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<p style="text-align:center;margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WASHINGTON, D.C. 20549 </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="margin-top:7pt;text-align:center;border-bottom:Solid 1pt;padding-bottom:1pt;line-height:4pt;margin-bottom:0pt;margin-left:41.06%;margin-right:40.93%;text-indent:0%;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported):&nbsp;&nbsp;May 31, 2018</p>
<p style="margin-top:7pt;text-align:center;border-bottom:Solid 1pt;padding-bottom:1pt;line-height:4pt;margin-bottom:0pt;margin-left:41.06%;margin-right:40.93%;text-indent:0%;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">BROADSTONE NET LEASE, INC. </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter) </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Maryland</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(I.R.S. Employer<br />Identification No.)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:0.5pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">800 Clinton Square<font style="font-weight:normal;">, </font>Rochester, New York</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">14604</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(585) 287-6500 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Registrant&#8217;s telephone number, including area code) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report.)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:MS Mincho;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744; <font style="margin-left:36pt;"></font><font style="font-family:Times New Roman;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:MS Mincho;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744; <font style="margin-left:36pt;"></font><font style="font-family:Times New Roman;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:MS Mincho;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744; <font style="margin-left:36pt;"></font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:MS Mincho;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744; <font style="margin-left:36pt;"></font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:60%;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company<font style="margin-left:36pt;"></font><font style="font-family:MS Mincho;">&#9746;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.<font style="margin-left:36pt;"></font><font style="font-family:MS Mincho;">&#9746;</font></p>
<p style="margin-top:10pt;border-top:Solid 0.75pt #000000;padding-top:0pt;text-align:center;line-height:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;border-top:Solid 1pt;padding-top:1pt;margin-top:1pt;line-height:1pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;color:#000000;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Item 3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unregistered Sales of Equity Securities</font></p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May 31, 2018, Broadstone Net Lease, Inc. (the &#8220;Company&#8221;) completed the most recent monthly closing of its ongoing private offering of shares of its common stock, par value of $0.001 per share. Currently, the Company closes sales of additional shares of its common stock monthly. At the closing on May 31, 2018, the Company sold 173,162.722 shares of its common stock at a weighted average purchase price of $82.73 per share for aggregate sale proceeds of $14,325,592.25.</p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company currently has in place a $15 million monthly cap on new and additional investments. The cap only applies to new or additional investments and does not apply to the Company&#8217;s DRIP (as defined below) or equity capital received in connection with umbrella partnership real estate investment trust (&#8220;UPREIT&#8221;) transactions. Following the May closing, there was a total of approximately $8,717,748.00 in the Company&#8217;s queue for subsequent equity closings at a Determined Share Value price of $83.00 per share.</p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company intends to use substantially all of the net proceeds from this closing and each additional closing in its private offering, supplemented with additional borrowings, to continue to invest in additional net leased properties and for general corporate purposes.</p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The offer and sale of the shares of the Company&#8217;s common stock that were issued at the May 31, 2018, closing was conducted in reliance upon the exemption from registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), provided by Rule 506(c) under Regulation D promulgated under the Securities Act.</p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of May 31, 2018, there were 20,032,480.397 shares of the Company&#8217;s common stock issued and outstanding, including the shares of the Company&#8217;s common stock that were issued at the May 31, 2018, closing and 53,332.657 shares that were issued on May 15, 2018, pursuant to the terms of the Company&#8217;s Distribution Reinvestment Plan (the &#8220;DRIP&#8221;). The 53,332.657 shares of the Company&#8217;s common stock issued on May 15, 2018, pursuant to the terms of the DRIP (which was below the threshold requiring disclosure under Item 3.02 of Form 8-K), generated aggregate proceeds of $4,233,543.01. The shares issued pursuant to the DRIP were issued at a price of $79.38 per share, representing a 2% discount from the then current Determined Share Value of $81.00 per share.</p>
<p style="text-align:justify;margin-top:11pt;margin-bottom:0pt;text-indent:7.69%;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, as of May 31, 2018, there were&#160;21,729,442.945 units of membership interest in Broadstone Net Lease, LLC, the Company&#8217;s subsidiary operating company (the &#8220;Operating Company&#8221;), issued and outstanding, of which 1,696,962.548, or approximately 7.81%, were noncontrolling interests held by persons who were issued membership units in exchange for their interests in properties acquired by the Operating Company. The Company is the sole managing member of the Operating Company and as of May 31, 2018, owned the remaining approximately 92.19% of the Operating Company&#8217;s issued and outstanding membership units. Each outstanding membership unit in the Operating Company is convertible on a one-for-one basis into shares of the Company&#8217;s common stock, subject to certain limitations.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Calibri;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="text-align:center;border-top:Solid 1pt;padding-top:1pt;margin-top:1pt;line-height:1pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title: Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: June 5, 2018</p></body>
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ck0001424182-8k_20180531.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  May 31, 2018
BROADSTONE NET LEASE, INC.
