Private REIT Owns 344 Net Leased Properties in 34 States
ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC, announced today that Moody’s Investors Service has assigned BNL’s operating company, Broadstone Net Lease, LLC, an investment grade credit rating of Baa3 with a stable outlook. This is the first time that Moody’s has assigned a rating to BNL.
“We are pleased with Moody’s assignment of an investment grade credit rating for BNL, and believe that it is a direct reflection of our portfolio of high-quality real estate leased to credit-worthy tenants, conservatively structured balance sheet, and strong historical operating performance,” said Amy Tait, Chairman and CEO. “We aim to continue delivering dependable dividend income to our BNL Shareholders while employing modest leverage and focusing on diversification, rent growth, and long-term leases.”
BNL holds a largely unencumbered asset pool and employs leverage principally at the corporate level via three syndicated credit facilities comprised of 11 banking partners. Each of the three facilities contain provisions and pricing grids that allow for the automatic reduction of BNL’s debt cost of capital after the receipt of an investment grade credit rating. Management expects BNL to recognize significant interest savings effective April 1, 2016 as a result of the rating.
The REIT has posted an average annual total compounded return of 12.44%1 since BNL’s first shareholders were admitted on 12/31/2007, and is currently yielding a 6.65%2 annualized dividend for new shareholders.
About Broadstone Net Lease:
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 344 medical, industrial and retail properties in 34 states, the REIT targets individual or portfolio acquisitions within the $10 to $200+ million range.
There are currently approximately 1,600 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 via private placement. Accredited investors are invited to download an investor kit: broadstone.com/MCR.