Broadstone Net Lease, a single-tenant commercial net lease REIT with 633 properties in the US and Canada, announced terms for its IPO on Tuesday.
The Rochester, NY-based company plans to raise $603 million by offering 33.5 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Broadstone Net Lease would command a market value of $2.8 billion. The company plans to offer a 5.6% yield at the midpoint.
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.
Broadstone Net Lease 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. J.P. Morgan, Goldman Sachs, BMO Capital Markets, Morgan Stanley, Capital One Securities and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
