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For Immediate Release November 1 , 2021 Company Contact : Michael Caruso SVP , Corporate Finance & Investor Relations michael.caruso@broadstone.com 585.402.7842 BROADSTONE NET LEASE , INC . Broadstone Net Lease Announces Third Quarter 2021 Results ROCHESTER , N.Y. - Broadstone Net Lease , Inc. ( NYSE : BNL ) , an internally - managed real estate investment trust ( " BNL , " the " Company , " " we , " " our , " or " us " ) , today announced its operating results for the quarter ended September 30 , 2021 . THIRD QUARTER 2021 HIGHLIGHTS Invested $ 225.9 million in 18 properties at a weighted average initial cash cap rate of 6.5 % with an additional $ 13.0 million of acquisitions that have closed subsequent to quarter end . The acquisitions included properties in industrial , healthcare , and retail asset classes . As of the date of this release , we have an additional $ 102.0 million of properties under control . Increased full year 2021 acquisition guidance range to $ 600 million to $ 700 million . Closed $ 375 million inaugural 10 - year public bond offering at a fixed rate of 2.600 % . Received upgraded credit rating of ' Baa2 ' with stable outlook from Moody's in September 2021 . Established $ 400 million at - the - market common equity offering program ( " ATM Program " ) . Ended the quarter with total outstanding debt and Net Debt of $ 1.6 billion and a Net Debt to Annualized Adjusted EBITDAre ratio of 5.06x Collected 100 % of base rents due for the third quarter . Increased occupancy 10 basis points to 99.8 % . Incurred $ 8.6 million of general and administrative expenses , inclusive of $ 1.0 million of stock based compensation . Generated net income of $ 30.5 million , or $ 0.18 per share . Generated AFFO of $ 55.8 million , or $ 0.33 per share . Narrowed 2021 AFFO guidance range to $ 1.30 to $ 1.32 per diluted share , driven primarily by the early termination of a lease with an investment - grade office tenant and corresponding sale of the underlying properties to an unrelated third party , along with incremental interest expense anticipated from accelerating the timing of our inaugural public bond offering . Declared a quarterly dividend on October 28 , 2021 , of $ 0.265 per share to shareholders of record as of December 31 , 2021 , up from $ 0.255 per share for the third quarter of 2021 .