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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the quarterly period ended September 30, 2020, or 

Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-39529

 

BROADSTONE NET LEASE, INC.

(Exact name of registrant as specified in its charter)

 

 

Maryland

26-1516177

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

800 Clinton Square

Rochester, New York

14604

(Address of principal executive offices)

(Zip Code)

 

(585) 287-6500

(Registrant’s telephone number, including area code)

  

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00025 par value 1

 

BNL

 

New York Stock Exchange

Class A Common Stock, $0.00025 par value 1

 

BNL

 

New York Stock Exchange

1 Each share of Class A Common Stock will automatically convert to one share of Common Stock on March 20, 2021, the date that is 180 days after the completion of the initial public offering of the Class A Common Stock. The Common Stock will be listed and tradeable on the New York Stock Exchange on March 22, 2021.

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

 

  

Smaller reporting company

 

Emerging growth company  

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No 

There were 107,786,452 shares of the Registrant’s Common Stock, $0.00025 par value per share, and 37,000,000 shares of the Registrant’s Class A Common Stock, $0.00025 par value per share, outstanding as of November 5, 2020.

 

 

 

 


 

BROADSTONE NET LEASE, INC.

TABLE OF CONTENTS

 

 

Page

Part I - FINANCIAL INFORMATION

1

Item 1.

Financial Statements

1

 

Condensed Consolidated Balance Sheets (Unaudited)

1

 

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited)

2

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity (Unaudited)

3

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

5

 

Notes to the Condensed Consolidated Financial Statements (Unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

 

Cautionary Note Regarding Forward-Looking Statements

32

 

Explanatory Note and Certain Defined Terms

32

 

Overview

33

 

Recent Developments – Stock Split and Initial Public Offering

33

 

COVID-19 Pandemic Update

34

 

Real Estate Portfolio Information

39

 

Results of Operations

45

 

Liquidity and Capital Resources

47

 

Cash Flows

50

 

Distributions and Distribution Reinvestment

51

 

Impact of Inflation

52

 

Off-Balance Sheet Arrangements

52

 

Contractual Obligations

52

 

Non-GAAP Measures

53

 

Critical Accounting Policies

56

 

Impact of Recent Accounting Pronouncements

56

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

56

Item 4.

Controls and Procedures

57

Part II - OTHER INFORMATION

58

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.

Defaults upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

Item 6.

Exhibits

60

 

 


 

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share amounts)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Accounted for using the operating method, net of accumulated depreciation

 

$

3,304,002

 

 

$

3,415,400

 

Accounted for using the direct financing method

 

 

30,902

 

 

 

41,890

 

Investment in rental property, net

 

 

3,334,904

 

 

 

3,457,290

 

Cash and cash equivalents

 

 

101,787

 

 

 

12,455

 

Accrued rental income

 

 

97,517

 

 

 

84,534

 

Tenant and other receivables, net

 

 

3,957

 

 

 

934

 

Prepaid expenses and other assets

 

 

19,522

 

 

 

12,613

 

Interest rate swap, assets

 

 

 

 

 

2,911

 

Goodwill

 

 

339,769

 

 

 

 

Intangible lease assets, net

 

 

288,971

 

 

 

331,894

 

Debt issuance costs – unsecured revolving credit facility, net

 

 

7,027

 

 

 

2,380

 

Leasing fees, net

 

 

11,015

 

 

 

12,847

 

Total assets

 

$

4,204,469

 

 

$

3,917,858

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Unsecured revolving credit facility

 

$

 

 

$

197,300

 

Mortgages and notes payable, net

 

 

108,752

 

 

 

111,793

 

Unsecured term notes, net

 

 

1,433,495

 

 

 

1,672,081

 

Interest rate swap, liabilities

 

 

81,326

 

 

 

24,471

 

Earnout liability

 

 

13,177

 

 

 

 

Accounts payable and other liabilities

 

 

55,339

 

 

 

37,377

 

Accrued interest payable

 

 

9,453

 

 

 

3,594

 

Intangible lease liabilities, net

 

 

81,220

 

 

 

92,222

 

Total liabilities

 

 

1,782,762

 

 

 

2,138,838

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (See Note 17)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Broadstone Net Lease, Inc. stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding

 

 

 

 

 

 

Common stock, $0.00025 par value; 440,000 shares authorized, 107,773 shares issued and

   outstanding at September 30, 2020; 320,000 shares authorized, 104,006 shares issued and

   outstanding at December 31, 2019

 

 

27

 

 

 

26

 

Class A common stock, $0.00025 par value; 60,000 shares authorized, 33,500 shares issued and

   outstanding at September 30, 2020; no shares authorized, issued or outstanding at

   December 31, 2019

 

 

8

 

 

 

 

Additional paid-in capital

 

 

2,506,008

 

 

 

1,895,935

 

Cumulative distributions in excess of retained earnings

 

 

(239,520

)

 

 

(208,261

)

Accumulated other comprehensive loss

 

 

(74,729

)

 

 

(20,086

)

Total Broadstone Net Lease, Inc. stockholders’ equity

 

 

