11/27/2013 | By Allen Kenney
Amy Tait, chairman and CEO of Broadstone Real Estate, joined REIT.com for a CEO Spotlight video interview at REITWorld 2013: NAREIT's Annual Convention for All Things REIT at the San Francisco Marriott Marquis.
Tait was asked about Broadstone Net Lease and the progress that has been made in 2013.
"We're sticking to our knitting and we're making some great deals," she said. "We're up to about $750 million dollars of assets - still fairly small compared to the other public REIT operators that are here, but for us, one of the most important thing is what are the per-share results, how are we making money for our investors. Because we're small, every acquisition we make has greater opportunity for accretion to our shareholders. So, we've grown about 50 percent in size over the past year, and what that's translated into for our shareholders is nearly a 15 percent growth in AFFO per share this year."
Tait also talked about how the single-family rental business has progressed.
"That is another very exciting industry, and there have been a lot of developments nationally on that," she said. "We're still a very small player, taking our time to learn the business from the ground up, one house at a time. At this point, we have about 100 houses, so we're starting to get a statistically significant data set."
Tait also discussed the impact of the federal Jobs Act legislation and general solicitation rules on Broadstone.
"In April of 2012 when the Jobs Act was approved, it talked about approvals for what they call general solicitation," she said. "The SEC missed all of their deadlines and took their time defining all the actual rules to go around this. During the summer all of the sudden, they came out with new regulations with 60 days' notice that became effective September 23rd. I'm excited to say that we were not only the first real estate company, we were the first company in the country of all types to file as what's now called a 506c Registration."