Broadstone Net Lease, Inc. (NYSE: BNL)

Broadstone Net Lease, Inc. is an industrial focused diversified net lease real estate investment trust that invests in primarily single tenant commercial real estate properties that are net leased on a long term basis to a diversified group of tenants. As of December 31 2025 the company owned 771 properties spanning 44 U. S. states and four Canadian provinces representing approximately 41.6 million rentable square feet. The portfolio is highly diversified by property type geography tenant and industry with no single tenant accounting for more than 3.9 percent of annual base rent.

The company generates revenue principally from rental payments received under its long term net lease agreements with tenants. These leases require tenants to pay base rent plus property expenses such as taxes insurance and maintenance. The company also earns income from the occasional sale of properties and from interest earned on cash balances.

Broadstone Net Lease, Inc. operates in a competitive landscape that includes other real estate investment trusts private equity firms banks insurance companies and sovereign wealth funds. The company differentiates itself through a diversified portfolio of single tenant net leased properties a high occupancy rate and a long weighted average remaining lease term. Its lease structures include built in rent escalations that provide organic growth and inflation protection. The firm maintains strict underwriting standards focusing on creditworthy tenants and mission critical real estate which helps to sustain stable cash flows.

The company's tenants include Roskam Baking Company LLC United Natural Foods Inc AHF LLC Joseph T Ryerson & Son Inc Dollar General Corporation and many others across various industries.