ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (BNL) announced today that it is actively monitoring and assessing the impact of Hurricane and Tropical Storm Irma on its properties located in Florida and the areas of Georgia impacted by the storm. BNL’s portfolio management team has been able to communicate with certain of BNL’s tenants in the affected areas and has reached out to verify on-site contacts to ease post-storm communications and to offer assistance in working through any property or insurance matters arising as a result of the storm. BNL has 50 properties located in Florida and the areas of Georgia impacted by Irma, which, as of June 30, 2017, represent approximately $13.5 million, or 8.5%, of BNL’s contractual rental revenue over the next twelve months and approximately 1.0 million, or 7.4%, of BNL’s rentable square feet of operational space. As the full impact of the storm is still unknown, we will provide additional information or updates in the event of a material change.
BNL also announced that of its properties in Houston, Texas, and the areas affected by Hurricane Harvey, only three properties, which are master leased to one tenant, sustained minor damage as a result of the hurricane. BNL has 29 properties located in the greater Houston, Texas, area, which, as of June 30, 2017, represent approximately $13.4 million, or 8.5%, of BNL’s contractual rental revenue over the next twelve months and approximately 1.1 million, or 8.1%, of BNL’s rentable square feet of operational space.
“Our thoughts continue to be with all of the people and communities impacted by these storms, including our friends, tenants, family, and co-workers in Florida, Georgia, Texas, and along the Gulf Coast,” stated Chris Czarnecki, Chief Executive Officer of BNL. “In the coming weeks, our portfolio management team, which includes our dedicated corporate risk and insurance manager, will work with our tenants to develop a complete understanding of any potential impacts from these storms.”
About Broadstone Net Lease, Inc.
Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of over 459 healthcare, industrial and retail properties in 37 states, the REIT targets individual or portfolio acquisitions within the $10 million to $200+ million range.
There are currently more than 2,000 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 investment of $500,000. Shares are offered directly by Broadstone via private placement. Please see certain important disclosures regarding BNL at broadstone.com/disclosures.
For more information on BNL, please visit our website at www.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.