What Broadstone Net Lease does

Broadstone Net Lease, Inc. (NYSE: BNL) is a publicly traded real estate investment trust (REIT), founded in 2006 and headquartered in Rochester, New York, that owns and develops a diversified portfolio of 771 single-tenant net-lease commercial properties across the United States and Canada. The company's core product is long-term triple-net leased real estate occupied by investment-grade and creditworthy corporate tenants such as Amazon, Tesla, Academy Sports, Sierra Nevada Corporation, Charles River Laboratories, and Hobby Lobby, with weighted-average lease terms of approximately 14-15 years and contractual 3% annual rent escalations. As of Q1 2026, the portfolio maintained 99% occupancy and 99.8% rent collection with no realized bad debt. The underlying operating platform is a net-lease REIT portfolio management construct rather than a software or technology product.

The company operates two primary revenue engines: (1) recurring rental income from the existing 771-property portfolio, which generated $121.4 million of revenue in Q1 2026 and trailing-twelve-months revenue of approximately $459.14 million, and (2) a build-to-suit development program targeting $350-$500 million in annual new project announcements with 7%+ initial cash cap rates. Q1 2026 alone saw $99.4 million deployed into build-to-suit developments and $61.2 million into property acquisitions, including a Charles River Laboratories campus in Boston. The company also conducts strategic property dispositions to recycle capital into higher-returning investments.

Broadstone's go-to-market combines direct institutional origination of net-lease acquisitions and build-to-suit deals through developer relationships with investor-facing capital markets activity, including at-the-market equity offerings ($71.1 million raised in Q1 2026) and a $1.5 billion revolving credit facility and term loan closed in March 2025. Management is led by CEO Christopher J. Czarnecki, CFO Ryan M. Albano, and COO John D. Moragne, with a lean organization of 51-100 employees. The company was added to the S&P SmallCap 600, S&P 1000, and S&P 1500 indices effective April 9, 2026, and 2026 management guidance projects AFFO of $1.53-$1.57 per share on $500-$625 million of investment volume.

Name

Broadstone Net Lease

Legal name

Broadstone Net Lease, Inc.

Website

https://broadstone.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Broadstone Net Lease is a publicly traded REIT (NYSE: BNL) that owns and develops 771 single-tenant net-lease commercial properties across the U.S. and Canada, leased to investment-grade corporate tenants such as Amazon, Tesla, and Sierra Nevada under long-term contracts with 3% annual escalations.

Ownership category

akta.pro rank

Headquarters

HQ city

Victor

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales

Revenue model

1. Rental Income: Primary revenue stream from 771 net lease properties across the U.S. and Canada. Properties are leased under long-term single-tenant leases with fixed rent escalations, typically 3% annual increases. The portfolio maintains 99% occupancy with 99.8% rent collection rates.
2. Build-to-Suit Development: Development of purpose-built properties for investment-grade tenants including Amazon, Tesla, Academy Sports, and Sierra Nevada Corporation. Development pipeline of approximately $900 million in projects completed or in process, targeting $350-$500 million in annual build-to-suit announcements.
3. Property Dispositions: Strategic sale of select properties to optimize portfolio quality and reinvest capital into higher-returning opportunities. Full year 2025 included property dispositions as part of portfolio management activities.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Broadstone Net Lease is a publicly traded REIT (NYSE: BNL) that owns and operates a diversified portfolio of 771 single-tenant net lease commercial properties across the U.S. and Canada. The company leases mission-critical facilities under long-term triple-net arrangements to investment-grade corporate tenants such as Amazon, Tesla, Academy Sports, and Sierra Nevada Corporation, complemented by an active build-to-suit development program and selective property acquisitions.

Product overview

Broadstone Net Lease operates as a diversified real estate investment trust (REIT) offering a single unified platform of net lease investment products. The core offering comprises long-term single-tenant net lease properties, complemented by a build-to-suit development program targeting $350-$500 million in annual new deal announcements. The company's investment strategy focuses on industrial and retail properties across the United States and Canada, with tenants including major corporations such as Amazon, Tesla, Academy Sports, and Sierra Nevada Corporation. The portfolio spans 771 net-lease properties with 99% occupancy and 99.8% rent collection rates.

