises last November, we have been able to more closely match fund new acquisitions and move BNL’s leverage profile towards a consistent and optimal level while maintaining the discipline and conservatism that is key to our status as an investment grade borrower in the REIT space.“ Czarnecki continued, “During the quarter the REIT made two acquisitions, further diversifying the portfolio and strengthening the quality of our underlying tenant base. We are excited about the depth of our acquisition pipeline and anticipate continued growth in the REIT’s holdings during the coming quarters. We also continued to dispose of non-core assets to realize gains for investors and improve the overall quality of the portfolio.”
Click here to download a full PDF of the first quarter 2018 BNL earnings release.