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BNL Broadstone Net Lease

We are an externally managed real estate investment trust (“REIT”) formed as a Maryland corporation in 2007 to acquire and hold commercial real estate properties throughout the United States, substantially all of which are leased to the properties’ operators under long-term net leases. Under a “net lease,” the tenant occupying the leased property (usually as a single tenant) does so in much the same manner as if the tenant were the owner of the property. There are various forms of net leases, most typically classified as triple-net or double-net. Triple-net leases typically require that the tenant pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance, repairs, and capital costs). Double-net leases typically require that the tenant pay all operating expenses associated with the property (e.g., real estate taxes, insurance, and maintenance), but exclude some or all major repairs (e.g., roof, structure, and parking lot). Accordingly, the owner receives the rent “net” of these expenses, rendering the cash flow associated with the lease predictable for the term of the lease. Under a net lease, the tenant generally agrees to lease the property for a significant term and agrees that it will either have no ability, or only limited ability, to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty, condemnation, or failure by the landlord to fulfill its obligations under the lease. We focus on real estate that is operated by a single tenant where the real estate is an integral part of the tenant’s business. Our diversified portfolio of real estate includes retail properties (such as quick service and casual dining restaurants), healthcare facilities, industrial manufacturing facilities, warehouse and distribution centers, and corporate offices, among others. We target properties with creditworthy tenants that look to engage in a long-term lease relationship. Through long-term leases, our tenants are able to retain operational control of their mission critical locations, while conserving their debt and equity capital to fund their fundamental business operations.

Company profile

Ticker
BNL
Exchange
Employees
Incorporated
Location
Fiscal year end
Former names
Broadstone Net Lease Inc
SEC CIK

BNL stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 May 21
17 May 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
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Cost of revenue
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 18.35M 18.35M 18.35M 18.35M 18.35M 18.35M
Cash burn (monthly) 30.79M 6.53M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 48.02M 10.18M n/a n/a n/a n/a
Cash remaining -29.67M 8.17M n/a n/a n/a n/a
Runway (months of cash) -1.0 1.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 21 Watters James H Common Stock Grant Aquire A No No 0 1,553 0 88,990
1 Apr 21 Jacobstein David M Common Stock Grant Aquire A No No 0 1,637 0 34,474
1 Apr 21 Tait Amy L Common Stock Grant Aquire A No No 0 1,828 0 153,364
1 Apr 21 Rosenberger Geoffrey Common Stock Grant Aquire A No No 0 2,049 0 100,566
1 Apr 21 Narasimhan Shekar Common Stock Grant Aquire A Yes No 0 1,470 0 73,264

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

40.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 90 56 +60.7%
Opened positions 49 56 -12.5%
Closed positions 15 0 NEW
Increased positions 19 0 NEW
Reduced positions 20 0 NEW
13F shares
Current Prev Q Change
Total value 1.94B 1.1B +76.7%
Total shares 43.54M 65.31M -33.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
CNS Cohen & Steers 6.35M $124.32M -15.6%
PFG Principal Financial Group Inc - Registered Shares 4.76M $93.16M +36.8%
Resolution Capital 4.28M $83.81M +0.6%
Glenmede Trust Co Na 4.03M $78.81M +0.4%
Vanguard 3.16M $61.92M +22.0%
Centersquare Investment Management 3.1M $60.62M +18.4%
BLK Blackrock 2.4M $47.06M NEW
Massachusetts Financial Services 2.4M $46.9M +7.8%
Millennium Management 883.55K $17.3M -29.6%
Integrated Core Strategies 883.55K $17.3M NEW
Largest transactions
Shares Bought/sold Change
United Capital Financial Advisers 30.91K -22.94M -99.9%
BLK Blackrock 2.4M +2.4M NEW
V3 Capital Management 0 -1.37M EXIT
PFG Principal Financial Group Inc - Registered Shares 4.76M +1.28M +36.8%
CNS Cohen & Steers 6.35M -1.18M -15.6%
Alyeska Investment 155.4K -944.6K -85.9%
Integrated Core Strategies 883.55K +883.55K NEW
Marshall Wace North America 305.6K -815.58K -72.7%
Alps Advisors 800K +800K NEW
Weiss Multi-Strategy Advisers 0 -761.91K EXIT
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