Broadstone Net Lease, Inc.
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
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Jun 30, 2026 · Filed Jul 29, 2026
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Real Estate Portfolio Information
Our Real Estate Investment Portfolio
The following charts summarize our portfolio diversification by property type, tenant, brand, industry, and geographic location as of June 30, 2026. These portfolio statistics exclude transitional capital investments. The percentages below are calculated based on our ABR of $439.8 million as of June 30, 2026.
Diversification by Property Type
| Property Type | # of Properties | ABR(’000s) | ABR as a % of Total Portfolio | Square Feet (’000s) | SF as a % of Total Portfolio |
|---|---|---|---|---|---|
| Industrial | |||||
| Distribution & Warehouse | 52 | $89,334 | 20.3% | 12,047 | 28.9% |
| Manufacturing | 80 | 83,589 | 19.0% | 12,807 | 30.7% |
| Food Processing | 36 | 54,877 | 12.5% | 6,050 | 14.5% |
| Flex and R&D | 9 | 24,709 | 5.6% | 1,711 | 4.1% |
| Industrial Services | 21 | 13,171 | 3.0% | 529 | 1.3% |
| Cold Storage | 4 | 12,441 | 2.8% | 874 | 2.1% |
| In-Process Developments | 6 | — | — | — | — |
| Industrial Total | 208 | 278,121 | 63.2% | 34,018 | 81.6% |
| Retail | |||||
| General Merchandise | 156 | 34,892 | 7.9% | 2,645 | 6.3% |
| Quick Service Restaurants | 154 | 27,930 | 6.4% | 516 | 1.2% |
| Casual Dining | 95 | 27,046 | 6.1% | 637 | 1.5% |
| Animal Services | 27 | 11,767 | 2.7% | 421 | 1.0% |
| Automotive | 57 | 10,662 | 2.5% | 733 | 1.8% |
| Home Furnishings | 13 | 7,191 | 1.6% | 797 | 1.9% |
| Healthcare Services | 18 | 6,149 | 1.4% | 220 | 0.6% |
| Education | 4 | 3,003 | 0.7% | 119 | 0.3% |
| In-Process Developments | 5 | — | — | — | — |
| Untenanted | 1 | — | — | 10 | — |
| Retail Total | 530 | 128,640 | 29.3% | 6,098 | 14.6% |
| Other | |||||
| Office | 13 | 22,936 | 5.2% | 1,238 | 3.0% |
| Clinical & Surgical | 15 | 10,070 | 2.3% | 327 | 0.8% |
| Other Total | 28 | 33,006 | 7.5% | 1,565 | 3.8% |
| Total | 766 | $439,767 | 100.0% | 41,681 | 100.0% |
Diversification by Tenant
| Tenant | Property Type | # ofProperties | ABR(’000s) | ABR as a % of Total Portfolio | Square Feet (’000s) | SF as a % of Total Portfolio |
|---|---|---|---|---|---|---|
| Roskam Baking Company, LLC* | Food Processing | 7 | $16,560 | 3.8% | 2,250 | 5.4% |
| United Natural Foods, Inc. | Distribution & Warehouse | 1 | 14,746 | 3.4% | 1,016 | 2.4% |
| Sierra Nevada Company, LLC | Manufacturing | 3 | 9,029 | 2.1% | 280 | 0.7% |
| Joseph T. Ryerson & Son, Inc. | Distribution & Warehouse | 11 | 8,146 | 1.9% | 1,599 | 3.8% |
| AHF, LLC* | Distribution & Warehouse/Manufacturing | 7 | 8,092 | 1.8% | 1,982 | 4.8% |
| Dollar General Corporation | General Merchandise | 74 | 7,835 | 1.8% | 717 | 1.7% |
| Jack's Family Restaurants LP* | Quick Service Restaurants | 43 | 7,757 | 1.8% | 147 | 0.4% |
| Tractor Supply Company | General Merchandise | 23 | 6,566 | 1.4% | 462 | 1.1% |
| J. Alexander's, LLC* | Casual Dining | 16 | 6,395 | 1.4% | 131 | 0.3% |
| Salm Partners, LLC* | Food Processing | 2 | 6,386 | 1.4% | 426 | 1.0% |
| Total Top 10 Tenants | 187 | 91,512 | 20.8% | 9,010 | 21.6% | |
| FCA US, LLC | Distribution & Warehouse | 2 | 6,381 | 1.4% | 538 | 1.3% |
| Nestle' USA, Inc. | Cold Storage/Food Processing | 2 | 6,374 | 1.4% | 503 | 1.2% |
| Hensley & Company* | Distribution & Warehouse | 3 | 6,354 | 1.4% | 577 | 1.4% |
| BluePearl Holdings, LLC** | Animal Services | 13 | 6,065 | 1.4% | 159 | 0.4% |
| Axcelis Technologies, Inc. | Flex and R&D | 1 | 6,018 | 1.4% | 418 | 1.0% |
| Owens & Minor Distribution, Inc. | Distribution & Warehouse | 2 | 5,960 | 1.4% | 523 | 1.2% |
| Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC* | Casual Dining | 18 | 5,674 | 1.3% | 147 | 0.4% |
| Outback Steakhouse of Florida, LLC*(a) | Casual Dining | 22 | 5,635 | 1.3% | 140 | 0.3% |
| Academy LTD | General Merchandise | 9 | 5,600 | 1.3% | 535 | 1.3% |
| Krispy Kreme Doughnut Corporation | Quick Service Restaurants/Food Processing | 27 | 5,538 | 1.3% | 156 | 0.4% |
| Total Top 20 Tenants | 286 | $151,111 | 34.4% | 12,706 | 30.5% |
(a)Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.
