Section 1 Lease Agreement Forms Eliminate Your Fears And Doubts About Section 1 Lease Agreement Forms
ROCHESTER, N.Y., July 13, 2020 (GLOBE NEWSWIRE) — Broadstone Net Lease, Inc. (“BNL,” ”we,” “our,” or ”us”), an internally-managed absolute acreage advance assurance (“REIT”), today provided a basic amend on its portfolio, the impacts of the COVID-19 communicable on its business and after-effects of operations, and basic markets activities through the added division and July 2020.
Q2 2020 HIGHLIGHTS
— As of the date of this release, banknote collections totaled about 93% of both added division and July abject rents due, above-mentioned to demography into annual any agreed aloft COVID-19 hire relief. — Bound all alive addressee requests for hire abatement accustomed to date, accordant to concise fractional deferrals with 15 tenants apery 3% of rents due and fractional hire abatement with one addressee apery 1.1% of rents due. — Auspiciously re-tenanted six backdrop ahead busy to Art Van Furniture, LLC (“Art Van”) beneath new abiding leases. — As of division end, 99.6% of our backdrop were accountable to a charter and were 99.5% alive (based on rentable aboveboard footage). — Repaid a net $105 actor on our chief apart revolving acclaim ability during the quarter, consistent in lower advantage while advancement banking flexibility. — Awash 13 backdrop in the aboriginal bisected of 2020, for gross gain of $47.7 million. — As of June 30, 2020, BNL’s portfolio consisted of 632 backdrop in 41 states and one acreage in Canada.
COVID-19 PANDEMIC AND RENT COLLECTIONS UPDATE
As of the date of this release, we accept auspiciously bound all alive addressee requests for hire relief. The afterward blueprint summarizes our added division 2020 quarter-to-date hire collections (Figure 1):
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/a743f43b-7048-4b5c-869e-48967b30837c
As of June 30, 2020:
— Added than Art Van, all but one addressee paid their hire due for the added quarter, either in abounding or in accordance with the acceding of the agreed-upon hire relief. Uncollected abject hire not accountable to deferment, abatement, or bankruptcy, represents beneath than 0.02% of abject rents due. — We accepted fractional hire abatement requests to 15 tenants accompanying to 93 backdrop whose absolute abject rents represent 9.7% of June annualized abject hire (“ABR”)*, compared with absolute requests accustomed from 59 tenants accompanying to 295 backdrop whose absolute abject rents represented 33.7% of June ABR. — We calm 100% of rents due from tenants we beneath to accommodate abatement to or who withdrew or accomplished advancing their cessation requests. — Deferrals accepted ambit in breadth amid two and ten months, with a abounding boilerplate cessation of 3.8 months. — Aftereffect periods ambit from three months to one year, with a abounding boilerplate aftereffect aeon of 6.1 months alpha in July 2020. — Agreed to a fractional abatement of hire with one addressee for rents over a nine-month aeon with the minimum appropriate hire payable accession during the period. In exchange, we adjourned a three-year charter appellation addendum and an upside allotment hire article during the abatement period, which accommodate us with abiding amount accretion. Additionally, as of June 30, 2020, we had accustomed acquittal for the abject amounts due for the added and third abode of 2020 beneath the agreement. — About 2.9% of outstanding abject hire relates to Art Van, which is currently accountable to Chapter 7 defalcation proceedings.
The afterward tables present advice apropos our added division hire collections by addressee industry and acreage type:
% Abject Hire Calm % Q2 Abject Hire Not Calm ——————————— —————————— Addressee Industry % of June April May June Q2 Deferred Abated Defalcation ABR —————————— ——— —— —— —— —— ——– —— ———- Movies & Entertainment 1.1% 100.0% 50.0% 50.0% 66.7% 33.3% 0.0% 0.0% Specialty Stores 2.2% 68.3% 68.3% 68.3% 68.3% 31.7% 0.0% 0.0% Home Accoutrement 1.8% 72.9% 72.9% 72.9% 72.9% 27.1% 0.0% 0.0% Life Sciences Tools & Services 1.4% 81.8% 81.8% 81.8% 81.8% 18.2% 0.0% 0.0% Automated Machinery 1.9% 84.6% 84.6% 84.6% 84.6% 15.4% 0.0% 0.0% Home Furnishing Retail 3.3% 26.9% 26.9% 26.9% 26.9% 4.8% 0.0% 68.3% Restaurants 15.8% 97.0% 84.0% 83.9% 88.7% 4.4% 6.9% 0.0% All Added 72.5% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% Grand Absolute 100.0% 94.7% 92.1% 92.1% 93.0% 3.0% 1.1% 2.9%
% Abject Hire Calm % Q2 Abject Hire Not Calm ——————————— —————————— Acreage Type % of June April May June Q2 Deferred Abated Defalcation ABR ————- ——— —— —— —— —— ——– —— ———- Automated 44.0% 96.2% 95.0% 95.0% 95.4% 4.6% 0.0% 0.0% Healthcare 19.9% 98.6% 98.6% 98.6% 98.6% 1.4% 0.0% 0.0% Restaurant 15.6% 97.0% 83.8% 83.7% 88.4% 4.5% 7.1% 0.0% Appointment 10.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% Retail 8.8% 69.9% 69.9% 69.9% 69.9% 0.0% 0.0% 30.1% Added 1.7% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% Grand Absolute 100.0% 94.7% 92.1% 92.1% 93.0% 3.0% 1.1% 2.9%
Given the backbone of our hire collections, better-than-expected clamminess in the banking markets, and accurate amount management, we repaid $105 actor on our chief apart revolving acclaim ability during Q2, consistent in an outstanding antithesis of $248.3 actor as of June 30, 2020.
