Site icon Market Globalist

Broadstone Net Lease Inc. (BNL) stock plunged during pre-market trading. Let’s see why?

ALRN Stock

ALRN Stock

Broadstone Net Lease Inc. (NASDAQ: BNL) stock gained by 1.39% at the last close whereas the BNL stock price fell by 5.41% in the pre-market trading session. BNL is an internally-managed REIT that mainly purchases, holds, and operates single-tenant commercial real estate properties that are gross leased to a diverse group of tenants on a long-term deal.

>> 7 Top Picks for the Post-Pandemic Economy << 

What is happening?

Broadstone Net Lease revealed the pricing of an underwritten public offering of 10,000,000 shares of its Common Stock at $23.00 per share, minus underwriting discounts and fees. Also, the underwriters have also been given a 30-day offer to acquire up to 1,500,000 additional shares of Common Stock at the public offering value, minus underwriting discounts and fees. The offering is scheduled to close on June 28, 2021, depending on the fulfillment of normal closing conditions.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Read More

The net revenues of the planned transaction will be contributed to BNL’s operational partnership. Broadstone Net Lease plans to use the net proceeds to repay existing borrowings under its $900 million revolving credit facility, fund prospective acquisitions, and for other general corporate and working capital objectives.

Also,

Broadstone Net Lease has announced its update on recent business activities.

BNL has spent $134.5 million on 14 properties so far this quarter, except capitalized acquisition expenses, at a weighted average initial cash cap rate of 6.2 percent. The properties were acquired in the industrial and retail asset classes and were spread across 13 states, with a weighted average initial lease term of 14.7 years and minimum annual base rent increases of 1.3 percent, accordingly. So far, BNL has bought 42 properties for a total of $221.8 million in eight distinct deals.

>> 7 Top Picks for the Post-Pandemic Economy << 

BNL’s portfolio consisted of 660 properties in 41 states across the United States and one property in British Columbia, Canada, as of May 31, 2021, and was 99.7% filled. BNL received 100% of the base rentals due in April and May 2021.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Exit mobile version