Broadstone Net Lease (BNL) plans $23M Texas builds for Hobby Lobby, Academy
Rhea-AI Filing Summary
Broadstone Net Lease, Inc. (BNL) reported that it has added two directly sourced, off-market build-to-suit retail developments in Manor, Texas for Hobby Lobby and Academy Sports, increasing its committed pipeline by approximately $23 million. BNL has secured the land and begun construction, with both projects expected to be delivered in the second quarter of 2027.
The Hobby Lobby project has an estimated total project investment of $10.339 million, with cumulative investment of $1.633 million, estimated remaining investment of $8.706 million, a 15-year lease term, annual rent escalations of 0.5%, an estimated cash capitalization rate of 7.1%, and an estimated straight-line yield of 7.4%. The Academy Sports project has an estimated total project investment of $12.437 million, cumulative investment of $2.181 million, estimated remaining investment of $10.256 million, a 15-year lease term, annual rent escalations of 0.4%, an estimated cash capitalization rate of 7.1%, and an estimated straight-line yield of 7.3%.
BNL describes itself as an industrial-focused, diversified net lease REIT. As of June 30, 2026, its portfolio consisted of 766 single-tenant commercial properties, including 759 in 44 U.S. states and 7 in four Canadian provinces, across industrial, retail, and other property types.
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8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Estimated Total Project Investment – Hobby Lobby: $10.339 million
Estimated Total Project Investment – Academy Sports: $12.437 million
Committed Pipeline Addition: $23 million
+5 more
8 metrics
Estimated Total Project Investment – Hobby Lobby
$10.339 million
Estimated total project investment for Hobby Lobby build-to-suit in Manor, TX
Estimated Total Project Investment – Academy Sports
$12.437 million
Estimated total project investment for Academy Sports build-to-suit in Manor, TX
Committed Pipeline Addition
$23 million
Headline amount added to BNL’s committed pipeline of build-to-suit developments
Lease Term
15.0 years
Lease term for both Hobby Lobby and Academy Sports projects
Annual Rent Escalations – Hobby Lobby
0.5%
Annual rent escalation rate for the Hobby Lobby lease
Annual Rent Escalations – Academy Sports
0.4%
Annual rent escalation rate for the Academy Sports lease
Estimated Cash Capitalization Rate
7.1%
Estimated cash capitalization rate for both developments
Portfolio Properties
766 properties
Total net leased commercial properties as of June 30, 2026
Key Terms
build-to-suit developments, net lease REIT, Estimated Cash Capitalization Rate, Estimated Straight-line Yield, +1 more
5 terms
build-to-suit developments financial
"secured the land and started construction on two additional build-to-suit developments"
Build-to-suit developments are real estate projects where a developer constructs a building specifically to a particular tenant’s needs and specifications, often under a long-term lease signed before construction starts. Like ordering a custom-made tool for a factory, the space is tailored to the occupant’s operations, which matters to investors because it creates predictable rental income and lower vacancy risk but can limit flexibility and resale options depending on the tenant and lease terms.
net lease REIT financial
"BNL is an industrial-focused, diversified net lease REIT that invests"
A net lease REIT is a company that owns income-producing real estate and rents it out under leases where the tenant pays most or all property costs such as taxes, insurance and maintenance. For investors, that structure can produce steady, more predictable rental income and lower landlord responsibilities, making these REITs similar to collecting rent from tenants who handle the bills — useful for income-focused portfolios and risk assessment.
Estimated Cash Capitalization Rate financial
"Estimated Cash Capitalization Rate | | 7.1 | %"
Estimated Straight-line Yield financial
"Estimated Straight-line Yield 1 In-process retail"
forward-looking statements regulatory
"This press release contains “forward-looking” statements within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What new investments did Broadstone Net Lease (BNL) announce on August 25, 2026?