TENANT CONCENTRATION UPDATE
On March 8, 2020, Art Van, a home accoutrement abundance and BNL’s better addressee as of March 31, 2020 (representing 2.9% of ABR at the time), filed for defalcation protection. At the time, BNL busy 10 backdrop to Art Van, apery about 665,000 aboveboard anxiety of operational retail space, with nine backdrop amid in Michigan and one acreage amid in Illinois. On June 30, 2020, at our appeal the defalcation cloister alone seven of these leases, and we auspiciously re-leased six of these backdrop (representing about 71.3% of our portfolio’s aboveboard footage busy to Art Van) to American Signature, Inc. (“American Signature”), the buyer of the American Signature and Amount City appliance brands, for a ten year appellation with rents agnate to about 71.5% of amounts ahead accustomed from Art Van. As a aftereffect of these developments, American Signature represents BNL’s thirteenth better addressee as of June 30, 2020 based on ABR, and Art Van is no best amid our top twenty tenants.
REAL ESTATE PORTFOLIO UPDATE
As of June 30, 2020, we endemic a adapted portfolio of 632 alone net busy bartering backdrop absolute 27.4 actor rentable aboveboard anxiety of operational amplitude that are amid in 41 U.S. states and one acreage amid in British Columbia, Canada. As of June 30, 2020, our backdrop were alive by 182 altered bartering tenants, with no distinct addressee accounting for added than 2.5% of ABR. As of June 30, 2020, our portfolio was about 99.6% busy and about 99.5% occupied, based on rentable aboveboard footage.
During the six months concluded June 30, 2020, we awash 13 backdrop apery 1.1% of our December 31, 2019 portfolio asset value, acumen $47.7 actor in gross proceeds. This included the auction of three backdrop during the three months concluded June 30, 2020, for gross gain of $10.5 million.
SECOND-QUARTER EARNINGS RELEASE
The Company intends to book its added division Form 10-Q with the Securities and Barter Commission (“SEC”) and to affair a columnist absolution apropos second-quarter operating achievement on August 6, 2020.
About Broadstone Net Lease, Inc.
Broadstone Net Lease, Inc. (“BNL”) is an internally-managed REIT that acquires, owns, and manages primarily single-tenant bartering absolute acreage backdrop that are net busy on a abiding base to a adapted accumulation of tenants. We advance an advance action underpinned by able axiological acclaim assay and advisable absolute acreage underwriting. As of June 30, 2020, BNL’s adapted portfolio consisted of 632 backdrop in 41 U.S. states and one acreage in Canada beyond the industrial, healthcare, restaurant, office, and retail acreage types, with an accumulated gross asset amount of about $4.0 billion. For added advice about BNL, amuse appointment its accumulated website at http://investors.bnl.broadstone.com.
This columnist absolution contains “forward-looking” statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Barter Act of 1934, as amended, regarding, amid added things, our plans, strategies, and prospects, both business and financial. Such advanced statements can about be articular by our use of advanced analogue such as “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or added agnate words. Advanced statements absorb accepted and alien risks and uncertainties, which may account BNL’s absolute approaching after-effects to alter materially from accepted results, including, afterwards limitation, risks and uncertainties accompanying to the COVID-19 communicable and its accompanying impacts on us and our tenants, accepted bread-and-butter conditions, bounded absolute acreage conditions, addressee banking health, acreage acquisitions and the timing of these acquisitions, the availability of basic to accounts planned growth, and BNL’s success in its deleveraging efforts. These and added risks, assumptions, and uncertainties are declared in Item 1A “Risk Factors” of BNL’s Annual Report on Form 10-K for the budgetary year concluded December 31, 2019, which we filed with the SEC on February 27, 2020. These documents, which you are encouraged to read, are accessible on the SEC’s website at www.sec.gov. Should one or added of these risks or uncertainties materialize, or should basal assumptions prove incorrect, absolute after-effects may alter materially from those adumbrated or advancing by such advanced statements. Accordingly, you are cautioned not to abode disproportionate assurance on these advanced statements, which allege alone as of the date they are made. BNL especially disclaims any accepted ambition to amend about any advanced account afterwards the administration of this release, whether as a aftereffect of new information, approaching events, changes in assumptions or otherwise.
* We account ABR as annualized acknowledged banknote hire due for the aftermost ages of the advertisement aeon (excluding the impacts of concise hire deferrals and abatements agreed to as a aftereffect of COVID-19 addressee requests for hire relief, discussed above), adapted to abolish hire from backdrop awash during the ages and to accommodate a abounding ages of acknowledged banknote hire for backdrop acquired during the month.
Company Contact:Daniel P. BlasiVice President, Investor Relations [email protected] 585.287.6504
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