PINE - Broadstone Net Lease: Comprehensive Analysis Of This Net Lease Rookie

• BNL may be a rookie in the public market, but the company has been around since 2007.
• The portfolio is one of the most, if not *the* most, diversified in terms of tenants, industries, building types, and geography. That can be a good or a bad thing.
• The IPO raised over $500 million and helped to clean up the balance sheet, bringing debt levels down into the same ranges as its closest net lease peers.
• Rent collection held up well during the harshest months of COVID-19, not falling below 93%.
• At a 5.9% dividend yield and an 11.2x forward AFFO multiple, BNL shares look very cheap, and yet I remain cautious. In the conclusion, I explain why.

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