BNL announced two new build-to-suit retail developments in Manor, Texas for Hobby Lobby and Academy Sports, adding approximately $23 million to its committed pipeline. Land has been secured and construction has started, with both projects expected to deliver in the second quarter of 2027.
What are the key terms of BNL’s new Hobby Lobby development?
The Hobby Lobby build-to-suit has an estimated total project investment of $10.339 million, a 15-year lease term, 0.5% annual rent escalations, an estimated cash capitalization rate of 7.1%, and an estimated straight-line yield of 7.4%. Cumulative investment is $1.633 million with $8.706 million remaining.
What are the financial details of BNL’s Academy Sports development?
The Academy Sports project has an estimated total project investment of $12.437 million, cumulative investment of $2.181 million, and estimated remaining investment of $10.256 million. It carries a 15-year lease term, 0.4% annual rent escalations, a 7.1% cash capitalization rate, and a 7.3% straight-line yield.
When are the new BNL build-to-suit projects expected to begin and stabilize?
Both the Hobby Lobby and Academy Sports developments in Manor, Texas have construction start dates in August 2026 and target stabilization dates in June 2027, which the company describes as delivery in the second quarter of 2027.
How large is Broadstone Net Lease’s (BNL) portfolio as of June 30, 2026?
As of June 30, 2026, BNL’s diversified net lease portfolio consisted of 766 single-tenant commercial properties, including 759 properties in 44 U.S. states and 7 properties in four Canadian provinces, across industrial, retail, and other property types.
What yields does BNL expect from the new Manor, Texas projects?
BNL reports an estimated cash capitalization rate of 7.1% for both the Hobby Lobby and Academy Sports projects. The estimated straight-line yields are 7.4% for the Hobby Lobby development and 7.3% for the Academy Sports development, based on first-year straight-line rental income.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 25, 2026
________________________________________________________
(Exact name of Registrant as Specified in Its Charter)
________________________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (585 ) 287-6500
(Former Name or Former Address, if Changed Since Last Report)
________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On August 25, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release that included an update on recent business activity. A copy of the release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information set forth in this item 7.01 and in the attached Exhibit 99.1 is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall such information be deemed to be incorporated by reference in any filing pursuant to the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
INDEX TO EXHIBITS
| Exhibit No. | Description | ||||
99.1 | Press Release dated August 25, 2026 | ||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| BROADSTONE NET LEASE, INC. | |||||||||||
| Date: | August 25, 2026 | By: | /s/ John D. Callan | ||||||||
| Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary | |||||||||||
EXHIBIT 99.1
For Immediate Release
August 25, 2026
Company Contact: Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585.382.8507 |  | ||||
Broadstone Net Lease Adds $23 Million to its Committed Pipeline of Build-to-Suit Developments
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), announced today that we have secured the land and started construction on two additional build-to-suit developments for Hobby Lobby and Academy Sports, both of which were directly sourced, off-market transactions, and are expected to deliver in the second quarter of 2027.
BUILD-TO-SUIT DEVELOPMENT UPDATE
The following table summarizes the recently added build-to-suit developments for Hobby Lobby and Academy Sports:
(in thousands) Property | Total Rentable Square Feet | Start Date | Target Stabilization Date | Lease Term (Years) | Annual Rent Escalations | Estimated Total Project Investment | Cumulative Investment | Estimated Remaining Investment | Estimated Cash Capitalization Rate | Estimated Straight-line Yield 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| In-process retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hobby Lobby (Manor, TX) | 55 | Aug. 2026 | Jun. 2027 | 15.0 | 0.5 | % | $ | 10,339 | $ | 1,633 | $ | 8,706 | 7.1 | % | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Academy Sports (Manor, TX) | 55 | Aug. 2026 | Jun. 2027 | 15.0 | 0.4 | % | $ | 12,437 | $ | 2,181 | $ | 10,256 | 7.1 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2026, BNL’s diversified portfolio consisted of 766 individual net leased commercial properties with 759 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.