Broadstone Net Lease (NYSE: BNL) plans $303M Colorado build-to-suit for Fortune 20 tenant
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Broadstone Net Lease, Inc. is entering a major build-to-suit development through a joint venture to construct an approximately 112,000 square foot advanced technology facility in Colorado for a Fortune 20 investment-grade tenant. BNL’s estimated total project investment is $303 million.
The triple-net lease has an initial 15-year term with two 5-year extension options and includes annual rent increases of 3%. BNL expects a year-one cash yield of about 8.5%, a year-two cash yield of about 9.7%, and an estimated straight-line yield of about 11.6% on its investment.
Upon rent commencement, anticipated around March 2027, this Fortune 20 tenant is expected to become BNL’s largest tenant, and the company states the transaction is expected to be meaningfully accretive to its 2027 and 2028 earnings.
Positive
- Large accretive development: BNL plans an estimated $303 million build-to-suit project with projected year-one and year-two cash yields of approximately 8.5% and 9.7%, and an estimated 11.6% straight-line yield.
- High-quality, long-term tenant: The advanced technology facility will be leased on a 15-year triple-net basis to a Fortune 20 investment-grade company, which BNL expects will become its largest tenant and be meaningfully accretive to 2027–2028 earnings.
Negative
- None.
Insights
BNL commits $303M to a long-term, high-yield build-to-suit for a Fortune 20 tenant.
Broadstone Net Lease is adding a sizable Colorado development to its pipeline via joint venture. The project carries an estimated total investment of $303 million for an advanced technology facility with an initial 15-year triple-net lease and 3% annual rent escalators.
Projected economics are robust for net lease, with a year-one cash yield of about 8.5%, year-two cash yield of about 9.7%, and an estimated straight-line yield of about 11.6%. The tenant is described as a Fortune 20 investment-grade company, which typically implies stronger credit quality and lower default risk than average tenants.
BNL states that, upon rent commencement targeted around March 2027, this will become its largest tenant and that the transaction is expected to be meaningfully accretive to earnings in 2027 and 2028. Investors may focus on execution of construction, rent commencement timing, and the concentration impact of adding a single large tenant to a portfolio of 773 properties as of March 31, 2026.
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: $303,000,000
Year-one cash yield: 8.5%
Year-two cash yield: 9.7%
+5 more
8 metrics
Estimated total project investment
$303,000,000
BNL’s estimated total investment in Colorado build-to-suit
Year-one cash yield
8.5%
Estimated first-year cash yield on the project
Year-two cash yield
9.7%
Estimated second-year cash yield on the project
Straight-line yield
11.6%
Estimated GAAP straight-line yield on total project investment
Lease term
15 years
Initial term of triple-net lease, plus two 5-year options
Annual rent escalations
3%
Fixed annual rent increases over lease term
Cumulative investment to date
$69,778,000
Cumulative investment in the project as shown in table
Estimated remaining investment
$233,222,000
Estimated remaining capital to be invested in project
Key Terms
triple-net lease, build-to-suit, straight-line yield, powered shell, +2 more
6 terms
triple-net lease financial
"The triple-net lease has an initial term of 15 years with two 5-year extension options"
A triple-net lease is a rental agreement where the tenant pays the base rent plus the property's operating expenses—typically taxes, insurance, and maintenance—so the landlord receives mostly a steady, predictable cash payment. For investors, it matters because it can act like a low-maintenance, bond-like income stream with clearer expense exposure, but returns depend on the tenant’s financial strength and long-term ability to cover those extra costs.
build-to-suit financial
"added a new development project to its pipeline of build-to-suit commitments"
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.
straight-line yield financial
"a straight-line yield of approximately 11.6%"
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.
powered shell technical
"The development will be delivered as a powered shell with substantial completion"
Fortune 20 Investment-Grade Company financial
"Upon rent commencement, this Fortune 20 Investment-Grade Company will become BNL’s largest tenant"
forward-looking statements regulatory
"This press release contains “forward-looking” statements within the meaning of Section 27A"
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 transaction did Broadstone Net Lease (BNL) announce in this 8-K?
