Business Context and Reporting Period
This Form 8-K filing by Broadstone Net Lease, Inc. reports on events occurring as of June 30, 2017. The Company is a net lease real estate investment trust incorporated in Maryland. The report details the completion of a monthly closing for its ongoing private offering of common stock.
Key Financial Metrics
- Capital Raised: The Company sold 350,802.5 shares of common stock at a price of $80.00 per share.
- Aggregate Proceeds: Total sale proceeds amounted to $28,064,200.
- Outstanding Equity: As of June 30, 2017, there were 17,289,564.554 shares of common stock issued and outstanding.
- Operating Company Units: There were 1,530,049.276 units of membership interest in the subsidiary operating company, convertible one-for-one into common stock.
- Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for revenue, net income, operating cash flow, margins, or debt levels.
Material Changes
The primary material change reported is the increase in outstanding equity and cash proceeds resulting from the June 30, 2017, private placement closing. The filing does not provide comparative financial data against prior periods to quantify changes in operational metrics.
Guidance, Outlook, and Use of Proceeds
- Use of Proceeds: The Company intends to use substantially all net proceeds from this closing, supplemented by additional borrowings, to invest in additional net leased properties and for general corporate purposes.
- Offering Status: The Company continues to close sales of additional shares of common stock on a monthly basis.
- Regulatory Basis: The sale was conducted under the exemption from registration provided by Rule 506(c) under Regulation D.
- Risks and Contingencies: The filing text does not provide specific details on risks, contingencies, or unusual items beyond the standard disclosure of the private offering structure.
Investor Verification Checklist
- Verify the total capital raised ($28,064,200) and the share count (350,802.5) in the June 30, 2017 closing.
- Confirm the current total outstanding share count (17,289,564.554) and the number of convertible operating company units (1,530,049.276).
- Review subsequent filings to track the deployment of proceeds into new net leased properties as intended.
- Check for any additional borrowings mentioned in the "supplemented with additional borrowings" clause to assess leverage changes.