ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (BNL) announced today that it has completed its initial assessment of the impact of Hurricane and Tropical Storm Irma on the 50 properties BNL owns that are located in Florida and the areas of Georgia impacted by the storm. As of June 30, 2017, these properties represent approximately $13.5 million, or 8.5%, of BNL’s contractual rental revenue over the next twelve months and approximately 1.0 million, or 7.4%, of BNL’s rentable square feet of operational space. BNL’s portfolio management team has been in communication with all of BNL’s tenants in the affected areas, and reports indicate that BNL’s properties sustained no or minimal damage as a result of the hurricane. In the coming weeks, BNL’s portfolio management team will be conducting site visits to all of the properties in Florida and the areas of Georgia impacted by Hurricane Irma to develop a complete understanding of any potential impacts from the storm. We will provide additional information or updates in the event of a material change from these initial reports.
“We are grateful that our friends, tenants, family, and co-workers in Florida, Georgia, and Texas are safe and that our properties in the affected areas only sustained minimal damage,” stated Chris Czarnecki, Chief Executive Officer of BNL. “Our portfolio management team and their partners at our tenants performed exceptionally well under challenging circumstances. Our thoughts continue to be with all of the people and communities impacted by Hurricanes Harvey and Irma.”
About Broadstone Net Lease, Inc.
Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of over 459 healthcare, industrial and retail properties in 37 states, the REIT targets individual or portfolio acquisitions within the $10 million to $200+ million range.
There are currently more than 2,000 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered directly by Broadstone via private placement. Please see certain important disclosures regarding BNL at broadstone.com/disclosures.
For more information on BNL, please visit our website at www.broadstone.com
Forward Looking Statements
This press release contains forward-looking statements under the federal securities laws. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. For additional disclosure regarding these and other risks faced by the company, see the disclosures contained in our public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.