*Subject to a master lease.
**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.
Diversification by Industry
| Tenant Industry | # of Properties | ABR(’000s) | ABR as a % of Total Portfolio | Square Feet (’000s) | SF as a % of Total Portfolio |
|---|---|---|---|---|---|
| Packaged Foods & Meats | 39 | $57,802 | 13.1% | 6,338 | 15.2% |
| Restaurants | 252 | 55,819 | 12.7% | 1,196 | 2.9% |
| Food Distributors | 7 | 28,689 | 6.5% | 2,534 | 6.1% |
| Specialty Stores | 43 | 22,351 | 5.1% | 1,932 | 4.6% |
| Distributors | 29 | 22,175 | 5.0% | 3,357 | 8.1% |
| Healthcare Facilities | 42 | 21,837 | 5.0% | 748 | 1.8% |
| Auto Parts & Equipment | 39 | 19,156 | 4.4% | 2,953 | 7.1% |
| Aerospace & Defense | 6 | 13,704 | 3.1% | 642 | 1.5% |
| Home Furnishing Retail | 17 | 12,184 | 2.8% | 1,692 | 4.1% |
| General Merchandise Stores | 110 | 11,678 | 2.7% | 1,035 | 2.5% |
| Metal & Glass Containers | 8 | 11,054 | 2.5% | 2,206 | 5.3% |
| Healthcare Services | 17 | 11,021 | 2.5% | 568 | 1.4% |
| Specialized Consumer Services | 38 | 10,737 | 2.4% | 684 | 1.6% |
| Life Sciences Tools & Services | 6 | 9,907 | 2.3% | 600 | 1.4% |
| Industrial Machinery | 18 | 9,457 | 2.2% | 1,823 | 4.4% |
| Other (41 industries) | 94 | 122,196 | 27.7% | 13,363 | 32.0% |
| Untenanted properties | 1 | — | — | 10 | — |
| Total | 766 | $439,767 | 100.0% | 41,681 | 100.0% |
Diversification by Geographic Location
| State / Province · # ofProperties · ABR(’000s) · ABR asa % of Total Portfolio · Square Feet (’000s) · SF as a % of Total Portfolio · State / Province · # ofProperties · ABR(’000s) · ABR asa % of Total Portfolio · Square Feet (’000s) · SF as a % of Total Portfolio | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TX | 71 | $44,057 | 10.0% | 4,089 | 0 | 9.8% | MS | 12 | $4,217 | 1.0% | 607 | 1.5% | ||||
| MI | 51 | 36,730 | 8.4% | 4,010 | 9.6% | LA | 5 | 3,857 | 0.9% | 211 | 0.5% | |||||
| FL | 27 | 25,274 | 5.7% | 1,543 | 3.7% | SC | 13 | 3,450 | 0.8% | 304 | 0.7% | |||||