2,191,794

 

 

 

1,667,614

 

Non-controlling interests

 

 

229,913

 

 

 

111,406

 

Total equity

 

 

2,421,707

 

 

 

1,779,020

 

Total liabilities and equity

 

$

4,204,469

 

 

$

3,917,858

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1


 

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except per share amounts)

 

 

 

For the three months ended

September 30,

 

 

For the nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenues, net

 

$

80,744

 

 

$

76,401

 

 

$

239,346

 

 

$

213,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,363

 

 

 

28,392

 

 

 

102,503

 

 

 

77,989

 

Asset management fees

 

 

 

 

 

5,610

 

 

 

2,461

 

 

 

16,048

 

Property management fees

 

 

 

 

 

2,098

 

 

 

1,275

 

 

 

5,918

 

Property and operating expense

 

 

4,187

 

 

 

3,855

 

 

 

12,492

 

 

 

11,497

 

General and administrative

 

 

7,214

 

 

 

1,315

 

 

 

18,756

 

 

 

3,807

 

Provision for impairment of investment in rental properties

 

 

14,732

 

 

 

2,435

 

 

 

17,399

 

 

 

3,452

 

Total operating expenses

 

 

57,496

 

 

 

43,705

 

 

 

154,886

 

 

 

118,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

5

 

 

 

20

 

 

 

6

 

Interest expense

 

 

(18,511

)

 

 

(18,465

)

 

 

(59,015

)

 

 

(51,025

)

Cost of debt extinguishment

 

 

(392

)

 

 

(455

)

 

 

(414

)

 

 

(1,176

)

Gain on sale of real estate

 

 

1,060

 

 

 

12,585

 

 

 

9,725

 

 

 

16,772

 

Income taxes

 

 

(129

)

 

 

(405

)

 

 

(1,080

)

 

 

(1,153

)

Internalization expenses

 

 

(1,929

)

 

 

(923

)

 

 

(3,523

)

 

 

(1,195

)

Change in fair value of earnout liability

 

 

6,362

 

 

 

 

 

 

8,506

 

 

 

 

Other gains (losses)

 

 

2

 

 

 

 

 

 

(22

)

 

 

 

Net income

 

 

9,711

 

 

 

25,038

 

 

 

38,657

 

 

 

57,402

 

Net income attributable to non-controlling interests

 

 

(961

)

 

 

(1,650

)

 

 

(3,738

)

 

 

(3,942

)

Net income attributable to Broadstone Net Lease, Inc.

 

$

8,750

 

 

$

23,388

 

 

$

34,919

 

 

$

53,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

111,155

 

 

 

98,568

 

 

 

108,228

 

 

 

93,575

 

Diluted

 

 

123,381

 

 

 

105,516

 

 

 

119,747

 

 

 

100,523

 

Net earnings per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.08

 

 

$

0.24

 

 

$

0.32

 

 

$

0.57

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,711

 

 

$

25,038

 

 

$

38,657

 

 

$

57,402

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of interest rate swaps

 

 

4,352

 

 

 

(16,380

)

 

 

(59,766

)

 

 

(52,182

)

Realized gain on interest rate swaps

 

 

(42

)

 

 

(41

)

 

 

(125

)

 

 

(163

)

Comprehensive income (loss)

 

 

14,021

 

 

 

8,617

 

 

 

(21,234

)

 

 

5,057

 

Comprehensive (income) loss attributable to non-controlling interests

 

 

(1,387

)

 

 

(557

)

 

 

1,510

 

 

 

(315

)

Comprehensive income (loss) attributable to Broadstone Net Lease, Inc.

 

$

12,634

 

 

$

8,060

 

 

$

(19,724

)

 

$

4,742

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


 

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity

(Unaudited)

(in thousands, except per share amounts)

 

 

 

Common

Stock

 

 

Class A

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Cumulative

Distributions

in Excess of

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Non-

controlling

Interests

 

 

Total

Stockholders'

Equity

 

 

 

Mezzanine

Equity

Common

Stock

 

 

Mezzanine

Equity

Non-

controlling

Interests

 

 

Total

Mezzanine

Equity

 

Balance, January 1, 2020

 

$

26

 

 

$

 

 

$

1,895,935

 

 

$

(208,261

)

 

$

(20,086

)

 

$

111,406

 

 

$

1,779,020

 

 

 

$

 

 

$

 

 

$

 

Cumulative effect of accounting change

   (see Note 2)

 

 

 

 

 

 

 

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

10,816

 

 

 

 

 

 

710

 

 

 

11,526

 

 

 

 

 

 

 

322

 

 

 

322

 

Issuance of 293 shares of common stock and 3,124

   shares of mezzanine equity common stock

 

 

 

 

 

 

 

 

6,097

 

 

 

 

 

 

 

 

 

 

 

 

6,097

 

 

 

 

66,376

 

 

 

 

 

 

66,376

 

Issuance of 5,278 mezzanine non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

112,159

 

 

 

112,159

 

Adjustment to carrying value of mezzanine equity

   non-controlling interests

 

 

 

 

 

 

 

 

(2,416

)