Broadstone Net Lease, Inc. Announces $150 Million Stock Repurchase Authorization
14 Mars 2023 - 9:10PM
Business Wire
Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL” or the “Company”)
announced today that its Board of Directors has authorized the
repurchase of up to $150 million of its outstanding common stock
under a stock repurchase program (the “Program”). The authorization
will expire on March 14, 2024.
The stock may be repurchased from time to time in the open
market (including trading plans that may be adopted in accordance
with Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended), block purchases, privately negotiated transactions, or
other means in accordance with federal securities laws and other
legal requirements. Whether such purchases under the Program are
made will depend on the Company’s evaluation of economic and market
conditions, the Company’s stock price, applicable legal
requirements, and other factors. The Program may be suspended or
discontinued at any time at the Company’s sole discretion.
About Broadstone Net Lease, Inc.
BNL is a real estate investment trust that acquires, owns, and
manages primarily single-tenant commercial real estate properties
that are net leased on a long-term basis to a diversified group of
tenants. The Company utilizes an investment strategy underpinned by
strong fundamental credit analysis and prudent real estate
underwriting. As of December 31, 2022, BNL’s diversified portfolio
consisted of 804 individual net leased commercial properties with
797 properties located in 44 U.S. states and seven properties
located in four Canadian provinces across the industrial,
healthcare, restaurant, retail, and office property types.
Regulation FD Disclosures
We use any of the following to comply with our disclosure
obligations under Regulation FD: SEC filings, press releases,
public conference calls, or our website. We routinely post
important information on our website at www.broadstone.com,
including information that may be deemed material. We encourage our
stockholders and others interested in our company to monitor these
distribution channels for material disclosures.
Cautionary Statements Concerning Forward-Looking
Statements
This press release contains “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding the Company’s expectations with respect to
repurchases of common stock, including the timing and manner of any
purchases under the Company’s Stock Repurchase Program. Such
forward-looking statements can generally be identified by the
Company’s use of forward-looking terminology such as “may,” “will,”
“should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,”
“believe,” “continue,” or other similar words. Forward-looking
statements, including the Company’s objectives, expectations, and
intentions with respect to the Stock Repurchase Program, involve
known and unknown risks and uncertainties, which may cause BNL’s
actual future plans and results to differ materially from those
expressed or implied in forward-looking statements, including,
without limitation, risks and uncertainties related to changes in
the market price of the common stock, general market conditions,
access to credit or debt capital markets, applicable securities
laws, and alternative uses of capital. These and other risks,
assumptions, and uncertainties are described in Item 1A “Risk
Factors” of the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, filed with the SEC on February 23,
2023, which you are encouraged to read and is available on the
SEC’s website at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated
or anticipated by such forward-looking statements. Accordingly, you
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. The
Company assumes no obligation to, and does not currently intend to,
update any forward-looking statements after the date of this press
release, whether as a result of new information, future events,
changes in assumptions, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230314005981/en/
Michael Caruso SVP, Corporate Strategy & Investor Relations
michael.caruso@broadstone.com 585.402.7842
Broadstone Net Lease (NYSE:BNL)
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