Broadstone Net Lease Inc SEC Filings

Broadstone Net Lease (BNL) reported Q3 2025 results. Lease revenues, net were $114.2 million, up from $108.4 million a year ago. Net income attributable to BNL was $26.5 million and earnings per share were $0.14. Operating expenses rose to $63.4 million, including $7.0 million of impairment charges on seven properties.

For the nine months, lease revenues, net reached $335.8 million and net income attributable to BNL was $63.4 million. The company owned 759 properties at September 30, 2025. Year-to-date acquisitions totaled $319.0 million across 18 properties, while 23 dispositions generated $59.7 million of proceeds and a $4.2 million gain. Subsequent acquisitions added $100.2 million across two industrial assets.

BNL strengthened liquidity and extended maturities: it issued $350.0 million of 5.00% senior unsecured notes due 2032 and amended its revolving credit facility to mature March 31, 2029, adding a $500.0 million term loan due 2028. Cash from operating activities for the nine months was $214.9 million. Quarterly distributions of $0.290 per share and OP Unit were declared during 2025.

Broadstone Net Lease, Inc. (BNL) furnished its quarterly results materials. The company announced that it furnished a press release and an updated quarterly supplemental presentation covering the quarter ended September 30, 2025, as Exhibits 99.1 and 99.2.

The materials are available on the company’s website. The information under Item 2.02, including Exhibits 99.1 and 99.2, is being furnished, not filed, and therefore is not subject to Section 18 liability nor incorporated by reference except as expressly stated.

Broadstone Net Lease, Inc. disclosed transaction documents supporting a proposed note offering, including a base prospectus dated May 3, 2024 and a prospectus supplement dated September 23, 2025. Underwriting and indenture documents are in place: an Underwriting Agreement naming lead bookrunners, an Indenture and a Second Supplemental Indenture that includes the form of the Notes. The filing also lists legal opinions and consents from national law firms and confirms embedded Inline XBRL cover page tags. The documents include a trustee notice/default provision that allows holders or the trustee to accelerate remedies if non-recourse debt becomes a primary obligation and is not cured within 60 days.

Broadstone Net Lease, Inc. is offering debt securities with principal tranches that aggregate to $350,000,000, allocated across multiple note amounts (for example, $66,500,000; $57,750,000; $28,000,000; $17,500,000; $7,000,000, among others). Certain borrowings reference one-month adjusted SOFR plus 0.95% and daily simple adjusted SOFR plus 1.25%; outstanding borrowings under the unsecured revolving credit portion of its credit facility maturing in 2029 currently bear interest at reference rate plus 0.85%. The prospectus supplement discusses settlement through DTC requiring immediately available funds and notes trustee procedures for holders.

The filing discloses material tax and structural items: Broadstone expects built-in gain exposure of approximately $56.4 million related to prior Blocker Corp mergers that could trigger corporate-level tax if certain assets (notably the OP or OP interests) are sold in a taxable transaction within five years. The document also details REIT qualification rules, potential cross-default provisions in debt agreements, procedures for furnishing Exchange Act reports or confidential datasite access, and withholding/tax rules for non-U.S. holders.

Broadstone Net Lease, Inc. prospectus supplement discusses terms for offered debt securities and highlights credit, tax and REIT compliance matters. The company references its Exchange Act filings and makes clear that website content is not part of the prospectus. Interest on certain borrowing facilities is tied to adjusted SOFR with spreads noted (example spreads: +0.95% and +1.25%; unsecured revolver borrowings currently at reference rate +0.85%). The document discloses cross-default and acceleration risks under debt agreements and describes trustee notice and cure periods. Tax disclosures emphasize REIT qualification rules, including gross income and asset tests, limitations on ownership transfers to preserve REIT status, and possible corporate tax on "built-in gain" estimated at approximately $56.4 million if certain assets are sold within five years. It also covers withholding rules for U.S. and non-U.S. holders and settlement mechanics via DTC.

Principal Real Estate Investors LLC reports beneficial ownership of 376,106 shares of Broadstone Net Lease, Inc. Class A common stock, representing 0.2% of the class. The filing shows shared voting power and shared dispositive power for the full amount and records no sole voting or dispositive power.

The statement affirms the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. This filing is an amendment to prior reports and documents a sub-5% institutional stake in BNL.