Overview
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires and leases primarily single-tenant commercial properties under long-term net leases. Its portfolio is focused on industrial and retail properties, including facilities such as manufacturing, warehouse and distribution, food processing, and refrigerated storage properties, as well as a range of retail locations.[1][2][3]
The company’s portfolio is concentrated in the United States and Canada. As of June 30, 2026, it reported 766 properties: 759 across 44 U.S. states and seven in four Canadian provinces.[4] For 2025, Broadstone reported net lease revenue of $454.1 million; at year-end, its portfolio included 206 tenants across 57 industries.[5][6] The company describes its purpose as pursuing growth, consistent performance, and predictable cash flow and investor returns across real-estate cycles.[7] [1][2][3][4][5][6][7][4][7]
Products & services
Broadstone Net Lease’s core offerings are real-estate investment and lease solutions, including property acquisitions, revenue-generating capital improvements, development projects, and transitional capital. Its transaction structures include sale-leasebacks, which let tenants monetize real estate while continuing to occupy it, and build-to-suit projects, in which Broadstone provides construction capital for customized facilities.[8][9]
The properties are primarily single-tenant commercial facilities leased under long-term net leases. Property types include distribution and warehouse, manufacturing, food processing, flex and R&D, industrial services, and cold storage, as well as retail uses such as general merchandise, restaurants, and automotive services. As of June 30, 2026, industrial properties represented 63.2% of annualized base rent (ABR), retail 29.3%, and other property types 7.5%; these are ABR shares, not revenue or NOI shares.[10][11]
Lease features include contractual rent increases: 96.8% of ABR had future increases, generally 1.5%–3.0% annually, with a portfolio-weighted annual increase of 2.1%.[12] [8][9][10][11][11][11][12][9]
Geographic presence
As of June 30, 2026, Broadstone Net Lease’s portfolio comprised 759 properties in 44 U.S. states and 7 properties in Canada. The U.S. represented 98.2% of portfolio annualized base rent (ABR), and Canada 1.8%; these are portfolio ABR shares, not reported GAAP revenue shares.[13] Canadian properties were located in British Columbia, Ontario, Alberta, and Manitoba.[13]
The largest state concentrations by ABR were Texas (10.0%), Michigan (8.4%), Florida (5.7%), Ohio (5.7%), and California (5.2%).[13] The company’s principal executive office is in Victor, New York.[14] [13][13][13][13][13][13][13][13][13][13][13][13][13][14]
Business segments
Broadstone Net Lease reports one operating and reportable segment: the acquisition, leasing, and ownership of net-leased properties. It does not evaluate operating results by geography, property size, or property type, so the categories below are portfolio-mix disclosures rather than separate reportable business segments.[15][16]
At June 30, 2026, industrial properties contributed 63.2% of annualized base rent (ABR), retail 29.3%, and “Other” 7.5%; the figures exclude transitional capital investments. Industrial includes distribution and warehouse, manufacturing, food processing, flex and R&D, industrial services, cold storage, and in-process developments. Retail includes general merchandise, restaurants, animal services, automotive, home furnishings, healthcare services, education, in-process developments, and untenanted property; “Other” comprises office and clinical and surgical properties.[11][16]
By tenant industry, the largest ABR contributions were packaged foods and meats (13.1%), restaurants (12.7%), food distributors (6.5%), specialty stores (5.1%), distributors (5.0%), and healthcare facilities (5.0%); “Other,” covering 41 industries, represented 27.7%. By geography, 98.2% of ABR was in the United States and 1.8% in Canada.[17][13][16] [15][11][17][13][16]
Company history
Broadstone Net Lease, Inc. was formed in Maryland on October 18, 2007, by the Leenhouts and Tait families, and its first private offering to outside shareholders closed that year. It began making shareholder distributions in 2008 and elected to be taxed as a real estate investment trust that year.[18][19]
In 2019, the company acquired a 23-property industrial portfolio for $736 million and agreed to internalize management; the transition from its outside manager, Broadstone Real Estate and affiliates, was completed in February 2020.[19][20] Broadstone’s shares began trading on the New York Stock Exchange under the symbol BNL on September 17, 2020, and its IPO closed four days later.[21][22]
In 2023, John D. Moragne succeeded Chris Czarnecki as chief executive officer, effective February 28; Ryan Albano became president and chief operating officer, and Kevin Fennell became executive vice president and chief financial officer.[23] [18][19][20][21][22][23][19][20][22][23]
Sources
- Broadstone Net Lease, Inc. — Full financial report (2025 Y)
- investors.bnl.broadstone.com[4]
- broadstone.com[7]
- Broadstone Net Lease, Inc. — Full financial report (2026 Q 2)
- broadstone.com[9]
- www.sec.gov[16]
- broadstone.com[19]
- broadstone.com[20]
- Broadstone Net Lease, Inc. — Full financial report (2022 Y)[21]
- broadstone.com[22]
- broadstone.com[23]
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