Broadstone Net Lease, Inc. Completes Public Offering of Common Stock

Fried Frank acted as counsel to Broadstone Net Lease, Inc. (BNL) in connection with its underwritten public offering of 12,650,000 shares of common stock, which includes the underwriters' full exercise of their option to purchase 1,650,000 shares of common stock. The shares were sold on a forward basis in connection with the forward sale agreements described below for gross proceeds of $260 million. BNL will not initially receive any proceeds from the sale of shares of its common stock.

In connection with the offering, BNL entered into forward sale agreements and amendments thereto with each of Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association (together, the "forward purchasers"). Pursuant to the forward sale agreements, the forward purchasers or their affiliates borrowed from third parties and sold to the underwriters an aggregate of 12,650,000 shares of common stock. BNL expects to physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than September 30, 2027.

BNL is industrial-focused, diversified net lease real estate investment trust (REIT) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

Corporate partners Stuart A. Barr and Andrew Barkan led the Fried Frank team, which included corporate partner Ray Shirazi, tax partner Libin Zhang, corporate special counsel Alex Speyer, corporate associate Sophie Adelman and tax associate Jared Wehrmann.

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