Broadstone Net Lease announced a new build-to-suit joint venture development in Colorado for an advanced technology facility, with an estimated total project investment of about $303 million and a long-term triple-net lease to a Fortune 20 investment-grade tenant.
How large is Broadstone Net Lease’s new Colorado development project?
The Colorado development is an approximately 112,000 square foot advanced technology facility. Broadstone Net Lease’s estimated total investment in the project is about $303 million, reflecting a sizable single-asset commitment within its diversified net lease portfolio.
What returns does BNL expect from the new build-to-suit development?
BNL expects a year-one cash yield of about 8.5%, a year-two cash yield of about 9.7%, and an estimated straight-line yield of about 11.6%, based on estimated annual straight-line rental income divided by the estimated total project investment.
Who is the tenant for Broadstone Net Lease’s new Colorado project?
The tenant is described as a Fortune 20 investment-grade company. Upon rent commencement, this tenant is expected to become BNL’s largest tenant under a 15-year triple-net lease with two 5-year extension options and 3% annual rent escalations.
When is rent expected to commence on BNL’s Colorado development?
Substantial completion and rent commencement are anticipated by March 2027. The project will be delivered as a powered shell, with the joint venture owning and controlling the land for the full campus, providing optionality for future development.
How does this transaction affect Broadstone Net Lease’s future earnings?
BNL states that, upon rent commencement, this transaction is expected to be meaningfully accretive to its 2027 and 2028 earnings. The combination of long-term lease, rent escalations, and projected yields supports this earnings contribution outlook.
What is Broadstone Net Lease’s portfolio profile as of March 31, 2026?
As of March 31, 2026, BNL’s diversified portfolio consisted of 773 net leased commercial properties, with 766 properties in 44 U.S. states and seven properties in four Canadian provinces, primarily across industrial, retail, and other property types.
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): July 8, 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 July 8, 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 July 8, 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: | July 8, 2026 | By: | /s/ John D. Callan | ||||||||
| Name: John D. Callan Title: Senior Vice President, General Counsel and Secretary | |||||||||||
EXHIBIT 99.1
For Immediate Release
July 8, 2026
Company Contact: Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585.382.8507 |  | ||||
Broadstone Net Lease Announces $303 Million Build-to-Suit Development for a
Fortune 20 Investment-Grade Company
Fortune 20 Investment-Grade Company
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced that it has added a new development project to its pipeline of build-to-suit commitments, entering into a joint venture to develop an advanced technology facility in Colorado. BNL’s estimated total investment in the project is approximately $303 million with a year-one cash yield of approximately 8.5%, a year-two cash yield of approximately 9.7%, and a straight-line yield of approximately 11.6%. The triple-net lease has an initial term of 15 years with two 5-year extension options and annual rent increases of 3%.
“This transaction represents a landmark moment for Broadstone Net Lease and is a powerful validation of our build-to-suit development strategy,” said John Moragne, BNL’s Chief Executive Officer. “Securing a long-term, triple-net lease with one of the world’s premier companies at an initial cash yield of 8.5% and a straight-line yield of 11.6% is an exceptional outcome that reflects the unique capabilities of our team and the strength of our long-standing developer relationships. Upon rent commencement, this Fortune 20 Investment-Grade Company will become BNL’s largest tenant, and this transaction is expected to be meaningfully accretive to our 2027 and 2028 earnings.”
TRANSACTION OVERVIEW
BNL has entered into a joint venture with an existing development partner to develop an approximately 112,000 square foot advanced technology facility in Colorado. The selected site offers significant strategic advantages, including proximity to key customers, access to affordable and reliable power, and a well-established regional technology ecosystem.
(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 industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortune 20 Investment-Grade Company (Colorado) | 112 | Jul. 2026 | Mar. 2027 | 15.0 | 3.0 | % | $ | 303,000 | $ | 69,778 | $ | 233,222 | 8.5 | % | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
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.
The development will be delivered as a powered shell with substantial completion and rent commencement anticipated by March 2027. The site is designed to accommodate a second powered shell building, and the tenant holds a right of first refusal on any future development thereof under the lease. The joint venture owns and controls the land for the full campus, providing future development optionality.
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.
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