| OH | 49 | 25,123 | 5.7% | 1,833 | 4.4% | NE | 6 | 3,448 | 0.8% | 492 | 1.2% | |||||
| CA | 16 | 22,929 | 5.2% | 2,215 | 5.3% | NJ | 2 | 3,404 | 0.8% | 266 | 0.6% | |||||
| WI | 25 | 22,337 | 5.1% | 2,223 | 5.3% | IA | 4 | 2,976 | 0.7% | 622 | 1.5% | |||||
| IL | 29 | 22,217 | 5.1% | 2,291 | 5.5% | NM | 9 | 2,830 | 0.6% | 107 | 0.3% | |||||
| MN | 21 | 20,540 | 4.7% | 3,051 | 7.3% | UT | 3 | 2,810 | 0.6% | 280 | 0.6% | |||||
| GA | 35 | 17,071 | 3.9% | 1,997 | 4.8% | WA | 13 | 2,714 | 0.6% | 69 | 0.2% | |||||
| PA | 32 | 16,056 | 3.7% | 2,172 | 5.2% | CO | 4 | 2,633 | 0.6% | 126 | 0.3% | |||||
| IN | 27 | 14,838 | 3.4% | 1,687 | 4.0% | MD | 3 | 2,215 | 0.5% | 205 | 0.5% | |||||
| TN | 47 | 13,522 | 3.1% | 783 | 1.9% | CT | 2 | 2,000 | 0.5% | 55 | 0.1% | |||||
| AL | 53 | 13,191 | 3.0% | 950 | 2.3% | MT | 7 | 1,749 | 0.4% | 43 | 0.1% | |||||
| MA | 4 | 11,942 | 2.7% | 759 | 1.8% | DE | 4 | 1,175 | 0.3% | 133 | 0.3% | |||||
| KY | 22 | 9,237 | 2.0% | 923 | 2.2% | ND | 2 | 1,073 | 0.2% | 24 | 0.1% | |||||
| WV | 18 | 9,182 | 2.0% | 1,233 | 3.0% | VT | 2 | 445 | 0.1% | 24 | 0.1% | |||||
| MO | 19 | 9,178 | 2.0% | 1,260 | 3.0% | WY | 1 | 338 | 0.1% | 21 | 0.1% | |||||
| AZ | 7 | 9,080 | 2.0% | 747 | 1.8% | NV | 2 | 282 | 0.1% | 6 | — | |||||
| NC | 25 | 8,980 | 2.0% | 830 | 2.0% | OR | 1 | 136 | — | 9 | — | |||||
| OK | 24 | 8,673 | 2.0% | 1,001 | 2.4% | Total U.S. | 759 | $431,798 | 98.2% | 41,251 | 99.0% | |||||
| AR | 10 | 7,778 | 1.8% | 340 | 0.8% | BC | 2 | $4,615 | 1.0% | 253 | 0.6% | |||||
| NY | 28 | 7,410 | 1.7% | 562 | 1.4% | ON | 3 | 2,047 | 0.5% | 101 | 0.2% | |||||
| VA | 15 | 5,118 | 1.2% | 178 | 0.5% | AB | 1 | 963 | 0.2% | 51 | 0.1% | |||||
| KS | 7 | 4,936 | 1.1% | 630 | 1.5% | MB | 1 | 344 | 0.1% | 25 | 0.1% | |||||
| SD | 2 | 4,647 | 1.1% | 340 | 0.8% | Total Canada | 7 | $7,969 | 1.8% | 430 | 1.0% | |||||
| Grand Total | 766 | $439,767 | 100.0% | 41,681 | 100.0% | |||||||||||
Our Leases
The following chart sets forth our lease expirations based upon the terms of the leases in place as of June 30, 2026.
