Broadstone Net Lease (NYSE: BNL) funds $39.8M Tesla Las Vegas facility
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Broadstone Net Lease, Inc. reported a new build-to-suit development for Tesla, Inc. with an estimated total project investment of $39.8 million for a sales, service, and delivery facility in Las Vegas, Nevada.
The project totals 60 rentable square feet as presented, is expected to start in June 2026, with rent commencement targeted for the fourth quarter of 2027 and stabilization in November 2027. The Tesla lease runs about 15 years with 3.0% annual rent escalations, a projected 6.7% cash capitalization rate, and an 8.3% straight-line yield on an industrial property sourced through an existing developer relationship.
Positive
- None.
Negative
- None.
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, and exhibit attachments filed with this report.
Key Figures
Estimated total project investment: $39.8 million
Estimated total project investment (table): $39,794 thousand
Cumulative investment: $19,191 thousand
+5 more
8 metrics
Estimated total project investment
$39.8 million
Tesla Las Vegas build-to-suit development
Estimated total project investment (table)
$39,794 thousand
Tesla Las Vegas project line item
Cumulative investment
$19,191 thousand
Tesla Las Vegas project to date
Estimated remaining investment
$20,603 thousand
Tesla Las Vegas project still to be funded
Cash capitalization rate
6.7%
Tesla Las Vegas build-to-suit industrial property
Straight-line yield
8.3%
Pro-rata first-year yield based on GAAP straight-line rent
Lease term
15.0 years
Tesla Las Vegas lease duration
Annual rent escalations
3.0%
Tesla Las Vegas build-to-suit lease
Key Terms
build-to-suit development, net lease REIT, cash capitalization rate, straight-line yield, +2 more
6 terms
build-to-suit development financial
"Broadstone Net Lease Adds $40 million to its Committed Pipeline of Build-to-Suit Developments"
net lease REIT financial
"BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties"
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.
cash capitalization rate financial
"Estimated Remaining Investment ... Cash Capitalization Rate ... 6.7 %"
straight-line yield financial
"Straight-line Yield 1 ... 8.3 %"
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.
straight-line rental income financial
"based on the estimated annual straight-line rental income computed in accordance with GAAP"
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.
forward-looking statements financial
"This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933"
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.
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): June 11, 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 June 11, 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 June 11, 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: | June 11, 2026 | By: | /s/ John D. Callan | ||||||||
| Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary | |||||||||||
EXHIBIT 99.1
For Immediate Release
June 11, 2026
Company Contact: Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585.382.8507 |  | ||||
Broadstone Net Lease Adds $40 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 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.
FAQ
What did Broadstone Net Lease (BNL) announce on June 11, 2026?
Broadstone Net Lease announced a new build-to-suit development for Tesla in Las Vegas with an estimated total project investment of $39.8 million. The industrial facility is expected to support Tesla’s sales, service, and delivery operations under a long-term net lease structure.
What are the key terms of BNL’s new Tesla Las Vegas facility?
The Tesla Las Vegas facility has a roughly 15-year lease term with 3.0% annual rent escalations. It carries an estimated 6.7% cash capitalization rate and an 8.3% straight-line yield based on GAAP straight-line rental income and the $39.8 million total project investment.
When is rent expected to commence for BNL’s Tesla Las Vegas project?
Rent for Broadstone Net Lease’s Tesla Las Vegas build-to-suit project is expected to commence in the fourth quarter of 2027. The table indicates a start date in June 2026 and a stabilization date in November 2027, aligning construction progress with the planned rent commencement timing.
How much has BNL invested so far in the Tesla Las Vegas project?
Broadstone Net Lease lists cumulative investment of $19.191 million in the Tesla Las Vegas development, with an estimated remaining investment of $20.603 million. Together these amounts align with the total projected investment of about $39.8 million for the build-to-suit industrial facility.
What is Broadstone Net Lease’s overall portfolio size as of March 31, 2026?
As of March 31, 2026, Broadstone Net Lease’s portfolio consisted of 773 individual net leased commercial properties. Of these, 766 properties were located in 44 U.S. states and seven properties were located in four Canadian provinces across industrial, retail, and other property types.
What type of company is Broadstone Net Lease (BNL)?
Broadstone Net Lease is an industrial-focused, diversified net lease real estate investment trust. It primarily invests in single-tenant commercial properties under long-term net leases, using fundamental credit analysis and real estate underwriting to build a portfolio across industrial, retail, and other property categories.