Broadstone Net Lease Adds $40 Million to its Committed Pipeline of Build-to-Suit Developments

Key Terms

build-to-suit financial

Build-to-suit is a process where a property is custom-designed and constructed specifically to meet the needs of a particular tenant or user. It’s like ordering a custom-made suit instead of buying one off the rack—tailored to fit exactly what the tenant requires. For investors, build-to-suit properties can offer stable, long-term income because they are designed to attract and retain specific tenants who often sign long-term agreements.

sales, service, and delivery (SSD) technical

Sales, service, and delivery (SSD) describes the combined business activities that attract and close customer purchases, provide after‑sale support, and get products or services into customers’ hands. Investors monitor SSD because its effectiveness influences revenue growth, customer retention and operating costs — like a restaurant’s host, waiter and kitchen working together to win diners, keep them happy and deliver meals on time.

straight-line rental income financial

An accounting method that spreads a lease’s total expected rent evenly across the full lease term, so reported rental income is the same each period even if actual cash payments vary. It matters to investors because it smooths and stabilizes a company’s reported revenue and profit, making trends clearer and affecting valuation metrics and comparisons across firms, much like averaging irregular paychecks to see steady monthly income.

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

straight-line yield financial

Straight-line yield is a way of reporting the return on a fixed-income security by spreading any premium or discount evenly over the life of the instrument so each reporting period shows the same amount of interest income or expense. For investors, it matters because this simple, even allocation can make reported income smoother but may differ from the true economic yield calculated using the time-value-of-money, so comparisons between securities or accounting methods can be misleading.

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VICTOR, N.Y.--(BUSINESS WIRE)-- Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”) announced today that it has added one additional build-to-suit development for Tesla, Inc, with an estimated total project investment of $39.8 million. The project includes a new state of the art sales, service, and delivery (SSD) facility located in Las Vegas, Nevada sourced through an existing developer relationship, and is expected to rent commence in the fourth quarter of 2027.

BUILD-TO-SUIT DEVELOPMENT UPDATE

The following table summarizes the recently added build-to-suit development for Tesla, Inc:

(in thousands)     Property		Total Rentable Square Feet		Start Date		Stabilization Date/Stabilized Date		Lease Term (Years)		Annual Rent Escalations			Estimated Total Project Investment			Cumulative Investment			Estimated Remaining Investment			Cash Capitalization Rate			Straight-line Yield 1
Stabilized industrial:
Tesla Inc. (Las Vegas, NV)		60		Jun. 2026		Nov. 2027		15.0		3.0	%		$	39,794		$	19,191		$	20,603		6.7	%		8.3	%
1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT 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. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2026, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, rent commencement timing, and build-to-suit developments, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611920651/en/

Company Contact:
Brent Maedl
Director, Corporate Finance & Investor Relations
brent.maedl@broadstone.com
585.382.8507

Source: Broadstone Net Lease, Inc.