Broadstone Net Lease, a single-tenant commercial net lease REIT with 633 properties in the US and Canada, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Broadstone invests in net leased real estate across the industrial, healthcare, restaurant, office, and retail property types. As of June 30, 2020, its portfolio consisted of 632 properties across 41 states and one in Canada with an aggregate gross asset value of approximately $4 billion and 27.4 million rentable square feet. The company plans to issue a quarterly dividend.
The Rochester, NY-based company was founded in 2007 and booked $320 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol BNL. Broadstone Net Lease filed confidentially on January 10, 2020. J.P. Morgan, Goldman Sachs, BMO Capital Markets, Morgan Stanley, Capital One Securities and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
