Headquartered in Victor, NY Fiscal year ends December NYSE: BNL broadstone.com
Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial-focused, diversified net lease real estate investment trust. It invests primarily in single-tenant commercial real estate leased on a long-term net basis to a diversified group of tenants.
Portfolio as of September 30, 2026:
- 767 properties: 760 in 44 U.S. states and seven in four Canadian provinces.
- About 42.3 million rentable square feet.
- About $449.5 million of annualized base rent.
- 206 tenants, 195 brands and 57 industries.
- 100.0% occupancy.
- A weighted average remaining lease term of 9.3 years and weighted average annual rent escalations of 2.1%.
By annualized base rent, the portfolio breaks down as:
- Industrial (63.3%): distribution and warehouse, manufacturing, food processing, flex and R&D, industrial services and cold storage.
- Retail (29.4%): general merchandise, quick service restaurants, casual dining, animal services, automotive and others.
- Other (7.3%): office and clinical and surgical.
The largest tenant concentrations by ABR:
- Roskam Baking Company: 3.7%.
- United Natural Foods: 3.3%.
- Sierra Nevada: 2.0%.
- Top 10 tenants combined: 20.6%.
Besides acquiring existing properties, BNL increasingly grows through:
- Build-to-suit developments with developer partners. Tenants include Tesla, Amazon, Academy Sports, Hobby Lobby, Southwire and a Fortune 20 investment-grade company.
- Preferred equity transitional capital investments.
- Redevelopments of existing properties.
BNL is financed mainly with unsecured debt: a revolving credit facility, term loans and senior unsecured notes. Interest rate swaps hedge much of its floating-rate exposure. It supplements debt with forward equity offerings and an at-the-market equity program. Updated
The board raised the quarterly dividend to $0.295 with full-year guidance of $1.55 to $1.57 intact, as AFFO beat expectations. The build-to-suit pipeline now stands at $456 million, anchored by a $303 million advanced technology facility in Colorado for a Fortune 20 tenant. Revenue missed expectations and leverage reached 6.6x.
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Broadstone Net Lease, Inc. (NYSE: BNL) is an industrial-focused, diversified net lease real estate investment trust. It invests primarily in single-tenant commercial real estate leased on a long-term net basis to a diversified group of tenants.
The Wall Street consensus 12-month price target for BNL is $23.10.