The following table presents certain information based on lease expirations by year:
| Expiration Year | # of Properties | # of Leases | ABR(’000s) | ABR as a % of Total Portfolio | Square Feet (’000s) | SF as a % of Total Portfolio |
|---|---|---|---|---|---|---|
| 2026 | 8 | 8 | $8,375 | 1.9% | 976 | 2.4% |
| 2027 | 25 | 25 | 29,622 | 6.7% | 2,429 | 5.8% |
| 2028 | 25 | 26 | 19,114 | 4.3% | 1,596 | 3.8% |
| 2029 | 60 | 36 | 18,976 | 4.3% | 2,602 | 6.2% |
| 2030 | 87 | 53 | 43,352 | 9.9% | 3,786 | 9.1% |
| 2031 | 43 | 38 | 9,923 | 2.3% | 894 | 2.1% |
| 2032 | 65 | 50 | 34,066 | 7.7% | 3,491 | 8.4% |
| 2033 | 51 | 25 | 20,245 | 4.6% | 1,504 | 3.6% |
| 2034 | 39 | 28 | 17,360 | 3.9% | 1,426 | 3.4% |
| 2035 | 22 | 17 | 16,981 | 3.9% | 2,219 | 5.3% |
| 2036 | 96 | 25 | 38,324 | 8.7% | 3,857 | 9.3% |
| 2037 | 23 | 13 | 30,100 | 6.8% | 2,786 | 6.7% |
| 2038 | 39 | 39 | 14,834 | 3.4% | 1,337 | 3.2% |
| 2039 | 21 | 17 | 23,037 | 5.2% | 1,743 | 4.2% |
| 2040 | 32 | 13 | 17,534 | 4.0% | 923 | 2.2% |
| 2041 | 42 | 11 | 26,981 | 6.1% | 1,996 | 4.8% |
| 2042 | 58 | 13 | 45,543 | 10.4% | 4,803 | 11.6% |
| 2043 | 3 | 2 | 8,160 | 1.9% | 517 | 1.2% |
| 2044 | 3 | 3 | 1,660 | 0.4% | 103 | 0.2% |
| 2045 | 4 | 3 | 7,350 | 1.7% | 698 | 1.7% |
| Thereafter | 8 | 2 | 8,230 | 1.9% | 1,985 | 4.8% |
| Total leased properties | 754 | 447 | 439,767 | 100.0% | 41,671 | 100.0% |
| In-process developments | 11 | 11 | — | — | — | — |
| Untenanted properties | 1 | — | — | — | 10 | — |
| Total properties | 766 | 458 | $439,767 | 100.0% | 41,681 | 100.0% |
Substantially all of our leases provide for periodic contractual rent escalations. As of June 30, 2026, leases contributing 96.8% of our ABR provided for increases in future ABR, generally ranging from 1.5% to 3.0% annually, with an ABR weighted average annual increase equal to 2.1% of base rent. Generally, our rent escalators increase rent on specified dates by a fixed percentage. Our escalations provide us with a source of organic revenue growth and a measure of inflation protection. Additional information on lease escalation frequency and weighted average annual escalation rates as of June 30, 2026 is displayed below:
| Lease Escalation Frequency | % of ABR | Weighted Average Annual Increase (a) |
|---|---|---|
| Annually | 80.2% | 2.3% |
| Every 2 years | 0.1% | 1.8% |
| Every 3 years | 2.1% | 3.3% |
| Every 4 years | 0.9% | 2.4% |
| Every 5 years | 8.0% | 1.5% |
| Every 6 years | 0.1% | 1.7% |
| Other escalation frequencies | 5.4% | 1.4% |
| Flat (b) | 3.2% | — |
| Total/ABR Weighted Average | 100.0% | 2.1% |
(a)Represents the ABR weighted average annual increase of the entire portfolio as if all escalations occurred annually. For leases where rent escalates by the greater of a stated fixed percentage or the change in CPI, we have assumed an escalation equal to the stated fixed percentage in the lease. As of June 30, 2026, leases contributing 4.4% of our ABR provide for rent increases equal to the lesser of a stated fixed percentage or the change in CPI. As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual increase presented.
(b)Generally associated with investment grade retail tenants.
The escalation provisions of our leases (by percentage of ABR) as of June 30, 2026, are displayed in the following chart:
Transitional Capital
We may, from time to time, invest in transitional capital opportunities, including preferred equity interests and real estate lending opportunities. Such investments are intended to be shorter in duration, offering an alternative source of financing.
The following table presents our transitional capital investments at June 30, 2026:
| Property (a) | Investment (’000s) | Stabilized Cash Capitalization Rate (b) | Annualized Initial Cash NOI Yield | Remaining Initial Term (Years) |
|---|---|---|---|---|
| Sunset Hills Retail Center - St. Louis, MO (c) (d) | $57,418 | 8.0% | 7.6% | 1.0 |
| Project Triboro Industrial Park - Olyphant, PA (e) | 119,368 | 7.8% | — | 2.3 |
(a)Each of the Company’s transitional capital investments at June 30, 2026 are in the form of preferred equity.
(b)Represents stated yield with unpaid amounts accruing with preferential payment.
(c)Agreement includes an additional $7.8 million commitment of preferred capital at the Company’s sole discretion. The remaining commitment at June 30, 2026 is $2.6 million. Agreement contains two one-year extension options subject to a 0.50% extension fee. Repayment at end of term subject to a $3.5 million repayment fee.
(d)Underlying property metrics at June 30, 2026: 28 retail spaces, 0.3 million rentable square feet, 6.9 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.2% rent collection (on a quarterly basis).
(e)This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.