Broadstone Net Lease Acquires $175M Industrial Portfolio
Ticker: BNL · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1424182
Sentiment: neutral
Topics: acquisition, real estate, industrial properties
TL;DR
BNL buying 10 industrial properties for $175M, closing Q3.
AI Summary
Broadstone Net Lease, Inc. announced on June 3, 2024, that it has entered into a definitive agreement to acquire a portfolio of 10 industrial properties for approximately $175 million. The acquisition is expected to close in the third quarter of 2024 and will be funded through a combination of cash on hand and new debt financing.
Why It Matters
This strategic acquisition expands Broadstone Net Lease's industrial footprint, potentially increasing rental income and diversifying its property holdings.
Risk Assessment
Risk Level: medium — The acquisition involves significant capital expenditure and relies on securing new debt financing, introducing financial risk.
Key Numbers
- $175 million — Acquisition Value (Cost of the 10 industrial properties being acquired.)
- 10 — Number of Properties (The size of the industrial portfolio being acquired.)
Key Players & Entities
- Broadstone Net Lease, Inc. (company) — Registrant
- June 03, 2024 (date) — Date of Report
- $175 million (dollar_amount) — Acquisition price
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the nature of the properties being acquired?
The filing indicates the acquisition is for a portfolio of 10 industrial properties.
What is the total value of the acquisition?
The acquisition is valued at approximately $175 million.
When is the acquisition expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
How will the acquisition be financed?
The acquisition will be funded through a combination of cash on hand and new debt financing.
What is the filing date of this report?
The filing date of this report is June 03, 2024.
Filing Stats: 558 words · 2 min read · ~2 pages · Grade level 9.8 · Accepted 2024-06-03 16:12:49
Key Financial Figures
- $0.00025 — nge on which registered Common Stock, $0.00025 par value BNL The New York Stock Ex
Filing Documents
- bnl-20240603.htm (8-K) — 40KB
- bnl-ex99_1.htm (EX-99.1) — 17KB
- img213017541_0.jpg (GRAPHIC) — 16KB
- 0000950170-24-067979.txt ( ) — 195KB
- bnl-20240603.xsd (EX-101.SCH) — 24KB
- bnl-20240603_htm.xml (XML) — 5KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On June 3, 2024, Broadstone Net Lease, Inc. (the " Company ") issued a press release that included an update on recent business activity and announces participation at Nareit's REITWeek: 2024 Investor Conference. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A press release related to the matters described in Item 2.02 of this Current Report on Form 8-K is furnished herewith as Exhibit 99.1 and hereby incorporated in this Item 7.01 by reference. The information in Exhibit 99.1 of this Current Report on Form 8-K is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits INDEX TO EXHIBITS Exhibit No. Description 99.1 Press Release dated June 3, 2024
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROADSTONE NET LEASE, INC. Date: June 3, 2024 By: /s/ John D. Callan, Jr. Name: John D. Callan, Jr. Title: Senior Vice President, General Counsel and Secretary