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ROCHESTER, N.Y., Sept. 24, 2018 (GLOBE NEWSWIRE) -- Broadstone Net Lease, Inc. (“BNL”) announced today that it has completed its initial assessment of the impact of Hurricane Florence on the 23 properties BNL owns that are located in the areas of North Carolina, South Carolina, and Virginia that may have been impacted by the storm. As of June 30, 2018, these properties represent 3.6% of BNL’s contractual rental revenue ($7.5 million) over the next twelve months and approximately 952,000, or 5.5%, 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 the properties sustained no or minimal physical damage as a result of the hurricane. In the coming weeks, BNL’s portfolio management team will be conducting additional follow-up 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.
“Although we are thankful that our employees, friends, and family are safe and that our properties in the affected areas only sustained minimal damage, we know many people suffered significant loss and continue to face difficult times. Our thoughts go out to everyone affected by this hurricane,” stated Chris Czarnecki, Chief Executive Officer and President of BNL.
About Broadstone Net Lease, Inc.
BNL invests in freestanding, single-tenant, net leased commercial properties located throughout the United States, primarily via sale and leaseback, lease assumption, and UPREIT transactions. UPREIT transactions (where “UPREIT” means “umbrella partnership real estate investment trust”) provide a tax deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax cost basis. With a diversified portfolio of 558 retail, healthcare, industrial, office and other properties in 42 states as of June 30, 2018, the REIT targets individual or portfolio acquisitions within the $5 million to $300 million range.
There are currently more than 2,800 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 direct investment of $500,000. Shares are offered directly by BNL via private placement. For additional information about BNL, please visit its corporate website at http://investors.bnl.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.
Christopher J. Brodhead
Senior Vice President, Investor Relations