(Exact name of registrant as specified in its charter)
Maryland
000-55774
26-1516177
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(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)
N/A
(Former name or former address, if changed since last report.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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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.
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Item 3.02        Unregistered Sales of Equity Securities
On May 31, 2018, Broadstone Net Lease, Inc. (the "Company") completed the most recent monthly closing of its ongoing private offering of shares of its common stock, par value of $0.001 per share. Currently, the Company closes sales of additional shares of its common stock monthly. At the closing on May 31, 2018, the Company sold 173,162.722 shares of its common stock at a weighted average purchase price of $82.73 per share for aggregate sale proceeds of $14,325,592.25.
The Company currently has in place a $15 million monthly cap on new and additional investments. The cap only applies to new or additional investments and does not apply to the Company's DRIP (as defined below) or equity capital received in connection with umbrella partnership real estate investment trust ("UPREIT") transactions. Following the May closing, there was a total of approximately $8,717,748.00 in the Company's queue for subsequent equity closings at a Determined Share Value price of $83.00 per share.
The Company intends to use substantially all of the net proceeds from this closing and each additional closing in its private offering, supplemented with additional borrowings, to continue to invest in additional net leased properties and for general corporate purposes.
The offer and sale of the shares of the Company's common stock that were issued at the May 31, 2018, closing was conducted in reliance upon the exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"), provided by Rule 506(c) under Regulation D promulgated under the Securities Act.
As of May 31, 2018, there were 20,032,480.397 shares of the Company's common stock issued and outstanding, including the shares of the Company's common stock that were issued at the May 31, 2018, closing and 53,332.657 shares that were issued on May 15, 2018, pursuant to the terms of the Company's Distribution Reinvestment Plan (the "DRIP"). The 53,332.657 shares of the Company's common stock issued on May 15, 2018, pursuant to the terms of the DRIP (which was below the threshold requiring disclosure under Item 3.02 of Form 8-K), generated aggregate proceeds of $4,233,543.01. The shares issued pursuant to the DRIP were issued at a price of $79.38 per share, representing a 2% discount from the then current Determined Share Value of $81.00 per share.
In addition, as of May 31, 2018, there were 21,729,442.945 units of membership interest in Broadstone Net Lease, LLC, the Company's subsidiary operating company (the "Operating Company"), issued and outstanding, of which 1,696,962.548, or approximately 7.81%, were noncontrolling interests held by persons who were issued membership units in exchange for their interests in properties acquired by the Operating Company. The Company is the sole managing member of the Operating Company and as of May 31, 2018, owned the remaining approximately 92.19% of the Operating Company's issued and outstanding membership units. Each outstanding membership unit in the Operating Company is convertible on a one-for-one basis into shares of the Company's common stock, subject to certain limitations.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BROADSTONE NET LEASE, INC.
/s/ John D. Moragne
Name: John D. Moragne
Title: Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary
Date: June 5, 2018