Broadstone Net Lease falls on $278 mln equity offering

Broadstone Net Lease

11/08/2022 12:36

** Broadstone Net Lease Inc's  BNL.N  shares down 5.9% at
$21.05 premarket after co prices follow-on
    ** BNL on track for record one-day pct drop if losses hold
    ** Commercial REIT late Weds announced 13 mln shares at
$21.35 for ~$278 mln raise  urn:newsml:reuters.com:*:nBw9ghz0ca
    ** Offering prices at 4.6% discount to stock's last sale
    ** BNL enters into 1-yr forward sales agreements with
bookrunners Goldman, BMO, J.P. Morgan, and Truist Secs
    ** Upon settlement of such agreements, co to use net
proceeds to fund potential acquisitions, repay debt
    ** Late Weds, BNL disclosed it closed an additional $80.2
mln of acquisitions since end of Q2 and had $367.8m of
properties under contract or executed letter of intent,
including two industrial sale-and-leaseback deals covering 11
assets worth $290 mln  urn:newsml:reuters.com:*:nBw2xQsvDa
    ** BNL has ~173 mln shares outstanding for ~$3.9 bln market
cap, per Refinitiv data
    ** Through Weds close, shares down ~10% YTD and off 16% over
the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))