Evolution of Debt Financing: Revolvers, Secured Credit and Unsecured Credit

In 2014, Broadstone Net Lease (BNL) closed over $245 million of acquisitions. Currently, the REIT owns 248 properties across 32 states. BNL’s strong history of successful acquisitions has been possible due to an availability of debt and equity capital when attractive triple net lease properties come to market.  Broadstone’s Capital Markets team raises equity throughout the year and the Acquisitions team seeks to deploy that capital in a timely manner so that shareholders can achieve attractive returns.  BNL typically buys properties (or portfolios of properties) valued from $5 million to $100 million and targets a 50% leverage ratio, portfolio-wide. Continue reading


A Case for Yield

“Yield…I don’t need no stinkin’ yield.”

Or do you?

I spend my days speaking with wealth advisers, trust officers, clients, prospects and shareholders. It’s a fulfilling job that, along with my incredible team, I tackle with enthusiasm each day. Since my arrival at Broadstone nearly 3 years ago, there has been one common and resounding theme in my discussions: there is no yield to be found in the fixed income marketplace. None. Nada. Nil.

Well, not quite none, but with a 1-yr CD at 0.23% and the 5-year treasury at 1.329% yield, we might as well be speaking about nada. Consider that the average pace of inflation over the past 50 years has been 4.0%.  Even in the past 10 years when inflation ran at a measly 2.1% per year, those rates are terrible. You’re barely staying afloat once inflation adjusted returns are calculated on those yields. And clients need income. So what is an investor to do? Continue reading