ROCHESTER, N.Y. – Broadstone Real Estate today announced an increase to the regular quarterly cash dividend of Broadstone Net Lease, a private real estate investment trust (REIT) managed by the firm. The REIT’s independent Board of Directors voted to increase the quarterly dividend from $1.05 per share to $1.12, which represents a 6.6 percent increase*.
Broadstone Net Lease’s current dividend is $4.48 per share on an annualized basis, representing a 6.8 percent dividend yield based on the current share price. Board members also voted to increase the determined share value from $65 to $66 per share for new investments received between Feb. 1 and April 30, 2014. The original price at inception on December 31, 2007 was $50 per share.
“This dividend increase reflects about half of the 17% growth in adjusted operating funds from operations per share achieved in 2013, thereby allowing us to maintain a conservative dividend payout ratio of under 90%,” explained Amy Tait, Broadstone Chairman and CEO. “In 2014, we intend to continue to grow the diversified portfolio through accretive acquisitions, while maintaining the quality of our portfolio and the strength of our balance sheet.”
Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States. With a diversified portfolio of more than 200 medical, industrial and retail properties in 29 states, the REIT targets acquisitions within the $5 to $50 million range.
There are over 750 accredited investors in BNL, which is externally managed by Broadstone Real Estate LLC, a certified Woman Owned Enterprise. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $250,000. For more information, visit Broadstone’s website at www.broadstone.com.
*Annual distribution per share is not guaranteed and is determined at the discretion of the Broadstone Net Lease, Inc. Board of Directors. Past performance doe snot guarantee future results. All performance data is net of fees. Dividend yield is calculated based on the current share price of $66 as of 2/1/14. View our website at www.broadstone.com for a list of disclosure, calculations, definitions, and risk factors associated with investment.