BNL - Broadstone Net Lease: A 7.5% Dividend And Cheap Valuation

2024-03-28 17:32:09 ET

Summary

• Broadstone Net Lease is a small but promising net lease REIT with excellent operating metrics.
• BNL has a near-perfect occupancy rate of 99.4% and rent collections of 99.2%, along with a 10+ year WAULT and high rent coverage.
• The REIT plans to increase external growth through acquisitions and capital recycling, while also streamlining its focus on core net lease assets.

Dear readers,

Broadstone Net Lease ( BNL ) is a diversified net lease REIT with roughly 800 properties spread across 44 states and 4 Canadian provinces. The REIT is relatively small with a market cap of under $3 Billion, and having IPOed in 2020, it is also relatively young (at least in the context of public markets - prior to going public, it operated as a private company since 2007). But what the REIT lacks in size and age it makes up for in extremely good operating metrics (more on this later)....

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