Benzinga | Jun 23, 2021 04:14PM EDT

Broadstone Net Lease Provides Q2 Update: Says Has Invested $134.5M QTD, Has $398.5M Of Acquisitions Either Closed Or Currently Under Control

Broadstone Net Lease, Inc. (NYSE:BNL), an internally-managed real estate investment trust ("BNL," the "Company," "we," "our," or "us"), today provided an update on its recent business activities.

QUARTER-TO-DATE UPDATES

Quarter-to-date, we have invested $134.5 million, excluding capitalized acquisition costs, to acquire 14 properties at a weighted average initial cash cap rate of 6.2%. "Cash cap rate" represents the first-year cash yield estimated by us to be generated by a property that we acquire, based on the contractually specified base rent in place for the first full year after the date of our acquisition, divided by the purchase price of the property. The acquisitions included properties in industrial and retail asset classes located across 13 states with a weighted average initial lease term and minimum annual base rent increases of 14.7 years and 1.3%, respectively. Year-to-date, we have acquired 42 properties in 8 separate transactions for a total of $221.8 million.

We continue to build and evaluate a robust pipeline of potential investment opportunities predominantly focused on industrial, healthcare, and retail property sectors and currently have $176.6 million of properties under control, which we define as under contract or executed letter of intent. Year-to-date, we have a total of $398.5 million of acquisitions either closed or currently under control. There can be no assurance that any of the acquisitions currently under control will be completed.

As of May 31, 2021, our portfolio included 660 properties located in 41 U.S. states and one property located in British Columbia, Canada, and was 99.7% occupied. We collected 100% of base rents due for April and May of 2021.