Differentiator

Problem solved

Functional benefit

Products and services

• Net Lease Properties Long-term single-tenant net lease investments in commercial properties across the United States and Canada, providing mission-critical real estate to investment-grade and creditworthy tenants under triple-net lease arrangements with fixed rent escalations. The portfolio comprises 771 properties with 99% occupancy and 99.8% rent collection.
• Build-to-Suit Development Custom development of single-tenant industrial, retail, and specialty properties for creditworthy tenants such as Amazon, Tesla, Academy Sports, Sierra Nevada Corporation, and Hobby Lobby. Projects are sourced through developer relationships and offer build-to-suit economics with first-year initial cash cap rates of 7.2% and 14-year weighted average lease terms.
• Property Acquisitions Acquisition of existing net lease properties, including industrial warehouses, retail facilities, and specialized commercial real estate such as the $61.2 million Charles River Laboratories campus in the Boston area. Targets initial cash cap rates of approximately 7.2% with weighted average lease terms of 14 years.
• Industrial Portfolio Industrial and distribution facilities including warehouses, last-mile delivery centers, and manufacturing properties under long-term single-tenant net lease arrangements, representing a significant portion of the portfolio with exposure to e-commerce and supply chain modernization trends.
• Retail Portfolio Single-tenant retail properties under long-term net lease arrangements, diversified across various retail formats and geographies within North America, with tenants including Hobby Lobby and Academy Sports.

Quantifiable outcome

• 5.6% AFFO growth year-over-year in Q1 2026
• +3 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• TeslacoreStrategic or Co-development PartnerBuild-to-suit development partnership for Tesla sales, service, and delivery facility in Las Vegas, Nevada. 60,000 sq ft facility with $39.8 million estimated investment, 15-year lease with 3% annual escalations, 6.7% cash cap rate, 8.3% straight-line yield, rent commencement Q4 2027.
• AmazoncoreStrategic or Co-development PartnerBuild-to-suit development partnership with investment-grade e-commerce tenant. One of three new build-to-suit projects added in Q1 2026 for investment-grade tenants.
• Academy SportscoreStrategic or Co-development PartnerBuild-to-suit development partnership with sporting goods retailer. One of three new build-to-suit projects added in Q1 2026 for investment-grade tenants with first-year initial cash cap rates of 7.2%.
• Sierra Nevada CorporationcoreStrategic or Co-development PartnerBuild-to-suit partnership for aerospace maintenance facilities. Second maintenance hangar for U.S. Air Force Nightwatch fleet replacement program commenced rent on April 1, 2026.
• Developer Relationships NetworkcoreChannel Partner/ Reseller/ DistributorSourcing network of real estate developers who originate build-to-suit opportunities for Broadstone Net Lease. Projects sourced through existing developer relationships including the Tesla Las Vegas facility.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• STORE Capital: Net lease REIT (now private following its 2023 acquisition by GIC/Oak Street) that owned single-tenant commercial properties under long-term leases to corporate tenants. Direct comparable in business model and tenant underwriting, though it operated with a different capital structure post-take-private.
• Four Corners Property Trust: Net lease REIT focused on restaurant properties leased to franchised restaurant operators under long-term triple-net leases. Comparable in net lease business model and tenant credit approach, though concentrated in a single restaurant end-market versus Broadstone's diversification.
• W. P. Carey: Diversified net lease REIT with a global portfolio of single-tenant commercial properties under long-term leases to corporate tenants. Comparable to Broadstone in net lease structure, tenant underwriting, and build-to-suit capabilities, with broader geographic diversification (including Europe).
• EPR Properties: Net lease REIT specializing in experiential properties (theaters, eat-and-play, attractions) leased to single operators under long-term triple-net leases. Comparable in net lease structure and tenant underwriting approach, though focused on a narrower experiential property subset.
• Realty Income Corporation: The largest and most-followed net lease REIT, owning thousands of single-tenant commercial properties under long-term triple-net leases across industrial, retail, and other sectors. Directly comparable to Broadstone in business model, tenant credit underwriting approach, and investor base, with a meaningfully larger scale.
• Spirit Realty Capital: Net lease REIT (acquired by Realty Income in 2024) that operated a portfolio of single-tenant commercial properties under long-term leases. Historical direct comparable in net lease business model and tenant underwriting; useful as a benchmark for how Realty Income-style platforms evolve through scale and M&A.
• Agree Realty Corporation: Net lease REIT focused on retail and industrial single-tenant properties leased to investment-grade and creditworthy tenants under long-term leases. Closely comparable to Broadstone in tenant credit approach, development pipeline execution, and dividend-oriented investor base.
• National Retail Properties: Net lease REIT focused on single-tenant retail properties under long-term leases to creditworthy tenants. Directly comparable in the retail portion of Broadstone's portfolio with similar triple-net lease structures and tenant credit profiles.
• NETSTREIT Corp: Net lease REIT focused on high-quality single-tenant retail properties leased to investment-grade and creditworthy tenants under long-term leases. Comparable to Broadstone in tenant credit focus and retail property exposure, though with a smaller and more retail-concentrated portfolio.
• Getty Realty Corp: Net lease REIT specializing in convenience, automotive, and other essential retail properties under long-term triple-net leases. Comparable in single-tenant lease structure, though with a more concentrated convenience/automotive tenant base versus Broadstone's broader diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/broadstone

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Broadstone Net Lease