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 (“SEC”) its Quarterly Report on Form 10-Q for the three months ended March 31, 2019 (the “Q1 2019 10-Q”), which is available free of charge on the SEC’s public website and on our website at: http://investors.bnl.broadstone.com.
“We are pleased to report that Broadstone Net Lease’s operating performance is off to a solid start in 2019,” said Chris Czarnecki, BNL’s Chief Executive Officer. “We made several accretive property acquisitions during the first quarter, while improving both our financial flexibility and liquidity by completing a $450 million seven-year term loan – one of the largest in the REIT space – and increasing our revolver capacity from $425 million to $600 million. This additional debt capital positions us to continue to execute on our growth plans for the remainder of the year.” Czarnecki continued, “While our equity cap and queue program was established to better match fund our acquisitions, certain deals that we had anticipated in setting our first quarter equity cap were delayed for reasons outside of our control. As a result, AFFO per share in the first quarter of 2019 was down slightly when compared to the first quarter of 2018. Our AFFO payout ratio for the quarter, however, remains in line with expectations. We will continue to monitor the timing of acquisitions and adjust the monthly cap as appropriate.”
Click here to download a full PDF of the first-quarter 2019 BNL earnings release.